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Define Underlying Debt

Definition of Underlying Debt

Underlying debt is the debt which is taken by small local government but if local government will unable to repay it, larger state or national government will take its responsibility for repaying. That debt is called underlying debt. This debt is taken through issuing local government bonds.

Underlying Debt Example

Municipal bond is the example of underlying debt because it is issued local government. Interest received is exempted from Income tax. This debt is collected for making of highways, bridges or schools and local roads.

Credit Rating of Underlying Debt 

There are some agencies which provide the credit rating service. Through assigning rate, it fixes the ability of debtor to repay his taken debt. Because underlying debt is taken by Local government and it is guaranteed by higher level government, so its ability of repay the loan is good as per credit rating agencies.

Related : Meaning of Debt 


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Accounting Education: Define Underlying Debt
Define Underlying Debt
Accounting Education
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