The system of letters and symbols used by the ratings agencies (usually paid by the issuer) to grade securities. About one-quarter of the number of issues in the municipal market are not rated at all, chiefly speculative offerings that would not be rated investment grade and very small, infrequent issues for which the cost might be prohibitive.

See also Recalibration of 2010.


“Report on Transactions in Municipal Securities,” Office of Economic Analysis and Office of Municipal Securities, Division of Market Regulation, United States Securities and Exchange Commission, July 1, 2004.

the ratio

The ratio represents how much tax-exempt municipals yield compared to U.S. Treasury bonds, which are taxable. Bonds are considered cheap ...

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