Virginia

As federal funding dries up, cites are searching for new funding sources.

Moody's has raised the senior bonds to Aa1 from Aa2 and assigned a stable outlook to them.

North Carolina is the latest state to eye using a P3 to build tolled express lanes amid insufficient state funding.

The region's municipal bond volume grew by 42.4%, outpacing the nationwide 32% increase in a first-half marked by gas prepay deals and Brightline's big sale.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.

A strong tax collection season combined with compromise to seal the deal in a special session.

The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing portions if the attraction.

The budgetary process has been marked by political fights between the governor and the general assembly.

The Virginia Resources Authority and the Virginia Housing Development Authority have deals on tap while gilt-edged Delaware is selling its GO debt.

The city will leverage its own GO bonds to finance the stadium.