Ratings

The rating action affects $423 million in bonds and certificates of participation. The territory's issuer rating was affirmed at speculative-grade Ba1.

Redwood City-based Summit Public Schools had its bond rating downgraded to Ba3 from Baa3 by Moody's and its outlook revised to negative.

Moody's Investors joined S&P Global Ratings in lifting the state into the A category with a single notch upgrade to A3 Tuesday.

Governance decisions and rapidly escalating deficits contributed to Moody's decision to cut Illinois Tech's rating two notches to speculative grade.

Fitch said the action "reflects the recent enactment of legislation clarifying the future operational profile of the district," formerly controlled by Disney.

Turmoil at the community college has placed its accreditation in jeopardy and resulted in a rating downgrade.

A stronger 2021 aided hospital balance sheets for those whose fiscal years end on June 30 based on a review of hospital operating medians

One public hospital district violated a debt service covenant and was downgraded to junk; the other declared a fiscal emergency and seeks an outside partner.

Moody's and S&P also warn of the potential for further downgrades; UC Health has begun to implement financial turnaround strategies amid operating losses.

A key consideration in the upgrade was the state's recent actions in both addressing longstanding obligation repayments and rapidly repaying obligations taken on during the pandemic-induced recession, S&P said.