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Credit Trends: U.S. Public Finance Credit Quality Declines; Remains Positive Amid Fewer Rating Actions In The Second Quarter

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Credit Trends: U.S. Public Finance Credit Quality Declines; Remains Positive Amid Fewer Rating Actions In The Second Quarter

Credit trends in the second quarter were positive for U.S. public finance (USPF), but with upgrades down almost half compared with the first quarter. Downgrades were still low, up slightly to 64 (62 nonhousing and 2 housing) in the second quarter 2022, compared with 60 (52 nonhousing and eight housing) the prior quarter (see charts 1 and 2). Upgrades fell to 190 (186 nonhousing and four housing) from 305 (303 nonhousing and two housing). For net rating actions (the yellow lines in charts 1 and 2), nonhousing sectors had three upgrades for every downgrade, down from 5.83, while housing had two upgrades for every downgrade (from a low base of six rating actions). Over the past 12 quarters, housing has averaged 27.6 downgrades and 9.3 upgrades. Of note for chart 2 is the number of housing downgrades in the third quarter of 2011. S&P Global downgraded the U.S. Sovereign rating in the third quarter from 'AAA' to 'AA+', which resulted in more than 1,300 housing downgrades.

Chart 1

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Chart 2

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Finances Led Upgrades And Downgrades

Improving finances were the most common reason for upgrades in the second quarter, totaling 84, followed by operations, with 34 (see chart 3). On the downside, finances led downgrades with 25, followed by the school specific rating actions or enrollment, with eight.

Chart 3

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There were no defaults in the second quarter, down from one in the first quarter.

Rating Distributions

Most USPF nonhousing ratings were investment-grade ('BBB-' and above) at the end of the second quarter, and only 1.7% were speculative grade ('BB+' and lower) (see table 1). For housing, 2.2% of ratings were speculative grade at the end of the quarter, down from 3.5% at the end of the prior quarter. USPF ratings of all kinds partly correlate to the sovereign rating on the U.S., which we affirmed at 'AA+' with a stable outlook on March 8, 2022. Just over 5% of nonhousing ratings and 14.1% of housing ratings are 'AAA'.

Table 1

Rating Distribution (As Of June 30, 2022)
Number of ratings
USPF ex. Housing Tax Secured Appropriation Utilities Health Care Higher Education Transportation Charter Schools Housing
AAA 1077 793 56 186 40 2 276
AA 8886 5347 2215 964 110 182 68 1443
A 8975 5788 1528 1010 193 294 161 1 140
BBB 1317 538 227 122 89 169 43 129 52
BB 300 46 21 6 24 54 2 147 22
B 36 6 3 2 7 6 1 11 9
CCC/C 9 2 1 2 3 1 11
Totals 20600 12520 4051 2290 425 748 278 288 1953
As percentage (%)
AAA 5.2 6.3 1.4 8.1 0.0 5.3 0.7 0.0 14.1
AA 43.1 42.7 54.7 42.1 25.9 24.3 24.5 0.0 73.9
A 43.6 46.2 37.7 44.1 45.4 39.3 57.9 0.3 7.2
BBB 6.4 4.3 5.6 5.3 20.9 22.6 15.5 44.8 2.7
BB 1.5 0.4 0.5 0.3 5.6 7.2 0.7 51.0 1.1
B 0.2 0.0 0.1 0.1 1.6 0.8 0.4 3.8 0.5
CCC/C 0.0 0.0 0.0 0.0 0.5 0.4 0.4 0.0 0.6
Data as of June 30, 2022. Source: S&P Global Ratings Research.

Comparing the rating distribution at the end of June 2022, to the end of June 2021, the number of 'AAA' ratings decreased for both housing (to 276 from 298) and nonhousing (to 1,077 from 1,103). With default activity concentrated in the 'CCC/'C category we track these ratings over time. For nonhousing, 'CCC/C' ratings rose to nine from eight, while for housing, they fell to 11 from 17.

Large Rating Movements Were Mostly Downward

There were nine total large rating movements (those of three notches or more) in the second quarter, with five upgrades and four downgrades (see table 2). The largest notch change was the downgrade of the Paradise Redevelopment Agency of California, downgraded to 'CCC' form 'BB (six notches). From the rating action report:

"The rating action reflects the agency's use of its debt service reserve fund to pay its June 1, 2022 principal and interest debt service payment due to insufficient pledged revenues generated from the project area," said S&P Global Ratings credit analyst Li Yang. "It also reflects an unwillingness on the part of management to use any other resources, particularly settlement funds, to pay for debt service on the series 2009 bonds. We view management's decision to allocate settlement funds to other expenditures rather than debt service payments as a risk management, culture, and oversight governance risk that we capture under our environmental, social, and governance factors, which is a key credit driver of the rating action," he further said.

