California’s high rainfall in 2023 is continuing into 2024 but has yet to have a material effect on credit quality for cities and counties rated by S&P Global Ratings, however the longer-term effects on issuers could be more significant, the ratings agency said.
S&P Global Ratings said in a new report that maintaining high levels of reserves and liquidity is one way issuers can navigate the short-term effects of extreme weather events, in particular as FEMA reimbursement, if approved, can take months or even a year to arrive.
The report does not constitute a rating action.
S&P Global Ratings continues to monitor the effects of extreme weather events on the credit quality of California cities and counties by evaluating infrastructure, risk management and finances on a case-by-case basis.
Topics California Flood
Was this article valuable?
Here are more articles you may enjoy.
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
In Alabama, Shot Employee Gets No Workers’ Comp and No Employer’s Liability 
US E&S Outlook No Longer Positive: AM Best 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
