BRADENTON, Fla. — The five-notch downgrade of DeKalb County, Ga., two weeks ago calls into question whether market participants can rely on the financial disclosure practices of issuers or their ratings, two municipal analysts say.

Standard & Poor’s downgrade of DeKalb’s general obligation rating to BBB from AA-minus, and the withdrawal of the county’s ratings on March 28, may be the tipping point for investors to demand more information, according to Thomas Kozlik, director and municipal credit analyst at Janney Montgomery Scott.

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