Even Namibia decided it needed a second rating, from Moody's, in September before selling $500 million of bonds to foreign investors for the first time. The southern African nation got a Baa3, the lowest level of investment grade and equivalent to the BBB- it already had from Fitch. "Investors want a second opinion," Saara Kuugongelwa-Amadhila, the country's finance minister in Windhoek, said in a telephone interview. Moody's standard fees to rate U.S. municipal bonds jumped as much as 21 percent this year, according to lists provided to Port Arthur, Texas. Some fees fell while others rose, said Michael Rowan, managing director of the company's commercial group, established last year to ensure that analysts are separated from business negotiations. The prices are "fair and reasonable," he said. "We don't look to compete on price," Rowan said in a telephone interview. "We look to compete based on the quality of our ratings and the value of our ratings."