Capital markets

Revenue volatility and bond-rating agency opinions can complicate states' rainy-day planning.

"This is deeply troubling," treasurer Joe Torsella said of the commonwealth's revenue situation

The rating agency cited a liquidity boost from its sewer-system sale.

With no asset to show for more than $4 billion of debt, Santee Cooper’s bonds were downgraded by S&P.

Assured Guaranty Ltd., the largest municipal bond insurer, reported gains in second-quarter profit, boosted by share repurchases and lower reserve additions for Puerto Rico losses.

Illinois Gov. Bruce Rauner's veto of school aid legislation jeopardizes school funding and ratings, Fitch reports.

Increased state aid can stabilize Indiana schools' credit for a couple of years, but benefits will ultimately be offset by higher costs, S&P says.

The Lombard, Ill. Public Facilities Corp. is seeking to restructure its $190 million of now defaulted debt.

Municipal bond volume ended the month of July down 20% as refundings plummeted.

Primary municipal bond market volume is set to rebound to a more normal level in the coming week, bringing traders a variety of offerings.

The rating agency said it doesn’t expect the budget to directly result in any local government rating changes, though school districts remain vulnerable to a possible impasse over funding.

The MTA's debt-service backstop mitigates risk, the rating agency says.

Four of Illinois’ junk-rated public universities won an upgrade from S&P Global Ratings.

Moody's cited a vote to raise employer contribution rates.

Illinois bonds saw a slight price bump in reaction to Moody's confirmation of the state's Baa3 rating.

The drop in issuance comes despite a decline in yields over the past week that made the market issuer-friendly.

Assured Guaranty and Orrick, Herrington & Sutcliffe LLP expanded their business even as muni volume shrank amid political uncertainty.

Moody's Investors Service cited underperforming revenues and low pension funding levels.

The state still needs revenues and cuts to balance its spending plan.

Moody's says the legislation will be credit positive for school districts and the state.