Northeast

Westchester County, N.Y., plans to competitively market $173.1 million of general obligation bonds tomorrow in its first new-money deal since Republican Robert Astorino was elected county executive in November. The deal will also be the first marketed in the state under a pilot program allowing Westchester to accept only electronic bids.

Moody’s Investors Service yesterday downgraded to junk status bonds sold to finance the New York Mets Major League Baseball stadium, citing the diminished credit quality of a surety provider as one of the reasons.

New York City budget director Mark Page yesterday sharply criticized cuts in state funds for the city proposed in Gov. David Paterson’s state budget.

Moody’s Investors Service yesterday downgraded the New York Metropolitan Transportation Authority’s revenue bonds to A3 with stable outlook from A2 with negative outlook.

New York’s projected deficit for fiscal 2011 has grown by $750 million in less than three weeks to $8.2 billion, Gov. David Paterson said yesterday. Lower-than-forecast personal income tax collections and higher-than-expected Medicaid costs are driving the widening gap, his office said.

Connecticut Gov. M. Jodi Rell yesterday called for a new bond program that would guarantee loans to business owners as part of a package of budget proposals.

New Jersey Gov. Chris Christie yesterday announced that an advisory commission will draft proposals to strengthen the state’s gaming industries and entertainment venues, as well as suggest ways to improve New Jersey Sports and Exposition Authority operations.

Connecticut Gov. M. Jodi Rell yesterday called for an expiration date on unused bond authorizations and for new restrictions on the state’s budget reserve fund. The measures will be included in her budget proposal to be presented today before the General Assembly.

A Newark, N.J., bankruptcy court Tuesday approved St. Mary’s Hospital’s reorganization plan, a move that will now require New Jersey to pay $1.5 million per year through 2027 to help meet debt service payments on state contract bonds sold on behalf of the health care provider.

Rhode Island Gov. Donald Carcieri yesterday proposed a $7.5 billion fiscal 2011 all-funds budget that would close a $405 million budget deficit. The proposal would reduce local aid to municipalities sharply to $838.7 million from $1 billion in the enacted budget in the current fiscal year.