Bond ratings

Moody's Ratings hiked Detroit's issuer and general obligation unlimited tax bond ratings to Baa2 from Ba1, a milestone for the formerly bankrupt city.

Fitch analysts cited improved financial metrics, a full recovery on enplanements and great clarity on its capital program.

Separately, Fitch raised Orlando's $159.87 million of Series 2017A senior tourist development tax revenue bonds, 6th-cent contract payments, to A from BBB.

"The risk of future budgetary pressure is further elevated due to pension contributions falling short of their actuarially determined contribution amounts in each of the past three years and a relatively high level of unfunded pension liabilities," said S&P's Rob Marker.

"In Kentucky, we're working hard to ensure our place as a leader in economic development, and this growth in exports shows our efforts are succeeding," said Gov. Andy Beshear.

The state's largest healthcare district by land mass is at risk of breaching financial covenants, according to Moody's Investors Service.

Pensions funds are increasingly investing in riskier asset classes, with more than half their investments in 2022 in these, according to some estimates.

This decision will accelerate foreign buyers' reduced presence in the muni market, said Vikram Rai, head of municipal markets strategy at Wells Fargo.

The rating agency cited traction on its financial turnaround in revising the outlook on the junk-rated hospital to stable from negative.

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