Fitch Ratings said Thursday that the number of governments around the world with triple-A credit has fallen to its lowest level in 15 years. These bond ratings are like credit scores for governments: they indicate sovereign borrower's creditworthiness so that bond investors know whom to lend money to.

Why it matters: Economic research shows that changes in debt ratings are broadly predictive of sovereign default, and they also serve as a centralized store of information that investors rely on to determine at what rates they'll lend. The low number of AAA countries shows increased strains government budgets have come under fighting the effects of the financial crisis and dealing with the consequences of aging populations and slower economic growth in the wealthy world.

Why it doesn't matter: There's not a lot of evidence that the market places much importance on the difference between AAA and AA-rated countries. When the U.S. was downgraded to AA by S&P in 2011, it's borrowing costs actually fell.

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Los Angeles and San Diego public schools will be online only this fall

Alhambra Unified School District. Photo: Frederic J. Brown/AFP via Getty Images

Public schools in Los Angeles and San Diego, the two largest public school districts in California, will not be sending children back to campuses in the fall and will instead administer online classes only due to concerns over the ongoing threat of the coronavirus.

Why it matters: The two districts, which together enroll about 825,000 students, are the largest in the country thus far to announce that they will not return to in-person learning in the fall, even as the Trump administration aggressively pushes for schools to do so.

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Updated 16 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 12,984,811 — Total deaths: 570,375 — Total recoveries — 7,154,492Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,327,388— Total deaths: 135,379 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for the foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Politics: Mick Mulvaney: "We still have a testing problem in this country."

Cuomo: New York will use formula to determine if it's safe to reopen schools

New York Gov. Andrew Cuomo said Monday that schools will only reopen if they meet scientific criteria that show the coronavirus is under control in their region, including a daily infection rate of below 5% over a 14-day average. "We're not going to use our children as guinea pigs," he added.

The big picture: Cuomo's insistence that New York will rely on data to decide whether to reopen schools comes as President Trump and his administration continue an aggressive push to get kids back in the classroom as part of their efforts to juice the economy.