Credit rating agency issues warning on climate change to cities

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Ocean City flooded by winter storm, jersey shore

NATHAN ROTT / NPR – One of the largest credit rating agencies in the country is warning U.S. cities and states to prepare for the effects of climate change or risk being downgraded.

In a new report, Moody’s Investor Services Inc. explains how it assesses the credit risks to a city or state that’s being impacted by climate change — whether that impact be a short-term “climate shock” like a wildfire, hurricane or drought, or a longer-term “incremental climate trend” like rising sea levels or increased temperatures.

Also taken into consideration: “[communities] preparedness for such shocks and their activities in respect of adapting to climate trends,” the report says …

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