Capital markets

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

The rating agency delivered the latest coronavirus-related hit to the city's ratings by cutting its outlook. The city's GO bonds were affirmed at AA.

Financial strains from COVID-19 were the primary factor in downgrading the state to A-minus from A. The outlook was revised to negative from stable.

The Illinois penalty that raises borrowing costs for all issuers in the state may widen as local agencies and governments face likely cuts in state support.

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 a letter sent to the Fed Thursday night, House Financial Services Committee Chairwoman Maxine Waters said she wanted more issuers to participate in the Fed program.

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

The downgrade brings Fitch into alignment with Moody's and S&P, and the negative outlook leaves Illinois without any rating room above speculative grade.

New York's mayor announced sharp cuts, a draw on reserves and a call for further assistance from Washington.

With coronavirus decimating the state's dominant industry of tourism, Moody's dropped Hawaii's rating outlook to negative.

With its hotel and car rental tax support in tatters, the Harris County-Houston Sports Authority also received a negative outlook from Moody's.

S&P shifted its outlook the Illinois public universities it rates to negative as questions abound over how the state will manage revenue losses.

Volume is down sharply across the Port Authority of New York and New Jersey's transportation assets since the March COVID-19 outbreak.

The rating agency affirmed its A3 rating of the state's general obligation bonds; the outlook revision affects $35.9 billion of debt.

Amid the market mayhem and work-from-home requirements, Hilltop Securities is adopting new tools to keep clients current on coping strategies.

Fitch follows Moody's in revising the Empire State's debt to negative from stable.

Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.

The review by Moody's Investors Service comes as the district is working on new money and refinancing deals.

Tuition revenue headwinds made worse by the COVID-19 pandemic cost New Jersey’s Rider University its investment grade rating.

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.