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U.S. Public Finance Report Card: States Weather Credit-Market Disruptions, But Are Likely To Step Up Borrowing As Economy Slows Jul 08 Product Image

U.S. Public Finance Report Card: States Weather Credit-Market Disruptions, But Are Likely To Step Up Borrowing As Economy Slows Jul 08

  • Published: July 2008
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Alabama
  • Florida
  • Kentucky
  • Missouri
  • North Carolina
  • Tennessee
  • MORE

Abstract
States have not been impervious to disruptions in the credit markets in the past year despite their generally solid credit profiles. Many states with auction-rate securities have had to reposition or restructure their outstanding debt as demand in that market evaporated. More than $10 billion of state-related debt has been restructured. The use of derivatives continues to be part of the overall debt strategy for many states and the disruptions in the credit markets have also caused a handful of states to terminate a number of their swaps. Fortunately, most states were relatively conservative with the structuring of their variable-rate securities and had proactively developed plans to reposition their debt with minimal financial impact up to this point. Still, state...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new READ MORE >

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