The Municipal Securities Rulemaking Board announced an agreement with Moody’s that will see the credit rating agency post rating updates automatically on the MSRB’s Electronic Municipal Market Access system starting later this year. This is an exciting announcement, as Moody’s is the last of the four major credit rating agencies to agree to post its ratings on EMMA since the official repository for information on municipal bonds came online in 2009. The GFOA is pleased that Moody’s will be joining Fitch, S&P, and Kroll in posting its ratings on EMMA, and we are grateful to the MSRB for its work in bringing Moody’s into the fold. The GFOA criticized the agency earlier this year, but Moody's countered that its ratings are available through its own website for free.
As the market and the SEC continue to call for greater availability of municipal securities information to the public, there is nothing more relevant than making credit ratings available in one location, where the public can access the information quickly, efficiently, and at no cost to them. The GFOA now looks forward to working with the SEC and MSRB to remove the duplicative burden on issuers of having to post credit rating changes on EMMA that are already being posted automatically by the credit rating agencies.
The MSRB’s press release on this announcement is available here.