Although frequently thought of as more subjective and less quantifiable than other rating factors, an evaluation of a municipal entity’s administrative factors is critical to Moody’s analysis of municipal credit quality. Indeed, in today’s slowing economic and tightening fiscal environment, management issues may be more important than ever. Two of the cities highlighted in this edition of Municipal Issues—Cambridge, Mass. and South St. Paul, Minn.—are excellent examples of the positive influence good management can have on a municipality’s credit standing.