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In This List
COMMENTS

Credit Trends: U.S. Public Finance Saw Calm Before COVID-19

COMMENTS

COVID-19 Battered Global Consumer Discretionary Sectors But Lifted Staples; Recovery Varies By Subsector

COMMENTS

History Of U.S. State Ratings

COMMENTS

U.S. State Ratings And Outlooks: Current List

COMMENTS

COVID-19 Impact: Key Takeaways From Our Articles


Credit Trends: U.S. Public Finance Saw Calm Before COVID-19

Total U.S. public finance (USPF) rating actions before the COVID-19 pandemic hit painted a calmer picture. The housing and nonhousing sectors have averaged 263 upgrades and 148 downgrades quarterly over the past 12 quarters. In first-quarter 2020, there were 133 upgrades (down from 221 in fourth-quarter 2019) and 110 downgrades (down from 142 in fourth-quarter 2019). The ratio of upgrades to downgrades from January to March for the combined sectors was 1.21 to 1, down from 1.56 at the end of 2019 and below the trailing-12-month average of 1.82.

There were two defaults in the first quarter, the same as in the fourth quarter of 2019, both related to Glen Hope Harbor in Texas, which defaulted from 'CCC' in February when interest payments were missed on bonds issued to finance a senior living facility.

Overall ratings movement was positive in the first quarter of 2020, with both housing and nonhousing seeing more upgrades than downgrades. Four of the seven nonhousing subsectors had more upgrades than downgrades: tax secured, appropriations, utilities, and transportation. Three sectors saw more downgrades: health care, higher education, and charter schools.

Chart 1

image

Chart 2

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Finance Changes Led Downgrades

While upgrades exceeded downgrades in the first quarter, there were more downgrades caused by deteriorating financial conditions (55) than there were upgrades caused by improvements in finances (42) (see chart 3). The second most common type of downgrades was changes in business (13), an almost even split with upgrades for the same reason (12). Debt service coverage improvements and the economy were factors in 30 and 26 upgrades, respectively, and accounted for only five downgrades each in the first quarter.

Chart 3

image

Rating Distributions

Most USPF nonhousing ratings were investment-grade ('BBB-' and above) at the end of the first quarter of 2020, and only 1.58% of these ratings were speculative-grade. For housing, 2.7% of ratings were speculative-grade at the end of the quarter. USPF ratings of all kinds are partially correlated to the sovereign rating on the U.S., which we affirmed at 'AA+' with a stable outlook on April 2, 2020. Just under 5% of nonhousing ratings and 13.2% of housing ratings are 'AAA'.

Table 1

Rating Distribution (As Of March 31, 2020)
Number of ratings
USPF ex. Housing Tax secured Appropriation Utilities Health care Higher education Transportation Charter schools Housing
AAA 1,077 789 51 197 0 38 2 0 278
AA 9,332 5,537 2,419 1,004 112 191 69 0 1537
A 9,447 6,016 1,665 1,064 210 300 191 1 140
BBB 1,373 576 253 113 101 171 34 125 89
BB 295 57 20 3 26 45 2 142 27
B 38 6 3 4 3 6 0 16 18
CCC/C 7 1 1 0 1 3 0 1 12
Totals 21,569 12,982 4,412 2,385 453 754 298 285 2101
As percentage (%)
AAA 4.99 6.08 1.16 8.26 0.00 5.04 0.67 0.00 13.23
AA 43.27 42.65 54.83 42.10 24.72 25.33 23.15 0.00 73.16
A 43.80 46.34 37.74 44.61 46.36 39.79 64.09 0.35 6.66
BBB 6.37 4.44 5.73 4.74 22.30 22.68 11.41 43.86 4.24
BB 1.37 0.44 0.45 0.13 5.74 5.97 0.67 49.82 1.29
B 0.18 0.05 0.07 0.17 0.66 0.80 0.00 5.61 0.86
CCC/C 0.03 0.01 0.02 0.00 0.22 0.40 0.00 0.35 0.57
Source: S&P Global Ratings Research.

Large Rating Movements Were Mostly Downward

There were nine rating movements of plus or minus three or more notches in the first quarter (see table 2), with seven downgrades and two upgrades.

Table 2

Main Reason For Multiple Notch Rating Changes, (2020 Q1)
Notch change* Total Finances Default Economy Criteria Business Debt service coverage
(6) 2 1 1
4 2 2
(3) 1 1
3 2 1 1
Total 9 3 2 1 1 1 1
*Negative numbers indicate downgrades. Source: S&P Global Ratings Research.

