Capital markets

The rating agency cited concerns about limited unrestricted reserves for lowering its rating outlook for more than $1 billion of debt.

Maryland is preparing for upcoming bond sales as the state treasurer responds to a Moody's downgrade by suggesting the state part ways with the rating agency.

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

Samantha Funk will step up as new head of public finance at PNC after Rob Dailey retires at the end of July.

Rising debt and interest payment ratios over more than a decade, to levels higher than other nations', prompted the downgrade, Moody's said.

At a Bond Buyer conference in Atlanta, industry leaders talked about tariff turmoil, the tax-exemption, weather resiliency, infrastructure and more. 

For most investors, partnership matters, said Jamie Doffermyre, head of public finance syndicate and origination at Truist Securities.

Student loan issuers are watching federal policy, from the Department of Education to the tax-exemption, to decide on the timing and size of their annual deals.

The rating agency expects a decline in U.S. air passenger numbers this year due to a deceleration in U.S. economic growth, it said in a report this week. 

The downgrade pushes $2.2 billion of private activity bonds issued for the passenger train startup though the Florida Development Finance Corp. to junk.

Lawsuits claiming the LADWP failed to keep a reservoir filled or maintain water equipment were cited in KBRA's downgrade of its water system's revenue bonds.

Harvard University's ongoing legal battles and the return to market by Chicago's Regional Transportation Authority lead a host of municipal topics in April.

The ratings agency changed its outlook on its BBB-minus rating to negative from stable Wednesday.

KBRA downgraded Los Angeles GO bonds to AA from AA-plus in the city's second downgrade within a week. The city's lease revenue bonds were also cut.

Long Beach has few, if any, peer credits for the $88 million of marina revenue refunding bonds it plans to price next week.

Dan Aschenbach and Namsoo Lee created Municipal Financial Solutions Associates to help utilities manage the changing economic and regulatory landscape.

S&P noted volume growth and solid operating margins at the large Florida-based healthcare system.

New Britain is reaping a rating reward from higher revenues and stronger budgetary practices, including full actuarial funding of its pensions.

S&P Global Ratings dropped Los Angeles' ratings and assigned a negative outlook, citing a "weakening financial position and an emerging structural imbalance."

Baker Tilly is preparing a $7 billion merger with Moss Adams, another advisory firm. The deal will close in early June.