Munis and Credit Quality

Just as individuals have credit ratings, bonds also have credit ratings that represent a way to gauge the likelihood that the debt will be repaid. Bonds are rated for their creditworthiness by an independent rating agency, which issues a letter grade that indicates its opinion of the bond's quality. (Some bonds are ungraded, not necessarily because they are unsound investments but because the bond issuer feels the offering is too small to justify the cost of having it rated.)

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