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The S&P Municipal Bond 7 Day Intermediate Grade Rate Index consists of bonds in the S&P National AMT-Free Municipal VRDO Index that are classified as weekly interest rate reset bonds. The bonds must have minimum par amounts greater than or equal to USD 50 million and must be rated by at least one of Standard & Poor’s, Moody’s or Fitch, with a short-term rating less than or equal to A-1, VMIG-2 or F-1 respectively. To avoid doubt, the lowest rating is used.
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