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WSJ.com Markets - January 24, 2011

Warning From S&P on Munis

By JEANNETTE NEUMANN
 
Downgrades of bonds issued by state and local governments could increase this year, according to a report to be issued Monday by credit-rating agency Standard & Poor’s.
 
The $2.9 trillion municipal-bond market has been thrown into tumult in recent months, in part because of growing fears that some state and local governments will default on their debt. Investors have pulled out record amounts from muni-bond mutual funds, while the yields on muni bonds, which move inversely to price, have hit their… (Full article requires subscription to WSJ.com)
 
 

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