What’s the Bottom Line: Credit Impact of COVID-19 on US Municipals

From October 2020 onwards, U.S. municipal issuers started reporting the first audited financial statements for the period ending June 30, 2020. At S&P Global Market Intelligence, using our Public Finance Automated Scoring Tool, (PFAST), we analyzed the data contained in the reports from 1,548 municipal issuers to understand the impact of the pandemic on local governments. We believe these are the first financial results that reflect the impact of COVID 19 on U.S. local governments.