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08-11-2012, 04:46 AM #1
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Moody’s Downgraded Nearly 300 US Municipals
Moody’s Downgraded Nearly 300 US Municipals
Posted on August 10, 2012
By PressTV AHT/HJ
Moody’s downgraded nearly 300 U.S. municipal issuers in the second quarter, the most for any quarter in more than a decade and the latest sign of the potential pressure building in the market where states and local governments raise money.
Local areas across the U.S. have been struggling for several years after the recession sharply undercut revenues, with three cities in California recently filing for bankruptcy in an attempt to alleviate their financial burdens.
Tax receipts have rebounded but not enough to compensate for rising costs, which include healthcare spending, social welfare and labor.
About half of the downgrades in the quarter affected the debt of cities and school districts, such as that of Clark County in Nevada, one of the largest in the U.S., Moody’s said. The school district serves five cities including Las Vegas.
In the quarter, Moody’s also downgraded $6.9bn of rated debt associated with Detroit, Michigan’s biggest city, and cut the ratings for Stockton, California ahead of the city’s bankruptcy filing. The city filed for bankruptcy on June 28.
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