WASHINGTON — The Municipal Securities Rulemaking Board said Wednesday that it will change how it calculates bid-to-cover ratios for auction-rate securities, one day after the chief executive officer of a Manhattan-based financial advisory firm called for the reform.

The board told The Bond Buyer it is planning to make the change after Saber Partners LLC., led by CEO Joseph Fichera, issued a media release calling the board’s ratios “inaccurate” and “potentially misleading” to investors.

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