As reported here:
[C]osts ballooned as interest rates rose and since 2008, Alabama's most-populous county has teetered on the verge of bankruptcy. With more than $5 billion in total indebtedness, a Chapter 9 filing would surpass that filed in 1994 by Orange County, California.
At $3.7 trillion, the US municipal bond market is about 10.5 percent of the entire US bond market. The Alabama failure is barely over one tenth of one percent of the whole municipal market.
