WASHINGTON - Market participants hailed yesterday's long-awaited but widely expected Supreme Court decision that upheld 42 states' preferential tax treatment of their bonds as a "resounding victory" for the municipal securities market.

The near-unanimous support for the 7-to-2 decision in Department of Revenue of Kentucky v. Davis - from fund managers, attorneys, state officials, and industry groups alike - reflected the dire consequences for the market had the high court ruled differently.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.