Bond ratings

The upcoming fiscal 2025 budget will take "some first steps" to address a structural gap of about $158 million, Melissa Dubowski said.

Colorado's sole public safety net healthcare provider faces rising uncompensated care costs, driven in part by treating thousands of uninsured migrants coming from the southern border.

Fitch Ratings downgraded the private-activity bonds supporting LAX's people mover bonds to junk, but said they could fall lower if the airport doesn't reach an agreement on delay concessions.

The ratings agency cited federal support and military spending on the island as keys to its decision.

Inflation and mandate pressures are key factors that moved the outlook lower.

The rating agency said plugging a growing budget gap is "crucial" for the credit quality of the Aa1-rated state.

"The upgrade reflects an expected continuation of very strong and consistent operating performance and revenue growth," Moody's said.

The negative outlook on the Phoenix-based university's Ba1 rating is due in part to its battle with federal regulators, including the U.S. Department of Education, which it sued in 2021.

The agency plans to broaden its current market share and expand into new sectors.

The Alameda Corridor Transportation Authority announced a tender offer as part of a restructuring plan that could culminate in $1.36 billion of bonds.

Moody's also affirmed the A1 rating on the authority's $3.2 billion of general revenue bonds and the A2 rating on the $2.5 billion of general revenue junior indebtedness obligations.

Fitch Ratings said the trajectory of the city's AA rating could depend on how Mayor John Whitmire, who took office this week, resolves the years-long impasse over firefighter pay.

"There is no doubt that inflation has had an impact. It's important that we continue to ensure that everyone working in New Jersey has access to a livable wage," said Gov. Phil Murphy.

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.

Friday's S&P upgrade to triple-A follows similar moves by Moody's Investors Service last week and Fitch Ratings last year.

The approval last month by Texas voters of a constitutional amendment to create an endowment fund led S&P Global Ratings to revise the school's outlook to positive from stable.

The downgrade of Issaquah School District 411 to Aa1 affects $670 million in debt.

"The upgrade of Pennsylvania's IDR and related ratings reflects recent use of revenue surpluses to build its reserves to historical highs and Fitch's expectation that substantial reserves will be maintained in the near term," the rating agency said.

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.