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.
EMMA makes available a number of different types of data, including securities identifying
information, trade prices, interest rates, market statistics, and credit ratings.
The data elements displayed on EMMA are obtained from various sources, as described
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
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.
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
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.
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.
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.
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Kroll Bond Rating Agency, Inc.
© Copyright 2015, Kroll Bond Rating Agency, Inc., and/or its licensors and affiliates (together, "KBRA"). All rights reserved.
Some ratings information available on the Website is provided by Kroll Bond Rating Agency, Inc. and/or its licensors and affiliates (together, “KBRA”). All such information 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. KBRA 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 any KBRA ratings report are based solely upon the opinions of KBRA and the data and information available to the authors at the time of publication of such report. All information contained in the KBRA ratings reports is obtained by KBRA from sources believed by KBRA 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 in any KBRA ratings 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.