Moody’s Investors Service said last week that the risk profile of New York local governments’ debt — other than school districts — subject to the new property tax cap remains unchanged. 

“Based on the terms of the cap and our understanding of how it will operate, we do not foresee making rating distinctions between the debt subject to the cap, which we refer to as carrying a limited-tax pledge, and the same issuers’ unlimited-tax pledge,” Moody’s analysts wrote in a report.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.