Author: Geoff Weitzel
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Municipal Bond Credit Report: Rainy day funds alone won’t bail out states from coronavirus economic woes
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: Seventeen states have already begun drawing down their rainy day funds or fiscal reserves to deal with the coronavirus health crisis, according to the National Conference of State Legislatures, and 24 states have enacted supplemental appropriations… Link to Story
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Municipal Bond Credit Report: U.S. Budget Deficit Widened to $1.935 Trillion in 12 Months Through April
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: WASHINGTON—The budget deficit soared to a record $1.935 trillion in the 12 months through April as the U.S. ramped up spending and cut taxes to counter the economic slowdown and revenue dropped, a Treasury Department report showed on Tuesday… Link to Story
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Municipal Bond Credit Report: Powell Says Washington Will Need to Spend More to Battle Downturn
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: Federal Reserve Chairman Jerome Powell said Congress and the White House will need to spend more money to make sure policy makers’ quick initial response to the coronavirus-induced economic contraction isn’t wasted amid evidence that any recovery will take longer than first thought… Link to Story
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Municipal Bond Credit Report: House Democrats unveil new $3 trillion coronavirus relief bill
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: House Democrats released their latest bill Tuesday designed to blunt the coronavirus pandemic’s devastating effects on the economy and health-care system… Link to Story
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Municipal Bond Credit Report: Arlington, Texas, grapples with lost revenue from closed venues
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: Arlington, Texas, home of professional sports stadiums, amusement parks and a General Motors assembly plant that were all shut down by the coronavirus pandemic, expects to take an $18.3 million hit to its revenues, prompting cutbacks in spending and possible layoffs… Link to Story
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Municipal Bond Credit Report: Georgia state tax collections fell precipitously in April
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: Georgia’s year-over-year state tax collections fell $1.03 billion in April, a reflection of the state’s “shelter in place” order and closure of non-essential businesses that began on April 3 to stem the spread of COVID-19… Link to Story
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Municipal Bond Credit Report: Syracuse mall bonds downgraded after coronavirus-forced shutdown
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: The well-documented struggles of retailers, compounded by the indefinite closure of New York retail businesses during the COVID-19 pandemic, pushed two rating agencies to downgrade revenue bonds issued for the state’s largest mall… Link to Story
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Municipal Bond Credit Report: CARES doesn’t shield Illinois transit agencies from outlook hit
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: The threats posed by the COVID-19 pandemic to Chicago Transit Authority and Regional Transportation Authority of Illinois revenues led Moody’s Investor Service to revise both agencies’ outlook to negative from stable… Link to Story
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Municipal Bond Credit Report: Consumer Prices Post Biggest Drop Since Last Recession During April Lockdowns
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: U.S. consumer prices in April posted their largest monthly decline since the last recession after energy prices collapsed and efforts to contain the new coronavirus disrupted demand for an array of goods and services… Link to Story
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Municipal Bond Credit Report: NY Fed Says It Will Start Buying ETFs
Categories: Municipal Bond Credit ReportMunicipal Bond Credit Report: The Federal Reserve Bank of New York said Monday that starting Tuesday one of its emergency market support facilities will begin buying corporate-bond exchange-traded funds, in a notable expansion of the central bank’s efforts to support the economy and financial system in the coronavirus crisis… Link to Story