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COMMENTS

Credit Trends: U.S. Public Finance Credit Quality Makes Smallest Gain Since 2021

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of May 22, 2024

COMMENTS

Default, Transition, and Recovery: The European Speculative-Grade Default Rate Should Level Out At 3.75% By March 2025

COMMENTS

Default, Transition, and Recovery: Resilient Growth, Resilient Yields, And Resilient Defaults To Bring The U.S. Speculative-Grade Corporate Default Rate To 4.5% By March 2025

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of May 15, 2024


Credit Trends: U.S. Public Finance Credit Quality Makes Smallest Gain Since 2021

The credit quality of USPF obligors improved in the first quarter of 2024, though to the lowest degree since the second quarter of 2021. Upgrades totaled 153 (149 nonhousing and four housing) in first-quarter 2024, down from 357 (347 nonhousing and 10 housing) in the prior quarter (see charts 1 and 2) while downgrades totaled 79 (76 nonhousing and three housing), up slightly from 77 (73 nonhousing and four housing). There were two upgrades for every downgrade for nonhousing, while housing saw 1.3 upgrades for every downgrade.

Chart 1

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Chart 2

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Fiscal Performance Drove 30% Of Total Downgrades And 32% Of Total Upgrades

In first-quarter 2024, financial conditions were a mixed picture for USPF issuers. Eroded financial conditions were the most common reason for negative rating actions, totaling 38, and improved financial conditions were the most common reason for positive rating actions, totaling 97 (see chart 3).

Chart 3

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There were two defaults in the first quarter when two housing issues related to Great Lakes Senior Living Communities in Arizona defaulted after failing to pay bond principal.

Rating Distributions

Only 1.8% of USPF nonhousing ratings were speculative-grade ('BB+' and below) at the end of the first quarter of 2024 (see table 1), compared with 1.5% for housing.

A large majority (nearly 86.8%) of USPF issuers were concentrated in the 'AA' or 'A' categories, as the ratings on these issuers strongly correlate with that on the sovereign, which S&P Global Ratings affirmed at 'AA+' with a stable outlook in March (see "U.S. ‘AA+/A-1+’ Sovereign Ratings Affirmed; Outlook Remains Stable," March 27, 2024). Excluding charter schools, the majority of issuers in all industries are concentrated in investment-grade rating categories.

Table 1

Rating distribution (as of March 31, 2024)
Number of ratings
USPF ex. housing Tax secured Appropriation Utilities Health care Higher education Transportation Charter schools Housing
AAA 1,129 828 65 189 0 44 3 0 396
AA 9,145 5,506 2,308 951 107 196 77 0 1,699
A 9,418 6,000 1,770 977 196 312 162 1 162
BBB 1,108 428 108 152 91 186 26 117 61
BB 339 42 43 11 29 58 1 155 13
B 29 3 9 1 4 7 0 5 14
CCC/C 8 0 1 0 3 3 1 0 8
Totals 21,176 12,807 4,304 2,281 430 806 270 278 2,353
(%)
AAA 5.33 6.47 1.51 8.29 0.00 5.46 1.11 0.00 16.83
AA 43.19 42.99 53.62 41.69 24.88 24.32 28.52 0.00 72.21
A 44.47 46.85 41.12 42.83 45.58 38.71 60.00 0.36 6.88
BBB 5.23 3.34 2.51 6.66 21.16 23.08 9.63 42.09 2.59
BB 1.60 0.33 1.00 0.48 6.74 7.20 0.37 55.76 0.55
B 0.14 0.02 0.21 0.04 0.93 0.87 0.00 1.80 0.59
CCC/C 0.04 0.00 0.02 0.00 0.70 0.37 0.37 0.00 0.34
USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights.

Large Rating Movements Trended Slightly Negative

There were 38 large rating movements (those of two notches or more) in the first quarter, with 16 upgrades and 22 downgrades (see table 2). There were also six obligors that moved from investment-grade to speculative-grade in the quarter, against only three that moved from speculative-grade to investment-grade.

Table 2

Multiple notch rating changes (Q1 2024)
Notch change* Notches Tax secured Appropriation Utilities Health care Transportation Housing Charter schools Higher education Grand total
3 3 3 1 4
2 2 5 8 1 1 2 1 18
-2 -2 6 1 4 1 1 13
-3 -3 1 2 3
Total 0 14 9 7 2 2 2 1 1 38
Data as of March 31, 2024. *Negative numbers indicate downgrades. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights.

Q1 2024 Rating Actions

In the first quarter of 2024, transportation had the largest improvement in credit quality, with 3.3% of all transportation ratings raised (see chart 4). On the other hand, health care had the largest percentage of ratings lowered, with just over 2.3%.

