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Underwriting fees generated for the board totaled some $7.4 million, an almost 50% drop from the $14.3 million the board received in 2020.

Legacy Cares, which left construction contractors unpaid and had its bond trustee declare a default event, says a new debt sale will clear up its fiscal issues.

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

Municipal financial advisors saw $304.569 billion of business in 5,935 transactions in 2022, down from the $377.886 billion in 8,611 deals in 2021.

The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating.

Inflows returned as Refinitiv Lipper reported $1.981 billion was added to municipal bond mutual funds in the week ending Wednesday after $2.477 billion of outflows the week prior.

New regulations appear to be highlighting disagreements on major muni market topics.

These would be the territory's first general obligation bond issuance since 2019.

California Gov. Gavin Newsom's proposal reverses plans laid out in last year's budget to redeem some bonds and use cash rather than bonds for some projects.

"I expect that we will raise rates a few more times this year, though, to my mind, the days of us raising them 75 basis points at a time have surely passed," Harker said.