(Editor's Note: Rating actions in this report are calculated based on the rating at the start and the end of each quarter. )
Key Takeaways
- U.S. Public Finance (USPF) credit quality improved in the third quarter of 2023 (for the 10th consecutive quarter), albeit at a slowing pace: 180 upgrades and 56 downgrades, compared with 465 upgrades, and 79 downgrades in the second quarter.
- Improved finances were the dominant theme driving upgrades in the third quarter (72 of 180 overall), while operations were the leading reason for downgrades (19 of 56 overall).
- Higher education and charter schools had the highest upgrade rate, with 2% of obligors upgraded during the quarter. Healthcare led downgrades, at 4%.
- There were no state level rating changes in the third quarter, following three upgrades in the second quarter.
Credit Quality Improved For The 10th Quarter In A Row
Credit quality for U.S. Public Finance (USPF) rose overall in the third quarter of 2023, but to a lesser degree than the second quarter. USPF issuers rated by S&P Global had 180 upgrades (166 non-housing and 14 housing), down noticeably from 465 upgrades in the second quarter of 2023 (404 non-housing and 61 housing). Downgrades also fell in the third-quarter, to 57 (56 non-housing and one housing), from 79 in the second quarter of 2023 (70 non-housing and nine housing). There was one default in the third quarter, down from three in the second quarter.
Rating actions: improving finances led to most upgrades
The most cited reason for upgrades in the third quarter of 2023 was strengthening finances, which led to 72 upgrades, while operating inefficiencies were the most common cause of downgrades, with 19 (see chart 1).
Chart 1
A positive third quarter, from a rating performance perspective, means there have now been 10 straight quarters of improving credit quality, following the four quarters at the height of the pandemic when downgrades exceeded upgrades.
Chart 2
Chart 3
Rating Distributions
USPF ratings of all types partly correlate to the sovereign rating on the U.S., with S&P Global Ratings last review published on March 16, 2023, showing a 'AA+' rating with a stable outlook. Just over 5% of non-housing ratings and 17% of housing ratings are 'AAA'. There were six upgrades to 'AAA' in the third quarter, down from 10 in the second quarter (see table five for the full list). There were three USPF ratings lowered from 'AAA' in the third quarter, all related to the City of Fisher, Indiana, because of growing debt and high fixed costs.
There were four rising stars (obligors that started the quarter at speculative grade and upgraded to investment grade), down from seven in the second quarter, and there was one fallen angel (obligors that started the quarter at investment grade and downgraded to speculative grade), down from five in the first quarter.
Table 1
Rating distribution (as of Sep. 30, 2023) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of ratings | ||||||||||||||||||||
USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
AAA | 1119 | 821 | 63 | 187 | 0 | 45 | 3 | 0 | 382 | |||||||||||
AA | 9140 | 5501 | 2299 | 963 | 111 | 187 | 79 | 0 | 1582 | |||||||||||
A | 9395 | 5960 | 1792 | 980 | 189 | 312 | 161 | 1 | 156 | |||||||||||
BBB | 1184 | 504 | 84 | 141 | 92 | 184 | 30 | 149 | 62 | |||||||||||
BB | 326 | 48 | 15 | 9 | 26 | 51 | 3 | 174 | 15 | |||||||||||
B | 34 | 3 | 3 | 1 | 8 | 8 | 1 | 10 | 12 | |||||||||||
CCC/C | 7 | 1 | 1 | 0 | 2 | 3 | 0 | 0 | 10 | |||||||||||
Totals | 21205 | 12838 | 4257 | 2281 | 428 | 790 | 277 | 334 | 2219 | |||||||||||
