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Today’s municipal market is increasingly complex and challenging. We understand that to make decisions with confidence, you want new insights about credit risk. Whether you are an issuer, intermediary or investor, you need information about this risk that’s based on in-depth market knowledge, forward-looking analyses and transparent criteria. And that’s where our insight is essential.
On July 4, 2025, the president signed into law The One Big Beautiful Bill Act, which outlines comprehensive domestic policy and amends 2017’s Tax Cuts And Jobs Act (TCJA).
Overall, we believe the final provisions have less near-term impact on ratings for U.S. public finance entities than earlier proposals, but longer-term implications for credit quality and stability could materialize as implementation occurs.
U.S. states and not-for-profit health care providers are affected by new Medicaid stipulations that standardize work requirements for recipients, reduce the provider tax, and introduce other programmatic changes that could financially pressure issuers in the longer term.
On the positive side, modifications to some federal income tax provisions could benefit individuals in states with high tax burdens and potentially support employees in some industries
S&P Global Ratings believes that for many U.S. public finance issuers, the slowdown in population growth has long-term implications, including changing service delivery needs and a smaller workforce, which together, could lead to slower economic growth.
Senior Director, Relationship Manager
Managing Director, Chief Analytical Officer – Governments
Director, Market Outreach, U.S. Public Finance
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