Pensions: Today's promises, tomorrow's credit challenges
As the retiree population quickly rises, the long-term impact of fixed costs are now quite evident pressuring sovereigns, state and local governments across the world to face their pension liabilities head on.

  • Podcast
    16 Jul 2020|Moody's Investors Service
    Genevieve Nolan of the US States team and Al Medioli of Rating and Process Oversight discuss potential defaults driven by COVID-19 and key developments in Puerto Rico’s efforts to settle with creditors after years of defaults.​>>Read the report

    30 Jun 2020|Moody's Investors Service
    Some developments, such as the benefits of lower borrowing costs or challenges from fiscal austerity, will be immediate. Others, such as telemedicine’s potential transformative effect on the healthcare sector or governments’ need to confront new social mandates, will play out over several years.

    08 Aug 2019|Moody's Investors Service
    On 7 August, Brazil’s Lower House voted to reform the country's social security for public and private workers, but which excludes states and municipalities’ employees. The exclusion is credit negative for Brazilian states because it will delay their fiscal improvements and consequently limit improvements to their credit quality.

    18 Jul 2019|Moody's Investors Service
    There are no discernible signs yet that the federal cap on state and local tax (SALT) deductions is causing residents to flee high-tax states such as California, Connecticut, New Jersey and New York. In fact, migration from states with high SALT deductions is lower than a decade ago.