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Municipal Bond Ratings: A Discriminant Analysis Approach

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  • Michel, Allen J.

Abstract

The financial dilemmas faced by large municipalities, due in general to decreasing tax bases, increasing public services, inflationary pressure and in some cases fiscal irresponsibility, have brought increased attention to the subject of municipal bond ratings. In order to gain insight into those factors which are most significant in explaining the ratings, a set of financial ratios is investigated. Such ratios are frequently used to describe characteristics of the risk of municipal obligations. This paper attempts to determine if these ratios can be effectively used to predict ratings.

Suggested Citation

  • Michel, Allen J., 1977. "Municipal Bond Ratings: A Discriminant Analysis Approach," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 12(4), pages 587-598, November.
    • Handle: RePEc:cup:jfinqa:v:12:y:1977:i:04:p:587-598_02
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    Cited by:

    1. Anthony L. Loviscek & Frederick D. Crowley, 1988. "Analyzing Changes in Municipal Bond Ratings: A Different Perspective," Urban Studies, Urban Studies Journal Limited, vol. 25(2), pages 124-132, April.
    2. Paul G. Farnham & George S. Cluff, 1982. "Municipal Bond Ratings: New Results, New Directions," Public Finance Review, , vol. 10(4), pages 427-455, October.
    3. Stephanie F. Cheng, 2021. "The Information Externality of Public Firms’ Financial Information in the State‐Bond Secondary Market," Journal of Accounting Research, Wiley Blackwell, vol. 59(2), pages 529-574, May.

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