As percentage (%) | ||||||||||||||||||||
AAA | 5.28 | 6.40 | 1.48 | 8.20 | 0.00 | 5.70 | 1.08 | 0.00 | 17.21 | |||||||||||
AA | 43.10 | 42.85 | 54.01 | 42.22 | 25.93 | 23.67 | 28.52 | 0.00 | 71.29 | |||||||||||
A | 44.31 | 46.42 | 42.10 | 42.96 | 44.16 | 39.49 | 58.12 | 0.30 | 7.03 | |||||||||||
BBB | 5.58 | 3.93 | 1.97 | 6.18 | 21.50 | 23.29 | 10.83 | 44.61 | 2.79 | |||||||||||
BB | 1.54 | 0.37 | 0.35 | 0.39 | 6.07 | 6.46 | 1.08 | 52.10 | 0.68 | |||||||||||
B | 0.16 | 0.02 | 0.07 | 0.04 | 1.87 | 1.01 | 0.36 | 2.99 | 0.54 | |||||||||||
CCC/C | 0.03 | 0.01 | 0.02 | 0.00 | 0.47 | 0.38 | 0.00 | 0.00 | 0.45 | |||||||||||
Data as of Sep. 30, 2023. Sources: S&P Global Ratings Credit Research & Insights. |
Net Rating Actions Positive Since Start of 2020
At the start of the pandemic in early 2020, we saw a dramatic negative cumulation of downgrades in non-housing, reaching a low point in net rating actions in the first quarter of 2021, with 702 more downgrades than upgrades (see Chart 4). Since then, it has completely reversed, with cumulative net rating actions reaching zero in the third quarter of 2022. The trend of positive credit quality improvements has led to a net total of 660 more upgrades than downgrades since the pandemic began.
Chart 4
For housing ratings, there was a similar cumulation of negative rating actions, though the drop was more shallow than non-housing (see chart 5). Housing ratings reached the bottom in the first quarter of 2022, with 125 more downgrades than upgrades. Cumulative net rating actions for housing turned positive in the second quarter of 2023. Since the start of the pandemic, there has now been 41 more upgrades than downgrades.
Chart 5
Multiple notch downgrades more than double multiple notch upgrades
In the third quarter of 2023, there were seven large rating movements of three or more notches, with one downgrade of five notches, and six upgrades of three notches. The five notch downgrade was on Decatur Hospital Authority's revenue bonds, which were lowered to 'B-' form 'BB+' because of escalating operating losses. The only default in the third quarter was a two notch downgrade from 'CC'.
Table 2
Multiple notch rating changes, Q3 2023 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Notch change* | Notches | Charter schools | Health care | Higher education | Housing | Tax secured | Utilities | Grand total | ||||||||||
-5 | -5 | 1 | 1 | |||||||||||||||
3 | 3 | 4 | 2 | 6 | ||||||||||||||
Total | Grand total | 0 | 1 | 4 | 0 | 2 | 0 | 7 | ||||||||||
*Negative numbers indicate downgrades. Data as of Sep. 30, 2023. Sources: S&P Global Ratings Credit Research & Insights. |
2023 Q3 Rating Actions – Sectorial Trends
Education improved the most, while health care had the largest decrease in credit quality
Education (higher education and charter schools) had the largest increase in credit quality in the third quarter, with 2% of ratings upgraded compared with under 0.4% downgraded (see chart 6). The health care sector hda the largest decrease in credit quality in the third quarter, with 4% of ratings downgraded compared with 0.5% of ratings raised.
Chart 6
State and local governments
State governments. There were no rating actions on state government general obligation debt in the third quarter, down from three in the second quarter. The most common state level rating is 'AAA' at 15, followed by 'AA', with 13. There are only four states rated in the 'A' category, Pennsylvania and Kentucky at 'A+', New Jersey at 'A', and Illinois at 'A-', the lowest rated state.
