After the Recalibration: Has Moody's Credit Rating Model Changed?

Craig L. Johnson, Yulianti, Chantelle E. LaFontant

Research output: Contribution to journalArticlepeer-review


This paper analyzes the recalibration of municipal government credit ratings by Moody's Investors Service. The authors empirically test whether or not Moody's changed its ratings model for state governments after the recalibration. They find significant change, coupled with some stability, in the post-recalibration ratings' model and find that the coefficients of several government financial variables, especially revenue variables, were modified after the recalibration.
Original languageEnglish
Pages (from-to)1-18
JournalMunicipal Finance Journal/Civic Research Institute
Issue number2
Publication statusPublished - 1 Dec 2018


  • Municipal credit ratings
  • Moody's Investors Service
  • ratings model
  • ratings deflation and recalibration


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