Kentucky floods’ impact may be more long-term than near-term
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Bloomberg News
Credit implications from floods that have ravaged many parts of Kentucky in the past several weeks are likely more long-term than short-term, an analyst said.
“People are generally not insured for floods at all,” said Denise Rappmund, vice president of Public Finance at Moody’s Ratings. “All of Kentucky is underinsured for flood events. …
“The concern with any of these
The floods don’t pose a credit concern for Kentucky, since it maintains high rainy-day reserves, Rappmund said. Still, she noted, “To be clear, I do not see estimates yet on the cost of damage, so I am estimating based on past events.”
The floods have affected most of Kentucky, with central, southern and eastern Kentucky hardest hit. “This flooding has … taken the lives of four children of God, gone too soon,” said Gov. Andy Beshear. “People have lost their homes and so much more.”
Beshear declared a state-wide emergency in late June.
