Credit

Some public pensions "don't have good regular reporting on where their public equities are," which makes it hard to gauge the extent of the concentration, Equable Executive Director Anthony Randazzo said.

Market Intelligence analyst Jeff Lipton says overreliance on financial ratios can obscure forward-looking credit risks, making qualitative factors such as political willingness, management strategy, cyber-threat preparedness, legal security and economic and policy change essential to muni decision-making.

"The upgrade also reflects the city's continued financial strength that has extended for decades and been preserved even during recessionary periods via prudent budget management," analysts said. 

Market Intelligence analyst Jeff Lipton says cyber preparedness has become a key credit signal for muni investors, with issuer readiness potentially affecting borrowing costs, liquidity, capital market access and confidence in timely debt service.

Market Intelligence analyst Jeff Lipton breaks down why munis became the fixed-income standout in 1H 2026, as tax-exempt income, SMA demand, healthy supply-demand dynamics, curve positioning, active security selection and spread compression offset geopolitical volatility and shifting Fed expectations.

Treat AI like the best junior analyst you have ever hired, and manage it like one.

Market Intelligence analyst Jeff Lipton explains why constrained state budgets should not be mistaken for broad credit deterioration, pointing to rainy-day funds, revenue diversity, low debt burdens and strong debt-service protections as key stabilizers.

Market Intelligence analyst Jeff Lipton breaks down how security selection, sector allocation, curve positioning and carry can generate excess returns in high-yield munis, while warning that weak cash flow, a lack of economic viability, limited liquidity and thin disclosure can quickly undermine value.

Market Intelligence analyst Jeff Lipton maps where credit remains stable and where caution is warranted in his mid-year scorecard, flagging pressure points in higher education, K-12, tobacco and parts of local government while outlining the structural strengths supporting states, airports and other essential-service sectors.

Market Intelligence analyst Jeff Lipton explains why proposals targeting wealth, property, and income taxes matter for municipal credit, and outlines what investors should watch in revenue replacement capacity, reserves, political willingness, and legal security structures.

Market Intelligence analyst Jeff Lipton argues MRBs can add value to conservative muni sleeves, but warns that extraordinary redemption features, prepayment behavior, loan origination performance and liquidity constraints can make redemption analysis just as important as credit analysis.

Market Intelligence analyst Jeff Lipton warns that as ESSER-era support fades, shifting enrollment patterns, voucher expansion, tax-cut dynamics and rising costs are exposing credit stress in parts of the K-12 sector — making security selection and disclosure discipline more important in 2026 and beyond.

Market Intelligence analyst Jeff Lipton argues that state bond bank debt remains one of the muni market's most conservative, well-secured allocations — and makes the case for expanding bond bank models to broaden infrastructure access for smaller and underserved local borrowers and for addressing growing funding needs brought about by shifting federal priorities.

In this Market Intelligence analysis, Jeff Lipton warns that granting states access to Chapter 9 would be deeply disruptive, likely forcing muni yields higher and liquidity lower, while underscoring why states' legal protections and reserves still support strong willingness to pay.

Market Intelligence analyst Jeff Lipton assigns a stable yet guarded view to airport bonds, highlighting how gateways and large hubs can outperform as fuel costs, travel demand and geopolitical risk evolve — while investors sharpen focus on leverage, rate recovery and cyber defenses.

Market Intelligence analyst Jeff Lipton distills what he heard onstage and in the hallways at The Bond Buyer's 2026 National Outlook, from policy uncertainty and the muni tax exemption to AI's growing role and credit risk hotspots.

Market Intelligence analyst Jeff Lipton analyzes how varied state funding priorities and overall charter school support, shifting enrollment patterns, policy uncertainty, charter renewal risk,  and varied pension practices affect charter school bond security—and outlines what issuers, advisors and investors should be communicating to the market.

In this third of a three-part 2026 municipal bond outlook series, Market Intelligence analyst Jeff Lipton explains how another year of heavy supply, surging ETF and SMA assets, climate and cyber risk, and growing use of bond insurance will drive muni market structure and strategy for both sell-side and buy-side stakeholders.

Market Intelligence analyst Jeff Lipton, in the second installment of his three-part 2026 outlook series, maps out quality-centric portfolio shifts, barbell and long-end strategies, and sector tilts across hospitals, higher education and housing as record supply and net inflows drive the muni market.

"The steps that would be necessary to restore a sound fiscal profile are becoming increasingly drastic," the rating agency said in downgrading Jersey City.