Borrowing costs drop for local governments

Filed under: AM Roundup |

Interest rates for states and municipalities is at a two year low, according to Bloomberg.

Rates are lower because predictions of defaults by local governments failed to materialize. Municipal bond defaults equaled about $1.1 billion, a quarter of what defaults were last year.

In addition, state and local revenue saw a 6.9 percent increase, reports said.

Read more at Bloomberg.com.