Downgrades

Fewer fliers due to the coronavirus pandemic sparked a second downgrade to Port Authority of New York and New Jersey-issued bonds sold for Kennedy Airport.

The ratings on the Louisville, Kentucky's KFC Yum! Center bonds were lowered to BBB-plus by S&P because of expected operational difficulties.

Moody's Investors Service cut the Catholic college in New Jersey to Baa1 citing its rising debt burden.

Declining state support and COVID-19-related funding pressures triggered a second downgrade to New Jersey City University in advance of a $52 million borrowing.

An indefinite closure of New York retail businesses during the COVID-19 pandemic added credit pressure on revenue bonds issued for the state’s largest mall.

The Fitch downgrade to A-plus from AA-minus affects nearly $2 billion in debt.

Moody's downgrades regional public university two notches to Baa3 ahead of a $52 million revenue refunding bond sale.

The COVID-19 pandemic has dragged the tourist city to the verge of junk status.

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

The historic nature of how ratings for municipal issuers play out in times of severe volatility is under scrutiny from various market participants.