Standard & Poor's Ratings Services said it has raised its rating on Miami-Dade County, Fla.'s 1998, 2001, and 2005 solid waste system revenue bonds to A-plus from A with a stable outlook.
"The upgrade reflecting the system's maintenance of good annual debt service coverage and liquidity, even as the county continues to address its capital needs for its waste management department," said Standard & Poor's credit analyst Corey Friedman.
Munis are entering a negative feedback loop, according to J.P. Morgan analysts led by Peter DeGroot.
Credit ratings for California utilities could face downward pressure as recurring wildfire risks test safety funds and strain balance sheets.
"In a few years, Brightline may have to consider going through something like this again," warned one investor.
Bondholders and Assured Guaranty are providing substantial funding in post-petition and post-bankruptcy packages to keep the project operating.
GASB has issued updated questions and answers designed to clarify how subsidies relate to operating revenue, an important distinction affecting higher education, and transportation entities.
Ahead of a refinancing next week and a new money deal next month, Chicago's spreads have widened, suggesting the market may be pricing in a downgrade, analysts said.
