NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases research on early forecasts for municipal market revenue losses due to the economic shutdown related to the coronavirus (COVID-19) pandemic.
One of the most dramatic results of the economic shutdown was the immediate and significant drop in revenue sources for many state and local governments. Shelter-in-place orders led to significant curtailment of some activities that generate revenue such as sales tax collections, transit ridership, and toll roads. Further, measures meant to reduce financial hardships for people affected by COVID-19, such as delaying income tax filing deadlines, have led to delayed revenue collections.
In this report, KBRA aggregates national revenue losses for state and local governments, transit agencies, toll roads, and water and sewer utilities. KBRA then annualized this data up to June 30, 2021, to better focus on the nearer-term economic effects related to COVID-19 and to establish consistency across the many different estimates that gave extended multiyear economic recovery periods.
Click here to view the report.
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About KBRA and KBRA Europe
KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA. Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.