Shutdown Seen Imperiling Funds for Mass-Transit Munis
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Municipal bonds backed by federal mass-transit aid are the most vulnerable to a U.S. government shutdown, according to Moody’s Investors Service.
Grant Anticipation Revenue Vehicles, known as Garvees, are sold by states or transit agencies and backed by federal highway or transportation aid. At least $10 billion of the bonds are outstanding in the $3.7 trillion muni market, according to data compiled by Bloomberg.