Annual Issuer Comment Report

The latest addition to Moody’s robust suite of research products tailored to the U.S. Public Finance Marketplace

Moody’s Annual Issuer Comment Report (AICR) is a new research publication which provides a single reference source for the most recent credit information on Moody’s-rated local government issuers who access the markets infrequently.* The AICR provides a summary of key economic, demographic, financial and operating information within the context of Moody’s ratings methodologies. Public Finance market participants benefit by having a single reference source of information about these less frequent debt issuers.
*These reports do not announce rating actions.

AICR Key Features



Issuer Profile

Issuer background information, economic profile, industry snapshot

Credit Overview

Summary of finances, economy, debt and pensions used in rating analysis



Sector Trends

Provides insight into the operating environment of similar issuers

Key Indicators

Finances, debt/pensions, economy/tax base


Visual interpretation of key statistics table

AICR Facts

  • As of August 2017, Moody’s has published more than 7,000 AICRs
  • As of July 2017, Moody’s has expanded the AICR publication to include water and sewer issuers
  • The AICR is currently available for US Local Governments with outstanding Moody’s General Obligations and related ratings
  • The AICR enhances Moody’s existing robust suite of research and analysis
#1 US Rating Agency: 2015
#1 US Municipal Research
Team: 2014
#1 US Credit Rating
Agency: 2012-2016