Moody's Investors Service for the third time this year downgraded Detroit Wednesday, warning that a razor-thin cash cushion, political instability, and the recent overturn of the state's emergency management are pushing the city closer to bankruptcy or default.
Moody's Hits Detroit with Third Downgrade
NOV 28, 2012 9:46pm 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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