New York

Citing a worsening revenue outlook, the board of New York's Metropolitan Transportation Authority voted against restoring $20 million in bus and subway service cuts for fiscal 2012.

Cornell University's plans to establish an applied-sciences engineering campus in New York City should enhance the school in the big picture despite anticipated credit risks in the short-to-medium term, according to a major rating agency.

Moody's Investors Service on Tuesday dropped Long Beach, N.Y.'s general obligation rating five notches to Baa3 from A1, and placed the rating on review for a possible further downgrade.

Standard & Poor’s has assigned an AA-plus rating to Suffolk County Water Authority Series 2012 revenue refunding bonds expected in early January.

Three upstate regions and Long Island received more than $100 million apiece under New York Gov. Andrew Cuomo’s regional economic development council initiative.

A new local development corporation for New York City nonprofits is starting to accept applications for tax-exempt capital financing. Build NYC Resource Corp. is part of the New York City Economic Development Corp. It held its first organizational meeting Tuesday.

New York City's economy faces severe risks from the European debt crisis, city Comptroller John Liu and New York State Comptroller Thomas DiNapoli said in separate reports on Thursday.

New York City didn't get the 2012 Summer Olympics, but the bid spurred projects that it needed, anyway.

The Port Authority of New York and New Jersey's Board of Commissioners has approved a preliminary $7.1 billion combined operating and capital budget for fiscal 2012 amid complaints that the agency overspends on World Trade Center redevelopment at the expense of bridge, road and tunnel improvements.

Nassau County, N.Y., finally got the budgetary go-ahead from its state-appointed oversight board, but the overseer is far from happy.

The Dormitory Authority of the State of New York approved $531 million in financings for higher education and health care, including $340 million in 23-year, fixed or variable-rate tax-exempt bonds for the Memorial Sloan-Kettering Cancer Center.

The New York City Transitional Finance Authority sold $650 million in new-money building aid revenue bonds last week.

A proposal to allow the New York Department of Health to replace hospitals' leadership would be a credit positive, Moody's Investors Service said.

The cancellation of a project to renovate the 70-year-old Brooklyn-Queens Expressway and a connecting portion of the Gowanus Expressway, both part of Interstate 278 in New York City, has prompted calls for a state law allowing public private partnerships.

While it's unlikely to singlehandedly trigger a rating upgrade, the New York Legislature's approval of Gov. Andrew Cuomo's overhaul of the state income tax code is a step in the right direction, muni market observers say.

The future of the Suffolk Regional Off-Track Betting Corp. in eastern Long Island is in question after a federal judge dismissed its Chapter 9 bankruptcy petition.

The New York City Transitional Finance Authority this week plans a $650 million sale of new-money building aid revenue bonds.

New York's Empire State Development Corp. will offer $715 million of new personal income tax bonds on Dec. 13.

The New York State Liberty Development Corp. on Dec. 1 sold $672 million of Liberty bonds that will help the Port Authority of New York and New Jersey finance the continuing construction of One World Trade Center.

A judge has granted another extension to the Nassau Off-Track Betting Corp. in its prolonged legal fight with New York harness tracks, OTB officials said.