Table 2

Main Reason For Multiple Notch Rating Changes, 2022Q2
Notch change* Total Finances Others Criteria Debt Debt service coverage Operations Economy
-6 1 1
-4 2 2
-3 1 1
3 5 4 1
Total 9 4 3 1 0 1 0 0
*Negative numbers indicate downgrades. Source: S&P Global Ratings Research. Data as of June 30, 2022.

Q1 2021 Rating Actions

State and local governments

State governments  We raised our rating on the general obligation debt of Illinois in May 2022, owing to "improvement in the state's financial flexibility and monthly revenue reporting transparency, continued timely budget adoption and elimination of the bill backlog, as well as recent surplus revenues being used to promote what we view as longer-term financial stability" (for additional information, see "Illinois GO Debt Rating Raised To 'BBB+' From 'BBB' On Improved Finances, Pension Funding Measures," May 6, 2022).

Local governments 

Local governments had 139 upgrades and 39 downgrades in second-quarter 2022 (see chart 5). Financial improvements led to 55 upgrades (as well as 18 downgrades), followed by operations with 25, and the economy, with 23 upgrades.

Chart 4

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Utilities  In the second quarter, there were 16 upgrades and five downgrades for utilities. Finances led to the most upgrades, with seven, and debt service coverage was cited most often for downgrades.

Chart 5

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Health care  There were nine upgrades and eight downgrades in the second quarter among health care obligors. Finances led both upgrades, with three, and it had four downgrades.

Chart 6

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Higher education and charter schools  Higher education and charter schools each had seven upgrades and downgrades, with financial improvements leading to all the upgrades, and lower enrollment leading to five of the seven downgrades.

Chart 7

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Transportation  Transportation was all upside again in the second quarter, with 13 upgrades and no downgrades. Operating improvements led to five upgrades.

Chart 8

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Housing  Housing had four upgrades and two downgrades in the second quarter, with two upgrades each for finances and criteria changes.

Chart 9

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Appendix

Table 3

2022Q2 Upgrades And Downgrades
Sector Upgrades Downgrades Defaulted
Total USPF ex. Housing 186 62 0 248
State and Local* 133 39 0 172
Tax Secured 92 37 0 129
Appropriation 41 2 0 43
Utilities 16 5 0 21
Health Care 9 8 0 17
Higher Education 7 7 0 14
Charter Schools 8 3 0 11
Transportation 13 0 0 13
Housing 4 2 0 6
Data as of June 30, 2022. *Includes tax-secured and appropriation securities. Source: S&P Global Ratings Research.

