Fitch Ratings on Wednesday revised New York’s general obligation rating outlook to stable from positive, citing a deteriorating economic and financial environment. It affirmed the state’s AA-minus rating. The outlook change affects about $3 billion of outstanding GO debt. Fitch also revised the rating outlook to stable from positive on about $45 billion of other state-supported debt. Although New York has taken proactive steps to address projected budget gaps, the agency said in a press release that it does not believe the state’s rating is likely to improve within two years — which is what a positive outlook indicates — “particularly given the outsized role the troubled financial services industry plays in the state’s economy and revenue system.” New York derives about 20% of its revenue from the financial sector, which has been hammered in recent months. Gov. David Paterson told CNBC this week that the state’s combined budget deficit for the current year and next fiscal year could hit $12.5 billion.
-
The commission also made changes to planned Louisiana State gas and fuel tax bonds of up to $1 billion
1h ago -
High-yield muni issuance totals $20 billion year-to-date, "reflecting normalization from relatively depressed levels in 2023 ($7.6 billion over the comparable period), and now virtually equal to the trailing five-year average for the period ($20.1 billion)," said J.P. Morgan strategists, led by Peter DeGroot.
2h ago -
Mayor Eric Adams was indicted on federal bribery, campaign finance and conspiracy charges, the U.S. Attorney's Office announced Thursday.
2h ago -
The privately placed taxable bonds to be issued through Bernalillo County will help finance a manufacturing facility for Ebon Solar.
4h ago -
"The market is strong right now, and we expect that to continue into next year," Loop's head of public finance Bo Daniels said.
5h ago -
The continuing resolution to keep the government funded was passed without the inclusion of controversial legislation requiring proof of citizenship in order to vote.
5h ago