Economy

A decrease in traffic on the Atlantic City Expressway prompted Moody’s Investors Service last week to downgrade nearly $500 million of South Jersey Transportation Authority revenue bonds to Baa1 from A3. The outlook is stable.

San Francisco’s unfunded pension and retiree health care liabilities have ballooned to around $6 billion, according to a report by a Stanford academic and former California assemblyman.

California Controller John Chiang Monday released an actuarial report saying the state faces a $59.9 billion bill to pay for health care and dental benefits for state retirees over the next 30 years.

The Georgia Department of Transportation announced Monday that it selected a development team that includes Atlanta-based Cousins Properties Inc. and Cleveland-based Forest City Enterprises Inc. to negotiate a contract to become the master developer of a multi-modal passenger terminal in downtown Atlanta.

Florida Gov. Rick Scott announced Friday that he will not make a decision about moving forward with the $1.2 billion SunRail project until July despite the fact that the project had been approved by the Legislature.

Sen. John Kerry, D-Mass., on Tuesday unveiled legislation for a national infrastructure bank that could finance up to $10 billion of projects in each of its first two years.

Ohio Gov. John Kasich reportedly said last week he does not support giving Cincinnati $50 million for a long-planned $150 million streetcar project.

CHICAGO — In a deal brokered by federal authorities, Chicago Mayor Richard Daley and officials from American Airlines and United Airlines announced an agreement Monday that allows the city to begin work on $1.17 billion worth of a remaining $3.36 billion of expansion projects at O’Hare International Airport.

BRADENTON, Fla. — Four Florida cities that tried to take control of the planned high-speed rail project from Tampa to Orlando will be allowed to apply for the $2.4 billion of federal funds that Gov. Rick Scott has rejected for the plan, according to Rep. Corrine Brown, D-Fla.

DALLAS — The Arkansas House on Friday passed a bill calling for a statewide vote on a diesel-fuel tax hike to fund $1.1 billion of bonds for highway efforts.

ALAMEDA, Calif. — Las Vegas Monorail Co. bondholder Eaton Vance has broken with other large holders of the bankrupt project’s debt to challenge the settlement that trustee Wells Fargo Bank NA negotiated with Wisconsin state regulators to commute the monorail’s bond insurance policy.

CHICAGO — The Sarah Bush Lincoln Health System, a small A-plus-rated provider in southern Illinois, began planning a $45 million bond issue early last fall. But after months of watching interest rates climb in the public market, the hospital decided to privately place the debt with a bank.

WASHINGTON — The U.S. Department of Transportation announced late Friday that it is opening up the $2.4 billion of federal high-speed rail money that was rejected by Florida Gov. Rick Scott to a competitive bidding process for states willing to take on new projects.

A group of Northeastern U.S. senators last week urged Department of Transportation Secretary Ray LaHood to direct $2.4 billion of federal high-speed rail funds to the Northeast Corridor line after Florida Gov. Rick Scott rejected them.

WASHINGTON — Fitch Ratings warned on Wednesday that grant anticipation revenue vehicle bonds, known as Garvees, face heightened uncertainty as Congress struggles to reauthorize transportation spending.

Moody’s Investors Service has upgraded Sierra Kings Health Care District’s general obligation bonds to Baa3 from Ba2 after a federal judge ruled that GO debt service cannot be interrupted by the district’s Chapter 9 bankruptcy filing.

DALLAS — Colorado’s Regional Transportation District is putting off a decision on whether to ask voters for a sales tax increase to complete the $6.7 billion FasTracks rail plan by 2017.

Bonds issued by the Monongalia Building Commission on behalf of the Monongalia Health System in Morgantown have been upgraded to A-minus from BBB-plus by Fitch Ratings and Standard & Poor’s.

CHICAGO — The Illinois Finance Authority board advanced borrowing plans Tuesday for three central Illinois hospitals seeking to refund debt or raise funds for new projects, including $400 million for the Carle Foundation’s overhaul of its Urbana campus.

Cleveland Clinic chief executive officer and president Toby Cosgrove predicted the federal health care law would cost the prestigious facility $174 million in annual revenue beginning in 2015.