Analyst: Market, Raters Are Asleep At the Wheel on Pension Liabilities

Shields, Yvette
March 2006
Bond Buyer;3/8/2006, Vol. 355 Issue 32334, p38
Trade Publication
The article discusses the warning issued by Richard Ciccarone, chief research officer for McDonnell Investment Management, that rating agency analysts and investors have failed to penalize local municipalities and states for their unfunded pension liabilities in the United States. Ciccarone identified Illinois as an example that the otherwise efficient market is not paying ample attention to unfunded liabilities.


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