Municipal Bond News & Insight

• What Mark to Market Means to You

What is mark to market accounting? Why is everyone talking about it? Why does Congress want to eliminate it? What does it have to do with my municipal bond market values?

• Main Street Gas Bonds and Lehman Bankruptcy

The Main Street Natural Gas, Inc. (Main Street) Gas Project Revenue Bonds, Series 2008A, which were investment grade rated when purchased, appear subject to the bankruptcy of Lehman Brothers Holdings, Inc. (LBHI).

• The Bond Buyer: S&P Drops Rating on Main Street Gas Bonds

Standard & Poor's dropped its rating on Main Street Natural Gas Inc. Series 2008A project gas revenue bonds to default level, The Bond Buyer reported. The newspaper said bondholders could be left as unsecured creditors in Lehman Brothers Holdings Inc. Chapter 11 bankruptcy proceedings.

• Moody's to Upgrade Munis

Moody's Investors Service will significantly upgrade municipal bond ratings across all sectors and rating categories. The upgrades are a result of Moodys decision to use the same rating system for both muni and corporate bonds, and reflect the underlying quality of municipals and their exceptional record of performance.

• Main Street Gas Bondholders Take Action

In reaction to the bankruptcy of Lehman Brothers Holdings, Inc. (LBHI), institutional holders of the Series 2008A bonds issued by Main Street Gas are forming a bondholders committee to better represent investors interests.