Muni Think

Signals from the Philly Fed Index show an increase in the dispersion of economic health among the States.

The Obama administration's proposal to create a new class of tax-exempt debt that is permitted within the context and requirements of public private partnership is a hopeful sign of a way forward in creating a new hybrid infrastructure financing model.

Our recently released proprietary DIVER Geo Score rank the strongest and weakest States, and show the Garden State, which once had one of the strongest state economies in the nation, has lagged.

This week, we chart the most recent State economic data from the Philly Fed, respond to a reader inquiry regarding our previous discussion of SLGS, and highlight a little noticed piece of Puerto Rico news from last week.

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.