First-Quarter Rating Actions

State and local governments

State governments.   There were no state general obligation rating changes in the first quarter of 2020.

Local governments.   In the first quarter, local governments saw 78 ratings rise and 60 ratings fall. Finances led to the most upgrades and downgrades, with 34 and 40, respectively (see chart 5). The economy was cited as leading to 26 upgrades and just four downgrades in the first quarter, before the COVID-19 pandemic really took hold.

Chart 4

image

Utilities

There were 21 upgrades and 16 downgrades in the first quarter, with criteria and debt service coverage leading to seven and six upgrades, respectively. Negative business changes led to six downgrades.

Chart 5

image

Health care

Health care had nine downgrades and six upgrades, with business changes leading upgrades with five and changes in financial conditions leading downgrades with six.

Chart 6

image

Higher education and charter schools

Downgrades exceeded upgrades in the first quarter for higher education obligors, with five upgrades and 17 downgrades, led by decreased enrollment and finances.

Chart 7

image

Chart 8

Transportation

Transportation rating actions were minimal in the first quarter, with only two upgrades and one downgrade.

Chart 8

image

Housing

In the first quarter, improvements in debt service coverage led to all 21 upgrades, while downgrades were not dominated by any one rating action reason.

Chart 9

image

Related Research

Appendix

Table 3

First-Quarter 2020 Upgrades And Downgrades
Sector Upgrades Downgrades Defaulted
Total USPF ex. housing 112 103 0
State and local* 78 60 0
Tax secured 57 53 0
Appropriation 21 7 0
Utility 21 16 0
Health care 6 9 0
Higher education 4 14 0
Transportation 2 1 0
Charter schools 1 3 0
Housing 21 5 2
*Includes tax-secured and appropriation securities.

