Far West

S&P Global Ratings dropped Los Angeles' ratings and assigned a negative outlook, citing a "weakening financial position and an emerging structural imbalance."

The state plans to price $626 million in GOs, in part, to fund the I-5 bridge replacement

The city of Los Angeles and its Department of Water and Power face Palisades Fire-driven lawsuits from some 776 plaintiffs, according to the offering document.

The lawsuit contends that only Congress has the power to set tariffs that the president has unilaterally increased.

To close a $1 billion budget hole, Mayor Karen Bass would merge some departments and lay off more than 1,600 city workers.

The lawsuit argues the International Emergency Economic Powers Act that Trump invoked to impose tariffs does not grant the president the ability to unilaterally adopt tariffs on goods imported to the U.S.

S&P Global Ratings cited longer-term concerns on Palisades wildfire-related liabilities in shifting its CreditWatch on Los Angeles Department of Water and Power to a negative outlook.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

Both states' governors said they will appeal the FEMA denials, which comes amid concern the Trump adminstration is hobbling the emergency response agency.

State lawmakers approved a trailer bill to last year's budget that aided Medi-Cal and provided funding to local governments affected by January's wildfires.