Fitch

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.