Moody's Research Reports give you an in-depth perspective into the credit quality of an issuer. Each report is a comprehensive credit analysis examining the financial strength and risk factors particular to each issuer.

Search reports:

By Date
By Issuer
General Obligations

Pennsylvania Moody's Research Reports

Date Issuer Report Description
09/22/17
2:18 pm
Bedford Area School District, PA MOODY'S DOWNGRADES BEDFORD AREA SD, PA'S GO RATING TO A1; NEGATIVE OUTLOOK REMOVED
09/22/17
12:00 am
Bedford Area School District, PA BEDFORD AREA SCHOOL DISTRICT, PA: RATING UPDATE - MOODY'S DOWNGRADES BEDFORD AREA SD, PA'S GO RATING TO A1; NEGATIVE OUTLOOK REMOVED
09/21/17
4:56 pm
Southeastern Pennsylvania Transp. Auth. MOODY'S ASSIGNS A3 TO SEPTA'S (PA) GARVEES; OUTLOOK STABLE
09/21/17
12:00 am
Southeastern Pennsylvania Transp. Auth. SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY: NEW ISSUE - MOODY'S ASSIGNS A3 TO SEPTA'S (PA) GARVEES; OUTLOOK STABLE
09/19/17
10:43 am
University of Pittsburgh Medical Center, PA MOODY'S ASSIGNS A1 TO UNIVERSITY OF PITTSBURGH MEDICAL CENTER'S, PA SER. 2017A&B; OUTLOOK NEGATIVE
09/19/17
12:00 am
University of Pittsburgh Medical Center, PA UNIVERSITY OF PITTSBURGH MEDICAL CENTER, PA: NEW ISSUE - MOODY'S ASSIGNS A1 TO UNIVERSITY OF PITTSBURGH MEDICAL CENTER'S, PA SER. 2017A&B; OUTLOOK NEGATIVE
09/18/17
3:15 pm
Pittsburgh Water & Sewer Authority, PA MOODY'S ASSIGNS A2 RATING TO PWSA'S (PA) $162M 2017 REV. REF. BONDS, OUTLOOK NEGATIVE
09/18/17
1:55 pm
Manheim Township School District, PA MOODY'S ASSIGNS AA2 RATING TO MANHEIM TOWNSHIP SCHOOL DISTRICT, PA'S GO BONDS
09/18/17
12:00 am
Manheim Township School District, PA MANHEIM TOWNSHIP SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS AA2 RATING TO MANHEIM TOWNSHIP SCHOOL DISTRICT, PA'S GO BONDS
09/18/17
12:00 am
Pittsburgh Water & Sewer Authority, PA PITTSBURGH WATER AND SEWER AUTHORITY, PA: NEW ISSUE - MOODY'S ASSIGNS A2 RATING TO PWSA'S (PA) $162M 2017 REV. REF. BONDS, OUTLOOK NEGATIVE
09/15/17
1:35 pm
University of Pittsburgh Medical Center, PA MOODY'S UPGRADES PINNACLE HEALTH SYSTEM (PA) TO A1; DEBT NOW SECURED BY UNIVERSITY OF PITTSBURGH MEDICAL CENTER, PA; OUTLOOK TO NEGATIVE
09/15/17
11:53 am
Pennsylvania (Commonwealth of) CONNECTICUT, PENNSYLVANIA: PA, CT BUDGET STANDOFFS HAVE DIFFERENT IMPLICATIONS FOR SHORT AND LONG TERM
09/14/17
7:05 pm
Southeastern Pennsylvania Transp. Auth. MOODY'S ASSIGNS A1 TO SEPTA'S REVENUE BONDS; OUTLOOK STABLE
09/14/17
4:41 pm
College (Township of) PA TOWNSHIP OF COLLEGE, PA: ANNUAL COMMENT ON COLLEGE TOWNSHIP
09/14/17
12:00 am
Southeastern Pennsylvania Transp. Auth. SOUTHEASTERN PENNSYLVANIA TRANSPORTATION AUTHORITY: NEW ISSUE REPORT MOODY'S ASSIGNS A1 TO SEPTA'S REVENUE BONDS; OUTLOOK STABLE
09/12/17
5:10 pm
Pennsylvania Turnpike Commission MOODY'S ASSIGNS A1 TO PTC'S $373 MILLION TURNPIKE REVENUE SENIOR LIEN BONDS, SERIES A OF 2017; STABLE OUTLOOK