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 64 1 16 9 5 21 5 2 2 0 0 0 5 7
4/1/2001 739 105 83 3 628 66 23 4 1 20 3 12 1 0 0 0 32 11
7/1/2001 126 48 49 4 42 3 13 5 2 22 5 5 15 9 0 0 15 14
10/1/2001 102 14 57 3 20 4 12 2 3 4 7 1 3 0 0 0 24 8
1/1/2002 173 39 97 5 45 1 15 7 4 6 7 5 5 15 0 0 3 7
4/1/2002 108 104 59 9 21 63 20 6 1 11 1 5 6 10 0 0 3 24
7/1/2002 72 38 39 2 10 10 19 3 2 18 1 1 1 4 0 0 0 17
10/1/2002 103 126 57 13 26 71 12 15 4 19 2 7 2 1 0 0 6 17
1/1/2003 84 66 41 5 17 33 11 2 5 17 7 8 3 1 0 0 5 19
4/1/2003 86 46 52 10 6 1 12 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 121 92 55 15 26 28 17 7 11 30 12 8 0 4 0 0 23 9
1/1/2004 105 98 63 16 8 58 12 3 14 18 3 3 5 0 0 0 24 6
4/1/2004 97 66 53 11 17 34 16 8 8 9 2 3 1 1 0 0 2 11
7/1/2004 188 125 48 13 101 95 31 1 5 10 1 4 1 2 1 0 19 19
10/1/2004 121 56 65 10 21 20 19 9 9 14 6 3 1 0 0 0 11 10
1/1/2005 152 35 62 11 39 13 15 3 13 7 22 1 1 0 0 0 76 12
4/1/2005 106 65 53 10 23 42 8 1 15 10 4 2 3 0 0 0 5 96
7/1/2005 208 39 52 13 126 7 12 3 12 8 6 4 0 4 0 0 29 11
10/1/2005 154 110 76 44 24 24 22 7 20 18 10 8 2 7 0 2 13 37
1/1/2006 114 47 38 9 48 13 9 3 11 14 7 6 1 1 0 1 12 9
4/1/2006 246 22 68 10 138 1 14 2 14 6 9 3 3 0 0 0 27 8
7/1/2006 403 29 337 8 18 1 25 2 12 18 8 0 3 0 0 0 53 13
10/1/2006 194 38 99 13 37 5 21 6 12 10 12 3 13 0 0 1 34 3
1/1/2007 178 26 97 11 51 0 21 2 4 11 2 1 3 0 0 1 49 1
4/1/2007 180 55 75 28 62 10 25 2 9 8 8 5 1 2 0 0 9 4
7/1/2007 158 24 92 3 37 3 10 2 8 15 5 0 5 1 1 0 15 11
10/1/2007 165 48 76 12 32 8 25 1 10 19 15 4 4 1 3 3 10 10
1/1/2008 239 35 127 10 49 3 41 2 7 18 9 1 6 1 0 0 6 18
4/1/2008 629 31 416 7 101 2 96 1 5 20 9 0 1 1 1 0 7 63
7/1/2008 592 31 297 6 232 1 42 2 4 21 12 0 5 1 0 0 13 36
10/1/2008 667 43 292 6 59 4 297 0 7 28 5 4 6 1 1 0 32 31
1/1/2009 756 208 527 17 138 150 80 5 3 29 1 3 3 4 4 0 22 155
4/1/2009 613 82 331 16 116 40 148 1 5 22 6 3 7 0 0 0 16 74
7/1/2009 405 32 228 4 90 4 68 8 3 11 10 1 6 4 0 0 8 34
10/1/2009 453 60 316 12 75 28 34 1 12 12 13 3 1 4 2 0 8 33
1/1/2010 681 275 523 47 86 206 58 7 8 10 2 2 2 3 2 0 7 79
4/1/2010 576 93 446 55 74 14 39 4 8 16 6 2 1 2 2 0 8 37
7/1/2010 255 41 157 18 34 3 44 4 7 10 11 3 1 3 1 0 8 63
10/1/2010 238 60 148 27 18 17 30 3 19 7 17 1 4 4 2 1 33 66
1/1/2011 443 301 242 69 104 212 56 6 13 2 16 5 6 4 6 3 23 15
4/1/2011 189 96 99 58 32 18 26 6 22 9 2 3 7 1 1 1 5 37
7/1/2011 94 124 38 53 9 47 28 4 16 12 2 5 0 2 1 1 13 1,306
10/1/2011 76 112 23 54 3 11 30 18 9 14 9 6 1 4 1 5 11 33
1/1/2012 127 91 44 41 24 23 44 11 11 10 2 4 2 0 0 2 8 58
