The New Municipal Debt Reality

Richard Ciccarone, Gabriel Petek, Thomas Kozlik and Steven Malanga

Municipal Finance Journal, 2017, vol. 38, issue 3, 45 - 82

Abstract: Confronted by fast-changing political, legal, and economic dynamics and the overhang of a broader interpretation of debt and liabilities, municipal bondholders are increasingly exposed to new risks and opportunities. This panel examines the mounting burden of direct and indirect liabilities emanating from labor costs and capital needs, including retiree promises and infrastructure, to assess their impact on municipal credit quality, sectors, and individual credits. It asks to what extent bondholders are on a collision course with pensioners and taxpayers and if, in light of the new political environment in Washington, the landscape for federalism and insolvency has changed the potential outcomes for worst-case situations.

Date: 2017
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