09/12/17
3:21 pm
Wilmington Area School District, PA MOODY'S DOWNGRADES WILMINGTON ASD, PA'S GO DEBT TO A2
09/12/17
2:19 pm
Frazier School District, PA MOODY'S AFFIRMS FRAZIER SCHOOL DISTRICT PA'S BAA3 GO RATING; OUTLOOK IS STABLE
09/12/17
12:00 am
Wilmington Area School District, PA WILMINGTON AREA SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S DOWNGRADES WILMINGTON ASD, PA'S GO DEBT TO A2
09/12/17
12:00 am
Pennsylvania Turnpike Commission PENNSYLVANIA TURNPIKE COMMISSION: NEW ISSUE: MOODY'S ASSIGNS A1 TO PTC'S $373 MILLION TURNPIKE REVENUE SENIOR LIEN BONDS, SERIES A OF 2017; STABLE OUTLOOK
09/12/17
12:00 am
Frazier School District, PA FRAZIER SCHOOL DISTRICT, PA: RATING UPDATE: MOODY'S AFFIRMS FRAZIER SCHOOL DISTRICT PA'S BAA3 GO RATING; OUTLOOK IS STABLE
09/11/17
12:00 am
Temple University Health Sys., PA TEMPLE UNIVERSITY HEALTH SYS., PA: NEW ISSUE - MOODY'S ASSIGNS BA1 TO TEMPLE UNIVERSITY HEALTH SYSTEM'S, PA SER. 2017; OUTLOOK STABLE
09/08/17
2:23 pm
Philadelphia School District, PA MOODY'S UPGRADES PHILADELPHIA SCHOOL DISTRICT, PA'S RATING TO BA2; OUTLOOK POSITIVE
09/08/17
1:45 pm
Upper Merion Area School District, PA MOODY'S ASSIGNS AA1 RATING TO UPPER MERION AREA SCHOOL DISTRICT, PA'S GO BONDS
09/08/17
12:00 am
Philadelphia School District, PA PHILADELPHIA SCHOOL DISTRICT: UPDATE - MOODY'S UPGRADES PHILADELPHIA SCHOOL DISTRICT, PA'S RATING TO BA2; OUTLOOK POSITIVE
09/08/17
12:00 am
Upper Merion Area School District, PA UPPER MERION AREA SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS AA1 RATING TO UPPER MERION AREA SCHOOL DISTRICT, PA'S GO BONDS
09/07/17
6:49 pm
Robert Morris University, PA MOODY'S ASSIGNS BAA3 TO ROBERT MORRIS UNIVERSITY'S (PA) 2017 BONDS; OUTLOOK STABLE
09/07/17
2:10 pm
Highlands School District, PA MOODY'S ASSIGNS A2 TO HIGHLANDS SD, PA'S $6.1M GO BONDS
09/07/17
7:40 am
Pittston Area School District, PA PITTSTON AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON PITTSTON AREA SD
09/07/17
7:19 am
Penbrook (Borough of) PA BOROUGH OF PENBROOK, PA: ANNUAL COMMENT ON PENBROOK
09/07/17
12:00 am
Robert Morris University, PA ROBERT MORRIS UNIVERSITY, PA: NEW ISSUE - MOODY'S ASSIGNS BAA3 TO ROBERT MORRIS UNIVERSITY'S (PA) 2017 BONDS; OUTLOOK STABLE
09/07/17
12:00 am
Highlands School District, PA HIGHLANDS SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS A2 TO HIGHLANDS SD, PA'S $6.1M GO BONDS
09/05/17
3:07 pm
Lower Merion (Township of) PA MOODY'S ASSIGNS AAA TO LOWER MERION TWP, PA'S $9.9M SER. A 2017; OUTLOOK STABLE
09/05/17
12:00 am
Lower Merion (Township of) PA LOWER MERION TOWNSHIP, PA: NEW ISSUE - MOODY'S ASSIGNS AAA TO LOWER MERION TWP, PA'S $9.9M SER. A 2017; OUTLOOK STABLE
08/30/17
2:29 pm
Coatesville Area S.D. (Chester), PA MOODY'S DOWNGRADES COATESVILLE ASD, PA TO BAA3 UND./BAA1 ENH.; OUTLOOK NEGATIVE
08/30/17
12:10 pm
