Hawaii

The state's reliance on tourism makes airports essential to its economy, Fitch said.

The rating action affects $423 million in bonds and certificates of participation. The territory's issuer rating was affirmed at speculative-grade Ba1.

The ratings agency says enplanement levels is key to the action.

Airports, schools and affordable housing received an infusion of cash from lawmakers

"The curve slope has undergone a massive flattening this year and recent trends suggest demand pockets are developing in specific ranges," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

"Despite a pick-up in volatility in the rates market, municipals have been performing relatively well in October," according to Barclays PLC.

Moody's says Hawaii's tourism-based economy is disproportionately vulnerable to high inflation. It affirmed the state at Aa2 ahead of a $800 million GO deal.

But governor and an analyst caution about appropriating "excess revenues" before an audit.

New-money volume was off in the Golden State and across the Far West, but refunding volume was down even more.

She expects $50 million more in revenues in fiscal 2023.