Markets - Market News
Old Redford Academy, Mich., Lowered to BB by S&P
Wednesday, January 23, 2013
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Standard & Poor's Ratings Services said it has lowered its long-term rating to BB from BBB-minus on Michigan Finance Authority's series 2005 and series 2010 bonds, issued on behalf of Old Redford Academy and placed the ratings on CreditWatch with negative implications.

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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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