CHICAGO — The political landscape of fiscally stressed governments is an increasingly important factor as analysts assess a credit’s risk, a panel of municipal analysts said in here last week.

“Political stability is one of the most important factors for lower default expectations,” said Richard Ciccarone, managing director and chief research officer at McDonnell Investment Management LLC and one of three panelists to discuss issues facing the municipal market at a meeting of the Chicago Municipal Analysts Society here last Thursday.

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