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Municipal Fixed Income

November 14, 2018

Platte County, Missouri and the Risks of Complex Debt Portfolios

In September 2018, Moody's downgraded Platte County, Missouri's general obligation (GO) rating eight notches. The downgrade resulted not from any change in the county’s financial standing, but from Moody’s view of “the county’s lack of willingness to fulfill a contractual obligation” surrounding its current level of support for a local economic development project for which there are bonds outstanding. Platte County is certainly not the first example where a general obligation bondholder has been substantially hurt by a lower-standing credit event. A thorough understanding of the debt structures in the local government sector can serve to mitigate or alleviate these derivative impacts within a fixed income credit portfolio.

June 27, 2018

State Bailouts of Distressed Localities Present Challenges to Municipal Market

In March, the financially distressed City of Hartford, Connecticut inked a deal with the state allowing it to effectively transfer a
debt burden of $550 million—$755 million including interest—to state taxpayers. Should this development establish a precedent
for, or be seen as a worthy model by, distressed local governments across the country, significant challenges may arise for
municipal market participants.

March 13, 2018

Tax Cuts and Jobs Act: What Does it Mean for the Municipal Bond Market?

The Municipal Fixed Income team discusses several key provisions of the Tax Cuts and Jobs Act, which became law in December 2017.

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