Are Utility Bonds Vulnerable to a Municipal Raid?

A reader who saw our recent article, “Navigating Rocky Municipal Bond Markets,” asked whether any essential service bonds were downgraded this year, and suggested that municipal bond issuers might load up, or even hide, excess debt in its water districts. Here’s the reply from Joseph Rosenblum and our municipal credit team.

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Navigating Rocky Municipal Bond Markets

Despite the uncertain impact of recent difficult economic conditions on tax collections, we see significant opportunity to add value in the US municipal bond market. Below, my colleague Michael Brooks reviews where we see the best rewards for risk.

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Jefferson County Bankruptcy: Who Will Feel the Pain?

In response to our recent article on the Jefferson County bankruptcy, a reader asked “What and how much will be the settlement? Who pays and who gets the pain?” My colleague Michael Brooks replies below.

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Jefferson County Bankruptcy Is Unique

Yesterday, Jefferson County, Alabama filed for bankruptcy—a move we had long anticipated. The County’s $4.2 billion in debt makes this the largest municipal bankruptcy in US history.

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Recent Bad Economic News Doesn’t Spell Muni Bond Defaults

While renewed concerns about economic growth cloud the outlook for US state and local tax collections, we don’t envision a rash of municipal bond defaults if tax collections are lower than expected. Here’s a recent report from my colleague Guy Davidson.

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