Muni Think

Data from the U.S. Treasury on State and Local Government Series Securities indicate the amount of pre-refunded bonds outstanding may be shrinking.

This week, we discuss a new measure of pension funding, examine the impact of oil prices on labor markets in oil dependent States and discuss changing levels of food stamp participation.

A review of our proprietary DIVER Geo Scores highlights the strongest and weakest States. And we provide an update to drought conditions in California and identify some states that face export challenges.

This week, we check in on how quickly States and cities are submitting their Comprehensive Annual Financial Report's and examine what the State filings are telling us regarding debt growth.

An examination of county level employment data shows some counties aren't participating in the reported national revival.

Although defaults have not yet occurred, it is not too early for holders to take a hard look at the applicable bond documents to evaluate their rights and leverage in the restructurings or refinancings that have begun and which may proliferate in the years ahead.

Some local governments may require extraordinary financial assistance from the Commonwealth, adding to pressure on its general obligations.

The most recent Mortgage Delinquency Rates highlight a wide dispersion across the nation, while analysis of municipal bond ratios to Treasuries shows munis may not be a "cheap" as you thought.

The Tax Reform Act for Puerto Rico presented by Governor Alejandro Garcia Padilla is the significant change Puerto Rico needs to stimulate the commonwealth's economic development and confront the Island's fiscal challenges.

Don't be surprised if some of these proposals ideas pop up in whatever tax legislative vehicle might start moving forward later in the year.