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


A judgment by a rating agency as to the credit quality of a bond.

Hudson Yards Rail Yards

Start with the Bond Basics

Private Business Use (PBU) and Tests

Any use of Bond proceeds in a trade or business carried on by a person other than a governmental unit. The private business tests are used in part to establish whether a bond is a private activity bond (PAB).