California

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

Fitch Ratings upgraded the Riverside County Interstate 15 managed lane project two notches, affecting $152.2 million in debt.

The $68 billion deficit reported for California's budget is an eye-opening figure but the revenue trends are less dramatic when viewed over multiple years.

The issuer is set to come to market with general revenue bonds the week of Jan. 21, according to its investor website.

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

A gain of more than 4,000 residents came amid population gains in much of the Bay Area and as a counterpoint to a "doom loop" narrative about San Francisco.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.

The top five bond financings have an average dollar volume of more than $1 billion.

More than one out of every 100 residents who pay income taxes left the Empire State during the pandemic in 2020, according to report released by state Comptroller Thomas DiNapoli. And, while slowing, the trend hasn't stopped.