New York City’s $38.7 billion debt gets a downgrade by Moody’s as it faces ‘lasting economic economic consequences’ from pandemic

MARKET PULSE Credit-rating agency Moody’s Investors Service on Thursday downgraded New York City’s debt one notch, citing “substantial financial challenges,” faced by the metropolis amid the worst pandemic in more than a century. COVID-19 has delivered a socially distant gut punch to the city teeming with some 19 million people. […]