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ARTICLE · 04 AUGUST 2011

Public Finance Update - July 2011

Goodwin Procter LLP
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As Congress continues its standoff regarding the country’s debt ceiling, Moody’s Investors Service has placed five triple-A states under review for a possible downgrade in light of their dependence on the ability of the United States to pay its bills.

United StatesStrategy
Lewis Feldman
Lewis Feldman

IN THIS ISSUE:

Muni Market Holds Its Breath While Politicians Play Chicken With Debt Ceiling

Legal Battle Over California Redevelopment Bills

IRS Scrutinizes Conduit Bonds

Homeownership Rates Decline – Is the American Dream Over?

Bond Market Snapshot

Muni Market Holds Its Breath While Politicians Play Chicken With Debt Ceiling

As Congress continues its standoff regarding the country's debt ceiling, Moody's Investors Service has placed five triple-A states under review for a possible downgrade in light of their dependence on the ability of the United States to pay its bills. Many states -- including Virginia and Maryland, two of the five states under Moody's scrutiny -- receive a significant portion of their revenues directly or indirectly from federally funded programs. For example, if the U.S. government defaults on its obligations to make Medicare and Medicaid payments, states with a significant population who rely on such payments will

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