Commonwealth of Pennsylvania

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.

Lawmakers choose a scoop-and-toss move despite calls for better targeting of the federal funds.

Such moves could reduce costs by up to $180 million in present-value savings, Joe Torsella said.