Overall credit quality improved in U.S. public finance (USPF) last year. S&P Global Ratings raised 1,157 USPF ratings (128 housing and 1,029 nonhousing) and lowered 257 (18 housing and 239 nonhousing), compared with 870 upgrades and 258 downgrades in 2022. Four USPF obligors rated by S&P Global Ratings defaulted in 2023, up from two in 2022. For historical context, from 2014 to 2023, combined housing and nonhousing USPF defaults averaged 9.4 per year, while 2004 to 2013 produced an average of 6.6 defaults per year. The overall default rate in 2023 was 0.017%, up from 0.008% in 2022.

The total number of USPF ratings at the beginning of 2023 was 23,594 (including 2,241 housing), down slightly from the start of 2022. The number of ratings in the 'CCC' to 'C' categories, where default activity is concentrated, was 20 at the start of 2023 (nine nonhousing and 11 housing), down from 33 at the start of 2022 (11 nonhousing and 22 housing). All defaults in 2023 were rated between 'CCC' and 'C' prior to default.

Last year only one sector had more downgrades than upgrades: health care (see tables 1 and 2). Transportation had the largest percentage of ratings raised, at 14.2% (40 upgrades and only one downgrade), due to continued improvements in airport revenue and operations.

In this study, local government ratings are a combination of two security types: tax secured and appropriation. Tax-secured debt covers state or local government general obligations (GOs), while appropriation debt is subject to annual appropriations by issuers and is typically rated one notch lower than the GO debt ratings. In table 1, the local government row aggregates tax-secured and appropriation rating actions. Additionally, the nonhousing row represents the totals of all nonhousing sectors.

Table 1

Upgrades, downgrades, and defaults rates by sector (2023)
	Upgrade%	Downgrade%	Default%	Upgrades	Downgrades	Defaults
Local governments*	5.01	0.70	0.01	864	121	1
Tax secured	4.10	0.79	0.01	526	101	1
Appropriation	7.66	0.45	0.00	338	20	0
Utility	2.63	1.25	0.00	61	29	0
Higher education	5.17	3.53	0.00	41	28	0
Health care	2.96	12.30	0.23	13	54	1
Transportation	14.23	0.36	0.00	40	1	0
Charter schools	3.76	2.26	0.75	10	6	2
Non-housing	4.82	1.12	0.02	1029	239	4
Housing	5.71	0.80	0.00	128	18	0
*Includes Tax Secured and Appropriations. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®.

Rating Changes In 2023

Credit Quality improved for both Housing and Nonhousing Obligors

For nonhousing, upgrades rose to 4.8% of total ratings in 2023 from 3.7% in 2022, and downgrades where flat at 1.1% (see table 2). Because of the higher upgrade rate in 2023, the stability rate (the rate at which an issuer had the same rating at the start of the year as at the end of the year) fell to 90.1% in 2023 from 90.4% in 2022. The ratio of downgrades to upgrades also fell, to 0.2 to 1 in 2023 from 0.3 to 1 in 2022. For housing, upgrades rose to 5.7% of ratings in 2023 from 3% in 2022, and downgrades fell to 0.8% from 1%. The stability rate fell slightly to 87.7% in 2023 from 88.5% in 2022. The ratio of downgrades to upgrades fell to 0.1 to 1 in 2023 from 0.4 to 1 in 2022.

Long-term statistics

Historically, the stability of USPF nonhousing ratings has remained high. The 87.4% long-term weighted average stability rate for nonhousing has a standard deviation of only 4.4%, and the lowest stability rates (78.5% in 2009 and 75.5% in 1995) indicate that even in the most adverse circumstances, nonhousing ratings tend to be stable.

For housing, the long-term weighted stability rate is 85.2% with a standard deviation of 9.1%. However, there have been only six years with stability rates below 80%, compared with two for nonhousing. The lowest stability rate for housing was in 2011, when almost half of all housing ratings were lowered along with the U.S. sovereign downgrade.

The weighted average one-year default rate for nonhousing is 0.028% from 1986 to 2023. The highest annual default rate (0.08%) was from 2017, when there were 18 defaults. Since the post-financial-crisis spike in defaults starting in 2012, the default rate has averaged 0.04%.

For housing, the weighted average one-year default rate from 1986 to 2023 is 0.08%, with the highest default rate (0.63%) in 1991. Since 2012, the average one-year default rate is 0.11%.

Table 2

Summary of annual non housing rating changes (%)*
Year	Issuers as of Jan. 1	Upgrades	Downgrades§	Defaults	Withdrawn ratings	Changed ratings	Unchanged ratings	Downgrade/upgrade ratio
1981	3,624.0	1.10	2.04	0.00	0.58	3.73	96.27	1.85
1982	3,896.0	1.33	2.59	0.00	0.39	4.31	95.69	1.94
1983	4,283.0	1.47	2.50	0.02	1.73	5.72	94.28	1.70
1984	4,529.0	1.66	1.63	0.00	2.41	5.70	94.30	0.99
1985	4,722.0	2.20	1.74	0.00	3.83	7.77	92.23	0.79
1986	5,031.0	3.18	2.39	0.00	6.96	12.52	87.48	0.75
1987	5,192.0	2.85	2.95	0.06	8.11	13.96	86.04	1.03
1988	5,168.0	2.17	2.21	0.00	5.55	9.93	90.07	1.02
1989	5,310.0	3.37	1.26	0.06	4.05	8.74	91.26	0.37
1990	5,601.0	1.87	4.05	0.05	3.64	9.62	90.38	2.16
1991	5,959.0	1.48	4.68	0.02	4.26	10.44	89.56	3.17
1992	6,400.0	2.95	5.03	0.08	6.61	14.67	85.33	1.70
1993	6,717.0	2.69	1.82	0.00	9.68	14.19	85.81	0.67
1994	6,769.0	2.07	2.73	0.04	10.03	14.88	85.12	1.32
1995	6,579.0	2.39	2.37	0.02	19.70	24.47	75.53	0.99
1996	5,670.0	4.43	1.68	0.00	11.01	17.11	82.89	0.38
1997	5,499.0	6.04	0.93	0.00	6.22	13.18	86.82	0.15
1998	5,934.0	4.57	1.25	0.00	9.08	14.90	85.10	0.27
1999	6,644.0	6.28	1.75	0.02	9.27	17.31	82.69	0.28
2000	7,029.0	9.05	1.24	0.04	3.34	13.67	86.33	0.14
2001	7,638.0	13.52	2.45	0.04	3.33	19.34	80.66	0.18
2002	8,415.0	5.18	3.30	0.01	4.53	13.02	86.98	0.64
2003	9,150.0	4.00	3.18	0.01	4.77	11.96	88.04	0.80
2004	10,040.0	4.89	3.20	0.03	5.41	13.53	86.47	0.65
2005	10,586.0	5.72	2.13	0.01	3.69	11.55	88.45	0.37
2006	11,296.0	8.10	1.13	0.01	3.63	12.87	87.13	0.14
2007	12,088.0	5.51	1.24	0.00	3.18	9.93	90.07	0.23
2008	12,803.0	16.04	0.98	0.04	2.84	19.90	80.10	0.06
2009	13,931.0	15.81	2.58	0.00	3.07	21.46	78.54	0.16
2010	15,944.0	10.62	2.28	0.02	6.27	19.18	80.82	0.21
2011	17,496.0	4.52	3.32	0.03	3.11	10.98	89.02	0.73
2012	18,356.0	3.03	2.32	0.06	3.68	9.10	90.90	0.76
2013	19,356.0	7.06	2.40	0.08	3.64	13.18	86.82	0.34
2014	20,094.0	11.17	3.40	0.04	3.24	17.86	82.14	0.30
2015	20,730.0	4.84	2.20	0.04	4.34	11.42	88.58	0.45
2016	21,315.0	4.21	3.11	0.07	4.26	11.65	88.35	0.74
2017	21,665.0	3.82	2.83	0.08	4.81	11.54	88.46	0.74
2018	21,598.0	6.10	2.50	0.00	4.49	13.10	86.90	0.41
2019	21,571.0	4.35	1.99	0.02	3.87	10.24	89.76	0.46
2020	21,756.0	0.69	3.71	0.00	4.87	9.27	90.73	5.38
2021	21,703.0	2.35	1.23	0.01	5.58	9.17	90.83	0.52
2022	21,662.0	3.70	1.11	0.01	4.79	9.60	90.40	0.30
2023	21,353.0	4.82	1.12	0.02	3.88	9.84	90.16	0.23
Weighted average		5.42	2.33	0.03	4.78	12.56	87.44	0.79
Average		4.96	2.34	0.02	5.16	12.48	87.52	0.85
Median		4.21	2.32	0.02	4.26	11.96	88.04	0.64
Standard deviation		3.71	0.98	0.03	3.28	4.44	4.44	0.96
Minimum		0.69	0.93	0.00	0.39	3.73	75.53	0.06
Maximum		16.04	5.03	0.08	19.70	24.47	96.27	5.38
*This table compares the net change in ratings from the first to the last day of each year. All intermediate ratings are disregarded. §Excludes downgrades to 'D', shown separately in the default column. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®.
Summary of annual housing rating changes (%)*
Year	Issuers as of Jan. 1	Upgrades	Downgrades§	Defaults	Withdrawn ratings	Changed ratings	Unchanged ratings	Downgrade/upgrade ratio
1981	967.0	0.31	1.86	0.00	0.10	2.28	97.72	6.00
1982	1,119.0	0.27	1.88	0.00	0.36	2.50	97.50	7.00
1983	1,611.0	0.31	0.81	0.00	0.37	1.49	98.51	2.60
1984	1,925.0	0.62	5.66	0.00	3.38	9.66	90.34	9.08
1985	2,156.0	0.32	2.09	0.00	1.02	3.43	96.57	6.43
1986	2,593.0	0.12	4.47	0.00	3.09	7.67	92.33	38.67
1987	2,706.0	0.81	4.25	0.04	1.59	6.69	93.31	5.23
1988	2,829.0	1.17	6.01	0.04	3.22	10.43	89.57	5.15
1989	2,988.0	1.17	1.97	0.00	14.69	17.84	82.16	1.69
1990	2,765.0	1.52	9.08	0.00	10.34	20.94	79.06	5.98
1991	2,850.0	0.98	9.23	0.63	15.23	26.07	73.93	9.39
1992	2,785.0	3.05	3.52	0.04	9.73	16.34	83.66	1.15
1993	2,775.0	2.63	3.14	0.07	14.77	20.61	79.39	1.19
1994	2,610.0	5.71	1.65	0.04	10.69	18.08	81.92	0.29
1995	2,648.0	3.47	1.85	0.04	23.11	28.47	71.53	0.53
1996	2,417.0	1.90	0.74	0.04	12.25	14.94	85.06	0.39
1997	2,556.0	3.68	0.74	0.00	9.90	14.32	85.68	0.20
1998	2,688.0	0.93	1.38	0.07	9.97	12.35	87.65	1.48
1999	2,797.0	1.43	1.14	0.07	7.15	9.80	90.20	0.80
2000	3,013.0	0.86	1.49	0.00	3.19	5.54	94.46	1.73
2001	3,300.0	2.45	0.82	0.03	3.76	7.06	92.94	0.33
2002	3,567.0	0.34	1.35	0.17	4.85	6.70	93.30	4.00
2003	3,792.0	1.05	1.71	0.13	8.10	11.00	89.00	1.63
2004	3,820.0	1.54	1.02	0.10	9.45	12.12	87.88	0.66
2005	3,708.0	3.18	4.07	0.16	12.27	19.69	80.31	1.28
2006	3,553.0	3.63	0.84	0.08	9.74	14.30	85.70	0.23
2007	3,443.0	2.58	0.38	0.09	8.36	11.41	88.59	0.15
2008	3,387.0	1.62	3.04	0.03	5.11	9.80	90.20	1.87
2009	3,445.0	1.71	6.59	0.09	8.51	16.89	83.11	3.85
2010	3,301.0	1.48	7.12	0.00	18.18	26.78	73.22	4.80
2011	2,899.0	1.59	45.77	0.03	9.59	56.99	43.01	28.85
2012	2,783.0	1.29	4.06	0.00	11.64	17.00	83.00	3.14
2013	2,624.0	2.32	4.34	0.04	9.95	16.65	83.35	1.87
2014	2,469.0	4.98	1.90	0.00	7.45	14.34	85.66	0.38
2015	2,371.0	2.07	0.34	0.13	8.86	11.39	88.61	0.16
2016	2,326.0	2.41	2.67	0.04	11.56	16.68	83.32	1.11
2017	2,230.0	1.66	1.75	0.09	8.39	11.88	88.12	1.05
2018	2,241.0	2.50	4.19	0.00	8.57	15.26	84.74	1.68
2019	2,224.0	0.67	5.08	0.31	9.31	15.38	84.62	7.53
2020	2,213.0	2.71	6.24	0.54	6.24	15.73	84.27	2.30
2021	2,229.0	1.53	1.30	0.22	8.70	11.75	88.25	0.85
2022	2,230.0	3.09	1.08	0.00	7.35	11.52	88.48	0.35
2023	2,241.0	5.71	0.80	0.00	5.76	12.27	87.73	0.14
Weighted average		1.98	4.06	0.08	8.69	14.81	85.19	3.87
Average		1.94	3.94	0.08	8.27	14.23	85.77	4.03
Median		1.59	1.90	0.04	8.57	12.35	87.65	1.68
Standard deviation		1.38	6.93	0.13	4.83	9.11	9.11	7.20
Minimum		0.12	0.34	0.00	0.10	1.49	43.01	0.14
Maximum		5.71	45.77	0.63	23.11	56.99	98.51	38.67
*This table compares the net change in ratings from the first to the last day of each year. All intermediate ratings are disregarded. §Excludes downgrades to 'D', shown separately in the default column. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

Transportation Continued To Have The Most Improved Credit Quality

The subsectors making up USPF are distinct enough to warrant breaking out in our analysis, but some are very small. Chart 1 shows each sector's percentages of upgrades and downgrades in 2023.

The transportation sector had the highest upgrade rate (14.2%), followed by appropriations (7.7%) and housing (5.7%).

Most of the transportation upgrades were concentrated in low-investment-grade (ratings 'BBB-' and higher) and high-speculative-grade (ratings 'BB+' and lower) rating categories (see table 3). The largest categories upgraded in state and local government were tax-secured 'B' ratings and appropriations 'BB' ratings.

Table 3

Rating category movement in 2023 by sector (%)
	USPF		Tax secured		Appropriation
	Higher	Lower	Higher	Lower	Higher	Lower
AAA	N.A.	0.28	N.A.	0.37	N.A.	1.52
AA	0.53	0.30	0.36	0.42	0.00	0.04
A	1.56	0.34	1.41	0.20	1.25	0.00
BBB	19.11	0.71	18.55	0.00	55.02	0.37
BB	6.69	3.06	13.46	1.92	10.20	2.04
B	4.44	6.67	50.00	0.00	0.00	0.00
CCC/C	5.00	10.00	0.00	50.00	0.00	0.00
	Utility		Housing		Higher education
	Higher	Lower	Higher	Lower	Higher	Lower
AAA	N.A.	0.00	N.A.	0.00	N.A.	0.00
AA	0.41	0.41	1.92	0.12	0.54	0.00
A	1.20	0.90	7.84	0.65	4.35	0.62
BBB	2.86	0.71	5.26	0.00	2.79	0.56
BB	0.00	0.00	9.52	9.52	7.14	7.14
B	0.00	0.00	0.00	0.00	0.00	0.00
CCC/C	0.00	0.00	9.09	0.00	0.00	0.00
	Health care		Transportation		Charter schools
	Higher	Lower	Higher	Lower	Higher	Lower
AAA	N.A.	0.00	N.A.	0.00	N.A.	0.00
AA	0.00	2.63	0.00	0.00	0.00	0.00
A	0.51	4.04	2.44	0.00	0.00	0.00
BBB	6.59	5.49	17.65	0.00	0.00	1.74
BB	3.85	11.54	0.00	0.00	3.47	0.00
B	0.00	0.00	0.00	100.00	0.00	33.33
CCC/C	0.00	33.33	0.00	0.00	0.00	0.00
N.A.--not available. Source: S&P Global Ratings Credit Research & Insights.

The Default Tally Rose To Four

There were four defaults in 2023, up from two in 2022. The four defaults were the Beverly Community Hospital Association of California, which defaulted in April and was rated 'BB' at the start of the year, Summit Academy, a Michigan Charter School, which defaulted in May and was rated 'B-' at the start of the year, the Paradise Redevelopment Agency of California (a tax secured obligor), which defaulted in June and was rated 'CCC' at the start of the year, and Pointe Schools, an Arizona Charter School, which defaulted in July and was rated 'B+' at the start of the year.

Historically, among investment-grade ratings ('BBB-' or higher), defaults are rare (see charts 2 and 3). The highest annual number of nonhousing investment-grade defaults was in 2012, with four. For housing, only one year in the past six has had any investment-grade defaults, and that was 2020, when there were seven. The annual average number of investment-grade defaults are 0.4 for nonhousing and 0.5 for housing.

In USPF, large numbers of defaults tend to stem from specific crises. From 2012 to 2017, there were 66 nonhousing defaults. Almost half (31) of these were related to Puerto Rico (five in 2015, 13 in 2016, and 14 in 2017).

Default Rates By Sector

Default rates can vary among USPF sectors, although they are all generally low (see table 4). The three sectors with defaults in 2023, local government (which includes tax secured and appropriations backed debt), health care, and charter schools, had default rates of 0.008%, 0.2%, and 0.75%, respectively. Even under the most adverse credit conditions, the maximum default rate across all sectors of USPF never breaches 1%.

For more details on default rates by sector, please refer to tables 13-23.

Table 4

USPF default statistics by sector
		Default Rate (%)
	2023 #	2023	Mean	Median	Max	Max year
Tax secured	1	0.008	0.007	0.00	0.07	1994
Appropriation	0	0.00	0.031	0.00	0.21	2017
Utility	0	0.00	0.024	0.00	0.16	2004
Higher education	0	0.00	0.040	0.00	0.36	2014
Health care	1	0.23	0.103	0.00	0.63	1992
Transportation	0	0.00	0.053	0.00	0.54	2001
Charter schools	2	0.75	0.119	0.00	0.75	2023
Non-housing	4	0.02	0.026	0.02	0.08	2017
Housing	0	0.00	0.086	0.04	0.63	1991
Total USPF	4	0.02	0.039	0.04	0.22	1991
Revenue includes everything except tax-secured, appropriation and housing. Mean and median figures represent 1986 through 2023. Source: S&P Global Ratings Credit Research & Insights.

Transition Rates Remain Highly Stable

This study's transition analysis reveals the degree to which ratings change over time. In the transition tables, the intersection of a row and column of the same rating shows the percentage of that rating that is the same at the start and end of the period. If ratings never changed, 100% would appear along the diagonal in the table. Movement toward the left shows the percentage of ratings that were raised, and movement toward the right indicates ratings that were lowered or withdrawn or that defaulted. (For more details, please refer to tables 24-28, 41, and 43-45.)

For example, 0.3% of 'AAA' ratings were lowered in 2023--all falling to 'AA' (see table 5). At the other end of the scale, 'CCC'/'C' ratings had a default rate of 10%, compared with the historical average of 19.6% (see table 6). The percentages of ratings that were raised or lowered into other rating categories can be computed by adding the values to the left or right, respectively, of the intersection of the row and column for each rating.

For instance, each year, on average 5.9% of 'BBB' ratings were raised (0.1% to the 'AA' category and 5.8% to the 'A' category) and 1.4% were lowered (1.2% to 'BB', 0.2% to 'B', 0.1% to 'CCC'/'C', and 0.01% to 'D'). Ratings generally moved higher in all rating categories except the two highest, where upgrades are difficult if not impossible to achieve, and the lowest, where there is usually a strong possibility of default.

Table 5

USPF 2023 one-year transition rates by category (%)
From/to	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
AAA	97.33	0.28	0.00	0.00	0.00	0.00	0.00	0.00	2.39
AA	0.53	94.86	0.29	0.01	0.00	0.00	0.00	0.00	4.31
A	0.00	1.56	94.28	0.34	0.00	0.00	0.00	0.00	3.83
BBB	0.00	0.14	18.96	75.28	0.71	0.00	0.00	0.00	4.90
BB	0.00	0.00	0.00	6.69	85.79	2.23	0.84	0.00	4.46
B	0.00	0.00	0.00	0.00	4.44	75.56	2.22	4.44	13.33
CCC/C	0.00	0.00	0.00	0.00	0.00	5.00	75.00	10.00	10.00
Source: S&P Global Ratings Credit Research & Insights.

Stability has been a hallmark of USPF ratings since 1986, particularly for nonhousing sectors. At the 'AAA' level, on average 97% of ratings remain at 'AAA' one year later (see tables 6 and 27). Likewise, some ratings in the 'AA' category shift down slightly in one year, but 94% remain in that category or move higher one year later. Meanwhile, 'A', 'BBB', and 'BB' category ratings tend to move up more often than down within one year. Significant proportions of defaults don't appear until the 'B' and lower rating categories.

Table 6

USPF average one year transition rates (1986 - 2023) (%)*
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
AAA	97.16	1.01	0.04	0.01	0.00	0.00	0.01	0.00	1.79
AA	0.57	93.97	1.06	0.02	0.00	0.00	0.00	0.00	4.38
A	0.01	2.70	91.36	0.84	0.04	0.01	0.01	0.00	5.03
BBB	0.00	0.13	5.76	86.24	1.17	0.16	0.09	0.01	6.44
BB	0.00	0.00	0.44	5.79	81.25	2.83	1.23	0.28	8.18
B	0.00	0.10	0.49	2.17	7.21	70.29	5.92	1.78	12.04
CCC/C	0.00	0.00	1.12	0.89	1.34	5.80	55.36	19.64	15.85
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Examining rating transitions by modifier (the plus [+] or minus [-] after the rating) provides more evidence of upward rating movement (see table 7). Ratings in the 'AA' category are not as likely to be raised to 'AAA' as they are to move to a lower rating category, but 'AA' ratings are raised more frequently than they are lowered. For nonhousing 'AA' ratings, an average of 3.4% are raised to 'AA+' within one year, while just 1.5% are lowered to 'AA-'. On average, 4.8% of 'A' nonhousing ratings are raised to 'A+', compared with 1.6% that are lowered to 'A-'.

Table 7

Average one-year transition rates by modifier (1986 - 2023) (%)*
Rating	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
AAA	97.16	0.83	0.14	0.04	0.02	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	1.79
AA+	2.33	92.01	1.09	0.15	0.03	0.01	0.00	0.00	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.35
AA	0.27	3.39	89.99	1.46	0.23	0.08	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.55
AA-	0.06	0.47	4.26	88.81	1.72	0.33	0.07	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.24
A+	0.02	0.09	0.73	4.15	88.70	1.47	0.40	0.06	0.04	0.02	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	4.31
A	0.00	0.02	0.22	0.98	4.77	86.14	1.57	0.42	0.14	0.09	0.02	0.02	0.01	0.00	0.01	0.00	0.01	0.00	5.59
A-	0.00	0.02	0.07	0.71	1.85	6.66	82.36	1.90	0.57	0.24	0.02	0.05	0.00	0.00	0.03	0.01	0.02	0.01	5.47
BBB+	0.00	0.01	0.02	0.17	0.98	2.13	6.94	79.83	2.77	0.53	0.11	0.13	0.03	0.02	0.04	0.02	0.08	0.00	6.21
BBB	0.00	0.00	0.01	0.08	0.38	1.15	1.63	5.08	81.96	1.99	0.36	0.29	0.08	0.02	0.08	0.04	0.07	0.00	6.77
BBB-	0.00	0.02	0.00	0.03	0.08	0.21	1.35	1.39	5.15	80.78	2.64	1.12	0.41	0.06	0.25	0.08	0.17	0.04	6.25
BB+	0.00	0.00	0.00	0.00	0.04	0.44	0.26	0.52	1.31	6.09	74.84	5.79	1.87	0.48	0.35	0.26	0.26	0.09	7.40
BB	0.00	0.00	0.00	0.00	0.00	0.10	0.15	0.45	1.24	2.68	4.27	74.04	3.67	1.14	1.89	0.30	1.49	0.10	8.49
BB-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.60	0.45	1.66	2.11	5.57	67.02	2.86	2.11	2.41	3.77	1.51	9.94
B+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.76	0.38	0.76	5.30	65.53	6.44	2.65	4.55	0.76	12.88
B	0.00	0.00	0.00	0.20	0.20	0.20	0.00	0.40	1.80	1.00	1.40	5.41	2.81	3.41	60.12	4.41	5.81	2.61	10.22
B-	0.00	0.00	0.00	0.00	0.00	1.20	0.00	0.00	0.40	1.20	0.40	1.20	1.60	1.20	5.20	64.00	7.60	1.20	14.80
CCC/C	0.00	0.00	0.00	0.00	0.45	0.67	0.00	0.22	0.00	0.67	0.00	1.12	0.22	1.56	2.23	2.01	55.36	19.64	15.85
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

For housing bonds, movement is less favorable but still positive, with an average of 2.9% of 'AA' ratings raised to 'AA+' within one year and 2% lowered to 'AA-' (see table 8). For 'A' ratings, an average of 3.3% are raised to 'A+' and 1.6% are lowered to 'A-'.

Table 8

Housing average one-year issue transition rates by modifier (1986 - 2023) (%)
Rating	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
AAA	87.77	3.23	0.38	0.12	0.03	0.12	0.06	0.00	0.02	0.01	0.06	0.05	0.00	0.01	0.01	0.00	0.02	0.01	8.10
AA+	0.51	89.11	0.87	0.64	0.03	0.06	0.05	0.00	0.00	0.00	0.02	0.01	0.00	0.00	0.00	0.01	0.00	0.01	8.66
AA	1.01	2.89	82.64	1.96	0.51	0.47	0.49	0.03	0.09	0.12	0.06	0.01	0.00	0.00	0.00	0.00	0.03	0.00	9.68
AA-	0.56	0.19	3.73	79.39	2.15	2.80	0.38	0.11	0.05	0.14	0.02	0.03	0.00	0.00	0.02	0.00	0.05	0.02	10.35
A+	0.84	0.44	1.72	3.43	80.36	1.08	0.56	0.44	0.07	0.23	0.07	0.03	0.00	0.00	0.00	0.00	0.03	0.00	10.69
A	1.26	0.08	0.58	0.73	3.30	77.50	1.63	0.55	1.20	1.13	0.23	0.47	0.00	0.02	0.15	0.00	0.06	0.02	11.10
A-	0.56	0.04	0.44	0.24	1.16	4.28	71.03	1.72	4.04	1.36	0.40	0.88	0.00	0.00	0.04	0.16	0.24	0.20	13.21
BBB+	0.00	0.00	0.00	0.25	0.50	2.00	4.11	70.57	2.62	1.37	2.87	1.50	0.50	0.00	0.75	0.12	0.00	0.25	12.59
BBB	0.16	0.00	0.08	0.16	1.02	1.89	3.70	2.36	68.45	1.81	1.81	5.19	0.87	0.47	0.79	0.16	0.79	0.16	10.15
BBB-	0.00	0.11	0.34	0.00	0.46	1.82	1.71	1.37	3.19	71.30	1.48	2.05	1.37	0.46	0.34	0.34	1.25	0.46	11.96
BB+	0.00	1.89	0.00	0.00	0.31	0.00	0.63	2.20	1.89	1.89	55.97	7.23	3.46	1.26	4.09	1.57	3.14	0.00	14.47
BB	0.19	0.38	0.00	0.00	0.38	0.38	0.19	0.95	2.29	2.86	0.95	56.19	2.29	2.29	8.76	0.38	3.81	3.62	14.10
BB-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.98	0.00	0.00	1.96	47.06	9.80	5.88	2.94	7.84	0.98	22.55
B+	0.00	2.99	0.00	0.00	0.00	0.00	0.00	0.00	1.49	0.00	1.49	0.00	2.99	49.25	8.96	1.49	8.96	4.48	17.91
B	0.00	0.32	0.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.63	2.52	0.32	0.00	65.62	1.89	8.83	2.21	17.35
B-	0.00	2.25	0.00	0.00	0.00	1.12	0.00	0.00	0.00	0.00	0.00	1.12	0.00	0.00	0.00	67.42	16.85	1.12	10.11
CCC/C	0.32	0.64	0.00	0.32	0.00	0.32	0.00	0.32	0.64	0.00	0.96	0.32	0.00	0.00	0.00	0.32	57.01	13.69	25.16
Source: S&P Global Ratings Credit Research & Insights.

Historical Default Counts

Default counts among USPF bonds rated by S&P Global Ratings from 1986 to 2023 range from none (in nine of these years) to a high of 18 (in 2017) for nonhousing, and from none (in 11 years) to 18 (in 1991) for housing. Of the 136 rated nonhousing defaults in this study, 96% were rated speculative-grade ('BB+' or lower) before they defaulted, while 95% of housing defaults were speculative-grade before they defaulted (see chart 5).

There was one bond rated 'AAA' before it defaulted: In June 2003, a rental facility bond was downgraded to 'D' because of a missed $30,000 transfer from the trust estate. The default was cured in August by the arrival of the delayed transfer, and the rating was restored to 'AAA'.

Although defaults are infrequent among rated USPF bonds, certain triggers can lead to multiple defaults. Typically, defaults are telegraphed by a series of downgrades. Detroit; Stockton, Calif.; and Puerto Rico all experienced multiple downgrades before defaulting on a total of 44 ratings from 2012 to 2023.

In rare cases, housing defaults may unexpectedly occur among higher-rated bonds due to idiosyncratic factors. This was the case in 1991, when 11 bonds with investment-grade ratings at the beginning of the year defaulted because of the failure of a common investment agreement provider, Executive Life Insurance Co.

Historically, the municipal market has tended to be self-selecting; municipal issuers with lower credit quality have generally not requested ratings. Consequently, the municipalities rated by S&P Global Ratings generally are more creditworthy and less likely to default. Nonetheless, some securities issued by municipalities can still bear meaningful default risk. While the credit quality of a municipal issue may be strong initially, that strength may decline over time. Of the 137 public nonhousing defaults between 1986 and 2023, 91% were initially rated investment-grade, while only 4% were rated investment-grade just prior to defaulting.

The Small Number Of Ratings Limits Analysis

As expected, default rates generally are higher for lower-rated obligors and lower for higher-rated obligors, but we observed a less precise relationship when examining default rates by rating modifier. This is not surprising, given the relatively small number of defaults and the small number of ratings at some rating levels allow a single event to affect average default rates more than it would if there were a larger number of ratings.

There have been no nonhousing defaults at the 'AAA' level, and just one 'AAA' rated housing bond has ever defaulted. There are currently more than 1,100 'AAA' ratings in all of USPF. Significant default volatility becomes evident as we examine smaller subsets of the data.

Relative Ratings Performance

In addition to examining the absolute performance of ratings, we look at their relative performance. One technique we use to measure relative performance is the Gini coefficient. The Gini coefficient—a summary statistic of the Lorenz curve—is a measure of the relative ability of ratings to differentiate risk. We believe that comparing Lorenz curves and Gini coefficients is useful. Lorenz curves for USPF—excluding and including housing—closely resemble the ideal Lorenz curves (see charts 6 and 17-23).

For more detail regarding the derivation and construction of Lorenz curves and Gini coefficients, see "Comparing transition rates with default rates" in the appendix.

