The June consumer price index data was about as expected.
June CPI increased 0.7%, while the core rose 0.2%. The result was a 1.4% drop overall and a 1.7% jump in the core over the year. The last time prices were dropping as much on the year was 1950.
Energy grew 7.4% as gasoline surged 17.3%, accounting for about 80% of the gain — it would have been about a 0.1% rise without gas. Electric prices fell.
— Market News International
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
