Bonds

S&P Global Ratings on Friday raised Massachusetts’s general obligation long-term credit rating to AA-plus from AA, and upgraded bonds backed by annual appropriations from the state. “The upgrade reflects our view that the commonwealth’s commitment to strengthen its budget management practices supported by the state’s improved reserves and a strong economy will be sustained through
California legislation designed to alter transparency laws that have had a “chilling effect” on bond measure passage cleared its first hurdle. The Senate’s Governance and Finance Committee approved Senate Bill 532 by a 5-1 vote Wednesday, the bill will now move to the Elections and Constitutional Amendments Committee. State Sen. Scott Wiener, D-San Francisco, who
Illinois’ positive rating momentum and near-term budgetary commitment to raising higher education funding helped lift the University of Illinois’ and Illinois State University’s ratings. Moody’s Investors Service last month upgraded Illinois State University’s issuer and auxiliary facilities system ratings to A3 from Baa1 and its certificates of participation rose two notches to A3 from Baa2. The upgrade impacts
A provision in Florida Gov. Ron DeSantis’ proposed $114.8 billion budget for fiscal 2023-2024 would accelerate the state’s efforts to shrink its debt portfolio. The proposed budget provides for the early retirement of some state debt as well as creating a state investment fund and a debt reduction program. The budget package is under consideration
Hawaii had the outlook on more than $2 billion in debt for its airport system and rental car facilities revised to positive from stable by Fitch Ratings in separate actions. The rating agency on Friday boosted the outlook to positive on the bonds issued by the state’s Department of Transportation, Airport Division, for capital projects
A project to build out Vermont’s broadband infrastructure is facing several hurdles to its completion that could affect costs and schedules, according to a report by the state auditor’s office. Vermont State Auditor Doug Hoffer said in a recently published investigative report that “one of the largest infrastructure projects in state history” to improve broadband
The Texas Senate last week passed what one lawmaker called “off-the-charts, historical, record, unprecedented property tax relief.”  At $16.5 billion over the upcoming biennium, State Sen. Paul Bettencourt’s string of superlatives for the tax cut package appears to be justified.  Cheered on by Republican Lt. Gov. Dan Patrick, who heads the Senate, the measures sailed
Wisconsin’s Republican legislative majority delivered its latest rebuke to Gov. Tony Evers’ biennial spending plan with their rejection of the Democrat’s $3.8 billion capital plan. The State Building Commission — which includes Evers, four Republican members, two Democrats, and a citizen voting member — rejected all of Evers’ line items at its meeting Thursday in
Lawmakers in Maine hoping to avoid a government shutdown at the turn of the fiscal year are working to cleave Gov. Janet Mills’ $10.3 billion biennial budget proposal in two. The state Senate’s Appropriations and Financial Affairs Committee announced on Thursday a plan to partition the governor’s proposal for fiscal years 2024 and 2025 into
The Biden administration will need to cover a significant new funding gap if California’s controversial bullet train is to remain on track. But it’s unclear whether federal support, if it materializes, would be sufficient to overcome the tough economic environment, political opposition on state and federal levels and constantly rising costs that dog the nation’s