2025 Municipal Credit Themes: Considerations by Sector
Oppenheimer Public Finance is pleased to present an in-depth analysis of key credit factors shaping the municipal landscape this year.
While we anticipate a challenging environment ahead — characterized by a slowing economy, elevated costs, affordability pressures, demographic shifts, and evolving federal policies — municipal issuers are generally well-positioned to navigate these headwinds without compromising credit quality. This report provides a closer examination of these trends and their implications.
Key Sector Highlights:
- States: Preparing for a more challenging FY 2026 budget cycle.
- Towns, Cities, and Counties: Adapting to weaker fiscal conditions.
- K–12 School Districts: Navigating a difficult operating environment.
- Water and Sewer Utilities: Grappling with multiple, complex influences.
- Public Power: Undergoing transformative changes.
- Transportation: Maintaining a generally strong position.
- Housing: Delivering a stable performance.
- Higher Education: Experiencing widening disparities in credit quality.
- Healthcare: Adjusting to an evolving operational landscape.
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