When credit analysts evaluate municipal debt, they include an evaluation of the issuer's investment policies, strategies, and portfolio performance. At an education session sponsored by Public Trust Advisors in Ft. Worth TX and attended by approximately 75 municipal, school district, and charter school financial managers, Nutshell Associates president Liz Sweeney shared her experience of how third-party evaluators, such as rating agencies and institutional investors assess risks related to an issuer's investment portfolio and how that assessment fits into their overall credit analysis. Topics included rating methodologies, the role of management, the importance of written policies, and differences in emphasis across municipal sectors and across various fund types such as general funds, pensions, endowment, and bond funds.