Economy

The Port Authority of New York and New Jersey last week announced that Susan Baer will serve as director of aviation, overseeing the John F. Kennedy, Newark Liberty, and LaGuardia airports.

TRENTON, N.J. - The three gubernatorial candidates in New Jersey addressed budget deficits, tax hikes, and ways to replenish the state’s Transportation Trust Fund, which will run out of funding in fiscal 2012, during their first debate Thursday evening in Trenton.

LOS ANGELES — Public-private partnerships may or may not be the way to finance transportation infrastructure in California, according to the mixed opinions of panelists at a symposium here this week, but it’s pretty clear that the state’s general fund can’t do much more.

A recently priced bond issue for a Honolulu senior-living facility is the first startup continuing care retirement community financing in more than 18 months, underwriter Ziegler Capital Markets said in a news release.

DALLAS — A passenger rail line expected to begin in Juarez, Mexico, could cross the international boundary into El Paso, Tex., under a plan the sister cities are considering.

BRADENTON, Fla. — Financial closing on the $1 billion Port of Miami Tunnel project has been delayed at least a week so that Miami commissioners can act on a $50 million letter of credit at their next meeting on Oct. 8.

Atlanta officials last week said a preliminary assessment showed 474 homes were affected by recent flooding and approximately 1,900 residents sought some level of federal assistance.

Standard & Poor’s on Friday lowered its rating to AA-plus from AAA on various long-term bonds issued for the Nemours Foundation. Fitch Ratings on Sept. 21 dropped its rating on the credit to AA-plus from AAA.

DALLAS — A new report predicts a slower than expected economic recovery in Kansas unless the state can find additional revenues to finance its next 10-year transportation plan.

CHICAGO - A weak economy, slow housing market, and too much variable-rate debt took their toll on continuing-care retirement communities over the last year and are expected to continue to trouble the sector throughout next year, Fitch Ratings said in a report released yesterday.

DALLAS - Austin's plan to introduce commuter rail service to its northern suburbs is running nearly two years behind schedule, as the $105 million Capital MetroRail remains sidelined by technical snags.

CHICAGO - Chicago Mayor Richard Daley yesterday recommended Terry Peterson - the former chief executive officer of the Chicago Housing Authority - to lead the Chicago Transit Authority board following public finance banker Carole Brown's departure.

SAN FRANCISCO - Fitch Ratings upgraded $3.8 billion of San Francisco International Airport revenue bonds to A-plus from A Monday, citing relatively strong performance during an economic downturn that has badly battered most of the nation's other airports.

WASHINGTON - Congress has until tomorrow, the end of the fiscal year, to approve a continuing resolution to keep the federal government funded.

William Beaumont Hospital outside Detroit this week said it would cut 353 jobs, its third round of layoffs in a year.

The Flint-based McLaren Health Care System announced this week it would build a proton beam radiation therapy center, putting it ahead of five other systems that have battled for more than a year to be the first to build the potentially lucrative cancer center in the state.

Northwestern Memorial Healthcare last week announced its plan to sign an affiliation agreement with Lake Forest Hospital to form an integrated system.

BRADENTON, Fla. - Confusion continues to surround the $1 billion Port of Miami Tunnel concession project, which was expected to reach financial close by Thursday.

The New York State Thruway Authority plans to refund $521.7 million of auction-rate securities this week with a retail order period beginning tomorrow and institutional pricing Thursday. The refunding will further reduce the state's outstanding ARS to $600 million.

WASHINGTON - Airports are likely to face financial difficulties into next year because, despite their successful efforts to stabilize their debt portfolios, they are expected to have a continued slump in airline passenger traffic, Fitch Ratings said in a recent report.