Key Takeaways
- U.S. public finance (USPF) credit quality improved slightly in the first quarter of 2024, with 153 upgrades against 79 downgrades.
- There were two defaults in the quarter, compared to four for all of 2023.
- Finances were the main driver of rating actions but presented a mixed picture, with improved finances leading to 97 upgrades while deteriorating finances led to 38 downgrades.
The credit quality of USPF obligors improved in the first quarter of 2024, though to the lowest degree since the second quarter of 2021. Upgrades totaled 153 (149 nonhousing and four housing) in first-quarter 2024, down from 357 (347 nonhousing and 10 housing) in the prior quarter (see charts 1 and 2) while downgrades totaled 79 (76 nonhousing and three housing), up slightly from 77 (73 nonhousing and four housing). There were two upgrades for every downgrade for nonhousing, while housing saw 1.3 upgrades for every downgrade.
Chart 1
Chart 2
Fiscal Performance Drove 30% Of Total Downgrades And 32% Of Total Upgrades
In first-quarter 2024, financial conditions were a mixed picture for USPF issuers. Eroded financial conditions were the most common reason for negative rating actions, totaling 38, and improved financial conditions were the most common reason for positive rating actions, totaling 97 (see chart 3).
Chart 3
There were two defaults in the first quarter when two housing issues related to Great Lakes Senior Living Communities in Arizona defaulted after failing to pay bond principal.
Rating Distributions
Only 1.8% of USPF nonhousing ratings were speculative-grade ('BB+' and below) at the end of the first quarter of 2024 (see table 1), compared with 1.5% for housing.
A large majority (nearly 86.8%) of USPF issuers were concentrated in the 'AA' or 'A' categories, as the ratings on these issuers strongly correlate with that on the sovereign, which S&P Global Ratings affirmed at 'AA+' with a stable outlook in March (see "U.S. ‘AA+/A-1+’ Sovereign Ratings Affirmed; Outlook Remains Stable," March 27, 2024). Excluding charter schools, the majority of issuers in all industries are concentrated in investment-grade rating categories.
Table 1
Rating distribution (as of March 31, 2024) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of ratings | ||||||||||||||||||||
USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
AAA | 1,129 | 828 | 65 | 189 | 0 | 44 | 3 | 0 | 396 | |||||||||||
AA | 9,145 | 5,506 | 2,308 | 951 | 107 | 196 | 77 | 0 | 1,699 | |||||||||||
A | 9,418 | 6,000 | 1,770 | 977 | 196 | 312 | 162 | 1 | 162 | |||||||||||
BBB | 1,108 | 428 | 108 | 152 | 91 | 186 | 26 | 117 | 61 | |||||||||||
BB | 339 | 42 | 43 | 11 | 29 | 58 | 1 | 155 | 13 | |||||||||||
B | 29 | 3 | 9 | 1 | 4 | 7 | 0 | 5 | 14 | |||||||||||
CCC/C | 8 | 0 | 1 | 0 | 3 | 3 | 1 | 0 | 8 | |||||||||||
Totals | 21,176 | 12,807 | 4,304 | 2,281 | 430 | 806 | 270 | 278 | 2,353 | |||||||||||
(%) | ||||||||||||||||||||
AAA | 5.33 | 6.47 | 1.51 | 8.29 | 0.00 | 5.46 | 1.11 | 0.00 | 16.83 | |||||||||||
AA | 43.19 | 42.99 | 53.62 | 41.69 | 24.88 | 24.32 | 28.52 | 0.00 | 72.21 | |||||||||||
A | 44.47 | 46.85 | 41.12 | 42.83 | 45.58 | 38.71 | 60.00 | 0.36 | 6.88 | |||||||||||
BBB | 5.23 | 3.34 | 2.51 | 6.66 | 21.16 | 23.08 | 9.63 | 42.09 | 2.59 | |||||||||||
BB | 1.60 | 0.33 | 1.00 | 0.48 | 6.74 | 7.20 | 0.37 | 55.76 | 0.55 | |||||||||||
B | 0.14 | 0.02 | 0.21 | 0.04 | 0.93 | 0.87 | 0.00 | 1.80 | 0.59 | |||||||||||
CCC/C | 0.04 | 0.00 | 0.02 | 0.00 | 0.70 | 0.37 | 0.37 | 0.00 | 0.34 | |||||||||||
USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights. |
Large Rating Movements Trended Slightly Negative
There were 38 large rating movements (those of two notches or more) in the first quarter, with 16 upgrades and 22 downgrades (see table 2). There were also six obligors that moved from investment-grade to speculative-grade in the quarter, against only three that moved from speculative-grade to investment-grade.
