Fitch Ratings on Wednesday revised New York’s general obligation rating outlook to stable from positive, citing a deteriorating economic and financial environment. It affirmed the state’s AA-minus rating. The outlook change affects about $3 billion of outstanding GO debt. Fitch also revised the rating outlook to stable from positive on about $45 billion of other state-supported debt. Although New York has taken proactive steps to address projected budget gaps, the agency said in a press release that it does not believe the state’s rating is likely to improve within two years — which is what a positive outlook indicates — “particularly given the outsized role the troubled financial services industry plays in the state’s economy and revenue system.” New York derives about 20% of its revenue from the financial sector, which has been hammered in recent months. Gov. David Paterson told CNBC this week that the state’s combined budget deficit for the current year and next fiscal year could hit $12.5 billion.
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Moody's Ratings on Monday revised Illinois' outlook to positive from stable and affirmed the state's A3 issuer rating and the A3 rating on its GO debt.
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"Bifurcated demand reflects the persistent bid strength from [separately managed accounts] and retail investors, not to mention more accounts marshaling cash and liquidity up front while the Fed perspective evolves," said MMA's Matt Fabian.
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In a move that kicks the can down the road at the very least, the Commission has begun a process that often results in outright rejection.
April 23 -
The 2022 law, which has so far banned three major investment banks from underwriting municipal bonds in Oklahoma, could be amended to limit its reach to state agencies.
April 23 -
The SEC has won a partial victory against Choice Advisors and its principal Matthias O'Meara for their role in acting as unregistered brokers and for engaging in a fee-splitting arrangement.
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The trio have decades of experience in high yield and investment grade portfolios and will launch new high-yield investment strategies and vehicles for Rockefeller.
April 23