State of New York

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.

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Virus effects have battered New York City’s economy and by extension, the city’s budget and credit standing.

The comptroller report said New York City's reserves mitigate the need for bond financing to fund operations as the city has more in reserve funds than pre-Great Recession and Sept. 11-related recession figures.

The transit agency — its revenues battered, its credit standing weakened and with no federal rescue aid in sight — looks to borrow its remaining $2.9 billion available through the Municipal Liquidity Facility.

The two-notch lowering to A-minus precedes the transit agency's planned $258 million negotiated sale of transportation revenue refunding green bonds.

New York Gov. Andrew Cuomo is holding off on addressing a widening revenue gap until after the election, hoping a Democratic win will mean more stimulus, a move analysts criticized.

The securities industry was buoyed by federal stimulus and a massive influx of liquidity, report says.

New York MTA inspector general rails at lax contractor evaluations

Annual debt service could spike to $4 billion by 2024, or up 55% since 2019, making up 24% of the agency's total revenues, Thomas DiNapoli said.

Adam Andrzejewski, CEO of OpenTheBooks.com, cites years of reckless spending and mismanagement. Paul Burton hosts. (14 minutes)

The transit authority, reeling from the effects of the coronavirus, takes another hit from Wall Street.