Moody's Rated New Hampshire's $100 Million BTC Bonds as "Junk"

The agency assigned them a preliminary rating of Ba2, which is two notches below the lowest investment grade. Despite being issued by a government authority, they can be redeemed solely with collateral in BTC. State funds cannot be used. The custodian BitGo will store the BTC and act as the liquidator. The initial collateral coverage ratio is 1.60x; liquidation will occur if the BTC-to-liabilities ratio falls to 1.40x.

New Hampshire planned to direct commission fees from transactions to fund the local innovation and entrepreneurship program—the BTC Economic Development Fund. However, the exact launch date of the product remains unknown.