Connie Lee Insurance Co. plans to use ratings from McCarthy, Crisanti and Maffei Inc., a virtual unknown in the municipal market, when it enters the new issue insurance business later this year.

The selection was revealed in a confidential prospectus for the firm's upcoming $65 million equity offering. It surprised market participants, who expected Connie Lee to choose either Standard & Poor's Corp. or Moody's Investors Service.

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