Capital markets

Moody's cited heavy reliance on reserves, potential for continued operating deficts, and a fall 2024 decline in enrollment as factors in the downgrade.

The central Texas city of Clyde said it issued tax and revenue anticipation notes with a 9.5% interest rate to repay its insurers after an Aug. 1 bond default.

Analysts warn the many one-time measures in the budget Mayor Brandon Johnson narrowly got through City Council will make the 2026 budget even harder.

Overall state and local government credit conditions will remain neutral, Fitch Ratings says, though some storm clouds may be on the horizon.

Most on the Street expect issuance to come in around $500 billion, but a few think volume will be much higher, primarily because of potential changes to the tax exemption. Most firms expect refunding volumes to also grow in 2025.

The rating agency cited an easing of the state's fiscal challenges for lifting the outlook on the state's Aa2 rating to stable from negative.

S&P Global Ratings released a report this week warning that the credit trajectory of the Chicago Board of Education will hinge on several contested factors.

George Joseph McLiney, Jr. founded municipal bond underwriting firm McLiney and Company. He was devoted to his family and small issuer clients.

JoAnne Carter, managing director and president of PFM, will succeed Hartman as CEO.

The Aloha State received three rating affirmations as it prepares to sell $750 million of taxable general obligation bonds.