Capital markets

The borrowing arm of the Missouri Department of Transportation will take competitive bids on $489 million of new money debt Tuesday.

Both S&P Global Ratings and Kroll Bond Rating Agency revised their outlooks for Chicago general obligation bonds to positive from stable.

Fitch also affirmed the A rating on $800.3 million of senior lien seaport revenue bonds Miami-Dade County issued on behalf of its seaport department.

Chicago's upcoming general obligation sale will carry a Moody's rating for the first time since at least 2014.

Seven years after dropping Chicago to speculative grade citing pension funding, Moody's returned the city to investment grade, citing pension funding.

The rating agency lifted the outlook of the Los Angeles Unified School District, the nation's second largest, to positive.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.

The upgrade reflects the city's improving pension funding practices, commitment to a sound reserve position and ability to institute structural budget measures, Fitch said.

The sale will fund improvements and repairs to public parks, waterfronts, and roads across the double-A-plus rated city.

Decisions by three organizations to drop Moody's ratings underscore an industry-wide trend as the sector struggles with rising costs and narrowing margins.

CommonSpirit Health priced more than $1 billion of debt on schedule Tuesday after disclosing a ransomware attack that has impacted some IT operations.

The two hires boost Bancroft's muni staff to 11 in offices in Dallas, Fort Washington, Pennsylvania, and San Mateo, California.

Moody's says Hawaii's tourism-based economy is disproportionately vulnerable to high inflation. It affirmed the state at Aa2 ahead of a $800 million GO deal.

Ohio's growing economic diversity helped draw a positive outlook from Moody's, a month after a Fitch Ratings upgrade.

The rating outlook boost to positive from stable follows recent progress on steadying reserve rates and paying down debt, S&P said.

Steve Genyk, head of middle markets, will assume leadership of the public finance team on an interim basis, the firm said.

The Sherwood school district in northwest Oregon had its issuer rating downgraded to A3 from A1 by Moody's Investors Service.

Ratings for Kansas have not changed since it was downgraded three times during the prior decade due to structural budget problems in the wake of tax cuts.

Friday's action brings the state's outlook to positive with all four major credit rating agencies.