Downgrades

Hunt Memorial Hospital District's distressed finances led to downgrades to Ba3 by Moody's Ratings and B-plus by S&P Global Ratings, with both giving it a negative outlook.

Moody's has downwardly revised the outlook for Baltimore's issuer rating and several classes of bonds due to a trend of declining fund balance levels in a city dependent on a major international shipping port.

The state of Maryland is going to market on Wednesday by selling $1.56 billion of general obligation bonds, which will be the first major sale since the state absorbed a credit downgrade from Moody's.

Washington has paid off $198 million of its bonds supporting the mixed-use development at The Wharf fifteen years before their maturity date bringing some good financial news to a city wrestling with its budget.

The U.S. loses its third triple-A rating as Congress works to pass a massive tax cuts and spending bill.

Moody's downgrading of Maryland's credit rating is resulting in finger pointing among state lawmakers, questions about spending levels, and concerns about the state's spotless record.

State officials called the one-notch rating cut to Aa1 with a stable outlook "a Trump downgrade" due to the state's heightened exposure to presidential policies.

The bonds have not reacted to the most recent negative ratings actions, although one buysider said that may soon change.

Despite a downgrade by Moody's Ratings in April, Washington, D.C., went to market early and emerged with an oversubscribed revenue and refunding bond issuance of nearly $1.5 billion.

Fitch Ratings cited the San Diego-area health district's ongoing fiscal woes in dropping its rating to B-minus from B and revising its negative watch to a negative outlook.