Commonwealth of Pennsylvania

Continued lack of a budget will mean a spending freeze and further rating agency backlash.

Gov. Tom Wolf has threatened a spending freeze and rating agencies have threatened more downgrades.

Volume shrank from August 2016, when the market was on a record-breaking run.

State officials say they won't permit unlimited short-term borrowing.

Moody’s projects more utility privatizations as local issuers look to cope with financial distress and sidestep maintenance and compliance costs.

Eugene DePasquale urged the system to pay Wall Street less and better educate its board members.

"This is deeply troubling," treasurer Joe Torsella said of the commonwealth's revenue situation

Municipal bond volume ended the month of July down 20% as refundings plummeted.

The plan features tax increases and $1.3 billion of new borrowing.

The agency maintains its AA-minus rating on the commonwealth while awaiting a revenue package.