Table 4

Upgrade/Downgrade History*
--USPF ex. Housing-- --Tax secured-- --Appropriation-- --Utilities-- --Health care-- --Higher education-- --Transportation-- --Charter schools§-- --Housing†--
Up Down Up Down Up Down Up Down Up Down Up Down Up Down Up Down Up Down
1/1/2001 155 38 63 5 65 1 15 9 5 21 5 2 2 0 n/a n/a 5 7
4/1/2001 735 105 83 3 624 66 23 4 1 20 3 12 1 0 n/a n/a 32 11
7/1/2001 126 49 49 4 42 3 13 5 2 23 5 5 15 9 n/a n/a 15 14
10/1/2001 103 14 57 3 20 4 12 2 3 4 7 1 4 0 n/a n/a 24 8
1/1/2002 173 39 97 5 45 1 15 7 4 6 7 5 5 15 n/a n/a 3 7
4/1/2002 108 103 59 9 21 63 20 6 1 10 1 5 6 10 n/a n/a 3 24
7/1/2002 75 38 40 2 10 10 20 3 2 18 1 1 2 4 n/a n/a 0 17
10/1/2002 103 126 57 13 26 71 12 15 4 19 2 7 2 1 n/a n/a 6 17
1/1/2003 83 68 41 6 17 33 11 2 4 18 7 8 3 1 n/a n/a 5 19
4/1/2003 87 46 52 10 6 1 13 1 5 21 6 7 5 5 0 1 4 24
7/1/2003 80 130 45 7 18 77 12 4 3 11 2 29 0 2 0 0 10 25
10/1/2003 120 92 54 15 26 28 17 7 11 30 12 8 0 4 0 0 23 9
1/1/2004 103 98 61 16 8 58 12 3 14 18 3 3 5 0 0 0 24 6
4/1/2004 94 65 51 11 17 33 16 8 7 9 2 3 1 1 0 0 2 11
7/1/2004 186 125 48 13 100 95 30 1 5 10 1 4 1 2 1 0 19 19
10/1/2004 122 56 65 10 21 20 19 9 10 14 6 3 1 0 0 0 11 10
1/1/2005 153 35 63 11 38 13 15 3 13 7 22 1 2 0 0 0 75 12
4/1/2005 104 64 53 10 21 41 8 1 15 10 4 2 3 0 0 0 5 96
7/1/2005 207 39 51 13 126 7 12 3 12 8 6 4 0 4 0 0 29 11
10/1/2005 153 110 75 43 24 24 22 7 20 19 10 8 2 7 0 2 13 37
1/1/2006 113 47 37 9 48 13 9 3 11 14 7 6 1 1 0 1 12 9
4/1/2006 244 22 68 10 136 1 14 2 14 6 9 3 3 0 0 0 27 8
7/1/2006 393 27 329 8 17 1 25 2 12 16 8 0 2 0 0 0 53 13
10/1/2006 191 37 99 13 34 5 21 6 12 10 12 3 13 0 0 0 34 3
1/1/2007 177 25 95 10 52 0 21 2 4 11 2 1 3 0 0 1 48 1
4/1/2007 177 54 74 27 60 10 24 2 10 8 8 5 1 2 0 0 9 4
7/1/2007 157 24 91 3 37 3 10 2 8 15 5 0 5 1 1 0 15 11
10/1/2007 162 48 73 12 32 8 25 1 10 19 15 4 4 1 3 3 9 10
1/1/2008 238 37 127 11 48 3 41 2 7 19 9 1 6 1 0 0 6 13
4/1/2008 626 29 414 7 101 2 95 1 5 18 9 0 1 1 1 0 7 63
7/1/2008 588 30 295 6 232 1 41 2 4 20 11 0 5 1 0 0 12 36
10/1/2008 665 43 293 6 58 4 295 0 7 28 5 4 6 1 1 0 32 31
1/1/2009 749 207 522 16 137 150 79 5 3 29 1 3 3 4 4 0 22 155
4/1/2009 611 82 330 16 115 40 148 1 5 22 6 3 7 0 0 0 16 73
7/1/2009 396 31 223 4 87 4 68 7 2 11 10 1 6 4 0 0 8 34
10/1/2009 451 60 315 12 75 28 33 1 12 12 13 3 1 4 2 0 8 33
1/1/2010 671 273 517 46 84 205 56 7 8 10 2 2 2 3 2 0 6 79
4/1/2010 574 93 445 55 72 14 40 4 8 16 6 2 1 2 2 0 8 37
