Commonwealth of Pennsylvania

Cintra submitted a proposal calling for four new tolled managed lanes on I-76 that would be structured as a $5 billion, 50-year design-build-finance-operate-maintain P3.

The rating agency lowered the outlook to stable on its A-plus rating, saying Pennsylvania didn't do itself many favors in its fiscal 2026 budget season. 

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.

PennDOT could appeal to the state supreme court, but if not, the Pennsylvania P3 law may need to be rewritten.

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

With federal aid rolling out, the municipal credit picture is improving and issuers are coming to market at a faster clip. An infrastructure package could push issuance levels even higher.

Gov. Tom Wolf said the tax has become unreliable for funding the commonwealth's vast network.

The Pennsylvania governor can expect pushback from Republican lawmakers over budget-balancing plan aimed at higher wage earners.

The Pennsylvania treasurer, who leaves office Tuesday, says municipalities can artificially inflate their bottom lines through these revenue sources.

Joe Torsella still advised that such a move to backstop the commonwealth's two largest public retirement funds is no panacea.

'I’m good at guarding things,' said the retired Army Reserve colonel, who will become Pennsylvania's next treasurer.