Recently, deterioration in the financial condition of some bond insurers has led some commercial and investment banks to take further markdowns and has added to strains in the financial markets.
The TIAA-CREF Municipal Bond Team examined the security for the bond as well as the economic and financial condition of the borrower and determined that Sam Rayburn was a stable credit that simply did not need to maintain a higher rating.
With all of the conjecture about the true condition of state and local government finances and the likelihood of future municipal bond defaults, straight talk that you can trust comes at a premium.