Moody's Investors Service last week said it would recalibrate its existing global scale ratings on taxable municipal bond issues and muni issuers' obligations under swap transactions in a move that will result in lower ratings in some, but not all, cases.

The rating agency has put 23 of the 28 outstanding global scale ratings under review. Three of the other five have already been recalibrated, and two are already under review, Moody's said.

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