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.
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The competitive sale comes as the market prepares for a very New York-heavy week next week in the primary.
September 18 -
"We, the city of Philadelphia proper, we can't do it alone," Parker said in a keynote address at The Bond Buyer Infrastructure conference Tuesday. "We are grateful to our state and our federal partners, as well as the bond market."
September 18 -
For municipals, Wednesday "marks a crucial step forward, perfectly aligned with the current risk landscape," said James Pruskowski, chief investment officer for 16Rock Asset Management.
September 18 -
The Republican presidential nominee reverses course on his own policy
September 18 -
"It's great people are thinking about creative solutions, but don't forget the rules still apply," said the SEC's Dave Sanchez.
September 18 -
Up to $182 million of bonds will be issued by a city of Frisco entity to renovate Toyota Stadium, home to Major League Soccer's FC Dallas.
September 18