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.

    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.

    14 Jun 2019|Moody's Investors Service
    This series provides a state-by-state, in-depth review of the key issues related to pensions facing state and local governments. An update regarding Texas is the latest addition.

    12 Jun 2019|Moody's Investors Service
    Germany faces one of the strongest demographic challenges globally. But its strong fiscal position, high household savings and low private leverage will help it withstand the impact.