Moody's Investors Service said it has downgraded to Aa3 from Aa2 the underlying rating on the Upper Darby School District, Pa.'s $38 million of parity debt.
Upper Darby SD, Pa., Downgraded to Aa3 by Moody's
NOV 8, 2012 7:25am ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.
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