Moody's Investors Service said it has downgraded to Baa1 from A1 the rating of the California Statewide Communities Development Authority's taxable pension obligation bonds, Series 2004 A-1 (pooled issue).
California Statewide CDA Taxable POBs Cut to Baa1 by Moody's
DEC 21, 2012 8:47am 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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