Commonwealth of Pennsylvania

The airport hopes the terminal will be "a new front door for Pittsburgh."

Josh Shapiro suggested modest spending hikes — and even more modest revenue growth. 

The rating is a new milestone in the state's long road out of legislative dysfunction.

"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."

The most recent open solicitation period, last October, yielded three proposals.

The SEC has settled charges against Aon Investments and in a separate action, a former executive of the firm for misleading the Pennsylvania Public Employees' Retirement System.

The commonwealth revamped its P3 law last year in the wake of a court ruling striking down a tolled bridge program.

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.

"Pennsylvania's positive outlook is based on the significant increase in budget reserves over the past three fiscal years to levels consistent with higher-rated peers," Moody's said.

The borrowing, which will be backed by availability payments, will finance the first six of the state's nine-span Major Bridges P3 program.