Midwest

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

Indianapolis is moving forward with a $1.5 billion stadium and real estate development, anchored by minor league soccer and to be financed partly through bonds.

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.

Illinois saw an uptick in its financial fortunes during the past fiscal year, one of the few times the state's net position has improved in recent years.

Without money to expand a key artery, but helped by a federal "Mega Grant," Indiana is pursuing tactics like dynamic shoulder lanes to boost capacity.

Michigan is paying down debts of six local school districts – two of which have closed or merged with neighbors – including outstanding bond balances.

A hotel tax that supports the authority's bonds has recovered strongly from the pandemic, the rating agency said.

So far, the temporary Bally's casino in Chicago has brought in about a quarter of the tax revenue it needs to generate to keep up with budget expectations.

State bonds are a key part of the two-state plan to replace the aging Blatnik Bridge, but officials are also seeking more than $1 billion in federal grants.