Finance

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.

Lawmakers granted Kevin Stitt authority to shift money where it's needed amid a coronavirus-driven fiscal crisis.

With Fed purchases on short end, more deals are showing up on the calendar and this week may become the testing ground for reopening the primary as participants gauge volatility and rates.

With Atlantic City casinos closed, Fitch Ratings revised the outlook to negative from stable on Casino Reinvestment Development Authority bonds.

The coronavirus has ravaged nerves worldwide and spread its gloom into the financial sector. The U.S. municipal bond market is slipping into park from neutral as most issuers and underwriters await a better day.

S&P Global Ratings moved its outlook on Illinois' BBB-minus to negative from stable on "worsening economic conditions," an action that also impacted sales tax, convention center and sport facilities' bonds.

There will be more queasiness ahead of any calm in municipals as adjustments to the coronavirus-induced climate continue to test the market’s resolve.

The bond-financed $420 million expansion project moved forward over the objections of board members who questioned the timing amid plummeting tax revenues.

Forced selling continues and credit spreads are widening as much as 200 basis points in spots making for a large bid-ask disconnect in the market.

Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.

The worst is yet to come from the coronavirus pandemic, said the commonwealth's revenue secretary, Dan Hassell.

Most of the disclosures tracked since the beginning of the year were filed in March, the MSRB said.

Fitch Ratings placed Alaska's AA-minus issuer default rating on Rating Watch Negative.

The rating agency expects a 'sudden and severe decline in the city's sales and income taxes' as a hit to the city's budget and economy from the coronavirus crisis.

Coronavirus-led fears are leading investors, particularly retail, to cash once again amid uncertainty surrounding how much and what maturities of municipal bonds the Fed will purchase once its program begins.

In a letter, three issuer groups made specific recommendations to the Federal Reserve and Treasury.

The agency placed its ratings on the MTA’s Triborough Bridge and Tunnel Authority general revenue bonds and subordinate revenue bonds on watch-downgrade.

Moody’s revised its outlook on the NCAA's Aa2 rating to negative from stable, an action that impacts less than $10 million of debt.

The primary market remained mostly on the sidelines with issuers slow to jump back into coronavirus-driven volatility while also awaiting Fed engagement.

The CARES Act gives the Federal Reserve and Treasury up to 10 days to begin purchasing municipal securities in the secondary market.