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.

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272 Documents

Title	Issuer/Entity
State and local government - US: Public pension dashboards 22 MAY 2020\|Sector Profile\|MOODY'S INVESTORS SERVICE A summary of important metrics and pension risks related to government credit quality across numerous US states.
State and local government – Illinois: Already high pension-related credit risks compounded by coronavirus revenue shock 18 MAY 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE With higher pension risks than before the last recession, many Illinois governments face difficult budget adjustments to accommodate pension costs, or risk constraining asset accumulation.
Government of Romania: FAQ on fiscal and external pressures amid coronavirus and election uncertainty 14 MAY 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE The economic slowdown and the government's support measures will push public debt levels up further and an upcoming election will complicate efforts to reverse this fiscal deterioration.	Romania, Government of
Dallas (City of) TX: Federal appeals court hands City of Dallas another win on pension changes 01 MAY 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Dallas no longer faces the risk that key pension benefit reforms will be overturned, providing a measure of near-term certainty for its pension system's asset base.	Dallas (City of) TX
State and local government – US: Low interest rates do not insulate governments from pension bond risks 24 APR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Low interest rates and investing at or near a market bottom may increase the appeal of pension obligation bonds, but governments must accept higher exposure to investment market volatility.
U.S. Virgin Islands (Government of): Court’s order to pay pension contributions is unlikely to slow territory's path to restructuring 17 APR 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE A court has ordered the territory to contribute $63 million to pensions. Even if the territory follows the order, its pension system will soon be insolvent, likely triggering a restructuring	U.S. Virgin Islands (Government of)
State and local government – US: 2020 pension investment losses poised to inflict material credit damage 24 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Without a reversal, market losses will compound already elevated pension liabilities and greatly increase costs. Concurrently, revenue risks stemming from Coronavirus fallout are high.
State and local government – Ohio: Cuts to retiree healthcare benefits are credit positive for many Ohio governments 03 FEB 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Ohio's largest retirement system enacted numerous retiree healthcare benefit cuts, a credit positive move that will lower liabilities for the state and participating local governments.
Railway operators – France: Industrial action will reduce short-term earnings of SNCF and RATP, a credit negative 28 JAN 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Costs from rail traffic disruptions and ticket reimbursements will weigh on the earnings and operating margins of both entities in 2019, especially those of RATP.
Hall (County of) GA: Judgments upholding modifications to county employees' pensions plans are credit positive 20 DEC 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE Hall County Superior Court ruling in favor of Hall County is a credit positive as it upholds modifications to the county's pension plans.	Hall (County of) GA

Title	Issuer/Entity
State and local government - US: Public pension dashboards 22 MAY 2020\|Sector Profile\|MOODY'S INVESTORS SERVICE A summary of important metrics and pension risks related to government credit quality across numerous US states.
State and local government – Illinois: Already high pension-related credit risks compounded by coronavirus revenue shock 18 MAY 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE With higher pension risks than before the last recession, many Illinois governments face difficult budget adjustments to accommodate pension costs, or risk constraining asset accumulation.
Government of Romania: FAQ on fiscal and external pressures amid coronavirus and election uncertainty 14 MAY 2020\|Issuer In-Depth\|MOODY'S INVESTORS SERVICE The economic slowdown and the government's support measures will push public debt levels up further and an upcoming election will complicate efforts to reverse this fiscal deterioration.	Romania, Government of
Dallas (City of) TX: Federal appeals court hands City of Dallas another win on pension changes 01 MAY 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE Dallas no longer faces the risk that key pension benefit reforms will be overturned, providing a measure of near-term certainty for its pension system's asset base.	Dallas (City of) TX
State and local government – US: Low interest rates do not insulate governments from pension bond risks 24 APR 2020\|Sector In-Depth\|MOODY'S INVESTORS SERVICE Low interest rates and investing at or near a market bottom may increase the appeal of pension obligation bonds, but governments must accept higher exposure to investment market volatility.
U.S. Virgin Islands (Government of): Court’s order to pay pension contributions is unlikely to slow territory's path to restructuring 17 APR 2020\|Issuer Comment\|MOODY'S INVESTORS SERVICE A court has ordered the territory to contribute $63 million to pensions. Even if the territory follows the order, its pension system will soon be insolvent, likely triggering a restructuring	U.S. Virgin Islands (Government of)
State and local government – US: 2020 pension investment losses poised to inflict material credit damage 24 MAR 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Without a reversal, market losses will compound already elevated pension liabilities and greatly increase costs. Concurrently, revenue risks stemming from Coronavirus fallout are high.
State and local government – Ohio: Cuts to retiree healthcare benefits are credit positive for many Ohio governments 03 FEB 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Ohio's largest retirement system enacted numerous retiree healthcare benefit cuts, a credit positive move that will lower liabilities for the state and participating local governments.
Railway operators – France: Industrial action will reduce short-term earnings of SNCF and RATP, a credit negative 28 JAN 2020\|Sector Comment\|MOODY'S INVESTORS SERVICE Costs from rail traffic disruptions and ticket reimbursements will weigh on the earnings and operating margins of both entities in 2019, especially those of RATP.
Hall (County of) GA: Judgments upholding modifications to county employees' pensions plans are credit positive 20 DEC 2019\|Issuer Comment\|MOODY'S INVESTORS SERVICE Hall County Superior Court ruling in favor of Hall County is a credit positive as it upholds modifications to the county's pension plans.	Hall (County of) GA