Riverside School District, PA MOODY'S DOWNGRADES RIVERSIDE SD, PA'S GO AND ASSIGNS BAA1 TO SERIES OF 2017; OUTLOOK REMAINS NEGATIVE
08/30/17
12:00 am
Coatesville Area S.D. (Chester), PA COATESVILLE AREA SCHOOL DISTRICT (CHESTER), PA: UPDATE - MOODY'S DOWNGRADES COATESVILLE ASD, PA TO BAA3 UND./BAA1 ENH.; OUTLOOK NEGATIVE
08/30/17
12:00 am
Riverside School District, PA RIVERSIDE SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S DOWNGRADES RIVERSIDE SD, PA'S GO AND ASSIGNS BAA1 TO SERIES OF 2017; OUTLOOK REMAINS NEGATIVE
08/28/17
9:57 am
State System of Higher Education, PA MOODY'S HAS SPLIT STATE SYSTEM OF HIGHER EDUCATION, PA'S SERIES AU-2 REVENUE BONDS; RATINGS UNAFFECTED
08/25/17
1:43 pm
Lower Merion School District, PA (Montg. Co.) LOWER MERION SD (MONTGOMERY COUNTY), PA: ANNUAL COMMENT ON LOWER MERION SD
08/25/17
12:35 pm
Adams (County of) PA MOODY'S UPGRADES ADAM'S COUNTY, PA'S GO DEBT TO AA2; OUTLOOK IS STABLE
08/25/17
12:00 am
Adams (County of) PA ADAMS COUNTY, PA: NEW ISSUE - MOODY'S UPGRADES ADAM'S COUNTY, PA'S GO DEBT TO AA2; OUTLOOK IS STABLE
08/24/17
1:46 pm
Belle Vernon Area School District, PA MOODY'S DOWNGRADES BELLE VERNON ASD, PA'S GO TO A3
08/24/17
12:00 am
Belle Vernon Area School District, PA BELLE VERNON AREA SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S DOWNGRADES BELLE VERNON ASD, PA'S GO TO A3
08/21/17
1:03 pm
Cranberry (Township of) PA MOODY'S ASSIGNS A AAA RATING TO CRANBERRY TOWNSHIP'S (PA) $10 MILLION GO SERIES A&B OF 2017
08/21/17
12:42 pm
Upper Merion (Township of) PA MOODY'S ASSIGNS AAA RATING TO UPPER MERION, PA'S $10 MILLION GO BONDS, SERIES 2017
08/21/17
12:35 pm
Upper Perkiomen School District, PA MOODY'S ASSIGNS AA2 TO UPPER PERKIOMEN SCHOOL DISTRICT, PA'S GO BONDS
08/21/17
8:36 am
Scranton (City of) PA SCRANTON (CITY OF) PA: COURT RULING ON ACT 511 TAXES CREDIT NEGATIVE FOR FINANCIAL RECOVERY
08/21/17
12:00 am
Cranberry (Township of) PA CRANBERRY TOWNSHIP, PA: NEW ISSUE - MOODY'S ASSIGNS A AAA RATING TO CRANBERRY TOWNSHIP'S (PA) $10 MILLION GO SERIES A&B OF 2017
08/21/17
12:00 am
Upper Perkiomen School District, PA UPPER PERKIOMEN SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS AA2 TO UPPER PERKIOMEN SCHOOL DISTRICT, PA'S GO BONDS
08/21/17
12:00 am
Upper Merion (Township of) PA UPPER MERION TOWNSHIP, PA: NEW ISSUE - MOODY'S ASSIGNS AAA RATING TO UPPER MERION, PA'S $10 MILLION GO BONDS, SERIES 2017
08/18/17
4:44 pm
Pennsylvania Housing Finance Agency MOODY'S ASSIGNS AA2 TO PENN. HSG. FIN. AGCY. SGL. FAM. MORT. REV. BDS., SER. 2017-124A & 124B
08/18/17
12:45 pm
Kennedy (Township of) PA MOODY'S UPGRADES KENNEDY TWP, PA'S GOULT TO AA3
08/18/17
10:00 am
Greater Hazleton Joint Sewer Authority, PA GREATER HAZLETON JOINT SEWER AUTHORITY: ANNUAL COMMENT ON GREATER HAZLETON SEWER
08/18/17
12:00 am
