NEW YORK–(BUSINESS WIRE)–Following our recent commentary on rating state special obligation bonds and research on how rating ceilings subvert fundamental analysis, this report explores the credit benefits gained when states add a pledge of specific revenues to a general obligation pledge. Although the specifics of each case need to be analyzed, in general, the holder of the double-barreled bond has protections that are additive at least, and potentially significantly superior, to those provid