7/1/2010 252 38 156 17 34 2 43 4 7 10 10 2 1 3 1 0 8 63
10/1/2010 237 58 147 27 17 16 30 3 20 7 17 1 4 3 2 1 33 66
1/1/2011 438 300 238 69 103 211 56 6 13 2 16 5 6 4 6 3 22 15
4/1/2011 187 96 98 57 32 18 25 6 22 10 2 3 7 1 1 1 5 37
7/1/2011 93 119 39 50 9 46 27 4 15 11 2 5 0 2 1 1 12 1287
10/1/2011 76 109 23 53 3 9 30 18 9 14 9 6 1 4 1 5 11 33
1/1/2012 119 90 40 40 21 23 43 11 11 10 2 4 2 0 0 2 8 58
4/1/2012 175 139 76 67 26 40 46 14 13 8 9 7 5 0 0 3 9 9
7/1/2012 137 148 66 78 25 39 25 8 14 10 3 7 3 0 1 6 3 39
10/1/2012 132 85 71 44 18 11 28 10 6 11 4 5 5 1 0 3 18 12
1/1/2013 197 126 82 86 82 15 20 11 9 6 4 3 0 1 0 4 6 14
4/1/2013 197 94 109 44 34 18 26 9 18 12 6 6 4 1 0 4 12 28
7/1/2013 275 116 164 48 70 19 24 16 7 10 5 9 5 2 0 12 9 14
10/1/2013 759 166 542 64 167 57 32 5 5 20 9 11 4 1 0 8 33 77
1/1/2014 677 162 520 80 107 40 16 16 14 10 7 8 11 1 2 7 9 8
4/1/2014 580 280 448 88 80 141 30 10 12 17 7 18 3 0 0 6 17 11
7/1/2014 735 358 459 90 232 223 30 8 9 14 4 8 1 0 0 15 33 8
10/1/2014 274 80 116 38 121 7 22 11 7 9 1 8 7 0 0 7 77 37
1/1/2015 232 160 140 70 35 42 27 8 24 17 3 17 2 0 1 6 23 4
4/1/2015 272 137 141 61 64 33 33 12 22 15 5 10 5 1 2 5 9 3
7/1/2015 313 157 138 52 108 55 34 24 18 4 3 12 11 2 1 8 22 2
10/1/2015 226 106 135 47 15 18 37 20 19 10 4 5 14 1 2 5 8 2
1/1/2016 266 136 142 62 39 27 46 20 8 6 21 14 8 1 2 6 19 21
4/1/2016 231 155 114 54 25 40 51 17 9 15 21 15 10 2 1 12 19 44
7/1/2016 202 155 101 46 48 66 33 14 12 6 5 15 2 1 1 7 11 3
10/1/2016 218 265 106 50 25 152 51 28 8 11 17 13 5 1 6 10 13 12
1/1/2017 250 269 139 76 41 127 51 27 8 12 3 10 5 0 3 17 10 24
4/1/2017 227 123 99 70 91 19 14 6 10 5 1 18 7 0 5 5 6 9
7/1/2017 155 154 89 54 25 57 21 16 5 14 7 4 3 2 5 7 12 5
10/1/2017 233 113 143 64 42 18 23 6 7 7 8 7 5 2 5 9 7 7
1/1/2018 541 98 334 53 174 8 19 9 8 7 2 10 0 2 4 9 3 35
4/1/2018 308 168 177 74 72 58 19 13 14 9 3 6 15 0 8 8 7 41
7/1/2018 270 145 131 83 84 10 25 21 6 14 3 10 19 2 2 5 28 13
10/1/2018 230 153 131 97 54 28 22 13 6 7 1 5 16 0 0 3 21 24
1/1/2019 282 108 184 65 51 19 29 10 6 6 4 5 8 0 0 3 0 11
4/1/2019 261 115 171 60 42 12 24 22 9 6 6 6 7 4 2 5 8 28
7/1/2019 198 107 119 63 36 12 31 12 3 5 7 7 0 0 2 8 2 70
10/1/2019 216 111 131 67 37 5 27 16 4 7 2 14 10 0 5 2 5 31
1/1/2020 112 103 57 53 21 7 21 16 6 9 4 14 2 1 1 3 21 7
*Downgrades include defaults. §All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. †Only tracked annually prior to 2006. Source: S&P Global Ratings Research.

