Standard & Poor's Ratings Services said it raised its underlying rating (SPUR) to BBB-plus from BBB on Reno, Nev.'s series, 2005A, 2005B, and 2005C tax-exempt capital improvement revenue bonds.
The outlook is stable.
"The raised rating is due to our view of the improved debt service coverage and growth in pledged revenues," said Standard & Poor's credit analyst Bryan Moore.
Housing officials in several cities are already laying the groundwork that will enable them to take advantage of the 21st Century Road to Housing Act passed by Congress earlier this year even though funding has not yet been appropriated.
The federal infrastructure program would bring a fresh source of revenue for states and railroads.
"We welcome the SEC's approval of the amendments to Rule G-27 as we continue the ongoing retrospective rule review process and look for ways to provide more flexibility in a changing work environment," MSRB's Ernesto Lanza said.
The American Society of Civil Engineers lowered its infrastructure grade for North Carolina to C-minus this year from C; three other Southeast states improved.
Chicago made the second half of its supplemental pension payment, fulfilling a budgetary pledge and assuaging concerns of aldermen and rating agencies.
Market participants broadly expected a rate hike, but the FOMC statement and press conference both rang more hawkish than what the markets probably anticipated, said Chris Brigati, managing director and CIO at SWBC.
