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2011 State Debt Review: Despite Surge of Issuance, No Debt Crisis for U.S. States May 11
Standard & Poors, May 2011
Abstract
Public sector debt has been a featured topic in the media and among municipal market participants since the onset of the Great Recession due to economic and budget stress and the significant bond market challenges that have characterized the last two years in public finance. For government debt managers, despite an environment of relatively low interest rates the municipal market has been challenging due to: Disruptions of the auction rate, bank supported debt, and credit swap markets; Deteriorating credit quality of certain financial institutions and monoline bond insurers; Implementation of the Build America Bond(BABs) program under the American Recovery and Reinvestment Act and the influx of taxable market and foreign investors, who were relatively unfamiliar with the tax-exempt market; and...
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 and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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