Municipal Issuer Profile API

{ "IssuerName": "City of Detroit, Michigan", "IssuerType": "City", "State": "Michigan", "Population": "Approximately 630,000 residents (2024), down from a 1950 peak of 1.85 million", "IssuerProfile": "Detroit is the largest city in Michigan and a historically significant American municipal issuer. Following decades of population decline and industrial contraction, Detroit filed the largest municipal Chapter 9 bankruptcy in US history on July 18, 2013 with approximately $18-20 billion in liabilities. The city emerged from bankruptcy in December 2014 under a Plan of Adjustment that restructured debts, pension obligations, and retiree health benefits. Post-bankruptcy Detroit has executed a measurable financial recovery.", "TypicalSecurityTypes": "Post-bankruptcy Financial Recovery Bonds; limited tax General Obligation bonds; unlimited tax GO bonds; Distributable State Aid (DSA) bonds secured by state-shared revenues (a credit strengthener used in recovery); Detroit Water and Sewerage Department revenue bonds (operations transferred to Great Lakes Water Authority in 2016)", "GeneralCreditStanding": "Post-recovery Detroit GO ratings have been upgraded multiple times from deeply distressed post-bankruptcy levels; please verify current ratings on EMMA or rating agency sites as ratings are subject to change. DSA-backed bonds carry meaningfully stronger ratings than pure GO due to state-shared revenue capture mechanics. Credit narrative focuses on continued population and tax base stabilization, disciplined post-bankruptcy financial management, and pension funding performance.", "OutstandingDebtOverview": "Significantly reduced post-bankruptcy debt stack after Plan of Adjustment restructuring; ongoing issuance for capital needs within conservative debt affordability framework established by the Financial Review Commission; DSA bonds and unlimited tax GO remain active categories", "NotableEvents": "Chapter 9 bankruptcy filing July 18, 2013 (largest in US municipal history); Plan of Adjustment confirmed November 2014, effective December 2014; Michigan Financial Review Commission oversight imposed post-exit; Detroit Institute of Arts 'Grand Bargain' protected museum collection through private and state contributions; pension cuts to general employees (approximately 4.5% base reductions plus COLA suspension) were litigated and upheld", "PensionAndOPEBNotes": "General Retirement System (GRS) and Police and Fire Retirement System (PFRS) both restructured under Plan of Adjustment; hybrid plan structure for new employees; city contributions established by plan; OPEB obligations substantially reduced through plan treatment; funded ratios meaningfully improved post-bankruptcy though remain a key credit consideration", "KeyRevenueSources": "Income tax (residents and non-residents working in Detroit); property tax (constrained by low taxable values relative to levy needs); state-shared sales tax revenues (Distributable State Aid); utility users tax; wagering/casino tax from the three Detroit casinos", "EMMAReferenceURL": "https://emma.msrb.org/IssuerHomePage/Issuer?id=DETROITMI", "MSRBReferenceURL": "https://www.msrb.org", "Code": "Success", "Credits": "20220048" }

{ "IssuerName": "Metropolitan Transportation Authority (New York)", "IssuerType": "Transit Authority", "State": "New York", "Population": "Serves a 12-county service region of approximately 15.3 million residents; pre-pandemic daily ridership approximately 8.5 million across subway, bus, and commuter rail", "IssuerProfile": "The MTA is the largest public transit authority in North America, operating New York City Transit (subway and bus), Long Island Rail Road, Metro-North Railroad, MTA Bus Company, and MTA Bridges and Tunnels. As one of the largest US municipal issuers with multiple distinct bond credits, the MTA funds a massive capital program and substantial debt service through a mix of fares, tolls, dedicated taxes, and state support.", "TypicalSecurityTypes": "Transportation Revenue Bonds secured by farebox and dedicated tax revenues; Dedicated Tax Fund Bonds secured by Metropolitan Mass Transportation Operating Assistance receipts; TBTA (Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels) General Revenue Bonds secured by bridge and tunnel tolls; Payroll Mobility Tax bonds; Hudson Rail Yards Trust