Moody’s ratings and regionalization: State government general obligation bonds

1992 ◽  
Vol 16 (3) ◽  
pp. 57-72 ◽  
Author(s):  
Bulent Uyar ◽  
Donald R. Escarraz ◽  
Kenneth Oldfield
Keyword(s):  
State Government ◽  
General Obligation Bonds ◽  
General Obligation

scholarly journals Municipal Bond Ratings: Are They Worthwhile for Rural Governments?

1982 ◽  
Vol 11 (1) ◽  
pp. 67-73
Author(s):  
Patrick J. Sullivan
Keyword(s):  
Credit Ratings ◽  
Municipal Bond ◽  
Bond Ratings ◽  
General Obligation Bonds ◽  
General Obligation

Rural governments in the Northeast purchased credit ratinqs for a high percentage of their general obligation bonds sold in 1977. This paper examines the effect credit ratings had on the interest cost of GO bonds sold by nonmetro governments in the Northeast. The results suggest that the decision to purchase a rating may be a costly error under certain circumstances.

scholarly journals General Obligation Bonds

2008 ◽  
pp. 131-131
Keyword(s):  
General Obligation Bonds ◽  
General Obligation

Puerto Rican shutdown would increase default fears

2015 ◽  
Keyword(s):  
Puerto Rico ◽  
Puerto Rican ◽  
Content Type ◽  
Us Congress ◽  
Federal Intervention ◽  
Congressional Vote ◽  
General Obligation Bonds ◽  
General Obligation ◽  
The Us ◽  
The Government

Significance Puerto Rico is facing a severe fiscal crunch; its general obligation bonds are rated junk status and the government has said that a 2.9 billion dollar bond issuance -- at risk because of the congressional vote -- is required to prevent a shutdown in the next three months. Impacts There is little-to-no prospect of Puerto Rican statehood while Republicans control the US Congress. Puerto Rico would gain five representatives and two senators, likely to vote Democratic. However, this may encourage some Republicans to back federal intervention on debt, to ward off calls for statehood.

Capital Financing of Schools: A Comparison of Lease Purchase Revenue Bonds and General Obligation Bonds

2002 ◽  
Vol 22 (2) ◽  
pp. 21-39 ◽  
Author(s):  
Sahma Gamkhar ◽  
Mona Koerner
Keyword(s):  
General Obligation Bonds ◽  
General Obligation ◽  
Capital Financing ◽  
Revenue Bonds

How to Analyze General Obligation Bonds

2015 ◽  
pp. 789-808
Author(s):  
Sylvan G. Feldstein ◽  
Terry J. Goode
Keyword(s):  
General Obligation Bonds ◽  
General Obligation

scholarly journals Legislative Capacity and Credit Risk

2021 ◽  
Author(s):  
David Fortunato ◽  
Ian R Turner
Keyword(s):  
Credit Risk ◽  
Negative Relationship ◽  
Institutional Capacity ◽  
Policy Outcomes ◽  
Economic Implications ◽  
General Obligation Bonds ◽  
General Obligation ◽  
Economic Landscape ◽  
Credit Worthiness ◽  
Political Economic

Legislatures differ in their institutional capacity to draft and enact policy. While strong legislatures can increase the congruence of policy outcomes to the electorate's preferences, they can also inject uncertainty into markets with their ability to alter the political economic landscape. We argue that this uncertainty will manifest in a state's ability to borrow and hypothesize a negative relationship between legislative capacity and credit-worthiness. Using ratings of general obligation bonds issued by the American states over nearly two decades and data on the institutional capacity of state legislative assemblies, we find support for the claim that having a legislature that is better equipped to affect policy change increases credit risk evaluations. The results we present broaden our understanding of the importance of legislative institutions, the determinants of credit risk, and the economic implications of democratic responsiveness.

The Association between Compensated Absences Liabilities and Interest Cost on Public School Districts' General Obligation Bonds

2016 ◽  
Vol 31 (1) ◽  
pp. 37-55
Author(s):  
Linda G. Ragland
Keyword(s):  
Public School ◽  
School Districts ◽  
Research Question ◽  
Positive Association ◽  
Public School Districts ◽  
Significant Positive Association ◽  
General Obligation Bonds ◽  
General Obligation ◽  
Debt Market ◽  
The Government

SYNOPSIS In this study, I examine whether compensated absences liabilities are associated with interest cost on public school districts' general obligation bonds. This research question is motivated by the lack of transparency surrounding the accounting for compensated absences and by how the potential size of the liability can affect the government debt market. Using archival data, I analyze public school districts' bond issuance reports along with corresponding financial information. Separating the liability for compensated absences into the current and non-current portions due, I find a significant positive association between the current (but not the non-current) portion and interest cost. The results suggest that the debt market may be unsure about what is being reported as non-current. The amount may be considered too noisy a measure because of uncertainty tied to the quality of the numbers and/or thoughts that longer-term management decisions related to the liability can be altered.

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