If CalPERS prevails in having courts define San Bernardino's obligations to the pension fund as immutable in the city's bankruptcy, ramifications could include sweeping bond downgrades, a report said.
A CalPERS Court Victory Could Bring Sweeping Downgrades: Report
DEC 4, 2012 4:53pm 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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