Chart 7
Chart 8
Chart 9
Chart 10
Chart 11
Chart 12
Appendix
Table 3
Q3 2023 upgrades and downgrades | ||||||||
---|---|---|---|---|---|---|---|---|
Sector | Upgrades | Downgrades | Defaulted | |||||
Total USPF ex. housing | 166 | 55 | 1 | |||||
State and local* | 120 | 31 | 0 | |||||
Tax decured | 96 | 25 | 0 | |||||
Appropriation | 24 | 6 | 0 | |||||
Utilities | 18 | 5 | 0 | |||||
Health care | 2 | 16 | 0 | |||||
Higher education | 18 | 2 | 0 | |||||
Charter schools | 3 | 1 | 1 | |||||
Transportation | 5 | 0 | 0 | |||||
Housing | 14 | 1 | 0 | |||||
Data as of Sep. 30, 2023. *Includes tax-secured and appropriation securities. Sources: S&P Global Ratings Credit Research & insights. |
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 | All up | All down | 12 month trailing-Up | 12 month trailing -Down | 3 month trailing -Up | 3 month trailing -Down | |||||||||||||||||||||||||||||
1/1/2001 | 154 | 38 | 62 | 5 | 64 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 6 | 7 | 160 | 45 | ||||||||||||||||||||||||||||||||
4/1/2001 | 740 | 106 | 83 | 3 | 629 | 67 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 38 | 11 | 778 | 117 | ||||||||||||||||||||||||||||||||
7/1/2001 | 126 | 47 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 29 | 14 | 155 | 61 | 364 | 74 | ||||||||||||||||||||||||||||||
10/1/2001 | 99 | 14 | 56 | 3 | 20 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 2 | 0 | 0 | 0 | 25 | 8 | 124 | 22 | 352 | 67 | ||||||||||||||||||||||||||||||
1/1/2002 | 176 | 38 | 99 | 5 | 45 | 1 | 16 | 7 | 4 | 6 | 7 | 5 | 5 | 14 | 0 | 0 | 3 | 7 | 179 | 45 | 153 | 43 | ||||||||||||||||||||||||||||||
4/1/2002 | 109 | 105 | 59 | 9 | 21 | 64 | 21 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 25 | 112 | 130 | 138 | 66 | ||||||||||||||||||||||||||||||
7/1/2002 | 72 | 38 | 40 | 2 | 9 | 10 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | 72 | 55 | 121 | 77 | ||||||||||||||||||||||||||||||
10/1/2002 | 104 | 127 | 57 | 13 | 26 | 72 | 13 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 18 | 110 | 145 | 98 | 110 | ||||||||||||||||||||||||||||||
1/1/2003 | 84 | 66 | 41 | 5 | 18 | 33 | 10 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 6 | 19 | 90 | 85 | 91 | 95 | ||||||||||||||||||||||||||||||
4/1/2003 | 87 | 46 | 52 | 10 | 6 | 1 | 13 | 1 | 5 | 21 | 6 | 7 | 5 | 5 | 0 | 1 | 4 | 24 | 91 | 70 | 97 | 100 | ||||||||||||||||||||||||||||||
7/1/2003 | 80 | 132 | 45 | 7 | 18 | 79 | 12 | 4 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 27 | 90 | 159 | 90 | 105 | ||||||||||||||||||||||||||||||
10/1/2003 | 126 | 92 | 56 | 15 | 26 | 28 | 17 | 7 | 11 | 30 | 16 | 8 | 0 | 4 | 0 | 0 | 24 | 9 | 150 | 101 | 176 | 86 | 110 | 110 | ||||||||||||||||||||||||||||
1/1/2004 | 105 | 98 | 63 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 | 129 | 104 | 173 | 91 | 123 | 121 | ||||||||||||||||||||||||||||
