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COMMENTS

U.S. Public Finance Rating Activity, July 2021

COMMENTS

Pension Obligation Bond Issuances Continue To Increase In 2021

COMMENTS

U.S. Not-For-Profit Health Care Rating Actions: September 2021 And Third-Quarter 2021

COMMENTS

U.S. Higher Education Rating Actions, Third-Quarter 2021

COMMENTS

ESG Brief: ESG Pension And OPEB Analysis In U.S. Public Finance


U.S. Public Finance Rating Activity, July 2021

Rating Activity

S&P Global Ratings took the following rating actions in U.S. public finance in July 2021:

  • 25 downgrades
  • 58 upgrades
  • 372 outlook revisions to stable
  • 15 outlook revisions to positive
  • 13 outlook revisions to negative

These data were prepared by individuals on behalf of the USPF group of S&P Global Ratings and are current as of Sept. 1, 2021. For the most up to date, accurate, and complete information on any credit ratings referenced here, visit www.spratings.com. For these purposes we represent as one rating action a change in the rating of linked ratings. For example, we reflect as one rating action a change in the rating on a general obligation (GO) issuer and its related appropriation issues if the rating change on the GO led to rating changes for linked appropriation issues. In certain other publications, linked ratings actions may be represented or counted as separate rating actions.

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Outlook And CreditWatch Changes In July 2021
Outlook to Negative Outlook to Stable Taken off CW Outlook to Positive Placed on CW Neg
Charter Schools 1 2 1
Education 3 4
Health Care 2 1
Housing 3 3 2
Local Government 8 351 21 6
Other Not-For-Profit 7
Public Power 1 15 5
States 1
Transportation 1 2
Utility 3 2 2
The outlook revisions to stable include 309 Michigan school districts that participate in the Michigan State School Bond Loan Fund program. The long-term ratings on these credits returned to stable with the revision to the state rating.

An Excel workbook containing a master list of rating actions by security type and by issues from July 1, 2021, can be downloaded here.

Publishing Activity

For recent publishing activity, please see "U.S. Public Finance: In Case You Missed Them," which is updated regularly, on RatingsDirect, or access our sector research at spglobal.com/uspublicfinance (requires registration).

Rating Distribution

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This report does not constitute a rating action.

Primary Credit Analysts:Robin L Prunty, New York + 1 (212) 438 2081;
robin.prunty@spglobal.com
Eden P Perry, New York + 1 (212) 438 0613;
eden.perry@spglobal.com

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