States’ pension liabilities, a source of credit stress for years, are declining and providing financial flexibility. In England, some local governments are grappling with substantial deficits.Guests: Sunny Zhu, Assistant Vice President – Analyst, Moody’s Investors Service and Zoe Jankel, Vice President – Senior Credit Officer, Moody’s Investors ServiceHost: Nick Samuels, Senior Vice President, Moody’s Investors ServiceRelated content on Moodys.com (may only be available to subscribers):States – US: Ability to service long-term liabilities and fixed costs improvesLocal Governments – UK: More to fail as weak governance amplifies the impact of property and rates cycles

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