Also during that time, major agencies changed their business model by beginning to charge bond issuers as well as investors.
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Bond issuers can mitigate some prepayment risk by issuing what are called super sinker bonds.
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Another important category of municipal bond issuers includes authorities and special districts, which have grown in number and variety in recent years.
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In early years, bondholders criticised the settlements that it reached with defaulting bond issuers.
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Structured credit issuance ceased, and many municipal bond issuers spurned bond insurance, as the market was no longer willing to pay the traditional premium for monoline-backed paper.
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