Louisiana

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.

The largest is an up to $2 billion issue to replace the I-10 Calcasieu River Bridge.

S&P Global Ratings is concerned that fall freshmen enrollment will be down significantly after dropping last year.

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 state's new law requires companies like investment banks to provide written verification of their positions, part of a trend among similar bills aimed at preventing Wall Street banks from lying about their positions, said a firearms industry lobbyist.

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.

Bonds from the authorization will likely be broken over three separate sales.

John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.

Despite an S&P rating upgrade ahead of this week's GO bond deal, Louisiana paid a wider spread to a 10-year benchmark than it did a year ago. Longer maturities saw tighter spreads on from a year ago.

Muni to UST ratios also continue to rise across the curve, inching closer to more normal averages.

"The upgrades reflect our view of Louisiana's demonstrated commitment to improving and maintaining reserves above levels that we consider very strong," said S&P.