Moody's has downgraded Rochester, Minn.'s electric utility revenue bonds to Aa3 as a lack of rate increases in recent years have made a dent in the utility's credit quality.
Rochester, Minn., Electric Utility Takes Credit Hit
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.
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