Economy

Public finance veteran Robert Foran will today be named the new chief financial officer of New York’s Metropolitan Transportation Authority. Foran, 53, a public finance banker for nearly three decades, has been working with MTA since the 1980s and was a key figure in its $15 billion restructuring that began in 2002.

Moody’s Investors Service Thursday upgraded the Port Authority of New York and New Jersey to Aa2 with a stable outlook from Aa3, citing its favorable financial results in tough economic times. The upgrade affects $12.4 billion of outstanding debt.

WASHINGTON — The House Thursday voted 276 to 145 to approve a bill that would increase the maximum allowable passenger facilities charge that airports can collect to $7.00 from $4.50.

CHICAGO — Private-equity group Cerberus Capital Management LP yesterday said it would buy Boston’s nonprofit Cerberus Christi Health Care for $830 million, taking over the Catholic system’s long-term debt and spending $400 million on capital upgrades.

New York’s cash strapped Metropolitan Transportation Authority approved a package of service cuts at its board meeting yesterday to help close a $800 million current year deficit.

BRADENTON, Fla. — A biomedical institute on Florida’s east coast is exploring replacing its planned conduit issuer in hopes of lowering the cost of selling $70 million of bonds to finance the construction of a research ­facility.

The House today is expected to vote on a bill that would reauthorize federal aviation programs and allow airports to ramp up revenue they use to back bonds.

DALLAS — The North Texas ­Tollway Authority yesterday named its underwriting team for $900 million of bonds expected to be issued in the next 90 days, including a $500 million deal that will be the first of its kind in Texas.

The 11-member board that will have the final say on the plan to issue $400 million of revenue bonds to build Louisiana’s new $1.2 billion, 462-bed teaching hospital in New Orleans got its first permanent member this week.

Faced once again with less revenue to support the state’s general fund budget, Florida lawmakers are looking at taking money set aside for transportation projects for the second year in a row.

BRADENTON, Fla. — With President Obama’s signature barely dry on the massive health care reform bill, Florida Attorney General Bill McCollum Tuesday filed a lawsuit against the U.S. Department of Health and Human Services, the Treasury Department and the Department of Labor, alleging that the bill is unconstitutional.

The Senate has approved a Federal Aviation Administration authorization bill that would establish a pilot program giving six airports the ability to set their own passenger facilities charges, which currently are capped at $4.50 and are used to back bonds.

Standard & Poor’s has revised its outlook to negative from stable on Lake Region Healthcare Corp.’s A-minus rating due to strain on its balance sheet. Bonds for the provider were sold in 2002 through the Fergus Falls Housing and Redevelopment Authority.

The start date of a long-planned commuter line between Ann Arbor and Detroit has been postponed due to lack of funding.

Fitch Ratings placed the Detroit Medical Center’s revenue bonds on positive watch and affirmed its BB rating Monday after a for-profit health care system announced it was interested in taking over the state’s largest charity care hospital.

Standard & Poor’s late last week said Provena Hospitals’ BBB-plus rating would not be affected by the Illinois Supreme Court decision upholding a ruling that cost Provena Covenant Medical Center its property tax exemption because it failed to provide sufficient charity care.

The Illinois Senate last week approved a bill that would establish the Illinois and Midwest High Speed Rail Commission to oversee initial planning for high-speed rail service. The legislation is expected to be approved by the House and signed by Gov. Pat Quinn.

WASHINGTON — Another extension of federal transportation programs beyond the end of this year is highly possible, a congressional aide and transportation industry sources said at a conference here yesterday.

Pennsylvania-based ACTS Retirement-Life Communities Inc., the largest nonprofit continuing care retirement community provider in the U.S., will affiliate with two smaller East Coast senior-living centers, a move that may boost debt-service coverage for one.

New York’s Metropolitan Transportation Authority goes to market today with a smaller revenue anticipation note deal than last year, reflecting lower revenue than original expected from a bailout package.