Southeast

Local governments will face "greater credit pressure" if voters largely eliminate property taxes on more than half of homes in the state, S&P analysts said.

Macon-Bibb County, Georgia, plans to issue $350 million of debt for new sports and entertainment arena anchored by a team called the Macon Mayhem.

Four deals were on the day-to-day calendar, "playing it close to the vest, and all of a sudden, boom, they all get done," said Pat Luby, head of municipal strategy at CreditSights.

A county tax collector said the ballot measure, if passed, would endanger outstanding local bonds throughout the state.

Mayor Andre Dickens wants to extend tax allocation districts, which could generate $5 billion to $7 billion that could back bonds.

Gov. Abigail Spanberger received a dose of good news for a constrained budget as a new revenue forecast shows a boost in tax collections.

With nearly $4.5 billion of tax-exempt bonds, a restructuring or bankruptcy would be among the muni market's largest to date.

The rating agency cited improving financial metrics and the port's importance to the regional economy.

The counties with the greatest exposure lie along the coasts of Florida, Louisiana, South Carolina and Texas.

The Kentucky State Property and Building Commission will be the issuer for the $885.5 million of bonds.