4/1/2012 178 140 79 68 26 40 46 14 13 8 9 7 5 0 0 3 9 9
7/1/2012 138 149 66 79 26 39 25 8 14 10 3 7 3 0 1 6 3 39
10/1/2012 135 87 73 44 18 11 28 10 6 11 4 6 6 1 0 4 18 12
1/1/2013 197 130 82 90 82 15 20 11 9 6 4 3 0 1 0 4 6 16
4/1/2013 199 97 110 45 34 19 26 9 18 13 7 6 4 1 0 4 13 28
7/1/2013 274 118 163 49 70 19 24 15 7 10 5 10 5 3 0 12 9 14
10/1/2013 763 170 543 64 169 60 33 5 5 21 9 11 4 1 0 8 33 77
1/1/2014 680 162 520 80 109 40 16 15 14 10 7 8 12 1 2 8 9 8
4/1/2014 586 283 448 89 84 142 31 10 12 18 8 18 3 0 0 6 17 10
7/1/2014 735 362 460 92 231 224 30 7 9 14 4 10 1 0 0 15 33 8
10/1/2014 276 83 117 40 121 7 22 12 8 9 1 8 7 0 0 7 80 37
1/1/2015 236 162 144 70 35 42 27 8 24 18 3 18 2 0 1 6 23 4
4/1/2015 275 139 145 62 64 33 33 12 21 15 5 11 5 1 2 5 10 3
7/1/2015 319 156 139 52 112 55 34 24 19 3 3 12 11 2 1 8 22 2
10/1/2015 230 111 138 52 16 18 37 20 19 10 4 5 14 1 2 5 8 2
1/1/2016 268 138 143 61 39 30 47 20 8 6 21 14 8 1 2 6 19 21
4/1/2016 236 155 117 54 26 40 51 17 10 15 22 15 9 2 1 12 19 44
7/1/2016 204 156 102 45 48 66 33 14 12 7 6 15 2 1 1 8 11 3
10/1/2016 220 268 106 50 25 155 51 28 8 11 19 13 5 1 6 10 15 12
1/1/2017 252 273 137 76 41 129 53 27 8 12 4 12 5 0 4 17 10 24
4/1/2017 228 123 98 69 91 19 14 6 11 5 1 19 7 0 6 5 9 9
7/1/2017 157 154 90 53 25 58 20 16 5 14 8 4 4 2 5 7 13 5
10/1/2017 233 115 144 65 42 18 22 6 7 7 8 8 5 2 5 9 7 7
1/1/2018 549 98 338 53 177 8 19 9 8 7 3 10 0 2 4 9 3 37
4/1/2018 310 169 177 76 74 57 19 13 14 9 3 6 15 0 8 8 7 42
7/1/2018 276 146 132 84 88 9 26 21 6 14 3 11 19 2 2 5 28 13
10/1/2018 232 155 132 98 54 28 22 12 6 8 1 6 17 0 0 3 21 24
1/1/2019 285 108 184 65 52 19 30 10 6 6 5 5 8 0 0 3 0 11
4/1/2019 263 116 172 59 42 12 24 22 10 7 6 7 7 4 2 5 8 30
7/1/2019 200 108 120 63 37 13 31 12 3 5 7 7 0 0 2 8 2 71
10/1/2019 218 113 131 68 37 5 27 17 4 7 4 14 10 0 5 2 5 31
1/1/2020 112 106 58 53 21 7 21 17 6 9 3 16 2 1 1 3 21 7
4/1/2020 8 171 4 91 0 32 4 9 0 13 0 14 0 8 0 4 2 43
7/1/2020 13 246 7 103 1 25 4 15 0 7 0 23 0 70 1 3 15 83
10/1/2020 29 313 11 69 1 166 10 16 0 6 1 20 4 28 2 8 24 39
1/1/2021 52 82 25 31 2 17 14 14 0 7 1 11 9 2 1 0 18 9
4/1/2021 105 74 59 28 14 18 20 16 1 3 5 5 1 1 5 3 4 6
7/1/2021 206 70 118 35 56 9 19 16 6 7 2 2 0 0 5 1 10 18
10/1/2021 156 56 81 25 15 5 16 10 13 5 7 6 21 1 3 4 5 15
1/1/2022 303 52 106 22 160 4 14 16 3 4 4 6 14 0 2 0 2 8
4/1/2022 186 62 92 37 41 2 16 5 9 8 7 7 13 0 8 3 4 2
#Downgrades include defaults. Source: S&P Global Ratings Research. Data as of June 30, 2022. '@All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. *Only tracked annually prior to 2006.

