Climate change is forecast to heighten US exposure to economic loss placing short- and long-term credit pressure on US states and local governments

Moody’s Investors Service announces that cities and states face growing negative credit ratings unless they demonstrate concerted efforts to prepare for the economic shocks and stresses of climate change impacts such as severe storms, sea level rise, heat waves and drought. A low bond rating will make it more difficult for municipalities to raise funds for any kind of major infrastructure improvement, fix damages from a flood or construct new schools.