That's because S&P is expected to follow its U.S. downgrade with cuts in ratings of some muni bond issuers, particularly states that get significant amounts of federal funding.
因为继美国国债评级下调之后，预计标普会降低这些市政债券的评级，尤其是那些拥有庞大联邦基金的州。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
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