Moody's Investors Service has downgraded to Baa1 from A2 the underlying rating on Avondale School District, Mich.'s general obligation tax pledge and removed the negative outlook.
Avondale School District, Mich., Downgraded to Baa1 by Moody's
FEB 7, 2013 7:36am 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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