Northeast

The low-investment-grade offering for a high-profile public private partnership stood out in a crowded airport sector.

S&P Global Ratings dropped Houghton University to BB-plus from BBB-minus, citing a track record of deficits plus a large operating shortfall.

Issuance this year is "well on its way" to $450 billion, mostly from the tax-exempt supply of new money projects, said Matt Fabian, a partner at Municipal Market Analytics.

The county hopes one-time revenues will help it "live to fight another day" as it awaits a state-assisted financial plan.

Even after paring down the capital plan, the MTA will need to issue debt, and sooner than planned. It will be issued under the MTA's transportation revenue credit rather than its congestion pricing credit, so near-term debt service costs will be higher, CEO Janno Lieber said.

Her abrupt suspension of the tolling plan for Lower Manhattan leaves a $15 billion hole in the Metropolitan Transportation Authority's capital budget.

A $345 million taxable bond deal will support the public-private partnership arrangement that will upgrade the College Park campus district energy system.

The system, trustee and bondholders of about $992 million in debt are supporting an exchange of "substantially all" existing bonds, a disclosure statement said.

Issuance remains robust Wednesday with an estimated $5.9 billion, said J.P. Morgan strategists led by Peter DeGroot.

Shailen Bhatt, administrator for the Federal Highway Administration, said his agency is working to play catch up on initiatives as diverse as rebuilding Baltimore's downed bridge and building electric vehicle chargers.