Chart 6 shows the one-year Lorenz curve for nonhousing USPF. The points along the Lorenz curve represent different ratings, starting with the 'CCC' and lower category on the far left. The first point indicates that the one-year transition to default was 65.7% among 'CCC' and lower ratings. As the ratings rise, the number of defaults decreases, yielding points that continue to climb through the remainder of the speculative-grade scale before turning sharply to the right in the 'BBB' category.

As the curve rises to investment-grade ratings, the vertical distance representing defaults changes little, while the proportion of ratings increases dramatically. A large proportion (88%) of defaults occurred among bonds rated speculative-grade at the start of the year (see table 9). Just over 1% of defaults occurred among bonds rated 'A+' or higher, even though they made up 39% of nonhousing ratings.

Table 9 details the information in the Lorenz chart. The lowest value in the left column shows the cumulative proportion of defaults at the 'CCC'/'C' category, or 65%, and the number to the right is the cumulative proportion of the rated universe, a minuscule 0.1%. This means that 65% of the defaults came from just 0.1% of the ratings, all of which were in the 'CCC' or lower category, and 88% of defaults occur at or below the highest speculative-grade rating, 'BB+', while that population makes up only 1.4% of ratings. Once ratings reach 'A' or below (41% of ratings), 98.5% of defaults have occurred.

Table 9a

USPF one-year Lorenz Curve values*
	Y axis: Cumulative proportion of defaults	X axis: Cumulative proportion of ratings
AAA	100.00	100.00
AA+	100.00	96.47
AA	100.00	89.75
AA-	99.26	76.61
A+	98.53	61.18
A	98.53	41.21
A-	95.59	22.96
BBB+	92.65	13.48
BBB	91.91	8.41
BBB-	91.18	3.63
BB+	88.24	1.37
BB	86.76	0.88
BB-	85.29	0.45
B+	77.94	0.31
B	76.47	0.25
B-	66.91	0.15
CCC/C	64.71	0.10
	0.00	0.00
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Sector Overviews

State government

While the 50 ratings in state government make up too small a sample size for meaningful statistical analysis, states—being the constituent entities of the United States—play an important role in our analysis.

State GO (or GO equivalent) ratings have had a very high median rating of at least 'AA' since 1986 and at times as high as 'AA+'. Because the ratings in the sector are few and clustered in the two highest rating categories, we included the rating modifiers in our analysis to better show the ratings distribution.

At the start of 2024, there were 16 'AAA' state GO ratings, two more than last year. The State of Missouri went from 'AAA' to not rated (NR) in December 2022 and was rerated 'AAA' in January. The state of Ohio was upgraded to 'AAA' from 'AA+'. The first new 'AAA' rating since Minnesota was upgraded in 2018. The state has since been rated 'AAA'. The last state to earn a rating of 'AAA' was Minnesota, in 2018. The last states to lose the 'AAA' rating were North Dakota in 2013 and South Carolina in 2005. There has never been a speculative-grade-rated state.

There were six state rating changes in 2023, including six upgrades (see chart 8).

• Missouri was rerated 'AAA' from NR (see "Missouri: General Obligation", Feb. 9, 2023)
• Illinois (see "State of Illinois GO Debt Rating Raised To 'A-' From 'BBB+' On Improved Liquidity", Feb. 23, 2023)
• New Jersey (see "New Jersey GO Bond Rating Raised To 'A' From 'A-' On Improved Pension Funding Outlook; Stable Outlook" April 12, 2023)
• Massachusetts (see "Massachusetts GO Bond Rating Raised To 'AA+' On Stronger Budget Management, Improved Reserves", April 14, 2023)
• Kentucky (see "Kentucky Issuer Credit Rating Raised To 'A+' From 'A' On Strengthened Finances; Outlook Stable", June 29, 2023)
• Montana's 'AA' rating was withdrawn.
• Ohio (see "Ohio General Obligation Bond Rating Raised To 'AAA' From 'AA+' On Strong Budgeting, Reserves", Dec. 8, 2023).

State and local government

State and local government ratings consist of two rating types, tax secured and appropriation, and while the category does include the state GO ratings, there are many more state level ratings that are some other type of debt besides General Obligation. Because of data constraints, this study does not distinguish local government ratings from state ratings in most instances. There are 17,258 tax-secured and appropriation ratings. A state or local government may be assigned many ratings, which leads to the high number. Tax-secured and appropriation ratings are approximately 75% local government ratings, with the rest being state GO and other state-level ratings. For the purpose of illustrating trends, combining the ratings is sufficient (see chart 9).

These ratings are generally in the 'AA' or 'A' categories. The number of ratings held steady around 4,000 in the early 1990s and then rose to 10,000 in 2009, before spiking in 2010 and continuing to rise to its current level.

'AAA' ratings made up 5% of state and local government ratings at the start of 2023--the highest percentage to start a year in our dataset. Speculative-grade ratings made up 0.7% of the total. There was one default among state and local governments in 2023.

Utility

For utilities, 8% started 2023 rated 'AAA', and the majority (85.7%) are rated 'AA' or 'A'. Speculative-grade ratings make up a very small portion of utilities, starting 2023 at 0.4%.

Housing

Housing started 2022 with 14% 'AAA' ratings--a percentage that has been steadily climbing since the U.S. sovereign downgrade in 2011 (see chart 11). Speculative-grade ratings made up 2% of the total. There were no defaults in 2023, for only the third time since 2015.

Higher education

Higher education started 2023 with 6% 'AAA' ratings, the highest percentage since the start of 2012. The largest category is 'A', at 41%. About 400 of the higher education ratings are on colleges and universities and related debt, while the remainder are on auxiliary, student housing, 501(c)(3), and independent schools.

Health care

There has never been a rating of 'AAA' in the health care sector. The largest share of the sector is 'A', at 45% of ratings. Speculative-grade debt makes up 8.2%.

Transportation

Transportation started 2023 with just two 'AAA' ratings, or 1% of the total. The two 'AAA' rated obligors are the Alabama State Federal Aid Highway Finance Authority and the Massachusetts Bay Transportation Authority. The largest share of the sector is rated 'A', with 58%. Meanwhile, the share of speculative-grade ratings is small, at 1.8%.

Charter schools

Charter schools are a newer sector, with no 'AAA' or 'AA' ratings. The ratings are concentrated in the 'BBB' (43%) and 'BB' (54%) categories. The share of speculative-grade ratings is the largest of any USPF sector (55.7%), but the sector is also the smallest.

Appendix I: Data Approach And Definitions

This long-term U.S. public finance default and rating transition study uses an internal database of long-term local currency credit ratings. With the exception of housing bonds, the analysis is limited to unenhanced debt (debt obligations not supported by financial guarantees, structuring techniques, multiple-party features, or other external credit support). Within this study, the conclusions for USPF overall and the aggregated tables reflect data on unenhanced debt and exclude structured and housing debt. Because housing-sector debt ratings reflect the credit quality of a mix of public-sector entities and external credit enhancement providers, we present conclusions from this sector in separate tables.

Our ongoing improvements to the database used to generate this study could lead to outcomes that differ to some degree from those reported in previous studies. However, this poses no continuity problem because each study reports statistics back to Dec. 31, 1985. Therefore, each annual default study is self-contained and effectively supersedes all previous versions.

For this study, there are no changes in our data approach from "2019 Annual U.S. Public Finance Default Study And Rating Transitions," June 11, 2020.

Historical stability of USPF ratings

Our study covers the period from Jan. 1, 1986, to Jan. 1, 2024. In this time, unenhanced debt--debt obligations not supported by financial guarantees, structuring techniques, multiple-party features, or other external credit support--rated by S&P Global Ratings has demonstrated credit stability throughout a wide variety of events, including various economic cycles, federal government mandates, and tax reform measures. The data suggests:

• There is a correlation between ratings and the likelihood of default, whereby higher-rated issues have a lower rate of default and lower-rated issues have a higher rate of default;
• Higher-rated issues generally take longer to default than lower-rated issues, and a series of incremental rating changes typically precedes a default; and
• Rating distributions throughout UPSF have remained relatively stable despite economic stress, including the Great Recession and the slow recovery thereafter.

Because housing-sector debt ratings reflect the credit quality of a mix of public-sector entities and external credit enhancement providers, we present conclusions from this sector in separate tables. The following USPF debt types outside of housing are included in this study:

• General obligation (GO)
• Lease/appropriation/moral obligation
• Special tax (sales, gas, etc.)
• Special district
• Water and sewer revenue
• Public power
• Airports
• Ports
• Toll roads and bridges
• Parking
• Various types of bond pools
• Transit
• Public and private higher education
• Auxiliary higher education debt
• Independent schools
• Nonprofit entities and organizations
• Charter schools
• Hospitals (stand-alone and systems)
• Continuing care
• Physicians' practices

Our analysis of housing ratings includes all the types of municipal housing on which S&P Global Ratings maintains ratings. These include the following:

• GOs for housing finance agencies and social housing providers, including public housing authorities and community development financing institutions
• Single-family whole loans
• Single-family U.S. government-supported mortgage-backed securities (MBS)
• Multifamily loans for affordable housing with U.S. government support
• Multifamily loans for affordable housing without an explicit or implied U.S. guarantee
• Multifamily loans for age restricted properties
• Military housing
• Mobile home parks
• Section 8 multifamily housing
• Capital fund securitization for public housing authorities

Issuers included in this study

This study analyzes the rating histories of 43,565 nonhousing USPF obligations that S&P Global Ratings rated as of Dec. 31, 1985, or that were first rated between that date and Dec. 31, 2023. These include obligations categorized as GOs, lease/appropriation/moral obligations, special tax (sales, gas, etc.), special districts, water and sewer revenue, public power, airports, ports, toll roads and bridges, parking, various types of bond pools, transit, public and private higher education, auxiliary higher education, independent schools, hospitals (stand-alone and systems), continuing care, and physicians' practices in the U.S. with long-term local currency ratings.

For housing, the study includes 12,230 obligations tracked over the same period. These include obligations categorized as the following GOs:

• Single-family whole loans
• Single-family multiple MBS
• Multifamily Fannie Mae
• Multifamily Freddie Mac
• Multifamily Ginnie Mae
• Affordable housing
• Federal Housing Administration-insured loans
• Section 8 housing
• Military housing
• Capital fund securitizations

Withdrawn ratings

S&P Global Ratings most often withdraws ratings when an entity's entire debt is paid off or when the program or programs rated are terminated and the relevant debt extinguished. Others are withdrawn because of a lack of cooperation, particularly when an entity fails to provide all the information needed to continue surveillance on the ratings, or at the entity's request.

Annual versus quarterly rating movement

In this study, we quantify rating changes in two ways. In most instances, the data on rating changes refers to ratings on the first day of the year and the difference, should any exist, from one year to another. For example, a rating of 'A' on Jan. 1 that changed to 'A+' in April and to 'AA-' in September would be counted as one rating change for that year.

However, in the sections of this study that address the causes of rating movement in 2022, each upgrade and downgrade is counted. In this way, if a rating changed twice in one year, the cause of each rating action is recorded. The individual rating changes from 2019 to 2022 in table 1 and chart 1 are for each upgrade and downgrade. This results in more instances of rating movement, although general trends are common for each method.

Definition of default

An obligor rated 'D' (default) or 'SD' (selective default) is in payment default on one or more of its financial obligations (rated or unrated) unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. S&P Global Ratings also lowers a rating to 'D' when an issuer takes an action that could jeopardize payments on a financial obligation, including the rare instance of a public finance entity filing for bankruptcy.

S&P Global Ratings assigns a 'D' rating when it believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. S&P Global Ratings assigns an 'SD' rating when it believes that the obligor has selectively defaulted on a specific issue or class of obligations but will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A selective default includes the completion of a distressed exchange offer, whereby one or more financial obligations are either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.

We deem 'D' and 'SD' ratings to be defaults for the purposes of this study. A default is assumed to take place on the earliest of the date S&P Global Ratings revised the rating to 'D' or 'SD', the date a debt payment was missed, the date a distressed exchange offer was announced, or the date the debtor filed for or was forced into bankruptcy.

When an issuer defaults, it is not uncommon for S&P Global Ratings to subsequently withdraw the 'D' rating. For the purposes of this study, if an issuer defaults, we end the associated bond's rating history at 'D'. If any defaulting entity reemerges from bankruptcy--or otherwise restructures its defaulted debt instruments, thereby reestablishing regular, timely payment of all its debts--we reenter this issuer (or, in the case of a selective default, just the bonds) into the database as a new set of bonds. The rating history on the bonds after the default event is included in all calculations as entirely separate from the experience leading up to the earlier default.

Calculations

Static pool.   We conduct our default studies on the basis of groupings called static pools. For the purposes of this study, we form static pools by grouping bonds by rating category at the beginning of each year, quarter, or month that the database covers. Each static pool is followed from that point forward. All bonds included in the study are assigned to one or more static pools. When an issuer defaults, we assign that default to all of the static pools to which the issuer belonged.

We use the static pool method to avoid certain pitfalls in estimating default rates. This is to ensure that default rates account for rating migration and to allow for default rates to be calculated across multiple-period time horizons. Some methods for calculating default and rating transition rates might charge defaults against only the initial rating, ignoring more recent rating changes that supply more current information. Other methods may calculate default rates using only the most recent year's default and rating data, which may yield comparatively low default rates during periods of high rating activity because they ignore prior years' default activity.

The pools are static in the sense that they remain constant over time. Each static pool can be interpreted as a buy-and-hold portfolio. Because errors, if any, are corrected by every new update and because the criteria for inclusion or exclusion of bonds in the default study are subject to minor revisions as time goes by, it is not possible to compare static pools across different studies. Therefore, every new study revises results to the same starting date of Jan. 1, 1986, to avoid continuity problems.

Ratings that have been withdrawn--that is, revised to not rated (NR)--are surveilled with the aim of capturing a default. Because static pools include only entities with active ratings as of the beginning date of a given pool, we exclude withdrawn ratings, as well as ratings on bonds that have defaulted, from subsequent static pools. If the rating on an entity's bond series is withdrawn after the start date of a particular static pool and a subsequent default occurs, we will include that series in that static pool as a default and categorize it in the rating category of which it was a member at that time.

For instance, the 1986 static pool consists of all debt rated as of 12:01 a.m. on Jan. 1, 1986. Adding debt first rated in 1986 to the outstanding debt of the 1986 static pool forms the 1987 static pool. All rating changes that took place as of 12:01 a.m. on Jan. 1, 1987, are reflected in the newly formed 1987 static pool. We used the same method to form static pools for 1988-2023.

Consider the following example: A parity debt rating of 'BB' is assigned in mid-1986 and is lowered to 'B' in 1988, followed by a default in 1993. This hypothetical rating would be included in the 1987 and 1988 pools as 'BB' and in the 1989-1993 pools as 'B'. All pools that include this obligation would capture its 1993 default. It would not be part of the 1986 pool because it was not rated as of the first day of that year. Yet each of the pools in which this debt was included (1987-1993) would record its 1993 default at the appropriate time horizon.

Default rates.   We calculated annual default rates for each static pool, first in units and later as percentages with respect to the number of issuers in each rating category. We combined these percentages to obtain cumulative default rates for the 36 years the study covers.

Issuer-weighted default rates.   All default rates that appear in this study are based on the number of issuers rather than the dollar amounts affected by defaults or rating changes. Although dollar amounts provide information about the portion of the market that is affected by defaults or rating changes, issuer-weighted averages are more useful measures of the performance of ratings.

Many practitioners use statistics from this default study to estimate "probability of default" and "probability of rating transition." It is important to note that our ratings do not imply a specific probability of default.

Average cumulative default rates.   The cumulative default rates in this study average the experience of all static pools by first calculating marginal default rates for each possible time horizon and for each static pool, weight-averaging the marginal default rates conditional on survival (survivors being nondefaulters), and then accumulating the average conditional marginal default rates (see tables 30-39). We calculated conditional default rates by dividing the number of issuers in a static pool that default at a specific time horizon by the number of debt issues that survived (did not default) to that point in time. Weights are based on the number of issues in each static pool. Cumulative default rates are one minus the product of the proportion of survivors (nondefaulters).

For instance, as shown in table 37, the weighted average first-year default rate for entities rated in the 'B' category for all 36 pools was 2.38%, meaning that an average of 97.62% made payments in accordance with their terms for the first year. Similarly, the second- and third-year conditional marginal averages were 2.04% for the first 35 pools (97.96% of those parity obligations that did not default in the first year did not default in the second year) and 2.16% for the first 34 pools (97.84% of those entities that did not default by the second year did not default in the third year either), respectively. Multiplying 97.62% by 97.96% results in a 95.63% nondefault rate at the end of the second year, or a two-year cumulative average default rate of 4.37%. Multiplying 95.63% by 97.84% results in a 93.56% nondefault rate at the end of the third year, or a three-year 6.44% cumulative average default rate. (The table is based on numbers calculated to four decimals. Calculations using numbers rounded to two decimals, as presented here, may yield slightly different results.)

Transition analysis  Transition rates compare the ratings at the beginning of a period with the ratings at the end of the period. To compute one-year rating transition rates by rating category, we compared the rating on each parity obligation at the end of a particular year with the rating at the beginning of the same year. An obligation that remained rated for more than one year was counted as many times as the number of years it was rated. For instance, an obligation continually rated from the middle of 1987 to the middle of 1991 would appear in the four consecutive one-year transition matrices from 1988 to 1991. If the rating on the obligation was withdrawn in the middle of 1991, it would be included in the column representing transitions to NR in the 1991 transition matrix. Similarly, if it defaulted in the middle of 1991, it would be included in the column representing transitions to 'D' in the 1991 one-year transition matrix.

All 1986 static pool members still rated on Jan. 1, 2023, had 36 one-year transitions, while debt first rated on Jan. 1, 2023, had only one. Tables 43 and 44 display the summaries of one-year transitions for nonhousing and housing USPF obligations, respectively. Each one-year transition matrix displays all rating movements between letter categories from the beginning of the year through year-end. For each rating listed in the matrix's leftmost column, there are nine ratios listed in the rows, corresponding to the ratings from 'AAA' to 'D', plus an entry for NR.

Multiyear transitions.   Multiyear transitions were also calculated for periods of two up to 20 years. In this case, we compared the rating at the beginning of the multiyear period with the rating at the end. For example, three-year transition matrices were the result of comparing ratings at the beginning of the years 1986-2021 with the ratings at the end of the years 1988-2023. Otherwise, our approach was identical to that used for single-year transitions.

We calculated average transition matrices on the basis of the multiyear matrices just described. These average matrices are a true summary, the ratios of which represent the historical incidence of the ratings listed in the first column changing to the ones listed in the top row over the course of the multiyear period. Transition matrices that present averages over multiple time horizons are also calculated as issuer-weighted averages.

Initial-to-last transition and default rates.   These transition rates compare debt ratings from the time of first rating to the last rating, regardless of the time elapsed in the interim. They provide a road map to all of the historically observed rating "states" inhabited by USPF ratings during their lifetimes.

Gini coefficient calculation

The Gini coefficient, developed by Corrado Gini, is a summary statistic of the Lorenz curve, which shows visually the accuracy of ratings' rank ordering. The Lorenz curve was developed by Max O. Lorenz as a graphical representation of the proportionality of a distribution. For this study, the Lorenz curve is built by plotting the cumulative proportion of parity obligations by rating category (from lowest to highest) with the cumulative proportion of defaulters by rating category. For example, if 'C' parity obligations represented 1% of the total parity obligations (x-axis) and 20% of the defaulters (y-axis), then the coordinate (1, 20) would be the first point on the curve.

To determine the relative performance represented by the Lorenz curve, we compare the Lorenz curve with the random curve and the ideal curve. If the ratings' rank ordering only randomly approximated default risk, the Lorenz curve would fall along the diagonal, and its Gini coefficient would be zero. If the ratings were perfectly rank ordered so that all defaults occurred only among the lowest-rated obligations and all obligations with the lowest ratings defaulted, the curve would be the ideal curve, and the Gini coefficient would be 1. The Gini coefficient is a ratio of two areas, as illustrated in charts 6 and 16-23, and is derived by dividing area B by the total of area A plus area B. In other words, the Gini coefficient captures the extent to which actual ratings accuracy diverges from the random scenario and approaches the ideal.

The Gini coefficient can be calculated:

• For different lengths of time, such as one year or three years;
• For a single period, such as the year ended 2016; or
• By aggregating a series of one-year periods.

To calculate the one-year Gini for 2016, we identified the parity obligation ratings at the beginning of the year and determined which did and did not default during the year. Then we calculated the proportion of parity obligations at each rating level and the proportion of defaulters at each rating, based on the ratings at the beginning of the period. The aggregate Gini for 1986-2022 combines data for each of the 36 one-year periods. The same parity obligation may be counted multiple times in the aggregate Gini coefficient.

Time sample

This study limits the reporting of default rates to the 15-year time horizon. However, the data was gathered for 36 years, and all calculations are based on the rating experience of that period. In addition, average default statistics become less reliable at longer time horizons as the sample size becomes smaller and the cyclical nature of default rates has a bigger effect on averages.

Default patterns share broad similarities across all static pools, suggesting that S&P Global Ratings' credit rating standards have been consistent over time. Adverse conditions tend to coincide with default upswings for all pools. Speculative-grade issuers have been hit the hardest by these upswings, but investment-grade default rates also increase in stressful periods.

Appendix II: Additional Exhibits

Default summaries

Table 10

USPF defaults (1986 - 2023)*		`
				--Rating--
Obligor	State	Category	Default date	Next to last	First
Lassen Community College District	CA	Appropriation	4/6/1987	CCC	BBB-
Devils Lake	ND	Utility	9/16/1987	B	BBB-
New Jersey Economic Development Authority	NJ	Transportation	12/3/1987	CC	BBB
St. Josephs Hospital of Alton	IL	Health care	5/24/1989	CCC-	A
Central Medical Center Hospital	MO	Health care	6/7/1989	CCC-	BBB-
Metro Hospital	PA	Health care	12/19/1989	CCC	A-
Choate-Symmes Health	MA	Health care	1/8/1990	CCC	A-
Colorado Ute Electric Assn.	CO	Utility	7/6/1990	CCC	A-
Northwest General Hospital	MI	Health care	10/4/1990	C	BBB
Hyde Park Community Hospital; Central Community Hospital	IL	Health care	12/17/1991	CCC	BBB
Sacred Heart Medical Center of Chester	PA	Health care	1/8/1992	CCC	A-
Hialeah Hospital Inc.	FL	Health care	2/10/1992	CCC	BBB
Jackson Park Hospital Foundation	IL	Health care	3/4/1992	CCC	A
Jacksonville General Hospital & Medical Center	FL	Health care	4/2/1992	CCC	BBB
James C. Guiffre Medical Center	PA	Health care	7/2/1992	CCC	BBB
New Magma Irrigation & Drainage District	AZ	Tax secured	6/2/1994	C	BBB+
Parkview Hospital	OH	Health care	10/13/1994	C	A-
Central Arizona Irrigation & Drainage District	AZ	Tax secured	12/2/1994	C	BBB
Orange County	CA	Tax secured	12/8/1994	CCC	AA-
Michigan Health Care Corp.	MI	Health care	9/20/1995	CCC	BB
Logan General Hospital	WV	Health care	2/3/1999	CCC	BBB
Graduate Health System Obligated Group	PA	Health care	1/4/2000	CCC	A
South Fulton Medical Center	GA	Health care	4/27/2000	CCC	BBB+
Bradford College	MA	Higher education	11/2/2000	CCC	BBB-
Granada Hills Community Hospital	CA	Health care	5/14/2001	CCC	BBB-
Crouse Health Hospital	NY	Health care	7/3/2001	CCC	BBB
Spokane Downtown Foundation	WA	Transportation	8/9/2001	CCC	BBB-
Oregon Coast Aquarium	OR	Higher education	10/7/2002	CCC	BBB-
Illinois	IL	Appropriation	2/4/2003	A	A-
Mercy Hospital and Medical Center	IL	Health care	1/5/2004	CCC	A
St. Paul Housing & Redevelopment Authority	MN	Utility	12/2/2004	CCC	A
St. Paul Port Authority	MN	Utility	12/2/2004	CCC	A
Kerr County	TX	Appropriation	3/14/2005	CC	A-
Massachusetts Port Authority	MA	Transportation	1/4/2006	CCC-	BBB+
North Oakland Medical Center	MI	Health care	3/31/2008	B	BBB
Jefferson County	AL	Utility	4/1/2008	CCC	A+
Jefferson County	AL	Tax secured	9/24/2008	B	AA-
Pascack Valley Hospital	NJ	Health care	9/30/2008	CC	A
Presidio County	TX	Tax secured	12/11/2008	BBB-	BBB-
Connector 2000 Assn.	SC	Transportation	1/11/2010	C	BBB-
Valley Health System	CA	Health care	6/4/2010	C	BBB-
Xenia Rural Water District	IA	Utility	7/8/2010	BB	BBB
Northern Berkshire Healthcare	MA	Health care	6/20/2011	CCC	BBB-
Santa Rosa Bay Bridge Authority	FL	Transportation	7/26/2011	CC	BBB-
Texas Midwest Public Facilities Corp.	TX	Appropriation	10/10/2011	CC	BB
Greater Wenatchee Regional Events Center Public Facilities District	WA	Tax secured	12/2/2011	CCC	A-
Jones County	TX	Appropriation	12/8/2011	CC	A-
Southern Montana Electric Generation & Transportationmission Co-op	MT	Utility	1/24/2012	CC	BBB
Stockton	CA	Tax secured	3/2/2012	CC	A+
Poudre Tech Metro District	CO	Tax secured	3/22/2012	A-	A-
Moberly	MO	Appropriation	3/22/2012	CC	A-
Moberly	MO	Appropriation	3/22/2012	CC	A-
Evergreen Country Day School	CO	Higher education	3/27/2012	CCC	BB
Jefferson County	AL	Tax secured	4/4/2012	B	AA-
Capital Project Finance Authority	FL	Higher education	7/13/2012	C	BBB
Stockton	CA	Tax secured	9/4/2012	C	AA
Westerly Hospital	RI	Health care	9/7/2012	C	BBB+
Southeastern Regional Medical Center	NC	Health care	9/28/2012	A	A
Jefferson County	AL	Utility	2/8/2013	C	A
Vadnais Heights	MN	Appropriation	2/26/2013	CC	AA-
West Penn Allegheny Health System	PA	Health care	4/29/2013	CC	B+
Fritch	TX	Tax secured	5/31/2013	BBB-	BBB
Detroit	MI	Appropriation	6/18/2013	CC	BBB
Detroit	MI	Appropriation	6/18/2013	CC	BBB-
Detroit	MI	Appropriation	6/18/2013	CC	BBB-
Detroit	MI	Appropriation	6/18/2013	CC	BBB-
Detroit	MI	Appropriation	6/18/2013	CC	BBB-
Riverbank Redevelopment Agency	CA	Tax secured	8/8/2013	CC	BBB
Riverbank Redevelopment Agency	CA	Tax secured	8/8/2013	CC	BBB
Stockton	CA	Appropriation	9/3/2013	C	A
Stockton	CA	Appropriation	9/3/2013	C	A
Bradford Academy	MI	Charter school	9/20/2013	CCC+	BBB-
Detroit	MI	Tax secured	10/2/2013	C	BBB
Lombard Vill	IL	Appropriation	1/6/2014	CC	AA-
Boston Biomedical Research Inst	MA	Health care	4/17/2014	CC	BBB-
North Star Charter School	ID	Charter school	6/2/2014	C	BB
Please Touch Museum	PA	Higher education	6/30/2014	CC	BBB-
Detroit	MI	Utility	9/4/2014	CC	A+
Detroit	MI	Utility	9/4/2014	CC	A
Great Lakes Water Authority	MI	Utility	9/4/2014	CC	A+
Thomas Jefferson School of Law	CA	Higher education	11/5/2014	CC	BB+
Madison Cnty	MS	Tax secured	5/6/2015	CC	A
Puerto Rico	PR	Appropriation	8/3/2015	CC	BBB-
Puerto Rico	PR	Appropriation	8/3/2015	CC	BBB-
Puerto Rico	PR	Appropriation	8/3/2015	CC	BBB-
Dowling College	NY	Higher education	8/7/2015	B-	BBB
Puerto Rico	PR	Appropriation	8/11/2015	CC	BBB-
Charter School of Boynton Beach	FL	Charter school	8/18/2015	CC	BBB-
Stockton	CA	Appropriation	9/1/2015	CC	A
Glendale	AZ	Utility	10/5/2015	CCC	A+
Puerto Rico	PR	Appropriation	1/5/2016	CC	BBB+
Puerto Rico	PR	Appropriation	1/5/2016	CC	BBB+
Puerto Rico	PR	Appropriation	1/5/2016	CC	BBB+
Puerto Rico Infrastructure Fing Auth	PR	Tax secured	1/5/2016	CC	BBB+
Puerto Rico	PR	Appropriation	1/5/2016	CC	BBB+
Puerto Rico	PR	Appropriation	1/5/2016	CC	BB
Puerto Rico	PR	Appropriation	1/5/2016	CC	BBB-
Oconee Regl Med Ctr	GA	Health care	6/13/2016	CC	BBB
Puerto Rico Elec Pwr Auth	PR	Utility	6/30/2016	CC	A
Puerto Rico	PR	Tax secured	7/7/2016	CC	A
Puerto Rico Hwy & Transp Auth	PR	Tax secured	7/12/2016	CC	A-
Puerto Rico	PR	Appropriation	7/19/2016	CC	BBB-
Puerto Rico	PR	Appropriation	9/22/2016	CC	BBB-
Puerto Rico	PR	Appropriation	9/22/2016	CC	BB
Allen Academy	MI	Charter school	1/11/2017	CC	BB+
Willacy Cnty Local Govt Corp	TX	Appropriation	4/12/2017	CC	BBB
Puerto Rico Sales Tax Fincg Corp	PR	Tax secured	6/6/2017	CC	A+
Puerto Rico Sales Tax Fincg Corp	PR	Tax secured	6/13/2017	CC	A+
Puerto Rico Hwy & Transp Auth	PR	Tax secured	7/31/2017	CC	A
Puerto Rico Hwy & Transp Auth	PR	Tax secured	7/31/2017	CC	A
Puerto Rico Indl Dev Co	PR	Tax secured	7/31/2017	CC	BBB+
Puerto Rico Hwy & Transp Auth	PR	Tax secured	7/31/2017	CC	A-
Puerto Rico	PR	Appropriation	7/31/2017	CC	BBB+
Teodoro Moscoso Br	PR	Tax secured	7/31/2017	CC	BBB+
Puerto Rico Conv Ctr Dist Auth	PR	Tax secured	7/31/2017	CC	BBB+
Puerto Rico Indl Tourist Educl Med Environ Cntl Facs Fincg Auth	PR	Appropriation	7/31/2017	CC	BBB-
Puerto Rico	PR	Appropriation	7/31/2017	CC	BBB-
San Luis Faciilities Development Corporation	AZ	Appropriation	10/19/2017	BB-	BBB
San Luis Faciilities Development Corporation	AZ	Appropriation	10/19/2017	BB-	BBB
Puerto Rico Employees Retirement Sys	PR	Appropriation	12/22/2017	CC	BBB-
Puerto Rico Employees Retirement Sys	PR	Appropriation	12/22/2017	CC	BBB-
Puerto Rico Employees Retirement Sys	PR	Appropriation	12/22/2017	CC	BBB-
Platte County	MO	Appropriation	12/4/2018	CC	AA-
STRIDE Academy	MN	Charter school	4/1/2019	CC	BB-
ASPIRA of Florida Inc.	FL	Charter school	7/31/2019	B	BB
TC3 Foundation Inc.	NY	Higher education	10/15/2019	CC	BBB-
Plymouth Educational Center Charter School	MI	Charter school	11/1/2019	CC	BBB-
Provident Oklahoma Education Resources Inc	LA	Higher education	8/4/2020	CC	BBB-
Brazos Elec Pwr Coop	TX	Utility	3/1/2021	A	A-
Children of Promise Preparatory Academy	CA	Charter school	5/21/2021	CC	BB+
Texas Stud Hsg Corp	TX	Higher education	10/28/2021	CCC	BBB-
Brazos Elec Pwr Coop	TX	Utility	3/18/2022	CCC	A-
National Campus & Community Dev Corp	TX	Higher education	7/7/2022	CCC	BBB-
Beverly Comnty Hosp Assoc	CA	Health care	4/27/2023	CC	BBB-
Summit Academy	MI	Charter school	5/1/2023	CC	BB+
Paradise Redevelopment Agency	CA	Tax secured	6/1/2023	CC	BBB+
Pointe Schools	AZ	Charter school	7/10/2023	CC	BBB-
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 11

