Capital markets

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.

The Regional Transportation Authority, Chicago Transit Authority and many state universities have drawn positive rating actions as the state's ratings improved.

Fitch Ratings revised its outlook on the city's AA-minus rating to positive ahead of a $1.08 billion general obligation bond sale.

The Illinois Sports Facilities Authority's hotel taxes are on the rebound but Chicago is on the hook for a $28 million debt service gap this year.

The Metropolitan Pier and Exposition Authority will take higher ratings linked to the state's recent upgrades when it returns to the market to refinance debt.

The special district formed for the Walt Disney Company in Florida is to be dissolved under a new state law driven by Gov. Ron DeSantis.

Despite the pandemic, operating revenues increased 7.6% from 2019 to 2020 and 8.25% from 2020 to 2021.

S&P followed Fitch and Moody's in raising the state's ratings but the upgrades so far haven't halted the state's spread widening amid market turmoil.

Illinois' latest upgrade is its fourth over the last year and moves its general obligation rating three notches away from the cusp of junk, where it once sat.

States face a multi-trillion infrastructure gap, which they need to address with a sense of urgency, a speaker at the Milken Institute Global Conference said.

Moody's upgraded five Illinois public universities after lifting the state government's rating, lifting one to investment grade and putting three others closer.

Illinois expects to sell about $1 billion of new-money general obligation debt but the deal could grow if market conditions permit savings on a refunding piece.

This is the second time S&P Global Ratings placed New Orleans on negative CreditWatch due to long delays in publishing audited financial statements.

The city's share of American Relief Plan Act funds eased fiscal pressures and provides runway for the city to work on a pension funding fix.