Capital markets

Fitch raised Michigan's general obligation rating one notch to AA-plus.

The bank in recent months shuttered its muni proprietary trading unit — which used the firm’s own cash to trade and invest — as part of a push to focus on providing more of its balance sheet to larger, institutional clients, according to people familiar with the matter.

Genesee County and Flint supported the bonds issued to finance construction of a pipeline with the county ultimately on the hook.

Investors will see almost $11.5 billion of volume head their way in the largest new-issue week of the year. More participants expect municipals to improve in the second half of 2022.

Fitch Ratings said the upgrade reflects the city's improved operating performance due to a robust tax revenue rebound and management's proactive budgetary actions.

Most municipal securities trades are reported to the MSRB well under the current 15-minute rule, and it's unclear how a one-minute mandate would "benefit investors or increase transparency," the ASA said.

S&P raised the outlook to positive for St. Louis Lambert's general credit and Chicago O'Hare's customer facility charge credit.

Loop Capital Markets has hired veteran managers to lead its transportation and housing groups while adding to its Texas banking presence.

Phil Culpepper brings his experience as a public finance banker and Illinois' former debt manager to the table at the fully veteran-owned firm.

The Long Island county has scheduled a competitive sale Tuesday for $241 million of Series 2022A tax-exempt general obligation improvement bonds.

Fitch Ratings revised the outlook on Sacramento City Unified School District's BBB-plus issuer default rating to stable from negative.

Rating agencies like Gov. Gavin Newsom's focus on one-time spending, but warn that the Legislature could upset the applecart by creating ongoing programs.

The mammoth Sacramento-based health system experienced ratings downgrades in 2021 under the threat of multiple lawsuits, seismic costs and COVID-19 challenges.

An April COVID hospitalization surge, along with a continuing labor shortage and inflationary and supply chain costs, hurt hospitals' bottom line.

The GOP-controlled state legislature adjourned without passing a bill barring government contracts with firms, including banks that underwrite municipal bonds, if they “discriminate” against the firearm industry.

The rating agency said the action reflects significant progress the state has made restoring its financial reserves and liquidity in recent years.

Elected officials in Republican-dominated states say S&P Global Ratings, by introducing ESG analysis, is politicizing the ratings process or even possibly acting illegally.

SWS has launched a specialty higher education sector group that will be led by Julia Harris from the firm's Chicago office.

FHN Financial Capital Markets hired Rene Moreno to establish a banking presence in Arizona while Melanie Shaker will launch the firm's new Midwest effort.

The airport was heavily exposed to the now-defunct JetBlue airline, but Southwest has filled the gap.