State of New York

The Empire State's general obligation bonds revised to negative from stable by rating agency due to heightened budget risks.

Predictably, the rating agency cited COVID-19 effects in its downgrade to AA-minus from AA.

Although November posted the lowest monthly volume total this year, issuance has already exceeded 2019's total and is on track to set a new yearly record in 2020.

New York's mayor says the budget for the 2021 fiscal year is balanced despite the coronavirus impacts.

MTA officials revealed dark budget-and-service cut scenarios and Mayor Bill de Blasio closed in-person public schools, actions likely to ripple through the city's economy.

Comptroller Stringer said Mayor de Blasio can present his updated Financial Plan with a path to a balanced budget for fiscal 2022 without cuts to essential services, layoffs of city workers, or borrowing to support operating expenses.

Neal Zuckerman, a New York MTA board member, tells The Bond Buyer's Paul Burton how takeaways from that era relate to today's transit funding crisis. "History doesn't repeat itself, but it rhymes." (24 minutes). Recorded Oct. 30.

The comptroller said the Taxi Workers Alliance proposal puts a floor under loan losses by guaranteeing city purchase of any defaulted medallions.

The Democratic governor will have continued powers to thwart proposed wealth taxes from progressive members of his party after Republicans prevented a veto-proof Senate majority.

The move would not resolve structural budget gaps, according to the rating agency.