To present a more integrated and timely view of states’ total debt obligations, Moody’s Investors Service on Thursday announced that for the first time it will combine net tax-supported debt and unfunded pension-liability figures when evaluating state ratings.

“Pensions have always had an important place in our analysis of states, but we looked separately at tax-supported bonds and pension funds in our published financial ratios,” Moody’s analyst Ted Hampton said in a report.

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