U.S. Public Finance
Today’s municipal market is increasingly complex and challenging. We understand that to make decisions with confidence, you want new insights about credit risk. Whether you are an issuer, intermediary or investor, you need information about this risk that’s based on in-depth market knowledge, forward-looking analyses and transparent criteria. And that’s where our insight is essential.
U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures
Our 2026 sector view for not-for-profit (NFP) public power and electric cooperative utilities is negative. This view reflects converging, substantial, and costly infrastructure financing needs and diminished consumer rate affordability that can erode the benefits of autonomous ratemaking authority, frustrate some utilities’ cost recovery, and weaken financial margins and ratings.
U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon
- Healthy balance sheets support credit stability as organizations execute on strategic plans and make operating investments to position for future changes in health care delivery.
- Generally stable performance should continue for many providers, supported by good demand, management-driven operating initiatives, and for some, near-term increases in supplemental funding; however, a number of hospitals continue to perform below target earnings.
- Health care legislation from 2025’s tax and spending bill presents headwinds, but provides time for organizations to adapt for likely revenue cuts and reduced insured lives, although other federal (and state) regulatory actions remain wild cards.
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