Q: Disclosure is one of the top issues facing the municipal industry. How important is timely and adequate disclosure by issuers to a rating agency such as Standard & Poor's

A: It's very important. In order for us to maintain our outstanding ratings we require issuers to provide us with ongoing disclosure as to their financial performance and the other operating statistics which can have an impact on their credit quality. If we do not receive this information in a timely manner, then we are not able to maintain our rating on that particular issue. So we'll withdraw our rating.

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