City of Houston, TX

The nation's fourth-largest city will have new officials at the helm of its government and finances for the first time in eight years.

City Controller Chris Brown called for more due diligence on financing plans for a $2.6 billion project to renovate Bush Intercontinental Airport's Terminal B.

Triple-A yields rose one to five basis points, depending on the scale, as secondary trading showed cheaper prints and some new-issues had to be cheapened to clear the market while USTs saw larger losses of up to 16 basis points on the three and five year.

State lawmakers passed bills aimed at the city's home-rule powers and a union contract impasse, as well as funding for a convention center expansion.

Houston is one of the largest U.S. cities to set up a trust to help fund non-pension retiree benefits such as healthcare.

Massive transit projects have funding momentum, and traditional road and bridge projects are advancing as well despite political opposition and some shaky funding.

The school district's AA-plus rating is supported by strong reserves and Houston's economic strength, S&P Global Ratings analysts said.

The Texas Education Agency, which initially sought the takeover in 2019, will appoint managers to run the state's largest public school system.

The rating agency raised the system's subordinate-lien general airport revenue bond rating to A-plus from A with a stable outlook amid increased enplanements.

Houston has built up a $344.8 million general fund balance and reduced its unfunded pension liability to about $1.5 billion ahead of a possible economic slump.