United States

Analysis ranks New Hampshire 17th highest among states for its municipal bond outlook

(The Center Square) – New Hampshire came in 17th highest in a new ranking of states’ credit outlooks by municipal bond manager Conning Investment Products Inc., which downgraded its overall assessment from stable to negative.

New Hampshire received a “raw score” of 22 in the Conning study, which has lowered its assessment of the states’ credit quality due to the impact of the coronavirus pandemic. The state was ranked sixth for its tax climate and 27th for economic debt and personal income.

Slumping oil prices and a decline in equity markets have also led to concerns in many states about reductions in tax collections, the analysis states. Ramped-up expenditures to fight COVID-19 have also added to states’ financial stress, according to the study.

Conning expects states’ municipal bond outlooks over the next year will worsen, even with the federal government’s efforts to provide coronavirus relief funding. But states’ credit performances will vary since many states are in better economic shape than others, according to the analysis.

The company, which manages more than $9 billion in municipal bonds for its clients, regularly ranks the states’ credit quality based on numerous economic metrics, including pension funding concerns.

Ranking of States’ Municipal Bond Markets

State Raw Score Overall Rank Tax Climate Rank Economic Debt / Personal Income Rank
Utah 12.6 1 9 8
Colorado 14.12 2 17 17
Washington 15.32 3 19 29
Idaho 15.4 4 21 6
South Carolina 17.52 5 30 20
Wyoming 17.56 6 1 9
Arizona 17.68 7 20 11
Texas 18.2 8 13 35
Tennessee 18.8 9 18 5
Florida 18.98 10 4 12
Oregon 19.92 11 8 28
North Dakota 20.08 12 16 7
Nevada 20.28 13 7 13
Nebraska 20.4 14 28 1
North Carolina 20.76 15 15 10
Virginia 21.32 16 25 18
New Hampshire 22 17 6 27
Iowa 22.16 18 42 3
Minnesota 23.08 19 45 16
California 23.12 20 48 39
Delaware 23.24 21 11 46
Massachusetts 23.52 22 36 44
Montana 23.88 23 5 26
Oklahoma 24.12 24 27 2
Georgia 24.16 25 32 14
New Mexico 24.4 26 22 31
Alabama 24.8 27 40 30
Wisconsin 25.52 28 26 15
Indiana 26.24 29 10 23
Missouri 26.4 30 14 21
Maine 26.52 31 33 34
South Dakota 29.96 32 2 4
Maryland 28.2 33 43 41
Rhode Island 28.2 34 39 40
Vermont 29.44 35 44 43
Pennsylvania 29.64 36 29 33
Kansas 30.24 37 34 22
New Jersey 30.4 38 50 50
Ohio 30.56 39 38 19
Connecticut 30.92 40 47 47
New York 30.92 41 49 36
Hawaii 31 42 37 49
Michigan 31.2 43 12 25
Alaska 33.08 44 3 42
Arkansas 34.72 45 46 24
Illinois 38.2 46 35 48
West Virginia 38.52 47 23 38
Mississippi 39.88 48 31 32
Louisiana 39.88 49 41 37
Kentucky 40.64 50 24 45

Source: Conning Investment Products Inc.

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