Chronically Late Municipal Bond Audits Further Delayed in FY 2018

Merritt Research Service‚Äôs Richard Ciccarone takes an in-depth look at chronically late municipal bond issuer audit times by credit sector and individual obligated borrowers. The full report, with a detailed statistical appendix that includes actual best and worst audit report times by sector, is available via the link below.   The analysis  provides a credit sector historical breakdown and covers fiscal years 2008 to 2018. The report points to municipal borrowers that have a track record of completing their audits in 90 or 120 days providing positive evidence that the muni...

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Category: CreditScope, Merritt Data, Article

Merritt President and CEO, Richard A. Ciccarone Updates Annual Municipal Bond Audit Times Analysis

Municipal bond analysts and investors are accustomed to waiting a lot longer for municipal bond financial audits to be completed after the close of the fiscal year than they would on a corporate bond.  While public corporations are required to file an annual audit within 60 to 90 days after the close of the year, municipal bond borrowers often finish their audited annual reports in close to twice that time and a large number take even much longer (...)

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Category: CreditScope, Merritt Data, Article