Markets

Tax-exempt munis have now regained late September levels, and November's rally has eclipsed October's selloff, MMA notes in a weekly report.

The downgrades for Alaska's largest city come less than two months after the mayor set returning the city's ratings to AAA as a goal in his fiscal 2023 budget.

The Bloomberg Municipal Index is at positive 4.06% as of Friday. Bloomberg indices show high-yield returning 4.17%, taxable munis returning 4.38% in November while the Impact Index is at positive 4.66%.

Municipal underwriting fixture, Jaime Durando, announced his retirement from the industry after more than 30 years.

Markets took the news that it will soon be appropriate to increase the Fed funds target rate at a slower pace as good news.

Enrollment and inflation-adjusted net tuition trends are negative.

Lower supply in 2022 has somewhat helped the market avoid larger losses, many participants have said.

The negotiated calendar this week is very light due to the Thanksgiving holiday, with only four deals above $100 million.

Fitch and S&P downgraded the city as it grapples with rising costs, limited revenue prospects and a looming pension funding spike.

The financially distressed utility has less than two weeks to find a substitute supplier of 80% of its fuel.