Reuters: Bankruptcy News: Moody's: muni defaults have increased since financial crisis

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Moody's: muni defaults have increased since financial crisis May 7th 2013, 13:41 NEW YORK | Tue May 7, 2013 9:41am EDT NEW YORK May 7 (Reuters) - Moody's Investor Service said on Tuesday that the number of municipal bond defaults have increased since the financial crisis but it added that defaults remain few in number. In 2012 there were five Moody's-rated defaults and 23 since the beginning of the recession in 2008, with an average of 4.6 defaults per years, up from 1.3 in the 1970-2007 period. "Revenue and spending pressures from the sluggish economic recovery, including soaring pension costs, have intensified credit stress faced by local governments," Moody's said in an annual report on municipal on defaults and recoveries. The five Moody's rated defaults last year were KidsPeace (nonprofit, PA), Wenatchee, WA, Stockton, CA, American Opportunity for Housing-Colinas, TX, and Oakdale Sewer Enterprise, CA.

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