Bonds

The Port of Los Angeles received an outlook lift to positive from S&P Global Ratings as it marks the highest level of traffic experienced in the history of the 114-year-old port. S&P rates the port AA. The action affects $665.7 million of bonds, all fixed rate, with no commercial paper draws outstanding, according to the

The Bureau of Ocean Energy Management will begin an environmental review on the Coastal Virginia Offshore Wind project, a first step in the permitting process for Dominion Energy’s 2.6-gigawatt commercial wind project. U.S. Department of Interior Secretary Deb Haaland announced the review on a tour of the port on Thursday for the project, which is

The nonfarm payrolls number beat expectations, but full employment is still about a year away, according to economists, suggesting the Federal Reserve will take its time in removing accommodation. “The June jobs report does not rise to the level of ‘substantial further progress’ on the labor market that the Fed wants to see before removing

Despite taking a hit during the COVID-19 pandemic, Virginia’s prudent approach to financial operations along with its financial flexibility has kept the state’s ratings in the top tier. Fitch Ratings late Thursday affirmed its AAA rating on Virginia’s $1.1 billion of general obligation bonds as well as on the state’s long-term issuer default rating. Additionally,

The Puerto Rico Oversight Board on Friday filed suit against a law that would scuttle the negotiated plan of adjustment for the central government debt. The board filed an adversary proceeding in the Title III bankruptcy in the U.S. District Court for Puerto Rico against the governor and legislative leaders in defense of the negotiated

Texas’ largest county is shoring up its faltering $2.5 billion flood control bond program with a new trust fund after discovering a shortfall in federal support. In a marathon meeting last week, the Harris County Commissioners approved creation of the Flood Resilience Trust to assure that all 2018 bond projects will be built without delays

Municipals were firmer by a basis point Thursday amid light secondary trading and a quiet primary as the second half of the year and July reinvestment kicks off while broader markets mostly held steady ahead of Friday’s employment numbers. Inflows came in below $1 billion for the first time since the start of June, with

Challenges for U.S. mass transit will continue as providers face new and developing credit risks including continued transition to remote work, according to S&P Global Ratings. “Potential displacement of ridership bases, a persistent shift toward remote work, hybrid work schedules and online shopping pose the greatest risks to traditional public transit operating models in general,”

The Puerto Rico Oversight Board said local legislative approval would not be needed for enactment by the central government Plan of Adjustment, which, if true, would clear what observers consider the biggest remaining obstacle. The board laid out this position and several others in a Tuesday afternoon response to objections to its Disclosure Statement, filed

Chaos surrounds the vote count in New York’s Democratic mayoral primary with the city’s Board of Elections on Tuesday night acknowledging a major error in its ranked-choice tally under the new voting system. The board said it mixed in 135,000 test ballots with numbers it released earlier in the day. Those numbers had showed Kathryn

Illinois won a one-notch upgrade Tuesday from Moody’s Investors Service, action that turns the rating tide for a state stung by more than a decade of downgrades that left it one cut away from a speculative grade. Moody’s moved its general obligation and Build Illinois sales tax-backed ratings up one level to Baa2 from Baa3.

To emphasize the need for new tunnels connecting New York and New Jersey, U.S. Transportation Pete Buttigieg held up a heavy piece of corroded wiring at his Penn Station press conference. “This entire technology is really outdated,” he told reporters on Monday. “Pieces of it can literally blow.” Buttigieg and members of congressional delegations from

California and Mexico lawmakers signed an agreement Monday on a project that will speed up the movement of goods and travelers at a San Diego County border crossing. The State Route 11/Otay Mesa East Port of Entry project being built at a combined cost of $738 million is expected to halve the amount of time

Just three days before the start of a new fiscal year, Arizona lawmakers and Gov. Doug Ducey have agreed on a $12.8 billion budget that includes what they call the largest tax cut in state history. “We achieved a tax cut that will protect working families and small businesses, we’re paying off hundreds of millions

Municipal securities dealer groups said Friday they are opposed to the creation of a $20 billion Infrastructure Financing Authority as part of a $1.2 trillion bipartisan infrastructure framework announced Thursday. Other public finance groups have varying positions. National Association of Counties spokesman Paul Guequierre said in an email, “Counties support federal investments in infrastructure using

Municipals called it a summer Friday with the secondary lightly traded and benchmarks little changed, even as U.S. Treasury yields rose, munis took a break from the relative volatility since the FOMC meeting midmonth. After a week and change of underperformance to U.S. Treasuries, where ratios moved higher for the first time since early in

Puerto Rico’s government may soon adopt a 24% increase in the island’s minimum wage, with local observers saying it would raise costs for businesses and actually cut employment participation. On Tuesday the Puerto Rico Senate approved a bill raising the minimum wage to $9 per hour from the federal $7.25 per hour. The Puerto Rico

A California bill that would require cities and counties to post on their websites how much police brutality and misconduct lawsuits cost them annually is gaining momentum. Assembly Bill 603, authored by Assembly Member Kevin McCarty, D-Sacramento, passed with a unanimous vote in the Assembly and is being heard July 5 in the Senate Committee

The Federal Reserve might consider an interest-rate hike from near zero as soon as late 2022 as the labor market reaches full employment and inflation is at the central bank’s goal, Federal Reserve Bank of Boston President Eric Rosengren said. “The criteria is that we have a sustainable inflation rate, that’s 2% or above, and

In Buffalo, about 400 miles away from New York City’s much-publicized mayoral primary, heavy political winds are blowing and they aren’t from any lake effect. India Walton, 38, a registered nurse and union activist, stands to become the first self-declared socialist to oversee a major American city since Milwaukee’s Frank Zeidler in 1960. Walton, an