Bond ratings

The state's record per-pupil spending counteracts concerns over enrollment declines.

Nassau County is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week.

Neal Pandozzi, a partner at the law firm of Bowditch & Dewey, talks with Chip Barnett about what environmental social and governance really means for public finance, separating politics from policy, polemics from principles. (34 minutes)

S&P, Fitch and Moody's have all raised their ratings on the Garden State's general obligation bonds within the last week.

Fitch Ratings raised New Jersey's issuer and general obligation bond ratings just days after Moody's Investors Service upgraded its ratings on the Garden State ahead of next week's s $1.1 billion bond sale by the state Economic Development Authority.

The state's reliance on tourism makes airports essential to its economy, Fitch said.

The school district's AA-plus rating is supported by strong reserves and Houston's economic strength, S&P Global Ratings analysts said.

The ratings agency says enplanement levels is key to the action.

While other issuers have suffered ratings hits or had them withdrawn, California's ratings have not been impacted by its now perennially late ACFR.

Fitch said revenues improved significantly in fiscal 2022, more than doubling the prior fiscal year total and exceeding the pre-pandemic peak recorded in fiscal 2018.

"The outlook revision reflects recent state legislation that provides for the district's continued ability to levy ad valorem taxes," said S&P analyst Christian Richards.

Fitch Ratings raised Miami-Dade County's $4.9 billion of aviation revenue and revenue refunding bonds to A-plus from A.

The rating agency said it could upgrade the state's ratings over a two-year period if recent healthy fund balances are maintained.

A key consideration in the upgrade was the state's recent actions in both addressing longstanding obligation repayments and rapidly repaying obligations taken on during the pandemic-induced recession, S&P said.

"Our goal and our mission is really this — to provide investors with the insightful research that will help them make better investment decisions," says Janice Hofferber, head of Moody's Public Finance group.

The ratings on special district bonds issued for the Outlets at Legends, a shopping and entertainment district in northwestern Nevada have been on an upward trajectory for several years.

Mild economic conditions resulted in slight changes to upgrades and downgrades in the third quarter, compared to the second quarter, S&P said.

Agency says it's the highest general obligation bond rating it has received in 47 years.

The rating agency raised the system's subordinate-lien general airport revenue bond rating to A-plus from A with a stable outlook amid increased enplanements.

"S&P recognizes the progress that has been made and that Connecticut is getting its mojo back," said Gov. Ned Lamont.