Texas

Budgets for Houston, Austin, Dallas, and Fort Worth come amid credit quality improvements and calls from Gov. Greg Abbott to rein in local government spending.

In a 5-6 vote, the city council rejected the mayor's proposal to place $489 million of revenue bonds for a professional basketball arena on the Nov. 3 ballot.

The outlook revision to negative from stable for the system's revenue bond ratings was spurred by expense-increasing moves in the fiscal 2027 budget.

The Texas city plans to bring general obligation bonds, certificates of obligation and tax notes to market later this month.

The Texas city's general obligation rating was lifted to Aa2 with a stable outlook from Aa3 based on "meaningful" moves taken in its fiscal 2027 budget.

The city moved to a less-restrictive Stage 2 drought status for water use in another sign after recent rain that a water supply emergency is no longer imminent.

The Texas city will offer $540.55 million of senior lien and $122.45 million of junior lien special tax revenue bonds to investors this week.

Two muni veterans are joining PNC's public finance team.

Beneficial rainfall allowed the Texas city to move its timeline for a projected water supply emergency to September 2028 from the same month in 2027.

School districts face competition from a state-funded voucher program and financial challenges that in some cases have led to negative rating actions.

Water infrastructure projects in the 2027 plan are aimed at accommodating projected population growth and addressing dwindling supplies.

The Texas city needs higher rates in part to support future debt that would be issued for $1.1 billion of water supply projects that are underway.

The Texas city's $943.9 million airport revenue bond issue will provide long-term financing for an expansion plan and refund some outstanding debt.

The city's issuer rating was raised a notch to Aaa and ratings for other debt, including for its water and wastewater utility system, were also upgraded.

Ramirez & Co. is expanding its public finance group in Texas with the addition of Dennis Covington, who previously served as a chief financial officer for school districts in Texas and other states.

The combined utility system's commercial paper program capacity was increased to $1.5 billion and an up to $345 million cash flow borrowing was set for August.

The rating agency confirmed the Texas city's A1 bond ratings, ending a review for potential downgrade spurred by an impending water supply crisis.

The nation's two largest crude oil producing states are reporting revenue increases in the wake of the Iran conflict, which began Feb. 28.

The city council in August will consider placing $500 million of pension obligation bonds on the Nov. 3 ballot for its police and fire retirement system.

The outlook revision to stable from negative follows the city's adoption of a fiscal 2027 budget with structural changes that greatly reduced a shortfall.