State of New York

April finished with $23.7 billion of issuance, a 15% decline from the $27.9 billion in April 2019. Volatility from the pandemic has caused erratic swings in benchmark yields, resulting in the lowest muni volume total in the month since 2011.

Size, timing and structure hinge on market variables, senior manager Jefferies said.

Debt restructuring options as the transit agency navigates through the coronavirus crisis include refundings for savings or to push out debt, according to Robert Foran.

State Comptroller Thomas DiNapoli warns of multi-year budget hits from virus with more federal aid needed to fill the gaps.

"This is undoubtedly the toughest time in MTA history," said Patrick Foye, who has asked Congress to double its $3.8 billion relief package.

Despite severe budget stress, the city and state can take some meaningful actions, such as reviving the restaurant industry, expanding the role of P3s and rebuilding multi-purpose infrastructure, analysts say.

In the wake of the COVID-19 pandemic, the city's budget shrinks by $6 billion.

Its series of responses provides a greater understanding of the city’s history, says NYU Wagner's Mitchell Moss.

The authority, which Moody’s dropped to A2 from A1, seeks a further $4 billion from Washington and has paused its capital program.

Coronavirus takes its toll on business and sales activity around the states and across the nation.