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School districts must sell bonds based on their own ratings or with private insurance because the triple-A-rated Permanent School Fund's capacity is nearly maxed out.
BVAL marketed its bond valuation methods as sophisticated but sometimes based the valuation on a single broker quote, the SEC said.
As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.
Municipal bonds are having their day in the sun, with state- and local-government debt enjoying a three-day rally on Tuesday.
Elected officials in Republican-dominated states say S&P Global Ratings, by introducing ESG analysis, is politicizing the ratings process or even possibly acting illegally.