USPF housing defaults(1986 - 2023)
			--Rating--
Obligor	State	Default date	Next to last	First
Pines of Yellow Creek	WY	12/2/1987	CC	AAA
St. Louis Land Clear Redevelopment Authority	MO	3/18/1988	AA+	AA+
El Paso Housing Finance Corp.	TX	5/2/1991	CC	AAA
Nebraska Investment Finance Authority	NE	5/2/1991	CC	AAA
Nebraska Investment Finance Authority	NE	5/2/1991	CC	AAA
Adams County	CO	5/2/1991	CC	AAA
El Paso Housing Finance Corp.	TX	5/2/1991	CC	A
Midland County Housing Finance Corp.	TX	6/4/1991	CC	A+
Tucson Industrial Development Authority	AZ	6/6/1991	CCC	AAA
Tucson Industrial Development Authority	AZ	6/6/1991	CCC	AAA
Simi Valley	CA	8/6/1991	CC	AAA
Simi Valley	CA	8/6/1991	CC	AAA
St. Paul Housing & Redevelopment Authority	MN	9/3/1991	CCC	AAA
Southeast Texas Housing Finance Corp.	TX	9/3/1991	CC	AAA
St. Paul Housing & Redevelopment Authority	MN	9/3/1991	CCC	AAA
Health, Education, & Housing Facilities Board of Memphis	TN	9/17/1991	CC	AAA
Health, Education, & Housing Facilities Board of Memphis	TN	9/17/1991	CC	A
Northern California Home Mortgage Finance Authority	CA	10/1/1991	CC	AA-
Louisiana Agricultural Finance Authority	LA	10/2/1991	CC	AAA
Louisiana Agricultural Finance Authority	LA	10/2/1991	CC	AAA
El Paso County	CO	3/16/1992	B	A+
Jefferson County	AL	3/2/1993	CCC	A+
Aurora	CO	9/2/1993	CCC	A
El Paso County	CO	9/21/1994	CCC	AA
Louisiana Housing Finance Agency	LA	3/30/1995	CC	A
Los Angeles Housing Authority	CA	6/3/1996	CCC	A
Windsor Housing Foundation	MN	1/28/1998	NR	BBB
Windsor Housing Foundation	MN	1/28/1998	NR	A
Louisville & Jefferson County Metropolitan Government	KY	11/14/1998	CC	A-
Radcliff Housing Authority	KY	11/14/1998	CC	A-
Falls Township Hospital Authority	PA	2/2/1999	CCC	AAA
Boulder County	CO	11/1/1999	CC	A
Blackwater Housing Corp.	FL	9/6/2001	CC	BBB
Emerald Coast Housing Corp.	FL	1/8/2002	CCC	BBB
Emerald Coast Housing Corp.	FL	1/8/2002	B	A
Patten Towers L.P. II	TN	8/1/2002	C	BBB
Patten Towers L.P. II	TN	8/1/2002	CC	A-
Indianapolis	IN	11/11/2002	CCC	A
Indianapolis	IN	11/11/2002	CCC-	BBB
American Opportunity Foundation/Dallas Fort Worth Affordable Housing Corp.	TX	1/2/2003	CCC	BB-
Austin Housing Finance Corp.	TX	1/8/2003	CC	BBB
Austin Housing Finance Corp.	TX	1/8/2003	CCC	A
Birmingham	AL	1/30/2003	CCC-	BBB
Wichita	KS	6/23/2003	AAA	AAA
Mercy Housing	AZ	8/19/2004	B	A
Mercy Housing	AZ	8/19/2004	CCC	BBB
Texas State Affordable Housing Corp.	TX	10/8/2004	CC	BBB-
Texas State Affordable Housing Corp.	TX	10/8/2004	C	BB
Harris County Housing Finance Corp.	TX	4/11/2005	B	BBB
Harris County Housing Finance Corp.	TX	4/11/2005	CCC	BB
Raleigh Housing Authority	NC	6/10/2005	CC	A-
American Opportunity for Housing	TX	9/22/2005	C	BBB-
American Opportunity for Housing	TX	9/22/2005	C	BB
De Kalb County Housing Authority	GA	10/20/2005	C	BBB
Shelby County Health, Education, & Housing Facilities Board	TN	1/13/2006	CCC	A
Liberty Housing Development Corp.	NY	3/20/2006	AA-	AAA
American Housing Foundation	TX	3/28/2006	C	BBB-
St. Louis Industrial Development Authority	MO	4/3/2007	C	BBB+
St. Cloud Housing & Redevelopment Authority	MN	5/29/2007	B	BBB
Little Rock Family Housing LLC	AR	10/11/2007	BB	A-
South Texas Affordable Housing Corp.	TX	9/9/2008	C	BB
Harris County Housing Finance Corp.	TX	3/3/2009	CCC	A
American Opportunity for Housing	TX	3/6/2009	C	A-
South Texas Affordable Housing Corp.	TX	3/12/2009	C	BBB-
American Housing Foundation	TX	5/20/2011	C	A
American Opportunity Foundation/Bexar Affordable Housing Corp	TX	10/21/2013	B	BBB-
Candler Vista Apartments L.P.	GA	3/25/2015	AA+	AAA
California Rur Home Mtg Fin Auth Homebuyer Fund	CA	12/31/2015	CC	AA
California Rur Home Mtg Fin Auth Homebuyer Fund	CA	12/31/2015	CC	A
Global Ministries Fellowship	TN	6/10/2016	CCC+	A
LEDAHF-East Cleveland LLC	OH	9/1/2017	B-	A-
LEDAHF-East Cleveland LLC	OH	9/1/2017	B-	BBB
Better Housing Foundation	OH	6/10/2019	CCC-	BBB
Better Housing Foundation	OH	6/10/2019	CCC-	BBB-
Better Housing Foundation	OH	6/10/2019	CCC-	A-
Better Housing Foundation	OH	6/10/2019	CCC-	BBB
BHF Chicago Housing Group C LLC	IL	6/10/2019	CCC-	A-
BHF Chicago Housing Group C LLC	IL	6/10/2019	CCC-	A-
BHF Chicago Housing Group C LLC	IL	6/10/2019	CCC-	BBB-
Glen Hope Harbor	TX	2/11/2020	CCC	A
Glen Hope Harbor	TX	2/11/2020	CCC	A
Columbus Downtwn Dev Auth	GA	6/2/2020	CC	A-
Leading Life Senior Living, Inc.	TX	7/1/2020	CC	A+
Leading Life Senior Living, Inc.	TX	7/1/2020	CC	A+
Leading Life Senior Living, Inc.	TX	7/1/2020	CC	BBB
AE Woodland Towers LLC	MI	7/2/2020	CC	A+
AE Woodland Towers LLC	MI	7/2/2020	CC	A+
AE Woodland Towers LLC	MI	7/2/2020	CC	BBB
American Eagle Delaware Holding Company LLC	MI	7/2/2020	CC	BBB+
American Eagle Delaware Holding Company LLC	MI	7/2/2020	CC	BBB+
American Eagle Delaware Holding Company LLC	MI	7/2/2020	CC	BBB-
Pure Charity Fund	OH	3/3/2021	CCC	BBB+
Pure Charity Fund	OH	3/3/2021	CCC	BBB
H-Bay Ministries, Inc.	TX	7/7/2021	CC	A-
H-Bay Ministries, Inc.	TX	7/7/2021	CC	A-
H-Bay Ministries, Inc.	TX	7/7/2021	CC	BBB
Source: S&P Global Ratings Credit Research & Insights.

Table 12

USPF annual default summary
	--Number of obligors--			--Number of defaults--				--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Unrated	Overall	Investment grade	Speculative grade
1986	7,624.0	7,548.0	76.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	7,898.0	7,807.0	91.0	4.0	2.0	2.0	0.0	0.1	0.0	2.2
1988	7,997.0	7,890.0	107.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1989	8,298.0	8,185.0	113.0	3.0	0.0	3.0	0.0	0.0	0.0	2.7
1990	8,366.0	8,236.0	130.0	3.0	0.0	3.0	0.0	0.0	0.0	2.3
1991	8,809.0	8,638.0	171.0	19.0	0.0	19.0	0.0	0.2	0.0	11.1
1992	9,185.0	9,019.0	166.0	6.0	0.0	6.0	0.0	0.1	0.0	3.6
1993	9,492.0	9,355.0	137.0	2.0	0.0	2.0	0.0	0.0	0.0	1.5
1994¶	9,379.0	9,251.0	128.0	4.0	0.0	4.0	0.0	0.0	0.0	3.1
1995	9,227.0	9,113.0	114.0	2.0	0.0	2.0	0.0	0.0	0.0	1.8
1996	8,087.0	8,002.0	85.0	1.0	0.0	1.0	0.0	0.0	0.0	1.2
1997	8,055.0	7,976.0	79.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998#	8,622.0	8,552.0	70.0	2.0	0.0	2.0	2.0	0.0	0.0	2.9
1999	9,441.0	9,368.0	73.0	3.0	1.0	2.0	0.0	0.0	0.0	2.7
2000	10,042.0	9,962.0	80.0	3.0	0.0	3.0	0.0	0.0	0.0	3.8
2001	10,938.0	10,841.0	97.0	4.0	1.0	3.0	0.0	0.0	0.0	3.1
2002	11,982.0	11,878.0	104.0	7.0	2.0	5.0	0.0	0.1	0.0	4.8
2003	12,942.0	12,815.0	127.0	6.0	2.0	4.0	0.0	0.0	0.0	3.1
2004	13,860.0	13,692.0	168.0	7.0	1.0	6.0	0.0	0.1	0.0	3.6
2005	14,294.0	14,134.0	160.0	7.0	0.0	7.0	0.0	0.0	0.0	4.4
2006	14,849.0	14,655.0	194.0	4.0	1.0	3.0	0.0	0.0	0.0	1.5
2007	15,531.0	15,339.0	192.0	3.0	1.0	2.0	0.0	0.0	0.0	1.0
2008	16,190.0	15,986.0	204.0	6.0	3.0	3.0	0.0	0.0	0.0	1.5
2009	17,376.0	17,174.0	202.0	3.0	0.0	3.0	0.0	0.0	0.0	1.5
2010	19,245.0	19,032.0	213.0	3.0	0.0	3.0	0.0	0.0	0.0	1.4
2011	20,395.0	20,120.0	275.0	6.0	2.0	4.0	0.0	0.0	0.0	1.5
2012	21,139.0	20,860.0	279.0	11.0	4.0	7.0	0.0	0.1	0.0	2.5
2013	21,980.0	21,685.0	295.0	16.0	1.0	15.0	0.0	0.1	0.0	5.1
2014	22,563.0	22,222.0	341.0	8.0	0.0	8.0	0.0	0.0	0.0	2.3
2015	23,101.0	22,718.0	383.0	12.0	2.0	10.0	0.0	0.1	0.0	2.6
2016	23,641.0	23,268.0	373.0	15.0	1.0	14.0	0.0	0.1	0.0	3.8
2017	23,895.0	23,489.0	406.0	20.0	2.0	18.0	0.0	0.1	0.0	4.4
2018	23,839.0	23,435.0	404.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2019	23,795.0	23,393.0	402.0	11.0	0.0	11.0	0.0	0.0	0.0	2.7
2020	23,969.0	23,564.0	405.0	13.0	7.0	6.0	0.0	0.1	0.0	1.5
2021	23,932.0	23,467.0	465.0	8.0	1.0	7.0	0.0	0.0	0.0	1.5
2022	23,892.0	23,456.0	436.0	2.0	0.0	2.0	0.0	0.0	0.0	0.5
2023	23,594.0	23,170.0	424.0	4.0	0.0	4.0	0.0	0.0	0.0	0.9
Mean				6.1	0.9	5.1	0.1	0.0	0.0	2.5
Median				4.0	0.5	3.0	0.0	0.0	0.0	2.3
Standard deviation				5.2	1.4	4.8	0.3	0.0	0.0	2.0
Minimum				0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum				20.0	7.0	19.0	2.0	0.2	0.0	11.1
¶Orange County, Calif., defaulted the same year we assigned the initial rating. #Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights.

Table 13

USPF annual default summary, excluding housing
	--Number of obligors--			--Number of defaults--				--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Unrated	Overall	Investment grade	Speculative grade
1986	5,031.0	4,956.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	5,192.0	5,111.0	81.0	3.0	1.0	2.0	0.0	0.1	0.0	2.5
1988	5,168.0	5,088.0	80.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	5,310.0	5,229.0	81.0	3.0	0.0	3.0	0.0	0.1	0.0	3.7
1990	5,601.0	5,526.0	75.0	3.0	0.0	3.0	0.0	0.1	0.0	4.0
1991	5,959.0	5,868.0	91.0	1.0	0.0	1.0	0.0	0.0	0.0	1.1
1992	6,400.0	6,305.0	95.0	5.0	0.0	5.0	0.0	0.1	0.0	5.3
1993	6,717.0	6,634.0	83.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994¶	6,769.0	6,681.0	88.0	3.0	0.0	3.0	0.0	0.0	0.0	3.4
1995	6,579.0	6,495.0	84.0	1.0	0.0	1.0	0.0	0.0	0.0	1.2
1996	5,670.0	5,603.0	67.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	5,499.0	5,435.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	5,934.0	5,876.0	58.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	6,644.0	6,581.0	63.0	1.0	0.0	1.0	0.0	0.0	0.0	1.6
2000	7,029.0	6,963.0	66.0	3.0	0.0	3.0	0.0	0.0	0.0	4.5
2001	7,638.0	7,569.0	69.0	3.0	1.0	2.0	0.0	0.0	0.0	2.9
2002	8,415.0	8,339.0	76.0	1.0	0.0	1.0	0.0	0.0	0.0	1.3
2003	9,150.0	9,065.0	85.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2004	10,040.0	9,926.0	114.0	3.0	0.0	3.0	0.0	0.0	0.0	2.6
2005	10,586.0	10,480.0	106.0	1.0	0.0	1.0	0.0	0.0	0.0	0.9
2006	11,296.0	11,159.0	137.0	1.0	0.0	1.0	0.0	0.0	0.0	0.7
2007	12,088.0	11,951.0	137.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	12,803.0	12,649.0	154.0	5.0	3.0	2.0	0.0	0.0	0.0	1.3
2009	13,931.0	13,778.0	153.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	15,944.0	15,785.0	159.0	3.0	0.0	3.0	0.0	0.0	0.0	1.9
2011	17,496.0	17,322.0	174.0	5.0	2.0	3.0	0.0	0.0	0.0	1.7
2012	18,356.0	18,159.0	197.0	11.0	4.0	7.0	0.0	0.1	0.0	3.6
2013	19,356.0	19,134.0	222.0	15.0	1.0	14.0	0.0	0.1	0.0	6.3
2014	20,094.0	19,818.0	276.0	8.0	0.0	8.0	0.0	0.0	0.0	2.9
2015	20,730.0	20,400.0	330.0	9.0	1.0	8.0	0.0	0.0	0.0	2.4
2016	21,315.0	20,984.0	331.0	14.0	0.0	14.0	0.0	0.1	0.0	4.2
2017	21,665.0	21,293.0	372.0	18.0	0.0	18.0	0.0	0.1	0.0	4.8
2018	21,598.0	21,242.0	356.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2019	21,571.0	21,223.0	348.0	4.0	0.0	4.0	0.0	0.0	0.0	1.1
2020	21,756.0	21,414.0	342.0	1.0	0.0	1.0	0.0	0.0	0.0	0.3
2021	21,703.0	21,318.0	385.0	3.0	1.0	2.0	0.0	0.0	0.0	0.5
2022	21,662.0	21,280.0	382.0	2.0	0.0	2.0	0.0	0.0	0.0	0.5
2023	21,353.0	20,972.0	381.0	4.0	0.0	4.0	0.0	0.0	0.0	1.0
Mean				3.6	0.4	3.2	0.0	0.0	0.0	1.8
Median				3.0	0.0	2.0	0.0	0.0	0.0	1.2
Standard deviation				4.4	0.9	4.2	0.0	0.0	0.0	1.8
Minimum				0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum				18.0	4.0	18.0	0.0	0.1	0.0	6.3
Orange County, Calif., defaulted the same year we assigned the initial rating. Source: S&P Global Ratings Credit Research & Insights.

Table 14

Tax secured annual default summary
	--Number of obligors--			--Number of defaults--				--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Unrated	Overall	Investment grade	Speculative grade
1986	2,253.0	2,228.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2,379.0	2,358.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	2,373.0	2,355.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	2,448.0	2,433.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	2,603.0	2,590.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	2,748.0	2,727.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	2,905.0	2,880.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	2,996.0	2,973.0	23.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	2,957.0	2,935.0	22.0	2.0	0.0	2.0	0.0	0.1	0.0	9.1
1995	2,869.0	2,851.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	2,498.0	2,484.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	2,416.0	2,399.0	17.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998#	2,616.0	2,605.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	2,987.0	2,975.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	3,117.0	3,105.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	3,448.0	3,435.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	3,885.0	3,874.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	4,287.0	4,274.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	4,748.0	4,733.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	5,076.0	5,064.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	5,438.0	5,414.0	24.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	5,898.0	5,872.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	6,226.0	6,196.0	30.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0
2009	6,881.0	6,854.0	27.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	8,472.0	8,450.0	22.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	9,801.0	9,759.0	42.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2012	10,436.0	10,376.0	60.0	4.0	3.0	1.0	0.0	0.0	0.0	1.7
2013	11,102.0	11,040.0	62.0	4.0	1.0	3.0	0.0	0.0	0.0	4.8
2014	11,667.0	11,610.0	57.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	12,117.0	12,045.0	72.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
2016	12,489.0	12,424.0	65.0	3.0	0.0	3.0	0.0	0.0	0.0	4.6
2017	12,760.0	12,683.0	77.0	8.0	0.0	8.0	0.0	0.1	0.0	10.4
2018	12,835.0	12,765.0	70.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	12,871.0	12,798.0	73.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	13,017.0	12,949.0	68.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	13,013.0	12,945.0	68.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	12,976.0	12,915.0	61.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	12,844.0	12,786.0	58.0	1.0	0.0	1.0	0.0	0.0	0.0	1.7
Mean				0.7	0.2	0.5	0.0	0.0	0.0	0.9
Median				0.0	0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				1.6	0.6	1.5	0.0	0.0	0.0	2.4
Minimum				0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum				8.0	3.0	8.0	0.0	0.1	0.0	10.4
#Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights.

Table 15

Appropriation annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	461.0	455.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	537.0	530.0	7.0	1.0	0.0	1.0	0.2	0.0	14.3
1988	583.0	581.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	681.0	677.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	775.0	772.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	915.0	908.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	1,129.0	1,122.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	1,321.0	1,316.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	1,442.0	1,435.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	1,481.0	1,472.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	1,271.0	1,269.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	1,277.0	1,276.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	1,385.0	1,384.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	1,520.0	1,518.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	1,617.0	1,614.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	1,773.0	1,770.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	1,941.0	1,938.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	2,160.0	2,157.0	3.0	1.0	1.0	0.0	0.0	0.0	0.0
2004	2,452.0	2,449.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	2,636.0	2,630.0	6.0	1.0	0.0	1.0	0.0	0.0	16.7
2006	2,901.0	2,896.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	3,131.0	3,128.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	3,395.0	3,390.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	3,697.0	3,690.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	3,969.0	3,951.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	3,974.0	3,955.0	19.0	2.0	1.0	1.0	0.1	0.0	5.3
2012	4,067.0	4,044.0	23.0	2.0	0.0	2.0	0.0	0.0	8.7
2013	4,221.0	4,185.0	36.0	8.0	0.0	8.0	0.2	0.0	22.2
2014	4,271.0	4,225.0	46.0	1.0	0.0	1.0	0.0	0.0	2.2
2015	4,420.0	4,343.0	77.0	5.0	0.0	5.0	0.1	0.0	6.5
2016	4,617.0	4,530.0	87.0	9.0	0.0	9.0	0.2	0.0	10.3
2017	4,696.0	4,591.0	105.0	10.0	0.0	10.0	0.2	0.0	9.5
2018	4,575.0	4,485.0	90.0	1.0	1.0	0.0	0.0	0.0	0.0
2019	4,550.0	4,463.0	87.0	2.0	0.0	2.0	0.0	0.0	2.3
2020	4,572.0	4,502.0	70.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	4,546.0	4,473.0	73.0	1.0	0.0	1.0	0.0	0.0	1.4
2022	4,533.0	4,462.0	71.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	4,414.0	4,355.0	59.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				1.2	0.1	1.1	0.0	0.0	2.6
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				2.5	0.3	2.5	0.1	0.0	5.4
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				10.0	1.0	10.0	0.2	0.0	22.2
Source: S&P Global Ratings Credit Research & Insights.

Table 16

Utility annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	820.0	808.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	809.0	798.0	11.0	1.0	1.0	0.0	0.1	0.1	0.0
1988	769.0	762.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	768.0	759.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	783.0	772.0	11.0	1.0	0.0	1.0	0.1	0.0	9.1
1991	830.0	818.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	871.0	859.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	912.0	904.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	909.0	898.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	850.0	836.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	720.0	710.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	695.0	683.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	735.0	724.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	814.0	803.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	867.0	856.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	942.0	932.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	1,036.0	1,022.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	1,126.0	1,116.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	1,236.0	1,222.0	14.0	2.0	0.0	2.0	0.2	0.0	14.3
2005	1,249.0	1,245.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	1,300.0	1,293.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	1,361.0	1,351.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	1,432.0	1,423.0	9.0	1.0	1.0	0.0	0.1	0.1	0.0
2009	1,543.0	1,535.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	1,690.0	1,682.0	8.0	1.0	0.0	1.0	0.1	0.0	12.5
2011	1,873.0	1,869.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	1,968.0	1,964.0	4.0	1.0	0.0	1.0	0.1	0.0	25.0
2013	2,131.0	2,125.0	6.0	1.0	0.0	1.0	0.0	0.0	16.7
2014	2,234.0	2,223.0	11.0	3.0	0.0	3.0	0.1	0.0	27.3
2015	2,279.0	2,272.0	7.0	1.0	1.0	0.0	0.0	0.0	0.0
2016	2,325.0	2,317.0	8.0	1.0	0.0	1.0	0.0	0.0	12.5
2017	2,357.0	2,348.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	2,376.0	2,369.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	2,375.0	2,371.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	2,372.0	2,366.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	2,368.0	2,359.0	9.0	1.0	1.0	0.0	0.0	0.0	0.0
2022	2,368.0	2,359.0	9.0	1.0	0.0	1.0	0.0	0.0	11.1
2023	2,316.0	2,307.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				0.4	0.1	0.3	0.0	0.0	3.4
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.7	0.3	0.7	0.0	0.0	7.2
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				3.0	1.0	3.0	0.2	0.1	27.3
Source: S&P Global Ratings Credit Research & Insights.

Table 17

Higher education annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	358.0	358.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1987	377.0	377.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1988	386.0	385.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	390.0	389.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	403.0	402.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	427.0	425.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	444.0	442.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	446.0	445.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	455.0	453.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	448.0	448.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1996	408.0	406.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	404.0	402.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	449.0	447.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	517.0	515.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	580.0	577.0	3.0	1.0	0.0	1.0	0.2	0.0	33.3
2001	605.0	603.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	647.0	645.0	2.0	1.0	0.0	1.0	0.2	0.0	50.0
2003	654.0	652.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	656.0	649.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	683.0	676.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	680.0	670.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	705.0	695.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	722.0	708.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	750.0	736.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	766.0	753.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	786.0	769.0	17.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	807.0	788.0	19.0	2.0	0.0	2.0	0.2	0.0	10.5
2013	818.0	798.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	836.0	807.0	29.0	3.0	0.0	3.0	0.4	0.0	10.3
2015	833.0	802.0	31.0	1.0	0.0	1.0	0.1	0.0	3.2
2016	832.0	800.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	829.0	790.0	39.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	817.0	774.0	43.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	807.0	762.0	45.0	1.0	0.0	1.0	0.1	0.0	2.2
2020	819.0	765.0	54.0	1.0	0.0	1.0	0.1	0.0	1.9
2021	802.0	730.0	72.0	1.0	0.0	1.0	0.1	0.0	1.4
2022	803.0	738.0	65.0	1.0	0.0	1.0	0.1	0.0	1.5
2023	793.0	729.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				0.3	0.0	0.3	0.0	0.0	3.3
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.7	0.0	0.7	0.1	0.0	10.1
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				3.0	0.0	3.0	0.4	0.0	50.0
Source: S&P Global Ratings Credit Research & Insights.

Table 18

Health care annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	856.0	832.0	24.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	814.0	780.0	34.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	796.0	751.0	45.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	767.0	720.0	47.0	3.0	0.0	3.0	0.4	0.0	6.4
1990	784.0	742.0	42.0	2.0	0.0	2.0	0.3	0.0	4.8
1991	784.0	740.0	44.0	1.0	0.0	1.0	0.1	0.0	2.3
1992	793.0	748.0	45.0	5.0	0.0	5.0	0.6	0.0	11.1
1993	783.0	740.0	43.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	764.0	720.0	44.0	1.0	0.0	1.0	0.1	0.0	2.3
1995	708.0	669.0	39.0	1.0	0.0	1.0	0.1	0.0	2.6
1996	606.0	569.0	37.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	560.0	530.0	30.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	593.0	562.0	31.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	637.0	602.0	35.0	1.0	0.0	1.0	0.2	0.0	2.9
2000	668.0	631.0	37.0	2.0	0.0	2.0	0.3	0.0	5.4
2001	680.0	642.0	38.0	2.0	1.0	1.0	0.3	0.2	2.6
2002	695.0	651.0	44.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	700.0	647.0	53.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	710.0	644.0	66.0	1.0	0.0	1.0	0.1	0.0	1.5
2005	703.0	635.0	68.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	707.0	636.0	71.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	700.0	636.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	708.0	646.0	62.0	2.0	0.0	2.0	0.3	0.0	3.2
2009	715.0	651.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	700.0	629.0	71.0	1.0	0.0	1.0	0.1	0.0	1.4
2011	680.0	615.0	65.0	1.0	0.0	1.0	0.1	0.0	1.5
2012	673.0	613.0	60.0	2.0	1.0	1.0	0.3	0.2	1.7
2013	655.0	602.0	53.0	1.0	0.0	1.0	0.2	0.0	1.9
2014	617.0	564.0	53.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	580.0	530.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	550.0	502.0	48.0	1.0	0.0	1.0	0.2	0.0	2.1
2017	513.0	474.0	39.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	485.0	453.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	462.0	434.0	28.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	463.0	431.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	454.0	420.0	34.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	454.0	418.0	36.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	439.0	403.0	36.0	1.0	0.0	1.0	0.2	0.0	2.8
Mean				0.7	0.1	0.7	0.1	0.0	1.5
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				1.1	0.2	1.0	0.1	0.0	2.3
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				5.0	1.0	5.0	0.6	0.2	11.1
Source: S&P Global Ratings Credit Research & Insights.

Table 19

Transportation annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	283.0	275.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	276.0	268.0	8.0	1.0	0.0	1.0	0.4	0.0	12.5
1988	261.0	254.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	256.0	251.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	253.0	248.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	255.0	250.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	258.0	254.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	259.0	256.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	242.0	240.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	223.0	219.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	167.0	165.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	147.0	145.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	156.0	154.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	169.0	168.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	178.0	178.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a
2001	186.0	183.0	3.0	1.0	0.0	1.0	0.5	0.0	33.3
2002	206.0	204.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	215.0	211.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	224.0	216.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	214.0	207.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	231.0	219.0	12.0	1.0	0.0	1.0	0.4	0.0	8.3
2007	239.0	229.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	244.0	235.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	259.0	252.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	263.0	256.0	7.0	1.0	0.0	1.0	0.4	0.0	14.3
2011	268.0	262.0	6.0	1.0	0.0	1.0	0.4	0.0	16.7
2012	268.0	262.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	268.0	263.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	280.0	274.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	292.0	289.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	295.0	292.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	303.0	299.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	300.0	296.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	296.0	293.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	303.0	301.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	293.0	288.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	285.0	280.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	281.0	276.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				0.1	0.0	0.1	0.1	0.0	2.3
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.3	0.0	0.3	0.1	0.0	6.7
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				1.0	0.0	1.0	0.5	0.0	33.3
Source: S&P Global Ratings Credit Research & Insights.

Table 20

Charter schools annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1987	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1988	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1989	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1990	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1991	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1992	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1993	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1994	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1995	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1996	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1997	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1998	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
1999	0.0	0.0	0.0	0.0	0.0	0.0	N.A.	N.A.	N.A.
2000	2.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
2001	4.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
2002	5.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
2003	8.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
2004	14.0	13.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	25.0	23.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	39.0	31.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	54.0	40.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	76.0	51.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	86.0	60.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	84.0	64.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	114.0	93.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	137.0	112.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	161.0	121.0	40.0	1.0	0.0	1.0	0.6	0.0	2.5
2014	189.0	115.0	74.0	1.0	0.0	1.0	0.5	0.0	1.4
2015	209.0	119.0	90.0	1.0	0.0	1.0	0.5	0.0	1.1
2016	207.0	119.0	88.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	207.0	108.0	99.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	210.0	100.0	110.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	210.0	102.0	108.0	1.0	0.0	1.0	0.5	0.0	0.9
2020	210.0	100.0	110.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	227.0	103.0	124.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	243.0	108.0	135.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	266.0	116.0	150.0	2.0	0.0	2.0	0.8	0.0	1.3
Mean				0.2	0.0	0.2	0.1	0.0	0.4
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.4	0.0	0.4	0.2	0.0	0.7
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				2.0	0.0	2.0	0.8	0.0	2.5
N.A.--not available. Source: S&P Global Ratings Credit Research & Insights.

