Several issuers, analysts and broker-dealers last week praised Moody's Investors Service plan to offer global-equivalent ratings for municipal credits on a voluntary basis beginning next month, arguing that the change will more accurately reflect muni bond default histories.

The comments were made in letters to Moody's. Some of the letters urged the rating agency to eventually replace the dual municipal and global rating scales into a single scale that would rate most municipals double- or triple-A. Other letters, including one from the Government Finance Officers Association, advocated the addition of a global rating to the existing muni rating.

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