Public finance

Berryessa Union School District in Santa Clara County had its issuer rating downgraded to A2 from A1 by Moody's.

The Maine Municipal Bond Bank is bringing back its transportation revenue bond program, with a few changes to bolster the bonds' credit. 

With the muni calendar "heating up" ahead of another projected year of record issuance, Jeff Lipton, The Bond Buyer's market intelligence strategist, expects "investor demand to comfortably digest the new supply given reinvestment needs and compelling yield and income opportunities."

Some industry observers are expecting a continuing rise in public private partnerships as the total value of infrastructure assets under management is up.

A three-judge panel said the department could not prove the project was a modification of the existing infrastructure, which would have given it the authority to issue bonds.

The muni market saw a record $579.936 billion of debt issued in 2025, up 12.9% from $513.652 billion in 2024, according to LSEG data.

Oregon transportation bond payments protected even if tax repeal succeeds, rating agencies say.

Municipal bond issuers are on tap to sell about $6 billion of new issues in early January, but there should be plenty of money from maturing issues and interest payments to easily absorb that amount, as well as volume going forward, says Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.

Advocates for improving inland port infrastructure in the House and Senate are pushing bipartisan bills aimed at funneling more dollars from the Port Infrastructure Development Program to facilities on the Great Lakes as opposed to East and West coasts.

The California High Speed Rail Authority's focus has shifted to state funds and private capital.

A lawyer for the bondholders said a majority support the proposed treatment of the $61 million of outstanding bonds.

The Federal Open Market Committee meeting minutes showed the decision was closer than the vote indicated, with "a few" voters suggesting they would have supported no change at the meeting.

"The upgrade to Baa3 recognizes the city's fiscal stability under the current casino taxation format," as well as rapid debt defeasance, the rating agency said.

The Alaska IDEA's $75M notes were rated AA-plus by S&P, which cited strong financials.

The muni credit market has experienced headwinds this year, including "potential federal funding cuts, the impact of tariffs and sector-specific pressures," said Goldman Sachs strategists

Moody's Ratings upgraded the Rhode Island Airport Corporation's airport revenue bonds for Providence's T.F. Green International Airport to A3 from Baa1.

With Federal Reserve Chair Jerome Powell's term expiring, there is added uncertainty about monetary policy.

All eyes will be on the next surface transportation bill, which the House plans to unveil in early 2026.

The New York State Thruway Authority's $848 million refunding features a voluntary tender process.

The muni bond market stands at an "inflection point," said Nuveen strategists in a 2026 market outlook.