California

With the reputational stain from the county's 1994 bankruptcy long in the rearview mirror, the southern California county had its rating boosted to the highest rating by S&P Global Ratings.

Infrastructure projects and plans for a new transit police department topped the agenda at the agency's State of the Agency event.

The Grants Pass decision was viewed as the most consequential for local governments of the U.S. Supreme Court's recent session.

Ila Afsharipour has joined Wells Fargo as managing director. He will oversee the firm's real estate, securitization, and affordable housing team.

Unfunded public pension liabilities have dropped more than 60%, or $3 trillion, from the peak in 2020, according to a new Moody's Ratings report.

The short-term sale is an unusual maneuver that allows the CEA to temporarily lower the amount of available capital on its balance sheet.

The private-activity bonds funding LAX's automated people mover project have been downgraded to junk by Fitch amid delays and disagreements with the private developer. But Fitch affirmed the airport's AA rating.

Between two state measures and one regional, California starts with $40 billion of GO bonds on the November ballot, before any other local measures are tallied.

The Contra Costa County Office of Education gave West Contra Costa Unified School District until July 17 to pass a budget, or have the county office step in.

Two universities at opposite ends of the state received Moody's downgrades this week.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

California lawmakers were putting the finishing touches on the budget this week before the start of the fiscal year on July 1.

Two initiatives were dropped from the California ballot as Gov. Gavin Newsom worked to secure a legislative fix.

The agreement includes plans for a bill creating a constitutional amendment to allow the state to set aside greater sums in reserves.

The California Supreme Court issued an opinion Thursday blocking an anti-tax measure from November's ballot.

Existing California law requires hospitals to be fully operational after a large earthquake by 2030. The Senate has passed a bill to extend the deadline.

The City of Angels is the latest in recent days to score a ratings upgrade as Fitch reviews its local government ratings using amended criteria.

Ten other pension obligation bonds are under review by Fitch Ratings as a result of the agency's new local government criteria.

The one-notch upgrade from Fitch Ratings comes as the county plans to to sell up to $900 million in two lease revenue bond deals this summer.

"It would be irresponsible for us to ignore factors that can fundamentally impact the long-term viability of investments," said CalPERS interim Chief Investment Officer Dan Bienvenue of climate risks.