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Public Finance

2025 Municipal Credit Themes: Considerations by Sector

  • Oppenheimer & Co. Inc.
  • January 31, 2025

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.

To access the full report, please complete the form below.

insights report
insights report

DISCLOSURES

This notice is provided for informational purposes only, and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. Nothing contained herein shall constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited.

This notice may contain statistical data cited from third-party sources believed to be reliable, but Oppenheimer & Co. Inc. does not represent that any such third-party statistical information is accurate or complete, and it should not be relied upon as such. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice.

2025 Oppenheimer & Co. Inc. Transacts Business on all Principal Exchanges and Member SIPC  7542462.2