Downgrades

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

The Long Island county received its third credit downgrade this year as lawmakers prepared a 2021 budget with massive cuts to cope with virus-induced revenue losses.

A school official called the coronavirus-related hit "a temporary blip," and said the rating agency moved too quickly.

S&P Global Ratings downgrades the Garden State's general obligation bonds one notch to BBB-plus from A-minus.

Financial hits to Atlantic City's hospitality industry from state limitations aimed at curbing the spread of COVID-19 are hindering a state agency reliant on luxury tax revenues to pay debt service on outstanding bonds.

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.

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

New York State’s first credit downgrade in 17 years is a warning that fiscal changes will be necessary to combat its coronavirus-induced budget crisis, according to observers.

Bond analysts and budget watchdogs say the move underscores the need for the de Blasio administration to look within for efficiencies, even if it receives more federal or state help.