Table 21

Revenue bond annual default summary
	--Number of obligors--			--Number of defaults--			--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Overall	Investment grade	Speculative grade
1986	2,317.0	2,273.0	44.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2,276.0	2,223.0	53.0	2.0	1.0	1.0	0.1	0.0	1.9
1988	2,212.0	2,152.0	60.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	2,181.0	2,119.0	62.0	3.0	0.0	3.0	0.1	0.0	4.8
1990	2,223.0	2,164.0	59.0	3.0	0.0	3.0	0.1	0.0	5.1
1991	2,296.0	2,233.0	63.0	1.0	0.0	1.0	0.0	0.0	1.6
1992	2,366.0	2,303.0	63.0	5.0	0.0	5.0	0.2	0.0	7.9
1993	2,400.0	2,345.0	55.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	2,370.0	2,311.0	59.0	1.0	0.0	1.0	0.0	0.0	1.7
1995	2,229.0	2,172.0	57.0	1.0	0.0	1.0	0.0	0.0	1.8
1996	1,901.0	1,850.0	51.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	1,806.0	1,760.0	46.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	1,933.0	1,887.0	46.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	2,137.0	2,088.0	49.0	1.0	0.0	1.0	0.0	0.0	2.0
2000	2,295.0	2,244.0	51.0	3.0	0.0	3.0	0.1	0.0	5.9
2001	2,417.0	2,364.0	53.0	3.0	1.0	2.0	0.1	0.0	3.8
2002	2,589.0	2,527.0	62.0	1.0	0.0	1.0	0.0	0.0	1.6
2003	2,703.0	2,634.0	69.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	2,840.0	2,744.0	96.0	3.0	0.0	3.0	0.1	0.0	3.1
2005	2,874.0	2,786.0	88.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	2,957.0	2,849.0	108.0	1.0	0.0	1.0	0.0	0.0	0.9
2007	3,059.0	2,951.0	108.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	3,182.0	3,063.0	119.0	3.0	1.0	2.0	0.1	0.0	1.7
2009	3,353.0	3,234.0	119.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	3,503.0	3,384.0	119.0	3.0	0.0	3.0	0.1	0.0	2.5
2011	3,721.0	3,608.0	113.0	2.0	0.0	2.0	0.1	0.0	1.8
2012	3,853.0	3,739.0	114.0	5.0	1.0	4.0	0.1	0.0	3.5
2013	4,033.0	3,909.0	124.0	3.0	0.0	3.0	0.1	0.0	2.4
2014	4,156.0	3,983.0	173.0	7.0	0.0	7.0	0.2	0.0	4.0
2015	4,193.0	4,012.0	181.0	3.0	1.0	2.0	0.1	0.0	1.1
2016	4,209.0	4,030.0	179.0	2.0	0.0	2.0	0.0	0.0	1.1
2017	4,209.0	4,019.0	190.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	4,188.0	3,992.0	196.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	4,150.0	3,962.0	188.0	2.0	0.0	2.0	0.0	0.0	1.1
2020	4,167.0	3,963.0	204.0	1.0	0.0	1.0	0.0	0.0	0.5
2021	4,144.0	3,900.0	244.0	2.0	1.0	1.0	0.0	0.0	0.4
2022	4,153.0	3,903.0	250.0	2.0	0.0	2.0	0.0	0.0	0.8
2023	4,095.0	3,831.0	264.0	3.0	0.0	3.0	0.1	0.0	1.1
Mean				1.7	0.2	1.6	0.1	0.0	1.7
Median				1.5	0.0	1.0	0.0	0.0	1.1
Standard deviation				1.7	0.4	1.6	0.1	0.0	1.9
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				7.0	1.0	7.0	0.2	0.0	7.9
Includes utility, higher education, health care, transportation and charter schools. Source: S&P Global Ratings Credit Research & Insights.

Table 22

Housing Annual Default Summary
	--Number of obligors--			--Number of defaults--				--Default rate (%)--
	All ratings	Investment grade	Speculative grade	Total	Investment grade	Speculative grade	Unrated	Overall	Investment grade	Speculative grade
1986	2,593.0	2,592.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2,706.0	2,696.0	10.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1988	2,829.0	2,802.0	27.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1989	2,988.0	2,956.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	2,765.0	2,710.0	55.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	2,850.0	2,770.0	80.0	18.0	0.0	18.0	0.0	0.6	0.0	22.5
1992	2,785.0	2,714.0	71.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
1993	2,775.0	2,721.0	54.0	2.0	0.0	2.0	0.0	0.1	0.0	3.7
1994	2,610.0	2,570.0	40.0	1.0	0.0	1.0	0.0	0.0	0.0	2.5
1995	2,648.0	2,618.0	30.0	1.0	0.0	1.0	0.0	0.0	0.0	3.3
1996	2,417.0	2,399.0	18.0	1.0	0.0	1.0	0.0	0.0	0.0	5.6
1997	2,556.0	2,541.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	2,688.0	2,676.0	12.0	2.0	0.0	2.0	2.0	0.1	0.0	16.7
1999	2,797.0	2,787.0	10.0	2.0	1.0	1.0	0.0	0.1	0.0	10.0
2000	3,013.0	2,999.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	3,300.0	3,272.0	28.0	1.0	0.0	1.0	0.0	0.0	0.0	3.6
2002	3,567.0	3,539.0	28.0	6.0	2.0	4.0	0.0	0.2	0.1	14.3
2003	3,792.0	3,750.0	42.0	5.0	1.0	4.0	0.0	0.1	0.0	9.5
2004	3,820.0	3,766.0	54.0	4.0	1.0	3.0	0.0	0.1	0.0	5.6
2005	3,708.0	3,654.0	54.0	6.0	0.0	6.0	0.0	0.2	0.0	11.1
2006	3,553.0	3,496.0	57.0	3.0	1.0	2.0	0.0	0.1	0.0	3.5
2007	3,443.0	3,388.0	55.0	3.0	1.0	2.0	0.0	0.1	0.0	3.6
2008	3,387.0	3,337.0	50.0	1.0	0.0	1.0	0.0	0.0	0.0	2.0
2009	3,445.0	3,396.0	49.0	3.0	0.0	3.0	0.0	0.1	0.0	6.1
2010	3,301.0	3,247.0	54.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	2,899.0	2,798.0	101.0	1.0	0.0	1.0	0.0	0.0	0.0	1.0
2012	2,783.0	2,701.0	82.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	2,624.0	2,551.0	73.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
2014	2,469.0	2,404.0	65.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	2,371.0	2,318.0	53.0	3.0	1.0	2.0	0.0	0.1	0.0	3.8
2016	2,326.0	2,284.0	42.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2017	2,230.0	2,196.0	34.0	2.0	2.0	0.0	0.0	0.1	0.1	0.0
2018	2,241.0	2,193.0	48.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	2,224.0	2,170.0	54.0	7.0	0.0	7.0	0.0	0.3	0.0	13.0
2020	2,213.0	2,150.0	63.0	12.0	7.0	5.0	0.0	0.5	0.3	7.9
2021	2,229.0	2,149.0	80.0	5.0	0.0	5.0	0.0	0.2	0.0	6.3
2022	2,230.0	2,176.0	54.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	2,241.0	2,198.0	43.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				2.5	0.5	1.9	0.1	0.1	0.0	4.2
Median				1.0	0.0	1.0	0.0	0.0	0.0	2.3
Standard deviation				3.6	1.2	3.3	0.3	0.1	0.1	5.5
Minimum				0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum				18.0	7.0	18.0	2.0	0.6	0.3	22.5
*Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights.

Transition tables

Table 23

2023 one-year transition rates by category (%)
From/to	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
USPF
AAA	97.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	2.4
AA	0.5	94.9	0.3	0.0	0.0	0.0	0.0	0.0	4.3
A	0.0	1.6	94.3	0.3	0.0	0.0	0.0	0.0	3.8
BBB	0.0	0.1	19.0	75.3	0.7	0.0	0.0	0.0	4.9
BB	0.0	0.0	0.0	6.7	85.8	2.2	0.8	0.0	4.5
B	0.0	0.0	0.0	0.0	4.4	75.6	2.2	4.4	13.3
CCC/C	0.0	0.0	0.0	0.0	0.0	5.0	75.0	10.0	10.0
Tax secured
AAA	98.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0	1.6
AA	0.4	96.8	0.4	0.0	0.0	0.0	0.0	0.0	2.5
A	0.0	1.4	95.2	0.2	0.0	0.0	0.0	0.0	3.2
BBB	0.0	0.2	18.4	74.8	0.0	0.0	0.0	0.0	6.7
BB	0.0	0.0	0.0	13.5	80.8	1.9	0.0	0.0	3.8
B	0.0	0.0	0.0	0.0	50.0	50.0	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	50.0
Appropriation
AAA	89.4	1.5	0.0	0.0	0.0	0.0	0.0	0.0	9.1
AA	0.0	92.7	0.0	0.0	0.0	0.0	0.0	0.0	7.3
A	0.0	1.3	91.8	0.0	0.0	0.0	0.0	0.0	7.0
BBB	0.0	0.0	55.0	38.7	0.4	0.0	0.0	0.0	5.9
BB	0.0	0.0	0.0	10.2	85.7	2.0	0.0	0.0	2.0
B	0.0	0.0	0.0	0.0	0.0	88.9	0.0	0.0	11.1
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Utility
AAA	98.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.1
AA	0.4	94.9	0.4	0.0	0.0	0.0	0.0	0.0	4.3
A	0.0	1.2	94.5	0.9	0.0	0.0	0.0	0.0	3.4
BBB	0.0	0.0	2.9	92.9	0.7	0.0	0.0	0.0	3.6
BB	0.0	0.0	0.0	0.0	75.0	0.0	0.0	0.0	25.0
B	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0
CCC/C	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Housing
AAA	96.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.0
AA	1.9	91.4	0.1	0.0	0.0	0.0	0.0	0.0	6.6
A	0.0	7.8	90.2	0.7	0.0	0.0	0.0	0.0	1.3
BBB	0.0	0.0	5.3	94.7	0.0	0.0	0.0	0.0	0.0
BB	0.0	0.0	0.0	9.5	66.7	4.8	4.8	0.0	14.3
B	0.0	0.0	0.0	0.0	0.0	90.9	0.0	0.0	9.1
CCC/C	0.0	0.0	0.0	0.0	0.0	9.1	90.9	0.0	0.0
Higher education
AAA	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.5	96.7	0.0	0.0	0.0	0.0	0.0	0.0	2.7
A	0.0	4.3	93.2	0.6	0.0	0.0	0.0	0.0	1.9
BBB	0.0	0.6	2.2	95.0	0.6	0.0	0.0	0.0	1.7
BB	0.0	0.0	0.0	7.1	82.1	5.4	1.8	0.0	3.6
B	0.0	0.0	0.0	0.0	0.0	83.3	0.0	0.0	16.7
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Health care
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA	0.0	95.6	2.6	0.0	0.0	0.0	0.0	0.0	1.8
A	0.0	0.5	92.9	4.0	0.0	0.0	0.0	0.0	2.5
BBB	0.0	0.0	6.6	83.5	5.5	0.0	0.0	0.0	4.4
BB	0.0	0.0	0.0	3.8	80.8	7.7	3.8	0.0	3.8
B	0.0	0.0	0.0	0.0	0.0	57.1	0.0	0.0	42.9
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	66.7	33.3	0.0
Transportation
AAA	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.0	96.1	0.0	0.0	0.0	0.0	0.0	0.0	3.9
A	0.0	2.4	93.9	0.0	0.0	0.0	0.0	0.0	3.7
BBB	0.0	0.0	17.6	76.5	0.0	0.0	0.0	0.0	5.9
BB	0.0	0.0	0.0	0.0	66.7	0.0	0.0	0.0	33.3
B	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0
Charter schools
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB	0.0	0.0	0.0	94.8	1.7	0.0	0.0	0.0	3.5
BB	0.0	0.0	0.0	3.5	93.8	0.0	0.0	0.0	2.8
B	0.0	0.0	0.0	0.0	0.0	66.7	0.0	33.3	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 24

Average one-year transition rates by sector (1986 - 2023) (%)
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
Tax secured
AAA	97.6	0.9	0.0	0.0	0.0	0.0	0.0	0.0	1.4
AA	0.8	95.8	0.7	0.0	0.0	0.0	0.0	0.0	2.7
A	0.0	2.7	92.9	0.5	0.0	0.0	0.0	0.0	3.9
BBB	0.0	0.2	6.9	86.9	0.5	0.1	0.1	0.0	5.3
BB	0.0	0.0	0.8	10.8	76.0	1.9	1.5	0.0	9.0
B	0.0	0.3	1.4	4.1	11.9	66.9	5.5	1.0	8.9
CCC/C	0.0	0.0	4.5	1.8	3.6	8.1	55.0	14.4	12.6
Appropriation
AAA	92.0	2.6	0.0	0.0	0.0	0.0	0.1	0.0	5.4
AA	0.1	90.1	1.5	0.0	0.0	0.0	0.0	0.0	8.3
A	0.0	3.5	87.2	1.2	0.0	0.0	0.0	0.0	8.0
BBB	0.0	0.1	9.6	80.2	1.3	0.1	0.1	0.0	8.6
BB	0.0	0.0	1.4	6.6	78.0	2.5	3.2	0.8	7.4
B	0.0	0.0	0.0	2.7	3.4	74.1	5.4	4.1	10.2
CCC/C	0.0	0.0	0.0	1.0	1.0	4.9	43.7	28.2	21.4
Utility
AAA	96.9	0.8	0.1	0.0	0.0	0.0	0.0	0.0	2.3
AA	0.9	94.8	1.1	0.0	0.0	0.0	0.0	0.0	3.2
A	0.0	2.9	91.7	0.7	0.1	0.0	0.0	0.0	4.5
BBB	0.0	0.0	5.6	85.6	0.6	0.1	0.1	0.0	7.9
BB	0.0	0.0	1.3	14.3	71.0	0.4	2.1	1.7	9.2
B	0.0	0.0	0.0	3.6	12.7	65.5	1.8	0.0	16.4
CCC/C	0.0	0.0	0.0	1.8	0.0	8.9	69.6	12.5	7.1
Housing
AAA	87.8	3.7	0.2	0.0	0.1	0.0	0.0	0.0	8.1
AA	0.7	88.4	1.4	0.1	0.1	0.0	0.0	0.0	9.3
A	1.0	3.0	81.2	2.7	0.5	0.1	0.1	0.0	11.3
BBB	0.1	0.3	5.8	74.1	6.2	1.2	0.7	0.3	11.4
BB	0.1	0.8	0.8	5.5	60.7	10.7	4.0	2.1	15.1
B	0.0	1.3	0.2	0.2	3.2	66.4	10.4	2.3	16.1
CCC/C	0.3	1.0	0.3	1.0	1.3	0.3	57.0	13.7	25.2
Higher education
AAA	97.8	1.0	0.0	0.0	0.0	0.0	0.0	0.0	1.3
AA	0.4	94.7	1.3	0.0	0.0	0.0	0.0	0.0	3.5
A	0.0	1.3	92.7	1.3	0.0	0.0	0.0	0.0	4.7
BBB	0.0	0.1	2.2	90.7	1.5	0.1	0.1	0.0	5.3
BB	0.0	0.0	0.0	3.3	85.2	2.9	0.9	0.4	7.3
B	0.0	0.0	0.0	1.7	5.0	70.0	8.3	5.0	10.0
CCC/C	0.0	0.0	0.0	0.0	0.0	4.0	56.0	28.0	12.0
Health care
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA	0.0	95.6	2.6	0.0	0.0	0.0	0.0	0.0	1.8
A	0.0	0.5	92.9	4.0	0.0	0.0	0.0	0.0	2.5
BBB	0.0	0.0	6.6	83.5	5.5	0.0	0.0	0.0	4.4
BB	0.0	0.0	0.0	3.8	80.8	7.7	3.8	0.0	3.8
B	0.0	0.0	0.0	0.0	0.0	57.1	0.0	0.0	42.9
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	66.7	33.3	0.0
Transportation
AAA	90.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10.0
AA	0.1	93.6	1.7	0.0	0.0	0.0	0.0	0.0	4.6
A	0.0	1.6	91.6	0.9	0.0	0.0	0.0	0.0	5.8
BBB	0.0	0.0	3.8	86.1	0.7	0.2	0.2	0.0	9.1
BB	0.0	0.0	0.0	10.3	76.0	2.7	1.4	0.0	9.6
B	0.0	0.0	0.0	0.0	12.5	62.5	12.5	0.0	12.5
CCC/C	0.0	0.0	0.0	0.0	0.0	7.1	42.9	35.7	14.3
Charter schools
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A	0.0	0.0	86.3	3.9	0.0	0.0	0.0	0.0	9.8
BBB	0.0	0.0	0.1	92.6	4.8	0.2	0.1	0.0	2.2
BB	0.0	0.0	0.0	2.7	91.2	2.0	0.0	0.0	4.2
B	0.0	0.0	0.0	0.0	5.4	76.6	1.8	2.7	13.5
CCC/C	0.0	0.0	0.0	0.0	0.0	25.0	0.0	75.0	0.0
N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 25a

2023 one-year transition rates by modifier (%)
From/to	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
USPF*
AAA	97.7	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.9
AA+	1.1	95.2	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.3
AA	0.0	4.9	90.7	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.0
AA-	0.0	0.1	2.6	92.5	0.5	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.2
A+	0.0	0.0	0.2	2.2	92.5	1.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.9
A	0.0	0.0	0.1	0.4	3.4	91.0	0.9	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8
A-	0.0	0.0	0.0	0.0	1.3	9.8	83.3	1.3	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.0
BBB+	0.0	0.0	0.0	0.3	2.5	4.4	27.9	56.0	2.5	0.6	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	5.6
BBB	0.0	0.0	0.0	0.0	0.5	3.3	5.0	8.0	73.7	2.8	0.5	0.3	0.0	0.0	0.0	0.0	0.0	0.0	6.0
BBB-	0.0	0.0	0.0	0.0	0.6	1.0	0.6	2.2	7.3	83.4	1.6	0.3	0.0	0.0	0.0	0.0	0.0	0.0	2.9
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	10.7	78.0	5.4	0.6	0.0	0.0	0.6	0.0	0.0	3.0
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.8	4.7	82.9	5.4	1.6	0.0	0.0	0.8	0.0	3.9
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.9	75.6	0.0	4.9	4.9	2.4	0.0	7.3
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	76.5	5.9	0.0	0.0	0.0	17.6
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.7	7.7	0.0	7.7	46.2	0.0	7.7	7.7	15.4
B-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.0	50.0	0.0	25.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	55.6	22.2	22.2
Tax secured
AAA	98.0	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6
AA+	1.7	95.9	0.7	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6
AA	0.0	3.0	94.1	0.3	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.4
AA-	0.0	0.0	2.9	93.3	0.6	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.9
A+	0.0	0.0	0.1	2.0	93.9	0.8	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.1
A	0.0	0.0	0.1	0.6	3.5	91.9	0.6	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.2
A-	0.0	0.0	0.0	0.0	2.1	10.0	82.7	0.6	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.2
BBB+	0.0	0.0	0.0	0.4	6.5	10.1	8.1	67.3	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.5
BBB	0.0	0.0	0.0	0.0	1.1	5.9	8.6	9.6	65.2	1.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.0
BBB-	0.0	0.0	0.0	0.0	1.1	3.4	2.3	6.8	11.4	70.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.7	15.4	69.2	3.8	0.0	0.0	0.0	0.0	0.0	0.0	3.8
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.3	21.1	68.4	0.0	0.0	0.0	0.0	0.0	0.0	5.3
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	14.3	71.4	0.0	14.3	0.0	0.0	0.0	0.0
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	50.0
Appropriation
AAA	89.4	1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	9.1
AA+	0.0	93.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.6
AA	0.0	12.1	79.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.0
AA-	0.0	0.0	1.4	91.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.4
A+	0.0	0.0	0.0	2.7	88.4	1.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.8
A	0.0	0.0	0.0	0.0	3.1	88.8	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.4
A-	0.0	0.0	0.0	0.0	0.0	15.6	80.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.5
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	75.1	19.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.6
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.5	75.0	0.0	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10.0
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.0	71.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.1
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.2	16.7	75.0	4.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	90.5	4.8	0.0	0.0	0.0	0.0	0.0	4.8
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	75.0	0.0	0.0	25.0	0.0	0.0	0.0
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	85.7	14.3	0.0	0.0	0.0	0.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	0.0	0.0	0.0	50.0
B-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Utility
AAA	98.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.1
AA+	1.6	96.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6
AA	0.0	3.1	92.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.6
AA-	0.0	0.0	2.7	90.6	0.7	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.7
A+	0.0	0.0	0.0	2.8	91.9	1.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8
A	0.0	0.0	0.0	0.0	2.1	93.3	1.3	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7
A-	0.0	0.0	0.0	0.0	0.5	3.9	88.3	2.9	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.9
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	2.9	89.7	2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.4
BBB	0.0	0.0	0.0	0.0	0.0	0.0	3.8	1.9	86.8	1.9	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.3	5.3	89.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	80.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.0
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0
B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
B-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
CCC/C	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Housing
AAA	96.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.0
AA+	2.4	93.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.9
AA	0.0	32.9	50.7	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	15.1
AA-	0.0	0.0	6.7	71.2	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.9
A+	0.0	0.0	0.0	12.2	85.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.2
A	0.0	0.0	0.0	2.6	26.3	71.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
A-	0.0	0.0	0.0	0.0	0.0	12.0	84.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB+	0.0	0.0	0.0	0.0	0.0	6.7	3.3	83.3	6.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5	90.9	4.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	18.2	36.4	27.3	0.0	0.0	0.0	0.0	0.0	0.0	18.2
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	25.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	16.7	33.3	16.7	0.0	0.0	16.7	0.0	16.7
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	50.0	0.0	0.0	0.0
B-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	75.0	0.0	0.0	25.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	9.1	90.9	0.0	0.0
Higher education
AAA	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA+	2.6	97.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.0	1.9	94.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.8
AA-	0.0	3.2	3.2	90.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.2
A+	0.0	1.4	3.5	2.1	90.1	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.1
A	0.0	0.0	2.0	2.0	2.9	87.3	3.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.0
A-	0.0	0.0	0.0	0.0	0.0	1.3	94.9	2.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.3
BBB+	0.0	0.0	0.0	1.5	0.0	0.0	3.1	83.1	7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.6
BBB	0.0	0.0	0.0	0.0	0.0	2.2	2.2	2.2	84.8	8.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.4	94.1	1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	14.3	71.4	10.7	0.0	0.0	0.0	0.0	0.0	0.0	3.6
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0	70.0	15.0	5.0	0.0	0.0	5.0	0.0	0.0
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	62.5	0.0	12.5	12.5	0.0	0.0	12.5
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0
B-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Health care
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA+	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.0	0.0	90.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0
AA-	0.0	0.0	1.5	93.9	3.0	1.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
A+	0.0	0.0	0.0	1.6	82.5	14.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.6
A	0.0	0.0	0.0	0.0	1.3	87.2	7.7	3.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
A-	0.0	0.0	0.0	0.0	0.0	3.5	80.7	8.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.0
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	7.1	61.9	14.3	9.5	0.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0	4.8
BBB	0.0	0.0	0.0	0.0	0.0	3.2	3.2	3.2	71.0	9.7	0.0	3.2	0.0	0.0	0.0	0.0	0.0	0.0	6.5
BBB-	0.0	0.0	0.0	0.0	5.6	0.0	0.0	0.0	0.0	77.8	11.1	5.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.7	69.2	7.7	7.7	0.0	0.0	7.7	0.0	0.0	0.0
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	70.0	20.0	10.0	0.0	0.0	0.0	0.0	0.0
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	33.3	0.0	0.0	0.0	33.3	0.0	33.3
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	0.0	0.0	0.0	0.0	50.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0
B-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	66.7	33.3	0.0
Transportation
AAA	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA+	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.0	0.0	92.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.4
AA-	0.0	0.0	4.7	93.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.3
A+	0.0	0.0	0.0	7.0	87.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.3
A	0.0	0.0	0.0	0.0	14.9	83.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.5
A-	0.0	0.0	0.0	0.0	5.0	27.5	62.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0
BBB+	0.0	0.0	0.0	0.0	0.0	20.0	20.0	53.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.7
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	33.3	60.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.7
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0
BB-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
B+	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
B-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0
Charter schools
AAA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA+	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
AA-	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A+	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
A-	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.7	96.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.2	91.7	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.8
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.1	85.7	4.3	0.0	0.0	0.0	0.0	0.0	0.0	2.9
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	94.6	1.8	0.0	0.0	0.0	0.0	0.0	1.8
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.6	88.9	0.0	0.0	0.0	0.0	0.0	5.6
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	33.3	33.3	0.0	0.0	33.3	0.0
B-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0
CCC/C	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
*Excludes housing. N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 26

USPF average transition rates (1986 - 2023) (%)*
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
One year
AAA	97.2	1.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8
AA	0.6	94.0	1.1	0.0	0.0	0.0	0.0	0.0	4.4
A	0.0	2.7	91.4	0.8	0.0	0.0	0.0	0.0	5.0
BBB	0.0	0.1	5.8	86.2	1.2	0.2	0.1	0.0	6.4
BB	0.0	0.0	0.4	5.8	81.3	2.8	1.2	0.3	8.2
B	0.0	0.1	0.5	2.2	7.2	70.3	5.9	1.8	12.0
CCC/C	0.0	0.0	1.1	0.9	1.3	5.8	55.4	19.6	15.8
Three years
AAA	91.6	2.9	0.2	0.1	0.0	0.0	0.0	0.0	5.3
AA	1.8	82.5	2.7	0.1	0.0	0.0	0.0	0.0	12.9
A	0.0	7.5	75.3	2.1	0.1	0.0	0.0	0.0	14.9
BBB	0.0	0.7	13.9	63.2	2.6	0.4	0.3	0.1	18.8
BB	0.0	0.0	2.3	12.5	53.2	5.0	1.1	1.9	24.1
B	0.0	0.2	1.0	6.9	11.8	36.0	6.1	5.0	33.1
CCC/C	0.0	0.0	2.6	2.6	5.4	5.4	23.1	30.4	30.6
Five years
AAA	86.5	4.6	0.3	0.2	0.0	0.0	0.0	0.0	8.4
AA	3.1	71.9	3.8	0.1	0.0	0.0	0.0	0.0	20.9
A	0.1	11.4	61.1	2.7	0.2	0.1	0.0	0.0	24.5
BBB	0.0	1.3	18.6	45.4	2.9	0.6	0.3	0.3	30.6
BB	0.0	0.1	4.2	13.7	34.9	4.7	1.1	2.9	38.5
B	0.0	0.1	2.8	7.9	10.4	18.3	4.4	7.4	48.6
CCC/C	0.0	0.5	2.2	6.3	2.4	3.9	12.1	33.4	39.2
Seven years
AAA	82.1	6.0	0.4	0.2	0.0	0.0	0.0	0.0	11.2
AA	4.4	62.3	4.1	0.3	0.0	0.0	0.0	0.0	28.8
A	0.1	14.2	48.7	2.7	0.2	0.1	0.0	0.1	33.8
BBB	0.0	2.0	20.7	31.5	2.8	0.6	0.3	0.5	41.6
BB	0.0	0.5	4.8	12.7	22.2	4.4	1.0	3.7	50.7
B	0.0	0.1	4.0	6.7	6.8	9.6	2.7	9.2	60.9
CCC/C	0.0	1.1	1.6	5.9	2.7	2.4	8.3	36.8	41.3
10 years
AAA	76.5	7.5	0.6	0.3	0.0	0.0	0.0	0.0	15.1
AA	6.5	49.4	3.7	0.4	0.0	0.0	0.0	0.0	39.8
A	0.3	17.0	33.5	2.3	0.2	0.1	0.0	0.1	46.5
BBB	0.0	3.2	20.4	17.5	2.1	0.4	0.3	0.8	55.4
BB	0.0	1.0	5.4	9.3	9.3	3.6	1.1	4.3	66.0
B	0.0	0.8	4.6	3.3	5.1	2.3	1.1	10.6	72.3
CCC/C	0.0	1.1	0.7	5.1	1.8	0.7	4.4	34.4	51.6
15 years
AAA	71.6	9.2	1.2	0.3	0.0	0.0	0.0	0.0	17.8
AA	10.5	35.8	3.0	0.4	0.0	0.0	0.0	0.0	50.2
A	0.7	19.3	18.9	1.6	0.2	0.1	0.0	0.1	59.0
BBB	0.1	5.2	17.2	6.9	1.1	0.2	0.1	0.7	68.6
BB	0.0	1.4	4.4	5.5	2.2	2.2	0.2	3.5	80.6
B	0.0	0.9	4.9	2.4	2.2	0.2	0.0	10.8	78.6
CCC/C	0.0	0.0	1.7	3.5	0.0	0.0	0.0	38.7	56.1
20 years
AAA	70.9	11.6	1.7	0.2	0.0	0.0	0.0	0.0	15.5
AA	12.6	30.1	3.0	0.3	0.0	0.0	0.0	0.1	53.9
A	1.3	17.7	11.6	1.2	0.2	0.0	0.0	0.2	67.8
BBB	0.1	6.0	11.1	3.1	0.6	0.1	0.0	0.6	78.4
BB	0.0	1.9	3.1	3.1	1.1	0.6	0.0	2.5	87.7
B	0.0	2.0	0.0	1.6	0.3	0.0	0.0	10.5	85.6
CCC/C	0.0	0.0	2.1	0.7	0.0	0.0	0.0	40.0	57.2
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 27

Housing average transition rates (1986 - 2023) (%)
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
One year
AAA	87.8	3.7	0.2	0.0	0.1	0.0	0.0	0.0	8.1
AA	0.7	88.4	1.4	0.1	0.1	0.0	0.0	0.0	9.3
A	1.0	3.0	81.2	2.7	0.5	0.1	0.1	0.0	11.3
BBB	0.1	0.3	5.8	74.1	6.2	1.2	0.7	0.3	11.4
BB	0.1	0.8	0.8	5.5	60.7	10.7	4.0	2.1	15.1
B	0.0	1.3	0.2	0.2	3.2	66.4	10.4	2.3	16.1
CCC/C	0.3	1.0	0.3	1.0	1.3	0.3	57.0	13.7	25.2
Three years
AAA	65.5	9.5	0.5	0.1	0.2	0.1	0.0	0.1	24.1
AA	1.6	67.4	3.1	0.6	0.1	0.0	0.0	0.0	27.0
A	2.1	6.8	51.6	4.5	1.6	0.4	0.2	0.2	32.5
BBB	0.2	0.7	12.6	40.0	6.7	2.6	1.9	1.8	33.5
BB	0.1	1.2	4.0	8.6	24.6	10.8	7.5	4.2	38.9
B	0.0	1.8	1.3	0.9	4.2	36.1	8.4	6.4	40.9
CCC/C	0.0	0.7	0.7	1.4	3.6	0.4	19.9	22.8	50.5
Five years
AAA	46.6	13.0	0.6	0.1	0.3	0.1	0.0	0.1	39.1
AA	1.9	50.2	3.8	0.7	0.1	0.0	0.0	0.0	43.2
A	2.4	7.9	33.3	3.6	1.9	0.7	0.5	0.4	49.3
BBB	0.2	1.2	12.2	22.8	3.6	2.3	2.2	2.7	52.8
BB	0.0	1.1	5.6	7.1	10.5	7.3	3.8	6.0	58.5
B	0.0	1.2	1.9	0.7	3.9	21.4	4.3	7.5	59.0
CCC/C	0.0	0.8	0.0	1.2	4.1	0.0	6.5	26.5	60.8
Seven years
AAA	30.7	14.6	0.8	0.1	0.3	0.1	0.0	0.1	53.2
AA	1.9	37.2	3.5	0.6	0.1	0.0	0.0	0.1	56.7
A	2.0	8.3	21.4	2.6	1.6	0.7	0.5	0.5	62.4
BBB	0.3	1.3	11.3	12.8	1.7	1.7	1.3	3.1	66.6
BB	0.0	0.9	5.3	4.4	4.0	4.3	1.9	7.2	72.0
B	0.0	0.5	2.1	0.8	3.1	15.1	2.6	7.9	67.9
CCC/C	0.0	0.9	0.0	0.0	3.1	0.0	2.2	27.1	66.7
10 years
AAA	12.9	13.8	0.6	0.1	0.2	0.2	0.0	0.1	72.1
AA	1.8	22.7	2.3	0.4	0.0	0.0	0.0	0.1	72.8
A	1.6	7.6	10.6	1.4	0.8	0.6	0.2	0.5	76.6
BBB	0.3	1.5	6.9	5.3	0.5	0.7	0.8	3.2	81.0
BB	0.0	1.1	2.5	2.5	1.7	2.4	0.3	8.2	81.2
B	0.0	0.3	1.2	0.9	0.9	8.6	1.2	9.5	77.5
CCC/C	0.0	0.5	0.0	0.0	0.5	0.0	0.0	27.6	71.5
15 years
AAA	2.8	7.8	0.3	0.1	0.1	0.1	0.1	0.2	88.7
AA	1.1	9.6	1.0	0.1	0.0	0.0	0.0	0.1	88.1
A	1.1	4.7	3.7	0.5	0.2	0.3	0.0	0.6	88.9
BBB	0.0	0.4	3.0	1.1	0.1	0.7	0.1	3.5	91.0
BB	0.0	0.6	0.4	1.2	0.2	0.6	0.4	11.6	85.0
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10.8	89.2
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	31.6	68.4
20 years
AAA	0.6	2.8	0.2	0.1	0.0	0.0	0.1	0.2	96.0
AA	0.8	3.8	0.1	0.0	0.0	0.0	0.0	0.1	95.2
A	0.5	2.6	1.0	0.1	0.0	0.1	0.0	0.6	94.9
BBB	0.0	0.1	1.3	0.3	0.1	0.4	0.1	3.7	94.2
BB	0.0	0.0	0.0	0.5	0.5	0.0	0.8	13.8	84.4
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.0	88.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	25.8	74.2
Source: S&P Global Ratings Credit Research & Insights.

