Public finance

Moody's Ratings has put McLaren Health Care Corporation's A1 revenue bond ratings under review for downgrade after Indiana ended a key Medicaid contract with the company.

Wisconsin's February deal introduced a fixed spread tax-exempt tender that saved taxpayers millions — and won The Bond Buyer's Deal of the Year award in the innovation category.

"Dealer inventories have grown heavier throughout [November], which could put pressure on the market if supply reverts to its weekly average of over $10 billion," said Chris Brigati, CIO and managing director of SWBC, and Ryan Riffe, SVP of capital markets at the firm.

Oakland touts financial turnaround with a $335 million bond sale ahead, despite negative credit outlooks.

The deal offers a better recovery than earlier deals but no principal payment for 12 years.

Legislation authorizing $1.5 billion of revenue bonds, along with fee and tax hikes, could return for a second try in 2026.

The funds supported new facilities and housing, helping address challenges Navajo Nation communities face, such as long-distance travel and limited access to health care.

The Kerrville Public Utility Board Public Facility Corp.'s bond sale and acquisition of a state loan for the project is a tale of perseverance.

"We do not expect any major weakness to take hold as the new issue calendar is beginning to dwindle with only two non-holiday or non-Federal Reserve weeks left in the year," said Birch Creek strategists.

The bill was co-sponsored by Rep. John Garamendi, D-Calif.

Moody's cited prospects for reduced operating deficits, generally stable enrollment and strong philanthropic support.

Cities and states are showing budget resilience as pressure from inflation, slowing revenue growth, and the end of federal pandemic fuels concerns about an uncertain future.

Bonds have traded up since the company last week announced a tentative bondholder deal and project update and financing details.

The New York Power Authority created a new in-state conduit issuer to maximize savings and benefits for New Yorkers on a prepaid electricity deal.

States face slowing revenue growth and increasing spending pressures, the National Association of State Budget Officers said in its Fiscal Survey of States.

The new-issue calendar falls to an estimated $1.154 billion, with $939.1 million negotiated deals on tap and $214.8 million of competitives.

Chicago went to market Wednesday with $454.37 million of STSC refunding bonds, amid heated budget talks. Goldman took down $75 million of the bonds.

Meridiam, ACS Infrastructure Development, Sacyr Infrastructure USA LLC and Plenary Americas are among the firms that have signaled interest in the project.

The $6.3 billion all-funds budget was amended in the wake of the Nov. 4 defeat of a property tax rate increase that would have raised $109.5 million in revenue.

The deal would give the company time to seek additional equity, debt and federal funds.