Standard & Poor's Ratings Services said it raised its underlying rating to A from A-minus on Phoenix Civic Improvement Corp., Ariz.'s series 2004 rental car facility charge taxable revenue bonds, issued for Phoenix Sky Harbor International Airport.
The outlook is stable.
"The upgrade is due to consistently good debt service coverage levels and a significant fund balance," said Standard & Poor's credit analyst Mary Ellen Wriedt.
Federal Reserve guidance will likely continue to support the long end, MMD's Kevin McGuigan said, but "investors need to be cautious about extending duration right now, given that a lot of the pressure on the long end has been the result of supply concerns."
With the effects of added Medicaid requirement looming next year, some states are already seeing stress cracks in their reserve fund balances and revenue levels.
Burton brings 35 years of municipal sales experience, most recently at Cantor Fitzgerald.
Healthcare providers will receive nearly $12 billion in funding in fiscal 2027 with federal approval of the state's Medicaid directed payment programs.
Since 2021, 223 mutual fund-to-ETF conversions have been completed, including 24 involving munis, according to Morningstar data.
With more than 25 years in executive leadership in Texas public education, Rees will develop bond underwriting opportunities in the state, a Stephens statement said.
