Ratings

The $68 billion deficit reported for California's budget is an eye-opening figure but the revenue trends are less dramatic when viewed over multiple years.

A hotel tax that supports the authority's bonds has recovered strongly from the pandemic, the rating agency said.

The rebound in the cruise industry, which has now more than recovered all the ground it lost during the pandemic, lifted the Canaveral Port Authority's rating.

A new deal with Microsoft may help fill the void left by the underperformance of a Wisconsin incentive deal to lure Foxconn to the village of Mount Pleasant.

The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds, bolstered by an upgrade and a new positive rating outlook.

Moody's Investors Service revised its outlook to positive from stable and affirmed its Aa1 issuer and general obligation unlimited tax bond ratings on the city.

Moody's, which last rated the state triple-A in 1979, pointed to an economy that's "poised for diversification and growth."

The outlook revision from negative comes as the school system prepares to tap more of its record $2.44 billion of voter-approved bond authorization next year.

The city has made some important progress on the expenditure side, but the new mayor's first budget didn't make similar strides on revenues, according to Fitch.

The Bay Area Rapid Transit was highlighted in the report on agencies still struggling.

Moody's kept stable rating outlooks on Florida, Maryland and Virginia after moving the United States to negative. D.C.'s outlook was cut.

The rating agency expects that an uptick in revenues will outpace expenses as the not-for-profit hospital industry gets a handle on labor costs.

The upgrade brings Illinois up to the A-minus level across the board. The state had three BBB-minus or equivalent ratings as recently as July 2021.

California received a negative outlook from the rating agency in May amid revenue uncertainty. The Public Works Board lease revenue bonds are rated Aa3.

Analysts discussed proposed changes to its metrics that will be finalized in January. An estimated 35% of ratings could experience upgrades or downgrades.

S&P Global Ratings placed Maryland Heights, Missouri, on credit watch with negative implications because of bonds from a related authority for a hockey rink.

Bonds tied to Destiny USA in Syracuse were cut deeper into junk by Moody's Investors Service on doubts about its ability to extend an outstanding loan.

Fitch Ratings affirmed the city's AA-plus GO rating while bumping the outlook on certificates of participation sold for its city courthouse.

The rating agency removed the negative outlook it had assigned after the community college district's accreditation was threatened.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.