Fitch

Agency cites growing debt levels and midrange demographic and economic factors.

Long-term liabilities have gone down and revenues have gone up, Fitch said.

Both ratings agencies cited the health system's improved liquidity in recent years.

"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.

The criteria should result in a nearly equal number of upgrades and downgrades in the next half year, according to the rating agency.

"The upgrades incorporate our view of New Hampshire's improved economic and demographic growth trends that continue to perform near or above those of the U.S. and regional peers," said analyst Thomas Zemetis.

Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, New York City's tax-exempt general obligation bond deal is tentatively structured in four series with two subseries.

Separately, Fitch raised Orlando's $159.87 million of Series 2017A senior tourist development tax revenue bonds, 6th-cent contract payments, to A from BBB.

"This upgrade from Fitch reflects the continued growth of confidence in the MTA's sustainable financial strength, bringing tangible benefits when we look to finance critical transit projects," said MTA Chair and CEO Janno Lieber.

Fitch said its upgrade "reflects the removal of the asymmetric additional risk relating to potential general fund exposure to the county's enterprise sewer system … which reflects the system's recent restructuring of its outstanding debt."

Stronger-than-expected economic numbers could boost bond issuance.

Labor costs that continue to squeeze operating margins remain the biggest obstacle for the nonprofit healthcare sector.

"The upgrade of Pennsylvania's IDR and related ratings reflects recent use of revenue surpluses to build its reserves to historical highs and Fitch's expectation that substantial reserves will be maintained in the near term," the rating agency said.

Fitch also affirmed the GOAA's AA-minus rating on $1.8 billion of outstanding senior lien airport facilities revenue bonds and A-plus on $867 million of subordinate lien airport facilities revenue bonds.

Year-to-date, MIA has seen passengers levels at 113% of pre-COVID 19 levels, boosted by domestic travel, according to a report from BofA Global Research.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

Ahead of issuance, the city's $40.2 million of general obligation bonds received top marks from Fitch and S&P.

Analysts discussed proposed changes to its metrics that will be finalized in January. An estimated 35% of ratings could experience upgrades or downgrades.

"I am excited to lead the team through what will be an exciting period of growth in public finance," Anjali Sharma said.

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.