SAN FRANCISCO -Moody's Investors Service's proposal to offer municipal issuers the option of obtaining global scale ratings in addition to municipal scale ratings for tax-exempt debt is a good start - but it doesn't go far enough, according to California Treasurer Bill Lockyer.

Moody's needs to make three major changes to that proposal, Lockyer said in a letter released yesterday and written in response to the rating agency's request for comments on its global-scale plan.

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