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-KBRA Releases Report: Rating Changes Should Reflect Changing Risk, Not Changing Minds

Nov 20, 2018 - ENP Newswire

In response to questions from market participants about our approach to rating special tax bonds issued by state issuers, Kroll Bond Rating Agency (KBRA) releases a comment addressing the topic.

The report discusses the reasons that KBRA does not believe in a formulaic approach in assigning ratings to state special tax bonds.

In KBRA's view, the fact that that states cannot file a bankruptcy proceeding should remove the possibility of bankruptcy as a basis for directly linking the ge...