Jefferson County Bankruptcy Is Unique

Yesterday, Jefferson County, Alabama filed for bankruptcy—a move we had long anticipated. The County’s $4.2 billion in debt makes this the largest municipal bankruptcy in US history.

As we explained in an article that we published on April 4, 2011, we believed that a Jefferson County bankruptcy would be a unique situation and not a “precursor to a wave of municipal bankruptcies or defaults that will sweep the nation.” The bankruptcy in no way changes our analysis of the municipal bond market’s current health.

Douglas J. Peebles

Douglas J. Peebles joined the firm in 1987 and is the Chief Investment Officer of AB Fixed Income. In this role, he supervises all of the Fixed Income portfolio-management and research teams globally. In addition, Peebles is Chairman of the Interest Rates and Currencies Research Review team, which is responsible for setting interest-rate and currency policy for all fixed-income portfolios. He has held several leadership positions within the fixed-income division, having served as director of Global Fixed Income from 1997 to 2004, and then co-head of AllianceBernstein Fixed Income from 2004 until August 2008. He earned a BA from Muhlenberg College and an MBA from Rutgers University. Location: New York

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