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When buying municipal bonds, what minimum ratings do most of you look for? AAA is the highest investment grade, but of course, the lowest yield. The books on bonds I've looked at set BBB as the lowest investment grade bond level. BB and below being speculative, highly speculative, and worse.

By setting my brokerage site's muni search engine to shoot for BBB and better, I've found one bond that yields more than 9% (coupon was 5%) and is rated Ba3/A. How much more risk would I be taking by going for something like this? Assuming the ratings are valid, it seems like a reasonable risk to take for the higher yield. The fact that we are dealing with state governments with munis makes me think payments would be reasonably secure. Am I missing something?
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