Lorenz curves

Cumulative default rates

Table 28

USPF cumulative average default rates by rating category (1986 - 2023)*
(Year)	(%)
	AAA	AA	A	BBB	BB	B	CCC/C	Investment grade	Speculative grade	All rated
1	0.00	0.00	0.004	0.011	0.28	1.78	19.64	0.00	1.86	0.03
2	0.00	0.00	0.01	0.06	0.99	3.61	27.38	0.01	3.27	0.06
3	0.00	0.01	0.02	0.13	1.81	5.20	30.19	0.03	4.36	0.09
4	0.00	0.01	0.03	0.23	2.26	6.53	32.10	0.05	5.08	0.11
5	0.00	0.01	0.04	0.33	2.56	7.58	33.31	0.06	5.59	0.14
6	0.00	0.01	0.04	0.43	2.92	8.33	33.82	0.08	6.03	0.16
7	0.00	0.02	0.05	0.52	3.14	9.26	34.37	0.10	6.41	0.18
8	0.00	0.02	0.06	0.59	3.32	9.84	34.96	0.12	6.70	0.20
9	0.00	0.02	0.07	0.66	3.51	10.45	35.63	0.13	7.02	0.22
10	0.00	0.02	0.08	0.72	3.77	10.78	36.34	0.15	7.33	0.24
11	0.00	0.03	0.08	0.78	3.96	10.95	37.12	0.16	7.57	0.26
12	0.00	0.03	0.09	0.82	4.12	11.14	38.02	0.17	7.79	0.27
13	0.00	0.03	0.10	0.86	4.34	11.33	38.02	0.19	7.99	0.29
14	0.00	0.03	0.12	0.90	4.46	11.33	38.02	0.20	8.08	0.30
15	0.00	0.03	0.13	0.93	4.59	11.33	38.02	0.22	8.17	0.32
*Excludes housing. Reran Values. Source: S&P Global Ratings Credit Research & Insights.

Table 29

USPF cumulative average default rates by category (1986 - 2023) (%)*
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	0.00	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.06	0.07	0.08	0.08	0.09	0.10	0.10
A	0.00	0.01	0.02	0.03	0.04	0.04	0.05	0.06	0.07	0.08	0.08	0.09	0.10	0.12	0.13	0.14	0.15	0.17	0.18	0.18	0.19	0.20	0.21	0.21	0.22	0.23	0.23
BBB	0.01	0.06	0.13	0.23	0.33	0.43	0.52	0.59	0.66	0.72	0.78	0.82	0.86	0.90	0.93	0.95	0.97	0.99	1.01	1.03	1.04	1.05	1.06	1.07	1.08	1.08	1.09
BB	0.28	0.99	1.81	2.26	2.56	2.92	3.14	3.32	3.51	3.77	3.96	4.12	4.34	4.46	4.59	4.72	4.87	5.03	5.03	5.03	5.03	5.03	5.03	5.03	5.03	5.03	5.03
B	1.78	3.61	5.20	6.53	7.58	8.33	9.26	9.84	10.45	10.78	10.95	11.14	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33	11.33
CCC/C	19.64	27.38	30.19	32.10	33.31	33.82	34.37	34.96	35.63	36.34	37.12	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02
Investment grade	0.00	0.01	0.03	0.05	0.06	0.08	0.10	0.12	0.13	0.15	0.16	0.17	0.19	0.20	0.22	0.23	0.24	0.25	0.26	0.27	0.28	0.28	0.29	0.30	0.31	0.31	0.32
Speculative grade	1.86	3.27	4.36	5.08	5.59	6.03	6.41	6.70	7.02	7.33	7.57	7.79	7.99	8.08	8.17	8.27	8.37	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49
All rated	0.03	0.06	0.09	0.11	0.14	0.16	0.18	0.20	0.22	0.24	0.26	0.27	0.29	0.30	0.32	0.33	0.34	0.35	0.37	0.37	0.38	0.39	0.40	0.41	0.41	0.42	0.43
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 30

USPF housing cumulative average default rates by category (1986 - 2023) (%)
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	0.01	0.04	0.07	0.10	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
AA	0.01	0.01	0.03	0.03	0.04	0.05	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
A	0.04	0.14	0.25	0.32	0.41	0.49	0.56	0.60	0.63	0.63	0.64	0.65	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66
BBB	0.27	1.13	1.80	2.34	2.90	3.39	3.74	3.91	4.03	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07	4.07
BB	2.12	2.98	4.09	4.91	5.63	6.13	6.39	6.39	6.53	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67
B	2.33	4.27	6.27	7.19	7.67	8.16	8.42	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68
CCC/C	13.69	18.67	20.86	22.85	24.11	25.01	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47
Investment grade	0.02	0.08	0.13	0.17	0.21	0.24	0.26	0.28	0.29	0.29	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30
Speculative grade	4.27	6.17	7.70	8.74	9.48	10.03	10.32	10.40	10.47	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55	10.55
All rated	0.09	0.17	0.25	0.30	0.36	0.40	0.42	0.44	0.45	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46
Source: S&P Global Ratings Credit Research & Insights.

Table 31

USPF cumulative average default rates by modifier (1986 - 2023) (%)*
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.03	0.03	0.04	0.05	0.06	0.07	0.08	0.09
AA-	0.00	0.00	0.01	0.01	0.01	0.02	0.03	0.03	0.04	0.05	0.05	0.05	0.06	0.06	0.07	0.07	0.08	0.09	0.09	0.10	0.11	0.12	0.14	0.14	0.14	0.14	0.14
A+	0.00	0.00	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
A	0.00	0.01	0.02	0.04	0.05	0.06	0.07	0.08	0.10	0.10	0.11	0.11	0.12	0.13	0.14	0.15	0.17	0.19	0.20	0.21	0.23	0.24	0.25	0.26	0.27	0.28	0.29
A-	0.01	0.03	0.05	0.05	0.06	0.07	0.08	0.09	0.11	0.13	0.15	0.17	0.21	0.24	0.28	0.30	0.32	0.33	0.35	0.35	0.36	0.37	0.38	0.38	0.39	0.40	0.42
BBB+	0.00	0.02	0.06	0.12	0.19	0.24	0.29	0.34	0.37	0.41	0.43	0.46	0.49	0.51	0.54	0.56	0.59	0.62	0.64	0.66	0.66	0.66	0.66	0.66	0.66	0.66	0.66
BBB	0.00	0.05	0.10	0.14	0.19	0.23	0.25	0.27	0.28	0.32	0.37	0.40	0.43	0.46	0.47	0.49	0.50	0.52	0.54	0.56	0.58	0.60	0.62	0.64	0.66	0.67	0.68
BBB-	0.04	0.17	0.37	0.66	0.97	1.28	1.61	1.91	2.15	2.32	2.47	2.63	2.72	2.82	2.90	2.92	2.94	2.94	2.96	2.99	2.99	2.99	2.99	2.99	2.99	2.99	2.99
BB+	0.09	0.27	0.63	0.85	1.09	1.42	1.70	1.87	2.05	2.36	2.61	2.87	3.02	3.18	3.36	3.55	3.76	3.99	3.99	3.99	3.99	3.99	3.99	3.99	3.99	3.99	3.99
BB	0.10	1.21	2.13	2.87	3.26	3.55	3.78	4.03	4.29	4.48	4.58	4.58	4.80	4.80	4.93	5.06	5.19	5.34	5.34	5.34	5.34	5.34	5.34	5.34	5.34	5.34	5.34
BB-	1.51	2.79	4.87	5.24	5.45	6.12	6.12	6.12	6.12	6.46	6.83	7.23	7.65	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11	8.11
B+	0.76	2.38	3.24	6.47	8.42	9.49	11.35	12.75	13.50	13.50	14.43	15.39	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37	16.37
B	2.61	4.66	6.35	6.58	7.04	7.52	8.02	8.29	8.83	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12	9.12
B-	1.20	2.82	4.88	6.61	7.97	8.94	9.99	10.59	11.24	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97	11.97
CCC/C	19.64	27.38	30.19	32.10	33.31	33.82	34.37	34.96	35.63	36.34	37.12	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02	38.02
Investment grade	0.00	0.01	0.03	0.05	0.06	0.08	0.10	0.12	0.13	0.15	0.16	0.17	0.19	0.20	0.22	0.23	0.24	0.25	0.26	0.27	0.28	0.28	0.29	0.30	0.31	0.31	0.32
Speculative grade	1.86	3.27	4.36	5.08	5.59	6.03	6.41	6.70	7.02	7.33	7.57	7.79	7.99	8.08	8.17	8.27	8.37	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49	8.49
All rated	0.03	0.06	0.09	0.11	0.14	0.16	0.18	0.20	0.22	0.24	0.26	0.27	0.29	0.30	0.32	0.33	0.34	0.35	0.37	0.37	0.38	0.39	0.40	0.41	0.41	0.42	0.43
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 32

USPF housing cumulative average default rates by modifier (1986 - 2023) (%)
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
AA+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA-	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
A+	0.0	0.1	0.2	0.2	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
A	0.0	0.1	0.1	0.2	0.4	0.5	0.5	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
A-	0.2	0.4	0.6	0.7	0.8	0.9	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
BBB+	0.2	0.2	0.7	1.4	2.0	2.4	2.9	3.2	3.4	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6	3.6
BBB	0.2	1.3	2.1	2.8	3.6	4.3	4.8	5.0	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1
BBB-	0.5	1.7	2.4	2.6	2.8	3.0	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1	3.1
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB	3.6	5.2	6.9	7.9	8.7	9.3	9.5	9.5	9.7	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
BB-	1.0	1.0	2.1	4.7	7.5	9.2	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.8
B+	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5	4.5
B	2.2	4.4	6.3	7.3	8.0	8.6	9.0	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3
B-	1.1	3.5	7.2	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6	8.6
CCC/C	13.7	18.7	20.9	22.9	24.1	25.0	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5	25.5
Investment grade	0.0	0.1	0.1	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
Speculative grade	4.3	6.2	7.7	8.7	9.5	10.0	10.3	10.4	10.5	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6	10.6
All rated	0.1	0.2	0.2	0.3	0.4	0.4	0.4	0.4	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
Source: S&P Global Ratings Credit Research & Insights.

Static pool default rates

Table 33

USPF static pool default rates (1986 - 2023) (%)*
		--Time horizon (years)--
Rating	Number of issuers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
1986	5,031	0.00	0.06	0.06	0.12	0.18	0.20	0.30	0.30	0.34	0.36	0.36	0.36	0.36	0.38	0.40
1987	5,192	0.06	0.06	0.12	0.17	0.19	0.29	0.29	0.33	0.35	0.35	0.35	0.35	0.37	0.39	0.39
1988	5,168	0.00	0.06	0.12	0.14	0.21	0.21	0.25	0.27	0.27	0.27	0.27	0.29	0.31	0.31	0.31
1989	5,310	0.06	0.11	0.13	0.21	0.21	0.24	0.26	0.26	0.26	0.26	0.28	0.30	0.30	0.30	0.30
1990	5,601	0.05	0.07	0.16	0.16	0.21	0.23	0.23	0.23	0.23	0.25	0.27	0.27	0.27	0.27	0.32
1991	5,959	0.02	0.10	0.10	0.15	0.17	0.17	0.17	0.17	0.18	0.20	0.20	0.20	0.20	0.25	0.25
1992	6,400	0.08	0.08	0.13	0.14	0.14	0.14	0.14	0.16	0.17	0.17	0.17	0.17	0.22	0.22	0.22
1993	6,717	0.00	0.04	0.06	0.06	0.06	0.06	0.07	0.09	0.09	0.09	0.09	0.13	0.13	0.13	0.13
1994	6,769	0.04	0.06	0.06	0.06	0.06	0.07	0.10	0.10	0.10	0.10	0.15	0.15	0.15	0.15	0.19
1995	6,579	0.02	0.02	0.02	0.02	0.03	0.06	0.06	0.06	0.06	0.11	0.11	0.11	0.11	0.15	0.15
1996	5,670	0.00	0.00	0.00	0.02	0.05	0.05	0.05	0.07	0.12	0.12	0.12	0.12	0.18	0.18	0.19
1997	5,499	0.00	0.00	0.02	0.05	0.07	0.07	0.09	0.15	0.15	0.15	0.15	0.20	0.20	0.22	0.25
1998	5,934	0.00	0.02	0.05	0.08	0.08	0.10	0.15	0.15	0.15	0.15	0.20	0.20	0.22	0.25	0.27
1999	6,644	0.02	0.06	0.11	0.12	0.14	0.18	0.18	0.18	0.18	0.23	0.23	0.26	0.29	0.30	0.32
2000	7,029	0.04	0.09	0.10	0.11	0.16	0.16	0.16	0.16	0.21	0.21	0.24	0.27	0.30	0.31	0.33
2001	7,638	0.04	0.05	0.07	0.10	0.10	0.10	0.10	0.16	0.16	0.18	0.21	0.24	0.26	0.27	0.29
2002	8,415	0.01	0.02	0.06	0.06	0.07	0.07	0.12	0.12	0.14	0.17	0.20	0.23	0.24	0.25	0.31
2003	9,150	0.01	0.04	0.05	0.07	0.07	0.12	0.12	0.14	0.16	0.20	0.22	0.23	0.24	0.30	0.35
2004	10,040	0.03	0.04	0.05	0.05	0.10	0.10	0.12	0.14	0.17	0.21	0.22	0.23	0.28	0.34	0.34
2005	10,586	0.01	0.02	0.02	0.07	0.07	0.09	0.10	0.13	0.18	0.19	0.21	0.26	0.31	0.31	0.31
2006	11,296	0.01	0.01	0.05	0.05	0.07	0.09	0.12	0.17	0.18	0.20	0.27	0.32	0.32	0.33	0.33
2007	12,088	0.00	0.04	0.04	0.07	0.08	0.11	0.18	0.21	0.23	0.30	0.36	0.36	0.37	0.37	0.39
2008	12,803	0.04	0.04	0.06	0.08	0.12	0.21	0.24	0.27	0.33	0.40	0.41	0.41	0.41	0.43	0.43
2009	13,931	0.00	0.02	0.04	0.09	0.18	0.22	0.24	0.31	0.39	0.40	0.41	0.41	0.42	0.42	0.43
2010	15,944	0.02	0.05	0.09	0.18	0.22	0.24	0.30	0.38	0.38	0.39	0.39	0.40	0.41	0.42
2011	17,496	0.03	0.09	0.17	0.21	0.22	0.28	0.36	0.37	0.37	0.37	0.38	0.39	0.40
2012	18,356	0.06	0.14	0.18	0.21	0.27	0.35	0.36	0.37	0.37	0.38	0.38	0.40
2013	19,356	0.08	0.12	0.16	0.22	0.30	0.30	0.32	0.32	0.33	0.33	0.35
2014	20,094	0.04	0.08	0.14	0.22	0.23	0.24	0.24	0.25	0.25	0.27
2015	20,730	0.04	0.10	0.19	0.19	0.20	0.20	0.21	0.22	0.23
2016	21,315	0.07	0.15	0.15	0.16	0.16	0.18	0.19	0.21
2017	21,665	0.08	0.09	0.11	0.11	0.12	0.13	0.15
2018	21,598	0.00	0.02	0.03	0.04	0.05	0.07
2019	21,571	0.02	0.02	0.04	0.05	0.06
2020	21,756	0.00	0.02	0.03	0.05
2021	21,703	0.01	0.02	0.04
1905	21,662	0.01	0.03
1905	21,353	0.02
Marginal average		0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.01
Cumulative average		0.03	0.06	0.09	0.11	0.14	0.16	0.18	0.20	0.22	0.24	0.26	0.27	0.29	0.30	0.32
Standard deviation		0.03	0.04	0.05	0.06	0.07	0.08	0.09	0.09	0.09	0.10	0.10	0.09	0.09	0.09	0.08
Median		0.02	0.05	0.06	0.10	0.13	0.16	0.17	0.18	0.20	0.21	0.23	0.26	0.28	0.30	0.31
Minimum		0.00	0.00	0.00	0.02	0.03	0.05	0.05	0.06	0.06	0.09	0.09	0.11	0.11	0.13	0.13
Maximum		0.08	0.15	0.19	0.22	0.30	0.35	0.36	0.38	0.39	0.40	0.41	0.41	0.42	0.43	0.43
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 34

USPF static pool default rates by category (1986 - 2023) (%)*
		--Time horizon (years)--
	Number of issuers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Rating: AAA
1986	52.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	51.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	50.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	52.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	58.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	64.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	62.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	65.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	69.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	70.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	88.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	105.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	127.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	145.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	169.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	218.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	241.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	259.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	285.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	301.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	367.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	405.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	552.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	659.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	716.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	709.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	726.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	766.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	881.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	917.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	949.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	969.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	1,021.0	0.0	0.0	0.0	0.0	0.0
2020	1,074.0	0.0	0.0	0.0	0.0
2021	1,075.0	0.0	0.0	0.0
2022	1,097.0	0.0	0.0
2023	1,103.0	0.0
Marginal average		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cumulative average		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Median		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Rating: AA
1986	958.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	1,027.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	1,052.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	1,128.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	1,216.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	1,328.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	1,373.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	1,467.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	1,485.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1995	1,476.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
1996	1,366.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
1997	1,379.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
1998	1,472.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1
1999	1,595.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
2000	1,701.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2001	2,081.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	2,511.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	2,726.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	3,021.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	3,110.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	3,458.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	3,731.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	3,981.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2009	4,804.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	6,002.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	6,842.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	6,951.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	7,265.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	7,808.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	8,487.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	8,759.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	8,889.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	9,019.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	9,232.0	0.0	0.0	0.0	0.0	0.0
2020	9,409.0	0.0	0.0	0.0	0.0
2021	9,308.0	0.0	0.0	0.0
2022	9,295.0	0.0	0.0
2023	9,185.0	0.0
Marginal average		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cumulative average		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Median		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum		0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Rating: A
1986	2,953.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
1987	2,980.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
1988	2,920.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1989	2,935.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1990	3,069.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2
1991	3,174.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
1992	3,410.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
1993	3,504.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
1994	3,499.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1995	3,331.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
1996	2,724.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1997	2,581.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1998	2,812.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1999	3,184.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2000	3,548.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2001	3,715.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2002	3,997.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
2003	4,377.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3
2004	4,744.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.2
2005	5,246.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2
2006	5,508.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2007	5,892.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
2008	6,206.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2
2009	6,578.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2010	7,671.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
2011	8,420.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2012	9,057.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2013	9,611.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
2014	9,798.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	9,630.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	9,941.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	9,983.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	9,798.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	9,581.0	0.0	0.0	0.0	0.0	0.0
2020	9,538.0	0.0	0.0	0.0	0.0
2021	9,487.0	0.0	0.0	0.0
2022	9,466.0	0.0	0.0
2023	9,333.0	0.0
Marginal average		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cumulative average		0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Standard deviation		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Median		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Maximum		0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3
Rating: BBB
1986	993.0	0.0	0.3	0.3	0.5	0.5	0.6	0.9	0.9	1.0	1.0	1.0	1.0	1.0	1.1	1.1
1987	1,053.0	0.1	0.1	0.3	0.3	0.4	0.7	0.7	0.8	0.8	0.8	0.8	0.8	0.9	0.9	0.9
1988	1,066.0	0.0	0.1	0.1	0.2	0.4	0.4	0.6	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7
1989	1,114.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3
1990	1,183.0	0.0	0.0	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4
1991	1,302.0	0.0	0.1	0.1	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4
1992	1,460.0	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
1993	1,598.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1994	1,628.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1995	1,618.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1996	1,438.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.4
1997	1,387.0	0.0	0.0	0.1	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.5	0.6
1998	1,487.0	0.0	0.0	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.5	0.6
1999	1,675.0	0.0	0.1	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.5	0.7	0.7	0.8
2000	1,569.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.3	0.3	0.4	0.6	0.6	0.6	0.7
2001	1,604.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.3	0.4	0.4	0.4	0.5	0.6
2002	1,613.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.4	0.4	0.4	0.5	0.6
2003	1,721.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.5	0.6
2004	1,902.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.4	0.5	0.6	0.6
2005	1,839.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.4	0.4	0.6	0.6	0.6
2006	1,892.0	0.0	0.0	0.1	0.1	0.1	0.1	0.2	0.3	0.4	0.4	0.6	0.9	0.9	1.0	1.0
2007	1,961.0	0.0	0.1	0.1	0.1	0.1	0.2	0.5	0.6	0.6	0.9	1.3	1.3	1.3	1.3	1.3
2008	2,057.0	0.0	0.0	0.1	0.1	0.1	0.5	0.6	0.6	1.0	1.3	1.3	1.4	1.4	1.4	1.4
2009	1,844.0	0.0	0.1	0.1	0.1	0.7	0.8	0.8	1.2	1.8	1.8	1.8	1.8	1.8	1.8	1.8
2010	1,453.0	0.0	0.0	0.1	0.4	0.6	0.6	1.2	1.9	1.9	2.0	2.0	2.0	2.0	2.1
2011	1,344.0	0.0	0.1	0.2	0.4	0.4	1.0	1.9	1.9	2.0	2.0	2.0	2.0	2.1
2012	1,442.0	0.1	0.3	0.4	0.7	1.4	2.3	2.3	2.4	2.4	2.4	2.4	2.5
2013	1,532.0	0.1	0.1	0.5	1.2	2.1	2.1	2.2	2.2	2.2	2.2	2.3
2014	1,446.0	0.0	0.3	1.1	2.0	2.0	2.1	2.1	2.1	2.1	2.1
2015	1,402.0	0.1	0.1	0.4	0.4	0.5	0.5	0.5	0.5	0.6
2016	1,367.0	0.0	0.1	0.1	0.2	0.2	0.2	0.3	0.5
2017	1,472.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
2018	1,456.0	0.0	0.0	0.1	0.1	0.1	0.2
2019	1,389.0	0.0	0.0	0.0	0.0	0.1
2020	1,393.0	0.0	0.0	0.0	0.1
2021	1,448.0	0.0	0.0	0.0
2022	1,422.0	0.0	0.0
2023	1,351.0	0.0
Marginal average		0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Cumulative average		0.0	0.1	0.1	0.2	0.3	0.4	0.5	0.6	0.7	0.7	0.8	0.8	0.9	0.9	0.9
Standard deviation		0.0	0.1	0.2	0.4	0.5	0.6	0.6	0.7	0.7	0.7	0.7	0.7	0.6	0.5	0.4
Median		0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6
Minimum		0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Maximum		0.1	0.3	1.1	2.0	2.1	2.3	2.3	2.4	2.4	2.4	2.4	2.5	2.1	2.1	1.8
Rating: BB
1986	55.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8	1.8	1.8	1.8	1.8	1.8
1987	54.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	55.0	0.0	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
1989	54.0	3.7	3.7	3.7	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6	5.6
1990	53.0	0.0	0.0	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
1991	65.0	0.0	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
1992	66.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.0	3.0	3.0
1993	56.0	0.0	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
1994	62.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	62.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	48.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	43.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	37.0	0.0	0.0	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
1999	42.0	0.0	0.0	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
2000	46.0	0.0	0.0	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2
2001	49.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	4.1	4.1	4.1	4.1	4.1
2002	54.0	1.9	1.9	1.9	1.9	1.9	1.9	3.7	3.7	5.6	5.6	5.6	5.6	5.6	5.6	5.6
2003	62.0	0.0	0.0	0.0	0.0	0.0	3.2	3.2	4.8	6.5	6.5	6.5	6.5	6.5	6.5	6.5
2004	81.0	0.0	0.0	0.0	0.0	2.5	2.5	2.5	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
2005	81.0	0.0	0.0	0.0	1.2	1.2	1.2	2.5	2.5	2.5	2.5	2.5	3.7	3.7	3.7	3.7
2006	95.0	0.0	0.0	1.1	1.1	1.1	2.1	2.1	2.1	2.1	3.2	4.2	4.2	4.2	4.2	4.2
2007	103.0	0.0	1.0	1.0	1.0	1.9	2.9	2.9	2.9	3.9	4.9	4.9	4.9	4.9	4.9	5.8
2008	117.0	0.0	0.0	0.0	0.9	2.6	3.4	3.4	4.3	5.1	5.1	5.1	5.1	5.1	6.0	6.0
2009	116.0	0.0	0.0	0.9	2.6	3.4	4.3	5.2	6.0	6.0	6.0	6.0	6.0	6.9	6.9	7.8
2010	129.0	0.8	2.3	3.9	9.3	10.9	11.6	12.4	12.4	12.4	12.4	12.4	13.2	13.2	14.0
2011	132.0	0.0	1.5	8.3	9.8	10.6	11.4	11.4	11.4	11.4	11.4	12.1	12.1	12.9
2012	145.0	0.0	5.5	7.6	8.3	9.0	9.0	9.0	9.0	9.0	9.7	9.7	10.3
2013	146.0	0.0	0.7	1.4	1.4	1.4	1.4	2.1	2.1	2.1	2.1	2.7
2014	216.0	1.4	1.4	1.4	1.9	1.9	2.3	2.3	2.3	2.3	3.2
2015	270.0	1.5	4.8	8.1	8.1	8.1	8.1	8.1	8.1	8.5
2016	238.0	0.0	0.0	0.0	0.0	0.0	0.4	0.4	0.8
2017	286.0	0.7	0.7	1.4	1.4	1.7	1.7	2.4
2018	279.0	0.0	0.7	0.7	1.1	1.1	1.8
2019	281.0	0.4	0.7	1.1	1.1	1.1
2020	294.0	0.0	0.3	0.3	0.7
2021	330.0	0.0	0.0	0.6
2022	336.0	0.0	0.6
2023	338.0	0.0
Marginal average		0.3	0.7	0.8	0.5	0.3	0.4	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.1	0.1
Cumulative average		0.3	1.0	1.8	2.3	2.6	2.9	3.1	3.3	3.5	3.8	4.0	4.1	4.3	4.5	4.6
Standard deviation		0.7	1.4	2.2	2.7	3.0	3.1	3.2	3.3	3.4	3.3	3.4	3.6	3.4	3.1	2.3
Median		0.0	0.0	1.1	1.4	1.8	1.9	2.2	2.2	2.2	2.4	2.6	2.7	2.9	2.7	2.5
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum		3.7	5.5	8.3	9.8	10.9	11.6	12.4	12.4	12.4	12.4	12.4	13.2	13.2	14.0	7.8
Rating: B
1986	16.0	0.0	0.0	0.0	0.0	0.0	0.0	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
1987	20.0	0.0	0.0	0.0	0.0	0.0	5.0	5.0	5.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
1988	17.0	0.0	0.0	0.0	0.0	5.9	5.9	5.9	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
1989	17.0	0.0	0.0	5.9	5.9	5.9	5.9	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8	11.8
1990	13.0	0.0	7.7	7.7	7.7	7.7	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4	15.4
1991	15.0	0.0	6.7	6.7	6.7	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
1992	14.0	0.0	0.0	0.0	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
1993	22.0	0.0	4.5	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1	9.1
1994	19.0	10.5	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8
1995	16.0	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
1996	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	15.0	0.0	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
1999	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	10.0	20.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
2001	14.0	0.0	0.0	0.0	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	14.3	14.3	14.3
2002	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	8.3	8.3	16.7	16.7	16.7	16.7
2003	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.6	5.6	11.1	11.1	11.1	11.1	11.1
2004	27.0	0.0	0.0	0.0	0.0	0.0	0.0	7.4	11.1	11.1	14.8	14.8	14.8	14.8	14.8	14.8
2005	21.0	0.0	0.0	0.0	4.8	4.8	14.3	19.0	19.0	23.8	23.8	23.8	23.8	23.8	23.8	23.8
2006	37.0	0.0	0.0	2.7	2.7	8.1	10.8	10.8	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5
2007	30.0	0.0	0.0	0.0	6.7	10.0	10.0	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3	13.3
2008	29.0	3.4	3.4	3.4	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9	6.9
2009	30.0	0.0	0.0	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
2010	20.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	26.0	0.0	3.8	3.8	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7	7.7
2012	30.0	0.0	3.3	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
2013	45.0	13.3	17.8	17.8	20.0	20.0	20.0	20.0	20.0	22.2	22.2	22.2
2014	39.0	2.6	7.7	10.3	10.3	10.3	10.3	10.3	12.8	12.8	12.8
2015	42.0	2.4	4.8	14.3	14.3	16.7	16.7	19.0	19.0	19.0
2016	40.0	0.0	2.5	2.5	5.0	5.0	7.5	7.5	7.5
2017	55.0	0.0	0.0	3.6	3.6	5.5	5.5	5.5
2018	53.0	0.0	1.9	1.9	3.8	3.8	3.8
2019	53.0	3.8	3.8	5.7	5.7	9.4
2020	41.0	0.0	2.4	2.4	7.3
2021	47.0	0.0	0.0	4.3
2022	35.0	0.0	5.7
2023	34.0	5.9
Marginal average		1.8	1.9	1.6	1.4	1.1	0.8	1.0	0.6	0.7	0.4	0.2	0.2	0.2	0.0	0.0
Cumulative average		1.8	3.6	5.2	6.5	7.6	8.3	9.3	9.8	10.4	10.8	10.9	11.1	11.3	11.3	11.3
Standard deviation		4.3	6.2	6.4	6.3	6.6	6.8	7.0	7.1	7.4	7.1	7.2	7.0	7.2	7.3	7.1
Median		0.0	0.0	3.0	5.9	6.5	6.7	7.1	7.5	8.4	8.3	8.7	9.1	10.6	11.1	11.4
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Maximum		20.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
Rating: CCC/C
1986	4.0	0.0	0.0	0.0	25.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
1987	7.0	28.6	28.6	42.9	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1	57.1
1988	8.0	0.0	12.5	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
1989	10.0	10.0	20.0	20.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
1990	9.0	33.3	33.3	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6	55.6
1991	11.0	9.1	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3	27.3
1992	15.0	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3
1993	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	40.0	40.0	40.0	40.0
1994	7.0	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3	42.9	42.9	42.9	42.9	42.9
1995	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	33.3	33.3	33.3	33.3	33.3	33.3
1996	4.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
1997	7.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	28.6	28.6	28.6	28.6	28.6	28.6	28.6	28.6
1998	6.0	0.0	0.0	0.0	0.0	0.0	0.0	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3	33.3
1999	9.0	11.1	22.2	22.2	22.2	22.2	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4	44.4
2000	10.0	10.0	10.0	10.0	10.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
2001	6.0	33.3	33.3	33.3	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7
2002	10.0	0.0	0.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0	30.0
2003	5.0	0.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0	60.0
2004	6.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
2005	4.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
2006	5.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
2007	4.0	0.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
2008	8.0	12.5	12.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5	37.5
2009	7.0	0.0	28.6	28.6	28.6	42.9	42.9	42.9	42.9	42.9	42.9	42.9	42.9	42.9	42.9	42.9
2010	10.0	20.0	30.0	30.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
2011	16.0	18.8	18.8	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
2012	22.0	31.8	36.4	36.4	36.4	36.4	36.4	36.4	36.4	36.4	36.4	36.4	36.4
2013	31.0	25.8	29.0	32.3	32.3	32.3	32.3	32.3	32.3	32.3	32.3	32.3
2014	21.0	19.0	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
2015	18.0	16.7	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8
2016	53.0	26.4	54.7	54.7	54.7	54.7	54.7	54.7	54.7
2017	31.0	51.6	51.6	51.6	51.6	51.6	51.6	51.6
2018	24.0	0.0	4.2	4.2	4.2	8.3	8.3
2019	14.0	7.1	7.1	7.1	14.3	14.3
2020	7.0	14.3	14.3	28.6	28.6
2021	8.0	25.0	37.5	37.5
2022	11.0	18.2	18.2
2023	9.0	22.2
Marginal average		19.6	9.6	3.9	2.7	1.8	0.8	0.8	0.9	1.0	1.1	1.2	1.4	0.0	0.0	0.0
Cumulative average		19.6	27.4	30.2	32.1	33.3	33.8	34.4	35.0	35.6	36.3	37.1	38.0	38.0	38.0	38.0
Standard deviation		14.2	16.4	17.2	18.6	18.9	19.0	18.0	16.9	15.8	14.6	14.1	12.2	12.5	12.4	12.7
Median		14.3	22.2	26.1	27.3	28.9	30.0	32.8	32.3	32.8	33.3	34.8	37.5	38.8	40.0	38.8
Minimum		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	20.0	20.0	20.0	20.0
Maximum		51.6	60.0	60.0	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7	66.7
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 35