Table 5

USPF Rating Actions, First-Quarter 2020
Obligor Sector Old rating Latest rating date New rating Upgrade/downgrade
T.J. Samson Community Hospital Health Care BBB- 1/3/2020 BBB Upgrade
Tioga Indpt Sch Dist Tax Secured BBB- 1/3/2020 BB Downgrade
Southeast Georgia Hlth Sys Health Care A- 1/6/2020 BBB+ Downgrade
Virginia Tax Secured A+ 1/6/2020 A- Downgrade
Chesapeake Transportation BBB 1/7/2020 BBB+ Upgrade
University of South Florida Higher Education AA- 1/7/2020 AA Upgrade
Bloomer Sch Dist Tax Secured A+ 1/8/2020 AA- Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Colorado Hsg & Fin Auth Housing AA 1/8/2020 AA+ Upgrade
Gloucester Tax Secured AA- 1/8/2020 A+ Downgrade
Wamego Tax Secured A+ 1/8/2020 AA- Upgrade
Wamego Tax Secured A+ 1/8/2020 AA- Upgrade
Hospital Sisters Services, Inc. Health Care AA- 1/9/2020 A+ Downgrade
Southwestern Illinois Flood Prevention Dist Council Tax Secured A 1/9/2020 A- Downgrade
Southwestern Illinois Flood Prevention Dist Council Tax Secured AA 1/9/2020 AA- Downgrade
Atascosa Cnty Tax Secured AA 1/10/2020 AA- Downgrade
Cook Cnty Tax Secured AA 1/10/2020 AA- Downgrade
Cook Cnty Tax Secured AA- 1/10/2020 A+ Downgrade
Gravois Fire Prot Dist Tax Secured A- 1/10/2020 A Upgrade
Riverside Community School District Tax Secured A+ 1/10/2020 A- Downgrade
Fort Lauderdale Tax Secured AA+ 1/13/2020 AAA Upgrade
Fort Lauderdale Appropriation AA+ 1/13/2020 AAA Upgrade
Andalusia Util Brd Utilities A- 1/14/2020 BBB+ Downgrade
Bassett Unif Sch Dist Tax Secured A+ 1/14/2020 A Downgrade
Chuckey Util Dist Utilities A- 1/14/2020 A Upgrade
Franklin Cnty Tax Secured AA- 1/14/2020 AA Upgrade
Cook Cnty Comnty High Sch Dist #233 Homewood-Flossmoor Tax Secured AAA 1/15/2020 AA+ Downgrade
Jackson Cnty Cent Indpt Sch Dist #2895 Tax Secured A+ 1/15/2020 A Downgrade
Macon Christian Dewitt Etc Cntys Comnty Coll Dist #537 (Richland) Tax Secured A 1/15/2020 A+ Upgrade
Starbuck Tax Secured A 1/15/2020 A+ Upgrade
Cottage Hlth Sys Health Care A+ 1/16/2020 AA- Upgrade
Eastern Univ Higher Education BB+ 1/16/2020 BB Downgrade
Greer Utilities A+ 1/17/2020 AA- Upgrade
Jobs OH Beverage Sys Tax Secured AA 1/17/2020 AA+ Upgrade
La Porte Tax Secured AA 1/17/2020 AA+ Upgrade
NYU Hospitals Ctr Health Care A- 1/17/2020 A Upgrade
Clark Twp Brd of Ed Tax Secured A+ 1/21/2020 AA- Upgrade
Portland Utilities A+ 1/21/2020 AA- Upgrade
Adams Cnty Sch Dist No. 158 Lind Tax Secured A- 1/22/2020 A Upgrade
Hobart Tax Secured A 1/22/2020 BBB+ Downgrade
Hobart Appropriation A 1/22/2020 BBB+ Downgrade
Old Forge Sch Dist Tax Secured BBB+ 1/22/2020 BBB Downgrade
Tarrant Tax Secured A 1/22/2020 A+ Upgrade
Fayetteville St Univ Higher Education A- 1/23/2020 BBB+ Downgrade
Fayetteville St Univ Higher Education BBB+ 1/23/2020 BBB Downgrade
Steele Properties, LLC Housing BBB+ 1/23/2020 BBB Downgrade
Successor Agy to the Ceres Redev Agy Tax Secured A 1/23/2020 A+ Upgrade
Tohopekaliga Wtr Auth Utilities AA+ 1/23/2020 AAA Upgrade
Tuscaloosa Tax Secured AA+ 1/23/2020 AA Downgrade
Cold Spring Tax Secured A 1/24/2020 A+ Upgrade
Great Plains Regl Med Ctr Health Care A- 1/24/2020 A Upgrade
St. Joseph Pub Schs Tax Secured A+ 1/24/2020 AA- Upgrade
Wood Dale Tax Secured AAA 1/24/2020 AA+ Downgrade
Hartland Twp Tax Secured AA 1/27/2020 AA+ Upgrade
Assn of American Med Coll Higher Education A+ 1/28/2020 AA+ Upgrade
Clinton Cnty Tax Secured AA- 1/28/2020 A+ Downgrade
Clinton Cnty Tax Secured AA- 1/28/2020 A+ Downgrade
