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2026 Municipal Sector Outlook: Resilience with Room for Surprises
by John Ceffalio of Northern Trust, 2/2/26

Municipal credit remains strong in 2026 with high reserves and sector resilience. Still, policy changes and economic pressures ahead warrant attention.

Municipal Bonds: The State of the States
by Terrance Hults, Matthew Norton, John Ceffalio of AllianceBernstein, 11/10/20

States face revenue shortfalls from COVID-19 costs and shutdowns. We look under the hood to assess how some of the most indebted states are faring.

Puerto Rico Bonds: Restructure Needed
by Guy Davidson, John Ceffalio of AllianceBernstein, 3/17/16
A year ago, many people asked us if Puerto Rico’s debt was a good investment. Our answer now, as it was then, is “no.” For investors with strategies that can include high yield, it’s “not yet.”

California’s Drought Won’t Affect Its Municipal Debt
by Daryl Clements, John Ceffalio of AllianceBernstein, 7/2/15
California has endured four years of severe drought, raising fears of economic hardship and reduced revenues at water authorities. We don’t think the state will run out of water—or money to pay its debts.

Illinois and California: Similar Challenges, Different Approaches
by Joseph Rosenblum, Neene Jenkins, John Ceffalio of AllianceBernstein, 9/27/13
Every state faces challenges when it comes to balancing the books, but not every state is equally effective at tackling them. The responses of California and Illinois to post-2008 difficulties show how different the approaches can beand how much is at stake.
5 results found.