Table 5

USPF Rating Actions, Second Quarter 2022
Obligor Sector Old Rating Latest Rating Date New Rating Upgrade/Downgrade old sort new sort Change
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
4 World Trade Center LLC Appropriation A 6/30/2022 A+ Upgrade 6 5 1
Cordova Recre and Park Dist Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Illinois Appropriation BB 6/30/2022 BB+ Upgrade 12 11 1
Illinois Appropriation BB 6/30/2022 BB+ Upgrade 12 11 1
Illinois Appropriation BB 6/30/2022 BB+ Upgrade 12 11 1
Lake Elsinore Appropriation A 6/30/2022 A+ Upgrade 6 5 1
Manassas Pk Appropriation A+ 6/30/2022 AA- Upgrade 5 4 1
Maricopa Cnty Unif Sch Dist No. 60 Higley Appropriation A 6/30/2022 A+ Upgrade 6 5 1
Metropolitan Pier & Exposition Auth Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier & Exposition Auth Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier & Exposition Auth Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier & Exposition Auth Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier & Exposition Auth Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier and Exposition Authority Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier and Exposition Authority Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier and Exposition Authority Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier and Exposition Authority Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Metropolitan Pier and Exposition Authority Appropriation BBB+ 6/30/2022 A- Upgrade 8 7 1
Monrovia Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Monrovia Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Monrovia Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Monrovia Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Murrieta Vy Unif Sch Dist Appropriation A 6/30/2022 A+ Upgrade 6 5 1
Murrieta Vy Unif Sch Dist Appropriation A 6/30/2022 A+ Upgrade 6 5 1
North Bergen Twp Brd of Ed Appropriation A 6/30/2022 A+ Upgrade 6 5 1
Oakley Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Oakley Appropriation AA- 6/30/2022 AA Upgrade 4 3 1
Placentia Appropriation BBB+ 6/30/2022 A+ Upgrade 8 5 3
Placentia Appropriation BBB+ 6/30/2022 A+ Upgrade 8 5 3
Shrewsbury Appropriation AA- 6/30/2022 A+ Downgrade 4 5 (1)
United Local School District Appropriation A- 6/30/2022 A Upgrade 7 6 1
Vallejo Appropriation BBB 6/30/2022 A- Upgrade 9 7 2
Valley Pk Appropriation A+ 6/30/2022 AA- Upgrade 5 4 1
Wyandotte Cnty Unif Sch Dist #203 Piper Appropriation AA- 6/30/2022 A+ Downgrade 4 5 (1)
Acad of Math and Sci, Inc. Charter Schools BB 6/30/2022 BB+ Upgrade 12 11 1
Crossroads Charter Academy Charter Schools BB- 6/30/2022 B+ Downgrade 13 14 (1)
Flagstaff Acad Charter Schools BBB 6/30/2022 BBB- Downgrade 9 10 (1)
Green Woods Charter Sch Charter Schools BB 6/30/2022 BB+ Upgrade 12 11 1
Hope Comnty Acad Charter Schools BB 6/30/2022 BB- Downgrade 12 13 (1)
KIPP Nashville Charter Schools BBB- 6/30/2022 BBB Upgrade 10 9 1
Liberty Charter Sch, Nampa Charter Schools BBB 6/30/2022 BBB+ Upgrade 9 8 1
Parnassus Prep Sch Charter Schools BB 6/30/2022 BB+ Upgrade 12 11 1
Partnerships to Uplift Communities Charter Schools BB 6/30/2022 BB+ Upgrade 12 11 1
PUC Schs Charter Schools BB 6/30/2022 BB+ Upgrade 12 11 1
Voyageur Academy Charter Schools B 6/30/2022 B+ Upgrade 15 14 1
Army Retirement Resid Foundn Health Care BBB- 6/30/2022 BB+ Downgrade 10 11 (1)
Bowling Green-Warren Cnty Cmnty Hosp Corp Health Care A+ 6/30/2022 AA- Upgrade 5 4 1
Cheyenne Regional Medical Center Health Care A 6/30/2022 A+ Upgrade 6 5 1
Children's Mercy Hosp Health Care A+ 6/30/2022 AA- Upgrade 5 4 1
Doylestown Hosp Health Care BBB- 6/30/2022 BB Downgrade 10 12 (2)
King's Daughters Med Ctr Health Care BBB- 6/30/2022 BBB+ Upgrade 10 8 2
Long Island Community Hospital Health Care BBB- 6/30/2022 A- Upgrade 10 7 3
MCG Hlth, Inc. Health Care BBB- 6/30/2022 B+ Downgrade 10 14 (4)
Memorial Hospital Health Care A- 6/30/2022 A Upgrade 7 6 1
NJH-SJH Ctr for Outpatient Hlth Health Care A+ 6/30/2022 AA Upgrade 5 3 2
Nuvance Hlth Health Care A- 6/30/2022 BBB+ Downgrade 7 8 (1)
Opelousas Gen Hosp Auth Health Care BB 6/30/2022 BB- Downgrade 12 13 (1)
OU Medicine, Inc. Health Care BB+ 6/30/2022 BB- Downgrade 11 13 (2)
ProMedica Hlthcare Oblig Grp Health Care BBB 6/30/2022 BBB- Downgrade 9 10 (1)
Providence St. Joseph Hlth Health Care AA- 6/30/2022 A+ Downgrade 4 5 (1)