Pennsylvania Housing Finance Agency PENNSYLVANIA HOUSING FINANCE AGENCY: NEW ISSUE - MOODY'S ASSIGNS AA2 TO PENN. HSG. FIN. AGCY. SGL. FAM. MORT. REV. BDS., SER. 2017-124A & 124B
08/18/17
12:00 am
Kennedy (Township of) PA KENNEDY (TOWNSHIP OF) PA: UPDATE - MOODY'S UPGRADES KENNEDY TWP, PA'S GOULT TO AA3
08/17/17
3:26 pm
Wilkes-Barre Area School District, PA WILKES-BARRE AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON WILKES-BARRE AREA SD
08/17/17
3:24 pm
Westmoreland County Municipal Authority, PA WESTMORELAND COUNTY MUNICIPAL AUTHORITY: ANNUAL COMMENT ON WESTMORELAND COUNTY WATER & SEWER
08/17/17
3:14 pm
Danville Area School District, PA DANVILLE AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON DANVILLE AREA SD
08/16/17
11:54 am
Whitehall Coplay School District, PA WHITEHALL COPLAY SCHOOL DISTRICT, PA: ANNUAL COMMENT ON WHITEHALL COPLAY SD
08/16/17
11:30 am
Homer-Center School District, PA HOMER-CENTER SCHOOL DISTRICT, PA: ANNUAL COMMENT ON HOMER-CENTER SD
08/15/17
1:42 pm
Palmerton Area School District, PA PALMERTON AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON PALMERTON AREA SD
08/11/17
1:56 pm
East Allegheny School District, PA MOODY'S DOWNGRADES EAST ALLEGHENY SD, PA TO B2 UND./BA3 ENH.; OUTLOOK REMAINS NEGATIVE
08/11/17
12:09 pm
Athens Area School District, PA ATHENS AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON ATHENS AREA SD
08/11/17
12:00 am
East Allegheny School District, PA EAST ALLEGHENY SCHOOL DISTRICT, PA: UPDATE - MOODY'S DOWNGRADES EAST ALLEGHENY SD, PA TO B2 UND./BA3 ENH.; OUTLOOK REMAINS NEGATIVE
08/09/17
3:01 pm
Penn Hills School District, PA MOODY'S ASSIGNS B3 UNDERLYING AND A2 ENHANCED TO PENN HILLS SD, PA'S 2017 GO NOTES SER.A&B; OUTLOOK NEGATIVE
08/09/17
12:00 am
Penn Hills School District, PA PENN HILLS SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS B3 UNDERLYING AND A2 ENHANCED TO PENN HILLS SD, PA'S 2017 GO NOTES SER.A&B; OUTLOOK NEGATIVE
08/08/17
2:10 pm
Hanover (Borough of) PA MOODY'S ASSIGNS AA3 TO BOROUGH OF HANOVER, PA'S $9.8M GO BONDS
08/08/17
12:00 am
Hanover (Borough of) PA HANOVER, PA: NEW ISSUE - MOODY'S ASSIGNS AA3 TO BOROUGH OF HANOVER, PA'S $9.8M GO BONDS
08/07/17
4:59 pm
North Penn Water Authority, PA NORTH PENN WATER AUTHORITY: ANNUAL COMMENT ON NORTH PENN WATER
08/07/17
2:51 pm
Philadelphia (City of) PA, Gas Works Revenue Refunding Bonds, Eighth Series B, C, D, & E (1998 General Ordinance) MOODY'S UPGRADES TO AA2 PHILADELPHIA'S LOC-BACKED GAS WORKS REVENUE BONDS, EIGHTH SERIES C AND E
08/07/17
1:38 pm
Pennsylvania Housing Finance Agency MOODY'S AFFIRMS VMIG 1 TO PENN. HFA SGL. FAM. MORT. REV. BDS., SER. 2004-83C; 86B; 2005-88B, 88C; 89; 2006-94B
08/07/17
1:15 pm
State System of Higher Education, PA MOODY'S ASSIGNS AA3 TO STATE SYSTEM OF HIGHER EDUCATION'S (PA) SERIES AU; OUTLOOK NEGATIVE
08/07/17
12:00 am
State System of Higher Education, PA STATE SYSTEM OF HIGHER EDUCATION, PA: NEW ISSUE MOODY'S ASSIGNS AA3 TO STATE SYSTEM OF HIGHER EDUCATION'S (PA) SERIES AU; OUTLOOK NEGATIVE
