S&P

States face broadening credit challenges, and while local governments have shown resilience, school districts are more at risk, S&P Global Ratings said.

S&P revised Chicago's outlook to negative from stable and affirmed its BBB rating on the city's outstanding general obligation debt.

Toms River's reluctance to pass a budget could further damage the school's rating, S&P said.

The college's most recent annual comprehensive financial report is for the fiscal year ending June 30, 2023, and S&P is concerned by the lack of timely reporting.

Citing a "meaningful improvement in the state's balance sheet," S&P Global Ratings Monday upgraded New Jersey to A-plus from A.

The ratings agency changed its outlook on its BBB-minus rating to negative from stable Wednesday.

S&P noted volume growth and solid operating margins at the large Florida-based healthcare system.

S&P Global Ratings primarily cited a "precipitous decline" in unrestricted cash to explain its triple-notch downgrade of the system.

S&P cited the government's improved fiscal position as a factor in the positive outlook.

The ratings agency cited strong and growing activity and favorable economic trends in the region.

Wittstruck takes over the S&P role previously held by Robin Prunty, who retired in August.

S&P Global Ratings placed more than 400 state and local government issuers under criteria observation as the agency adopts an updated rating methodology.

Robin Prunty, who retired Aug. 31 as S&P's chief analytical officer for governments, took on a role on its U.S. board the next day.

"We withdrew the rating because we have determined we do not have sufficient information to maintain a forward-looking credit opinion on the city," S&P 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.

"The upgrades reflect our view of Louisiana's demonstrated commitment to improving and maintaining reserves above levels that we consider very strong," said S&P.

"The risk of future budgetary pressure is further elevated due to pension contributions falling short of their actuarially determined contribution amounts in each of the past three years and a relatively high level of unfunded pension liabilities," said S&P's Rob Marker.

Inflation and mandate pressures are key factors that moved the outlook lower.