Downgrades

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.

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.

S&P cited the state's growing structural budget gap resulting from an oil price plunge.

Shifts in smoking habits and increasing tobacco restrictions drove two downgrades of the New Jersey Cigarette Tax Revenue Bonds.

The rating agency expects a 'sudden and severe decline in the city's sales and income taxes' as a hit to the city's budget and economy from the coronavirus crisis.

A shutdown of large public gatherings due to virus's pandemic cost the Manhattan cultural organization its investment grade rating.

S&P cut the senior water and sewer bond rating to AA-plus due to fallout from the recent failed attempt to sell Florida's largest utility.

Small Catholic college downgraded to Baa2 on enrollment pressures and a heavy reliance on tuition revenue.

Public safety retirement costs are most significant at the city and county levels where they average 4.9% of aggregate spending for cities and 1.9% for counties.

Fargo finance director Kent Costin said the downgrade was expected given the decline in construction activity in 2019.