U.S. public finance issuers, especially in the Northeast, have survived the initial effects of Hurricane Irene and Tropical Storm Lee, Moody’s Investors Service reported, though many local governments may face further challenges as they sift through the damage.

“Credit impacts could still emerge over the coming months. It is too early to tell how much of the costs related to the storms were unbudgeted, and how much will be reimbursed by the federal government,” analysts wrote.

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