Moody's Investors Service said it has downgraded the issuer rating of the city of Glendale, Calif., to Aa2 from Aa1 and has downgraded to A1 from Aa2 the rating of the city's variable rate demand certificates of participation, Series 2000C (2000 Police Building Project).
Glendale, Calif., ICR Lowered to Aa2 by Moody's
JAN 11, 2013 7:59am 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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