Also earning significant upgrades intraday on Friday, PFM is set to begin trading next week with similarly lofty ratings of 9 out of 10.

FORBES: No Market For Defensive Stocks

"We have been advised that there are investors who have chosen to avoid Alabama, generally, " says Phil Dotts, a managing director at PFM Group, who advises municipalities on bond deals.

WSJ: That's Not Our Problem, Says Birmingham