A budget compromise this year to reduce sequester cuts seems unlikely, and agencies like the Defense Department have fewer opportunities to reduce the impact of spending cuts.
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Moody's Ratings cited a substantial fall in unrestricted liquidity for the two-notch downgrade. Moody's also placed the rating on review for another downgrade.
"It seemed to be a relief rally [Wednesday], and that's what everyone's hoping for. But fundamentally, they're still major issues that need to be addressed, but people seem to be giving that a pass," on Wednesday, said a source.
"I find this a very encouraging appointment," Peter Chan, a partner at law firm Baker McKenzie, said of Woodcock's appointment.
KBRA revised the outlook on the Chicago Transit Authority's Series 2015 and 2016 Transportation Infrastructure Finance and Innovation Act loans to stable.
A second budget reconciliation bill is moving closer to reality, creating a mixed bag of challenges and opportunities for the municipal bond market.
Financial mismanagement and apparent revenue diversion led to events of default for centers owned by and financed through the PFA, the bond trustee said.
