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The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.

Levels fell back to pre-pandemic levels, state comptroller Thomas DiNapoli said, "so the notion that it's crashing and it's all gloom-and-doom is not a fair observation."

The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021.

The top bond counsel firms combined for a total of $292.177 billion in 6,406 transactions during the first three quarters of the year, down from the $343,709 billion in 9,139 deals over the same period in 2021.

Keeley Webster, a Bond Buyer senior reporter, hosts a discussion with Raul Amezcua, a Ramirez & Co. managing director, on a California committee's efforts to craft ESG disclosure guidelines to encourage greater issuance of green bonds and provide more transparency for investors. (20 minutes)

"Municipal market performance has improved, but the bumpy road continues as investors remain uncertain about the interest rate environment," said Nuveen's Head of Municipals John Miller.

Municipal issuers are learning the ropes of ESG disclosure and marketing.

The zoo's parent received double-A-level ratings with the bonds rated one to two notches lower as a result of appropriation risks.

The workers say federal law bars the impairment of their wages.