Investors Singing I Love New York With Triple IOUs: Muni Credit
This article is for subscribers only.
Debt of New York issuers is close to the most expensive since 2011 even as the state and its municipalities are set to triple the amount of IOUs they’re using to cover pension bills.
New York and its localities plan to defer a combined $964 million of payments to the state pension under a program Comptroller Thomas DiNapoli created in 2010 that lets public employers spread some retirement obligations over as long as 10 years with interest, budget data show. The amount is up from $791 million last year and $293 million the year before.