This question is strange, as I believe municipal bonds are generally callable and issued by federal, state, and local governmental bodies. I've seen two Cheggs with federal, state and local as the answer, one with a 3:1 good to bad ratio, one without any ratings, and a quizlet with generally callable as the answer. Thanks!!

Municipal bonds are: Multiple Choice zero coupon bonds. issued by federal, state, and local governmental bodies. generally callable. generally purchased by tax-exempt investors. risk-free