Capital markets

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.

Brian Wynne joins Jefferies as co-head of the municipal syndicate, while Morgan Stanley continues to see turnover in its muni ranks.

Illinois' public universities continue to reap ratings and aid benefits from the state's positive rating trajectory and healthy near-term revenue landscape.

Moody's Investors Service ran a series of stress tests on $38 billion in state highway revenue bonds it rates to gauge the risk to fuel-tax backed bonds.

New Jersey received a Moody's Investors Service upgrade to A1, citing the state's approach to pension funding and debt defeasement.

Detroit's return to investment grade is within reach if it stays on track after Moody's put a positive outlook on the Ba1 rating following an upgrade from Ba2.

California filed a disclosure notice March 30 saying it would cover lease revenue bond payments for a damaged Central Valley agriculture lab.

Moody's Investors Service downgraded Providence St. Joseph Health a notch to A2, following similar moves by S&P Global Ratings and Fitch Ratings.

Moody's GO and issuer default rating upgrade to A3 from Baa1 follows a similar action taken by Fitch in November.

The rating agency affirmed Louisiana at AA-minus. The state also received its first-ever rating from Kroll Bond Rating Agency: a AA rating and stable outlook.

Headwinds remain, despite the S&P upgrade, as the district warns of a $600 million gap once federal COVID-19 aid runs out with its governance poised to change.