USPF one-year static pool default rates by modifier*
Year	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C
1986	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	n/a	0.00	n/a	0.00
1987	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.08	0.00	0.00	0.00	0.00	0.00	n/a	28.57
1988	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	n/a	0.00
1989	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	0.00	25.00	0.00	0.00	0.00	10.00
1990	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.33
1991	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09
1992	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.33
1993	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1994	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.29	0.00	14.29
1995	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.11	0.00	0.00
1996	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1997	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1998	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1999	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.11
2000	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00	20.00	0.00	10.00
2001	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.33
2002	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.00	0.00	0.00	0.00	0.00	0.00	0.00
2003	0.00	0.00	0.00	0.00	0.00	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2004	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00
2005	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00
2006	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00
2007	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2008	0.00	0.00	0.07	0.00	0.00	0.04	0.00	0.00	0.00	0.24	0.00	0.00	0.00	0.00	6.67	0.00	12.50
2009	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2010	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.89	0.00	0.00	0.00	0.00	20.00
2011	0.00	0.00	0.00	0.00	0.00	0.00	0.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.75
2012	0.00	0.00	0.00	0.00	0.00	0.03	0.14	0.15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	31.82
2013	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.25	0.00	0.00	0.00	0.00	16.22	0.00	25.81
2014	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.38	7.69	0.00	0.00	19.05
2015	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.27	0.00	0.00	7.69	0.00	0.00	7.14	16.67
2016	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.42
2017	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.88	0.00	0.00	0.00	51.61
2018	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.93	0.00	0.00	5.26	6.67	7.14
2020	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.29
2021	0.00	0.00	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00
2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.18
2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.69	25.00	22.22
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 36

USPF housing static pool default rates (1986 - 2023) (%)
		--Time horizon (years)--
Rating	Number of issuers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
1986	2,593	0.00	0.04	0.08	0.08	0.08	0.15	0.19	0.27	0.31	0.31	0.31	0.31	0.31	0.31	0.31
1987	2,706	0.04	0.07	0.07	0.07	0.52	0.55	0.63	0.67	0.67	0.67	0.67	0.67	0.70	0.70	0.70
1988	2,829	0.04	0.04	0.04	0.46	0.49	0.57	0.60	0.60	0.60	0.60	0.60	0.64	0.64	0.64	0.64
1989	2,988	0.00	0.00	0.40	0.44	0.50	0.54	0.54	0.54	0.54	0.54	0.57	0.57	0.57	0.57	0.57
1990	2,765	0.00	0.58	0.61	0.69	0.72	0.72	0.72	0.72	0.72	0.76	0.76	0.76	0.76	0.76	0.76
1991	2,850	0.63	0.67	0.74	0.77	0.81	0.81	0.81	0.81	0.84	0.84	0.84	0.84	0.84	0.84	0.84
1992	2,785	0.04	0.11	0.14	0.18	0.18	0.18	0.18	0.22	0.22	0.22	0.22	0.22	0.22	0.22	0.22
1993	2,775	0.07	0.11	0.14	0.18	0.18	0.18	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25
1994	2,610	0.04	0.08	0.11	0.11	0.11	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
1995	2,648	0.04	0.08	0.08	0.08	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
1996	2,417	0.04	0.04	0.12	0.21	0.21	0.25	0.41	0.41	0.41	0.41	0.41	0.41	0.41	0.41	0.41
1997	2,556	0.00	0.16	0.23	0.23	0.27	0.51	0.55	0.55	0.59	0.63	0.63	0.63	0.63	0.63	0.63
1998	2,688	0.07	0.15	0.15	0.19	0.41	0.52	0.60	0.63	0.71	0.74	0.74	0.74	0.74	0.74	0.74
1999	2,797	0.07	0.07	0.11	0.32	0.43	0.50	0.54	0.61	0.68	0.68	0.68	0.68	0.68	0.68	0.68
2000	3,013	0.00	0.03	0.23	0.37	0.43	0.56	0.63	0.70	0.70	0.73	0.73	0.73	0.73	0.73	0.73
2001	3,300	0.03	0.21	0.36	0.42	0.55	0.61	0.67	0.67	0.70	0.70	0.70	0.70	0.70	0.70	0.70
2002	3,567	0.17	0.31	0.42	0.53	0.59	0.64	0.64	0.67	0.67	0.67	0.67	0.67	0.67	0.67	0.67
2003	3,792	0.13	0.24	0.40	0.47	0.53	0.55	0.63	0.63	0.66	0.66	0.66	0.66	0.66	0.66	0.66
2004	3,820	0.10	0.26	0.34	0.39	0.42	0.50	0.50	0.52	0.52	0.52	0.52	0.52	0.52	0.52	0.52
2005	3,708	0.16	0.24	0.32	0.35	0.43	0.43	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46	0.46
2006	3,553	0.08	0.17	0.20	0.28	0.28	0.31	0.31	0.31	0.31	0.34	0.34	0.34	0.34	0.34	0.34
2007	3,443	0.09	0.12	0.20	0.20	0.23	0.23	0.23	0.23	0.32	0.32	0.32	0.32	0.32	0.32	0.32
2008	3,387	0.03	0.12	0.12	0.15	0.15	0.15	0.15	0.24	0.24	0.24	0.24	0.24	0.24	0.24	0.24
2009	3,445	0.09	0.09	0.12	0.12	0.12	0.12	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.20
2010	3,301	0.00	0.03	0.03	0.03	0.03	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12
2011	2,899	0.03	0.03	0.03	0.03	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
2012	2,783	0.00	0.04	0.04	0.14	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18
2013	2,624	0.04	0.04	0.15	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
2014	2,469	0.00	0.12	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
2015	2,371	0.13	0.17	0.17	0.17	0.17	0.21	0.21	0.21	0.21
2016	2,326	0.04	0.13	0.13	0.13	0.26	0.26	0.26	0.26
2017	2,230	0.09	0.09	0.18	0.31	0.40	0.40	0.40
2018	2,241	0.00	0.18	0.58	0.67	0.67	0.67
2019	2,224	0.31	0.85	1.08	1.08	1.08
2020	2,213	0.54	0.77	0.77	0.77
2021	2,229	0.22	0.22	0.22
2022	2,230	0.00	0.00
2023	2,241	0.00
Marginal average		0.09	0.09	0.07	0.06	0.05	0.04	0.03	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.09	0.17	0.25	0.30	0.36	0.40	0.42	0.44	0.45	0.46	0.46	0.46	0.46	0.46	0.46
Standard deviation		0.14	0.21	0.24	0.24	0.24	0.21	0.21	0.22	0.23	0.24	0.24	0.24	0.23	0.23	0.22
Median		0.04	0.12	0.17	0.21	0.28	0.31	0.36	0.31	0.37	0.41	0.44	0.46	0.49	0.52	0.55
Minimum		0.00	0.00	0.03	0.03	0.03	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.15
Maximum		0.63	0.85	1.08	1.08	1.08	0.81	0.81	0.81	0.84	0.84	0.84	0.84	0.84	0.84	0.84
Source: S&P Global Ratings Credit Research & Insights.

Table 37

USPF housing static pool default rates by category (1986 - 2023) (%)
		--Time horizon (years)--
	Number of issuers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Rating: AAA
1986	866	0.00	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12
1987	888	0.11	0.11	0.11	0.11	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24
1988	910	0.00	0.00	0.00	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10	1.10
1989	1,005	0.00	0.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00
1990	967	0.00	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45
1991	1,046	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1992	1,122	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1993	1,184	0.00	0.00	0.00	0.00	0.00	0.00	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
1994	1,079	0.00	0.00	0.00	0.00	0.00	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
1995	1,220	0.00	0.00	0.00	0.00	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
1996	1,254	0.00	0.00	0.00	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
1997	1,460	0.00	0.00	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
1998	1,740	0.00	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
1999	1,847	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2000	2,022	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2001	2,241	0.00	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2002	2,473	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2003	2,625	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2004	2,621	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2005	2,569	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2006	2,338	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04	0.04	0.04
2007	2,289	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2008	2,245	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2009	2,225	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
2010	2,054	0.00	0.00	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2011	1,579	0.00	0.00	0.00	0.00	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
2012	222	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2013	188	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	200	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	194	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	196	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	211	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	232	0.00	0.00	0.00	0.00	0.00	0.00
2019	245	0.00	0.00	0.00	0.00	0.00
2020	276	0.00	0.00	0.00	0.00
2021	304	0.00	0.00	0.00
2022	309	0.00	0.00
2023	321	0.00
Marginal average		0.01	0.04	0.03	0.03	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.01	0.04	0.07	0.10	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14
Standard deviation		0.02	0.24	0.29	0.34	0.39	0.39	0.40	0.40	0.41	0.41	0.42	0.42	0.43	0.44	0.44
Median		0.00	0.00	0.00	0.00	0.00	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.05	0.05	0.05
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		0.11	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45
Rating: AA
1986	1,016	0.00	0.00	0.10	0.10	0.10	0.20	0.20	0.20	0.30	0.30	0.30	0.30	0.30	0.30	0.30
1987	1,057	0.00	0.09	0.09	0.09	0.19	0.19	0.19	0.28	0.28	0.28	0.28	0.28	0.28	0.28	0.28
1988	1,090	0.09	0.09	0.09	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18
1989	1,105	0.00	0.00	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
1990	1,006	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1991	934	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1992	690	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1993	661	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1994	620	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1995	627	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1996	556	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1997	545	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.18	0.18	0.18	0.18	0.18	0.18
1998	476	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.21	0.21	0.21	0.21	0.21	0.21	0.21
1999	539	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
2000	575	0.00	0.00	0.00	0.00	0.00	0.00	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
2001	617	0.00	0.00	0.00	0.00	0.00	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
2002	668	0.00	0.00	0.00	0.00	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
2003	678	0.00	0.00	0.00	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15	0.15
2004	716	0.00	0.00	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
2005	705	0.00	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
2006	830	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12
2007	822	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.12	0.12	0.12	0.12	0.12	0.12
2008	831	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.12	0.12	0.12	0.12	0.12	0.12	0.12
2009	877	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2010	899	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2011	866	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2012	2,118	0.00	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2013	1,995	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2014	1,868	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2015	1,800	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
2016	1,782	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	1,708	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	1,682	0.00	0.00	0.00	0.00	0.00	0.00
2019	1,636	0.00	0.00	0.00	0.00	0.00
2020	1,632	0.00	0.00	0.00	0.00
2021	1,640	0.00	0.00	0.00
2022	1,655	0.00	0.00
2023	1,667	0.00
Marginal average		0.01	0.01	0.01	0.01	0.01	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.01	0.01	0.03	0.03	0.04	0.05	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07	0.07
Standard deviation		0.03	0.04	0.05	0.06	0.06	0.07	0.07	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Median		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.05	0.07	0.12	0.12	0.12	0.12	0.12	0.13
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		0.12	0.14	0.14	0.18	0.19	0.20	0.20	0.28	0.30	0.30	0.30	0.30	0.30	0.30	0.30
Rating: A
1986	639	0.00	0.00	0.00	0.00	0.00	0.16	0.31	0.63	0.63	0.63	0.63	0.63	0.63	0.63	0.63
1987	659	0.00	0.00	0.00	0.00	0.15	0.30	0.61	0.61	0.61	0.61	0.61	0.61	0.76	0.76	0.76
1988	720	0.00	0.00	0.00	0.14	0.28	0.56	0.69	0.69	0.69	0.69	0.69	0.83	0.83	0.83	0.83
1989	639	0.00	0.00	0.16	0.16	0.31	0.31	0.31	0.31	0.31	0.31	0.47	0.47	0.47	0.47	0.47
1990	571	0.00	0.18	0.18	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
1991	625	0.00	0.00	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
1992	746	0.00	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
1993	728	0.00	0.00	0.00	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
1994	737	0.00	0.00	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14	0.14
1995	656	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1996	504	0.00	0.00	0.40	0.40	0.40	0.40	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79	0.79
1997	466	0.00	0.21	0.21	0.21	0.21	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86	0.86
1998	398	0.00	0.00	0.00	0.00	0.75	1.01	1.26	1.26	1.51	1.51	1.51	1.51	1.51	1.51	1.51
1999	341	0.00	0.00	0.00	0.88	1.17	1.47	1.47	1.76	1.76	1.76	1.76	1.76	1.76	1.76	1.76
2000	339	0.00	0.00	0.29	0.59	0.88	1.18	1.47	1.47	1.47	1.77	1.77	1.77	1.77	1.77	1.77
2001	357	0.00	0.28	0.56	0.84	1.12	1.40	1.40	1.40	1.68	1.68	1.68	1.68	1.68	1.68	1.68
2002	343	0.29	0.58	0.87	0.87	1.17	1.17	1.17	1.17	1.17	1.17	1.17	1.17	1.17	1.17	1.17
2003	388	0.00	0.26	0.26	0.52	0.52	0.52	0.77	0.77	1.03	1.03	1.03	1.03	1.03	1.03	1.03
2004	371	0.00	0.00	0.00	0.00	0.00	0.27	0.27	0.54	0.54	0.54	0.54	0.54	0.54	0.54	0.54
2005	326	0.00	0.00	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31	0.31
2006	278	0.00	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36	0.36
2007	236	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.85	0.85	0.85	0.85	0.85	0.85	0.85
2008	227	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.44	0.44	0.44	0.44	0.44	0.44	0.44	0.44
2009	257	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2010	245	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2011	316	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2012	295	0.00	0.00	0.00	0.00	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34
2013	303	0.00	0.00	0.00	0.33	0.33	0.33	0.33	0.33	0.33	0.33	0.33
2014	296	0.00	0.00	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34
2015	282	0.00	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
2016	260	0.38	0.77	0.77	0.77	1.54	1.54	1.54	1.54
2017	198	0.51	0.51	0.51	0.51	0.51	0.51	0.51
2018	204	0.00	0.49	2.45	2.45	2.45	2.45
2019	212	0.00	1.89	2.83	2.83	2.83
2020	156	1.28	1.28	1.28	1.28
2021	151	0.00	0.00	0.00
2022	155	0.00	0.00
2023	153	0.00
Marginal average		0.04	0.10	0.11	0.07	0.09	0.09	0.07	0.04	0.03	0.01	0.01	0.01	0.01	0.00	0.00
Cumulative average		0.04	0.14	0.25	0.32	0.41	0.49	0.56	0.60	0.63	0.63	0.64	0.65	0.66	0.66	0.66
Standard deviation		0.24	0.40	0.63	0.64	0.66	0.56	0.48	0.50	0.51	0.54	0.55	0.56	0.56	0.56	0.55
Median		0.00	0.00	0.16	0.31	0.33	0.34	0.34	0.36	0.36	0.36	0.46	0.47	0.50	0.54	0.58
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		1.28	1.89	2.83	2.83	2.83	2.45	1.54	1.76	1.76	1.77	1.77	1.77	1.77	1.77	1.77
Rating: BBB
1986	71	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1987	92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1988	82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1989	207	0.00	0.00	0.00	0.48	0.97	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45	1.45
1990	166	0.00	0.00	0.00	0.00	0.60	0.60	0.60	0.60	0.60	0.60	0.60	0.60	0.60	0.60	0.60
1991	165	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1992	156	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1993	148	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1994	134	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1995	115	0.00	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87	0.87
1996	85	0.00	0.00	0.00	0.00	0.00	1.18	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53	3.53
1997	70	0.00	1.43	1.43	1.43	2.86	7.14	7.14	7.14	8.57	8.57	8.57	8.57	8.57	8.57	8.57
1998	62	0.00	0.00	0.00	1.61	6.45	8.06	9.68	11.29	11.29	12.90	12.90	12.90	12.90	12.90	12.90
1999	60	0.00	0.00	0.00	5.00	6.67	8.33	10.00	10.00	13.33	13.33	13.33	13.33	13.33	13.33	13.33
2000	63	0.00	0.00	4.76	6.35	7.94	11.11	11.11	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29
2001	57	0.00	3.51	7.02	8.77	12.28	12.28	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79
2002	55	1.82	5.45	9.09	10.91	10.91	14.55	14.55	16.36	16.36	16.36	16.36	16.36	16.36	16.36	16.36
2003	59	0.00	3.39	5.08	6.78	10.17	10.17	11.86	11.86	11.86	11.86	11.86	11.86	11.86	11.86	11.86
2004	58	1.72	3.45	6.90	8.62	8.62	10.34	10.34	10.34	10.34	10.34	10.34	10.34	10.34	10.34	10.34
2005	54	0.00	1.85	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70
2006	50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2007	41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2008	34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2009	37	0.00	0.00	0.00	0.00	0.00	0.00	5.41	5.41	5.41	5.41	5.41	5.41	5.41	5.41	5.41
2010	49	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2011	37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2012	66	0.00	1.52	1.52	1.52	1.52	1.52	1.52	1.52	1.52	1.52	1.52	1.52
2013	65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	40	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	42	0.00	0.00	0.00	0.00	0.00	2.38	2.38	2.38	2.38
2016	46	0.00	2.17	2.17	2.17	4.35	4.35	4.35	4.35
2017	79	1.27	1.27	3.80	7.59	10.13	10.13	10.13
2018	75	0.00	4.00	10.67	13.33	13.33	13.33
2019	77	0.00	9.09	10.39	10.39	10.39
2020	86	5.81	9.30	9.30	9.30
2021	54	0.00	0.00	0.00
2022	57	0.00	0.00
2023	57	0.00
Marginal average		0.27	0.87	0.68	0.55	0.57	0.51	0.36	0.17	0.13	0.04	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.27	1.13	1.80	2.34	2.90	3.39	3.74	3.91	4.03	4.07	4.07	4.07	4.07	4.07	4.07
Standard deviation		1.02	2.39	3.43	4.05	4.48	4.87	5.02	5.36	5.64	5.81	5.86	5.91	6.00	6.05	6.10
Median		0.00	0.00	0.00	0.00	0.30	0.87	1.16	0.87	0.74	0.60	0.74	0.87	0.74	0.87	1.16
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		5.81	9.30	10.67	13.33	13.33	14.55	15.79	16.36	16.36	16.36	16.36	16.36	16.36	16.36	16.36
Rating: BB
1986	1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1987	3	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1988	19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1989	22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1990	46	0.00	2.17	2.17	4.35	4.35	4.35	4.35	4.35	4.35	6.52	6.52	6.52	6.52	6.52	6.52
1991	69	24.64	24.64	26.09	27.54	28.99	28.99	28.99	28.99	30.43	30.43	30.43	30.43	30.43	30.43	30.43
1992	47	0.00	0.00	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13	2.13
1993	28	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1994	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1995	15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1996	7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1997	8	0.00	25.00	25.00	25.00	25.00	25.00	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50
1998	4	0.00	0.00	0.00	0.00	0.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00
1999	5	0.00	0.00	20.00	20.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00
2000	10	0.00	10.00	30.00	40.00	40.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
2001	16	0.00	6.25	12.50	12.50	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75
2002	12	8.33	8.33	16.67	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2003	19	0.00	5.26	15.79	15.79	15.79	21.05	26.32	26.32	26.32	26.32	26.32	26.32	26.32	26.32	26.32
2004	33	3.03	6.06	6.06	9.09	12.12	15.15	15.15	15.15	15.15	15.15	15.15	15.15	15.15	15.15	15.15
2005	28	0.00	0.00	3.57	3.57	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71	10.71
2006	29	0.00	3.45	3.45	6.90	6.90	6.90	6.90	6.90	6.90	6.90	6.90	6.90	6.90	6.90	6.90
2007	22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2008	19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2009	18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2010	26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2011	68	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2012	41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2013	39	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	18	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	31	0.00	0.00	0.00	0.00	0.00	0.00
2019	26	0.00	0.00	0.00	0.00	0.00
2020	29	3.45	3.45	3.45	3.45
2021	41	0.00	0.00	0.00
2022	22	0.00	0.00
2023	21	0.00
Marginal average		2.12	0.88	1.14	0.85	0.76	0.53	0.28	0.00	0.15	0.15	0.00	0.00	0.00	0.00	0.00
Cumulative average		2.12	2.98	4.09	4.91	5.63	6.13	6.39	6.39	6.53	6.67	6.67	6.67	6.67	6.67	6.67
Standard deviation		4.21	5.99	8.62	10.70	12.36	13.82	14.75	14.89	15.10	15.23	15.37	15.51	15.65	15.79	15.92
Median		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.06	2.13	4.32
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		24.64	25.00	30.00	40.00	40.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
Rating: B
1987	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1988	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1989	7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1990	5	0.00	0.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00
1991	5	0.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00
1992	19	5.26	10.53	10.53	10.53	10.53	10.53	10.53	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79
1993	10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1994	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1995	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1996	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1997	1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1998	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1999	1	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2000	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2001	6	0.00	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67
2002	12	16.67	25.00	25.00	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2003	12	0.00	0.00	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67
2004	11	0.00	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18
2005	16	6.25	6.25	6.25	12.50	12.50	12.50	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75	18.75
2006	18	0.00	5.56	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11
2007	22	9.09	9.09	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64	13.64
2008	19	0.00	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26
2009	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2010	17	0.00	0.00	0.00	0.00	0.00	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76
2011	25	0.00	0.00	0.00	0.00	8.00	8.00	8.00	8.00	8.00	8.00	8.00	8.00	8.00
2012	38	0.00	0.00	0.00	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26
2013	27	3.70	3.70	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11
2014	19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	15	0.00	0.00	0.00	0.00	0.00	0.00
2019	10	0.00	10.00	30.00	30.00	30.00
2020	18	5.56	5.56	5.56	5.56
2021	19	15.79	15.79	15.79
2022	10	0.00	0.00
2023	11	0.00
Marginal average		2.33	2.00	2.08	0.98	0.52	0.53	0.28	0.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		2.33	4.27	6.27	7.19	7.67	8.16	8.42	8.68	8.68	8.68	8.68	8.68	8.68	8.68	8.68
Standard deviation		4.14	6.93	8.82	9.42	9.49	8.66	8.92	9.08	9.13	9.17	9.21	9.37	9.55	9.75	9.94
Median		0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.63	5.26	5.26	5.26	5.26	5.26	2.63	0.00
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		16.67	25.00	30.00	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
Rating: CCC/C
1987	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1988	3	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1989	3	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1990	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
1991	6	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67
1992	5	0.00	0.00	0.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00
1993	16	12.50	18.75	25.00	25.00	25.00	25.00	31.25	31.25	31.25	31.25	31.25	31.25	31.25	31.25	31.25
1994	14	7.14	14.29	14.29	14.29	14.29	21.43	21.43	21.43	21.43	21.43	21.43	21.43	21.43	21.43	21.43
1995	11	9.09	9.09	9.09	9.09	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18
1996	7	14.29	14.29	14.29	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57
1997	6	0.00	0.00	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67	16.67
1998	6	33.33	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
1999	4	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00
2000	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2001	6	16.67	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2002	4	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00
2003	11	36.36	36.36	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45	45.45
2004	10	20.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00
2005	10	50.00	60.00	60.00	60.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00
2006	10	20.00	20.00	20.00	40.00	40.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
2007	11	0.00	9.09	27.27	27.27	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36
2008	12	8.33	25.00	25.00	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2009	11	27.27	27.27	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36
2010	11	0.00	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09	9.09
2011	8	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50	12.50
2012	3	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2013	7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	11	0.00	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18
2015	6	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2016	3	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	2	0.00	0.00	0.00	0.00	0.00	0.00
2019	18	38.89	38.89	38.89	38.89	38.89
2020	16	18.75	31.25	31.25	31.25
2021	20	10.00	10.00	10.00
2022	22	0.00	0.00
2023	11	0.00
Marginal average		13.69	5.77	2.69	2.51	1.64	1.18	0.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		13.69	18.67	20.86	22.85	24.11	25.01	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47	25.47
Standard deviation		13.90	16.36	16.78	17.22	18.23	18.62	18.61	18.48	18.31	18.54	18.87	18.67	18.40	18.61	18.70
Median		8.33	13.39	16.67	19.09	18.18	19.09	20.00	20.71	21.43	20.71	21.43	23.21	25.00	25.00	25.00
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Maximum		50.00	60.00	60.00	60.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00	70.00
N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 38

USPF housing one-year static pool default rates by modifier
Year	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C
1986	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	N/A	N/A	N/A	N/A
1987	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	N/A	0.00	N/A	0.00
1988	0.00	0.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	N/A	0.00	N/A	0.00
1989	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	N/A	0.00	N/A	0.00
1990	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00
1991	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	27.87	0.00	0.00	0.00	N/A	16.67
1992	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.56	N/A	0.00
1993	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	12.50
1994	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	7.14
1995	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	9.09
1996	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	N/A	0.00	N/A	14.29
1997	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	0.00	N/A	0.00	N/A	0.00
1998	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	0.00	N/A	0.00	N/A	33.33
1999	0.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	0.00	N/A	0.00	N/A	25.00
2000	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	0.00
2001	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	N/A	16.67
2002	0.00	0.00	0.00	0.00	0.00	0.00	3.13	0.00	3.23	0.00	0.00	12.50	N/A	N/A	20.00	0.00	25.00
2003	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	N/A	0.00	0.00	36.36
2004	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.88	0.00	0.00	100.00	N/A	0.00	0.00	20.00
2005	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	0.00	50.00
2006	0.00	0.00	0.00	0.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00
2007	0.00	0.00	0.00	0.00	0.00	0.00	9.09	0.00	0.00	0.00	0.00	0.00	N/A	N/A	10.53	0.00	0.00
2008	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	0.00	0.00	8.33
2009	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	0.00	0.00	0.00	27.27
2010	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	N/A	N/A	0.00	0.00	0.00
2011	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.50
2012	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2013	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.88	0.00	0.00
2014	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.33
2016	0.00	0.00	0.00	0.00	0.00	0.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	0.00	0.00	0.00	0.00	0.00	0.00	1.89	0.00	2.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	38.89
2020	0.00	0.00	0.00	0.00	0.00	0.00	5.88	5.71	0.00	21.43	0.00	12.50	0.00	12.50	0.00	0.00	18.75
2021	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.00	0.00	11.11	10.00
2022	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2023	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Recent statistics

Table 39

Most recent one-, three-, and 10-year default rates by modifier (%)*
Rating	One year (2023 pool)	Three years (2021 pool)	10 years (2013 pool)
AAA	0.00	0.00	0.00
AA+	0.00	0.00	0.00
AA	0.00	0.00	0.00
AA-	0.00	0.00	0.06
A+	0.00	0.00	0.04
A	0.00	0.06	0.06
A-	0.00	0.00	0.00
BBB+	0.00	0.00	1.38
BBB	0.00	0.00	0.88
BBB-	0.00	0.00	4.60
BB+	0.00	0.00	1.56
BB	0.00	1.57	1.79
BB-	0.00	0.00	12.50
B+	0.00	6.67	7.69
B	7.69	4.76	21.05
B-	25.00	0.00	0.00
CCC/C	22.22	37.50	23.81
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 40

