Arizona

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.

The Arizona Board of Regents adopted a report recommending greater oversight of its three universities after the University of Arizona hit financial trouble.

The state would raise $500 million through internal debt sales backed by oil and natural gas severance tax revenue to fund long-term water purchase contracts.

Court-approved asset sales and bond exchanges are pushing a participant sports venue, a hospital, and a senior living community closer to exiting Chapter 11.

Owners of $284 million of defaulted bonds will get only $2.4 million in cash, along with a minority equity stake in Legacy Park's new owner.

Proceeds from the social bond issue will go to support high-performing public charter schools across the United States and promote educational equity.

Flush with bond authorization from the Nov. 7 election, officials are formulating issuance plans, while Colorado's governor called lawmakers back to session after a property tax cut measure was defeated by voters.

Public schools account for most of the $28.48 billion of bonds on Texas ballots Nov. 7.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

Record-breaking hot temperatures in the Southwest this summer likely had economic consequences and could focus the municipal bond market on heat-related credit risks and infrastructure needs.

Surpassing $150 million in total investments, New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and Miami Beach in supporting Israel financially in the wake of the deadly terror attacks by Hamas.

The city plans to sell as much as $295 million of general obligation and revenue bonds in two deals next month.

The top five bond financings have an average dollar volume of more than $1.2 billion.