California

Outflows continued with the Investment Company Institute reporting investors pulled $128 million from mutual funds in the week ending March 29, after $693 million of outflows the previous week.

California filed a disclosure notice March 30 saying it would cover lease revenue bond payments for a damaged Central Valley agriculture lab.

Outside of economic data, "a light forward calendar is driving strong demand in the secondary market and with new issues, with some deals being significantly oversubscribed," SWBC's Roberto Roffo said.

Moody's Investors Service downgraded Providence St. Joseph Health a notch to A2, following similar moves by S&P Global Ratings and Fitch Ratings.

The Tulare lab is not required to make lease payments that pay the debt if the building is rendered inoperable.

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

The Irvine Facilities Finance Authority will price $455 million in special tax bonds to develop the Great Park in the Orange County, California, city.

Massive transit projects have funding momentum, and traditional road and bridge projects are advancing as well despite political opposition and some shaky funding.

The City Council will vote Tuesday night on whether to approve bonds for the formerly stalled project.

The state seeks "long-term stable funding" to advance the nation's largest infrastructure project, which remains in slow motion after almost 15 years.

Redwood City-based Summit Public Schools had its bond rating downgraded to Ba3 from Baa3 by Moody's and its outlook revised to negative.

The watchdog would have the power to subpoena data from oil companies.

"What is happening at Silicon Valley Bank is on everyone's mind," UCLA Anderson Forecast Director Jerry Nickelsburg said at its quarterly economic update.

Finding matching dollars, politics, and competition turns up the heat on state officials.

While other issuers have suffered ratings hits or had them withdrawn, California's ratings have not been impacted by its now perennially late ACFR.

The Bay Area Rapid Transit inspector general departed early saying the board obstructed her work.

Huntington Beach leaders say they are countersuing because the state is trying to micromanage the city's planning and zoning process to gain more housing.

The income tax filing deadline for 51 of California's 58 counties was moved to October, which means the usual April read on revenues may be less informative.

Nossaman renames its pension practice to reflect a broader service offering as Michelle McCarthy comes on board.

One public hospital district violated a debt service covenant and was downgraded to junk; the other declared a fiscal emergency and seeks an outside partner.