Moody's Investors Service said it has downgraded the issuer rating of the city of Torrance, Calif., to Aa2 from Aa1 and has downgraded to A1 from Aa3 the ratings of four series of lease supported obligations.
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.
the bond buyer conferences
September 25-27, 2013JW Marriott LA Live, Los Angeles, CA
October 27-29, 2013Crowne Plaza Times Square Manhattan, New York, NY