News and Information from Bond Buyer

S&P Global Ratings downgraded Chicago's general obligation debt to BBB from BBB-plus, saying the 2025 budget fails to address a structural imbalance.

The Goldwater Institute took aim at another Arizona municipality, filing a lawsuit against tax rate hikes approved by the Gilbert Town Council in October.

Ohio is facing steeper than projected declines in cigarette smoking, and thus in tobacco settlement revenues, and disputes from tobacco giants over payments.

Airys puts "local governments in a position of knowledge and, therefore, action," said Columbus, Ohio, City Auditor Megan Kilgore, an advisor to the students.

Lawsuits surrounding everything from unethical sponsorships to the sale of refunding bonds swept across markets last year, creating a municipal battleground.

"Even though it will be priced to sell, such large supply in one week may be a struggle for the asset class," said Anders S. Persson, Nuveen's chief investment officer for global fixed income, and Daniel J. Close, Nuveen's head of municipals.

Trading in Los Angeles credits has become more volatile. An L.A. Department of Water and Power deal slated for Wednesday went day-to-day.

The House Ways and Means Committee has kicked off debate on the Tax Cuts and Jobs Act that is scheduled to sunset at the end of the year, with much at stake for the municipal market.

Lifting the SALT cap is one of several thorny issues Republicans hope to iron out as part of a larger reconciliation bill by March.

The state comptroller forecasts a $23.8 billion budget balance at the start of fiscal 2026-27, down from a record $39.4 billion for fiscal 2024-25.

Wish lists for new or improved professional sports venues are piling up with Oklahoma City poised to vet financing proposals for a downtown basketball arena.

Williams, a former salesman and founder of A. H. Williams & Co., became a "giant" in the Pennsylvania muni world through relationships built on trust. 

The muni market also faces an elevated new-issue calendar, which may put additional pressure on muni yields. Bond Buyer 30-day visible supply sits at $17.57 billion.

The Florida-based mining company failed to make $10 million in principal and interest payments due on Jan. 1. Florida had the largest number of defaults in 2024 at nine, per Municipal Market Analytics, Inc.

"It is the first step but that doesn't mean there's a second step," said John Bagley, the MSRB's chief market structure officer.

The DOT is closing out the Biden Administration by announcing billions of dollars of infrastructure spending in rail, public transportation, and electric vehicle charging stations.

Tom Greene is retiring after 10 years at Wintrust Wealth Management. He left retirement to work for Wintrust; he also spent 40 years at William Blair and Co.

The legislative reconciliation process will move fast and cutting the budget is in vogue. As such, we must recalibrate our goals as an industry to reflect the new political paradigm.

The billion-dollar deal will be the first bonds backed by the tax since it was created in 2019.

Gov. Gavin Newsom's proposed $322.2 billion budget includes a $228.9 billion general fund, $16.9 billion in reserves and no plans to raise taxes.