Sisters of Charity of Leavenworth Hlth Sys Health Care AA- 6/30/2022 AA+ Upgrade 4 2 2
William Beaumont Hosp Health Care A+ 6/30/2022 AA Upgrade 5 3 2
Benedictine University Higher Education BBB 6/30/2022 BBB- Downgrade 9 10 (1)
Bryant Univ Higher Education A 6/30/2022 A- Downgrade 6 7 (1)
Eastern Illinois Univ Higher Education BB 6/30/2022 BB+ Upgrade 12 11 1
Governors St Univ Brd of Trustees Higher Education BBB- 6/30/2022 BBB Upgrade 10 9 1
King's Coll Higher Education BBB+ 6/30/2022 BBB Downgrade 8 9 (1)
Millyard Venture, LLC Higher Education A 6/30/2022 A+ Upgrade 6 5 1
Northeastern Illinois Univ Higher Education BB 6/30/2022 BB+ Upgrade 12 11 1
Saint Leo University Higher Education BBB- 6/30/2022 BB+ Downgrade 10 11 (1)
Southern Illinois Univ Higher Education BBB- 6/30/2022 BBB+ Upgrade 10 8 2
Southern New Hampshire Univ Higher Education A 6/30/2022 A+ Upgrade 6 5 1
Student Coop Assoc, Inc./Indiana Univ of PA Stud Union Higher Education A- 6/30/2022 BBB+ Downgrade 7 8 (1)
Thomas M Cooley Law Sch Higher Education BB 6/30/2022 BB- Downgrade 12 13 (1)
Western Illinois Univ Higher Education BB 6/30/2022 BB+ Upgrade 12 11 1
Wingate University Higher Education BBB 6/30/2022 BBB- Downgrade 9 10 (1)
Glorieta Partners, Ltd. Housing CCC+ 6/30/2022 CCC Downgrade 17 18 (1)
New Bedford Hsg Auth Housing AA- 6/30/2022 A+ Downgrade 4 5 (1)
New York City Housing Authority Housing AA- 6/30/2022 AA+ Upgrade 4 2 2
New York City Housing Authority Housing AA- 6/30/2022 AA+ Upgrade 4 2 2
Stark Metropolitan Housing Authority Housing A- 6/30/2022 A Upgrade 7 6 1
Stark Metropolitan Housing Authority Housing A- 6/30/2022 A Upgrade 7 6 1
Alpena Pub Schs Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Alpha Pk Pub Lib Dist Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Baldwin City Tax Secured AA- 6/30/2022 A Downgrade 4 6 (2)
Baldwin Vill Tax Secured AA- 6/30/2022 A+ Downgrade 4 5 (1)
Bartow Cnty Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Baxter Comnty Sch Dist Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Bethlehem Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Biddeford Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Boone Comnty Sch Dist Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Braintree Tax Secured AA+ 6/30/2022 AA Downgrade 2 3 (1)
Buchanan Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Chesaning Vill Tax Secured A- 6/30/2022 BBB+ Downgrade 7 8 (1)
Chesterfield Twp Brd of Ed Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Chicago Tax Secured BBB- 6/30/2022 BBB Upgrade 10 9 1
Chisago Lakes Area Sch Indpt Sch Dist #2144 Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Churchill Cnty Sch Dist Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Cincinnati & Hamilton Cnty Con Fac Auth Tax Secured A 6/30/2022 A- Downgrade 6 7 (1)
City of Glendale Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Clay Cnty Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Cold Spring Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Cook Cnty Sch Dist #169 Ford Hgts Tax Secured BB+ 6/30/2022 BBB- Upgrade 11 10 1
Crystal Lake Tax Secured AA+ 6/30/2022 AAA Upgrade 2 1 1
Drexel Hgts Fire Dist Tax Secured AA- 6/30/2022 A+ Downgrade 4 5 (1)
Eagle Mountain Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Eastampton Twp Brd of Ed Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Farmers Branch Tax Secured AA+ 6/30/2022 AAA Upgrade 2 1 1
Ferndale City Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Festival Ranch Comnty Facs Dist Tax Secured BBB 6/30/2022 BBB+ Upgrade 9 8 1
Florida Dept of Envir Protection Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Fort Bend Cnty Mun Util Dist #35 Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Fort Bragg Unif Sch Dist Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Franklin Twn Tax Secured AA+ 6/30/2022 AAA Upgrade 2 1 1
Freedom San Dist #1 Tax Secured AA- 6/30/2022 A Downgrade 4 6 (2)
Freedom Twn (Outagamie Cnty) Tax Secured A+ 6/30/2022 AA Upgrade 5 3 2
Galveston Cnty Mun Util Dist #14 Tax Secured BBB 6/30/2022 A- Upgrade 9 7 2
Galveston Cnty Mun Util Dist #39 Tax Secured BBB 6/30/2022 BBB+ Upgrade 9 8 1
