Northeast

Bonds tied to Destiny USA in Syracuse were cut deeper into junk by Moody's Investors Service on doubts about its ability to extend an outstanding loan.

The downgrade reflects the school district's weakened financial position, Moody's Investors Service said, adding that while the district's operating deficits have moderated significantly, they will persist over the next fiscal year.

The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

"People are just kind of sitting on their hands and being careful because MMD is raising yields every day and people don't know which way this is heading," said John Farawell of Roosevelt & Cross.

S&P said the outlook revision reflects "our view that Pennsylvania has continued to make progress toward structural budgetary balance." Earlier this month, Moody's revised its outlook on the state to positive.

Costs jumped faster than revenues increased for the New Jersey Meadowlands mall in 2022, according to its annual financial report.

The Metropolitan Transportation Authority pledged in a legal settlement to devote nearly 15% of its capital plan to make more of its facilities accessible.

The nonprofit regional healthcare system reported six straight years of operational losses in its most recent financial report.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

"Last year's successful social bond issuance has proven that there is growing investor demand for socially conscious investments and I am thrilled that we are able to offer this opportunity again," said City Comptroller Lander said.