Public finance

S&P Global Ratings downgraded Chicago's general obligation debt to BBB from BBB-plus, saying the 2025 budget fails to address a structural imbalance.

The Goldwater Institute took aim at another Arizona municipality, filing a lawsuit against tax rate hikes approved by the Gilbert Town Council in October.

Lawsuits surrounding everything from unethical sponsorships to the sale of refunding bonds swept across markets last year, creating a municipal battleground.

"Even though it will be priced to sell, such large supply in one week may be a struggle for the asset class," said Anders S. Persson, Nuveen's chief investment officer for global fixed income, and Daniel J. Close, Nuveen's head of municipals.

Trading in Los Angeles credits has become more volatile. An L.A. Department of Water and Power deal slated for Wednesday went day-to-day.

The muni market also faces an elevated new-issue calendar, which may put additional pressure on muni yields. Bond Buyer 30-day visible supply sits at $17.57 billion.

The Florida-based mining company failed to make $10 million in principal and interest payments due on Jan. 1. Florida had the largest number of defaults in 2024 at nine, per Municipal Market Analytics, Inc.

"It is the first step but that doesn't mean there's a second step," said John Bagley, the MSRB's chief market structure officer.

Tom Greene is retiring after 10 years at Wintrust Wealth Management. He left retirement to work for Wintrust; he also spent 40 years at William Blair and Co.

The billion-dollar deal will be the first bonds backed by the tax since it was created in 2019.

"'The market environment will likely become a bit more difficult in the coming week, as supply will jump to its highest level in weeks, while dealers are heavier than average," said Mikhail Foux, head of municipal research and strategy at Barclays.

The management team sees opportunity in pockets that other investors avoid, like American Dream, Midwestern private colleges and senior living facilities.

The rating agency said the district's strong management helped boost its ratings ahead of an $806 million bond issuance slated for Jan. 22.

Analysts cited growth in the county's reserves, conservative budgeting and strong sales tax revenue as the county prepares to sell GO bonds.

Sizable deals for next week include $1.3 billion of real estate transfer tax revenue bonds from the Triborough Bridge and Tunnel Authority and $996.335 million of second series revenue bonds from the San Francisco International Airport.

The Department of Transportation's is awarding more than $332 million for 171 grants across 32 states to modernize airports as part of the BIL's Airport Infrastructure Grants program.

Early totals on Los Angeles' trio of raging fires appear to vastly surpass devastating blazes experienced by the city over the past decade.

The state's treasurer and retirement system warned the legislation would lead to decreased revenues.

Redevelopment 3.0 should focus on providing a permanent, reliable source of equity with which to build a sustainable pipeline of affordable housing projects.

The deal will refinance some debt and take out new debt to fund an electronic records transition, renovate spaces and buy equipment.