Gibraltar Sch Dist Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Gladstone Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Glendale Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Glendale Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Glendale Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Graettinger-Terril Community School District Tax Secured A- 6/30/2022 BBB+ Downgrade 7 8 (1)
Greatrock North Wtr & Sant Dist Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Greenwood Comnty Sch Corp Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Groton Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Heflin Tax Secured BB+ 6/30/2022 BBB Upgrade 11 9 2
Hopewell Area Sch Dist Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Hopewell Boro (Mercer Cnty) Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Hutto Indpt Sch Dist Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Illinois Tax Secured BBB 6/30/2022 BBB+ Upgrade 9 8 1
Illinois Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Illinois Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Illinois Sports Facs Auth Tax Secured BB+ 6/30/2022 BBB- Upgrade 11 10 1
Jackson Cnty Sch Dist Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Jemison Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Jemison Tax Secured BBB 6/30/2022 BBB+ Upgrade 9 8 1
La Salle Cnty High Sch Dist #140 Ottawa Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Lake Central Sch Corp Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Lake Central Sch Corp Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Lake Central Sch Corp Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Lake Shore Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Lake Washington San Dist Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Lincoln Pk Dist Tax Secured BBB+ 6/30/2022 BBB Downgrade 8 9 (1)
Lincoln Pub Fincg Auth Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Lindsay Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Long Lake Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Lower Twp Brd of Ed Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Lyndhurst Twp Brd of Ed Tax Secured A- 6/30/2022 A Upgrade 7 6 1
Madison & Jersey Cnty Cmnty Unit Sch Dist # 11 Alton Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Madison Hgts Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Mammoth Unif Sch Dist Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Manassas Pk Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Mapleton Tax Secured AA- 6/30/2022 A+ Downgrade 4 5 (1)
Maricopa Cnty Unif Sch Dist No. 60 Higley Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Marina Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Marion Tax Secured A+ 6/30/2022 BBB Downgrade 5 9 (4)
Massachusetts Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Mechanicsburg Area Sch Dist Tax Secured AA 6/30/2022 AA- Downgrade 3 4 (1)
Mercer Area Sch Dist Tax Secured A 6/30/2022 A- Downgrade 6 7 (1)
Methuen Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Metropolitan Pier & Exposition Auth Tax Secured BBB+ 6/30/2022 A- Upgrade 8 7 1
Monrovia Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Monrovia Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Morgan Cnty Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Munhall Borough Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Murrieta Pub Fincg Auth Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Murrieta Vy Unif Sch Dist Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Nash Cnty Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Nassau Cnty Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
New Jersey Tax Secured BBB+ 6/30/2022 BBB Downgrade 8 9 (1)
North Bergen Twp Brd of Ed Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Paradise Redev Agy Tax Secured BB 6/30/2022 CCC Downgrade 12 18 (6)
Paulding Cnty Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Placentia Tax Secured A- 6/30/2022 AA- Upgrade 7 4 3
Portage Tax Secured A 6/30/2022 BBB+ Downgrade 6 8 (2)
Portage Tax Secured A 6/30/2022 BBB+ Downgrade 6 8 (2)
Portage Tax Secured A 6/30/2022 BBB+ Downgrade 6 8 (2)
Portland Tax Secured AA+ 6/30/2022 AAA Upgrade 2 1 1
Queen Creek Twn Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Queen Creek Twn Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Redwood Falls Tax Secured AA 6/30/2022 AA- Downgrade 3 4 (1)
Richland Cnty Sch Dist #1 Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Ridley Sch Dist Tax Secured A 6/30/2022 A- Downgrade 6 7 (1)
