May 7 2021
11:38 AM
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  Wildfire prevention and relief packages   Fire scorched two million acres across both states, but muni credits remained relatively unscathed.  

Story by Keeley Webster - Story Source
Published on Saturday May 1, 2021 - 2:23 AM

California and Oregon lawmakers are considering significant wildfire prevention and relief packages after both states experienced devastating wildfire seasons last year.

More than one million acres burned in each state last year, a figure twice Oregon's annual amount over the past decade, according to the Oregon Department of Forestry.

The rating agencies are incorporating the likelihood of natural disasters into the analysis of municipal credits through systems that take climate change into account.

In most cases, the rating agencies, however, have not viewed natural disasters, including wildfires, as being a credit risk to state and local budgets, because of financial support from state and federal governments. Of the California blazes, Moody's Investors Service said in a September report that it expected most issuers would emerge with their bond ratings intact.