Northeast

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

The action affects about $312 million of debt. The outlook, previously positive, is stable at the new, higher rating.

The firm is expected to announce the new muni leadership team next week.

Prager filed with for dissolution with FINRA last month and Dallas, Texas-based HilltopSecurities stepped in to snap up the bankers in a move that will bolster its East and West Coast muni presence.

"Let's face it, the state of our trains, roads, and bridges today is unacceptable," Massachusetts Gov. Maura Healey said in her inaugural address.

The administration gave priority to large bridge projects that are ready to proceed with construction.

Passenger counts at the three airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison.

The increasing number and frequency of cyber attacks against municipalities is a cause for credit concern, S&P Global Ratings says.

"The good news in this budget is that the MTA has increased its effort to find efficiencies, so that's now a larger portion of the plan. The challenge is that efficiency portion of the plan should be much, much bigger," said CBC President Andrew Rein.

Debt outstanding at state and local public entities totals more than $329 billion, an increase of $61.5 billion since 2017, according to a report by state comptroller Thomas DiNapoli.