Moody's Investors Service cut Fresno, Calif.'s sewer revenue bonds one notch to A1 from Aa3 because of the city's financial problems.
Fresno Sewer Bonds Cut to A1 By Moody's
DEC 11, 2012 2:43pm ET
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"One of these things does not belong" is a catchy slogan and it comes to mind when looking at the latest tax policy ideas coming from Washington when looking at the municipal bond tax exemption. The exemption is not a result of the growth of a tax code designed to induce or reduce certain behaviors. Rather, it is the foundation for the flow of capital in a $3.7 trillion dollar market required to efficiently finance the nation's infrastructure.
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