Chart 4

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Chart 5

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Chart 6

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Chart 7

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Chart 8

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Chart 9

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Chart 10

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Appendix

Table 3

Q1 2024 upgrades and downgrades
Sector Upgrades Downgrades Defaulted
Total USPF ex. housing 149 76 0
State and local* 118 36 0
Tax secured 88 31 0
Appropriation 30 5 0
Utilities 11 16 0
Health care 3 10 0
Higher education 5 6 0
Charter schools 3 8 0
Transportation 9 0 0
Housing 4 1 2
Data as of March 31, 2024. *Includes tax-secured and appropriation securities. USPF--U.S. public finance. Q--Quarter. Source: 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
Jan. 01, 2001 153 38 61 5 64 1 16 9 5 21 5 2 2 0 0 0 6 7
Apr. 01, 2001 740 106 83 3 629 67 23 4 1 20 3 12 1 0 0 0 38 11
Jul. 01, 2001 126 47 49 4 42 3 13 5 2 22 5 5 15 8 0 0 29 14
Oct. 01, 2001 99 14 56 3 20 4 11 2 3 4 7 1 2 0 0 0 25 8
Jan. 01, 2002 176 38 99 5 45 1 16 7 4 6 7 5 5 14 0 0 3 7
Apr. 01, 2002 108 105 59 9 21 64 20 6 1 11 1 5 6 10 0 0 3 25
Jul. 01, 2002 72 38 39 2 10 10 19 3 2 18 1 1 1 4 0 0 0 17
Oct. 01, 2002 103 127 57 13 26 72 12 15 4 19 2 7 2 1 0 0 6 18
Jan. 01, 2003 84 66 41 5 18 33 10 2 5 17 7 8 3 1 0 0 6 19
Apr. 01, 2003 87 46 52 10 6 1 13 1 5 21 6 7 5 5 0 1 4 24
Jul. 01, 2003 80 134 45 7 18 79 12 6 3 11 2 29 0 2 0 0 10 27
Oct. 01, 2003 126 93 55 15 27 28 17 7 11 30 16 8 0 5 0 0 24 9
Jan. 01, 2004 105 98 63 16 8 58 12 3 14 18 3 3 5 0 0 0 24 6
Apr. 01, 2004 97 66 53 11 17 34 16 8 8 9 2 3 1 1 0 0 2 11
Jul. 01, 2004 188 130 47 13 102 100 31 1 5 10 1 4 1 2 1 0 25 20
Oct. 01, 2004 122 58 65 10 22 22 19 9 9 14 6 3 1 0 0 0 11 10
Jan. 01, 2005 153 35 63 11 39 13 15 3 13 7 22 1 1 0 0 0 78 12
Apr. 01, 2005 109 66 53 10 25 42 8 2 16 10 4 2 3 0 0 0 5 110
Jul. 01, 2005 214 39 52 13 132 7 12 3 12 8 6 4 0 4 0 0 30 11
Oct. 01, 2005 153 111 75 44 24 23 22 9 20 18 10 8 2 7 0 2 13 42
Jan. 01, 2006 114 47 38 9 47 13 10 3 11 14 7 6 1 1 0 1 12 9
Apr. 01, 2006 251 22 68 10 144 1 14 2 13 6 9 3 3 0 0 0 30 8
Jul. 01, 2006 405 29 338 8 18 1 25 2 13 18 8 0 3 0 0 0 63 13
Oct. 01, 2006 194 38 98 13 37 5 22 6 12 10 13 3 12 0 0 1 34 3
Jan. 01, 2007 177 26 97 11 51 0 21 2 4 11 1 1 3 0 0 1 49 1
Apr. 01, 2007 178 56 74 28 62 11 24 2 9 8 8 5 1 2 0 0 9 4
Jul. 01, 2007 161 24 94 3 38 3 10 2 7 15 6 0 5 1 1 0 26 11
Oct. 01, 2007 165 49 75 13 33 8 26 1 10 19 15 4 4 1 2 3 12 10
Jan. 01, 2008 237 36 127 10 47 2 41 4 7 18 9 1 6 1 0 0 6 16
Apr. 01, 2008 634 31 419 7 103 2 96 1 5 20 9 0 1 1 1 0 7 63
Jul. 01, 2008 594 31 299 6 232 1 42 2 4 21 12 0 5 1 0 0 13 36
Oct. 01, 2008 668 44 291 7 60 4 298 0 7 28 5 4 6 1 1 0 31 30
Jan. 01, 2009 758 213 525 18 140 152 81 5 4 31 1 3 3 4 4 0 23 152
Apr. 01, 2009 615 83 331 16 116 41 150 1 5 22 6 3 7 0 0 0 26 77
Jul. 01, 2009 403 32 226 4 90 4 67 8 4 11 10 1 6 4 0 0 8 33
Oct. 01, 2009 453 60 315 12 77 28 33 1 12 12 13 3 1 4 2 0 9 32
Jan. 01, 2010 683 279 523 47 88 209 58 8 8 10 2 2 2 3 2 0 7 85
Apr. 01, 2010 576 93 444 54 77 16 39 3 8 16 6 2 1 2 1 0 11 42
Jul. 01, 2010 255 40 158 18 34 2 43 4 7 10 11 3 1 3 1 0 8 61
Oct. 01, 2010 238 59 148 26 18 17 30 3 19 7 17 1 4 4 2 1 33 72
Jan. 01, 2011 444 300 243 68 105 211 55 7 13 2 16 5 6 4 6 3 22 15
