S&P Global Ratings revised California’s rating outlook to stable from positive Friday, citing the state’s projected $68 billion multi-year deficit, revenue uncertainties and economic conditions. The state holds ratings of AA-minus from S&P, AA from Fitch Ratings and Aa2 from Moody’s Investors Service. The state also has a stable outlook from Fitch. Moody’s revised the

Connecticut is set to price $840 million of general obligation bonds next week, the state’s last issuance of a year with landmark fiscal policy decisions. The state, which renewed fiscal responsibility measures, lowered income taxes and maintained strong economic metrics, kept its solid ratings from all four agencies for the upcoming deal.  “Management in Connecticut,

Federal Reserve Bank of New York President John Williams said it’s too early for officials to begin thinking about cutting rates as soon as March as they consider whether policy is restrictive enough to get inflation back to 2%. “We aren’t really talking about rate cuts,” Williams said Friday in an interview on CNBC. He

Puerto Rico Electric Power Authority bond parties presented the court with written expert testimony supporting their claim the Oversight Board’s proposed plan of adjustment assumptions underestimate Puerto Rico’s economic future and overestimate PREPA’s future expenses. The testimony could impact U.S. District Court Judge Laura Taylor Swain’s ruling on the plan, according to an attorney not

Citigroup will close its municipal division by the end of the first quarter of 2024, leaving behind a historic tenure in a market it once dominated in both underwriting and secondary market-making. The firm decided to “wind down our municipal underwriting and market-making activities” after a “broad-based review” of its muni business, according to a

Triple-A municipal bond yields fell a few basis points Wednesday following the Federal Reserve’s decision to hold rates and signal that only three rate cuts were likely in 2024, which sent U.S. Treasury yields plummeting down more than a quarter point on the short end while equities rallied and the Dow Jones Industrial Average closed

Federal highway officials Wednesday defended the seemingly slow rollout of a high-profile federally funded program to create a national network of electric vehicle chargers. Ohio last week opened what is so far the nation’s first — and only — electric vehicle charging station funded through the 2021 Infrastructure Investment and Jobs Act. New York is

Puerto Rico Electric Power Authority bond parties argued in appeals court briefs that their trust agreement clearly gives them a lien on incoming revenues and supports their claim for the $8.5 billion pre-bankruptcy principal rather than the $2.4 billion set by a lower court judge. The parties argued about the language needed to establish a

Municipals were mostly steady to a touch softer in secondary trading while newly upgraded gilt-edged Ohio upsized its general obligation refunding deal and repriced to lower yields. U.S. Treasuries improved on the day following cooler inflation data that many participants said would not move the needle on the Federal Reserve’s rates decision Wednesday. Triple-A yields

This week’s Federal Open Market Committee meeting will be of interest to market participants despite the unlikelihood of any changes in monetary policy, since a new Summary of Economic Projections will be released and will provide insight into officials’ thinking on fed fund target levels for next year. The market is pricing in about five