State of Louisiana

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.

Light primary easily absorbed while secondary trading showed a steadier market as it closes for Veterans Day. Massachusetts announces $1.4 billion of GOs for next week.

Municipal yields rose as much as five basis points on the long end, but the losses were not as pronounced as UST. Light dealer inventories and scarce secondary trading let munis outperform Treasuries.

As the week drew to a close, municipal bond market participants looked ahead to a smaller-than-usual supply slate dominated by revenue bond deals.

The Louisiana State Bond Commission will refinance $424 million of variable-rate bonds; the deal isn't expected to include the termination of underwater swaps.

One muni bond sector that had been a go-to for heavier allocations was utilities, according to Kim Olsan.

The Puerto Rico Housing Finance Authority will be in the market with almost $250 million of public housing project refunding bonds.

Municipals were slightly weaker on Tuesday as investors take stock of inventories and exceedingly low yields for a market that might be ripe for a correction.

Municipals continued to correct, with yields on the AAA scales rising by as much as three basis points as signs point to investor pullback from current low yields.

Treasurer John Schroder, a Republican, has battled with Louisiana's Democratic governor over the funds for the past two years. He has said he will appeal.

State officials estimate revenue shortfalls could reach more than $2 billion, but also believe the magnitude of budget trouble is "highly uncertain."

The city will ask the Louisiana State Bond Commission to authorize issuing up to $100 million of revenue notes.

S&P Global Ratings said balancing the state budget "will be met against a growing cloud of uncertainty” between the recession and COVID-19.

The new bill to replenish the Paycheck Protection Program clarifies that hospitals created as political subdivisions are eligible.