Ratings

Moody's Ratings said the 2025 budget that passed Chicago's City Council this month won't materially alter the credit profile of the city, which it rates Baa3.

The budgeting constraints transformed the state's finances and bond ratings. But critics say the policy's downsides include the stifling of needed investments. 

Moody's cited heavy reliance on reserves, potential for continued operating deficts, and a fall 2024 decline in enrollment as factors in the downgrade.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

Analysts warn the many one-time measures in the budget Mayor Brandon Johnson narrowly got through City Council will make the 2026 budget even harder.

Overall state and local government credit conditions will remain neutral, Fitch Ratings says, though some storm clouds may be on the horizon.

The rating agency cited an easing of the state's fiscal challenges for lifting the outlook on the state's Aa2 rating to stable from negative.

S&P Global Ratings released a report this week warning that the credit trajectory of the Chicago Board of Education will hinge on several contested factors.

The Aloha State received three rating affirmations as it prepares to sell $750 million of taxable general obligation bonds.

KBRA has placed Chicago's general obligation bond rating on watch for downgrade as the City Council prepares to vote tomorrow on a proposed property tax increase.

Wittstruck takes over the S&P role previously held by Robin Prunty, who retired in August.

The downgrade affects $2.1 billion in bond debt and extends to its utility debt.

San Francisco's slow recovery from the pandemic and continued financial pressures drove the downgrade, Moody's analysts said.

Tourism Development Tax, sales tax, and Professional Sports Facilities tax and revenue refunding bonds were upgraded, impacting $628 million of debt.

After the school board resigned, the rating agency put Chicago Public Schools on notice that it will watch how its tricky financial situation is handled.

After Minnesota's second-largest healthcare employer was downgraded by rating agencies, the Minnesota Nurses Association took aim at Allina Health's board.

Fitch revised upward its outlook for Marin General Hospital and affirmed its revenue bonds at BBB, and general obligation bonds at AA-minus.

The rating is a new milestone in the state's long road out of legislative dysfunction.

S&P Global Ratings placed more than 400 state and local government issuers under criteria observation as the agency adopts an updated rating methodology.

After getting positive outlooks from three rating agencies since 2023, Oklahoma received its first upgrade.