Florida

The Tampa Bay Rays received final approval from local governments for their proposal to build a new government-subsidized ballpark in St. Petersburg, Florida.

The new rule will require FEMA to consider climate change's impact on future flood patterns in determining how and sometimes if to build back after flooding. 

The one notch upgrade affects $256 million in outstanding bonds and resulted from Fitch's recent criteria change.

The airport reports that both passenger and freight traffic has grown well beyond pre-pandemic levels.

The rating agency's new local government rating criteria led to the higher rating.

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.

The ratings agency cited growing enplanement counts, expectations of resilience during future economic downturns, and strong management for its upgrade to AA from AA-minus.

Falling occupancy figures, staffing shortages, and rising labor costs have elevated the sector's risk, with Greenwich Investment Management's bankruptcy yet another example of how the sector requires thorough credit analysis.

May volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

Population growth has spurred economic growth in the South. But the changing climate, and risks climate change poses there, may turn that equation on its head.