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.
-
While the municipal market barely budged following the Fed's decision to cut rates 50 basis points, Thursday saw muni yields rise up to two basis points, depending on the scale, but still lagged the weakness in USTs. LSEG Lipper reported $716 million of inflows into municipal bond mutual funds.
8h ago -
The Fed's 50 basis point cut surprised many, as a looming federal election and all the uncertainty that brings complicates efforts at forecasting.
9h ago -
The product is designed to give SOLVE's customers visibility into "next-trade" pricing data for more than 900,000 munis.
9h ago -
After getting positive outlooks from three rating agencies since 2023, Oklahoma received its first upgrade.
9h ago -
The agency cited a sustained commitment to healthy reserves and structural balance.
9h ago -
The plan involves building modern infrastructure and streamlining government operations and delivery of services.
9h ago