Obligations", "GeneralCreditStanding": "Multiple distinct credits with ratings varying by security type; TBTA Senior Lien historically strongest rated given bridge and tunnel toll monopoly; Transportation Revenue Bonds carry lower ratings reflecting farebox volatility; please verify current ratings on EMMA or rating agency sites as ratings are subject to change. COVID-era ridership collapse created severe stress, largely addressed through federal aid and congestion pricing implementation.", "OutstandingDebtOverview": "Total MTA consolidated debt exceeding $40 billion across multiple credits; capital program of $50+ billion over five-year periods drives continued substantial issuance; significant variable-rate exposure and associated swap portfolio; various federal TIFIA and RRIF loans supplement bond financing", "NotableEvents": "Severe ridership and revenue collapse during COVID-19 (2020-2022), addressed through federal CRRSA, ARPA, and state support; central business district tolling (congestion pricing) implementation after extensive litigation provides new dedicated revenue stream for capital program; historical governance reforms including state oversight board structures; continuing scrutiny of operating efficiency and capital program execution", "PensionAndOPEBNotes": "Multiple pension plans across MTA operating agencies including MTA Defined Benefit Plan, NYCERS for NYCT employees, and LIRR/Metro-North Railroad Retirement Board coverage; substantial OPEB obligations; pension funding is a continuing credit consideration though less dominant than for general-purpose governments given the dedicated-revenue structure", "KeyRevenueSources": "Farebox revenues (all operating agencies); MTA Bridges and Tunnels toll revenues (dedicated to TBTA credit with surplus to other MTA credits); Payroll Mobility Tax on employers in the MCTD; Metropolitan Mass Transportation Operating Assistance (MMTOA) receipts from various state taxes; congestion pricing revenues (post-implementation); state operating assistance; federal formula funding", "EMMAReferenceURL": "https://emma.msrb.org/IssuerHomePage/Issuer?id=NYMTA", "MSRBReferenceURL": "https://www.msrb.org", "Code": "Success", "Credits": "20220023" }

{ "IssuerName": "Commonwealth of Puerto Rico", "IssuerType": "Territory", "State": "Puerto Rico", "Population": "Approximately 3.2 million residents (2024), down from 3.7 million in 2010", "IssuerProfile": "The Commonwealth of Puerto Rico is a US territory that operated for decades as a major municipal bond issuer under triple tax exemption. Following a sustained fiscal and economic crisis, Puerto Rico defaulted on multiple debt obligations beginning in 2015-2016 and Congress enacted PROMESA (Puerto Rico Oversight, Management, and Economic Stability Act) in June 2016, creating the Financial Oversight and Management Board and establishing a Title III debt restructuring process analogous to Chapter 9 bankruptcy (which is unavailable to territories under the Bankruptcy Code).", "TypicalSecurityTypes": "Historically issued General Obligation bonds, Sales Tax Revenue (COFINA) bonds, Puerto Rico Electric Power Authority (PREPA) revenue bonds, Puerto Rico Highways and Transportation Authority bonds, Puerto Rico Aqueduct and Sewer Authority bonds, pension obligation bonds; most major credits have been through Title III restructuring", "GeneralCreditStanding": "Post-restructuring credit quality varies substantially by credit; GO and COFINA restructurings completed; PREPA restructuring still in progress as of most recent public information; please verify current ratings and restructuring status on EMMA and with the FOMB. Post-PROMESA credits generally operate under continued fiscal oversight until fiscal responsibility thresholds are met.", "OutstandingDebtOverview": "Post-restructuring debt stacks substantially reduced from pre-crisis levels; restructured GO and COFINA bonds have new payment terms and credit structures established through Title III plans of adjustment; PREPA restructuring when completed will materially affect that specific credit; capital appreciation bonds and complex accreted-value instruments were significant pre-crisis features", "NotableEvents": "Congressional passage of PROMESA June 2016 creating Financial Oversight and Management Board; initial defaults beginning 2015-2016; Title III petitions filed May 2017 for