Fitch Ratings said it downgraded to AA-minus from AA San Rafael, Calif.'s $7.4 million Joint Powers Authority lease revenue refunding bonds series 2012; $5,000 Joint Powers Authority lease revenue bonds series 2003; and the city's implied general obligation bond rating to AA from AA-plus.
San Rafael JPA Revs Cut to AA-Minus by Fitch
DEC 11, 2012 2:25pm 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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