Fitch

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.

State and local governments showing strength in a time of financial uncertainty