Bond ratings

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.