Friday's story about Investment Grade Municipal Income Fund Inc. mischaracterized a proposal that failed to command enough shareholder votes. The proposal was for a new management contract with UBS Global Asset Management as adviser, not to renew the existing contract. The fund's board has the right to retain UBS as adviser even if the proposal to modify the contract failed.
Fitch cited the system's operating performance and plans for up to $4.2 billion in addional debt.
Munis saw cuts, albeit small ones, for the first time in nearly two weeks as yields rose up to four basis points, depending on the scale.
The East Baton Rouge Sewerage Commission plans to achieve savings by refunding taxable bonds with tax-exempts.
Bondholders are pitted against each other in the case, where it looks like the majority holders may become owners of the distressed companies.
Backers of a voter-approved public safety funding proposition that led to a negative rating outlook by Moody's said the budget fails to comply with the measure.
Capital Group joins a small, but growing number of shops that have added, or considered adding, muni ETFs to their model portfolios.
