Whoops

Slang for the Washington Public Power Supply System (WPPSS), which made the record books with the largest municipal bond default in history.

Investopedia Says:
During the 1970s and 80s, the WPPSS financed the construction of five nuclear power plants through the issuance of billions of dollars worth of municipal bonds. In 1983, due to extremely poor project management, construction on a couple of plants was canceled, and the completion of construction on the remaining plants seemed unlikely. Consequently, the take-or-pay arrangements that had been backing the municipal bonds were ruled void by the Washington Supreme Court. As a result, the WPPSS had the largest municipal debt default in history.... Whoops!

Related Links:
Investing in bonds - What are they, and do they belong in your portfolio? Bond Basics Tutorial
Here we explain how to evaluate whether a company's debt will pose a threat to investors. When Companies Borrow Money
For investors considering buying debt securities, a credit rating is an essential tool. What Is A Corporate Credit Rating?

Nickname for the Washington Public Power Supply System. In the late 1970s and early 80s, WHOOPS raised billions of dollars through Municipal Bond offerings to finance construction of five nuclear plants in the state of Washington. Because of cost overruns, bad management, and numerous delays, two of the plants were canceled, and it was doubtful that two others would ever be completed. WHOOPS defaulted on the payments to bondholders on the two canceled plants after the Washington Supreme Court ruled that the Take-Or-Pay Contracts with the many utilities in the Northwest that had backed the bonds were invalid. This was the largest municipal bond default in history.