Moody’s revised its outlook on Illinois’ Baa3 rating to negative from stable; a university study warns of a worst-case $28 billion multi-year revenue hit.
Midsize businesses and state and local governments are among the beneficiaries of the central bank's latest $2 trillion effort to mitigate the economic damage caused by the coronavirus pandemic.
Many banks were hitting their limits for lending to small businesses devastated by the coronavirus outbreak. They say the Fed's decisions to help fund additional loans and relax capital requirements will resolve many of their problems.
May is when budget talks usually get serious in California, which has a budget highly dependent on income and capital gains taxes.
Customers in the challenger bank's pilot program drew down an average of $200 each in advance of the government's $1,200 payments.
The Federal Reserve's $2.3 trillion loan stimulus includes plans for outstanding commercial mortgage-backed securities and newly issued collateralized loan obligations.
Commonwealth of Australia (CBA) reports digital wallet users spent a AUS$1 billion (about $630 million) in March 2020, a high for the bank that's part of an acceleration to digital wallets and contactless cards during the coronavirus crisis.
New York’s new state budget provides flexibility to deal with near-term revenue hits from COVID-19, but it has little bandwidth to withstand a deep recession.
Fitch assumes a significant spike in defaults over the next few months, as well as declining new issuance volume during the second and third quarters of 2020, fewer maturing loans and fewer resolutions by special servicers.
The coronavirus e-commerce push is likely to be permanent as consumers get used to digital payments, but that also gives rise to new fraud threats.