Standard & Poor's Ratings Services said it lowered its rating on Higginsville, Mo.'s sewerage system revenue bonds series 2010 to BBB-minus from A-minus.
"The downgrade reflects the system's continual use of cash to meet its obligations during fiscal years 2012 and 2013," said Standard & Poor's credit analyst Corey Friedman.
Muni yields are succumbing to a "domino effect," said Kim Olsan, portfolio manager at NewSquare Capital.
A three judge panel upheld a lower court rejection of the bondholders' suit against Puerto Rico's central government.
Maryland enters the data center regulation movement as Governor Wes Moore signs an executive order and signals an end to sales tax exemptions.
The selloff in munis this week is "against a backdrop of historic bid wanted in competition volume, continued rate volatility, tax-loss selling [and] unfavorable technicals," said J.P. Morgan strategists.
"We believe strongly in these sectors, and they are poised for even more growth," Bo Daniels, Loop Capital's head of public finance, said in a statement.
The deal, set to close in the coming weeks, adds a group of capital markets and other market professionals, according to a press release.