4/1/2004 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | 99 | 77 | 117 | 88 | 126 | 94 | ||||||||||||||||||||||||||||
7/1/2004 | 189 | 130 | 48 | 13 | 102 | 100 | 31 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 25 | 20 | 214 | 150 | 122 | 95 | 147 | 110 | ||||||||||||||||||||||||||||
10/1/2004 | 121 | 58 | 65 | 10 | 22 | 22 | 18 | 9 | 9 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 | 132 | 68 | 122 | 99 | 148 | 98 | ||||||||||||||||||||||||||||
1/1/2005 | 153 | 35 | 63 | 11 | 39 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 1 | 0 | 0 | 0 | 78 | 12 | 231 | 47 | 127 | 99 | 192 | 88 | ||||||||||||||||||||||||||||
4/1/2005 | 109 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 16 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 110 | 114 | 176 | 127 | 103 | 159 | 97 | ||||||||||||||||||||||||||||
7/1/2005 | 215 | 39 | 52 | 13 | 133 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 30 | 11 | 245 | 50 | 141 | 103 | 197 | 91 | ||||||||||||||||||||||||||||
10/1/2005 | 153 | 109 | 75 | 44 | 24 | 23 | 22 | 7 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 42 | 166 | 151 | 146 | 103 | 175 | 126 | ||||||||||||||||||||||||||||
1/1/2006 | 114 | 47 | 38 | 9 | 47 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | 126 | 56 | 149 | 101 | 179 | 86 | ||||||||||||||||||||||||||||
4/1/2006 | 252 | 22 | 68 | 10 | 144 | 1 | 14 | 2 | 14 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 30 | 8 | 282 | 30 | 165 | 97 | 191 | 79 | ||||||||||||||||||||||||||||
7/1/2006 | 405 | 29 | 338 | 8 | 18 | 1 | 25 | 2 | 13 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 63 | 13 | 468 | 42 | 196 | 88 | 292 | 43 | ||||||||||||||||||||||||||||
10/1/2006 | 194 | 38 | 99 | 13 | 37 | 5 | 22 | 6 | 12 | 10 | 12 | 3 | 12 | 0 | 0 | 1 | 34 | 3 | 228 | 41 | 203 | 83 | 326 | 38 | ||||||||||||||||||||||||||||
1/1/2007 | 178 | 26 | 98 | 11 | 51 | 0 | 21 | 2 | 4 | 11 | 1 | 1 | 3 | 0 | 0 | 1 | 49 | 1 | 227 | 27 | 211 | 76 | 308 | 37 | ||||||||||||||||||||||||||||
4/1/2007 | 178 | 56 | 75 | 28 | 62 | 11 | 24 | 2 | 9 | 8 | 7 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | 187 | 60 | 218 | 75 | 214 | 43 | ||||||||||||||||||||||||||||
7/1/2007 | 161 | 24 | 94 | 3 | 38 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 26 | 11 | 187 | 35 | 216 | 65 | 200 | 41 | ||||||||||||||||||||||||||||
10/1/2007 | 165 | 49 | 75 | 13 | 32 | 8 | 26 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 12 | 10 | 177 | 59 | 220 | 65 | 184 | 51 | ||||||||||||||||||||||||||||
1/1/2008 | 237 | 35 | 127 | 10 | 47 | 2 | 41 | 3 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 16 | 243 | 51 | 221 | 65 | 202 | 48 | ||||||||||||||||||||||||||||
