“They (Moody’s) really are putting all of these coastal municipalities on notice. And it’s not just the municipalities. Importantly, they’re putting the states on notice,” says Mayra Rodriguez Valladares, managing principal of MRV Associates, a bank and capital markets consulting firm. States with large coastal populations and economies face credit risks over a multi-decade horizon because of a weaker economy, increased maintenance costs and lost tax revenue, the report states. That’s going to be particularly hard on financially stressed states like New Jersey, Valladares says.”