Political Risk and Credit Quality

Charles Nellans, Timothy Blake, David Blair, Chris Sperry and Joe Stewart

Municipal Finance Journal, 2004, vol. 25, issue 1, 33 - 46

Abstract: Gone are the days when analysts could easily assess the underlying socioeconomics of a municipality or state, the current condition of the regional or national economy, and then make a confident credit opinion. As the American political landscape has become more polarized, analysts need to factor the political environment into their assessment of credit quality. A municipality’s intentions concerning maintaining or releasing airline gates and the authorization of casino gambling are two examples of situations rife with political risk.The ongoing turmoil in California illustrates the need for increased sensitivity by analysts to the intangible aspects of the political environment. The Political Risk panel will provide analysts with a basis for evaluating political situations.

Date: 2004
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