800 Westchester Avenue • Suite 641 North
• Rye Brook, NY 10573 • (203) 992-1100
High Yield Tax-Advantaged Securities:
Absence of a Rating
- Many not rated municipal bonds are categorized as revenue bonds rather than general obligation bonds since they are backed by the income stream of the project the bonds finance
- Issues are high quality; however, the borrower may elect to forgo rating due to costs which would make it uneconomical given the size and/or placement of the issue
- Due to smaller transaction sizes, there are generally fewer holders of not rated bond issues, requiring expertise in these sectors to ensure credit quality and effective liquidity
Portfolio characteristics and holdings are subject to change periodically and may not be representative of current characteristics and holdings. A complete list of recommendations by RPM Capital Management LLC may be obtained by contacting the adviser at (203) 992 – 1100. This material is for information purposes only and should not be used or construed a as recommendation regarding any security or be used as the sole basis for any investment decision.
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