BRIEF-S&P Says Vermont Outlook Revised To Stable From Negative

BY Reuters | CORPORATE | 08/19/22 10:27 AM EDT

Aug 19 (Reuters) -

* S&P SAYS VERMONT OUTLOOK REVISED TO STABLE FROM NEGATIVE ON POTENTIAL REDUCTION IN UNFUNDED LIABILITIES; 'AA+' RATING AFFIRMED

* S&P SAYS REVISED OUTLOOK TO STABLE FROM NEGATIVE AND AFFIRMED ITS 'AA+' LONG-TERM RATING ON THE STATE OF VERMONT'S GO BONDS OUTSTANDING

* S&P SAYS VERMONT'S STABLE OUTLOOK REFLECTS OUR VIEW THAT THE NEWLY PASSED RETIREMENT REFORMS OFFER A STRUCTURAL PATH TOWARD EASING BUDGETARY PRESSURES Source text: https://bit.ly/3wgAFYt

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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