Maryland recently faced a setback as Moody’s changed its outlook on the state’s credit rating to negative from stable. This decision was primarily driven by the depletion of the state’s general fund surplus, which raised concerns about future structural imbalances. Despite affirming the state’s issuer and general obligation bond ratings at Aaa, Moody’s pointed out
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Oregon economists recently released their June forecast, predicting a 50-50 chance that residents of the state will receive a kicker tax credit in 2026. This credit is triggered when personal income taxes come in at least 2% higher than initial forecasts. The quarterly Oregon Economic and Revenue Forecast reported that collections on April personal income
The Municipal Bond market experienced a surge in issuance in May, surpassing $40 billion for the first time since 2016. The current volume of $43.957 billion in 866 issues represents a significant increase of 46.9% from the previous year. This surge in issuance can be attributed to several factors, including Federal Reserve policy uncertainty, pent-up
The Metropolitan Washington Airports Authority is gearing up to bring $829.4 million of airport system revenue and refunding bonds to the market. This strategic move comes as part of their yearly plan to either take advantage of refunding opportunities or meet new money requirements. Senior Vice President for Finance and CFO, Andrew Rountree, highlighted that
The latest Water Resources Development Act has made significant strides in advancing a pilot public-private partnership program that was first proposed by the Army Corps of Engineers a decade ago. The WRDA of 2024 sets forth requirements for the Corps to develop a best-practices guide for P3 projects and report to Congress on alternative project
A recent tax measure proposed to provide funding for the San Francisco Bay Area Rapid Transit system faces strong local opposition that could derail its progress before it even reaches the ballot in 2026. Senate Bill 1031, introduced by Sen. Scott Wiener and Sen. Aisha Wahab, passed the California Senate by a vote of 26-10
Over the last decade, there has been a significant shift in public support for the implementation of a per-mile user fee as a way to replace or supplement the declining gas tax. According to a recent survey conducted by the Mineta Transportation Institute, the backing for a flat-rate mileage fee has increased from 22% in
The municipal bond market experienced a significant sell-off, mirroring losses in U.S. Treasuries and equities. This correction comes as the summer reinvestment season approaches, with outflows from municipal bond mutual funds for the second consecutive week. Notably, high-yield bonds continued to perform well amidst the overall market decline. Analysts suggest that the primary reason behind
The New York Metropolitan Transportation Authority Board recently granted approval for the agency to refund its outstanding Build America Bonds, potentially redeeming as much as $3.73 billion of taxable paper. This decision comes amidst financial struggles for the authority and uncertainties surrounding its congestion pricing plan. Financial Implications The potential refunding of the MTA’s taxable
The recent trends in public-private partnership (P3) activity in the United States have been unsettling, with a noticeable decline in such partnerships last year. Despite this setback, the longtime trajectory of a growing number of P3s remains intact, indicating a promising future with a robust project pipeline and infrastructure funds seeking investment opportunities. The southeastern