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US Public Finance

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webinar

U.S. State & Local Pension Investments - Concerns Grow with Riskier Allocations, Lower Returns

Now Available On-Demand
Fitch’s webinar discusses our recent report on U.S. state and local pension investment portfolios. We discuss the trend of public pension plans increasing their investment allocations in riskier asset classes over the past two economic cycles, raising their potential volatility and exposing participating governments to higher funding risks, including potentially higher contributions.

WhyForum

Why Patient Consumerism Will Further Define U.S. Not-For-Profit Healthcare

“Consumerism” is no longer a new buzzword for not-for-profit healthcare but rather a concept that will radically overhaul healthcare delivery over the longer term.

Strong Economy Continues to Propel California's Budget

The updated budget proposal for fiscal 2020 continues to build budgetary resilience, while also increasing spending on education and social welfare programs. The budget revision takes advantage of strong revenue collections in the current fiscal 2019 and a $1.7 billion increase in the forecast for fiscal 2020.

Introducing ESG Relevance Scores for Public Finance and Infrastructure

ESG factors generally have a low level of direct impact on public finance and infrastructure credit ratings. However, governance is the most influential ESG risk factor across the overall ratings portfolio. This was driven by public finance issuers, which is not surprising given that factors such as political stability, creditor rights, financial transparency, governance structure, government independence and control of corruption are important considerations in our credit rating process. 

DownloadOur ESG Relevance Scores

Watch VideoIntroducing ESG Relevance Scores - An Update for Public Finance and Infrastructure

US Infrastructure Needs Federal Funding Commitment

Any US federal government plan for renewing infrastructure will need to provide for consistent, continued federal funding and more diverse funding sources to fully address the infrastructure deficit.

FAST

U.S. Water and Sewer Utilities Rating Criteria Revision

To more clearly communicate credit opinions and facilitate a more forward-looking, predictable approach to ratings, Fitch Ratings has revised its U.S. Water and Sewer Rating Criteria. These revisions will facilitate a more forward-looking, predictable approach to ratings and better highlight differences among credits in the same category.

Webinar

Proposed Changes to U.S. Water & Sewer Utilities Rating Criteria

May 23, 2019 2:00PM EDT 

Please join us for our discussion of the proposed changes to Fitch’s  U.S. Water and Sewer Utilities Rating Criteria. Key points include:

  • Summary of proposed changes
  • Key rating drivers
  • How to provide your feedback

Register Now

Illinois' Revenue Picture Improves but Fiscal Questions Remain

Robust revenues collections for April provide some short-term budgetary relief for Illinois, but significant uncertainties remain regarding structural budget balance, including for next year, says Fitch Ratings.
 

Opioid Lawsuits to Have Small Effect on State, Local Budgets

States and local governments are taking legal action to recoup costs related to the opioid crisis but potential litigation awards may not fully account for the budgetary outlays

Highlight Report

Higher Risk Not Translating to Similar Returns for U.S. Pensions

U.S. state and local pensions have taken on riskier asset allocations in recent years, though the rate of return is paling compared with the higher risk according to Fitch Ratings in a new report which is freely available for a limited time. 
 

Webinar

10 Years in Ports – Americas

Now Available On-Demand

 

Fitch will host a webinar to discuss how ports have performed over the past decade, how this may change in the coming decade, and what challenges the sector faces going forward. This discussion will focus on trends in the Americas as well as globally.

Speakers:
Emma Griffith
Senior Director, Global Infrastructure Ratings
Isabella MagalhaesAssociate Director, Global Infrastructure Ratings

Listen Now

Congestion Pricing Will Provide Reliable Revenue to MTA

Planned congestion pricing in New York City (NYC) will provide a reliable funding source for Metropolitan Transportation Authority (MTA) capital improvements but how significant the revenue source will be depends upon the toll policy instituted

Fitch Rates Philadelphia, PA's GOs 'A-'; Outlook Revised to Positive

Fitch Ratings has assigned an 'A-' rating to the city of Philadelphia, Pennsylvania's $179.69 million general obligation (GO) refunding bonds, series 2019A. The bonds are expected to sell through a negotiated sale on or about April 30, 2019. Proceeds will refund certain outstanding GO bonds of the city.

Webinar

Fitch’s Response to First Circuit Court of Appeals Ruling on Special Revenue Protections


Now Available On-Demand

Fitch hosted a webinar to discuss our response to the March 26, 2019 ruling by the United States Court of Appeals for the First Circuit regarding the bondholder protections provided by special revenue status under Chapter 9 of the U.S. bankruptcy code.
 

Listen Now

Fitch Places Seven USPF Special Revenue Ratings on Negative Watch Pending Court Decision

Seven U.S. Public Finance ratings on Rating Watch Negative in response to the March 26, 2019 ruling by the United States Court of Appeals for the First Circuit regarding the bondholder protections provided by special revenue status under Chapter 9 of the U.S. bankruptcy code. 

Colorado River Basin Drought Plan Will Raise Water Costs

The Colorado River Drought Contingency Plan (DCP) received congressional approval on Monday, April 8 after several years of negotiations and despite technically missing various deadlines set by the US Bureau of Reclamation (USBR). The finalization of the DCP comes after years of negotiations between states in the Colorado River Basin hoping to stabilize water levels in Lake Mead following years of drought and over allocation. 

Rating Sensitivities will Indicate Vulnerability to Special Revenue Bond Ruling

In response to the March 26, 2019 ruling by the United States Court of Appeals for the First Circuit regarding the bondholder protections provided by special revenue status under Chapter 9 of the U.S. bankruptcy code, Fitch Ratings has developed rating sensitivities corresponding to the likelihood and severity of potential rating changes resulting from a final court ruling upholding the decision.

Contacts

Dan Champeau

Global

Dan Champeau

Analytical Group Head

+1 212 908 9188

Laura Porter

US

Laura Porter

Head of Public Finance

+1 212 908 0575

Ann Flynn

Global

Ann Flynn

Business Group Head

+1 212 908 9152

Jack Archibald

US

Jack Archibald

Business - Fees

+1 212 908 0664

Dennis Pidherny

Revenue-Supported - Public Power and Water & Sewer

Dennis Pidherny

Managing Director - Public Finance

+1 212 908 0738

Arlene Bohner

Tax-Supported – U.S. States and Local Governments

Arlene Bohner

Senior Director – Public Finance

+1 212 908 0554

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