Muni Market Faces Early Credit Problems as Covid Aid Sunsets

-- Credit quality in the $4 trillion municipal bond market is showing early signs of pressure as federal pandemic aid winds down, spurring expectations that the rapid pace of rating upgrades over downgrades in recent years will ease.The End of the Cheap Money Era Catches Up to Chelsea FC’s OwnerRevenue growth is slowing, and in states such as California tax and fee collections are dropping.

Conversely, the airport sector is showing strength, as are essential service providers such as water, sewer and electric utilities, said Peter Block, managing director for credit strategy at Ramirez & Co. He anticipates pockets of credit stress will arrive. Utilities have seen “a lot of downgrades,” while education, including charter schools, and healthcare currently have net downgrades by S&P, he said.

The vast majority of issuers “are well positioned to weather an economic downturn,” and more upgrades may occur given rating actions often lag, Nathan Will, head of municipal credit research at Vanguard Fixed Income Group, said in an email. Vanguard “would expect that the upgrade trend will slow as the economy cools and the remainder of pandemic aid is spent.

The former president went off on a strange tangent about a "beautiful waitress" before pivoting to a backhanded attack on Chris Christie. -- Costco Wholesale Corp. is boosting its membership fees for the first time since 2017, raising the charge for a basic membership to $65 a year from $60.

NEW YORK — Michael Cohen asked the Supreme Court on Wednesday to reopen his lawsuit against Donald Trump, former Attorney General Bill Barr, and others for jailing him in 2020 when he refused not to criticize the then-president under house arrest. In his request for review, the former Trump fixer asked the justices to revive the case dismissed in January and decide “whether there is any ...

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Blackstone’s Zawadzki Sees Private Credit as $25 Trillion MarketThe $1.7 trillion private-lending industry is still “in batting practice” before it swells to a $25 trillion market, according to one of its powerhouses, Blackstone Inc.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

France’s Dominance in Euro Credit Leaves Market at Vote’s MercyPresident Emmanuel Macron’s surprise election call last week has highlighted France’s prominence in European credit markets.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

France’s Dominance in Euro Credit Leaves Market at Vote’s Mercy(Bloomberg) -- President Emmanuel Macron’s surprise election call last week has highlighted France’s prominence in European credit markets.Most Read from...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Credit market has limited upside in a rally: StrategistThe Federal Reserve's decision to maintain interest rates steady on Wednesday was accompanied by the fact at least one rate cut could be possible this year, ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »