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default risk on individual muni bonds

Would anyone care to opine on the risk of high quality individual muni bonds going forward?

I would like to create a portfolio of State of Washington and Washington School District bonds of from 1 to 5 years maturity. These would be Aaa/AA+ quality bonds. But I am concerned about default risk. Most of what I am looking at are Unlimited General Obligation bonds with high ratings from two agencies. But in these times I worry about the capacity of the state or school districts to pay off in the end. These bonds would, as of today, yield 2-3% and that would be just fine with me. What do you think?

--Forrest

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