Apr. 01, 2011 189 96 99 58 33 18 25 6 22 9 2 3 7 1 1 1 5 40
Jul. 01, 2011 94 126 38 53 9 49 28 4 16 12 2 5 0 2 1 1 13 1311
Oct. 01, 2011 75 110 23 54 3 11 29 18 9 14 9 6 1 3 1 4 11 34
Jan. 01, 2012 126 91 43 40 24 22 44 12 11 11 2 4 2 0 0 2 8 59
Apr. 01, 2012 177 139 79 68 26 39 45 14 13 8 9 7 5 0 0 3 9 9
Jul. 01, 2012 140 150 66 79 27 39 27 8 14 11 2 7 3 0 1 6 3 40
Oct. 01, 2012 136 87 72 44 20 12 28 10 6 11 4 6 6 1 0 3 18 12
Jan. 01, 2013 200 128 83 88 85 15 19 11 9 6 4 3 0 1 0 4 12 12
Apr. 01, 2013 203 96 110 45 37 19 27 8 18 13 7 6 4 1 0 4 13 27
Jul. 01, 2013 274 119 162 49 71 20 24 16 7 10 5 10 5 3 0 11 10 12
Oct. 01, 2013 764 169 543 64 172 60 31 5 5 20 9 11 4 1 0 8 34 75
Jan. 01, 2014 680 164 520 80 109 44 17 16 13 10 7 8 12 1 2 5 10 4
Apr. 01, 2014 588 286 449 89 84 142 32 10 12 18 8 21 3 0 0 6 16 10
Jul. 01, 2014 738 369 459 94 237 228 28 9 9 14 4 10 1 0 0 14 35 8
Oct. 01, 2014 279 82 117 40 124 7 22 12 8 8 1 8 7 0 0 7 77 31
Jan. 01, 2015 235 161 142 69 36 49 27 7 24 18 3 18 2 0 1 0 23 4
Apr. 01, 2015 272 139 141 61 64 33 34 12 21 15 5 11 5 1 2 5 10 3
Jul. 01, 2015 318 156 138 52 112 59 34 24 19 3 3 12 11 2 1 4 23 2
Oct. 01, 2015 229 109 137 52 17 18 37 19 19 10 4 5 14 1 1 4 8 2
Jan. 01, 2016 266 138 143 60 39 32 46 20 8 6 21 15 7 1 2 4 19 18
Apr. 01, 2016 236 155 117 54 26 43 52 17 9 15 22 15 9 2 1 9 20 43
Jul. 01, 2016 203 156 101 45 49 69 32 14 12 7 6 15 2 1 1 5 11 3
Oct. 01, 2016 222 268 105 49 29 161 51 28 9 11 19 13 5 1 4 5 14 9
Jan. 01, 2017 250 273 137 77 41 133 52 27 8 12 4 12 5 0 3 12 10 24
Apr. 01, 2017 228 120 99 67 91 21 13 6 11 4 1 19 7 0 6 3 9 9
Jul. 01, 2017 157 153 90 53 27 60 20 16 5 14 8 4 4 2 3 4 12 5
Oct. 01, 2017 235 115 145 65 45 20 22 6 7 7 8 8 5 2 3 7 7 7
Jan. 01, 2018 551 97 340 53 176 10 19 8 8 7 3 10 0 2 5 7 3 32
Apr. 01, 2018 310 168 175 75 78 61 19 13 15 9 2 6 15 0 6 4 6 42
Jul. 01, 2018 276 145 132 84 88 10 26 21 6 14 3 10 19 2 2 4 29 13
Oct. 01, 2018 231 156 133 97 54 29 20 13 6 8 1 6 17 0 0 3 21 24
Jan. 01, 2019 283 108 183 65 52 20 29 10 6 6 5 5 8 0 0 2 0 11
Apr. 01, 2019 261 115 171 57 42 15 24 22 10 7 6 7 7 5 1 2 8 30
Jul. 01, 2019 199 107 120 63 38 14 30 11 3 5 7 7 0 0 1 7 2 71
Oct. 01, 2019 216 114 130 69 38 5 26 17 4 7 4 14 10 0 4 2 5 31
Jan. 01, 2020 111 106 58 53 21 9 20 17 6 9 3 16 2 1 1 1 21 7
Apr. 01, 2020 7 171 4 91 0 33 3 9 0 13 0 14 0 7 0 4 2 43
Jul. 01, 2020 13 247 7 103 2 27 4 15 0 7 0 23 0 71 0 1 15 83
Oct. 01, 2020 30 313 11 69 2 168 10 15 1 6 1 20 4 28 1 7 24 39
Jan. 01, 2021 51 79 25 29 2 16 14 14 0 7 0 11 9 2 1 0 18 9
Apr. 01, 2021 105 74 59 28 15 19 20 16 1 3 5 5 1 1 4 2 4 6
Jul. 01, 2021 204 70 117 35 60 9 17 16 6 7 2 2 0 0 2 1 10 18
Oct. 01, 2021 156 56 81 25 17 5 16 10 13 5 7 6 21 1 1 4 5 15
Jan. 01, 2022 305 51 107 22 162 4 14 15 3 4 4 6 14 0 1 0 2 8
Apr. 01, 2022 183 63 93 38 43 5 15 5 8 8 6 7 12 0 6 0 4 2
Jul. 01, 2022 169 75 89 34 13 4 32 16 3 11 1 6 29 2 2 2 12 12
Oct. 01, 2022 166 62 81 24 26 5 22 11 3 10 11 10 23 1 0 1 55 3
Jan. 01, 2023 133 52 67 18 24 1 5 8 4 14 8 9 19 0 6 2 52 4
Apr. 01, 2023 403 70 132 28 226 8 21 9 3 8 6 14 14 0 1 3 61 9
Jul. 01, 2023 166 55 96 25 25 6 18 4 2 16 18 2 5 0 2 2 14 1
Oct. 01, 2023 347 73 235 31 79 6 17 7 4 21 9 4 2 1 1 3 10 4
Jan. 01, 2024 149 76 88 31 30 5 11 16 3 10 5 6 9 0 3 8 4 3
Data as of March 31, 2024. *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. USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights

