The city needs to continue meeting pension commitments and moving to structural budget balance despite the coronavirus pandemic, the rating agency said.
Municipals held firm Friday as the market gets set for another week of hefty supply. Citi anticipates $550 billion in 2021, led by surge in taxable issuance.
The board, at the first quarterly board meeting of its 2021 fiscal year, also voted to split its existing Nominating and Governance Committee into two.
New York's mayor is shifting $466 million to the current fiscal year?s capital budget to tackle affordable housing needs to offset some of his coronavirus-related cuts.
The city of Myrtle Beach, South Carolina, will honor its backup pledge to replenish the Myrtle Beach Convention Center Hotel Corp.?s debt service reserve fund.
Jobless claims fell to below 800,000, existing home sales soared, leading indicators rose more than expected and the Kansas City Fed manufacturing index also climbed in the latest reading.
New York Gov. Andrew Cuomo is holding off on addressing a widening revenue gap until after the election, hoping a Democratic win will mean more stimulus, a move analysts criticized.
Toll collections on the Garcon Point Bridge have been suspended since mid-September because of Hurricane Sally, pitting the bond trustee against the state of Florida again.
Options for local governments amid the coronavirus range from rainy-day withdrawals to pension payment delays, and renewed calls for shared services and mergers.
Favorable sale results compared to recent secondary trading levels prompted MMD to narrow Illinois' spreads on average by 10-30 basis points across the curve with the short-end seeing the biggest improvement.
It turns out that all tax-exempt munis exhibit negative convexity near par, even if they are not callable. The driver of this phenomenon is the so-called de minimis tax effect.
The increasing focus on ESG and innovation in the municipal market continues to grow as investors and issuers navigate a changing global market for state and local government debt amid COVID-19.
The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.
Tough decisions on spending and taxes lay ahead if Illinois voters reject a progressive income tax structure and federal coronavirus relief fails to pan out.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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