Moody's Investors Service has downgraded the consolidated bond rating of the Port Authority of New York and New Jersey to Aa3 form Aa2. The action affects $18.2 billion of consolidated bonds, including a new issuance of $2 billion 174th series consolidated bonds that carries the same Aa3 rating. The outlook for the authority's credit ratings is stable at Aa3.
"The steady tone talks to the underlying demand" for munis, NewSquare Capital's Kim Olsan said. "For the moment, munis are holding steady with a watchful approach.
Illinois curently plans $3.2 billion of bond sales in FY2027 under Gov. JB Pritzker's executive budget, the Commission on Government Forecasting and Accountability said, adding additional authorization requests are expected.
The city and United Airlines are navigating geopolitical volatility looking for an opportunity to sell the debt.
The California Municipal Finance Authority will issue $742 million in tax-exempt debt for the San Francisco Municipal Transportation Agency's first P3.
New Hampshire will not include a refunding of 2016 GOs in its annual deal.
The state's latest water plan outlines $174 billion of capital water needs over the next 50 years. "The era of cheaper water is over," said one state water official.
