Moody’s Investors Service Inc. recently warned coastal communities that it might lower their credit ratings if they don’t address the risks stemming from climate change.
The credit rating agency giant says that coastal locations are at risk from surging seas and intense storms. Therefore, they are at greater risk of defaulting on bonds.
Moody’s will ask questions about what cities are doing to mitigate risk exposure, an executive from the agency told Bloomberg. Moody’s assesses several factors related to climate change such as economic activity that comes from coastal areas, hurricane and extreme-weather damage as a share of the economy, and the share of homes in a flood plain.
The company has been pressured by investors to be more forthcoming about how it factors climate change into how it determines ratings. In theBloomberg report, the Moody’s executive said he couldn’t recall any examples to date of the company downgrading a city or state because it failed to address climate risk. But, that could change in the future.
Related Stories
| Feb 12, 2013
California resolves ADA inconsistencies with 2013 building code
The recently adopted 2013 California Building Code (CBC) revisions bring the state code in line with the federal Americans With Disabilities Act 2010.
| Feb 12, 2013
Bullitt Foundation says Living Building Challenge can only be met after code change
The 50,000 sf Bullitt Center in Seattle is being constructed to be the greenest, most energy-efficient commercial building in the world, and meet the ambitious goals of the Living Building Challenge.
| Feb 12, 2013
Tilt-Up Concrete Assn. offers technical advice on 2012 International Energy Code
The Tilt-Up Concrete Association (TCA) says it can be a major industry resource in helping designers adhere to the International Energy Conservation Code (IECC).
| Feb 8, 2013
WDMA releases national policy agenda for windows, doors, skylights
Document urges a regulatory stance that will support manufacturing, including favorable building codes and tax policy.
| Feb 6, 2013
Green-roofing bills approved by New Jersey's state Assembly
Two bills that would require installation of green and blue roofs on new government buildings received overwhelming approval from the state Assembly in New Jersey.
| Feb 6, 2013
BOMA favors voluntary energy benchmarking and disclosure, opposes mandates
The Building Owners and Managers Association (BOMA) International announced support for voluntary energy benchmarking, but said it opposes mandates for benchmarking, disclosure, and labeling that many states and municipalities are implementing.
| Feb 6, 2013
Lumber Standard Committee approves new Southern Pine design value changes
The American Lumber Standard Committee Board of Review has approved the Southern Pine Inspection Bureau’s design value changes for all sizes and grades of visually graded Southern Pine dimension lumber.
| Feb 6, 2013
CEIR seeks public input on draft of PV racking and attachment document
The Center for Environmental Innovation in Roofing (CEIR) has released the first public draft of PV Racking and Attachment Criteria for Effective Low Slope Metal Panel Roof System Integrationfor an initial round of public comment.
| Feb 6, 2013
Insurance Institute demonstration shows advantages of following wind resistance standards
A demonstration by the Insurance Institute for Business and Home Safety shows how powerful winds affect concrete-and-steel buildings built with different techniques.
| Jan 31, 2013
Proposed ASHRAE legionellosis prevention standard open for third public comment
Changes to a proposed ASHRAE legionellosis prevention standard associated with building water systems are open for public comment.