Milliken Fire Prot Dist Tax Secured BBB+ 1/29/2020 A Upgrade
Country Club Hills Tax Secured BBB 1/30/2020 BBB- Downgrade
Mercyhurst Univ Higher Education BB+ 1/30/2020 BB Downgrade
South Haven Charter Twp Tax Secured A+ 1/30/2020 AA- Upgrade
Stratford Tax Secured A 1/30/2020 BBB- Downgrade
Cachuma Oper and Maintenance Brd Utilities A+ 1/31/2020 AA- Upgrade
Impact Funding LLC Housing AAA 1/31/2020 AA+ Downgrade
Murrieta Appropriation A+ 1/31/2020 AA- Upgrade
University of Montevallo Higher Education A 1/31/2020 A- Downgrade
A.W. Brown Fellowship Charter Sch Charter Schools BB 2/3/2020 BB- Downgrade
Franklin Cnty Comnty Cons Sch Dist #47 Benton Tax Secured A- 2/3/2020 A Upgrade
Oconto Tax Secured A+ 2/3/2020 A- Downgrade
Palmyra-Eagle Area Sch Dist Tax Secured BBB 2/3/2020 BB+ Downgrade
Buena Pk Sch Dist Tax Secured AA- 2/4/2020 A+ Downgrade
Ithaca City Sch Dist Tax Secured A+ 2/4/2020 AA- Upgrade
Norfolk Tax Secured AA+ 2/4/2020 AAA Upgrade
Big Rapids Tax Secured AA- 2/5/2020 A+ Downgrade
South Hadley Elec Light Dept Utilities AA- 2/5/2020 AA Upgrade
White Bear Lake Indpt Sch Dist #624 Tax Secured AA 2/5/2020 AA- Downgrade
Clinton Cnty Sch Dist #62 (Damiansville) Tax Secured BBB+ 2/6/2020 A- Upgrade
Crestwood Sch Dist Tax Secured AA- 2/6/2020 A- Downgrade
Fulton Cnty Tax Secured AA- 2/6/2020 A+ Downgrade
Polk Cnty Utilities AA 2/6/2020 AA+ Upgrade
Shreveport Tax Secured A 2/6/2020 BBB+ Downgrade
Shreveport Appropriation A 2/6/2020 BBB+ Downgrade
Shreveport Tax Secured A 2/6/2020 BBB+ Downgrade
Shreveport Appropriation A 2/6/2020 BBB+ Downgrade
Shreveport Appropriation A 2/6/2020 BBB+ Downgrade
Lebanon Cnty Tax Secured A 2/7/2020 A+ Upgrade
Midwestern Univ Higher Education A 2/7/2020 A+ Upgrade
Robinson Twp (Allegheny Cnty) Tax Secured AA- 2/7/2020 AA Upgrade
Homewood-Flossmoor Pk Dist Tax Secured A- 2/10/2020 BBB+ Downgrade
Jenkintown Sch Dist Tax Secured A+ 2/10/2020 A Downgrade
Elwyn, Inc. Health Care BBB 2/11/2020 BBB- Downgrade
Glen Hope Harbor Housing CCC 2/11/2020 D Downgrade
Glen Hope Harbor Housing CCC 2/11/2020 D Downgrade
St Edwards Univ Higher Education BBB+ 2/11/2020 BBB Downgrade
Kaufman Cnty Tax Secured A+ 2/12/2020 AA- Upgrade
Belton Utilities A+ 2/13/2020 AA- Upgrade
Custer Sch Dist #16-1 Tax Secured A+ 2/13/2020 AA- Upgrade
Derry Twp (Westmoreland Cnty) Tax Secured A+ 2/13/2020 A Downgrade
Fairburn Utilities A- 2/13/2020 A Upgrade
Reading Area Wtr Auth Utilities A 2/13/2020 A- Downgrade
Lancaster Cnty Fairgrounds Jt Pub Agy Tax Secured AA- 2/14/2020 A Downgrade
Memorial Pk Dist Tax Secured A+ 2/14/2020 A Downgrade
Scott Twp Tax Secured A+ 2/14/2020 AA- Upgrade
Catholic Med Ctr Health Care A- 2/18/2020 BBB+ Downgrade
Troy Tax Secured A- 2/18/2020 A Upgrade
Cabrini Univ Higher Education BBB+ 2/19/2020 BBB Downgrade
Gillette Appropriation A+ 2/19/2020 AA- Upgrade
Gillette Appropriation A+ 2/19/2020 AA- Upgrade
Maricopa Cnty Un High Sch Dist #214 Tolleson Tax Secured AA- 2/20/2020 AA Upgrade
Successor Agy to the Indian Wells RDA Tax Secured A 2/20/2020 A+ Upgrade
Willamette Univ Higher Education A 2/20/2020 A- Downgrade
JEA Utilities AA+ 2/21/2020 AA Downgrade
JEA Utilities AA+ 2/21/2020 AA Downgrade
JEA Utilities AAA 2/21/2020 AA+ Downgrade
Machesney Pk Vill Tax Secured A+ 2/21/2020 AA- Upgrade
Silverdale Wtr Dist #16 Utilities A+ 2/21/2020 AA- Upgrade
Cattaraugus Village Tax Secured A- 2/25/2020 A Upgrade
