White's Rating Law and Legal Definition

White’s Ratings are tax-exempt bond rating service's classification of municipal securities. It measures the marketability of a bond, rather than its credit risk. It considers macroeconomic factors and trends rather than the issuer's credit. For example, an issuer may have good credit, but if there has been an excessive number of foreclosures in that municipality, then it may not be able to collect enough in property taxes in order to pay off the bond. White's ratings attempt to account for these situations.