Standard & Poor's Ratings Services said it lowered its long-term rating to A-plus from AA-minus on Montecito Water District, Calif.'s series 2010A refunding revenue certificates of participation.
Montecito Water, Calif., COPs Lowered to A-Plus by S&P
DEC 10, 2012 3:25pm 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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