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Muni Defaults May Be 36 Times More Frequent Than Raters Say

Municipal bond defaults occur with a frequency at least 36-fold greater than reported by credit raters, Federal Reserve Bank of New York researchers say.

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Comments (2)
The blog makes two key points: 1) rating agencies only deal with rated credits, and 2) unrated borrowers have higher default rates as a class than rated borrowers. Is this news to anyone?
Posted by Peter B | Wednesday, August 15 2012 at 5:12PM ET
this is hardly new information. it's kind of like reinventing the wheel.
Posted by mross18 | Wednesday, August 15 2012 at 12:48PM ET
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