Bond ratings

"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.

Year-to-date, MIA has seen passengers levels at 113% of pre-COVID 19 levels, boosted by domestic travel, according to a report from BofA Global Research.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.