Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Monroe, Mich.'s general obligation debt outstanding.
At the same time, it assigned its AA-minus long-term rating to the city's series 2014 limited-tax GO refunding bonds. The outlook is stable.
"The raised ratings reflect our view of the city's improved budgetary performance," said Standard & Poor's credit analyst Kathryn Clayton.
The Metropolitan Transportation Authority chair and CEO says changes are needed to state and federal laws and the MTA's financial structure.
The recent short-end correction stems from last week's Fed rate hike, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.
The city's inability to get approval for bonds that would fund operating expenses has forced the mayor to propose deep budget cuts for the coming fiscal year.
A finance committee vote teed up a debate by the full Chicago City Council Wednesday on whether to require more aldermen votes for new borrowing.
In an unusually competitive election season in the GOP dominated Lone Star State, candidate platforms include moves that could impact state and local finances.
Bondholders agreed to extend the lender longstop date, giving developers more time to test the LAX SkyLink project and avoiding an imminent technical default.
