Municipal Bond Sector Credit Outlooks

We assigned two “Positive,” three “Stable,” three “Cautious,” and three “Negative” outlooks to our municipal bond sectors. Common themes:

  1. How issuers are reacting to the New Fiscal Reality
  2. Rising costs of pension liabilities are obvious drivers of credit quality and are the leading reasons we assigned “Cautious” outlooks to the tax-backed sectors

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