California Dept of Wtr Resources Utilities AA 2/26/2020 AA+ Upgrade
Lexington Cnty Tax Secured AA 2/26/2020 AA+ Upgrade
Rapid River Pub Schs Tax Secured A 2/26/2020 A- Downgrade
Stone Harbor Borough Tax Secured AA 2/26/2020 AA+ Upgrade
Hoke Cnty Appropriation A 2/27/2020 A+ Upgrade
Hoke Cnty Tax Secured A+ 2/27/2020 AA- Upgrade
Mercy Health Services Health Care BBB 2/27/2020 BBB+ Upgrade
GMAC Commercial Military Hsg Tr XXI Housing A- 2/28/2020 BBB+ Downgrade
GMAC Commercial Military Hsg Tr XXI Housing A- 2/28/2020 BBB+ Downgrade
GMAC Commercial Military Hsg Tr XXI Housing A- 2/28/2020 BBB+ Downgrade
Harris Cnty Mun Util Dist #468 Tax Secured BBB 2/28/2020 A- Upgrade
Bonner Springs Tax Secured AA- 3/2/2020 AA Upgrade
Campbellsport Vill Tax Secured BB+ 3/2/2020 BBB+ Upgrade
Corning Comnty Sch Dist Tax Secured A 3/2/2020 A+ Upgrade
Corning Comnty Sch Dist Tax Secured A- 3/2/2020 A Upgrade
Methodist Univ Higher Education BBB- 3/2/2020 BB+ Downgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Appropriation A+ 3/2/2020 AA- Upgrade
Sacramento Tax Secured AA- 3/2/2020 AA Upgrade
Franklin Utilities A- 3/3/2020 BBB Downgrade
Hartwick Coll Higher Education BBB- 3/3/2020 BB+ Downgrade
Landmark Academy Charter Schools BB- 3/3/2020 BB Upgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Los Angeles Dept of Wtr & Pwr Utilities AA 3/3/2020 AA- Downgrade
Alabama Drinking Wtr Fin Auth Utilities AA- 3/4/2020 AA Upgrade
Madison Wtr & Wastewtr Brd Utilities AA 3/4/2020 AA+ Upgrade
Waterloo Tax Secured AA 3/4/2020 A+ Downgrade
Avalon Comnty Imp Agy Tax Secured A+ 3/5/2020 AA- Upgrade
Boulder Cnty Appropriation AA 3/5/2020 AA+ Upgrade
Boulder Cnty Appropriation AA 3/5/2020 AA+ Upgrade
Boulder Cnty Appropriation AA- 3/5/2020 AA Upgrade
Boulder Cnty Appropriation AA- 3/5/2020 AA Upgrade
Boulder Cnty Tax Secured AA+ 3/5/2020 AAA Upgrade
Boulder Cnty Appropriation AA+ 3/5/2020 AAA Upgrade
Boulder Cnty Appropriation AA+ 3/5/2020 AAA Upgrade
Glendale Tax Secured AA+ 3/5/2020 AA Downgrade
Riverside Cnty Transp Comm Transportation A- 3/5/2020 A Upgrade
Scotch Plains Twp Tax Secured AA 3/5/2020 AA+ Upgrade
Somerville Indpt Sch Dist Tax Secured A 3/5/2020 A+ Upgrade
Atherton Comnty Schs Tax Secured A+ 3/6/2020 A Downgrade
Boston Wtr & Swr Comm Utilities AA+ 3/6/2020 AAA Upgrade
Boston Wtr & Swr Comm Utilities AA+ 3/6/2020 AAA Upgrade
Good Shepherd Grp Health Care A 3/6/2020 A- Downgrade
Mayville State University Higher Education A- 3/6/2020 BBB+ Downgrade
Montgomery Cnty Mun Util Dist #113 Tax Secured BBB- 3/6/2020 BBB+ Upgrade
Sugar Land Utilities AA+ 3/6/2020 AA Downgrade
Colleges of the Seneca (Hobart & William Smith Coll) Higher Education A 3/9/2020 A- Downgrade
Univ of New Orleans Research & Tech Foundn Higher Education A 3/9/2020 A- Downgrade
Harris Cnty Mun Util Dist #127 Tax Secured BBB+ 3/10/2020 A- Upgrade
Northeastern Illinois Univ Higher Education B+ 3/10/2020 BB Upgrade
Okanogan Cnty Pub Util Dist No.1 Utilities A 3/10/2020 A+ Upgrade
South Placer Wastewtr Auth Utilities A+ 3/10/2020 A Downgrade
Harding Cnty Sch Dist #31-1 Tax Secured A 3/11/2020 BBB- Downgrade
Kendall Cnty Forest Preserve Dist Tax Secured A- 3/11/2020 A Upgrade
Lindsay Tax Secured A+ 3/11/2020 A- Downgrade
Multnomah & Clackamas Cnty Sch Dist #51J Riverdale Tax Secured AA 3/11/2020 AA- Downgrade
St Leonard Hlthcare Ctr Health Care BBB- 3/11/2020 BBB Upgrade
Utah Associated Mun Pwr Sys Utilities A 3/11/2020 A- Downgrade