USPF most recent rating transition rates by modifier (%)*
Rating	Number of issuers	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
One year (2023 - 2023)
AAA	1,103	97.73	0.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.90
AA+	2,283	1.10	95.18	0.35	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.33
AA	2,977	0.00	4.94	90.70	0.30	0.03	0.00	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.00
AA-	3,925	0.00	0.08	2.57	92.46	0.54	0.18	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.15
A+	4,848	0.00	0.04	0.21	2.21	92.53	1.05	0.06	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.88
A	3,174	0.00	0.00	0.09	0.44	3.43	90.99	0.95	0.25	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.81
A-	1,311	0.00	0.00	0.00	0.00	1.30	9.84	83.30	1.30	0.23	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.97
BBB+	639	0.00	0.00	0.00	0.31	2.50	4.38	27.86	56.03	2.50	0.63	0.00	0.16	0.00	0.00	0.00	0.00	0.00	0.00	5.63
BBB	399	0.00	0.00	0.00	0.00	0.50	3.26	5.01	8.02	73.68	2.76	0.50	0.25	0.00	0.00	0.00	0.00	0.00	0.00	6.02
BBB-	313	0.00	0.00	0.00	0.00	0.64	0.96	0.64	2.24	7.35	83.39	1.60	0.32	0.00	0.00	0.00	0.00	0.00	0.00	2.88
BB+	168	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.79	10.71	77.98	5.36	0.60	0.00	0.00	0.60	0.00	0.00	2.98
BB	129	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.78	4.65	82.95	5.43	1.55	0.00	0.00	0.78	0.00	3.88
BB-	41	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.88	75.61	0.00	4.88	4.88	2.44	0.00	7.32
B+	17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	76.47	5.88	0.00	0.00	0.00	17.65
B	13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.69	7.69	0.00	7.69	46.15	0.00	7.69	7.69	15.38
B-	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00	50.00	0.00	25.00	0.00
CCC/C	9	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	55.56	22.22	22.22
Three years (2021 - 2023)
AAA	1,075	92.65	1.12	0.09	0.00	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.05
AA+	2,252	2.44	83.44	0.98	0.09	0.04	0.00	0.00	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.92
AA	3,016	0.03	7.23	77.55	1.39	0.17	0.00	0.00	0.03	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.56
AA-	4,040	0.00	0.30	5.59	77.13	2.03	0.77	0.05	0.00	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.08
A+	4,912	0.00	0.06	0.51	5.29	78.32	2.16	0.26	0.10	0.08	0.04	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.13
A	3,237	0.00	0.03	0.12	0.83	8.34	72.41	2.29	0.43	0.06	0.00	0.00	0.06	0.00	0.00	0.00	0.00	0.00	0.06	15.35
A-	1,338	0.00	0.00	0.07	0.15	2.32	15.84	61.58	2.84	1.57	0.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.40
BBB+	573	0.00	0.00	0.00	1.57	4.36	8.55	15.01	45.90	2.79	1.75	0.35	0.52	0.17	0.00	0.00	0.00	0.00	0.00	19.02
BBB	578	0.00	0.00	0.00	0.17	1.38	4.50	25.61	8.48	37.72	4.67	1.38	0.35	0.00	0.00	0.00	0.17	0.00	0.00	15.57
BBB-	297	0.00	0.00	0.00	0.00	1.68	2.69	3.37	4.04	8.75	58.59	3.70	1.68	1.01	0.00	0.00	0.34	0.67	0.00	13.47
BB+	159	0.00	0.00	0.00	0.00	0.63	0.00	0.00	3.14	11.95	13.84	49.06	6.92	1.89	0.63	0.63	0.00	0.63	0.00	10.69
BB	127	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.51	11.02	57.48	4.72	0.79	0.79	1.57	0.79	1.57	15.75
BB-	44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.36	6.82	15.91	45.45	2.27	6.82	0.00	0.00	0.00	11.36
B+	15	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.67	60.00	0.00	0.00	6.67	6.67	20.00
B	21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.76	14.29	4.76	19.05	19.05	4.76	0.00	4.76	28.57
B-	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	0.00	0.00	0.00	0.00	9.09	0.00	9.09	0.00	72.73
CCC/C	8	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00	37.50	37.50
10 years (2014 - 2023)
AAA	766	77.28	4.44	1.04	0.26	0.13	0.52	0.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.19
AA+	1,493	13.40	40.86	5.16	1.14	0.33	0.13	0.00	0.07	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	38.85
AA	2,757	2.83	17.74	35.47	5.91	1.60	0.33	0.11	0.04	0.00	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.04	0.00	35.91
AA-	3,558	0.17	4.30	16.55	33.50	5.85	1.49	0.31	0.25	0.03	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.06	37.46
A+	4,775	0.06	0.80	3.58	13.97	36.15	6.20	2.51	0.44	0.27	0.15	0.08	0.00	0.02	0.00	0.00	0.00	0.00	0.04	35.73
A	3,440	0.06	0.35	1.40	5.38	16.16	24.10	4.07	1.28	0.67	0.35	0.20	0.12	0.06	0.03	0.03	0.00	0.00	0.06	45.70
A-	1,583	0.13	0.19	1.01	3.41	8.40	15.92	14.40	3.47	1.83	1.07	0.25	0.06	0.06	0.06	0.00	0.00	0.00	0.00	49.72
BBB+	581	0.00	0.17	0.86	1.72	7.23	11.88	11.88	10.33	2.75	1.72	0.52	0.52	0.00	0.00	0.17	0.17	0.00	1.38	48.71
BBB	452	0.00	0.00	0.44	2.21	6.42	9.07	7.52	7.74	9.96	5.53	1.55	2.21	0.44	0.00	0.00	0.22	0.44	0.88	45.35
BBB-	413	0.00	0.00	0.73	0.24	0.97	4.12	3.63	4.12	6.30	13.80	5.08	3.39	1.69	1.21	0.24	0.00	0.73	4.60	49.15
BB+	128	0.00	0.00	0.00	1.56	3.13	0.78	2.34	0.78	3.13	4.69	10.16	7.03	2.34	0.00	0.00	0.00	1.56	1.56	60.94
BB	56	0.00	0.00	0.00	1.79	0.00	0.00	0.00	0.00	3.57	1.79	14.29	12.50	5.36	1.79	0.00	0.00	0.00	1.79	57.14
BB-	32	0.00	0.00	0.00	6.25	6.25	9.38	0.00	0.00	3.13	3.13	6.25	0.00	3.13	6.25	3.13	0.00	0.00	12.50	40.63
B+	13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.69	92.31
B	19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.26	5.26	5.26	0.00	0.00	0.00	0.00	21.05	63.16
B-	7	0.00	0.00	0.00	0.00	14.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	85.71
CCC/C	21	0.00	0.00	0.00	4.76	0.00	0.00	4.76	0.00	0.00	0.00	4.76	0.00	0.00	0.00	0.00	0.00	0.00	23.81	61.90
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 41

Most recent one-, three-, and 10-year USPF housing default rates by modifier (%)
Rating	One year (2023 pool)	Three years (2021 pool)	10 years (2013 pool)
AAA	0.00	0.00	0.00
AA+	0.00	0.00	0.08
AA	0.00	0.00	0.00
AA-	0.00	0.00	0.00
A+	0.00	0.00	0.00
A	0.00	0.00	1.20
A-	0.00	0.00	0.00
BBB+	0.00	0.00	0.00
BBB	0.00	0.00	0.00
BBB-	0.00	0.00	0.00
BB+	0.00	0.00	0.00
BB	0.00	0.00	0.00
BB-	0.00	0.00	0.00
B+	0.00	40.00	0.00
B	0.00	0.00	0.00
B-	0.00	11.11	0.00
CCC/C	0.00	10.00	18.18
Source: S&P Global Ratings Credit Research & Insights.

Table 42

USPF housing most recent rating transition rates by modifier (%)
Rating	Number of issuers	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
One year (2023 - 2023)
AAA	321	95.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.05
AA+	1,352	2.37	93.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.92
AA	152	0.00	32.89	50.66	1.32	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.13
AA-	163	0.00	0.00	6.75	71.17	1.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.86
A+	90	0.00	0.00	0.00	12.22	85.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.22
A	38	0.00	0.00	0.00	2.63	26.32	71.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
A-	25	0.00	0.00	0.00	0.00	0.00	12.00	84.00	4.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BBB+	30	0.00	0.00	0.00	0.00	0.00	6.67	3.33	83.33	6.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BBB	22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.55	90.91	4.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BBB-	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BB+	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.18	36.36	27.27	0.00	0.00	0.00	0.00	0.00	0.00	18.18
BB	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00	25.00	25.00	0.00	0.00	0.00	0.00	0.00	0.00
BB-	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.67	33.33	16.67	0.00	0.00	16.67	0.00	16.67
B+	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00	0.00
B	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00	50.00	0.00	0.00	0.00
B-	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	75.00	0.00	0.00	25.00
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	90.91	0.00	0.00
Three-year (2021 - 2023)
AAA	304	82.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	17.76
AA+	1,268	1.81	78.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.95
AA	202	0.00	41.09	31.68	3.96	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	23.27
AA-	170	0.00	0.59	8.24	54.12	1.18	1.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	34.71
A+	82	0.00	0.00	0.00	15.85	60.98	6.10	4.88	1.22	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.98
A	39	0.00	0.00	0.00	10.26	28.21	35.90	2.56	0.00	2.56	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.51
A-	30	0.00	0.00	0.00	0.00	13.33	20.00	30.00	3.33	16.67	3.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.33
BBB+	33	0.00	0.00	0.00	0.00	0.00	9.09	6.06	60.61	6.06	3.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.15
BBB	19	0.00	0.00	0.00	0.00	0.00	0.00	15.79	0.00	42.11	10.53	5.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	26.32
BBB-	2	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00
BB+	16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.50	18.75	18.75	0.00	0.00	0.00	6.25	6.25	0.00	37.50
BB	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.09	9.09	18.18	27.27	0.00	0.00	18.18	0.00	18.18
BB-	14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	7.14	21.43	0.00	0.00	7.14	0.00	57.14
B+	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.00	60.00
B	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	0.00	0.00	0.00	80.00
B-	9	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.11	0.00	0.00	0.00	0.00	33.33	22.22	11.11	22.22
CCC/C	20	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.00	25.00	10.00	60.00
10 years (2014 - 2023)
AAA	200	30.50	1.50	0.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	67.50
AA+	1,332	0.90	36.56	0.00	0.00	0.00	0.00	0.00	0.23	0.00	0.00	0.00	0.15	0.00	0.00	0.00	0.00	0.00	0.08	62.09
AA	352	0.00	16.48	11.08	7.67	0.28	2.27	1.14	0.00	0.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	60.23
AA-	184	0.00	3.26	6.52	9.78	3.80	1.09	0.54	2.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	72.83
A+	129	0.00	0.78	2.33	10.08	10.85	2.33	0.00	0.78	2.33	0.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.77
A	83	0.00	0.00	1.20	6.02	10.84	4.82	0.00	6.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.20	69.88
A-	84	0.00	0.00	0.00	1.19	1.19	3.57	0.00	1.19	2.38	1.19	1.19	0.00	1.19	2.38	0.00	1.19	0.00	0.00	83.33
BBB+	7	0.00	0.00	0.00	0.00	14.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	85.71
BBB	18	0.00	0.00	0.00	0.00	5.56	5.56	16.67	11.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	61.11
BBB-	15	0.00	0.00	6.67	0.00	0.00	0.00	20.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	73.33
BB+	13	0.00	0.00	0.00	0.00	7.69	0.00	7.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	84.62
BB	16	0.00	0.00	0.00	0.00	12.50	0.00	0.00	0.00	0.00	6.25	0.00	0.00	0.00	6.25	0.00	0.00	6.25	0.00	68.75
BB-	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	100.00
B+	2	0.00	0.00	0.00	0.00	0.00	50.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00
B	12	0.00	0.00	0.00	0.00	0.00	8.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	91.67
B-	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	0.00	80.00
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.18	81.82
Source: S&P Global Ratings Credit Research & Insights.

Table 43

USPF static pool one-year transition matrices by category*
From/to	Number of issuers	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
Static pool: 1/1/1986
AAA	52	90.38	7.69	0.00	0.00	0.00	0.00	0.00	0.00	1.92
AA	958	0.21	93.11	0.94	0.10	0.00	0.00	0.00	0.00	5.64
A	2,953	0.00	1.56	90.01	1.02	0.07	0.00	0.03	0.00	7.31
BBB	993	0.00	0.20	1.21	89.93	0.70	0.20	0.20	0.00	7.55
BB	55	0.00	0.00	0.00	9.09	80.00	5.45	0.00	0.00	5.45
B	16	0.00	0.00	0.00	6.25	0.00	87.50	0.00	0.00	6.25
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1987
AAA	51	92.16	7.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,027	0.29	91.72	1.17	0.00	0.00	0.00	0.00	0.00	6.82
A	2,980	0.00	0.94	88.76	1.34	0.07	0.00	0.00	0.00	8.89
BBB	1,053	0.00	0.09	2.56	88.60	0.95	0.28	0.09	0.09	7.31
BB	54	0.00	0.00	0.00	9.26	74.07	0.00	1.85	0.00	14.81
B	20	0.00	0.00	0.00	20.00	0.00	70.00	5.00	0.00	5.00
CCC/C	7	0.00	0.00	0.00	0.00	0.00	0.00	71.43	28.57	0.00
Static pool: 1/1/1988
AAA	50	98.00	2.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,052	0.10	95.15	1.52	0.00	0.00	0.00	0.00	0.00	3.23
A	2,920	0.00	0.89	92.16	0.82	0.03	0.00	0.00	0.00	6.10
BBB	1,066	0.00	0.28	1.59	91.09	0.28	0.19	0.09	0.00	6.47
BB	55	0.00	0.00	0.00	9.09	80.00	1.82	1.82	0.00	7.27
B	17	0.00	0.00	0.00	0.00	5.88	82.35	5.88	0.00	5.88
CCC/C	8	0.00	0.00	0.00	0.00	0.00	0.00	87.50	0.00	12.50
Static pool: 1/1/1989
AAA	52	98.08	1.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,128	0.09	95.39	0.27	0.71	0.00	0.00	0.00	0.00	3.55
A	2,935	0.00	1.23	94.11	0.44	0.00	0.00	0.07	0.00	4.16
BBB	1,114	0.00	0.00	1.80	93.72	0.54	0.00	0.00	0.00	3.95
BB	54	0.00	0.00	0.00	3.70	83.33	1.85	0.00	3.70	7.41
B	17	0.00	0.00	5.88	0.00	5.88	70.59	0.00	0.00	17.65
CCC/C	10	0.00	0.00	0.00	0.00	0.00	0.00	70.00	10.00	20.00
Static pool: 1/1/1990
AAA	58	98.28	1.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,216	0.16	95.31	2.38	0.00	0.00	0.00	0.00	0.00	2.14
A	3,069	0.00	0.59	93.09	2.64	0.10	0.03	0.00	0.00	3.55
BBB	1,183	0.00	0.17	0.85	92.05	0.93	0.17	0.51	0.00	5.33
BB	53	0.00	0.00	0.00	0.00	84.91	7.55	0.00	0.00	7.55
B	13	0.00	0.00	0.00	15.38	7.69	61.54	7.69	0.00	7.69
CCC/C	9	0.00	0.00	0.00	0.00	11.11	0.00	44.44	33.33	11.11
Static pool: 1/1/1991
AAA	64	93.75	4.69	0.00	0.00	0.00	0.00	0.00	0.00	1.56
AA	1,328	0.00	90.96	6.17	0.00	0.00	0.00	0.00	0.00	2.86
A	3,174	0.00	0.63	93.38	1.35	0.09	0.00	0.00	0.00	4.54
BBB	1,302	0.00	0.00	1.15	93.32	0.23	0.08	0.23	0.00	4.99
BB	65	0.00	0.00	0.00	3.08	87.69	0.00	1.54	0.00	7.69
B	15	0.00	0.00	0.00	0.00	0.00	86.67	6.67	0.00	6.67
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	90.91	9.09	0.00
Static pool: 1/1/1992
AAA	62	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,373	0.15	93.59	1.60	0.00	0.00	0.00	0.00	0.00	4.66
A	3,410	0.00	0.65	90.35	1.47	0.03	0.00	0.00	0.00	7.51
BBB	1,460	0.00	0.00	0.89	92.12	0.62	0.14	0.00	0.00	6.23
BB	66	0.00	0.00	0.00	13.64	65.15	6.06	3.03	0.00	12.12
B	14	0.00	0.00	0.00	0.00	0.00	71.43	7.14	0.00	21.43
CCC/C	15	0.00	0.00	0.00	0.00	6.67	40.00	13.33	33.33	6.67
Static pool: 1/1/1993
AAA	65	98.46	1.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,467	0.07	91.21	0.75	0.00	0.00	0.00	0.00	0.00	7.98
A	3,504	0.03	0.43	88.76	0.60	0.00	0.00	0.00	0.00	10.19
BBB	1,598	0.00	0.00	2.19	86.61	0.63	0.06	0.06	0.00	10.45
BB	56	0.00	0.00	0.00	3.57	78.57	5.36	0.00	0.00	12.50
B	22	0.00	0.00	0.00	0.00	27.27	59.09	4.55	0.00	9.09
CCC/C	5	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1994
AAA	69	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,485	0.07	90.77	1.95	0.00	0.00	0.00	0.00	0.00	7.21
A	3,499	0.00	0.94	87.20	0.97	0.00	0.00	0.00	0.00	10.89
BBB	1,628	0.00	0.00	1.04	87.35	0.61	0.06	0.06	0.00	10.87
BB	62	0.00	0.00	0.00	1.61	79.03	3.23	0.00	0.00	16.13
B	19	0.00	0.00	0.00	0.00	5.26	63.16	0.00	10.53	21.05
CCC/C	7	0.00	0.00	0.00	0.00	0.00	14.29	71.43	14.29	0.00
Static pool: 1/1/1995
AAA	70	97.14	2.86	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,476	0.14	85.09	1.02	0.00	0.00	0.00	0.00	0.00	13.75
A	3,331	0.00	0.60	75.62	1.50	0.00	0.03	0.00	0.00	22.25
BBB	1,618	0.00	0.00	1.05	77.50	0.68	0.25	0.00	0.00	20.52
BB	62	0.00	0.00	0.00	17.74	56.45	0.00	0.00	0.00	25.81
B	16	0.00	0.00	0.00	6.25	12.50	62.50	0.00	6.25	12.50
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	66.67	0.00	33.33
Static pool: 1/1/1996
AAA	75	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,366	0.73	89.90	1.02	0.00	0.00	0.00	0.00	0.00	8.35
A	2,724	0.00	1.84	85.21	0.77	0.07	0.04	0.00	0.00	12.08
BBB	1,438	0.00	0.07	2.09	85.54	0.49	0.00	0.07	0.00	11.75
BB	48	0.00	0.00	0.00	14.58	64.58	2.08	2.08	0.00	16.67
B	15	0.00	0.00	0.00	0.00	6.67	60.00	13.33	0.00	20.00
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	75.00	0.00	25.00
Static pool: 1/1/1997
AAA	88	97.73	2.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,379	0.94	93.40	0.58	0.00	0.00	0.00	0.00	0.00	5.08
A	2,581	0.04	1.63	91.40	0.23	0.00	0.00	0.00	0.00	6.70
BBB	1,387	0.00	0.00	1.87	91.20	0.22	0.14	0.00	0.00	6.56
BB	43	0.00	0.00	0.00	6.98	76.74	0.00	0.00	0.00	16.28
B	14	0.00	0.00	0.00	0.00	7.14	92.86	0.00	0.00	0.00
CCC/C	7	0.00	0.00	0.00	0.00	0.00	0.00	85.71	0.00	14.29
Static pool: 1/1/1998
AAA	105	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,472	1.09	91.71	0.27	0.00	0.00	0.00	0.00	0.00	6.93
A	2,812	0.00	2.28	87.55	0.39	0.00	0.11	0.00	0.00	9.67
BBB	1,487	0.00	0.00	1.34	87.56	0.54	0.00	0.07	0.00	10.49
BB	37	0.00	0.00	2.70	5.41	67.57	2.70	2.70	0.00	18.92
B	15	0.00	0.00	0.00	6.67	20.00	53.33	6.67	0.00	13.33
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1999
AAA	127	97.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.36
AA	1,595	0.50	93.67	0.69	0.00	0.00	0.00	0.00	0.00	5.14
A	3,184	0.00	1.26	88.66	0.63	0.00	0.03	0.00	0.00	9.42
BBB	1,675	0.00	0.00	8.84	77.19	0.78	0.12	0.00	0.00	13.07
BB	42	0.00	0.00	0.00	7.14	73.81	9.52	0.00	0.00	9.52
B	12	0.00	0.00	0.00	0.00	0.00	16.67	33.33	0.00	50.00
CCC/C	9	0.00	0.00	0.00	0.00	0.00	0.00	66.67	11.11	22.22
Static pool: 1/1/2000
AAA	145	98.62	0.69	0.00	0.00	0.00	0.00	0.00	0.00	0.69
AA	1,701	1.00	96.00	0.47	0.00	0.00	0.00	0.00	0.00	2.53
A	3,548	0.03	6.45	90.28	0.34	0.00	0.00	0.00	0.00	2.90
BBB	1,569	0.00	0.25	3.12	90.69	0.45	0.19	0.06	0.00	5.23
BB	46	0.00	0.00	4.35	2.17	84.78	4.35	0.00	0.00	4.35
B	10	0.00	0.00	10.00	0.00	0.00	50.00	10.00	20.00	10.00
CCC/C	10	0.00	0.00	0.00	0.00	0.00	20.00	40.00	10.00	30.00
Static pool: 1/1/2001
AAA	169	98.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.18
AA	2,081	1.15	92.55	2.79	0.00	0.00	0.00	0.00	0.00	3.51
A	3,715	0.22	8.53	87.40	0.46	0.03	0.00	0.11	0.00	3.26
BBB	1,604	0.00	0.06	8.35	87.53	0.69	0.06	0.00	0.06	3.24
BB	49	0.00	0.00	0.00	4.08	85.71	2.04	2.04	0.00	6.12
B	14	0.00	0.00	0.00	0.00	0.00	71.43	14.29	0.00	14.29
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	50.00	33.33	16.67
Static pool: 1/1/2002
AAA	218	99.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.92
AA	2,511	0.56	93.19	1.19	0.00	0.00	0.00	0.00	0.00	5.06
A	3,997	0.00	2.20	92.49	1.03	0.00	0.00	0.00	0.00	4.28
BBB	1,613	0.00	0.00	3.10	91.01	0.93	0.19	0.00	0.00	4.77
BB	54	0.00	0.00	1.85	9.26	83.33	1.85	0.00	1.85	1.85
B	12	0.00	0.00	0.00	0.00	0.00	83.33	0.00	0.00	16.67
CCC/C	10	0.00	0.00	0.00	0.00	0.00	40.00	50.00	0.00	10.00
Static pool: 1/1/2003
AAA	241	97.10	2.07	0.00	0.00	0.00	0.00	0.00	0.00	0.83
AA	2,726	0.33	93.76	1.17	0.00	0.00	0.00	0.00	0.00	4.73
A	4,377	0.00	1.94	90.68	2.51	0.14	0.00	0.00	0.02	4.71
BBB	1,721	0.00	0.06	3.43	89.37	1.22	0.17	0.06	0.00	5.69
BB	62	0.00	0.00	0.00	8.06	79.03	11.29	0.00	0.00	1.61
B	18	0.00	0.00	0.00	0.00	11.11	88.89	0.00	0.00	0.00
CCC/C	5	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/2004
AAA	259	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	3,021	0.33	91.16	3.08	0.03	0.00	0.00	0.00	0.00	5.40
A	4,744	0.00	1.58	92.79	0.57	0.02	0.00	0.02	0.00	5.02
BBB	1,902	0.00	0.05	6.68	85.75	0.79	0.00	0.00	0.00	6.73
BB	81	0.00	0.00	1.23	12.35	75.31	2.47	0.00	0.00	8.64
B	27	0.00	0.00	0.00	3.70	3.70	66.67	0.00	0.00	25.93
CCC/C	6	0.00	0.00	0.00	0.00	0.00	16.67	33.33	50.00	0.00
Static pool: 1/1/2005
AAA	285	97.54	0.70	0.35	0.00	0.00	0.00	0.35	0.00	1.05
AA	3,110	0.42	95.18	0.84	0.00	0.00	0.00	0.00	0.00	3.57
A	5,246	0.00	3.66	92.17	0.69	0.04	0.13	0.00	0.00	3.32
BBB	1,839	0.00	0.00	3.92	89.34	0.82	0.49	0.05	0.00	5.38
BB	81	0.00	0.00	0.00	9.88	82.72	3.70	0.00	0.00	3.70
B	21	0.00	0.00	0.00	0.00	9.52	85.71	0.00	0.00	4.76
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	75.00	25.00	0.00
Static pool: 1/1/2006
AAA	301	96.01	0.33	0.00	0.00	0.00	0.00	0.00	0.00	3.65
AA	3,458	1.68	94.48	0.52	0.03	0.00	0.00	0.00	0.00	3.30
A	5,508	0.09	2.83	92.97	0.49	0.00	0.00	0.00	0.00	3.61
BBB	1,892	0.00	0.00	4.60	90.80	0.63	0.00	0.00	0.00	3.96
BB	95	0.00	0.00	0.00	7.37	82.11	3.16	1.05	0.00	6.32
B	37	0.00	0.00	0.00	0.00	18.92	70.27	2.70	0.00	8.11
CCC/C	5	0.00	0.00	0.00	0.00	0.00	0.00	40.00	20.00	40.00
Static pool: 1/1/2007
AAA	367	97.82	0.27	0.00	0.00	0.00	0.00	0.00	0.00	1.91
AA	3,731	0.70	95.66	0.40	0.00	0.00	0.00	0.00	0.00	3.24
A	5,892	0.00	2.38	94.35	0.37	0.00	0.03	0.02	0.00	2.85
BBB	1,961	0.00	0.00	3.06	91.94	0.76	0.25	0.05	0.00	3.93
BB	103	0.00	0.00	0.00	8.74	80.58	1.94	0.00	0.00	8.74
B	30	0.00	0.00	0.00	3.33	20.00	63.33	6.67	0.00	6.67
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/2008
AAA	405	99.01	0.25	0.49	0.00	0.00	0.00	0.00	0.00	0.25
AA	3,981	2.84	93.19	0.28	0.00	0.00	0.05	0.00	0.03	3.62
A	6,206	0.03	8.56	88.61	0.40	0.00	0.05	0.02	0.02	2.32
BBB	2,057	0.00	0.29	13.81	82.16	0.58	0.05	0.00	0.05	3.06
BB	117	0.00	0.00	0.00	4.27	85.47	1.71	0.85	0.00	7.69
B	29	0.00	0.00	6.90	0.00	3.45	75.86	3.45	3.45	6.90
CCC/C	8	0.00	0.00	12.50	12.50	0.00	0.00	50.00	12.50	12.50
Static pool: 1/1/2009
AAA	552	96.20	0.36	0.00	0.00	0.00	0.00	0.00	0.00	3.44
AA	4,804	1.67	92.80	1.25	0.00	0.00	0.00	0.00	0.00	4.29
A	6,578	0.00	7.94	89.34	0.61	0.05	0.00	0.00	0.00	2.07
BBB	1,844	0.00	0.65	24.67	70.50	1.63	0.00	0.00	0.00	2.55
BB	116	0.00	0.00	0.00	6.03	79.31	2.59	0.00	0.00	12.07
B	30	0.00	3.33	0.00	6.67	6.67	56.67	13.33	0.00	13.33
CCC/C	7	0.00	0.00	0.00	0.00	0.00	0.00	71.43	0.00	28.57
Static pool: 1/1/2010
AAA	659	96.05	1.37	0.15	0.00	0.00	0.00	0.00	0.00	2.43
AA	6,002	0.85	90.70	1.07	0.02	0.00	0.02	0.00	0.00	7.35
A	7,671	0.00	5.81	87.17	1.13	0.09	0.00	0.01	0.00	5.77
BBB	1,453	0.00	0.34	18.51	73.71	0.96	0.28	0.28	0.00	5.92
BB	129	0.00	0.00	0.00	8.53	79.84	0.78	2.33	0.78	7.75
B	20	0.00	0.00	0.00	5.00	0.00	80.00	5.00	0.00	10.00
CCC/C	10	0.00	0.00	0.00	0.00	0.00	0.00	70.00	20.00	10.00
Static pool: 1/1/2011
AAA	716	94.27	2.93	0.00	0.00	0.00	0.00	0.00	0.00	2.79
AA	6,842	0.37	93.03	2.82	0.01	0.00	0.00	0.00	0.00	3.77
A	8,420	0.00	2.01	94.20	1.27	0.08	0.04	0.02	0.02	2.35
BBB	1,344	0.00	0.00	5.65	88.54	1.56	0.30	0.22	0.00	3.72
BB	132	0.00	0.00	0.00	6.82	78.03	3.79	2.27	0.00	9.09
B	26	0.00	0.00	0.00	0.00	3.85	65.38	15.38	0.00	15.38
CCC/C	16	0.00	0.00	0.00	0.00	0.00	6.25	56.25	18.75	18.75
Static pool: 1/1/2012
AAA	709	96.90	1.41	0.00	0.00	0.00	0.00	0.00	0.00	1.69
AA	6,951	0.29	95.11	0.81	0.06	0.00	0.01	0.01	0.00	3.71
A	9,057	0.00	1.46	93.94	0.91	0.04	0.00	0.06	0.03	3.57
BBB	1,442	0.00	0.00	2.98	90.50	0.83	0.21	0.62	0.07	4.79
BB	145	0.00	0.00	0.00	2.76	75.17	11.03	2.76	0.00	8.28
B	30	0.00	0.00	0.00	6.67	0.00	76.67	13.33	0.00	3.33
CCC/C	22	0.00	0.00	13.64	0.00	4.55	9.09	36.36	31.82	4.55
Static pool: 1/1/2013
AAA	726	95.45	2.34	0.00	0.00	0.00	0.00	0.00	0.00	2.20
AA	7,265	0.74	95.03	0.76	0.01	0.00	0.00	0.00	0.00	3.45
A	9,611	0.01	4.30	91.28	0.66	0.16	0.00	0.00	0.00	3.60
BBB	1,532	0.00	0.46	10.12	81.79	3.00	0.20	0.13	0.07	4.24
BB	146	0.00	0.00	2.74	2.74	81.51	5.48	0.68	0.00	6.85
B	45	0.00	0.00	0.00	4.44	2.22	57.78	8.89	13.33	13.33
CCC/C	31	0.00	0.00	0.00	0.00	0.00	0.00	41.94	25.81	32.26
Static pool: 1/1/2014
AAA	766	98.04	0.52	0.00	0.00	0.00	0.00	0.00	0.00	1.44
AA	7,808	1.24	94.68	1.04	0.03	0.00	0.00	0.00	0.00	3.01
A	9,798	0.02	6.50	89.24	1.05	0.03	0.01	0.00	0.00	3.14
BBB	1,446	0.00	0.14	7.75	81.81	4.56	0.48	0.28	0.00	4.98
BB	216	0.00	0.00	0.00	7.41	80.09	2.78	0.00	1.39	8.33
B	39	0.00	0.00	0.00	2.56	10.26	61.54	10.26	2.56	12.82
CCC/C	21	0.00	0.00	0.00	0.00	4.76	14.29	47.62	19.05	14.29
Static pool: 1/1/2015
AAA	881	97.39	0.57	0.11	0.11	0.00	0.00	0.00	0.00	1.82
AA	8,487	0.33	94.86	0.86	0.02	0.00	0.00	0.00	0.00	3.92
A	9,630	0.00	1.97	93.03	0.43	0.02	0.01	0.00	0.00	4.54
BBB	1,402	0.00	0.07	7.35	84.24	1.93	0.14	0.29	0.07	5.92
BB	270	0.00	0.00	0.74	7.41	68.15	1.85	10.37	1.48	10.00
B	42	0.00	0.00	0.00	0.00	9.52	66.67	14.29	2.38	7.14
CCC/C	18	0.00	0.00	5.56	5.56	0.00	5.56	66.67	16.67	0.00
Static pool: 1/1/2016
AAA	917	97.27	0.98	0.00	0.00	0.00	0.00	0.00	0.00	1.74
AA	8,759	0.45	94.30	1.42	0.00	0.00	0.00	0.00	0.00	3.84
A	9,941	0.00	1.74	91.83	1.91	0.05	0.00	0.00	0.00	4.47
BBB	1,367	0.00	0.15	6.14	83.54	3.88	0.51	0.00	0.00	5.78
BB	238	0.00	0.00	0.42	3.78	81.51	4.62	0.42	0.00	9.24
B	40	0.00	0.00	0.00	2.50	5.00	80.00	5.00	0.00	7.50
CCC/C	53	0.00	0.00	0.00	0.00	0.00	5.66	52.83	26.42	15.09
Static pool: 1/1/2017
AAA	949	98.00	0.84	0.00	0.00	0.00	0.00	0.00	0.00	1.16
AA	8,889	0.19	94.56	1.14	0.03	0.00	0.00	0.00	0.00	4.08
A	9,983	0.00	2.08	91.89	0.70	0.01	0.01	0.00	0.00	5.31
BBB	1,472	0.00	0.07	3.67	87.09	2.04	0.14	0.27	0.00	6.73
BB	286	0.00	0.00	3.50	2.80	77.97	3.50	0.70	0.70	10.84
B	55	0.00	0.00	1.82	1.82	5.45	70.91	7.27	0.00	12.73
CCC/C	31	0.00	0.00	0.00	0.00	3.23	3.23	38.71	51.61	3.23
Static pool: 1/1/2018
AAA	969	95.46	2.17	0.00	0.00	0.00	0.00	0.00	0.00	2.37
AA	9,019	0.72	94.13	1.06	0.06	0.00	0.00	0.00	0.01	4.01
A	9,798	0.00	3.21	91.18	0.69	0.05	0.02	0.00	0.00	4.84
BBB	1,456	0.00	0.96	8.52	83.65	1.72	0.00	0.00	0.00	5.15
BB	279	0.00	0.00	0.00	7.17	83.15	2.87	0.00	0.00	6.81
B	53	0.00	0.00	0.00	0.00	3.77	79.25	3.77	0.00	13.21
CCC/C	24	0.00	0.00	0.00	0.00	4.17	4.17	50.00	0.00	41.67
Static pool: 1/1/2019
AAA	1,021	97.94	0.98	0.00	0.00	0.00	0.00	0.00	0.00	1.08
AA	9,232	0.57	95.08	0.73	0.02	0.01	0.00	0.00	0.00	3.59
A	9,581	0.00	2.07	93.15	0.71	0.08	0.01	0.00	0.00	3.98
BBB	1,389	0.00	0.14	4.75	88.62	1.15	0.14	0.00	0.00	5.18
BB	281	0.00	0.00	0.00	3.20	86.83	0.36	0.36	0.36	8.90
B	53	0.00	0.00	0.00	0.00	13.21	66.04	1.89	3.77	15.09
CCC/C	14	0.00	0.00	0.00	7.14	0.00	0.00	35.71	7.14	50.00
Static pool: 1/1/2020
AAA	1074	97.11	0.65	0.09	0.00	0.00	0.00	0.00	0.00	2.14
AA	9409	0.13	94.23	1.09	0.02	0.00	0.00	0.00	0.00	4.53
A	9538	0.00	0.37	93.26	1.10	0.00	0.00	0.00	0.00	5.27
BBB	1393	0.00	0.07	0.43	90.09	3.23	0.43	0.00	0.00	5.74
BB	294	0.00	0.00	0.00	0.68	88.78	2.38	0.68	0.00	7.48
B	41	0.00	0.00	0.00	0.00	7.32	80.49	2.44	0.00	9.76
CCC/C	7	0.00	0.00	0.00	0.00	0.00	0.00	71.43	14.29	14.29
Static pool: 1/1/2021
AAA	1075	97.12	0.65	0.00	0.00	0.00	0.00	0.00	0.00	2.23
AA	9308	0.18	93.75	0.67	0.04	0.01	0.00	0.00	0.00	5.35
A	9487	0.00	0.99	92.61	0.30	0.00	0.00	0.02	0.01	6.07
BBB	1448	0.00	0.21	3.87	88.74	1.52	0.00	0.00	0.00	5.66
BB	330	0.00	0.00	0.00	6.36	86.06	0.91	0.30	0.00	6.36
B	47	0.00	0.00	0.00	2.13	8.51	65.96	4.26	0.00	19.15
CCC/C	8	0.00	0.00	0.00	0.00	0.00	0.00	75.00	25.00	0.00
Static pool: 1/1/2022
AAA	1097	97.54	0.27	0.00	0.00	0.00	0.00	0.00	0.00	2.19
AA	9295	0.16	94.57	0.34	0.00	0.00	0.00	0.00	0.00	4.93
A	9466	0.00	1.29	93.62	0.40	0.02	0.00	0.00	0.00	4.67
BBB	1422	0.00	0.00	5.70	86.57	1.13	0.14	0.07	0.00	6.40
BB	336	0.00	0.00	0.00	5.06	88.69	0.89	0.89	0.00	4.46
B	35	0.00	0.00	0.00	0.00	5.71	82.86	0.00	0.00	11.43
CCC/C	11	0.00	0.00	0.00	9.09	0.00	0.00	45.45	18.18	27.27
Static pool: 1/1/2023
AAA	1103	97.73	0.36	0.00	0.00	0.00	0.00	0.00	0.00	1.90
AA	9185	0.27	95.49	0.33	0.01	0.00	0.00	0.00	0.00	3.90
A	9333	0.00	1.46	94.34	0.33	0.00	0.00	0.00	0.00	3.87
BBB	1351	0.00	0.15	19.54	74.46	0.74	0.00	0.00	0.00	5.11
BB	338	0.00	0.00	0.00	6.51	86.98	2.07	0.59	0.00	3.85
B	34	0.00	0.00	0.00	0.00	5.88	70.59	2.94	5.88	14.71
CCC/C	9	0.00	0.00	0.00	0.00	0.00	0.00	55.56	22.22	22.22
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 44

