WASHINGTON — Janney Capital Markets is concerned that Standard & Poor's ratings for some local governments may be too high and out of step with current credit conditions.

"The potential for a discrepancy between Moody's [Investors Service] and S&P's ratings increased after S&P's new local government criteria was released ... and so did the potential for ratings shopping," Janney muni analyst Tom Kozlik wrote in a report Monday. "We also have found that changes in the content of S&P's local government rating reports often leave out significant information we believe is necessary for investors."

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