Maryland

The effects of the One Big Beautiful Bill have yet to make a dent in state and local budgets as market experts and academics look into the future with concern.

Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.

The state of Maryland is going to market on Wednesday by selling $1.56 billion of general obligation bonds, which will be the first major sale since the state absorbed a credit downgrade from Moody's.

Maryland is preparing for upcoming bond sales as the state treasurer responds to a Moody's downgrade by suggesting the state part ways with the rating agency.

Moody's downgrading of Maryland's credit rating is resulting in finger pointing among state lawmakers, questions about spending levels, and concerns about the state's spotless record.

State officials called the one-notch rating cut to Aa1 with a stable outlook "a Trump downgrade" due to the state's heightened exposure to presidential policies.

S&P revised the outlook for the Maryland Transportation Authority's outstanding revenue bonds to negative from stable due to the timing of the federal funding needed to rebuild the Francis Scott Key Bridge that was damaged by a cargo freighter in March 2024.

Maryland lawmakers proposed a new tax on business-to-business transactions to close a $3 billion budget gap amid the firing of thousands of federal employees.

The Maryland Department of Transportation moves to shore up its debt service while funding bridge repairs, airport modernization, and rail improvements with a $21.2 billion budget commitment.

Governor Wes Moore of Maryland opened the state's General Assembly with a challenge to cut $2 billion of a $3 billion overall shortage as a new administration in Washington ups the stakes by eyeing a rollback of climate change funding.

It's the latest mark of distress for proton treatment centers financed with speculative-grade municipal bonds.

"Should September's positive returns hold as we expect, it would mark the fourth consecutive month of positive total returns — the first such period since the five-month period spanning from March through July 2021," BofA strategists Yingchen Li and Ian Rogow said.

The $180.24 million deal comprises $76.085 million of metropolitan district bonds and $104.155 million of consolidated public improvement bonds.

Prince George's County Public Schools in Maryland is leveraging the P3 process to build eight new schools while issuing $663 million of taxable bonds.

The question of how much federal money Congress will provide for the replacement of the Key Bridge goes before the Senate Environmental Committee.

The request is part of the White House's larger funding request from Congress to cover disaster needs from tornados to wildfires.

A $345 million taxable bond deal will support the public-private partnership arrangement that will upgrade the College Park campus district energy system.

Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists led by Peter DeGroot.

Shailen Bhatt, administrator for the Federal Highway Administration, said his agency is working to play catch up on initiatives as diverse as rebuilding Baltimore's downed bridge and building electric vehicle chargers.

The first chip in the state's triple-A crown comes ahead of plans to competitively auction $1.2 billion of general obligation bonds next week.