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.
Old Redford Academy, Mich., Lowered to BB by S&P
JAN 23, 2013 1:26pm 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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