No. of Recommendations: 1

Munis are a different gig. Some are insured, some are rated directly. Also, it does matter when they were last rated.

The question always is, do you think they can make good on their debt? That is the burning risk question. How deep in debt is this government entity? What is the political reality for tax and spending issues? Can they raise taxes if needed? Do they control spending? Can they realistically cut much? How narrow is the difference between party control? Could they quickly flip from one party to another? Would it make a significant difference?

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