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California Enjoys a Rebound

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THE RATINGS MAGIC CONTINUES TO WORK
Earlier this month, Fitch and Moody's recalibrated their municipal bond rating scales, which bumped up California's debt by three notches. And now their bonds are selling like gangbusters. It's that easy! From the Bond Buyer: "Under the ratings overhaul, California was bumped to A-minus from BBB by Fitch, and raised three notches to A1 by Moody’s. Is the recalibration fueling the rally in California paper? “It isn’t hurting,” said Alex Anderson, who manages private accounts at Envision Capital Management in Los Angeles. “The less sophisticated investors would be more inclined to buy a California GO with an 'A’ on it. ... I’m sure that would make a big difference to them.”"
SOURCE:   Bond Buyer

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