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The Handbook of Fixed Income Securities, Eighth Edition, 8th Edition by Steven V. Mann, Frank J. Fabozzi

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CHAPTERFORTY-FOURTHE CREDIT ANALYSIS OF MUNICIPAL GENERAL OBLIGATION AND REVENUE BONDS

SYLVAN G. FELDSTEIN, PH.D.

DirectorInvestment DepartmentGuardian Life Insurance Company of America

ALEXANDER GRANT

Portfolio Manager, RS Tax-Exempt andRS High Yield Municipal Bond Funds

DAVID RATNER, CFA

Industry Consultant

The degree of safety of investing in municipal bonds has been considered second only to that of U.S. Treasury bonds, but beginning in the fourth quarter of the last century, ongoing concerns developed among many investors and underwriters about the potential default risks of municipal bonds.

One concern resulted from the well-publicized billion-dollar general obligation note defaults in 1975 of New York City. Not only did specific investors ...

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