Moody's Investors Service affirmed Santa Barbara, Calif.'s Aa2 issuer rating, but downgraded to A1 from Aa3 the ratings for the city's 2002 certificates of participation and its 2009 airport revenue bonds.
Moody's Downgrades Santa Barbara COPs and Revenue Bonds
DEC 27, 2012 11:14am 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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