Bond ratings

Fitch also affirmed the GOAA's AA-minus rating on $1.8 billion of outstanding senior lien airport facilities revenue bonds and A-plus on $867 million of subordinate lien airport facilities revenue bonds.

Year-to-date, MIA has seen passengers levels at 113% of pre-COVID 19 levels, boosted by domestic travel, according to a report from BofA Global Research.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

The state's strong reserves contributed to brighter rating outlooks from Moody's Investors Service and, earlier this year, S&P Global Ratings.

The rating agency raised the city's general obligation and sales tax securitization bond ratings a notch to BBB-plus and AA-plus respectively.

"I am excited to lead the team through what will be an exciting period of growth in public finance," Anjali Sharma said.

The upgrade was spurred by improving ridership as well as increased financial flexibility, said S&P credit analyst Joseph Pezzimenti.

Fitch Ratings replaced its negative watch with the negative outlook, citing the lack of clarity around contractor claims of cost overruns.

Final state approval of the debt was conditioned on the resolution of a petition to the Oklahoma Supreme Court to revisit its Aug. 1 validation of the debt.