Houston’s debts are now bigger than Detroit’s.
According to one key measure of fiscal health, Houston’s situation is nearly as bad as that of Chicago, which is starting to collapse under its debt burdens.
The city’s financial reputation took a hit earlier this month when Moody’s Investors Service revised its outlook on Houston to “negative.”
Even that review doesn’t capture the depth of some of the holes the city’s financial planners have dug.
Moody’s has gotten a reputation for a taking a more critical look at municipal pension debt than its competitors in the ratings business, but it ……. read more here.