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Moody's says Sandy will test municipalities' liquidity

Men stand near a boat which was pushed inland near destroyed homes in Brighton, New York on October 31, 2012. REUTERS/Adrees Latif

Men stand near a boat which was pushed inland near destroyed homes in Brighton, New York on October 31, 2012.

Credit: Reuters/Adrees Latif

NEW YORK | Thu Nov 1, 2012 10:59am EDT

NEW YORK (Reuters) - Massive storm Sandy might put strains on the liquidity of some municipalities facing unbudgeted costs related to clean-up and repairs, Moody's rating agency said on Thursday.

The Wall Street ratings agency said that although the track record of recovering from natural disasters is "extremely strong" for U.S. municipal issuers, there are risks.

Up-front clean-up costs may exceed budgeted contingencies, aid from higher levels of government could be delayed and insurance reimbursement could arrive too late, it said.

(Reporting by Tiziana Barghini; Editing by James Dalgleish)
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Comments (1)
paulastone wrote:
this is exactly why we need to remove credit agencies, like moody’s, from the self-propogating feedback loop of US financial markets. people are homeless and suffering… we shouldn’t be worrying about municipal liquidity.

Nov 01, 2012 12:27pm EDT  --  Report as abuse
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