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.
The FOMC's hawkish tone hasn't cost munis yet, but the reaction from USTs may bring pressure, according to NewSquare Capital's Kim Olsan.
Cameron Hamilton, the current nominee to head up the Federal Emergency Management Agency, responded to accusations of political bias during a Senate hearing on Wednesday.
The lawmakers say their bills would establish safety standards for independent, third-party assessments of artificial intelligence systems and models.
The tobacco sector has been among the worst-performing in the muni market this year, but some say it's still overvalued.
"The upgrade recognizes two important factors: the strong operating performance of Vogtle Units 3 and 4 since entering commercial service and the strength of the project's contractual framework," said Ernest Libershteyn, MEAG director of finance and treasury.
For the first time since 2023, Georgia will bring its general obligation bonds to the municipal bond market, with a $1.57 billion competitive deal.
