Northeast

The state’s personal income tax revenue and sales tax revenue bonds were also lifted from Aa2. Related credits were also upgraded. The rating outlook is stable.

Using a surplus to build reserve levels was key for the outlook change, the rating agency said.

After dropping dramatically with the onset of the COVID-19 pandemic in 2020, energy severance tax revenue is soaring along with oil and gas prices.

The budget includes a $600 million commitment from the state to subsidize a new stadium for the National Football League’s Buffalo Bills.

Most state departments and authorities would be required to offer a telework program of up to two days a week for one year starting July 1.

Hawkish Fed comments caused UST yields to rise by as much as 17 basis points, just as munis had caught a bid. The new-issue market fared well in digesting large deals amid the volatility.

Municipals have taken a hit in the first months of 2022, but higher yield levels and cheaper ratios have offered possibilities for both retail and institutional buyers, analysts say.

The twice-annual call for unsolicited proposals is part of what the state dubs one of the most ambitious P3 transportation programs in the country.

The $600 million deal is the authority's first 100% green transaction and it is also the first ever with bonds backed solely by revenue earned from specific transmission projects instead of the authority's general credit.

Panelists discuss the implications of working from home in a hybrid manner, rising crime and falling mass transit ridership, vulnerable revenue sources and the lack of affordable housing at a New York Fed event.