BRADENTON, Fla. — Some municipal bond market observers say last week’s stunning five-notch downgrade of Georgia’s third-largest county highlights the importance of disclosure — or what Standard & Poor’s sees as insufficient disclosure in the case of DeKalb County.

The downgrade to BBB from AA-minus, and withdrawal of the county’s ratings, drew swift reaction from market observers and forced bondholders unable to hold the debt at the lower rating to shed their investments.

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