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The negative rating outlook comes less than a week after Gov. Gavin Newsom announced a budget shortfall of $31.5 billion.

Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state.

With hotel taxes unlikely to keep pace with debt service , the Illinois Sports Facilities Authority is eyeing a restructuring to extend final bond maturity.

"Steep corrections occurring inside 10 years on the curve reflect an ongoing process to reduce a deep inversion," said Kim Olsan, senior vice president of municipal bond trading.

Federal Reserve Bank of Dallas President Lorie Logan said the case for pausing interest rate increases at the central bank's June meeting isn't yet clear, while her colleague Gov, Philip Jefferson sounded ready to be patient.

The exchange-traded fund — the first ever triple tax-exempt — will consist of 80% Puerto Rico bonds with the balance being U.S. Virgin Islands and Guam bonds.

The complexity of tapping infrastructure funds has spurred the National League of Cities towards developing workshops and tools to help municipalities navigate the maze.

Amid rising construction costs and supply chain shortfalls, some California school bond projects are being redesigned, accelerated or delayed.

Brightline's luxury train in Florida accounts for half of the Nuveen High Yield Municipal Bond Fund's top 10 positions.

Panelists at the 2023 NFMA Annual Conference described the increasing costs and associated problems issuers will face in ensuring their communities maintain clean water.

The CTA is looking for the state to boost operating funds to help solve a looming $400 million annual shortfall.

Fernandez was a veteran municipal bond attorney who spent nearly 67 years at Hawkins, Delafield & Wood LLP before his retirement in 2017.

Daily report for May 18, 2023

The FOMC meets June 13-14. Join us June 15 at 2 p.m., Eastern time, as Jeffrey Cleveland, chief economist at Payden & Rygel, provides his take on the meeting statement, Federal Reserve Board Chair Jerome Powell's press conference and the latest Fed projections.

The Investment Company Institute reported investors pulled another $290 million out of municipal bond mutual funds in the week ending May 10.

Panelists at the National Federation of Municipal Analysts discussed their experiences dealing with resiliency in the face of budgetary and environmental problems.

Harvey and its advisors are in the process of notifying holders of its defaulted 2002 and 2007 bonds of its upcoming exchange offer.

Dismissal would ease approval of a the current proposed plan of adjustment.

The city's agreement for the $2.1 billion, mixed-use project to build an arena for the NHL's Arizona Coyotes included a bond-financed cleanup of a landfill.

The scramble for a limited amount of high-speed rail funding is sparking competition.