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. Charter Schools Fiscal 2025 Medians: Resilient Liquidity Tempered By Declining Margins And Slower Enrollment Growth
S&P Global Ratings’ median financial metrics for U.S. rated charter schools in fiscal 2025 continued to reflect a sector that has matured over time, despite some evidence of year-over-year weakening.
The fiscal 2025 medians provide the first sectorwide view of shifts associated with the rolloff of ESSER funding, following years of margins being supported by extraordinary one-time funds during the pandemic. Although margin compression occurred, in line with our expectations, operating cash flow remains positive, supporting healthier liquidity positions. In our view, while aided by ESSER funding in recent years, the longer track record of growth in median days’ cash on hand also demonstrates the maturity of the sector, as the first charter school legislation was passed about 35 years ago.
U.S. Transportation Infrastructure Port Update: Navigating The Geopolitical And Trade Policy Crosscurrents
In 2026, U.S. maritime ports have transitioned from stable utility-like infrastructure to frontline actors in a fractured global economy.
As supply chains decouple and "friend-shoring" becomes the standard, port activity levels are now deeply intertwined with geopolitical maneuvers. Assessing a port's viability and creditworthiness no longer stops at physical capacity; it requires a deeper understanding of trade policy shifts, international security corridors, and the legal agility of port operators to navigate a hyper-regulated sanctions environment.
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