New York

After seeing its bond rating slashed three-notches and facing the potential for another downgrade that would put it in junk territory, one of New York's wealthiest counties is experiencing higher borrowing costs.

The Buffalo Fiscal Stability Authority’s transition to an advisory control board from the “hard” control board it has been is a credit positive for Buffalo, N.Y.,, Moody’s Investors Service said Monday.

Rockland County, N.Y.’s Legislature last week passed a resolution to impose a new 4% tax on utility bills to help close the county’s $21 million budget gap.

The board of New York’s Metropolitan Transportation Authority has added TD Securities to its approved pool of variable-rate remarketing agents and dealers, after the MTA’s finance committee signed off on the move.

The New York City Transitional Finance Authority plans a $1 billion sale of fixed-rate future tax-secured subordinate new-money bonds next week, beginning with a two-day retail period that starts Monday.

The New York State Thruway Authority, faced with refinancing $868 million of short-term debt next month and a declining debt-service coverage ratio, is taking steps toward future toll hikes.

After nine years under a state-appointed control board, Buffalo, N.Y., will enter fiscal 2013 with new financial freedom.

The Dormitory Authority of the State of New York sold $140 million of new-money and refunding revenue bonds for triple-A rated Columbia University on Wednesday, after retail priced the same day.

New York's Metropolitan Transportation Authority will go to market on Wednesday with a $250 million sale of Triborough Bridge and Tunnel Authority bonds after Moody's Investors Service downgraded the TBTA's bonds last week.

New York City, with an eye toward boosting parking revenues and catching up with technology, expects to issue requests for qualifications by the end of the month to privatize the operation of its parking meters.

Following a downgrade from Fitch Ratings, Standard & Poor’s has followed suit, dropping Suffolk County, N.Y.’s general obligation bonds two notches to A-plus from AA.

At its meeting on Wednesday the board of the Dormitory Authority of the State of New York approved approximately $3.9 billion in financings for higher education and health care institutions.

Suffolk County, N.Y.'s general obligation bonds were downgraded to A-plus from AA-minus by Fitch Ratings two weeks before its $60 million competitive offering.

The New York State Insurance Department had many good reasons to approve the split of MBIA Inc. into two parts in 2009, the state's attorney said Tuesday.

The estimated cost of the East Side Access for New York’s Metropolitan Transportation Authority has risen by another $1 billion and the completion date pushed back three years — at least.

The Dormitory Authority of the State of New York is expected to sell $217 million of school district revenue bond financing program revenue bonds in five series on Tuesday, after pricing for retail on Monday.

Officials from distressed municipalities discussed their financial situations at The Bond Buyer's Tri-State Area Public Finance Conference on Monday.

New York's Metropolitan Transportation Authority will issue requests by the end of the month for two new spaces in its landmark Grand Central Terminal, targeting both for sit-down restaurants.

In a meeting of directors on Thursday, the Nassau Interim Financial Authority rejected Nassau County, N.Y.'s contract with Morgan Stanley to serve as an advisor on a deal to privatize the county's sewer authority.

Moody’s Investors Service downgraded the Utica, N.Y.’s general obligation rating to Baa1 from A3, affecting $64.99 million of outstanding debt.