Evercore Wealth Management Report Featured in the Bond Buyer

January 12, 2010

The Bond Buyer based an article on New York Debt on the Evercore Wealth Management report Political Credit Risk in New York State.

The risk of a downgrade to New York's general obligation debt isn't being priced into the state’s bonds although its fiscal problems and "dysfunctional political process" could lead to a downgrade, the article said, citing the report.

"It's going to be very difficult to negotiate some viable long-term budgetary solutions in this type of environment,” said Howard Cure, director of municipal research at Evercore Wealth Management and author of the report. "We're just concerned about the downgrade risk." A downgrade would make the bonds less liquid in the secondary market, he added.

To read the full report, click here