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Municipal Pension-Bond Sales May Increase Default Risk, Moody's Says
Bloomberg Link to more items from this source
Dec. 14, 2012
"State and local governments issuing bonds to bolster their pension funds may increase the chance of defaulting on their debt while probably failing to improve their credit quality, Moody's Investors Service said. The securities will have either a neutral or negative effect on a government's creditworthiness, depending on the size of the sale and the use of proceeds, Moody's said ... Turning unfunded pension promises into bonds keeps liabilities unchanged, though it raises the risk of a default as the amount of debt increases."

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