Texas

The city of La Marque is taking steps to stabilize its shaky finances after a short-lived debt service payment default and a bond rating downgrade.

Tripp Kaiser, a managing director at Municipal Market Analytics, will become executive director of the Center on Municipal Capital Markets in January.

The outlook revision to negative for the Texas Biomedical Research Institute cited weakened liquidity and reliance on federal grants, the rating agency said.

Two triple-A bond deals from the Lone Star State to finance water-related projects are scheduled to price this week in the municipal market.

Fitch cited the system's operating performance and plans for up to $4.2 billion in addional debt.

Bondholders are pitted against each other in the case, where it looks like the majority holders may become owners of the distressed companies.

Backers of a voter-approved public safety funding proposition that led to a negative rating outlook by Moody's said the budget fails to comply with the measure.

Central Texas Regional Mobility Authority's ratings were raised by Moody's, which, along with S&P, upgraded North East Texas Regional Mobility Authority's.

The rating agency's review was triggered by the city's move to effectively end plans for a seawater desalination project that has $235 million of bonds outstanding.

With the estimated cost rising to $1.2 billion, the city council took action to end planning for the project, sparking concerns about outstanding bonds.