U.S. Municipal Defaults Declined Last Quarter, Newsletter Says
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U.S. municipal defaults fell last quarter as local governments reduced expenses instead of forgoing payments on debt, bucking banking analyst Meredith Whitney’s forecast for a surge in failures.
There were 12 defaults in the period, totaling $126 million, a decline from 18 in the same quarter last year and 24 in the same three months of 2009, according to the Distressed Debt Securities Newsletter.