Bond ratings

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

The state's strong reserves contributed to brighter rating outlooks from Moody's Investors Service and, earlier this year, S&P Global Ratings.

The rating agency raised the city's general obligation and sales tax securitization bond ratings a notch to BBB-plus and AA-plus respectively.

"I am excited to lead the team through what will be an exciting period of growth in public finance," Anjali Sharma said.

The upgrade was spurred by improving ridership as well as increased financial flexibility, said S&P credit analyst Joseph Pezzimenti.

Fitch Ratings replaced its negative watch with the negative outlook, citing the lack of clarity around contractor claims of cost overruns.

Final state approval of the debt was conditioned on the resolution of a petition to the Oklahoma Supreme Court to revisit its Aug. 1 validation of the debt.

The downgrade reflects the school district's weakened financial position, Moody's Investors Service said, adding that while the district's operating deficits have moderated significantly, they will persist over the next fiscal year.

The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

S&P said the outlook revision reflects "our view that Pennsylvania has continued to make progress toward structural budgetary balance." Earlier this month, Moody's revised its outlook on the state to positive.