Northeast

The upgrade to A-minus from BBB-plus "reflects what we view as material improvement in the state's structural deficit and near-term liquidity," S&P said.

The first tranche of federal dollars are seen as a down payment on what's billed as the most urgent infrastructure project in the U.S.

Next week's potential volume is slated to be more than $8 billion, led by $1.25 billion of taxable and tax-exempt future tax-secured subordinate bonds from the New York City Transitional Finance Authority.

Even deals that go bankrupt can be seen as successes in the U.S. P3 market, which may face an "inflection point" with the new infrastructure law.

Outflows continued, with Refinitiv Lipper reporting investors shed $1.503 billion from municipal bond mutual funds in the week, following outflows of $2.136 billion in the previous week. High-yield saw small inflows.

Gov. Phil Murphy proposes to make an additional $1.3 billion deposit into the state’s Debt Defeasance and Prevention Fund.

Davey will oversee operations for the city’s subways, buses, paratransit services and the Staten Island Railway.

The 20% rise is higher than the city’s forecast of a 15.7% gain and this may help the Big Apple see better-than-expected income tax revenue.

New York State Comptroller Thomas DiNapoli and city Comptroller Brad Lander lauded the SEC’s proposal, saying environmental transparency is beneficial to the state and city pension plans.

The triple-A 10-year yield is above 2% on all scales, the highest since March 2020.