Finance

"This is undoubtedly the toughest time in MTA history," said Patrick Foye, who has asked Congress to double its $3.8 billion relief package.

The rating agency delivered the latest coronavirus-related hit to the city's ratings by cutting its outlook. The city's GO bonds were affirmed at AA.

Secondary market trading showed yields rising slightly, but the primary market again showed signs of life, as demand for the asset class seems to be gaining ground.

Financial strains from COVID-19 were the primary factor in downgrading the state to A-minus from A. The outlook was revised to negative from stable.

The Illinois penalty that raises borrowing costs for all issuers in the state may widen as local agencies and governments face likely cuts in state support.

Despite severe budget stress, the city and state can take some meaningful actions, such as reviving the restaurant industry, expanding the role of P3s and rebuilding multi-purpose infrastructure, analysts say.

A stratified credit differentiation can be expected to linger for the foreseeable future until revenue streams in sales-tax and other project-backed bonds are more fully restored. Pension obligation bonds are back in California.

While many new-issues are still on the day-to-day calendar for next week, more are being slated to price on specific days, signaling that dealers and issuers are ready to again test the primary.

In a letter sent to the Fed Thursday night, House Financial Services Committee Chairwoman Maxine Waters said she wanted more issuers to participate in the Fed program.

Its series of responses provides a greater understanding of the city’s history, says NYU Wagner's Mitchell Moss.

The downgrade brings Fitch into alignment with Moody's and S&P, and the negative outlook leaves Illinois without any rating room above speculative grade.

The secondary market took a backseat to the primary Thursday with yields holding steady while Lipper reported $833 million of inflows, the first since February 26.

New York's mayor announced sharp cuts, a draw on reserves and a call for further assistance from Washington.

Michael Rowan, CFA, managing director of global public, project and infrastructure finance at Moody’s Investors Service, talks about how COVID-19 is affecting the rating process. John Hallacy hosts.

With coronavirus decimating the state's dominant industry of tourism, Moody's dropped Hawaii's rating outlook to negative.

With its hotel and car rental tax support in tatters, the Harris County-Houston Sports Authority also received a negative outlook from Moody's.

ICI reported nearly $3 billion of outflows, which is foretelling that coronavirus-driven volatility still lingers even if the muni market has rallied by at least 60 basis points since early-April high yields.

Starting on March 10, ETF prices consistently diverged from benchmark indices and were underpriced for about 10 trading days before converging again.

Technical and fundamental concerns surrounding credit and supply could present challenges for the market going forward but participants tepidly welcomed signs of stability.

S&P shifted its outlook the Illinois public universities it rates to negative as questions abound over how the state will manage revenue losses.