State of Louisiana

The deal priced into a market that has seen rising rates for municipal bonds along with record high oil and gas prices.

The company's $200 million capital investment is expected to create more than 1,000 jobs in the city.

Moody's affirmed the state's general obligation bonds at Aa3, and credited it with significant long-term progress in restoring financial reserves and liquidity.

The $136 million refunding is also backed by the state's appropriation pledge; a political dispute over how to handle unclaimed property was resolved last year.

Gov. John Bel Edwards wrote to President Joe Biden requesting additional federal funding for communities hard hit by three hurricanes in 2020.

The upgrade precedes the sale of $202 million of taxable refunding bonds next week.

S&P said the upgrade reflected the stability and resiliency of pledge revenues while it also looked closely at environmental, social and governance factors.

The state will use a public-private partnership to replace the 68-year-old Interstate 10 bridge over the Calcasieu River between Westlake and Lake Charles.

The treasurer was released from the hospital Friday after being treated for COVID-19. Louisiana, like most of the country, is seeing a sharp increase in cases.

John Schroder, the Louisiana treasurer who also chairs the state bond commission, has been hospitalized with the coronavirus.