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Moody's Downgrades Sacramento's Lease Revenue Bonds to A2

JAN 31, 2013 12:02pm ET

Moody's Investors Service said it has downgraded the rating on the city of Sacramento, Calif.'s master lease revenue bonds from Aa3 to A2.

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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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