Moody's Investors Service said it has lowered the rating on the town of Colma, Calif.'s 2003 certificates of participation (town of Colma Capital Improvement Projects) to A2 from A1, affecting $12.5 million in outstanding debt.
Moody's Downgrades Colma, Calif.'s 2003 COPs to A2
JAN 18, 2013 7:33am 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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