Moody's is recalibrating its US municipal ratings from the municipal scale to the global scale. The recalibration does not reflect a change in credit quality, or a change in our credit opinion, of an issue or issuer. The recalibration is simply a change in scale.
Moody's has utilized a separate scale for its US municipal ratings since the company began assigning municipal ratings in 1918. Given that the municipal bond market has evolved, we have taken steps to respond to the changing needs of investors and issuers. In particular, to enhance the comparability of its credit ratings across its rated universe, Moody's has determined that it will recalibrate all of the municipal ratings from the municipal scale to the global scale.The recalibration process will begin in mid-April and is expected to be completed in approximately four weeks. As always, Moody’s will continue to take any necessary rating actions as a result of changes in credit quality before, during and after the recalibration process. On this page you will find information on the recalibration process, the methodology for the recalibration and the schedule as well as other pertinent information.