West Ranch Mgmt Dist Tax Secured BBB+ 3/11/2020 A Upgrade
Adams Cnty Tax Secured AA- 3/12/2020 A Downgrade
Beloit Tax Secured A+ 3/12/2020 AA- Upgrade
Bessemer Hsg Comm Housing A+ 3/12/2020 AA- Upgrade
Clinton Hsg Auth Housing A+ 3/12/2020 AA- Upgrade
Dreadnought Group Housing A+ 3/12/2020 AA- Upgrade
Dreadnought Group Housing A+ 3/12/2020 AA- Upgrade
Dreadnought Group Housing A+ 3/12/2020 AA- Upgrade
Hamilton Appropriation A+ 3/12/2020 A Downgrade
Hamilton Appropriation A+ 3/12/2020 A Downgrade
Livonia Housing Commission (City of) Housing A+ 3/12/2020 AA- Upgrade
Traverse City Hsg Comm Housing A+ 3/12/2020 AA- Upgrade
Washington Hsg Auth Housing A+ 3/12/2020 AA- Upgrade
Alabama Pub Hsg Fin Corp-B Housing A 3/13/2020 A+ Upgrade
Boston Hsg Auth Housing A+ 3/13/2020 AA- Upgrade
CHF Collegiate Housing Corpus Christi I LLC Higher Education BBB- 3/13/2020 B- Downgrade
Kentucky League of Cities Funding Tr Housing A+ 3/13/2020 AA- Upgrade
LeRoy Tax Secured A+ 3/13/2020 A Downgrade
Midland Tax Secured AA+ 3/13/2020 AA Downgrade
New Bedford Hsg Auth Housing A+ 3/13/2020 AA- Upgrade
Nobles Cnty Tax Secured AA+ 3/13/2020 AA Downgrade
Shiner Indpt Sch Dist Tax Secured A+ 3/13/2020 A Downgrade
St. Clair & Washington Cntys Comnty High Sch Dist #77 (Freeburg) Tax Secured A 3/13/2020 A+ Upgrade
Detroit Utilities A 3/16/2020 A+ Upgrade
Detroit Utilities A+ 3/16/2020 AA- Upgrade
Detroit Utilities A+ 3/16/2020 AA- Upgrade
District of Columbia Hsg Auth Housing A 3/16/2020 A+ Upgrade
Pawtucket Hsg Auth Housing A+ 3/16/2020 AA- Upgrade
Galveston Cnty Mun Util Dist #6 Tax Secured A- 3/17/2020 A Upgrade
New Haven Hsg Auth (of the City of) Housing A+ 3/17/2020 AA- Upgrade
Harper Woods Tax Secured BBB 3/18/2020 BBB- Downgrade
West Concord Tax Secured A+ 3/18/2020 AA- Upgrade
White River Hlth Sys, Inc. Health Care BBB 3/18/2020 BBB- Downgrade
ASPIRA of Delaware Charter Operations, Inc. Charter Schools BB+ 3/19/2020 BB Downgrade
Indianapolis Utilities A 3/19/2020 A+ Upgrade
Sioux Center Comnty Sch Dist Tax Secured A+ 3/19/2020 A Downgrade
Univ of Pittsburgh Med Ctr Health Care A+ 3/19/2020 A Downgrade
Compton Comnty Coll Dist Tax Secured A+ 3/20/2020 AA- Upgrade
Deer Lakes Sch Dist Tax Secured AA- 3/20/2020 A+ Downgrade
Killingly Twn Tax Secured AA 3/20/2020 AA+ Upgrade
Little Egg Harbor Twp Tax Secured AA 3/20/2020 AA- Downgrade
Munster Schs Tax Secured BB 3/20/2020 BB+ Upgrade
Rensselaer Utilities A- 3/20/2020 BBB Downgrade
Suffolk Cnty Tax Secured A- 3/20/2020 BBB+ Downgrade
Suffolk Cnty Appropriation BBB+ 3/20/2020 BBB Downgrade
Greater New Haven Wtr Poll Control Auth Utilities AA 3/23/2020 AA+ Upgrade
Pasquotank Cnty Appropriation A 3/23/2020 A+ Upgrade
Pasquotank Cnty Appropriation A 3/23/2020 A+ Upgrade
Kuakini Hlth Sys Health Care B 3/24/2020 B- Downgrade
Metropolitan Transp Auth Transportation A 3/24/2020 A- Downgrade
Columbus Tax Secured A+ 3/27/2020 A Downgrade
Geneva Cnty Tax Secured A+ 3/27/2020 A Downgrade
Children of Promise Preparatory Academy Charter Schools BB+ 3/30/2020 CCC+ Downgrade
Sutter Hlth Health Care AA- 3/31/2020 A+ Downgrade

This report does not constitute a rating action.

Ratings Performance Analytics:Nick W Kraemer, FRM, New York (1) 212-438-1698;
nick.kraemer@spglobal.com
Zev R Gurwitz, New York (1) 212-438-7128;
zev.gurwitz@spglobal.com
Research Contributor:Abhik Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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