USPF housing static pool one-year transition matrices by category
From/to	Number of issuers	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
Static pool: 1/1/1986
AAA	866	91.92	1.96	0.23	0.12	0.00	0.00	0.00	0.00	5.77
AA	1,016	0.10	95.57	1.67	0.30	0.10	0.00	0.10	0.00	2.17
A	639	0.00	0.16	95.31	2.50	0.16	0.47	0.16	0.00	1.25
BBB	71	0.00	0.00	0.00	97.18	0.00	2.82	0.00	0.00	0.00
BB	1	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00
B	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CCC/C	0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Static pool: 1/1/1987
AAA	888	92.91	4.73	1.35	0.00	0.00	0.00	0.00	0.11	0.90
AA	1,057	0.19	95.08	3.41	0.09	0.09	0.00	0.00	0.00	1.14
A	659	0.30	0.00	94.69	0.30	1.67	0.00	0.00	0.00	3.03
BBB	92	0.00	1.09	9.78	84.78	0.00	0.00	1.09	0.00	3.26
BB	3	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00
B	5	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00
CCC/C	2	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1988
AAA	910	96.81	0.55	0.77	0.00	0.11	0.00	0.00	0.00	1.76
AA	1,090	0.18	93.03	1.10	2.39	0.00	0.09	0.00	0.09	3.12
A	720	0.14	0.14	80.42	14.86	0.14	0.14	0.00	0.00	4.17
BBB	82	0.00	0.00	0.00	85.37	3.66	0.00	0.00	0.00	10.98
BB	19	0.00	0.00	0.00	0.00	89.47	0.00	10.53	0.00	0.00
B	5	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00
CCC/C	3	0.00	0.00	0.00	0.00	0.00	0.00	33.33	0.00	66.67
Static pool: 1/1/1989
AAA	1,005	85.07	0.10	0.00	0.00	0.00	0.00	0.00	0.00	14.83
AA	1,105	0.36	83.80	1.09	0.18	0.09	0.00	0.00	0.00	14.48
A	639	0.00	0.94	81.69	1.25	0.63	0.00	0.00	0.00	15.49
BBB	207	0.00	0.00	1.93	74.40	9.18	0.97	0.48	0.00	13.04
BB	22	0.00	0.00	0.00	0.00	95.45	4.55	0.00	0.00	0.00
B	7	0.00	0.00	0.00	0.00	14.29	28.57	0.00	0.00	57.14
CCC/C	3	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1990
AAA	967	89.35	1.55	0.83	0.00	1.45	0.00	0.00	0.00	6.83
AA	1,006	0.30	79.62	4.27	0.20	0.10	0.00	0.00	0.00	15.51
A	571	0.35	1.93	85.99	2.98	0.53	0.00	0.00	0.00	8.23
BBB	166	0.00	0.00	3.01	84.34	3.01	0.00	0.00	0.00	9.64
BB	46	0.00	0.00	0.00	0.00	91.30	2.17	4.35	0.00	2.17
B	5	0.00	20.00	0.00	0.00	0.00	80.00	0.00	0.00	0.00
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/1991
AAA	1,046	92.45	1.15	0.19	0.29	0.00	0.00	0.00	0.00	5.93
AA	934	0.32	61.99	14.45	0.43	0.00	0.00	0.00	0.00	22.81
A	625	0.00	0.48	75.52	1.76	0.00	0.00	0.00	0.00	22.24
BBB	165	0.00	0.00	1.21	76.36	10.30	1.82	0.00	0.00	10.30
BB	69	0.00	0.00	2.90	10.14	42.03	18.84	1.45	24.64	0.00
B	5	0.00	0.00	0.00	0.00	0.00	60.00	0.00	0.00	40.00
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	66.67	16.67	16.67
Static pool: 1/1/1992
AAA	1,122	93.67	0.53	0.27	0.00	0.00	0.00	0.00	0.00	5.53
AA	690	0.14	81.01	4.06	0.00	0.00	0.00	0.14	0.00	14.64
A	746	0.27	4.29	84.18	1.34	0.00	0.00	0.27	0.00	9.65
BBB	156	0.00	0.00	5.13	76.28	3.85	0.00	0.00	0.00	14.74
BB	47	0.00	0.00	4.26	19.15	40.43	2.13	8.51	0.00	25.53
B	19	0.00	0.00	0.00	0.00	15.79	47.37	31.58	5.26	0.00
CCC/C	5	0.00	0.00	0.00	20.00	0.00	0.00	60.00	0.00	20.00
Static pool: 1/1/1993
AAA	1,184	78.72	0.76	1.27	0.00	0.00	0.00	0.00	0.00	19.26
AA	661	0.45	82.45	5.30	0.61	0.00	0.00	0.00	0.00	11.20
A	728	0.41	1.79	85.71	0.96	0.00	0.00	0.00	0.00	11.13
BBB	148	0.00	2.03	9.46	73.65	1.35	0.00	0.00	0.00	13.51
BB	28	0.00	0.00	3.57	28.57	50.00	3.57	3.57	0.00	10.71
B	10	0.00	0.00	0.00	0.00	20.00	40.00	10.00	0.00	30.00
CCC/C	16	0.00	0.00	0.00	0.00	12.50	0.00	68.75	12.50	6.25
Static pool: 1/1/1994
AAA	1,079	93.33	0.09	0.74	0.00	0.00	0.00	0.00	0.00	5.84
AA	620	0.48	86.61	2.74	0.16	0.00	0.00	0.00	0.00	10.00
A	737	0.27	6.65	75.85	1.09	0.00	0.00	0.00	0.00	16.15
BBB	134	0.75	0.00	5.97	72.39	0.00	0.00	0.00	0.00	20.90
BB	20	0.00	0.00	0.00	10.00	75.00	0.00	5.00	0.00	10.00
B	6	0.00	0.00	0.00	0.00	0.00	66.67	33.33	0.00	0.00
CCC/C	14	0.00	0.00	0.00	0.00	0.00	0.00	57.14	7.14	35.71
Static pool: 1/1/1995
AAA	1,220	79.51	0.41	0.41	0.00	0.00	0.00	0.00	0.00	19.67
AA	627	0.80	72.73	1.28	0.00	0.00	0.00	0.00	0.00	25.20
A	656	0.61	6.86	66.46	0.15	0.00	0.00	0.00	0.00	25.91
BBB	115	0.00	0.00	7.83	59.13	1.74	0.87	1.74	0.00	28.70
BB	15	0.00	0.00	0.00	20.00	33.33	0.00	0.00	0.00	46.67
B	4	0.00	0.00	0.00	0.00	0.00	75.00	0.00	0.00	25.00
CCC/C	11	0.00	0.00	9.09	9.09	0.00	0.00	45.45	9.09	27.27
Static pool: 1/1/1996
AAA	1,254	90.75	0.00	0.24	0.00	0.00	0.00	0.00	0.00	9.01
AA	556	0.90	86.51	0.36	0.18	0.00	0.00	0.00	0.00	12.05
A	504	0.60	1.98	78.57	0.20	0.40	0.00	0.00	0.00	18.25
BBB	85	0.00	0.00	12.94	64.71	0.00	0.00	0.00	0.00	22.35
BB	7	0.00	0.00	0.00	14.29	42.86	0.00	14.29	0.00	28.57
B	4	0.00	0.00	0.00	0.00	25.00	25.00	0.00	0.00	50.00
CCC/C	7	0.00	0.00	0.00	0.00	0.00	0.00	71.43	14.29	14.29
Static pool: 1/1/1997
AAA	1,460	96.10	0.00	0.07	0.00	0.00	0.00	0.00	0.00	3.84
AA	545	7.71	73.94	0.55	0.00	0.00	0.00	0.00	0.00	17.80
A	466	0.86	3.22	77.04	0.00	0.00	0.00	0.00	0.00	18.88
BBB	70	0.00	1.43	2.86	82.86	0.00	0.00	0.00	0.00	12.86
BB	8	0.00	0.00	0.00	0.00	50.00	12.50	25.00	0.00	12.50
B	1	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	66.67	0.00	33.33
Static pool: 1/1/1998
AAA	1,740	91.03	1.03	0.00	0.00	0.00	0.00	0.00	0.00	7.93
AA	476	1.05	90.97	0.42	0.00	0.00	0.00	0.00	0.00	7.56
A	398	0.25	4.02	74.37	2.01	0.00	0.00	0.00	0.00	19.35
BBB	62	0.00	0.00	0.00	74.19	1.61	0.00	0.00	0.00	24.19
BB	4	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00	0.00
B	2	0.00	0.00	0.00	0.00	0.00	50.00	0.00	0.00	50.00
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	50.00	33.33	16.67
Static pool: 1/1/1999
AAA	1,847	93.45	0.38	0.00	0.00	0.00	0.00	0.00	0.05	6.12
AA	539	1.67	89.80	0.56	0.00	0.00	0.00	0.00	0.00	7.98
A	341	0.29	4.40	81.52	2.35	0.00	0.29	0.00	0.00	11.14
BBB	60	1.67	1.67	0.00	83.33	8.33	0.00	0.00	0.00	5.00
BB	5	0.00	0.00	0.00	0.00	80.00	0.00	0.00	0.00	20.00
B	1	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00	0.00
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	25.00	25.00	50.00
Static pool: 1/1/2000
AAA	2,022	96.88	0.20	0.10	0.00	0.00	0.00	0.00	0.00	2.82
AA	575	0.87	94.61	1.04	0.00	0.00	0.00	0.00	0.00	3.48
A	339	0.59	1.77	90.56	0.88	0.59	0.88	0.00	0.00	4.72
BBB	63	0.00	0.00	1.59	80.95	7.94	3.17	3.17	0.00	3.17
BB	10	0.00	0.00	0.00	0.00	80.00	0.00	20.00	0.00	0.00
B	2	0.00	0.00	0.00	0.00	0.00	50.00	0.00	0.00	50.00
CCC/C	2	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/2001
AAA	2,241	96.97	0.18	0.00	0.00	0.00	0.00	0.00	0.00	2.86
AA	617	2.59	92.54	0.81	0.00	0.00	0.00	0.00	0.00	4.05
A	357	2.52	6.16	82.91	1.40	0.28	0.00	0.00	0.00	6.72
BBB	57	0.00	0.00	5.26	84.21	3.51	0.00	0.00	0.00	7.02
BB	16	0.00	0.00	0.00	0.00	50.00	37.50	0.00	0.00	12.50
B	6	0.00	0.00	0.00	0.00	0.00	33.33	16.67	0.00	50.00
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	50.00	16.67	33.33
Static pool: 1/1/2002
AAA	2,473	96.00	0.04	0.04	0.00	0.00	0.00	0.00	0.00	3.92
AA	668	0.90	89.52	1.20	0.00	0.00	0.00	0.00	0.00	8.38
A	343	0.58	0.58	90.38	1.46	1.17	0.58	0.29	0.29	4.66
BBB	55	0.00	0.00	0.00	78.18	9.09	0.00	3.64	1.82	7.27
BB	12	0.00	0.00	0.00	0.00	66.67	16.67	8.33	8.33	0.00
B	12	0.00	0.00	0.00	0.00	0.00	58.33	25.00	16.67	0.00
CCC/C	4	0.00	0.00	0.00	0.00	0.00	0.00	75.00	25.00	0.00
Static pool: 1/1/2003
AAA	2,625	91.81	0.30	0.00	0.00	0.08	0.00	0.00	0.04	7.77
AA	678	0.59	91.74	1.03	0.00	0.00	0.00	0.00	0.00	6.64
A	388	1.03	2.32	80.67	2.84	3.35	0.00	0.00	0.00	9.79
BBB	59	0.00	0.00	1.69	64.41	15.25	0.00	1.69	0.00	16.95
BB	19	0.00	0.00	0.00	0.00	47.37	21.05	5.26	0.00	26.32
B	12	0.00	0.00	0.00	0.00	0.00	58.33	16.67	0.00	25.00
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	45.45	36.36	18.18
Static pool: 1/1/2004
AAA	2,621	91.26	0.15	0.00	0.00	0.00	0.00	0.00	0.00	8.58
AA	716	2.37	87.85	0.00	0.00	0.00	0.00	0.00	0.00	9.78
A	371	6.74	0.27	76.01	1.89	1.08	0.27	0.27	0.00	13.48
BBB	58	0.00	0.00	0.00	75.86	8.62	3.45	3.45	1.72	6.90
BB	33	3.03	0.00	0.00	0.00	54.55	12.12	6.06	3.03	21.21
B	11	0.00	0.00	0.00	0.00	0.00	81.82	9.09	0.00	9.09
CCC/C	10	0.00	0.00	0.00	0.00	0.00	0.00	40.00	20.00	40.00
Static pool: 1/1/2005
AAA	2,569	84.27	3.85	0.00	0.00	0.04	0.00	0.00	0.00	11.83
AA	705	0.85	85.25	0.00	0.00	0.00	0.00	0.00	0.00	13.90
A	326	8.59	3.99	72.70	1.84	0.92	0.31	0.00	0.00	11.66
BBB	54	0.00	0.00	1.85	64.81	11.11	1.85	1.85	0.00	18.52
BB	28	0.00	0.00	0.00	0.00	64.29	17.86	7.14	0.00	10.71
B	16	0.00	0.00	0.00	0.00	0.00	68.75	18.75	6.25	6.25
CCC/C	10	0.00	0.00	0.00	0.00	0.00	0.00	40.00	50.00	10.00
Static pool: 1/1/2006
AAA	2,338	90.42	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.58
AA	830	4.22	85.54	0.00	0.00	0.00	0.00	0.00	0.12	10.12
A	278	7.91	5.76	74.46	1.08	0.36	0.00	0.00	0.00	10.43
BBB	50	0.00	2.00	12.00	68.00	12.00	0.00	0.00	0.00	6.00
BB	29	0.00	0.00	0.00	3.45	51.72	27.59	3.45	0.00	13.79
B	18	0.00	0.00	0.00	0.00	0.00	77.78	16.67	0.00	5.56
CCC/C	10	0.00	0.00	0.00	0.00	0.00	0.00	70.00	20.00	10.00
Static pool: 1/1/2007
AAA	2,289	92.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.95
AA	822	1.70	89.90	0.00	0.00	0.12	0.00	0.24	0.00	8.03
A	236	2.12	0.42	85.59	0.00	0.42	0.42	0.85	0.42	9.75
BBB	41	0.00	0.00	9.76	73.17	0.00	0.00	2.44	0.00	14.63
BB	22	0.00	0.00	0.00	0.00	77.27	4.55	0.00	0.00	18.18
B	22	0.00	0.00	0.00	0.00	0.00	77.27	0.00	9.09	13.64
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	63.64	0.00	36.36
Static pool: 1/1/2008
AAA	2,245	92.65	1.65	0.04	0.04	0.00	0.00	0.00	0.00	5.61
AA	831	3.73	88.21	3.49	0.60	0.00	0.00	0.00	0.00	3.97
A	227	1.32	1.32	91.19	0.44	2.20	0.00	0.00	0.00	3.52
BBB	34	0.00	0.00	5.88	85.29	0.00	2.94	2.94	0.00	2.94
BB	19	0.00	0.00	5.26	5.26	68.42	5.26	5.26	0.00	10.53
B	19	0.00	0.00	0.00	0.00	0.00	94.74	5.26	0.00	0.00
CCC/C	12	0.00	0.00	0.00	0.00	0.00	0.00	66.67	8.33	25.00
Static pool: 1/1/2009
AAA	2,225	87.82	5.44	0.09	0.09	0.27	0.00	0.22	0.00	6.07
AA	877	1.25	82.55	1.82	0.34	0.80	0.00	0.34	0.00	12.88
A	257	4.28	0.00	79.38	6.61	1.17	0.00	0.00	0.00	8.56
BBB	37	0.00	0.00	8.11	64.86	8.11	5.41	2.70	0.00	10.81
BB	18	0.00	5.56	0.00	5.56	38.89	11.11	0.00	0.00	38.89
B	20	0.00	0.00	0.00	0.00	0.00	65.00	0.00	0.00	35.00
CCC/C	11	0.00	0.00	0.00	9.09	0.00	0.00	18.18	27.27	45.45
Static pool: 1/1/2010
AAA	2,054	71.57	3.46	1.27	0.19	1.46	0.39	0.15	0.00	21.52
AA	899	0.22	82.87	4.56	0.00	0.00	0.00	0.00	0.00	12.35
A	245	2.45	0.41	82.86	1.22	1.63	0.00	0.41	0.00	11.02
BBB	49	0.00	0.00	12.24	46.94	34.69	0.00	0.00	0.00	6.12
BB	26	0.00	0.00	0.00	3.85	57.69	11.54	0.00	0.00	26.92
B	17	0.00	0.00	0.00	0.00	0.00	76.47	5.88	0.00	17.65
CCC/C	11	9.09	0.00	0.00	0.00	0.00	0.00	27.27	0.00	63.64
Static pool: 1/1/2011
AAA	1,579	12.92	78.02	0.00	0.00	0.00	0.00	0.00	0.00	9.06
AA	866	0.58	85.80	1.27	0.00	0.00	0.00	0.00	0.00	12.36
A	316	0.00	4.75	81.96	7.91	0.00	0.00	0.00	0.00	5.38
BBB	37	0.00	2.70	0.00	89.19	2.70	2.70	0.00	0.00	2.70
BB	68	0.00	8.82	0.00	1.47	57.35	23.53	0.00	0.00	8.82
B	25	0.00	12.00	0.00	0.00	0.00	84.00	0.00	0.00	4.00
CCC/C	8	0.00	12.50	0.00	0.00	0.00	0.00	37.50	12.50	37.50
Static pool: 1/1/2012
AAA	222	79.28	6.31	0.00	0.00	0.00	0.00	0.00	0.00	14.41
AA	2,118	0.00	88.29	0.66	0.00	0.14	0.09	0.05	0.00	10.76
A	295	0.00	2.37	81.69	0.34	0.68	0.00	0.00	0.00	14.92
BBB	66	0.00	1.52	3.03	86.36	1.52	1.52	0.00	0.00	6.06
BB	41	0.00	0.00	2.44	2.44	80.49	0.00	2.44	0.00	12.20
B	38	0.00	2.63	0.00	0.00	0.00	63.16	7.89	0.00	26.32
CCC/C	3	0.00	0.00	0.00	0.00	0.00	0.00	66.67	0.00	33.33
Static pool: 1/1/2013
AAA	188	93.09	1.06	0.00	0.00	0.00	0.00	0.00	0.00	5.85
AA	1,995	0.00	89.32	0.95	0.00	0.10	0.00	0.05	0.00	9.57
A	303	0.00	7.92	75.91	0.99	0.66	0.00	0.00	0.00	14.52
BBB	65	0.00	0.00	38.46	49.23	3.08	0.00	0.00	0.00	9.23
BB	39	0.00	2.56	0.00	2.56	69.23	0.00	5.13	0.00	20.51
B	27	0.00	3.70	3.70	0.00	7.41	70.37	7.41	3.70	3.70
CCC/C	7	0.00	14.29	0.00	0.00	0.00	0.00	85.71	0.00	0.00
Static pool: 1/1/2014
AAA	200	88.00	1.50	0.00	0.00	0.00	0.00	0.00	0.00	10.50
AA	1,868	0.00	92.99	0.48	0.00	0.00	0.00	0.00	0.00	6.53
A	296	0.00	5.41	82.43	3.38	0.00	0.00	0.00	0.00	8.78
BBB	40	0.00	0.00	35.00	52.50	5.00	0.00	0.00	0.00	7.50
BB	35	0.00	0.00	0.00	11.43	62.86	14.29	0.00	0.00	11.43
B	19	0.00	0.00	0.00	0.00	5.26	73.68	5.26	0.00	15.79
CCC/C	11	0.00	0.00	0.00	0.00	9.09	0.00	45.45	0.00	45.45
Static pool: 1/1/2015
AAA	194	88.66	0.52	0.00	0.00	0.00	0.00	0.00	0.00	10.82
AA	1,800	0.00	92.33	0.11	0.00	0.06	0.00	0.00	0.06	7.44
A	282	0.00	9.93	74.47	0.00	0.00	0.00	0.00	0.00	15.60
BBB	42	0.00	0.00	7.14	90.48	0.00	0.00	0.00	0.00	2.38
BB	27	0.00	0.00	0.00	3.70	66.67	3.70	0.00	0.00	25.93
B	20	0.00	0.00	0.00	0.00	5.00	85.00	0.00	0.00	10.00
CCC/C	6	0.00	0.00	0.00	0.00	0.00	0.00	50.00	33.33	16.67
Static pool: 1/1/2016
AAA	196	84.69	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.31
AA	1,782	0.51	88.61	0.22	0.00	0.00	0.00	0.00	0.00	10.66
A	260	0.00	8.46	65.38	11.15	0.77	0.00	0.00	0.38	13.85
BBB	46	0.00	0.00	2.17	78.26	10.87	2.17	0.00	0.00	6.52
BB	21	0.00	0.00	4.76	23.81	47.62	9.52	0.00	0.00	14.29
B	18	0.00	0.00	0.00	0.00	0.00	61.11	5.56	0.00	33.33
CCC/C	3	0.00	0.00	0.00	0.00	33.33	0.00	33.33	0.00	33.33
Static pool: 1/1/2017
AAA	211	96.21	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.79
AA	1,708	0.00	90.81	0.12	0.00	0.00	0.00	0.00	0.00	9.07
A	198	0.00	1.52	86.36	3.03	3.54	0.00	0.00	0.51	5.05
BBB	79	0.00	0.00	7.59	65.82	12.66	0.00	0.00	1.27	12.66
BB	18	0.00	0.00	0.00	0.00	72.22	16.67	0.00	0.00	11.11
B	14	0.00	0.00	0.00	0.00	0.00	85.71	0.00	0.00	14.29
CCC/C	2	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/2018
AAA	232	93.10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.90
AA	1,682	0.00	90.31	0.89	0.24	0.12	0.00	0.00	0.00	8.44
A	204	0.00	0.00	89.22	3.43	0.00	0.00	0.49	0.00	6.86
BBB	75	0.00	0.00	5.33	66.67	10.67	5.33	5.33	0.00	6.67
BB	31	0.00	0.00	0.00	3.23	48.39	3.23	12.90	0.00	32.26
B	15	0.00	0.00	0.00	6.67	6.67	33.33	20.00	0.00	33.33
CCC/C	2	0.00	0.00	0.00	0.00	0.00	0.00	100.00	0.00	0.00
Static pool: 1/1/2019
AAA	245	92.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.35
AA	1,636	0.00	91.38	0.55	0.00	0.00	0.00	0.00	0.00	8.07
A	212	0.00	0.94	66.04	14.15	1.89	0.00	1.42	0.00	15.57
BBB	77	0.00	0.00	0.00	61.04	12.99	7.79	2.60	0.00	15.58
BB	26	0.00	0.00	0.00	0.00	46.15	26.92	0.00	0.00	26.92
B	10	0.00	0.00	0.00	0.00	0.00	50.00	40.00	0.00	10.00
CCC/C	18	0.00	0.00	0.00	0.00	0.00	0.00	38.89	38.89	22.22
Static pool: 1/1/2020
AAA	276	93.48	3.62	0.00	0.00	0.00	0.00	0.00	0.00	2.90
AA	1632	0.31	91.61	1.47	0.00	0.06	0.00	0.00	0.00	6.56
A	156	0.64	11.54	69.87	10.26	0.64	1.28	0.00	1.28	4.49
BBB	86	0.00	0.00	10.47	40.70	27.91	6.98	0.00	5.81	8.14
BB	29	0.00	0.00	0.00	6.90	48.28	17.24	6.90	3.45	17.24
B	18	0.00	0.00	0.00	0.00	5.56	33.33	44.44	5.56	11.11
CCC/C	16	0.00	6.25	0.00	0.00	0.00	0.00	62.50	18.75	12.50
Static pool: 1/1/2021
AAA	304	93.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.91
AA	1640	0.06	91.40	0.06	0.00	0.00	0.00	0.00	0.00	8.48
A	151	0.00	3.97	87.42	3.31	0.00	0.00	0.00	0.00	5.30
BBB	54	0.00	0.00	9.26	81.48	0.00	0.00	0.00	0.00	9.26
BB	41	0.00	0.00	0.00	0.00	53.66	7.32	9.76	0.00	29.27
B	19	0.00	0.00	0.00	0.00	0.00	36.84	15.79	15.79	31.58
CCC/C	20	0.00	0.00	0.00	0.00	0.00	0.00	75.00	10.00	15.00
Static pool: 1/1/2022
AAA	309	92.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.77
AA	1655	0.00	93.17	0.12	0.00	0.00	0.00	0.00	0.00	6.71
A	155	0.00	0.65	89.68	1.94	0.00	0.00	0.00	0.00	7.74
BBB	57	0.00	0.00	1.75	87.72	1.75	0.00	0.00	0.00	8.77
BB	22	0.00	0.00	0.00	0.00	81.82	13.64	0.00	0.00	4.55
B	10	0.00	0.00	0.00	0.00	20.00	80.00	0.00	0.00	0.00
CCC/C	22	0.00	0.00	0.00	0.00	0.00	0.00	50.00	0.00	50.00
Static pool: 1/1/2023
AAA	321	95.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.05
AA	1667	1.92	91.36	0.12	0.00	0.00	0.00	0.00	0.00	6.60
A	153	0.00	7.84	90.20	0.65	0.00	0.00	0.00	0.00	1.31
BBB	57	0.00	0.00	5.26	94.74	0.00	0.00	0.00	0.00	0.00
BB	21	0.00	0.00	0.00	9.52	66.67	4.76	4.76	0.00	14.29
B	11	0.00	0.00	0.00	0.00	0.00	90.91	0.00	0.00	9.09
CCC/C	11	0.00	0.00	0.00	0.00	0.00	9.09	90.91	0.00	0.00
Source: S&P Global Ratings Credit Research & Insights.

Ratings Performance Analytics:	Zev R Gurwitz, Albany + 1 (212) 438 7128; zev.gurwitz@spglobal.com
	Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com
Research Contributor:	Nivedita Daiya, Pune; nivedita.daiya@spglobal.com