Editor's Note
W. Bartley Hildreth

After the Recalibration:
Has Moody's Credit Rating Model Changed?
Craig L. Johnson, Yulianti Abbas, and Chantalle E. LaFontant

The Interest Cost of Privately Insured Municipal Debt:
Does Insurer Matter?
Earl D. Benson and Barry R. Marks

School District Bond Advance Refunding and Option Value Loss
Komla Dzigbede

Enough Heads in Beds:
Local Government in the Hotel Business
Paul Landow and Carol Ebdon

Municipal Loan and Private Placement Transparency is Needed but Should Come at Lower Cost
Marc Joffe