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North Las Vegas, Nevada, this week had its long-term issuer default rating upgraded to A-minus from BBB-plus by Fitch Ratings as the city’s ratings continue an upward climb after falling to junk a decade ago. The city of 280,543 had been on the fiscal comeback trail since it fought off insolvency in 2014, even seeing

Municipals were little changed Wednesday, while U.S. Treasury yields fell slightly and equities ended the session down after the Federal Open Market Committee’s December meeting minutes offered little insights into future rate cuts. The two-year muni-to-Treasury ratio Wednesday was at 56%, the three-year at 58%, the five-year at 58%, the 10-year at 58% and the

Federal Reserve Bank of Richmond President Thomas Barkin said a soft landing for the U.S. economy is looking more likely but hardly certain, reiterating the continued possibility of further tightening. “A soft landing is increasingly conceivable but in no way inevitable,” Barkin, who will vote on policy decisions this year, said in the text of

Municipals were lightly traded and little changed in the first session of 2024 while U.S. Treasuries were weaker and equities lost ground as markets pulled back to reassess expectations after the end-of-year’s large rally. Triple-A yields were softer in spots while USTs saw yields rise six to 10 basis points with the larger losses on

Hawaii Gov. Josh Green unveiled last week a proposed $19.2 billion supplemental budget and the results of an oversubscribed $750 million general obligation bond sale. In his proposed budget, Green shifted some capital improvement spending from the general fund to bond funding, pointing to ongoing costs from the Aug. 8 Maui wildfire. Revenue expectations also

The New York Metropolitan Transportation Authority will hold public hearings and accept comments on its plans to implement a new series of tolls for vehicles entering Manhattan’s Central Business District. The 76-day public review process on congestion pricing plan started Wednesday and will run through March 11. The MTA will accept input from the public

The muni industry is looking forward to key tax legislation moving forward while also eyeing the possible sunset of key provisions of the Tax Cut and Jobs Act, though the number one priority of muni lobbyists remains the restoration of tax-exempt advance refunding. “We continue to work this issue tirelessly,” said Brett Bolton, VP, federal

With 2023 municipal bond issuance of $59 billion, Texas wrested the title of top volume state from long-time debt behemoths New York and California. The debt, which was sold by Texas state agencies, cities, counties, schools, and others, and accounted for 15.5% of nationwide issuance, lifted the Lone Star State to the number one ranking

Illinois saw an uptick in its fiscal fortunes in the past fiscal year, one of the few times the state’s net position has improved since that figure swung from black to red in to red in 2002. The net position includes tax collections and government services and measures the state’s assets relative to its total

Total 2023 municipal bond volume fell slightly from 2022 as market volatility, higher interest rates, pandemic aid and slower economic growth kept issuers on the sidelines. However, a robust fourth quarter buoyed issuance for the year, so volume only ticked down 2.8%, much better than previous quarters where issuance was down double digits. The year

Medford, Oregon-based hospital nonprofit Asante Health had its A-plus rating, with negative outlook, affirmed by Fitch Ratings at year-end as it works toward completion of a new building at its flagship hospital. Fitch said in a report Tuesday that it maintained the negative outlook, first assigned in January, because “Asante continues to record weakened operational