About the Information Available on EMMA

You must acknowledge having read this information and must accept the terms and conditions of use for the EMMA web site – including restrictions on the use of third-party proprietary data – before accessing the data and document pages of this web site.

EMMA provides documents and data derived from a number of sources. It is important that you understand what those sources are and any limitations on your use of certain data elements made available through EMMA derived from some third-party sources. A more complete description of the terms by which you may use EMMA and the documents and data displayed on this website is set forth in the EMMA Terms and Conditions of Use.


EMMA makes available copies of official statements, preliminary official statements and advance refunding documents submitted to the MSRB by broker-dealers and banks that underwrite new issues of municipal securities. In addition, EMMA makes available copies of continuing disclosure documents submitted to the MSRB by municipal issuers and other obligors on municipal securities. In general, such documents are created by such municipal issuers with the assistance of a number of other parties.

Learn about official statements
Learn about advance refunding documents
Learn about continuing disclosure documents


EMMA makes available a number of different types of data, including securities identifying information, trade prices, interest rates, market statistics, and credit ratings.

Learn about trade prices
Learn about auction rate securities information
Learn about variable rate demand obligation data
Learn about market statistics
Learn about credit ratings

The data elements displayed on EMMA are obtained from various sources, as described below:

Identifying Information

For virtually every municipal security found on EMMA, the following data elements are provided, to the extent applicable: issuer name, security description, CUSIP number, dated date, maturity date, interest rate, principal amount and initial offering price, among other data elements. Portions of this data are provided by broker-dealers and banks submitting documents and data to the MSRB, while other portions are provided by certain third-party sources, including the CUSIP Service Bureau (operated by Standard & Poor’s Financial Services LLC on behalf of the American Bankers Association (“ABA”)).

The CUSIP Service Bureau and the ABA assert that the CUSIP Database, including CUSIP numbers, CUSIP standard securities descriptions and other data, are and shall remain valuable intellectual property of the CUSIP Service Bureau and the ABA, and EMMA users acknowledge and agree that no proprietary rights are being transferred to EMMA users in such materials or in any of the information contained therein. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB, Standard & Poor’s, the CUSIP Service Bureau or the ABA. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP numbers or standard securities descriptions, and is not intended to create and does not serve in any way as a substitute for any CUSIP subscription services now or in the future offered by the CUSIP Service Bureau.

For some securities, some or all of the securities-specific information made available on EMMA is derived from Standard & Poor’s SECURITIES DATAMANAGER. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB or Standard & Poor’s. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of such securities-specific information, and is not intended to create and does not serve in any way as a substitute for any SECURITIES DATAMANAGER subscription services now or in the future offered by Standard & Poor’s.

Trade Price And Interest Rate Information

Broker-dealers and banks that trade municipal securities are required to submit to the MSRB, through its Real-Time Transaction Reporting System (“RTRS”), basic information about each trade, including the price at which such trade was effected. In addition, broker-dealers and banks that serve as program dealers for municipal auction rate securities or as remarketing agents for municipal variable rate demand obligations are required to submit to the MSRB, through its Short-term Obligation Rate Transparency (“SHORT”) system, basic information about each auction or remarketing, including the interest rate set for the next rate period. This price and rate information is combined with securities identifying information for display on EMMA.

Market Statistics

The MSRB’s research unit uses the data obtained from broker-dealers and banks through RTRS, together with securities identifying information and certain additional data elements from SECURITIES DATAMANAGER, to derive statistics with respect to trading in the municipal securities market for display on EMMA.

Credit Ratings

MSRB’s EMMA website displays ratings for municipal securities currently assigned by Fitch Ratings, Kroll Bond Rating Agency, Inc. and Standard and Poor’s (S&P) based on their agreement to make them available to the public through the EMMA website. EMMA USERS SHOULD BE AWARE THAT RATINGS INFORMATION APPEARING ON THE EMMA WEBSITE IS CURRENT AS OF THE “LAST UPDATED” DATE AND TIME INDICATED ON THE EMMA WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. THE EMMA WEBSITE DISPLAYS ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL RATINGS INFORMATION. Thus, if the rating for a municipal security has been changed by a rating agency, the prior rating will no longer be accessible through the EMMA website. At times, rating agencies may take rating actions that are not immediately included in the data feeds but may instead be released initially through other means, such as a press release or spreadsheet posted on their websites. To view any potential rating action that may have been taken by a rating agency on a municipal security since the last update received by EMMA, or to understand the meaning of the ratings and other information provided by each rating agency, please refer to the information available on those agencies’ websites.

Standard and Poor’s Financial Services LLC Disclaimer

Copyright © 2014 by Standard & Poor’s Financial Services LLC. All rights reserved.

No content (including ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.


S&P’s credit ratings and related research are not intended for and must not be used by or distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Australian users can access additional information about S&P’s credit ratings and related research from www.standardandpoors.com.au. Other S&P websites are not intended for Australian users.

Australia Country Condition

LICENSEE accepts and acknowledges that S&P’s provision of the S&P Services to LICENSEE is based and conditional on the veracity and accuracy of LICENSEE’s representation that it is not a Retail Client. In addition, LICENSEE acknowledges that credit ratings and/or related research provided to LICENSEE pursuant to the terms of this Order Schedule are not intended for Retail Clients in Australia. In furtherance of the foregoing, LICENSEE shall require that each Subscriber, before obtaining access to the Licensee Service, affirmatively represent by mouse click or key stroke that he or she is not a Retail Client in Australia. In the event that S&P informs LICENSEE that S&P knows or reasonably believes that LICENSEE has distributed credit ratings and/or related research to a Retail Client in Australia, LICENSEE agrees to reasonably cooperate with S&P to cease such distribution. For purposes of this Order Schedule, "Retail Client” shall have the meaning ascribed to it in Chapter 7 of the Corporations Act of 2001 (Australia).

Kroll Bond Rating Agency, Inc.

© Copyright 2014, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, "KBRA"). All rights reserved.

All information contained herein is proprietary to KBRA and is protected by copyright and other intellectual property law, and none of such information may be copied or otherwise reproduced, further transmitted, redistributed, repackaged or resold, in whole or in part, by any person, without KBRA’s prior express written consent. Ratings are licensed by KBRA under these conditions. Misappropriation or misuse of KBRA ratings may cause serious damage to KBRA for which money damages may not constitute a sufficient remedy; KBRA shall have the right to obtain an injunction or other equitable relief in addition to any other remedies. The statements contained in this report are based solely upon the opinions of KBRA and the data and information available to the authors at the time of publication of this report. All information contained herein is obtained by KBRA from sources believed by it to be accurate and reliable; however, KBRA ratings are provided “AS IS”. No warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, or fitness for any particular purpose of any rating or other opinion or information is given or made by KBRA. Under no circumstances shall KBRA have any liability resulting from the use of any such information, including without limitation, for any indirect, special, consequential, incidental or compensatory damages whatsoever (including without limitation, loss of profits, revenue or goodwill), even if KBRA is advised of the possibility of such damages. The credit ratings, if any, and analysis constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. KBRA receives compensation for its rating activities from issuers, insurers, guarantors and/or underwriters of debt securities for assigning ratings and from subscribers to its website.



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If you do not accept these terms and conditions, you will be unable to view such data and documents that appear in the Muni Search and Market Activity sections of this web site. However, you will continue to have access to remaining portions of this web site.