S&P

Ahead of issuance, the city's $40.2 million of general obligation bonds received top marks from Fitch and S&P.

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 upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

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.

"Patrick has an excellent ability for not only understanding the complexities of the healthcare sector but connecting with our customers and telling the credit story in a way that provides meaningful and value-driven analysis to the market," said S&P Senior Director Stephen Infranco.

"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.

The rating agency's release ESG credit indicators for states and territories last year was blasted by GOP officials for being politicized, vague, and confusing.