CHICAGO -- Standard & Poor's Corp. last week affirmed the general obligation bond ratings of 16 local governments it identified as having invested money with a California investment advisory firm accused of fraud by the Securities and Exchange Commission.

Six of the issuers whose ratings were affirmed were from Iowa, the state where local governments were "hardest hit" by the alleged fraud of Institutional Treaury Management, the rating agency wrote in last Monday's issue of Credit Week Municipal.

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