Table 5

USPF rating actions (Q1 2024)
Obligor Sector Old rating Latest rating date New rating Upgrade/downgrade Old sort New sort Change
Fort Bend County Water Control & Improvement District No.2 Tax secured AA- Jan. 03, 2024 AA Upgrade 18 19 1
Flagler College Inc., Higher education A- Jan. 04, 2024 BBB+ Downgrade 15 14 -1
Butler Cnty Tax secured AA- Jan. 05, 2024 AA Upgrade 18 19 1
San Luis Obispo Cnty Comnty Coll Dist Tax secured AA- Jan. 05, 2024 AA Upgrade 18 19 1
Crowder College Higher education A- Jan. 08, 2024 A Upgrade 15 16 1
New York St Thruway Auth Transportation A Jan. 08, 2024 A+ Upgrade 16 17 1
New York St Thruway Auth Transportation A- Jan. 08, 2024 A Upgrade 15 16 1
Red Oak Tax secured A+ Jan. 08, 2024 A Downgrade 17 16 -1
Moody Indpt Sch Dist Tax secured A Jan. 09, 2024 A+ Upgrade 16 17 1
Delaware River & Bay Auth Transportation A Jan. 10, 2024 A+ Upgrade 16 17 1
DuPage Cnty Sch Dist #63 Cass Tax secured AA Jan. 10, 2024 AA+ Upgrade 19 20 1
Fredon Twp Brd of Ed Tax secured A+ Jan. 10, 2024 AA- Upgrade 17 18 1
Salisbury Twp Sch Dist Tax secured A Jan. 10, 2024 A+ Upgrade 16 17 1
East Buchanan Comnty Sch Dist Tax secured AA- Jan. 11, 2024 A+ Downgrade 18 17 -1
Basalt & Rur Fire Prot Dist Tax secured AA- Jan. 12, 2024 AA Upgrade 18 19 1
Cabrillo Unif Sch Dist Tax secured AA- Jan. 12, 2024 A+ Downgrade 18 17 -1
Carnegie Mellon Univ Higher education AA Jan. 12, 2024 AA+ Upgrade 19 20 1
Oak Lawn Vill Tax secured BBB- Jan. 12, 2024 BBB Upgrade 12 13 1
Rowan Cnty Tax secured AA- Jan. 12, 2024 AA Upgrade 18 19 1
Telluride Twn Utilities BBB- Jan. 12, 2024 BBB+ Upgrade 12 14 2
Vallejo Sant & Flood Ctl Dist Utilities AA- Jan. 12, 2024 AA Upgrade 18 19 1
Brevard Cnty Utilities AA Jan. 16, 2024 AA+ Upgrade 19 20 1
Lawrence Twn (Brown Cnty) Tax secured AA- Jan. 16, 2024 A Downgrade 18 16 -2
Nevada Charter Academies, d/b/a American Preparatory Academy- Las Vegas Charter schools BB Jan. 16, 2024 BB+ Upgrade 10 11 1
St. Tammany Parish Hosp Svc Dist #2 Tax secured A+ Jan. 16, 2024 A Downgrade 17 16 -1
East Grand Rapids Pub Schs Tax secured A+ Jan. 17, 2024 AA- Upgrade 17 18 1
Charlevoix Tax secured AA Jan. 18, 2024 AA- Downgrade 19 18 -1
Charlevoix Tax secured AA Jan. 18, 2024 AA- Downgrade 19 18 -1
Decatur Pub Schs Tax secured A- Jan. 18, 2024 A Upgrade 15 16 1
Reno Redev Agy Tax secured BB- Jan. 18, 2024 BB+ Upgrade 9 11 2
Matagorda Indpt Sch Dist Tax secured A Jan. 19, 2024 BBB+ Downgrade 16 14 -2
Methodist Hosp Inc Health care BBB- Jan. 19, 2024 BB+ Downgrade 12 11 -1
Saint Luke's Hlth Sys, Inc. Health care A+ Jan. 19, 2024 AA Upgrade 17 19 2
Morgan Library & Museum (The) Higher education A+ Jan. 22, 2024 AA- Upgrade 17 18 1
San Joaquin Cnty Transp Auth Tax secured AA Jan. 22, 2024 AA+ Upgrade 19 20 1
St Francis Cnty Tax secured A- Jan. 22, 2024 A Upgrade 15 16 1
Tamaqua Area Sch Dist Tax secured A+ Jan. 22, 2024 A Downgrade 17 16 -1
New Orleans Regl Transit Auth Tax secured A+ Jan. 23, 2024 AA- Upgrade 17 18 1
West Haven Tax secured BBB Jan. 23, 2024 BBB+ Upgrade 13 14 1
Camden City Tax secured A- Jan. 24, 2024 A Upgrade 15 16 1
Clintonville Pub Sch Dist Tax secured A+ Jan. 25, 2024 A Downgrade 17 16 -1
Compton Unif Sch Dist Tax secured A Jan. 25, 2024 A+ Upgrade 16 17 1
Compton Unif Sch Dist Appropriation A- Jan. 25, 2024 A Upgrade 15 16 1