4/1/2008 | 631 | 31 | 418 | 7 | 103 | 2 | 94 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | 638 | 94 | 265 | 58 | 353 | 68 | ||||||||||||||||||||||||||||
7/1/2008 | 594 | 31 | 299 | 6 | 232 | 1 | 42 | 2 | 4 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | 607 | 67 | 295 | 59 | 496 | 71 | ||||||||||||||||||||||||||||
10/1/2008 | 668 | 44 | 291 | 7 | 60 | 4 | 298 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 31 | 30 | 699 | 74 | 339 | 53 | 648 | 78 | ||||||||||||||||||||||||||||
1/1/2009 | 759 | 212 | 525 | 18 | 140 | 152 | 82 | 5 | 4 | 30 | 1 | 3 | 3 | 4 | 4 | 0 | 23 | 152 | 782 | 364 | 394 | 79 | 696 | 168 | ||||||||||||||||||||||||||||
4/1/2009 | 614 | 83 | 331 | 16 | 116 | 41 | 149 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 26 | 77 | 640 | 160 | 424 | 90 | 707 | 199 | ||||||||||||||||||||||||||||
7/1/2009 | 403 | 32 | 227 | 4 | 90 | 4 | 67 | 8 | 3 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 33 | 411 | 65 | 419 | 91 | 611 | 196 | ||||||||||||||||||||||||||||
10/1/2009 | 453 | 60 | 315 | 12 | 77 | 28 | 33 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 8 | 33 | 461 | 93 | 438 | 96 | 504 | 106 | ||||||||||||||||||||||||||||
1/1/2010 | 684 | 278 | 524 | 47 | 88 | 209 | 58 | 7 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 85 | 691 | 363 | 477 | 124 | 521 | 174 | ||||||||||||||||||||||||||||
4/1/2010 | 577 | 93 | 444 | 54 | 76 | 16 | 40 | 3 | 8 | 16 | 6 | 2 | 1 | 2 | 2 | 0 | 11 | 42 | 588 | 135 | 510 | 130 | 580 | 197 | ||||||||||||||||||||||||||||
7/1/2010 | 256 | 40 | 158 | 18 | 34 | 2 | 44 | 4 | 7 | 10 | 11 | 3 | 1 | 3 | 1 | 0 | 8 | 61 | 264 | 101 | 517 | 136 | 514 | 200 | ||||||||||||||||||||||||||||
10/1/2010 | 239 | 59 | 148 | 26 | 18 | 17 | 31 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 72 | 272 | 131 | 525 | 142 | 375 | 122 | ||||||||||||||||||||||||||||
1/1/2011 | 444 | 300 | 242 | 68 | 105 | 212 | 56 | 6 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | 466 | 315 | 543 | 164 | 334 | 182 | ||||||||||||||||||||||||||||
4/1/2011 | 188 | 96 | 99 | 58 | 33 | 18 | 24 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 40 | 193 | 136 | 506 | 167 | 310 | 194 | ||||||||||||||||||||||||||||
7/1/2011 | 94 | 126 | 38 | 53 | 9 | 49 | 28 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1301 | 107 | 1427 | 465 | 280 | 255 | 626 | ||||||||||||||||||||||||||||
10/1/2011 | 75 | 110 | 23 | 54 | 3 | 11 | 29 | 18 | 9 | 14 | 9 | 6 | 1 | 3 | 1 | 4 | 11 | 34 | 86 | 144 | 413 | 286 | 129 | 569 | ||||||||||||||||||||||||||||
1/1/2012 | 126 | 90 | 43 | 40 | 24 | 22 | 44 | 12 | 11 | 10 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 59 | 134 | 149 | 359 | 268 | 109 | 573 | ||||||||||||||||||||||||||||
4/1/2012 | 178 | 139 | 79 | 68 | 26 | 39 | 46 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | 187 | 148 | 322 | 267 | 136 | 147 | ||||||||||||||||||||||||||||
