Why has Puerto Rico become such an issue now? Should investors be concerned with a downgrade or default? Is Puerto Rico a systemic risk for the municipal market? Historically, Puerto Rico (PR) bonds’ high yield and triple tax exemption (federal, state and local) had been a big lure for many institutional investors, such as mutual
Chad Farrington, CFA, Head of Municipal Bond Research
Chad Farrington is director of municipal credit and a senior municipal fixed income portfolio manager for Columbia Management Investment Advisers, LLC (CMIA). He also serves as a senior credit analyst, focusing on continuing care retirement communities, senior living, multi-family and other traditional high yield products. Mr. Farrington joined the firm in 2003 and has been a member of the investment community since 1998.
Prior to joining the firm, Mr. Farrington spent five years at Fitch Ratings as a director in the firm’s health care and tax-backed groups. While at Fitch Ratings, he produced numerous rating reports and several special research pieces on the health care sector. Mr. Farrington also delivered several speeches on the long-term care sector.
Mr. Farrington earned a B.S. in business finance and a minor in economics from Montana State University. He is a member of the Boston Security Analysts Society, Boston Municipal Analyst Forum and the National Federation of Municipal Analysts. In addition, he holds the Chartered Financial Analyst designation.