Bond ratings

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While other issuers have suffered ratings hits or had them withdrawn, California's ratings have not been impacted by its now perennially late ACFR.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

KBRA said the upgrade reflected the airport's large and growing service area, anchored by Miami, which is a vibrant center for tourism and trade.

The Legislative Analyst's Office forecasts the state could face a $25 billion deficit in fiscal 2023-24.

New Jersey has overtaken Los Angeles as the busiest port in the U.S. The port attributed the decline to labor negotiations and retailers placing holiday orders this summer to avoid the potential for supply chain issues.

"The diversity of people and places I get to work with in U.S. Public Finance, from small special purpose districts to large cities and states," makes work interesting for Cora Bruemmer. I feel like I'm always learning something new."