Kroll Bond Rating Agency

KBRA said the negative outlook reflects declining coverage of maximum annual debt service coverage from both a lower tax rate and declining rum sales.

KBRA revised the outlook to negative on the Chicago Transit Authority's AA-minus rated TIFIA bonds, backed with farebox and operations revenue.

Kroll Bond Rating Agency downgraded Chicago's general obligation bonds to A-minus from A, citing high fixed costs and one-time fixes. The outlook is negative.

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.

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.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

"Pennsylvania's positive outlook is based on the significant increase in budget reserves over the past three fiscal years to levels consistent with higher-rated peers," Moody's said.

"The improved rating outlooks are critical for the Power Authority to ensure that we can continue leveraging the capital markets," said NYPA President and CEO Justin E. Driscoll.

Over the next few months, the state will be crafting regulations for a carbon emissions bill it hopes will provide an additional revenue source to help smooth some of the state's economic volatility.

The state, burdened with volatile revenue streams because of its dependence on natural resources, has lower ratings from Fitch, Moody's and S&P .

Ted Damutz and Lina Santoro have joined Kroll Bond Rating Agency as directors in the public finance department in New York City.

"When the rating agencies developed and rolled out their ESG scores, they said their ESG scores would not impact an issuer's credit rating. We are holding them to their word," said Ben Watkins, director of the state Division of Bond Finance.

"The latest upgrade is further recognition of the work we have put into responsible budgeting," said Treasurer Elizabeth Maher Muoio.

"Every credit has its quirks," Peter Scherer said. "I enjoy the challenge of putting them in context while delivering thoughtful and punchy credit opinions that inform investors and inspire confidence in the municipal market."

KBRA says the deal will allow for expansion.

“There’s been a lot of discussion about New York City and its future in the public domain. And when that happens it makes sense to solicit multiple opinions,” said Kroll Senior Managing Director Karen Daly.

Three upgrades in two days and four in six weeks mark the state's first bond-rating upgrades in 20 years.

New Jersey lines up $400M sale with outlook boost

KBRA said the development, weighting, and ranking of the key factors in ESG scores are endeavors best left to investors rather than to rating agency credit analysts.

Rising state-supported debt and sidestepping best practices alarm the comptroller.