U.S. Public Finance
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.
Under Pressure: The Growing Impact Of Affordability Issues On U.S. Public Finance Credit Ratings
Over the past several weeks, S&P Global Ratings has published its “U.S. Affordability” series, which takes a deep dive into how affordability issues are affecting each U.S. public finance sector. Affordability has pressured credit ratings and contributed to negative sector outlooks in not-for-profit public power and electric cooperatives and in small water utility systems, to name some examples.
Policy shifts and broader macroeconomic trends are trickling down to U.S. states and local governments, affecting everyday pocketbook issues while resulting in outcomes with measurable effects on credit quality.
Proposed Florida Property Tax Reform Could Affect Local Government Ratings Absent Operating Changes
S&P Global Ratings received information from 90 rated local government (LG) issuers on potential losses and mitigation strategies should Amendment 3 pass in November. Responses indicate that many will be challenged to balance essential services against significantly diminished revenue; how those losses are managed could trigger longer-term credit deterioration for some.
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