Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on the city of Rochester, Minn.'s electric utility revenue bonds.
Moody's Downgrades Rochester, Minn., Elec Revs to Aa3
DEC 19, 2012 9:20am 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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