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.
Heritage Commerce Corp (HTBK), the holding company for Heritage Bank of Commerce, today announced third quarter 2020 net income of $11.2 million, or $0.19 per average diluted common share, compared to $11.3 million, or $0.26 per average diluted common share, for the third quarter of 2019, and $10.6 million, or $0.18 per average diluted common share, for the second quarter of 2020.
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.
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.
Kroll Bond Rating Agency assigns a long-term rating of AA with a Negative Outlook to the Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2020E. Concurrently, KBRA affirms the long-term rating of AA with a Negative Outlook on the MTA?s outstanding Transportation Revenue Bonds. Click here to view the report.
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.
As Americans go to the polls, some of the more influential observers of the election process will be the agencies that determine the country's credit rating. The country's nearly top-notch, coveted rating is partly a reflection of the dollar's status as the world's reserve currency and the fact that the roughly $20 trillion U.S. Treasury market is the largest and most liquid in the world.
As Americans go to the polls, some of the more influential observers of the election process will be the agencies that determine the country's credit rating. The country's nearly top-notch, coveted rating is partly a reflection of the dollar's status as the world's reserve currency and the fact that the roughly $20 trillion U.S. Treasury market is the largest and most liquid in the world.
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.
Illinois is scheduled to sell $850 million of bonds on Tuesday as investors demand fatter yields for the state's debt due to increased worries over its deep financial woes, which were exacerbated by the coronavirus pandemic.
Chemung Financial Corporation (CHMG), the parent company of Chemung Canal Trust Company, today reported net income of $5.7 million, or $1.19 per share, for the third quarter of 2020, compared to $2.0 million, or $0.40 per share, for the third quarter of 2019.
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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