State of Florida

Unless the state government makes changes to revenue or expenditures Florida faces a combined deficit of $8.1 billion in fiscal years 2027-28 and 2028-29.

The risk Brightline Florida poses to the rest of the high-yield market may manifest in fund flows, investors said.

Some bondholders have retained legal counsel while others are in the dark about the company's plans.

Florida lawmakers passed a state budget and approved plans to pay off $830 million of debt in fiscal 2026 in advance of maturity.

Gov. Ron DeSantis wants property tax cuts and House Speaker Daniel Perez wants a sales tax cut as future state deficits are projected.

DeSantis' proposed all government activities budget is 2.5% lower than the current year's budget.

Florida sold $131.9 million of bonds Wednesday with double-barreled backing from the state's fuel tax and its full faith and credit pledge.

"It's an unfortunate part of doing business," said an investor.

As the largest private-activity bond issuance and first investment-grade debt for American high-speed rail, this transaction, which also won Deal of the Year in the Innovative Financing category, opens new avenues for large-scale infrastructure projects in a traditionally underserved financing sector.

The agency cited the closeness of the entities to Florida's government.

Moody's believes Florida will sell bonds to help replenish the CAT fund this spring.

In the long run, Helene and Milton may further drive already rising property insurance costs, while in the short-term S&P placed three utilities on CreditWatch.

Florida will use its own cash, not from a refunding bond, to buy up to $500 million of bonds tendered.

Local governments that were in Hurricane Milton's path, however, will face significant credit challenges, Moody's said.

Florida's Aaa credit is a factor in all the upgrades, the rating agency said.

Florida's official outlook indicates the state government faces a $10 billion deficit by mid-2028 without major tax and spending changes.

A coalition of metropolitan planning organizations and transportation officials along the Interstate-4 corridor approved a resolution supporting further development.

The deal, originally planned at $1.5 billion in three maturities, was downsized and restructured and then restructured again into one 10-year bullet maturity.

As anti-Israel protests grow at universities across the United States amid a rising tide of anti-Semitic incidents, state and local governments are buying Israel bonds in a show of financial and moral support.

The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.