May 4, 2020 / 3:44 PM / 22 days ago

BRIEF-Moody's Says Outlook For U.S. Local Governments Changes To Negative As Coronavirus Intensifies Severity And Length Of Recession

May 4 (Reuters) - Moody’s:

* MOODY’S SAYS OUTLOOK FOR U.S. LOCAL GOVERNMENTS CHANGES TO NEGATIVE AS CORONAVIRUS INTENSIFIES SEVERITY AND LENGTH OF RECESSION

* MOODY’S SAYS OUTLOOK FOR U.S. LOCAL GOVERNMENTS IS CHANGING TO NEGATIVE FROM STABLE

* MOODY’S, ON U.S. LOCAL GOVERNMENTS SAYS SECTOR WILL FACE CHALLENGES FOR THE REMAINDER OF 2020 AND CONTINUING INTO 2021 AS THE ECONOMY RECOVERS

* MOODY’S, ON U.S. LOCAL GOVERNMENTS SAYS PROPERTY TAX REVENUE TO NOT TAKE AS GREAT A HIT UNTIL 2021 AS ASSESSMENTS ARE SET BEFORE THE COLLECTION YEAR

* MOODY’S, ON U.S. LOCAL GOVERNMENTS SAYS A RISE IN DELINQUENCIES WILL START TO WEIGH ON REVENUE THIS YEAR

* MOODY’S SAYS TO DATE, FEDERAL AID TO U.S. LOCAL GOVTS HAS BEEN FOCUSED ON IMMEDIATE CORONAVIRUS-RELATED EXPENSES RATHER THAN FUTURE REVENUE REPLACEMENT

* MOODY’S SAYS U.S. ECONOMY TO CONTRACT BY 5.7% IN 2020 WITH A FULL RETURN TO PRE-CORONAVIRUS LEVELS IN Q3 OF 2021

* MOODY’S SAYS U.S. LOCAL GOVERNMENTS WITH STRONG LIQUIDITY WILL BE ABLE TO ABSORB FINANCIAL SHOCKS FROM CORONAVIRUS OVER THE NEXT 12-18 MONTHS

* MOODY’S SAYS FIXED COSTS FOR DEBT, RETIREMENT OBLIGATIONS TO CONSUME HIGHER PROPORTION OF U.S. LOCAL GOVERNMENT REVENUE OVER THE 12-18 MONTHS OF OUTLOOK PERIOD

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