Moody's Investors Service said it has downgraded to A2 from A1 the rating on the town of Prospect, Conn.'s general obligation bonds, affecting $1.6 million in general obligation debt outstanding.
The bonds are secured by the town's general obligation unlimited tax pledge.
The A2 rating reflects the town's narrow financial position that is not expected to improve materially over the near term, moderately sized tax base, above average wealth and income levels, and low debt burden.
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
