Annual Municipal Default Study

Opportunity Overview

September 10, 2020; 3:00 pm EDT

This is a virtual event.

Per Moody’s Investor Service, “As the coronavirus crisis continues to unfold, our study of past municipal defaults helps shed light on what we can expect going forward. We will discuss historical default trends between 1970-2019, year-to-date 2020 performance, and what we expect going forward as the effects of the pandemic linger. We will also touch on recent developments for Puerto Rico credits.”

Topics include: 

  • Recent developments: no defaults in 2019 but two so far in 2020
  • No defaults directly attributable to virus shutdowns but longer term cultural changes merging as potential credit drivers; still no natural disaster defaults
  • Recent credit trends (non-debt leverage, fixed costs, etc.) continue; economic growth counters these trends, bolsters “shutdown resilience”
  • Operational fundamentals drive defaults, not legal pledge; pledge important in recovery
  • Recent developments in Puerto Rico


  • Naomi Richman, Senior Vice President (Moderator)
  • Al Medioli, Senior Vice President/Mgr/RPO
  • Sarah Jensen, AVP-Analyst/RPO
  • Genevieve Nolan, VP-Senior Analyst


Opportunity Detail