While local governments face cuts in state aid, declining revenue, and sometimes hefty retirement-benefit obligations, the market should not anticipate a boost in municipal bankruptcy filings, several muni-market professionals said Thursday during a SIFMA conference.

Historically, the number of individual or corporate bankruptcy filings under Chapter 11 of the U.S. Bankruptcy code far outweigh municipal bankruptcy filings under Chapter 9. Since 1937, 616 local governments have filed for bankruptcy protection, including two filings so far this year. By comparison, more than 11,000 businesses and individuals filed for Chapter 11 in 2009 alone, according to James Spiotto, partner at Chapman and Cutler LLP.

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