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State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression , in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [ 1 ]
This is a list of U.S. states by credit rating, showing credit ratings for sovereign bonds as reported by the three major credit rating agencies: Standard & Poor's, Fitch and Moody's. The list is given as of May 2021.
By 1841, nineteen of the twenty-six U.S. states and two of the three territories had issued bonds and incurred state debt. [1] Of these, the aforementioned states and territory were forced to default on payments. Four states ultimately repudiated all or part of their debts, and three went through substantial renegotiations. [2]
When considering bond prices, higher coupon rates, par values or periods to maturity will have higher prices. However, if a bond has a higher YTM, the bond price will be lower. Bond Prices vs ...
That also caused a selloff in government bonds and the benchmark 10-year Treasury yield reached 4.53% on Thursday, up around 3 basis points, after an 11 bps jump in the aftermath of the Fed. [US/]
A default may affect the United States' sovereign risk rating and the interest rate that it will be required to pay on future debt. As of 2012, the U.S. defaulted on its financial obligations once in 1979, due to a computer backlog, but the periodic crises relating to the debt ceiling have led several rating agencies to United States federal ...
The bond giant also favors lending to higher-quality companies in public and private markets. The Pimco note coincided with a steep climb in the benchmark 10-year Treasury yield this past week.
A number of states in the U.S. defaulted in the mid-19th century. [19] The most recent U.S. state to default was Arkansas, which defaulted in 1933. [20] More recently Greece became the first developed country to default to the International Monetary Fund. In June 2015 Greece defaulted on a $1.7 billion payment to the IMF. [21]