Investment Grade Municipal Bonds

Municipal bonds are debt securities issued by a State, County, City, or municipality. The backing for the bond is based on the ability of the issuing entity to make full and timely interest payments and redemption of principle upon maturity. Interest payments are made from operating revenue from the bond-specific enterprise. The primary means of determining the quality of a bond is its credit rating that reflects the credit worthiness or risk of default. Credit ratings are issued by private agencies including Standard & Poor's, Fitch, and Moody's. Bonds rated BBB, A, AA, or AAA are considered to be investment grade bonds that offer security of principle and timely payment of interest payments.

Standard & Poor's defines ratings as follows:

• AA and AAA are high credit quality investment grade
• BBB and A are medium credit quality investment grade
• C, CC, CCC, B, and BB are lower quality, non-investment grade
• D are bonds that are in default

Investment Grade Municipal Bonds offer a great opportunity for the savvy investor to invest in tax-free bonds with some security of principle and interest and outstanding income yields. Due to recent market instability driven by the credit crisis, subprime mortgage market, and liquidity crunch, select Investment Grade Municipal bonds currently offer historically high yield and total return potential. APS Financial scours the municipal bond universe daily, reviewing the inventories of several hundred broker/dealers. We look for the highest spreads and yields of Investment Grade Municipal bonds that offer you outstanding risk/reward investment characteristics.

• All Municipal Bond Offerings