Moody's Investors Service has downgraded the consolidated bond rating of the Port Authority of New York and New Jersey to Aa3 form Aa2. The action affects $18.2 billion of consolidated bonds, including a new issuance of $2 billion 174th series consolidated bonds that carries the same Aa3 rating. The outlook for the authority's credit ratings is stable at Aa3.
Munis are in a holding pattern, NewSquare Capital's Kim Olsan said, and they're likely to remain so until the next FOMC meeting.
The outlook revision to negative from stable for the system's revenue bond ratings was spurred by expense-increasing moves in the fiscal 2027 budget.
Revenue from the 0.4% tax would be earmarked for debt service and operating funding for a jail to replace the county's troubled detention facility.
A new bill would increase the capacity of state and local housing finance agencies to issue tax-free municipal housing bonds by exempting them from the PAB cap.
Electronic trading brings science to the art of municipal bond investing, one portfolio manager says.
Moody's Ratings and Fitch Ratings both lifted their rating outlooks to positive on the San Francisco Unified School District.
