State of Florida

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.