(The Center Square) – New Hampshire came in 17th highest in a new ranking of states’ credit outlooks by municipal bond manager Conning Investment Products Inc., which downgraded its overall assessment from stable to negative. 

New Hampshire received a “raw score” of 22 in the Conning study, which has lowered its assessment of the states’ credit quality due to the impact of the coronavirus pandemic. The state was ranked sixth for its tax climate and 27th for economic debt and personal income.

Slumping oil prices and a decline in equity markets have also led to concerns in many states about reductions in tax collections, the analysis states. Ramped-up expenditures to fight COVID-19 have also added to states’ financial stress, according to the study.

Conning expects states’ municipal bond outlooks over the next year will worsen, even with the federal government’s efforts to provide coronavirus relief funding. But states’ credit performances will vary since many states are in better economic shape than others, according to the analysis. 

The company, which manages more than $9 billion in municipal bonds for its clients, regularly ranks the states’ credit quality based on numerous economic metrics, including pension funding concerns.

---

Ranking of States’ Municipal Bond Markets

StateRaw ScoreOverall RankTax Climate RankEconomic Debt / Personal Income Rank
Utah12.6198
Colorado14.1221717
Washington15.3231929
Idaho15.44216
South Carolina17.5253020
Wyoming17.56619
Arizona17.6872011
Texas18.281335
Tennessee18.89185
Florida18.9810412
Oregon19.9211828
North Dakota20.0812167
Nevada20.2813713
Nebraska20.414281
North Carolina20.76151510
Virginia21.32162518
New Hampshire2217627
Iowa22.1618423
Minnesota23.08194516
California23.12204839
Delaware23.24211146
Massachusetts23.52223644
Montana23.8823526
Oklahoma24.1224272
Georgia24.16253214
New Mexico24.4262231
Alabama24.8274030
Wisconsin25.52282615
Indiana26.24291023
Missouri26.4301421
Maine26.52313334
South Dakota29.963224
Maryland28.2334341
Rhode Island28.2343940
Vermont29.44354443
Pennsylvania29.64362933
Kansas30.24373422
New Jersey30.4385050
Ohio30.56393819
Connecticut30.92404747
New York30.92414936
Hawaii31423749
Michigan31.2431225
Alaska33.0844342
Arkansas34.72454624
Illinois38.2463548
West Virginia38.52472338
Mississippi39.88483132
Louisiana39.88494137
Kentucky40.64502445

Source: Conning Investment Products Inc.