Speakng of munis
Some perspective on the recent California bankruptcies « self-evident
Probably the most sensationalized aspect of these events is how much
debt will be impaired. In the wake of Meredith Whitney’s infamous call,
any negative headline related to municipal bonds seems to conjure images
of hundreds of billions of dollars of defaults in the minds of
non-market participants. According to JP Morgan’s July 13, 2012,
municipals commentary, Stockton has approximately $703.0 million of
outstanding debt (excluding Mello-Roos, which are considered to be
secured by special revenues and are expected to be paid in any case).
Mammoth Lakes has $12.4 million of outstanding debt. San Bernardino has
$223.1 million of outstanding debt.
No comments:
Post a Comment