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

While fundamentals remain strong — with credit upgrades outpacing downgrades by 3.5 times so far in 2024 — technical factors have been "less supportive," Principal Asset Management strategists said in a report.

Geography is playing a role in financial health as debt issuance rises.

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

The state lacks the money to widen the traffic-clogged highway on its own, officials said.

Up to $475 million of unrated revenue bonds will be sold to purchase, expand, and renovate the Stanley Hotel, which inspired Stephen King's The Shining.

The Chicago City Council this week approved a plan to refinance $1.5 billion of the city's debt. The city expects to issue the bonds in the fourth quarter.

Despite studies showing questionable financials, municipalities continue to build

Recent EPA regulations mandating utilities remove lead pipes from distribution systems within 10 years will add to the financial burden.

The event went on as scheduled Tuesday against a backdrop of escalating conflict between the mayor and controller, with each requesting a probe of the other.