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The Puerto Rico Oversight Board’s proposed Puerto Rico Electric Power Authority plan of adjustment can be approved in its current form despite a recent appeals court ruling undermining the assumptions that underlies it, said board Executive Director Robert Mujica Jr. “We believe that the current plan that we have is confirmable as it is and

Municipals were slightly weaker Monday but outperformed U.S. Treasuries, which saw larger losses 10 years and out, while equities ended up. Triple-A yields rose one to five basis points, depending on the curve, while UST yields rose up to 14. The two-year muni-to-Treasury ratio Monday was at 65%, the three-year at 65%, the five-year at

Enjoy complimentary access to top ideas and insights — selected by our editors. With the need for more high-speed rail lines in the United States, all eyes have been on the privately owned Brightline rail system, with one route already operating in Florida and the development of the Western route recently taking shape with a

Michigan’s $82.5 billion fiscal 2025 budget — which Gov. Gretchen Whitmer is expected to sign — includes investments in roads and bridges financed by the $700 million final tranche of Rebuilding Michigan Plan bonds, which will be issued later this year. According to a press release from the governor’s office, projects funded by the bonds

States continue to chip away at income taxes by lowering rates or adopting tax credits, with Arkansas and Kansas enacting reductions last month that will reduce collections by hundreds of millions of dollars in fiscal 2025. But the overall trend of large tax cuts, which reached a peak in 2022, has slowed considerably, according to

Davis Polk has hired infrastructure finance lawyer Elena Millerman to join the firm in New York as a co-leader as it builds out its infrastructure practice. Millerman joins as partner and co-head of the infrastructure finance group. She was previously at White & Case LLP, where most recently she served as the global head of

Fitch Ratings gave Children’s Health System of Texas a negative outlook on its AA rating, citing financial pressure from a plan to build a partly bond-financed $5 billion pediatric health campus in Dallas. Fitch noted the project will be funded by Children’s Health and UT Southwestern Medical Center and will be “supported by philanthropy and

Another $289 million in Airport Infrastructure Grants is flowing to 129 airports across 40 states as air travel in the US breaks new records. “This latest round of funding will support key improvements to terminals, runways, and baggage systems and build on the work this administration is doing to modernize our aviation infrastructure,” said Transportation Secretary

Miami-Dade County, Florida, was upgraded to AA-plus from AA by Fitch Ratings, which attributed the change to its new local government ratings criteria. The outlook is stable. Fitch cited the county’s “expected resilience to cyclical and noncyclical economic stressors due to its position as the primary anchor of the Miami-Fort Lauderdale-Pompano Beach [metropolitan statistical area],

Municipals were steady Tuesday as U.S. Treasury yields fell and equities ended higher. The muni market will see few deals this week as issuers usually “take a breather” on coming to market during holiday-shortened weeks, noted senior vice president and director of strategic planning and fixed income research at SWBC Chris Brigati. Along with the

The credit quality of issuers that do not disclose climate-related vulnerabilities, or their plans to address such risks, should be examined more closely by investors and considered riskier long-term investments than their public ratings may imply. Given the “constant, widespread reporting of climate change perils, and the current abundance of free, public data,” bondholders can

Columbus, Ohio, recently embarked on a technological modernization push that employs artificial intelligence in its payroll, revenue and accounting and operations systems. Columbus Auditor Megan Kilgore said her office now uses AI for everything from reconciling differences between sets of data to visualizing city finances for the mayor or City Council members with almost real-time

Brightline train’s proposed extension to Tampa won a vote of confidence Friday from a coalition of planning and transportation organizations, two months after the sale of $925 million of high-yield municipal bonds to finance the planned extension. The Suncoast Transportation Planning Alliance and Central Florida Metropolitan Planning Organization Alliance, which together represent 10 metropolitan planning

The start of a trial to determine whether bonds could be issued to finance a multi-billion-dollar light-rail project in Austin was halted Monday after Texas Attorney General Ken Paxton’s office filed an emergency motion with a state appeals court. A Travis County District Court judge planned to commence the trial before ruling on the attorney

Municipals were steady in secondary trading Tuesday as a heavy new-issue calendar took focus in the primary, led by an upsized $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project that saw yields bumped upon repricing. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury