Capital markets

"As an investor I'm not looking at the activity of the stadium as the security," said an Illinois sports authority bondholder of potential exits by the White Sox and Chicago Bears.

Former Mayor Harry Sidhu pleaded guilty to federal corruption charges this month, as the city continues to recover from the year-plus closure of Disneyland.

Fitch analysts mentioned the tardy ACFR in the ESG section of its most recent rating report on California general obligation bonds.

In other asset classes, there has been more transparency, activity and efficiency due to electronic trading. The muni market has been behind in realizing how beneficial electronic trading can be, sources said.

Healthcare and transportation had the biggest contraction in issuance volume.

The affirmation reflects Florida's "sound financial management practices, high gap-closing capacity and reserves, and low long-term liability," Fitch said.

The rating agency's release ESG credit indicators for states and territories last year was blasted by GOP officials for being politicized, vague, and confusing.

Three utility entities associated with the development of nuclear energy in Georgia have received better rating outlooks from S&P Global Ratings.

"Weaker performance is in part driven by higher permanent labor costs," Moody's said. "These elements highlight rising human capital and financial strategy risks under Moody's ESG classification and are key drivers of this rating action."

Fitch joined S&P Global Ratings in assigning a gilt-edged rating to the city, ahead of a planned general obligation deal later this month.

Moody's Investors Service upgraded the Connecticut capital city's issuer rating to Baa3 from Ba2.

"The limited scope of muni debt affected suggests a marginal impact on the muni market, if any," BofA strategists said.

The Tennessee Valley Authority has $19 billion of outstanding bonds and provides power to 10 million people.

The revenue bonds were issued through the California Municipal Finance Authority on behalf of LAX Integrated Express Solutions, the P3 project developer.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

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Nonprofit assisted living and nursing home bonds continue to be under stress, with defaults and impairments on the rise.

BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the top 10 saw some shuffling.

The upgrade "is driven by sustained improvements in the city's income tax collections and the city's superior gap-closing capacity," Fitch said.

Total volume for the month was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data.