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Fitch reassesses ratings of municipal securities
By Cristal Cody
Springdale, Ark., July 31 - Fitch Ratings is evaluating how it rates municipal bonds compared to corporate and other securities, according to a special report the ratings agency released Thursday.
Fitch proposes a comparable ratings system for municipal debt that it uses for other entities, in contrast to assigning and maintaining two ratings for municipal securities on a dual scale system.
The changes would allow ratings to rise for most general obligation, utility, gas tax and water and sewer revenue bonds.
Ratings typically will be revised by up to two notches if the general obligation or senior revenue bonds are rated between BBB and A and by one notch if the ratings are between A+ and AA, Fitch said.
Fitch is considering the changes after holding meetings with issuers, investors and others in public finance.
The agency will accept public comments on the changes through Aug. 29.
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