Moody's Investors Service said it has downgraded to Baa1 from A2 the rating on the Borough of East Rutherford, N.J.'s approximately $17 million in outstanding rated debt secured by the borough's general obligation, unlimited tax pledge.
East Rutherford, N.J., Downgraded to Baa1 by Moody's
NOV 28, 2012 7:48am 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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