Compton Unif Sch Dist Appropriation A- Jan. 25, 2024 A Upgrade 15 16 1
Ridley Sch Dist Tax secured A- Jan. 26, 2024 BBB Downgrade 15 13 -2
University Area Jt Auth Utilities A Jan. 26, 2024 A- Downgrade 16 15 -1
North Oaks Hlth Sys Health care BBB+ Jan. 29, 2024 A- Upgrade 14 15 1
Springboro Comnty City Sch Dist Tax secured A+ Jan. 29, 2024 AA- Upgrade 17 18 1
Bradley Intl Arpt Transportation BBB+ Jan. 30, 2024 A Upgrade 14 16 2
Clark Cnty Fire and Rescue Tax secured A+ Jan. 30, 2024 AA- Upgrade 17 18 1
Fennimore, City of Tax secured BBB+ Jan. 30, 2024 BBB Downgrade 14 13 -1
Howell Carnegie Dist Lib Tax secured AA- Jan. 30, 2024 AA Upgrade 18 19 1
Westminster Tax secured AA+ Jan. 30, 2024 AAA Upgrade 20 21 1
Milford Regl Med Ctr Health care B+ Jan. 31, 2024 B Downgrade 8 7 -1
Barton College Higher education BBB- Feb. 01, 2024 BB+ Downgrade 12 11 -1
Childersburg Waterworks Sewer & Gas Board Utilities A- Feb. 01, 2024 BBB+ Downgrade 15 14 -1
Dawson Cnty Pub Pwr Dist Utilities A Feb. 01, 2024 A+ Upgrade 16 17 1
Lehigh Cnty Auth Utilities A Feb. 01, 2024 A+ Upgrade 16 17 1
South Davis Swr Dist Utilities BBB Feb. 01, 2024 BBB- Downgrade 13 12 -1
South Davis Swr Dist Utilities A Feb. 01, 2024 BBB+ Downgrade 16 14 -2
Augusta Regl Arpt Transportation BBB+ Feb. 02, 2024 A- Upgrade 14 15 1
Hanley Intl Academy Charter schools BB Feb. 02, 2024 BB+ Upgrade 10 11 1
Lawrence Mem Hosp Health care A- Feb. 02, 2024 BBB+ Downgrade 15 14 -1
Wanamingo Tax secured A Feb. 05, 2024 A+ Upgrade 16 17 1
Creek Cnty Indpt Sch Dist #33-Sapulpa Tax secured AA- Feb. 06, 2024 A+ Downgrade 18 17 -1
Far Hills Util Dist Tax secured BBB Feb. 06, 2024 BBB+ Upgrade 13 14 1
Arcade Vill Tax secured A Feb. 07, 2024 A+ Upgrade 16 17 1
Capistrano Unified School District Community Facilities District 98 1B Tax secured BBB Feb. 07, 2024 A- Upgrade 13 15 2
Capistrano Unified School District Community Facilities District 98-1A Tax secured A- Feb. 07, 2024 A+ Upgrade 15 17 2
Coronado Community Development District Tax secured BBB Feb. 07, 2024 BBB+ Upgrade 13 14 1
Reid Road Mun Util Dist #2 Tax secured A Feb. 07, 2024 A+ Upgrade 16 17 1
St. Louis Cnty Indpt Sch Dist #2142 Tax secured A+ Feb. 07, 2024 A- Downgrade 17 15 -2
St. Louis Cnty Indpt Sch Dist #2142 Appropriation A Feb. 07, 2024 BBB+ Downgrade 16 14 -2
Allina Hosp & Clinics Health care AA- Feb. 08, 2024 A+ Downgrade 18 17 -1
Brazos Elec Pwr Coop (A) Utilities BB Feb. 08, 2024 BBB Upgrade 10 13 3
Oxford Sch Dist Tax secured AA- Feb. 08, 2024 AA Upgrade 18 19 1
Rusk Cnty Tax secured A+ Feb. 08, 2024 AA- Upgrade 17 18 1
Duluth Pub Sch Acad Charter schools BB+ Feb. 09, 2024 BB Downgrade 11 10 -1
Lafourche Parish Law Enforcement District Tax secured A- Feb. 09, 2024 A Upgrade 15 16 1
Lawrence Cnty Tax secured A- Feb. 09, 2024 A Upgrade 15 16 1
Successor Agency to the Lincoln Redevelopment Agency Tax secured A+ Feb. 09, 2024 AA- Upgrade 17 18 1
Richmond Comnty Redev Agy Successor Agy Tax secured A- Feb. 12, 2024 A Upgrade 15 16 1
East Knox Local Sch Dist Tax secured A Feb. 13, 2024 A+ Upgrade 16 17 1
Hillsborough Cnty Sch Dist Tax secured A Feb. 13, 2024 A+ Upgrade 16 17 1
San Ysidro School District Tax secured BBB- Feb. 13, 2024 BBB Upgrade 12 13 1
Atlanta Tax secured A Feb. 14, 2024 A+ Upgrade 16 17 1
Atlanta Tax secured A- Feb. 14, 2024 A Upgrade 15 16 1
