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The state does not have the bonding capacity to independently rebuild the American Legion Bridge, the feds say. The state continues to hope for a federal grant to help cover the cost.

During the two-week ceasefire anything could still happen and a "blow up" would create significant volatility, said Kevin McGuigan, director at Municipal Market Analytics.

The Los Angeles County Metropolitan Transportation Authority sold about $900 million to refund older bonds and finance projects, including a subway extension.

Credit ratings agencies, consultants and budget analysts are beginning to calculate, costs, risks, and remedies associated with cuts to Medicaid prescribed by the One Big Beautiful Bill Act.

Moody's said the $350 million of Series 2007 Class I bonds are on review for further downgrade.

Realty Income, a real estate investment trust concentrated in low-risk retail and industrial real estate, was the funding recipient on the $675 million deal.

Litigants say $400 million in planned Port of South Louisiana bonds were not properly advertised. It's part of a wider challenge to industrial development plans.

Moody's Ratings cited a substantial fall in unrestricted liquidity for the two-notch downgrade. Moody's also placed the rating on review for another downgrade.

"It seemed to be a relief rally [Wednesday], and that's what everyone's hoping for. But fundamentally, they're still major issues that need to be addressed, but people seem to be giving that a pass," on Wednesday, said a source.

Market Intelligence analyst Jeff Lipton looks back on a first quarter in which the municipal bond market was unexpectedly buffeted by the winds of war.