When ratings agency Standard & Poor’s (S&P) downgraded the creditworthiness of the largest municipal utility in the United States, some experts warned it could signal early cracks in the historically stable municipal bond market. But the wider consensus is that municipalities—in both the U.S. and Canada—are awakening to climate risk, a shift many see as a positive development.
‘Not If, But When’: Cities Face Rising Climate Risk as Downgrade Jolts U.S. Municipal Bonds
