Harrisburg woes spark fears of muni crisis
State capital of Pennsylvania flirts with default on two general obligation municipal bonds, raising fears over the ability of local government issuers to meet repayments.
Harrisburg, the state capital of Pennsylvania, narrowly avoided default on two general obligation municipal bonds in September, requiring a state aid package to meet its debt payments. The incident has prompted concerns over the creditworthiness of issuers across the US and speculation over the increased likelihood of a muni crisis
On September 1, Harrisburg announced it would be unable to meet a $3.29 million municipal bond payment due on September 15. Default looked likely until September 12
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