Tax-exempt yields climbed again yesterday amid light to moderate secondary market activity, as Los Angeles County priced a $1.3 billion note sale.In the new-issue market, Merrill Lynch & Co. priced $1.3 billion of tax and revenue anticipation notes for Los Angeles County. The Trans mature in 2010, yielding 0.80% with a 2.5% coupon. The credit is rated MIG-1 by Moody’s Investors Service, SP-1 by Standard & Poor’s, and F1-plus by Fitch Ratings.

Traders said tax-exempt yields in the secondary were higher by about three basis points overall.

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