Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating on Folsom, Calif.'s general obligation debt outstanding to AA-minus from AA, as well as its long-term rating on the city's certificates of participation outstanding to A-plus from AA-minus.
Folsom, Calif., GOs Lowered to AA-Minus by S&P
DEC 3, 2012 11:46am 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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