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

Hundreds of Terms and Concepts

Closing Transcript

The final record of all executed documents delivered at the closing or shortly thereafter as a bound transcript or in electronic form.