Economy

Standard & Poor’s last week revised its outlook to stable from negative on the University of Chicago Medical Center’s AA-minus rating due to its strong operating performance over the last year.

WASHINGTON — States could lose $768 million of highway funds this week and be forced to delay or cancel projects due to the failure of Congress to approve a short-term extension of federal aid to states, state officials and transportation advocates said Monday.

SAN JUAN — Puerto Rico by the end of the year may select winning bidders to operate and maintain the airport in San Juan and three different toll roads on the island.

DALLAS — With some misgivings, the North Texas Tollway Authority has agreed to add the $1.4 billion State Highway 161 toll road to its rapidly expanding system.

BRADENTON, Fla. — The Georgia Department of Transportation on Friday released its solicitation for qualified firms to do the state’s first public-private partnership, a plan called the West by Northwest Project that is designed to bring needed traffic-congestion relief to metropolitan Atlanta.

WASHINGTON — States will not receive highway payments from the federal government starting today because of the Senate’s inability to clear a temporary extension of aid to states, although payments could resume this week, according to market sources.

A project to increase public transit access between Pittsburgh and its neighborhood of Oakland is seeking expressions of interest from potential investors and partners to help develop transportation in the area via public-private partnerships.

New York’s Metropolitan Transportation Authority announced last week that it will begin cutting more than 1,000 jobs to help deal with its deteriorating fiscal situation. The agency plans to cut 15% of its administrative positions — more than 600 jobs — and up to 500 subway station agents.

Fitch Ratings last week downgraded $103 million of Massachusetts Port Authority special facilities revenue bonds to BBB from A-minus. The outlook is stable.

WASHINGTON — A Fitch Ratings report released this month lengthens the shadow cast over transportation credits by the economic downturn. However, the agency predicted an eventual upturn for seaports.

Lower revenues have hit Washington’s largely gas-tax funded transportation budget, but they’ve been offset somewhat by lower construction bids and favorable capital markets, according to a report Tuesday from the chair of the state House Transportation Committee, Judy Clibborn, D-Mercer Island.

Health care financing veteran Anne S. Morse joined the growing public finance team at Janney Montgomery Scott LLC last week, it was announced Thursday.

The Port Authority of New York and New Jersey yesterday took a step toward cashless tolling at its six state border crossings. The agency approved the design and construction of a new $175 million toll collection system at its monthly board meeting.

The House and Senate are hurtling toward a deadline this weekend to extend the current surface transportation law, but bills pending in each chamber differ significantly in how funds would be allocated to the states.

CHICAGO — The financially struggling Clare at Water Tower, an upscale, high-rise senior-living development in downtown Chicago, has reached a preliminary restructuring agreement with a group of bondholders and its letter of credit bank that, if approved, would buy the facility more time to succeed.

BRADENTON, Fla. — A myriad of options, including the use of pension bonds, are being considered in Atlanta, where spending on retirement benefits has soared to 20% of the city’s $523 million annual operating budget and the unfunded liability is now $1.5 billion.

Beginning in 2011 Essex County, N.J., may need to repay bondholders on more than $2 million of outstanding debt, as the Garden State Cancer Center is in technical default on the loan.

CHICAGO — The Indianapolis Local Public Improvement Bond Bank today will price $466.6 million of debt, marking the second piece of financing for a new $754 million public safety hospital in downtown Indianapolis.

The Illinois Regional Transportation Authority last week warned that additional service cuts are looming if the state doesn’t soon make good on $250 million in aid payments owed to the agency.

New York’s Metropolitan Transportation Authority approved the sale next month of $500 million of dedicated tax fund bonds at its finance committee meeting yesterday. Pending approval by the full board tomorrow, most or all of the bonds will be marketed as taxable Build America Bonds.