An uneven revenue recovery, reduced spending flexibility, labor and pension pressures, and questionable willingness to pay, will likely result in a continued above-average rate of local government downgrades in 2013, according to Fitch Ratings.
Fitch: Above-Average Local Government Downgrades Expected
DEC 3, 2012 12:28pm 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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