- The state of New York's GO rating is affirmed by Moody's at Aa1 while its outlook is revised to negative from stable.
- The outlook change reflects Moody's expectation that the crisis will have substantial impacts on state finances and the economy, eating into the state's reserves and straining its ability to structurally balance its budget.
- Moody's also cites mitigating impacts of substantial federal emergency assistance, which will bolster household income and spending and therefore tax revenue, provide aid to hospitals, reimburse state and local governments for coronavirus-related spending and could potentially provide additional federal Medicaid reimbursement if certain obstacles for New York are overcome.
- ETFs: NRK, BNY, NAN, MYN