Roseau Cnty Tax Secured AA- 6/30/2022 A+ Downgrade 4 5 (1)
Sachse Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Salem Sch Dist Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Saratoga Fire Prot Dist Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Scandia Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Sealy Tax Secured A+ 6/30/2022 A Downgrade 5 6 (1)
Seymour Tax Secured AA+ 6/30/2022 AA Downgrade 2 3 (1)
Shrewsbury Tax Secured AA 6/30/2022 AA- Downgrade 3 4 (1)
South Orange Vill Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Spring Hill Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Spring Pk Tax Secured AA+ 6/30/2022 AA Downgrade 2 3 (1)
Springfield Metro San Dist Tax Secured A+ 6/30/2022 BBB+ Downgrade 5 8 (3)
Successor Agy to the Vacaville Redev Agy Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Successor Agy to the Vacaville Redev Agy Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Sylvania City Sch Dist Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Syracuse Tax Secured A 6/30/2022 A+ Upgrade 6 5 1
Tazewell Cnty Comnty High Sch Dist #308 Tax Secured AA 6/30/2022 AA- Downgrade 3 4 (1)
Tigard Tax Secured AA+ 6/30/2022 AAA Upgrade 2 1 1
Tustin Unif Sch Dist Comnty Facs Dist No. 06-1 Tax Secured A- 6/30/2022 A+ Upgrade 7 5 2
Utica Comnty Schs Tax Secured A- 6/30/2022 A+ Upgrade 7 5 2
Valley Pk Tax Secured AA- 6/30/2022 AA Upgrade 4 3 1
Wadsworth Tax Secured AA 6/30/2022 AA+ Upgrade 3 2 1
Warren Cnty R-II Sch Dist Wright City Tax Secured A+ 6/30/2022 AA- Upgrade 5 4 1
Whiting Vill Tax Secured BBB+ 6/30/2022 BBB Downgrade 8 9 (1)
Wyandotte Cnty / Kansas City Unif Govt Tax Secured A 6/30/2022 BBB+ Downgrade 6 8 (2)
Wyandotte Cnty Unif Sch Dist #203 Piper Tax Secured AA- 6/30/2022 A+ Downgrade 4 5 (1)
Austin Transportation A 6/30/2022 A+ Upgrade 6 5 1
Austin Transportation A- 6/30/2022 A Upgrade 7 6 1
Las Vegas McCarran Intl Arpt Transportation A 6/30/2022 A+ Upgrade 6 5 1
Las Vegas McCarran Intl Arpt Transportation A 6/30/2022 A+ Upgrade 6 5 1
Las Vegas McCarran Intl Arpt Transportation A+ 6/30/2022 AA- Upgrade 5 4 1
Louisville Regional Airport Authority Transportation A 6/30/2022 A+ Upgrade 6 5 1
Massachusetts Port Auth Transportation AA- 6/30/2022 AA Upgrade 4 3 1
Metropolitan Washington Arpts Auth Transportation A+ 6/30/2022 AA- Upgrade 5 4 1
Newark Hsg Auth Transportation A+ 6/30/2022 AA- Upgrade 5 4 1
Norfolk Arpt Auth Transportation A- 6/30/2022 A Upgrade 7 6 1
Port Auth of New York & New Jersey Transportation A+ 6/30/2022 AA- Upgrade 5 4 1
San Diego Cnty Regl Arpt Auth Transportation A- 6/30/2022 A Upgrade 7 6 1
San Jose Intl Arpt Transportation A- 6/30/2022 A Upgrade 7 6 1
Bay Laurel Center Community Development District Utilities A 6/30/2022 A+ Upgrade 6 5 1
Dalton Utilities A- 6/30/2022 BBB+ Downgrade 7 8 (1)
Discovery Clean Wtr Alliance Utilities AA- 6/30/2022 AA Upgrade 4 3 1
Easley Utilities A 6/30/2022 A+ Upgrade 6 5 1
Erie Utilities A+ 6/30/2022 AA- Upgrade 5 4 1
Genesee Cnty Utilities A 6/30/2022 A+ Upgrade 6 5 1
Guadalupe-Blanco River Auth Utilities A+ 6/30/2022 AA- Upgrade 5 4 1
Hanford Utilities A 6/30/2022 A+ Upgrade 6 5 1
Independence Utilities A- 6/30/2022 A Upgrade 7 6 1
Jemison Utilities BB- 6/30/2022 BBB- Upgrade 13 10 3
Lathrop Irrigation District Utilities BBB+ 6/30/2022 A- Upgrade 8 7 1
Newark Utilities A 6/30/2022 A- Downgrade 6 7 (1)
North Texas Municipal Water District Utilities AA 6/30/2022 AA+ Upgrade 3 2 1
Oxford Wtrwks & Swr Brd Utilities A 6/30/2022 A- Downgrade 6 7 (1)
Peoria Utilities AA 6/30/2022 AA+ Upgrade 3 2 1
Prichard Wtrwks & Swr Brd Utilities BB- 6/30/2022 B Downgrade 13 15 (2)
Sherman Utilities A+ 6/30/2022 A Downgrade 5 6 (1)
Well Augmentation Subdist of the Colorado Wtr Conservancy Dist Utilities BBB+ 6/30/2022 A- Upgrade 8 7 1
Wilson Cnty Wtr & Wastewtr Auth Utilities A+ 6/30/2022 AA- Upgrade 5 4 1
Woodruff-Roebuck Wtr Dist Utilities A+ 6/30/2022 AA- Upgrade 5 4 1
Wyoming Utilities A+ 6/30/2022 AA- Upgrade 5 4 1
Data as of June 30, 2022. Source: S&P Global Ratings Research.

This report does not constitute a rating action.

Primary Credit Analyst:Nick W Kraemer, FRM, New York + 1 (212) 438 1698;
nick.kraemer@spglobal.com
Secondary Contacts:Zev R Gurwitz, New York + 1 (212) 438 7128;
zev.gurwitz@spglobal.com
Abhik P Debnath, Mumbai;
Abhik.Debnath@spglobal.com

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