The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

Mayor John Whitmire said phased-in funding under an agreement with plaintiffs who successfully sued the city will help address a budget shortfall.

Housing advocates concerned about the fate of private activity bonds are working on strategies for getting PABs and tax-exempt munis off the table while Congress searches for ways to pay for tax cut extensions.

Both states' governors said they will appeal the FEMA denials, which comes amid concern the Trump adminstration is hobbling the emergency response agency.

"Settlor's remorse" is no justification for upsetting a settled order, SEC says.

The state, which lost its positive S&P outlook due in part to previous tax cuts, could have further reductions under a bill that survived the governor's veto.

Rep. French Hill and committee leaders urged House Ways and Means to protect tax-exempt municipal bonds as Congress gears up to tackle tax policy.

The Senate's move to rely on an untested accounting method for the reconciliation bill contributes to the lack of clarity around future deficits, the ratings agency said.

Issuers in Texas are wary of potential changes at the federal and state level that could impact their finances and ability to sell debt.

State lawmakers approved a trailer bill to last year's budget that aided Medi-Cal and provided funding to local governments affected by January's wildfires.