Fitch Ratings and Moody's Investors Service both said yesterday they will delay the proposed recalibrations of their U.S. municipal rating scales amid the recent turmoil in financial markets.

Fitch said it still plans to recalibrate its municipal ratings, but will defer its final decision on its methods until it "revisits" the issue during the first quarter of 2009. Following Fitch's announcement, Moody's said it had postponed the application of its shift to a global ratings scale after unveiling a schedule last month in which the first batch of credits would move by the end of October.

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