Greg Clark, head of municipal research at Debtwire, on the Puerto Rico debt crisis.
With Donald Trump’s expansive vague statements about Puerto Rico’s debt still hanging in the air as the island recovers from catastrophic hurricane damage, we spoke to debt expert Greg Clark about what’s really going in in Puerto Rico.
About Greg Clark
My colleagues know me as a municipal credit analyst whose research quickly uncovers the inherent strengths and weaknesses of tax-exempt bond issues. During my career I have assessed the credit quality of municipal bonds issued by the following:
• Toll roads, both traditional and P3 (public/private partnership)
• Public and private colleges and universities
• Hospitals and hospital systems
• California redevelopment agencies
• Continuing care retirement communities (CCRCs)
• Cities, counties, states, and other issuers of general obligation bonds throughout the U.S.
• Water, sewer, electric, and other municipal enterprise systems in the U.S.
I recently concluded fourteen years of service to the National Federation of Municipal Analysts (NFMA) and the Municipal Analysts Group of New York (MAGNY), eventually serving as chairman of each. At NFMA I was also co-chair of the Disclosure and Industry Practices Committees and served on a task force formed by the National Association of Bond Lawyers (NABL) that addressed disclosure of pension information.
Other NFMA activities included meetings and interim contacts with an SEC Commissioner, employees of the SEC’s Office of Municipal Securities, staff members of the U.S. House Financial Services Committee, and representatives of both the Government Finance Officers Association (GFOA) and Governmental Accounting Standards Board (GASB). In the past twenty years I have also served on various GASB task forces.
During my career I have spoken before the Indiana Utility Regulatory Commission and at numerous conferences held by The Bond Buyer and NFMA. Two panels I moderated at NFMA conferences were chosen for publication in “Municipal Finance Journal”.