New York Institute of Technology Higher education BBB+ Feb. 14, 2024 BBB Downgrade 14 13 -1
Dallas County Hospital District Tax secured AA- Feb. 15, 2024 AA Upgrade 18 19 1
Martin Cnty Utilities AA Feb. 15, 2024 AA+ Upgrade 19 20 1
Suffolk Cnty Tax secured A+ Feb. 15, 2024 AA- Upgrade 17 18 1
The Chapin Sch, Ltd Higher education AA- Feb. 15, 2024 A+ Downgrade 18 17 -1
Anaheim Appropriation A- Feb. 16, 2024 A+ Upgrade 15 17 2
Anaheim Appropriation BBB Feb. 16, 2024 A- Upgrade 13 15 2
Anaheim Appropriation BBB Feb. 16, 2024 A- Upgrade 13 15 2
Anaheim Appropriation BBB Feb. 16, 2024 A- Upgrade 13 15 2
Anaheim Appropriation BBB Feb. 16, 2024 A- Upgrade 13 15 2
Anaheim Appropriation A- Feb. 16, 2024 A+ Upgrade 15 17 2
Anaheim Appropriation BBB Feb. 16, 2024 A- Upgrade 13 15 2
Anaheim Appropriation A- Feb. 16, 2024 A+ Upgrade 15 17 2
Effingham Cumberland Cntys etc Comnty Unit Sch Dist #50 Teutopolis Tax secured A+ Feb. 16, 2024 AA- Upgrade 17 18 1
Saratoga Un Sch Dist Tax secured AA+ Feb. 16, 2024 AAA Upgrade 20 21 1
Floresville Independent School Dist Tax secured A+ Feb. 20, 2024 AA- Upgrade 17 18 1
Pasadena Utilities AA+ Feb. 20, 2024 AAA Upgrade 20 21 1
Taylors Falls Tax secured A+ Feb. 20, 2024 A- Downgrade 17 15 -2
Cambria Cnty Tax secured A- Feb. 21, 2024 A Upgrade 15 16 1
East Harlem Tutorial Program, Inc. Charter schools BB+ Feb. 21, 2024 BB Downgrade 11 10 -1
Lake Cnty Sch Brd Appropriation A Feb. 21, 2024 A+ Upgrade 16 17 1
Lake Cnty Sch Brd Appropriation A Feb. 21, 2024 A+ Upgrade 16 17 1
Lake Cnty Sch Brd Appropriation A Feb. 21, 2024 A+ Upgrade 16 17 1
Sarpy Cnty Sch Dist #37 Gretna Pub Schs Tax secured AA- Feb. 21, 2024 A+ Downgrade 18 17 -1
Bryan Tax secured AA Feb. 22, 2024 AA+ Upgrade 19 20 1
Evolution Academy Charter School Charter schools B+ Feb. 22, 2024 B Downgrade 8 7 -1
Yorktown Comnty Schs Tax secured AA- Feb. 22, 2024 A+ Downgrade 18 17 -1
Yorktown Comnty Schs Tax secured AA- Feb. 22, 2024 A+ Downgrade 18 17 -1
Albany Leadership Charter High School For Girls Charter schools BB Feb. 23, 2024 B+ Downgrade 10 8 -2
Beaver Cnty Tax secured A- Feb. 23, 2024 A Upgrade 15 16 1
Berwyn Municipal Securitization Corporation Tax secured A- Feb. 23, 2024 A+ Upgrade 15 17 2
Greenfield Utilities AA- Feb. 23, 2024 A+ Downgrade 18 17 -1
Spencer-Owen Comnty Schs Tax secured A Feb. 23, 2024 A+ Upgrade 16 17 1
Thomasville Tax secured A Feb. 23, 2024 A+ Upgrade 16 17 1
Griffith Tax secured A+ Feb. 26, 2024 A Downgrade 17 16 -1
Griffith Appropriation A+ Feb. 26, 2024 A Downgrade 17 16 -1
Griffith Appropriation A+ Feb. 26, 2024 A Downgrade 17 16 -1
Sacramento City Unif Sch Dist Tax secured BBB Feb. 26, 2024 BBB+ Upgrade 13 14 1
Sacramento City Unif Sch Dist Appropriation BBB- Feb. 26, 2024 BBB Upgrade 12 13 1
Cooper Health System Obligated Group Health care A- Feb. 28, 2024 A Upgrade 15 16 1
Discovery Charter Sch Charter schools BB+ Feb. 28, 2024 BB Downgrade 11 10 -1
Russellville Utilities A- Feb. 28, 2024 BBB+ Downgrade 15 14 -1
Castle Shannon Boro Tax secured A+ Feb. 29, 2024 A Downgrade 17 16 -1
Eastman Utilities BBB Feb. 29, 2024 BBB- Downgrade 13 12 -1
Sangamon Cnty Tax secured A+ Feb. 29, 2024 AA- Upgrade 17 18 1
Sevierville Tax secured A+ Feb. 29, 2024 AA- Upgrade 17 18 1
Albany College of Pharmacy and Health Sciences Higher education BBB+ Mar. 01, 2024 BBB Downgrade 14 13 -1
