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UPDATE 1-Most muni ratings in Sandy's path unfazed -Fitch
November 14, 2012 / 9:26 PM / 5 years ago

UPDATE 1-Most muni ratings in Sandy's path unfazed -Fitch

Nov 14 (Reuters) - Fitch Ratings said on Wednesday that it expects the credit rating of municipal bond issuers along superstorm Sandy’s path to remain mostly unchanged by the storm.

The storm devastated some parts of New York, New Jersey and other areas, but the smaller local governments that already had low liquidity levels before the storm will be affected the most, Fitch said in a statement.

Many communities in the area are part of counties or other municipalities that have large, diverse tax bases, Fitch said.

Of concern is NYU Medical Center, which is the only issuer in Fitch’s portfolio that suffered extensive facility damage, the credit rating agency said.

The hospital’s inpatient facility is still closed, and Fitch is monitoring the situation closely, it said.

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