Moody's

"Higher education is going to be facing continued challenges in the near term," said Tom Kozlik, managing director at Hilltop Securities.

The downgrade of Issaquah School District 411 to Aa1 affects $670 million in debt.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

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.

The upgrade was spurred by improving ridership as well as increased financial flexibility, said S&P credit analyst Joseph Pezzimenti.

The Bond Buyer's Keeley Webster talks ratings, fare integration and potential solutions to the Bay Area Regional Transit's current challenges with Bryant Jenkins, a managing principal with Sperry Capital. (34 minutes)

The downgrade reflects the school district's weakened financial position, Moody's Investors Service said, adding that while the district's operating deficits have moderated significantly, they will persist over the next fiscal year.

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.

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.

Escalating costs, particularly for wages, could strain budgets or drain reserves, the rating agency said.

Typhoon Mawar's impact on the service area is the rating agency's biggest concern.

The Visitor Bureau says the number of tourists this fiscal year is likely to be 40% less than what had been predicted. Tourism is a large portion of Guam's economy.

"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 ratings agency says enplanement levels is key to the action.

"Our goal and our mission is really this — to provide investors with the insightful research that will help them make better investment decisions," says Janice Hofferber, head of Moody's Public Finance group.

Surging state revenues eased the burden of managing fixed costs, Moody's says in an examination of state liabilities based on fiscal 2021 financial reports.

Moody's said 35 out of the 82 borrowers that disclosed first-time draws on debt service reserve funds since April 2020 have averted delinquency "at least for now."

The Supreme Court’s ruling stripped the EPA of its ability to regulate greenhouse gas emissions, but analysts say utilities are unlikely to feel immediate credit impacts; in some cases, it may ease credit pressures.