Capital markets

Molloy will be leaving the banking giant for the nonprofit sector. Dan Tomson and Paul Creedon, co-heads of public finance, will be taking over his responsibilities.

Weekday ridership on the farebox-dependent regional transit system is below 40% of pre-pandemic levels. Some lawmakers are pushing a state transit rescue package.

The upgrade lifts $1 billion of the Jacksonville system's water and sewer system senior revenue bonds to AA-plus from AA.

Gambone, who has 30 years of experience in the municipal finance industry, replaced retiring head of public finance Eileen Solla-Diaz.

Suzanne Shank has been chosen as chair of the 2024 Mackinac Policy Conference, the Detroit Regional Chamber announced.

State legislation that increases Milwaukee's revenue prospects falls short of what the city needs to manage rising pension and other costs, Fitch Ratings said.

Municipal Market Analytics questioned Moody's swift revision of California's outlook to negative after Gov. Newsom's May budget revisions posted.

The work from home environment will reduce city property tax collections in coming months and years, analysts say, creating financial issues.

"Ultimately, the case for fixed income generally, and munis specifically, is much stronger today than it was a year ago," said Nick Vendetti, municipal bond fund portfolio manager with Allspring Global Investments.

Kroll Bond Rating Agency upgraded Connecticut's general obligation bonds to AA-plus, citing improved finances and a recent package of fiscal guardrails.

The negative rating outlook comes less than a week after Gov. Gavin Newsom announced a budget shortfall of $31.5 billion.

The system's turnaround efforts include using proceeds of a proposed $710 million deal to sell hospice and home health assets to pay off direct placement debt.

A change by the IRS increases the Permanent School Fund's capacity by nearly 86%, allowing its triple-A school bond guarantee to be widely available again.

Banks reduced their quarterly muni holdings during the first quarter at the fastest rate in 20 years, per Municipal Market Analytics.

Continued commitments to meeting long-term liabilities under Gov. Phil Murphy were cited as key in a slew of recent bond rating upgrades for the Garden State.

Las Vegas sees March visitor totals similar to pre-pandemic March 2019, putting in on solid fiscal footing.

JPMorgan's move to acquire First Republic and its muni portfolio eases the risk of nearly $20 billion of munis flooding the market.

S&P signaled the next lift needed for Detroit to shed junk status is within reach — in the next one to two years — by assigning a positive outlook to the BB-plus rating.

The $7 billion portfolio consists of highly rated, lower-coupon muni debt. It is unlikely to be a single auction and the firm is currently circulating the list on the Street to gauge interest.

S&P raised Massachusetts' general obligation long-term credit rating to AA-plus from AA.