New York City and New York State, their finances reeling from the effects of COVID-19, were downgraded late Thursday by Moody’s Investors Service. Moody’s dropped city general obligation bonds to Aa2 from Aa1, affecting $38.7 billion of city debt. The new rating will apply to the city’s $900 million fiscal 2021 Serices C issuance coming
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Furloughs and contract adjustments could allow the Metropolitan Opera Association to weather the COVID-19 pandemic without further credit rating hits despite cancelling its 2020-21 season, according to analysts. The 137-year old Manhattan cultural organization became one of the first municipal issuers to incur a virus-related credit downgrade in late March when Moody’s Investors Service lowered
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U.S. House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) speak to reporters after their coronavirus relief negotiations with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows at the U.S. Capitol in Washington, U.S. August 7, 2020. Jonathan Ernst | Reuters The trading community is actively debating the
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Veteran Chicago-based municipal finance professional Michael Belsky is returning to an investment banking shop for the next chapter in his career. Late last month Belsky joined Dallas-based Hilltop Securities Inc.’s Chicago office as a managing director in its public finance division. He will manage training efforts at HilltopSecurities University, which the firm launched last October,
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After a one-week blip, initial jobless claims continued their slow dance lower. Initial jobless claims declined to a seasonally adjusted 837,000 in the week ended Sept. 26, from the previous week’s upwardly revised level of 873,000, originally reported as 870,000, the Labor Department said Thursday. Economists polled by IFR Markets projected 850,000 claims in the
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US personal income dropped by 2.7 per cent in August after the lapse of emergency unemployment benefits for millions of Americans, raising fears that lower consumption could dampen the economic recovery. According to data from the commerce department’s Bureau of Economic Analysis, the drop in income was worth $543.5bn and larger than economists were predicting.
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One of the branded residences at the prestigious Amanzoe hotel in Porto Heli, Greece Dolphin Capital Growing in popularity, hotel-branded residences can offer investment potential for buyers and added value to the surrounding community. Checking out of a five-star hotel is never easy: it’s hard to say goodbye to the swish amenities; pristine suites; and
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The Municipal Securities Rulemaking Board plans to draw down its reserves over the next year following higher than expected muni issuance due to the market conditions created by the coronavirus pandemic. In a report released Thursday morning, the MSRB said the low interest rates that resulted from COVID-19 caused high levels of municipal issuance and
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Natural disasters wreak havoc indiscriminately on communities both large and small. The economic toll can be heavy because the value of property at risk has dramatically increased as people move to ever-expanding (and vulnerable) coastal communities and deeply forested areas. According to the National Oceanic and Atmospheric Administration (NOAA), in 2018 and 2019 there were
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Microsoft Corp., one of the world’s biggest tech companies, sells personal computing devices, cloud systems and services, software and other products. Microsoft is listed on the Nasdaq exchange under the ticker symbol, MSFT. The company was founded in 1975 by Bill Gates and Paul Allen in a garage in Albuquerque, New Mexico. Five years later,
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Restore Oakland, a restorative justice center designed by nonprofit Designing Justice + Designing … [+] Spaces supports alternate means of justice for crimes. Photo: Emily Hagopian Today, the New York Chapter of the American Institute of Architects released a statement from its board of directors calling on architects to halt designing projects that support the
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As the third quarter ends, Wednesday’s indicators offered positive news: the Chicago Business Barometer hit its highest level since December 2018, an “impressive” ADP employment report, soaring sales of pending homes, and two reads of manufacturing in the midwest suggesting expansion. The Chicago Business Barometer gained to 62.4 in September from 51.2 in August. The
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“I would characterize it as a guide to some big picture items you’d definitely want to keep an eye out for,” said Kareem Spratling, an attorney at Bryant Miller Olive P.A. in Tampa who serves as vice chairman of NABL’s General Law and Practice Committee.Courtesy of Bryant Miller Olive P.A. The National Association of Bond
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