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CREDIT RATINGS AND THE MARKET FOR GENERAL OBLIGATION MUNICIPAL BONDS

DANIEL RUBINFELD
National Tax Journal
Vol. 26, No. 1 (MARCH 1973), pp. 17-27
Published by: National Tax Association
Stable URL: http://www.jstor.org/stable/41791850
Page Count: 11
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
CREDIT RATINGS AND THE MARKET FOR GENERAL OBLIGATION MUNICIPAL BONDS
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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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