KBRA Releases Research – Coronavirus (COVID-19): State Unemployment Borrowing on the Rise

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) releases research which examines recent trends of state unemployment program borrowing related to the coronavirus (COVID-19) pandemic, and how renewed restrictions on economic activity may lead to even greater pressure on already strained unemployment trust fund balances.

Economic gains from the relaxation of stay-at-home orders were just beginning to emerge when a resurgence in new COVID-19 cases will likely jeopardize economic recovery in many states. The return to lockdown of some industries most affected by social distancing will put further pressure on already strained state budgets and to their unemployment trust funds.

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA. Kroll Bond Rating Agency Europe Limited is located at 6-8 College Green, Dublin 2, Ireland.

Contacts

Analytical Contacts

Patricia McGuigan, Senior Director

+1 (646) 731-3350

pmcguigan@kbra.com

Paul Kwiatkoski, Managing Director

+1 (646) 731-2387

pkwiatkoski@kbra.com

Karen Daly, Senior Managing Director

+1 (646) 731-2347

kdaly@kbra.com

Business Development Contacts

William Baneky, Managing Director

+1 (646) 731-2409

bbaneky@kbra.com

James Kissane, Senior Director

+1 (213) 806-0026

jkissane@kbra.com