7/1/2012 | 139 | 149 | 66 | 79 | 27 | 39 | 26 | 8 | 14 | 10 | 2 | 7 | 3 | 0 | 1 | 6 | 3 | 39 | 142 | 188 | 299 | 278 | 154 | 162 | ||||||||||||||||||||||||||||
10/1/2012 | 136 | 87 | 73 | 44 | 19 | 11 | 28 | 10 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 4 | 18 | 12 | 154 | 99 | 274 | 278 | 161 | 145 | ||||||||||||||||||||||||||||
1/1/2013 | 200 | 128 | 83 | 88 | 85 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 12 | 12 | 212 | 140 | 234 | 259 | 169 | 142 | ||||||||||||||||||||||||||||
4/1/2013 | 203 | 96 | 111 | 45 | 36 | 19 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 27 | 216 | 123 | 203 | 258 | 194 | 121 | ||||||||||||||||||||||||||||
7/1/2013 | 274 | 118 | 163 | 49 | 70 | 19 | 24 | 15 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 12 | 10 | 13 | 284 | 131 | 204 | 261 | 237 | 131 | ||||||||||||||||||||||||||||
10/1/2013 | 766 | 169 | 545 | 64 | 170 | 60 | 33 | 5 | 5 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 34 | 75 | 800 | 244 | 248 | 270 | 433 | 166 | ||||||||||||||||||||||||||||
1/1/2014 | 681 | 163 | 521 | 80 | 109 | 41 | 17 | 15 | 13 | 10 | 7 | 8 | 12 | 1 | 2 | 8 | 10 | 4 | 691 | 167 | 267 | 258 | 592 | 181 | ||||||||||||||||||||||||||||
4/1/2014 | 587 | 287 | 449 | 89 | 84 | 145 | 31 | 10 | 12 | 18 | 8 | 19 | 3 | 0 | 0 | 6 | 16 | 10 | 603 | 297 | 301 | 271 | 698 | 236 | ||||||||||||||||||||||||||||
7/1/2014 | 738 | 368 | 460 | 93 | 236 | 228 | 28 | 8 | 9 | 14 | 4 | 10 | 1 | 0 | 0 | 15 | 35 | 8 | 773 | 376 | 357 | 184 | 689 | 280 | ||||||||||||||||||||||||||||
10/1/2014 | 279 | 82 | 117 | 40 | 124 | 7 | 22 | 12 | 8 | 8 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 32 | 356 | 114 | 379 | 181 | 577 | 262 | ||||||||||||||||||||||||||||
1/1/2015 | 235 | 161 | 143 | 70 | 35 | 42 | 27 | 7 | 24 | 18 | 3 | 18 | 2 | 0 | 1 | 6 | 23 | 4 | 258 | 165 | 390 | 183 | 462 | 218 | ||||||||||||||||||||||||||||
4/1/2015 | 273 | 139 | 141 | 61 | 64 | 33 | 35 | 12 | 21 | 15 | 5 | 11 | 5 | 1 | 2 | 5 | 10 | 3 | 283 | 142 | 398 | 182 | 299 | 140 | ||||||||||||||||||||||||||||
7/1/2015 | 319 | 156 | 139 | 52 | 112 | 55 | 34 | 24 | 19 | 3 | 3 | 12 | 11 | 2 | 1 | 8 | 23 | 2 | 342 | 158 | 414 | 180 | 294 | 155 | ||||||||||||||||||||||||||||
10/1/2015 | 228 | 108 | 137 | 52 | 16 | 17 | 36 | 18 | 19 | 10 | 4 | 5 | 14 | 1 | 2 | 5 | 8 | 2 | 236 | 110 | 421 | 181 | 287 | 137 | ||||||||||||||||||||||||||||
1/1/2016 | 266 | 138 | 143 | 61 | 39 | 30 | 46 | 20 | 8 | 6 | 21 | 14 | 7 | 1 | 2 | 6 | 19 | 18 | 285 | 156 | 427 | 182 | 288 | 141 | ||||||||||||||||||||||||||||
4/1/2016 | 235 | 155 | 117 | 54 | 26 | 40 | 51 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 12 | 20 | 43 | 255 | 198 | 431 | 188 | 259 | 155 | ||||||||||||||||||||||||||||
