WASHINGTON -Market participants expressed mixed views yesterday about a plan floated informally by California Treasurer Bill Lockyer to either petition the three major credit agencies to harmonize their municipal rating scales with corporate ratings, or ask the Securities and Exchange Commission to amend its Rule 2A-7 on money market funds to take into account the different rating scales.

The proposal, for which Lockyer is soliciting support from other issuers, may be finalized as early as today, and it already has the backing of issuers from a handful of states and a number of localities or state-level authorities that believe municipal bonds are much safer investments than their ratings suggest, especially when compared to corporate ratings.

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