Commonwealth and major instrumentalities (largest municipal-sector debt restructuring in US history); Hurricanes Irma and Maria September 2017 compounded fiscal crisis; Plan of Adjustment confirmed for Commonwealth and COFINA; successive earthquakes 2020 and pandemic impacts added stress; pension reform component of restructuring", "PensionAndOPEBNotes": "Puerto Rico Government Employees Retirement System and Puerto Rico Teachers Retirement System were historically severely underfunded (below 1% funded ratio pre-restructuring); pension reform was central component of PROMESA-era restructuring moving to pay-as-you-go with reserve funding; constitutional protections for pensions are a continuing legal and political question", "KeyRevenueSources": "Sales and use tax (including portion dedicated to restructured COFINA); individual and corporate income tax; federal transfers; excise taxes including rum cover-over; Act 154 foreign corporation excise tax (significant and concentrated revenue source); hotel room tax", "EMMAReferenceURL": "https://emma.msrb.org/IssuerHomePage/Issuer?id=PR", "MSRBReferenceURL": "https://www.msrb.org", "Code": "Success", "Credits": "20219998" }

{ "IssuerName": "Los Angeles Unified School District", "IssuerType": "School District", "State": "California", "Population": "Serves approximately 540,000 students across 710+ schools, the second-largest school district in the United States", "IssuerProfile": "The Los Angeles Unified School District (LAUSD) is the second-largest public school district in the United States and one of the largest municipal bond issuers in California. LAUSD serves most of the City of Los Angeles and several surrounding communities. The district has financed an enormous facilities modernization program through voter-approved general obligation bond measures over the past three decades, establishing it as a major serial GO issuer in the California market.", "TypicalSecurityTypes": "Voter-approved General Obligation bonds secured by ad valorem property tax on all taxable property within the district; Certificates of Participation (COPs); Tax and Revenue Anticipation Notes (TRANs) for operating cash flow management; occasional refunding bonds", "GeneralCreditStanding": "LAUSD GO bonds have historically carried strong ratings supported by the diverse and deep Los Angeles property tax base; please verify current ratings on EMMA or directly with rating agencies. Credit strength derives from the breadth of the property tax base and the voter-approved unlimited nature of the GO pledge; operating-side pressures including enrollment decline, pension costs, and labor agreements are credit considerations distinct from the GO debt security.", "OutstandingDebtOverview": "Significant outstanding GO debt from successive voter-approved measures (Proposition BB 1997, Measure K 2002, Measure R 2004, Measure Y 2005, Measure Q 2008, Measure RR 2020); regular serial issuances implementing authorized but unissued portions of approved measures; COPs for specific facility financings; minimal variable-rate exposure", "NotableEvents": "No defaults; successive voter-approved bond measures have sustained capital program; enrollment decline from peak levels is a long-term trend affecting operations (though not GO security); 2019 United Teachers Los Angeles strike; COVID-era enrollment impacts; continued pension cost pressures via CalSTRS and CalPERS contributions", "PensionAndOPEBNotes": "Certificated employees covered by CalSTRS (California State Teachers Retirement System) with state, district, and employee contributions; classified employees covered by CalPERS schools pool; funded ratios and contribution rates set at the state system level; substantial OPEB liability for retiree health benefits; PEPRA reforms (2013) reduced benefit tier for new employees", "KeyRevenueSources": "For GO debt: ad valorem property tax levy on all taxable property within district boundaries, legally required to be set at amount sufficient to pay debt service; for general operations: state Local Control Funding Formula (LCFF) apportionment (dominant source), federal funds, local parcel tax revenues (where applicable), interest and miscellaneous", "EMMAReferenceURL": "https://emma.msrb.org/IssuerHomePage/Issuer?id=LAUSD", "MSRBReferenceURL": "https://www.msrb.org", "Code": "Success", "Credits": "20219973" }