Utilities

Two public electric utilities in Los Angeles County received negative outlooks from S&P citing costs, liabilities, and litigation stemming from wildfires.

The introduction of new engines in a northern power plant and the opening of a solar farm in the south have reduced the authority's operating costs.

The Los Angeles-area wildfires have sparked a negative rating watch for several credits from Fitch Ratings.

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 Indiana Municipal Power Agency will issue $268.3 million of power supply system revenue bonds with a mix of new money and refunding debt.

A decline in debt service coverage drove S&P's four-notch downgrade for Salinas, California, sewer revenue debt, which it placed on CreditWatch negative.

The county achieved its many goals through long-running discipline, planning, and intelligent risk taking.

The court affirmed its earlier decision, which means bondholders have a claim on the full $8.5 billion due.

The upgrade affects most but not all of MEAG's outstanding bonds.

Observers say the decision may be a credit positive for the financially struggling utility

The downgrade affects $2.1 billion in bond debt and extends to its utility debt.

Recent EPA regulations mandating utilities remove lead pipes from distribution systems within 10 years will add to the financial burden.

Local governments that were in Hurricane Milton's path, however, will face significant credit challenges, Moody's said.

Falcone's agenda as president of the group will include tax provisions, subsidies, permit reform and affordable access to credit.

Santa Cruz, on California's coast, was particularly hard hit by flooding in 2023. In addition to the the I-Bank loan, the city secured a federal loan.

Fears of a Hawaiian Electric bankruptcy abated after a settlement was announced that would cap the utility's liability for the Maui wildfire under $2 billion.

MMA says some risky-sector issuers in the area hit hard by the hurricane may be pushed into technical or payment defaults.

"That's great news, and it reflects the outstanding work and commitment of our city council and my administration to keep Tampa on rock-solid financial footing," said Tampa Mayor Jane Castor.

Nuveen LLC reached an agreement to sell its 11% equity stake in Vistra Vision to Vistra Corp., that started as municipal bonds ensnared in a bankruptcy.

Analysts say the Jacksonville, Florida, utility has been able to move past concerns over its attempt to breach a contract with MEAG and to privatize.