Bond ratings

The downgrade reflects the school district's weakened financial position, Moody's Investors Service said, adding that while the district's operating deficits have moderated significantly, they will persist over the next fiscal year.

The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

S&P said the outlook revision reflects "our view that Pennsylvania has continued to make progress toward structural budgetary balance." Earlier this month, Moody's revised its outlook on the state to positive.

The nonprofit regional healthcare system reported six straight years of operational losses in its most recent financial report.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

"Patrick has an excellent ability for not only understanding the complexities of the healthcare sector but connecting with our customers and telling the credit story in a way that provides meaningful and value-driven analysis to the market," said S&P Senior Director Stephen Infranco.

"Pennsylvania's positive outlook is based on the significant increase in budget reserves over the past three fiscal years to levels consistent with higher-rated peers," Moody's said.

Moody's credited generally sound fiscal practices, good governance and federal aid with the likelihood that Maui County and the state would retain their current credit ratings.

The upgrades mark the second in a year for the tollway authority's ratings, which were raised last August by S&P Global Ratings.

"The improved rating outlooks are critical for the Power Authority to ensure that we can continue leveraging the capital markets," said NYPA President and CEO Justin E. Driscoll.