I’m glad that it is Moody’s spreading the ‘alternative lie’ that has been used extensively for the last 40 years that I know of: combination blame of pension & labor expense to sensationally mislead in the press all the typical past, present, & future financial MANAGEMENT problems.

I do like your summary: “Many of these likely have falling revenues and bloated expenses.” which squarely rests the blame on MISMANAGEMENT.

wild;)