7/1/2016 | 204 | 156 | 101 | 45 | 49 | 66 | 33 | 14 | 12 | 7 | 6 | 15 | 2 | 1 | 1 | 8 | 11 | 3 | 215 | 159 | 425 | 191 | 252 | 171 | ||||||||||||||||||||||||||||
10/1/2016 | 220 | 270 | 106 | 50 | 25 | 158 | 51 | 28 | 8 | 11 | 19 | 13 | 5 | 1 | 6 | 9 | 14 | 9 | 234 | 279 | 378 | 193 | 235 | 212 | ||||||||||||||||||||||||||||
1/1/2017 | 251 | 272 | 137 | 76 | 41 | 128 | 53 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 3 | 17 | 10 | 24 | 261 | 296 | 342 | 204 | 237 | 245 | ||||||||||||||||||||||||||||
4/1/2017 | 228 | 120 | 99 | 67 | 91 | 19 | 13 | 6 | 11 | 4 | 1 | 19 | 7 | 0 | 6 | 5 | 9 | 9 | 237 | 129 | 311 | 190 | 244 | 235 | ||||||||||||||||||||||||||||
7/1/2017 | 157 | 153 | 90 | 53 | 25 | 57 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 5 | 7 | 12 | 5 | 169 | 158 | 261 | 172 | 222 | 194 | ||||||||||||||||||||||||||||
10/1/2017 | 234 | 115 | 145 | 65 | 42 | 18 | 22 | 6 | 7 | 7 | 8 | 8 | 5 | 2 | 5 | 9 | 7 | 7 | 241 | 122 | 251 | 173 | 216 | 136 | ||||||||||||||||||||||||||||
1/1/2018 | 551 | 97 | 340 | 53 | 175 | 8 | 19 | 8 | 8 | 7 | 3 | 10 | 0 | 2 | 6 | 9 | 3 | 32 | 554 | 129 | 276 | 170 | 321 | 136 | ||||||||||||||||||||||||||||
4/1/2018 | 311 | 168 | 176 | 75 | 75 | 57 | 19 | 13 | 16 | 9 | 2 | 6 | 15 | 0 | 8 | 8 | 7 | 42 | 318 | 210 | 279 | 175 | 371 | 154 | ||||||||||||||||||||||||||||
7/1/2018 | 276 | 144 | 132 | 84 | 87 | 9 | 26 | 20 | 6 | 14 | 3 | 10 | 19 | 2 | 3 | 5 | 29 | 13 | 305 | 157 | 276 | 175 | 392 | 165 | ||||||||||||||||||||||||||||
10/1/2018 | 232 | 156 | 133 | 98 | 54 | 28 | 21 | 13 | 6 | 8 | 1 | 6 | 17 | 0 | 0 | 3 | 21 | 24 | 253 | 180 | 277 | 181 | 292 | 182 | ||||||||||||||||||||||||||||
1/1/2019 | 284 | 108 | 183 | 65 | 52 | 19 | 30 | 10 | 6 | 6 | 5 | 5 | 8 | 0 | 0 | 3 | 0 | 11 | 284 | 119 | 277 | 178 | 281 | 152 | ||||||||||||||||||||||||||||
4/1/2019 | 261 | 116 | 171 | 58 | 41 | 12 | 24 | 22 | 10 | 7 | 6 | 7 | 7 | 5 | 2 | 5 | 8 | 30 | 269 | 146 | 278 | 174 | 269 | 148 | ||||||||||||||||||||||||||||
7/1/2019 | 199 | 106 | 120 | 63 | 37 | 13 | 30 | 10 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 8 | 2 | 71 | 201 | 177 | 277 | 175 | 251 | 147 | ||||||||||||||||||||||||||||
10/1/2019 | 216 | 114 | 130 | 69 | 37 | 5 | 26 | 17 | 4 | 7 | 4 | 14 | 10 | 0 | 5 | 2 | 5 | 31 | 221 | 145 | 276 | 164 | 230 | 156 | ||||||||||||||||||||||||||||
1/1/2020 | 112 | 106 | 58 | 53 | 21 | 7 | 21 | 17 | 6 | 9 | 3 | 16 | 2 | 1 | 1 | 3 | 21 | 7 | 133 | 113 | 265 | 149 | 185 | 145 | ||||||||||||||||||||||||||||
4/1/2020 | 8 | 171 | 4 | 91 | 0 | 33 | 4 | 9 | 0 | 13 | 0 | 14 | 0 | 7 | 0 | 4 | 2 | 43 | 10 | 214 | 247 | 156 | 121 | 157 | ||||||||||||||||||||||||||||
7/1/2020 | 13 | 247 | 7 | 103 | 1 | 25 | 4 | 15 | 0 | 7 | 0 | 23 | 0 | 71 | 1 | 3 | 15 | 83 | 28 | 330 | 235 | 170 | 57 | 219 | ||||||||||||||||||||||||||||