08/07/17
12:00 am
Pennsylvania Housing Finance Agency PENNSYLVANIA HOUSING FINANCE AGENCY: UPDATE - MOODY'S AFFIRMS VMIG 1 TO PENN. HFA SGL. FAM. MORT. REV. BDS., SER. 2004-83C; 86B; 2005-88B, 88C; 89; 2006-94B
08/04/17
2:28 pm
York (City of) PA MOODY'S WITHDRAWS THE CITY OF YORK, PA'S RATING FOR BUSINESS REASONS
08/02/17
1:55 pm
Dunmore School District, PA DUNMORE SCHOOL DISTRICT, PA: ANNUAL COMMENT ON DUNMORE SD
08/02/17
10:33 am
Talen Energy Supply, LLC MOODY'S ASSIGNS B1 TO TALEN GUARANTEED NOTES AND AFFIRMS EXISTING RATINGS, OUTLOOK STABLE
07/28/17
6:50 pm
Philadelphia (City of) PA Gas Works MOODY'S UPGRADES PGW (PA) TO A3 FROM BAA1; ASSIGNS A3 TO $278.2 MIL GAS WORKS REV. REFUNDING BDS., 15TH SERIES
07/28/17
12:27 pm
North Pocono School District, PA NORTH POCONO SCHOOL DISTRICT, PA: ANNUAL COMMENT ON NORTH POCONO SD
07/28/17
12:00 am
Philadelphia (City of) PA Gas Works PHILADELPHIA (CITY OF) PA GAS WORKS: NEW ISSUE: MOODY'S UPGRADES PGW (PA) TO A3 FROM BAA1; ASSIGNS A3 TO $278.2 MIL GAS WORKS REV. REFUNDING BDS, 15TH SERIES
07/25/17
11:40 am
Bedford Area School District, PA BEDFORD AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON BEDFORD AREA SD
07/25/17
9:40 am
Residential Revival Indiana, PA MOODY'S ASSIGNS MIG 1 TO RESIDENTIAL REVIVAL INDIANA'S (PA) SERIES 2017C&D BOND ANTICIPATION NOTES
07/25/17
12:00 am
Residential Revival Indiana, PA RESIDENTIAL REVIVAL INDIANA, PA: NEW ISSUE - MOODY'S ASSIGNS MIG 1 TO RESIDENTIAL REVIVAL INDIANA'S (PA) SERIES 2017C&D BOND ANTICIPATION NOTES
07/24/17
5:12 pm
York County Industrial Development Auth., PA MOODY'S UPGRADES RATING OF PSEG INC. TO BAA1; OUTLOOK STABLE; SUBSIDIARY RATINGS AFFIRMED
07/24/17
4:25 pm
West Shore School District, PA MOODY'S ASSIGNS AA3 TO WEST SHORE SCHOOL DISTRICT, PA'S $15.6M GOLT REFUNDING BONDS
07/24/17
3:26 pm
Fox Chapel Authority, PA FOX CHAPEL AUTHORITY: ANNUAL COMMENT ON FOX CHAPEL AUTHORITY
07/24/17
2:32 pm
Chambersburg Area School District, PA CHAMBERSBURG AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON CHAMBERSBURG AREA SD
07/24/17
10:27 am
Sto-Rox School District, PA MOODY'S ASSIGNS INITIAL B2 UND./A2 ENH. TO STO-ROX SD, PA'S GO BONDS; OUTLOOK NEGATIVE
07/24/17
12:00 am
Sto-Rox School District, PA STO-ROX SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS INITIAL B2 UND./A2 ENH. TO STO-ROX SD, PA'S GO BONDS; OUTLOOK NEGATIVE
07/24/17
12:00 am
West Shore School District, PA WEST SHORE SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS AA3 TO WEST SHORE SCHOOL DISTRICT, PA'S $15.6M GOLT REFUNDING BONDS
07/21/17
6:27 pm
Freedom Area School District, PA MOODY'S ASSIGNS A1 TO FREEDOM ASD, PA'S 2017 GO BONDS
07/21/17
12:00 am
Freedom Area School District, PA FREEDOM AREA SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS A1 TO FREEDOM ASD, PA'S 2017 GO BONDS
