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Lawmakers approved the first $500 million for the program as a trailer bill to the fiscal 2023 budget. Bonds may be used to fill the gap.

Fitch Ratings said the upgrade reflects the city's improved operating performance due to a robust tax revenue rebound and management's proactive budgetary actions.

The Investment Company Institute reported investors pulled $1.372 billion from muni bond mutual funds in the week ending June 29.

The budget package awaiting Gov. Gretchen Whitmer's signature leaves billions on the table, for now, with contentious negotiations looming over the shape of tax relief.

Federal Reserve officials agreed last month that interest rates may need to keep rising for longer to prevent higher inflation from becoming entrenched, even if that slowed the U.S. economy.

The Oversight Board said the budget reflects a "constrained operating environment."

Public private partnerships offer a new financing model for Colorado, which is prohibited from issuing general obligation bonds for state capital needs.

Lanza said the "time was right" to return to the private sector.

The new credit received a triple-A from Fitch Ratings and a AA+ from S&P Global.

High energy prices and low unemployment have aided Oklahoma’s economy.