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CMA Global Sovereign Credit Risk Report for US states

San Francisco ferry building

CMA recently released a Global Sovereign Credit Risk Report for 2010 third-quarter, that assessed major countries around the world, but also ranked major US states. Was interesting to see that Illinois and California topped the list, with Michigan and New Jersey not far behind for the worst credit risk. Some of our states have higher credit default risk than Iraq.

The next time we consider buying general obligation bonds, we will definitely cross-reference this list with any S&P, Moody’s, or Fitch ratings.