Louisiana

City Council President Jean-Paul Morrell said Mayor LaToya Cantrell had engaged in a "breathtaking abdication" of her job.

Moody's cited narrowing financial flexibility and declining debt service.

The deal offers a better recovery than earlier deals but no principal payment for 12 years.

The city said it needed the money to be able to make payroll in November and December.

Recently enacted tax policy changes will help the state's finances, Fitch said.

Louisiana State Treasurer John Fleming indicated he is open to compromise on the nature of state oversight for the city, which may have trouble making payroll.

Attorneys for the Archdiocese said it is "inevitable" bondholders will be hit with a cramdown.

The rating agency expects the school to post an operating deficit this year.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

Moody's cited the school's weakening liquidity levels in its downgrade.

The city council president is concerned about state bond commission approval.

Among those approved is a $117 million variable rate demand bond expected to be marketed late this year.

The Southeast's states rely on federal funds more than those in other regions and analysts warn those funds may be ending shortly if the shutdown continues.

The rating agency cited narrowing reserves and the expectation that the city will experience declining revenues next year.

The East Baton Rouge Sewerage Commission plans to achieve savings by refunding taxable bonds with tax-exempts.

State government own-source revenue declined 2.3% in fiscal 2025 from the totals in fiscal 2024.

While victims' attorneys now signal support for the settlement, bond attorneys still oppose the plan.

The bankruptcy court told bondholders and other creditors they should vote on the proposed reorganization by Oct. 29.

A Category 5 hurricane could lead to more than $200 billion in damage, Moody's Analytics said in a report released before the 20th anniversary of Hurricane Katrina.

The State Bond Commission approved 21 municipal entities' elections on tax increases for infrastructure projects, with the increases possibly supporting bonds.