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A buyout program for G.M.'s union retirees would further reduce long-term obligations.
Eaton Vance examined each state's combined long-term obligations for those three components.
Here is how captive reinsurance works: A life insurer sells policies, creating long-term obligations.
Until recently, long-term obligations to PFI contractors did not figure in the public accounts, which flattered the public finances.
Most banks must continually refinance their long-term obligations, and some would collapse without access to short-term credit.
Assuming the bankruptcy plan is approved, the city will have saved some money and shed some long-term obligations.
The pension fund's current balance is scarcely two-thirds the amount needed to meet the state's long-term obligations.
Tyco also plans to spread its corporate debt — about $4.1 billion in long-term obligations as of June — across the three spun-out businesses.
Mr. Snyder and Detroit's emergency manager, Kevyn D. Orr, estimate the city's debt and other long-term obligations at $18 billion.
But the State Legislature — ever willing to pander to powerful union leaders — negotiates pensions, one of the city's biggest long-term obligations.
That confidence has now evaporated as investors focus on long-term obligations, which continue to grow as the cost of refinancing mounts.
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