Bond ratings

Fitch Ratings revised Illinois' outlook to positive, pointing to the state's recent trend toward "normalized operating performance" and diverse economy.

The failure of California's recent wildfire liability legislation leaves investor-owned utilities like PG&E and SoCal Edison exposed to continued financial risk and potential ratings downgrades.

KBRA approves of New Jersey's pension progress and budget management.

S&P upgraded Illinois' general obligation bonds to A from A-minus, citing a track record of capable fiscal management. This follows a Moody's upgrade a week earlier.

SFPUC's head would like rating agencies to consider what issuers are doing well regarding climate risk as well as where they fall short.

 A default under the concession agreement could result in termination of the project, according to an analyst.

The Texas city plans to bring general obligation bonds, certificates of obligation and tax notes to market later this month.

The Texas city's general obligation rating was lifted to Aa2 with a stable outlook from Aa3 based on "meaningful" moves taken in its fiscal 2027 budget.

"The upgrade also reflects the city's continued financial strength that has extended for decades and been preserved even during recessionary periods via prudent budget management," analysts said. 

Fitch Ratings raised the outlook on two series of sales tax revenue bonds structured as a TIFIA loan.

Fitch cited very strong revenue defensibility and the expectation the utility's finacial profile and performance will improve.

Washington using a pension fund surplus to close a budget shortfall sets a bad precedent, said a Morningstar DBRS analyst.

Leverage issues led to Fitch lowering the outlook on the AA-minus-rated bonds.

S&P said its earlier rating had its origin in an incorrect methodology.

The rating agency upgraded $1.2 billion of airport revenue bonds.

Fitch Ratings upgraded Cook County to AA-plus from AA on Monday, citing the county's moderating long-term liability burden and sustained resource base growth.

The city's issuer rating was raised a notch to Aaa and ratings for other debt, including for its water and wastewater utility system, were also upgraded.

S&P cited the county's limited flexibility to set its rates and escalating capital investment needs. 

The NJTA is planning to sell three series of revenue bonds Series 2026 A-1 ($570 million), Series 2026 A-2 ($150 million) and Series 2026B ($339.5 million), which received an A1 rating from Moody's. 

The rating agency confirmed the Texas city's A1 bond ratings, ending a review for potential downgrade spurred by an impending water supply crisis.