Economy

New York MTA's chief acknowledged that extensive work to fix two major subway tubes damaged by Hurricane Sandy would cost "hundreds of millions" of dollars.

The Miami-Dade County commission gave final approval for an overall $4.24 billion bond program to finance the cost of water and sewer improvements.

Standard & Poor's dropped the rating on Rutgers University's general obligation debt to AA-minus from AA, citing risks associated with the planned merger with University of Medicine & Dentistry of New Jersey.

While serving a prosperous city and picturesque tourist destination, Burlington, Vt.'s airport is one of the few passenger airports to which Moody's Investors Service has given a speculative grade.

Cincinnati-based Catholic Health Partners, Ohio's largest health care system, announced last week it is acquiring Kaiser Permanente Ohio, a northeast Ohio health plan.

Moody's Investors Service Monday affirmed its A2 rating on Bronson Healthcare Group and revised the outlook to stable from positive, saying the system has had softer operating margins following a 2011 merger and faces higher capital demands in 2013.

Standard & Poor's raised its rating on Des Moines Airport Authority by one level to A due to improved debt service coverage ratios.

Moody's Investors Service said a court ruling that allows California to cut its Medi-Cal program is a negative for the credit ratings of hospitals, and positive for the state's fiscal flexibility.

The California Health Facilities Financing Authority, a conduit issuer, last week approved an $850 million bond issuance for St. Joseph Health System, according to a spokesman.

The highly-regarded Rehabilitation Institute of Chicago received a first time rating of A-minus from Fitch Ratings that banks on a successful fundraising campaign to help repay debt being issued to finance a $550 million replacement facility.

KidsPeace Children's Hospital of Schnecksville, Pa., looking to pare bond debt from $51.3 million to $24 million, filed a voluntary Chapter 11 bankruptcy petition.

Puerto Rico has disclosed that the U.S. Treasury is no longer skimming money from federal grant payments backing the commonwealth's Garvee bonds, a day after Moody's Investors Service placed the debt on notice for possible downgrade.

Two key state senators want Texas Gov. Rick Perry to open the special legislative session to another effort to boost highway funding.

U.S. toll roads are maintaining high investment-grade ratings, despite the slow economic recovery, Fitch Ratings said Thursday, releasing its first annual review of the toll roads it rates.

Gov. Jerry Brown's administration has ordered an independent review of the California Department of Transportation amid controversy over the new span of the San Francisco-Oakland Bay Bridge.

Moody's Investors Service has placed its A2 rating on the Puerto Rico Highways and Transportation Authority grant anticipation revenue bonds on review for a possible downgrade.

A federal court in Rhode Island denied a request from three communities for a temporary restraining order against tolls on the Sakonnet River Bridge.

The Federal Highway Administration has given final environmental approval to Georgia's $1 billion Northwest Corridor project paving the way for work the 30-mile congestion reliever for the Atlanta region.

Fitch Ratings downgraded Temple University Health System to the speculative grade BB-plus from the investment grade BBB-minus on Tuesday afternoon.

In a move showing that Garvees, like Build America Bonds, are subject to the risk of federal offsets, the U.S. government has reduced transportation funds backing Puerto Rico's Garvees to make up for the Commonwealth's failure to pay money owed to a federal agency for river projects.