Pennsylvania

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

"The city's commitment to making the tough, but necessary, decisions to get on the path to financial prosperity is commendable," said Department of Community and Economic Development head Rick Siger.

Pennsylvania leads the new-issue calendar with $2.1 billion of GOs in four series via the competitive market while the New York City TFA will bring another $1.4 billion of exempts and taxables.

"The upgrade of Pennsylvania's IDR and related ratings reflects recent use of revenue surpluses to build its reserves to historical highs and Fitch's expectation that substantial reserves will be maintained in the near term," the rating agency said.

The bankrupt city challenged pledged revenues for 2017 bonds, but the bankruptcy court said the lien was secured, at least until the Chapter 9 was filed.

Villanova University in Pennsylvania is rescuing bondholders who own debt of Cabrini University, a small nearby Catholic school that is closing in 2024.

Senior Choice Inc. failed to make interest and principal payments due Oct. 31 on its $15.9 million bond issued in 2006 by the Cambria County Industrial Development Authority, according to a regulatory filing Wednesday.

October's total volume rose 29.3% to $37.156 billion in 661 issues from $28.738 billion in 614 issues a year earlier. New-money grew more than 30% while refundings were up by nearly 75%.

Surpassing $150 million in total investments, New York, Illinois, Pennsylvania, Texas, Ohio, Arizona and Georgia have joined Florida, Miami-Dade and Palm Beach counties and Miami Beach in supporting Israel financially in the wake of the deadly terror attacks by Hamas.

The top five bond financings have an average dollar volume of more than $1.2 billion.

"We were pleased to achieve such strong results, especially in light of the recent volatile market conditions," said Philadelphia Treasurer Jacqueline Dunn.

The downgrade reflects the school district's weakened financial position, Moody's Investors Service said, adding that while the district's operating deficits have moderated significantly, they will persist over the next fiscal year.

S&P said the outlook revision reflects "our view that Pennsylvania has continued to make progress toward structural budgetary balance." Earlier this month, Moody's revised its outlook on the state to positive.

The nonprofit regional healthcare system reported six straight years of operational losses in its most recent financial report.

"Pennsylvania's positive outlook is based on the significant increase in budget reserves over the past three fiscal years to levels consistent with higher-rated peers," Moody's said.

Pittsburgh's long-running shift from the industrial Steel City to a technology hub is heading in a new direction — toward outer space and the moon.

The three-day National Association of Securities Professionals event featured industry experts and focused on accelerating inclusive development.

Proponents say it's the right time after states reaped the revenue rewards of a strong post-COVID economic rebound. Opponents, however, point to the gloomy market predicted to be ahead.

David Fields, Rob Whitlock and Naomi O'Dell have been hired from RBC Capital Markets and will work out of the firm's Philadelphia and Chicago offices.

The section of I-95 that collapsed was part of a recent $212 million reconstruction.