In conjunction with the Moody's bank downgrades last week was a ratings cut on about $5.4B of...

|By:, SA News Editor

In conjunction with the Moody's bank downgrades last week was a ratings cut on about $5.4B of preferred securities issued by some closed-end municipal bond funds. The move could ripple through the industry, possibly raising borrowing costs for the funds should money-market holders of the preferred be forced to sell.