Hawaii

Generous federal support is offset by a small and volatile economy, the agency said.

The county comes to market on the strength of its recovery, according to the county's financial advisor.

The U.S. territory is struggling with debt and pension liabilities as its economy remains weak and federal aid is cut back.

Moody's expects enplanements at the facility will remain below the low end of its former projections.

Fitch cited the authority's stronger margins in recent years.

The utility expects the bonds to have an all-in true interest cost of 4.91%.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

S&P cited the government's improved fiscal position as a factor in the positive outlook.

A Moody's Ratings upgrade means Hawaii DOT's airport division is headed to market with across-the-board double-A ratings.

As headline risk swirls around the Fed and the transition to the Trump administration, municipals have largely stayed in their own lane. November finds the municipal market "in far better technical shape, with an attractive backdrop through at least year-end," J.P. Morgan's Peter DeGroot said.