Hollister Tax secured A- Mar. 01, 2024 A Upgrade 15 16 1
Lee Cnty Brd of Ed Tax secured A+ Mar. 01, 2024 AA- Upgrade 17 18 1
Monroe Cnty Appropriation AA- Mar. 01, 2024 AA Upgrade 18 19 1
Crowley Appropriation A Mar. 04, 2024 A- Downgrade 16 15 -1
Crowley Appropriation A Mar. 04, 2024 A- Downgrade 16 15 -1
Crowley Tax secured A Mar. 04, 2024 A- Downgrade 16 15 -1
Hawley Indpt Sch Dist #150 Tax secured A+ Mar. 04, 2024 A Downgrade 17 16 -1
Wilkes-Barre Area Sch Dist Tax secured BBB+ Mar. 04, 2024 A- Upgrade 14 15 1
Lycoming Coll Higher education A- Mar. 05, 2024 BBB+ Downgrade 15 14 -1
Plymouth Tax secured AA Mar. 05, 2024 AA+ Upgrade 19 20 1
Schenectady Tax secured A Mar. 05, 2024 A+ Upgrade 16 17 1
Waupaca City Tax secured A+ Mar. 05, 2024 AA- Upgrade 17 18 1
San Jacinto Comnty Coll Dist Tax secured AA Mar. 06, 2024 AA+ Upgrade 19 20 1
Camden Tax secured A- Mar. 07, 2024 BBB+ Downgrade 15 14 -1
Memphis Utilities AA+ Mar. 07, 2024 AA Downgrade 20 19 -1
Memphis Rise Aca Charter schools BBB- Mar. 07, 2024 BB+ Downgrade 12 11 -1
Provident Group - Kean Properties L.L.C. Higher education B Mar. 07, 2024 BB- Upgrade 7 9 2
Scranton Tax secured BBB- Mar. 07, 2024 BBB+ Upgrade 12 14 2
Tustin Comnty Fac Dist No 06-1 Tax secured A- Mar. 07, 2024 A Upgrade 15 16 1
Hannibal Regl Hosp Health care BBB+ Mar. 11, 2024 BBB Downgrade 14 13 -1
Madison Local Sch Dist Tax secured A+ Mar. 11, 2024 A Downgrade 17 16 -1
Pelican Rapids Indpt Sch Dist #548 Tax secured A Mar. 11, 2024 A+ Upgrade 16 17 1
Belle Plaine Indpt Sch Dist #716 Tax secured A+ Mar. 12, 2024 AA- Upgrade 17 18 1
Fort Drum Mountain Comnty Homes LLC Housing BBB+ Mar. 12, 2024 A- Upgrade 14 15 1
Frankfort Utilities AA- Mar. 12, 2024 A+ Downgrade 18 17 -1
GMAC Commercial Military Hsg Tr XIX Housing BBB+ Mar. 12, 2024 A- Upgrade 14 15 1
GMAC Commercial Military Hsg Tr XIX Housing BBB+ Mar. 12, 2024 A- Upgrade 14 15 1
GMAC Commercial Military Hsg Tr XIX Housing BBB+ Mar. 12, 2024 A- Upgrade 14 15 1
Kent City Comnty Schs Tax secured A- Mar. 12, 2024 A Upgrade 15 16 1
Lathrup Vill Tax secured AA Mar. 12, 2024 AA- Downgrade 19 18 -1
Schuylerville Cent Sch Dist Tax secured A+ Mar. 12, 2024 AA- Upgrade 17 18 1
Spanish Fork City Utilities A+ Mar. 12, 2024 AA- Upgrade 17 18 1
Alexandria Utilities BBB+ Mar. 13, 2024 BB+ Downgrade 14 11 -3
Lewisboro Twn Tax secured AA Mar. 13, 2024 AA+ Upgrade 19 20 1
Montgomery Cnty Toll Rd Auth Transportation BBB- Mar. 13, 2024 BBB+ Upgrade 12 14 2
Vizcaya In Kendall Cmnty Dev Tax secured BBB- Mar. 13, 2024 BBB Upgrade 12 13 1
Vizcaya In Kendall Cmnty Dev Tax secured BBB- Mar. 13, 2024 BBB Upgrade 12 13 1
Vizcaya In Kendall Cmnty Dev Tax secured BBB- Mar. 13, 2024 BBB Upgrade 12 13 1
Baltimore Mayor & City Council Utilities AA- Mar. 14, 2024 A+ Downgrade 18 17 -1
Baltimore Mayor & City Council Utilities A+ Mar. 14, 2024 A Downgrade 17 16 -1
Bessemer Utilities BBB Mar. 14, 2024 BB+ Downgrade 13 11 -2
Great Lakes Senior Living Communities Housing CCC- Mar. 14, 2024 D Default 3 0 -3
Great Lakes Senior Living Communities Housing CCC- Mar. 14, 2024 D Default 3 0 -3
Great Lakes Senior Living Communities Housing CCC- Mar. 14, 2024 CC Downgrade 3 2 -1
Maryland Econ Dev Corp Transportation BBB- Mar. 14, 2024 BBB Upgrade 12 13 1
Maryland Econ Dev Corp Transportation BB+ Mar. 14, 2024 BBB- Upgrade 11 12 1
