Pennsylvania gives a lesson in transparency

The first public rating given to a state-run tuition savings plan in the US could result in greater transparency for a class of investment that has shunned independent scrutiny until now.

The Commonwealth of Pennsylvania used Moody's Investors Service to rate its guaranteed savings plan last year, and the agency assigned it with an A3 rating. Other states are now considering getting their plans rated.

The decision to approach Moody's was taken by incoming treasurer Robert Casey, who became