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


A third party’s promise to pay the debt service on the bonds or perform some other obligation, which is the primary obligation of another party.