10/1/2020 | 28 | 314 | 11 | 68 | 1 | 168 | 9 | 16 | 0 | 6 | 1 | 20 | 4 | 28 | 2 | 8 | 25 | 39 | 53 | 353 | 219 | 189 | 30 | 299 | ||||||||||||||||||||||||||||
1/1/2021 | 51 | 80 | 25 | 30 | 2 | 16 | 14 | 14 | 0 | 7 | 0 | 11 | 9 | 2 | 1 | 0 | 18 | 9 | 69 | 89 | 179 | 186 | 50 | 257 | ||||||||||||||||||||||||||||
4/1/2021 | 105 | 74 | 59 | 28 | 14 | 18 | 20 | 16 | 1 | 3 | 5 | 5 | 1 | 1 | 5 | 3 | 4 | 6 | 109 | 80 | 161 | 175 | 77 | 174 | ||||||||||||||||||||||||||||
7/1/2021 | 206 | 70 | 118 | 35 | 56 | 9 | 19 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 5 | 1 | 10 | 18 | 216 | 88 | 154 | 170 | 131 | 86 | ||||||||||||||||||||||||||||
10/1/2021 | 156 | 56 | 81 | 25 | 15 | 5 | 16 | 10 | 13 | 5 | 7 | 6 | 21 | 1 | 3 | 4 | 5 | 15 | 161 | 71 | 146 | 160 | 162 | 80 | ||||||||||||||||||||||||||||
1/1/2022 | 305 | 51 | 106 | 22 | 162 | 4 | 14 | 15 | 3 | 4 | 4 | 6 | 14 | 0 | 2 | 0 | 2 | 8 | 307 | 59 | 148 | 155 | 228 | 73 | ||||||||||||||||||||||||||||
4/1/2022 | 183 | 62 | 92 | 37 | 41 | 2 | 16 | 5 | 8 | 8 | 6 | 7 | 12 | 0 | 8 | 3 | 4 | 2 | 187 | 64 | 141 | 149 | 218 | 65 | ||||||||||||||||||||||||||||
7/1/2022 | 170 | 75 | 89 | 34 | 13 | 4 | 33 | 16 | 3 | 11 | 1 | 6 | 29 | 2 | 2 | 2 | 12 | 12 | 182 | 87 | 140 | 141 | 225 | 70 | ||||||||||||||||||||||||||||
10/1/2022 | 166 | 64 | 81 | 25 | 25 | 5 | 22 | 12 | 3 | 10 | 11 | 10 | 23 | 1 | 1 | 1 | 55 | 3 | 221 | 67 | 140 | 135 | 197 | 73 | ||||||||||||||||||||||||||||
1/1/2023 | 135 | 52 | 67 | 18 | 24 | 0 | 5 | 8 | 5 | 14 | 8 | 9 | 20 | 0 | 6 | 3 | 52 | 4 | 187 | 56 | 144 | 130 | 197 | 70 | ||||||||||||||||||||||||||||
4/1/2023 | 404 | 70 | 132 | 28 | 227 | 7 | 21 | 9 | 3 | 8 | 6 | 14 | 14 | 0 | 1 | 4 | 61 | 9 | 465 | 79 | 182 | 119 | 291 | 67 | ||||||||||||||||||||||||||||
7/1/2023 | 166 | 56 | 96 | 25 | 24 | 6 | 18 | 5 | 2 | 16 | 18 | 2 | 5 | 0 | 3 | 2 | 14 | 1 | 180 | 57 | 195 | 96 | 277 | 64 | ||||||||||||||||||||||||||||
#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 Credit Research & Insights. Data as of Sep. 30, 2023. |
Table 5
USPF rating actions, third quarter 2023 | ||||||||
---|---|---|---|---|---|---|---|---|
Obligor | Sector | Old rating | Latest rating date | New rating | Upgrade/Downgrade | Old sort | New sort | Change |
Pointe Schools | Charter Schools | CC | 7/10/2023 | D | Default | 2 | 0 | -2 |
Related Research:
- Default, Transition, and Recovery: 2022 Annual U.S. Public Finance Default Study And Rating Transitions, March 30, 2023
This report does not constitute a rating action.
Primary Credit Analysts: | Zev R Gurwitz, New York + 1 (212) 438 7128; zev.gurwitz@spglobal.com |
Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com | |
Research Contributor: | Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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