Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to A from A-minus on Industry, Calif.'s outstanding sales tax revenue bonds.
The outlook is stable.
"The rating action reflects our view of the improvement in the city's sales tax revenues and our anticipation that debt service coverage will remain at least good," said Standard & Poor's credit analyst Jaime Trejo.
Muni yields are succumbing to a "domino effect," said Kim Olsan, portfolio manager at NewSquare Capital.
A three judge panel upheld a lower court rejection of the bondholders' suit against Puerto Rico's central government.
Maryland enters the data center regulation movement as Governor Wes Moore signs an executive order and signals an end to sales tax exemptions.
The selloff in munis this week is "against a backdrop of historic bid wanted in competition volume, continued rate volatility, tax-loss selling [and] unfavorable technicals," said J.P. Morgan strategists.
"We believe strongly in these sectors, and they are poised for even more growth," Bo Daniels, Loop Capital's head of public finance, said in a statement.
The deal, set to close in the coming weeks, adds a group of capital markets and other market professionals, according to a press release.