07/20/17
6:26 pm
Philadelphia Authority for Ind. Dev., PA MOODY'S ASSIGNS A2 TO PHILADELPHIA AUTH OF IND DEV, PA'S $54M CITY SERVICE AGREEMENT REV BONDS, SERIES 2017
07/20/17
1:34 pm
Tunkhannock Area School District, PA TUNKHANNOCK AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON TUNKHANNOCK AREA SD
07/20/17
12:00 am
Philadelphia Authority for Ind. Dev., PA PHILADELPHIA AUTHORITY OF INDUSTRIAL DEVELOPMENT, PA: NEW ISSUE: MOODY'S ASSIGNS A2 TO PHILADELPHIA AUTH OF IND DEV, PA'S $54M CITY SERVICE AGREEMENT REV BONDS, SERIES 2017
07/19/17
11:54 am
New Hope-Solebury School District, PA MOODY'S ASSIGNS AA1 RATING TO NEW HOPE-SOLEBURY SCHOOL DISTRICT, PA'S $6.6M GOLT BONDS
07/19/17
11:27 am
Waynesboro Area School District, PA WAYNESBORO AREA SCHOOL DISTRICT, PA: ANNUAL COMMENT ON WAYNESBORO AREA SD
07/19/17
11:26 am
Eastern York School District, PA EASTERN YORK SCHOOL DISTRICT, PA: ANNUAL COMMENT ON EASTERN YORK SD
07/19/17
12:00 am
New Hope-Solebury School District, PA NEW HOPE-SOLEBURY SCHOOL DISTRICT, PA: NEW ISSUE - MOODY'S ASSIGNS AA1 RATING TO NEW HOPE-SOLEBURY SCHOOL DISTRICT, PA'S $6.6M GOLT BONDS

Login to your account

Email address:
Password:

Become a member

Register for a MunicipalBonds.com account to get access to a whole new way of tracking, analyzing, and researching bonds.

   Keep track of bonds you own
   Get ratings from S&P and Moody's for all rated municipal bonds
   View issue history reports
   Access our price archives
...And much more

Register now »

We are providing certain data supplied to us by the Municipal Securities Rulemaking Board ("the Service") without warranties or representations and on an "as-is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. You shall bear all risk, related costs and liability and be responsible for your use of the Service.

The transaction data provided through the Real-Time Transaction Subscription Service represents municipal securities transaction data made available by brokers, dealers, and municipal securities dealers to the MSRB and related information. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information.

The MSRB, its officers, directors, employees, agents, consultants, and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside of their control, including the Internet: (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental, or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The MSRB and its officers, directors, employees, agents, consultants, and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. The MSRB, its officers, directors, employees, agents, consultants, and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles, referred to or described in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive license. The MSRB accepts no responsibility for the accuracy of the reproduction of the Service or that Service is current.