| Abstract: | Despite tough economic times, the number of U.S. municipalities with 'AAA' ratings has more than doubled since early 2008, to 169. A total of 86 communities joined this group in the 18 months through August 2009. The large increase reflects ongoing modifications to Standard&Poor's Ratings Services' criteria (see ?Ongoing Criteria Changes May Lead To USPF Rating Changes,? published on RatingsDirect, May 5, 2008), and our view of the economic, financial, and managerial strength of these municipalities. Of the new entrants, 65 were upgraded from our 'AA' rating category, while the debt of 21 communities was initially rated 'AAA'. We removed Millburn, N.J., from the 'AAA' list after all of its bonds had matured. Another newcomer, Southampton, N.Y., is
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