Louisiana

The rating agency cited concerns about limited unrestricted reserves for lowering its rating outlook for more than $1 billion of debt.

The third-most-populous Louisiana city is closing out a 2021 bond authorization, but has plenty left from a 2024 bond referendum.

State officials say the long-term infrastructure service contracts Sustainability Partners signs with municipalites should be legally treated as long-term debt.

The commission also approved converting a GO bond sale from competitive to negotiated.

Tolling on the Belle Chasse Bridge is expected to start Tuesday.

The Southeast has many of the largest ports and cargo airports in the country along with extensive foreign investment that creates exposure to trade turmoil.

The issuing entity said it has collected enough money to pay all outstanding debt service.

The bonds are to be sold competitively in April.

While the new tax policies should address the state's projected deficit, rating agencies are cautious about the projected revenues and federal spending on Medicaid, which could impact Louisiana.

The state will try to convince the rating agency to lift its debt to AA, to match the rating others have assigned.

Skeptical lawmakers, a new administration in Baton Rouge, and construction change orders all meant repeated delays in commercial close of the P3.

Unless the state government makes changes to taxes or spending, there will be deficits of $587 million to more than $800 million starting in the next fiscal year.

The downgrade affects $2.1 billion in bond debt and extends to its utility debt.

The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion

Subsidence has delayed completion of the new Belle Chasse Bridge, a project led by one of the developers of the $2.3 billion Calcasieu Bridge project.

The state plans to price the bonds in early October.

The state bond commission approved Wells Fargo, Bank of America and JPMorgan as part of an underwriting pool Louisiana can hire on debt deals.

The proceeds will be used to finance replacement of the Calcasieu River Bridge.

While it may cost the city more to sell its bonds, the negative outlook could increase market participation, one analyst said.

Challenges to laws banning investment banks from underwriting municipal bonds and the targeting of other financial firms for divestment purposes may result from a recent Oklahoma ruling.