Moody's Investors Service said it has downgraded to Aa2 from the Aa1 the rating on the city of Sunnyvale, Calif.'s certificates of participation.
Moody's Downgrades Sunnyvale, Calif., COPs to Aa2
JAN 18, 2013 12:14pm 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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