Markets

“There’s been a lot of discussion about New York City and its future in the public domain. And when that happens it makes sense to solicit multiple opinions,” said Kroll Senior Managing Director Karen Daly.

A brightening revenue and liquidity picture and improved fiscal governance and management were cited as Moody's assigned a positive outlook.

Municipals outperformed U.S. Treasuries for a third sessions moving the 10-year municipal to UST ratio below 60%.

The two issuers that defaulted suffered from pre-existing conditions, according to Moody's analysts.

The Metropolitan Pier and Exposition Authority and the Illinois Sports Facilities Authority are heading into the bond market, buoyed by state rating upgrades.

Most participants expect better performance for munis in the near-term. Longer-term, a lot depends on rates, COVID and other outside factors, such as infrastructure.

Alan Rubin, principal, Blank Rome Government Relations

While municipals hit the pause button Friday, the movement in yields in the first week of July marked the largest one-week decline in 2021.

The public transit agenices are benefitting from sales taxes that fared better than expected through the pandemic and the state's stronger fiscal footing

Moody's Investors Service upgraded the county — home to Detroit — A3 from Baa1 while also elevating its rating outlook to positive.