Nuclear milestone in Georgia boosts utility participants

The milestone of full operation for the Plant Vogtle unit 3 nuclear reactor in Georgia has improved the rating outlook for three utilities that contracted to take its electricity. Georgia-based MEAG Power, Jacksonville’s city-owned JEA utility and Alabama-based PowerSouth Energy Cooperative all received rating outlook boosts to stable from negative from S&P Global Ratings.

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California is following other states in a push to snare federal infrastructure money to develop the state's hydrogen fuel infrastructure for transportation. Gov. Gavin Newsom announced this week that he has directed the Governor's Office of Business and Economic Development, more commonly known as GO-Biz, to develop a hydrogen development strategy for the state.

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Public universities are showing an increased interest in public-private partnerships to provide infrastructure and services at their schools. Three-quarters of higher education respondents in a new survey said they're interested in increasing the number of P3s on their campuses.?

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Municipals were slightly firmer Thursday, outperforming U.S. Treasuries, as the last large new-issues of the week priced and mutual fund inflows returned. U.S. Treasuries saw losses across the curve following the July inflation read. Triple-A yields saw a basis point or two bump while Treasuries rose five to 10 basis points.

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Moody’s Investors Service has lowered Mount Sinai Hospital in New York’s rating to Baa1 from A3. The outlook is stable. The hospital had $1.6 billion in debt at the end of fiscal 2022.

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New York City faces a possible $12 billion bill in the years ahead as the migrant crisis continues to stress the city's finances, Mayor Eric Adams said.

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