Analyzing Credit of Municipal Bonds
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Two general types of municipal bonds (or “munis” as they are commonly called):
- Tax-backed or general obligation bonds.
- Revenue bonds.
These bond types require their own distinct approaches when performing credit analysis.
Tax backed bonds: factors to consider
- The debt burden of the community. This is commonly examined in terms of debt per capita, debt as a percent of real estate values, and/or debt as a percent of community personal income.
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