~Mell'lI'm Lynch
Global [Viarkets & Investment Banking
May 1, 2008
Mr. Michael Belsky Ms. Gail Sussman Mr. William Montrone
Group Managing Director Group Managing Director Head of U.S. Public Finance
U.S. Public Finance Public Finance Department
Fitch Ratings Moody's Investors Service Standard & Poor's
70 W. Madison Street 250 Greenwich Street 55 Water Street
Chicago, IL 60602 New York, NY 10007 New York, NY 10041
Dear Mr. Belsky, Ms. Sussman, and Mr. Montrone:
I am writing to express my endorsement ofthe efforts led by municipal issuers to encourage the
creation of new standards for rating municipal bonds. Municipal bonds are held to a much higher
standard than corporate bonds as your own default studies demonstrate. In an increasingly global
capital market this unfairly penalizes municipal credits over their taxable counterparts. I strongly
believe that adoption of a global corporate ratings approach for municipalities is prudent and will
enhance efficiency in the municipal market and urge you to take steps to implement such a
program.
Please contact me if you have questions or if I can be of assistance in your efforts.
Thank you.
Ed J. Sisk
Managing Director
Municipal Markets
cc: The Honorable Bill Lockyer, Treasurer, State of California
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