CREDIT RATINGS AND THE MARKET FOR GENERAL OBLIGATION MUNICIPAL BONDS

Daniel L. Rubinfeld

74 citations0/0 files storedNational Tax Journal

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Credit Risk and Financial Regulations Corporate Finance and Governance Local Government Finance and Decentralization

Abstract

A model of the general obligation municipal bond market provides for an analysis of the credit rating process and for a test of the assumption that credit ratings affect municipal borrowing costs. It is found that published credit ratings do have an effect on municipal yields which is independent of the market's evaluation of the financial status of the rated communities. For this reason, the potential discriminatory behavior of rating agencies is worthy of considerable attention.

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1969What's in a Bond Rating 1969Statistical Credit Scoring of Municipal Bonds

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1993State and Local Debt Burdens in the 1980s: A Study in Contrast 1994Local fiscal policies, default risk, and municipal borrowing costs 2022Local public finance dynamics and hurricane shocks 1990What Is in a Municipal Bond Rating?2007Is Management Performance a Factor in Municipal Bond Credit Ratings? The Case of Texas School Districts 1997City size and geographic segmentation in the municipal bond market 2010Management Capacity and State Municipal Bond Ratings 1984Accounting Numbers and Socioeconomic Variables As Predictors of Municipal General Obligation Bond Ratings

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