Public finance

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.

The rating action affects $423 million in bonds and certificates of participation. The territory's issuer rating was affirmed at speculative-grade Ba1.

President Joe Biden's fiscal 2024 budget zeros out spending for the popular RAISE grant program.

Airports are being squeezed by modernization demands and servicing existing debt.

Outflows continued as Refinitiv Lipper reported $427.082 million was pulled from municipal bond mutual funds in the week that ended Wednesday after $461.123 million of outflows the week prior.

The ruling may open the way for approval of a payout to bondholders as small as 0.21%.

The state seeks "long-term stable funding" to advance the nation's largest infrastructure project, which remains in slow motion after almost 15 years.

"In short, it appears that the end of the current tightening cycle is coming into view," said Wells Fargo Securities Chief Economist Jay Bryson.

A plan to build a light rail system in the Texas capital city has come under financial and political pressure.

Gov. Jay Inslee's plan to put a $4 billion housing bond before voters was discarded by budget writers in the state Senate.

A magistrate told PREPA bondholders and Oversight Board to continue negotiations for at least another 13 days.

After a tumultuous week, expect another ahead, said Matt Fabian, a partner at Municipal Market Analytics.

Redwood City-based Summit Public Schools had its bond rating downgraded to Ba3 from Baa3 by Moody's and its outlook revised to negative.

The state plans to enter the market before the fiscal year closes June 30th with eyes turned to Fitch and whether it will follow Moody's and S&P with an upgrade.

Illinois Comptroller Susana Mendoza talks with Yvette Shields about the state's progress on building up reserves and paying down debts that have helped lift the state's bond ratings, efforts to make further headway and the challenges of making sure fresh legislative faces understand the pains suffered during the two-year budget impasse. (35 minutes)

"Florida will not side with economic central planners; we will not adopt policies that threaten personal economic freedom and security," said Gov. Ron DeSantis.

The $250 million in debt being issued for Montana Renewables is equal to nearly half the state's issuance for last year.

The banking sector crisis caused a flight-to-quality bid in USTs last week.

The MTA, which expected to begin collecting the tax next year, has revised downward its 2024 projections as federal review is taking longer than expected.

Sen. Susan Collins introduced the SALT Deduction Fairness Act last week, the latest effort to restore a full income tax deduction for state and local taxes.