Arizona

With its cash balance eroding due to a budget imbalance, the university, under the watchful eye of Arizona's governor, will undergo system-wide changes.

The push for bills to punish companies, including municipal bond underwriters, for their fossil fuel or firearm policies continues in Arizona and Oklahoma.

The rating agency said plugging a growing budget gap is "crucial" for the credit quality of the Aa1-rated state.

Gov. Katie Hobbs' proposed fiscal 2025 budget calls for agency fund sweeps, a new eligibility requirement for a costlier-than-expected universal school voucher program, and other measures to combat a rising shortfall.

As double-digit revenue growth comes to an end, Southwest governors are crafting budgets to deal with the new normal.

The negative outlook on the Phoenix-based university's Ba1 rating is due in part to its battle with federal regulators, including the U.S. Department of Education, which it sued in 2021.

Office sectors in some Southwest cities, including Houston, are stressed due to elevated vacancy rates that may lower assessed values and property tax revenue.

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

The cost of empowerment scholarship accounts, which became universally available in 2022, has exceeded projections and raised concerns about how money is spent.

The Water Infrastructure Financing Authority will use information it received from banks, businesses, conservation groups, and others to solicit water augmentation projects next year.