Rating
A judgment by a rating agency as to the credit quality of a bond.
bond-basics
Rating Agency
A national credit agency providing an independent appraisal of the credit quality of the Issuer, the Conduit Borrower, if any, and/or the Bond Issue. The largest Rating Agencies are S&P Global Ratings, Moody’s Investors Service, and Fitch Ratings.
Life’s a Party
Learn more about the various parties involved in a municipal securities transaction and their roles.
See Also
Start with the Bond Basics
Hundreds of Terms and Concepts
Volume Cap
A requirement contained in Section 146 of the Code that private activity bonds (PAB) (with certain exceptions) issued as tax-exempt bonds obtain an allocation of volume cap from the state in which the project is located prior to the issuance of the bonds.