Shaker Hgts City Sch Dist Tax secured AA+ Mar. 14, 2024 AA Downgrade 20 19 -1
Successor Agy to the Palm Desert Redev Agy Tax secured A Mar. 14, 2024 AA Upgrade 16 19 3
Amarillo Utilities AA+ Mar. 15, 2024 AA Downgrade 20 19 -1
Colorado Bridge Enterprise Tax secured AA Mar. 15, 2024 AA+ Upgrade 19 20 1
Hunt Mem Hosp Dist Tax secured BBB+ Mar. 15, 2024 BBB- Downgrade 14 12 -2
Brighton Area Schs Tax secured A Mar. 18, 2024 A+ Upgrade 16 17 1
Mountain Lakes Tax secured AA+ Mar. 18, 2024 AAA Upgrade 20 21 1
Eastern Mun Wtr Dist Utilities AA+ Mar. 19, 2024 AAA Upgrade 20 21 1
Eastern Mun Wtr Dist Utilities AA+ Mar. 19, 2024 AAA Upgrade 20 21 1
South Chicago Hgts Vill Tax secured A Mar. 19, 2024 A+ Upgrade 16 17 1
UC Health Health care BBB+ Mar. 19, 2024 BBB- Downgrade 14 12 -2
Banning Utilities A- Mar. 20, 2024 BBB Downgrade 15 13 -2
Harris Cnty Mun Util Dist #390 Tax secured BBB Mar. 20, 2024 BBB+ Upgrade 13 14 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Tax secured AA- Mar. 20, 2024 AA Upgrade 18 19 1
Louisiana Tax secured AA- Mar. 20, 2024 AA Upgrade 18 19 1
Louisiana Tax secured AA- Mar. 20, 2024 AA Upgrade 18 19 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Louisiana Appropriation A+ Mar. 20, 2024 AA- Upgrade 17 18 1
Presbyterian Hlthcare Svcs Health care AA Mar. 20, 2024 AA- Downgrade 19 18 -1
Eastern Maine Healthcare Sys Health care BBB Mar. 21, 2024 BBB- Downgrade 13 12 -1
Lindenhurst Pk Dist Tax secured A Mar. 21, 2024 A+ Upgrade 16 17 1
Math & Science Academy Building Company Charter schools BBB- Mar. 21, 2024 BB+ Downgrade 12 11 -1
Edgewater Boro Brd of Ed Tax secured A Mar. 22, 2024 AA Upgrade 16 19 3
Marshfield Clinic Health care BBB+ Mar. 22, 2024 BBB Downgrade 14 13 -1
PACT Charter Sch Charter schools BB+ Mar. 22, 2024 BB Downgrade 11 10 -1
Paterson Charter School for Science & Technology Charter schools BB Mar. 22, 2024 BB+ Upgrade 10 11 1
New Hampshire Tax secured AA Mar. 25, 2024 AA+ Upgrade 19 20 1
Alameda Contra Costa Transit Dist Transportation AA Mar. 26, 2024 AA+ Upgrade 19 20 1
Ralston Tax secured BB+ Mar. 26, 2024 BBB+ Upgrade 11 14 3
Belton Tax secured AA- Mar. 27, 2024 AA Upgrade 18 19 1
Drexel Hgts Fire Dist Tax secured A+ Mar. 27, 2024 A Downgrade 17 16 -1
Mason Cnty Comnty Unit Sch Dist #126 (Havana) Tax secured A Mar. 27, 2024 A+ Upgrade 16 17 1
Mason Cnty Comnty Unit Sch Dist #126 (Havana) Tax secured A Mar. 27, 2024 A+ Upgrade 16 17 1
Montana St Univ Higher education A+ Mar. 27, 2024 AA- Upgrade 17 18 1
Coburg Tax secured AA- Mar. 28, 2024 A+ Downgrade 18 17 -1
Evangelical Comnty Hosp Health care A- Mar. 28, 2024 BBB+ Downgrade 15 14 -1
Glendale Unif Sch Dist Tax secured AA Mar. 28, 2024 AA- Downgrade 19 18 -1
Vill of Cassopolis Utilities A- Mar. 28, 2024 BBB Downgrade 15 13 -2
Noblesville Tax secured AA+ Mar. 29, 2024 AA Downgrade 20 19 -1
Data as of March 31, 2024. USPF--U.S. public finance. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights.

Related Research

This report does not constitute a rating action.

Credit Research & Insights:Nick W Kraemer, FRM, New York + 1 (212) 438 1698;
nick.kraemer@spglobal.com
Zev R Gurwitz, Albany + 1 (212) 438 7128;
zev.gurwitz@spglobal.com
Research Contributor:Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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