Table 2
Multiple notch rating changes (Q1 2024) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Notch change* | Notches | Tax secured | Appropriation | Utilities | Health care | Transportation | Housing | Charter schools | Higher education | Grand total | ||||||||||||
3 | 3 | 3 | 1 | 4 | ||||||||||||||||||
2 | 2 | 5 | 8 | 1 | 1 | 2 | 1 | 18 | ||||||||||||||
-2 | -2 | 6 | 1 | 4 | 1 | 1 | 13 | |||||||||||||||
-3 | -3 | 1 | 2 | 3 | ||||||||||||||||||
Total | 0 | 14 | 9 | 7 | 2 | 2 | 2 | 1 | 1 | 38 | ||||||||||||
Data as of March 31, 2024. *Negative numbers indicate downgrades. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights. |
Q1 2024 Rating Actions
In the first quarter of 2024, transportation had the largest improvement in credit quality, with 3.3% of all transportation ratings raised (see chart 4). On the other hand, health care had the largest percentage of ratings lowered, with just over 2.3%.
Chart 4
Chart 5
Chart 6
Chart 7
Chart 8
Chart 9
Chart 10
Appendix
Table 3
Q1 2024 upgrades and downgrades | ||||||||
---|---|---|---|---|---|---|---|---|
Sector | Upgrades | Downgrades | Defaulted | |||||
Total USPF ex. housing | 149 | 76 | 0 | |||||
State and local* | 118 | 36 | 0 | |||||
Tax secured | 88 | 31 | 0 | |||||
Appropriation | 30 | 5 | 0 | |||||
Utilities | 11 | 16 | 0 | |||||
Health care | 3 | 10 | 0 | |||||
Higher education | 5 | 6 | 0 | |||||
Charter schools | 3 | 8 | 0 | |||||
Transportation | 9 | 0 | 0 | |||||
Housing | 4 | 1 | 2 | |||||
Data as of March 31, 2024. *Includes tax-secured and appropriation securities. USPF--U.S. public finance. Q--Quarter. Source: S&P Global Ratings Credit Research & insights. |
Table 4
Upgrade/downgrade history* | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools§ | Housing† | ||||||||||||||||||||||||||||||
Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | |||||||||||||||||||||
Jan. 01, 2001 | 153 | 38 | 61 | 5 | 64 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 6 | 7 | ||||||||||||||||||||
Apr. 01, 2001 | 740 | 106 | 83 | 3 | 629 | 67 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 38 | 11 | ||||||||||||||||||||
Jul. 01, 2001 | 126 | 47 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 29 | 14 | ||||||||||||||||||||
Oct. 01, 2001 | 99 | 14 | 56 | 3 | 20 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 2 | 0 | 0 | 0 | 25 | 8 | ||||||||||||||||||||
Jan. 01, 2002 | 176 | 38 | 99 | 5 | 45 | 1 | 16 | 7 | 4 | 6 | 7 | 5 | 5 | 14 | 0 | 0 | 3 | 7 | ||||||||||||||||||||
Apr. 01, 2002 | 108 | 105 | 59 | 9 | 21 | 64 | 20 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 25 | ||||||||||||||||||||
Jul. 01, 2002 | 72 | 38 | 39 | 2 | 10 | 10 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | ||||||||||||||||||||
Oct. 01, 2002 | 103 | 127 | 57 | 13 | 26 | 72 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 18 | ||||||||||||||||||||
Jan. 01, 2003 | 84 | 66 | 41 | 5 | 18 | 33 | 10 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 6 | 19 | ||||||||||||||||||||
Apr. 01, 2003 | 87 | 46 | 52 | 10 | 6 | 1 | 13 | 1 | 5 | 21 | 6 | 7 | 5 | 5 | 0 | 1 | 4 | 24 | ||||||||||||||||||||
Jul. 01, 2003 | 80 | 134 | 45 | 7 | 18 | 79 | 12 | 6 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 27 | ||||||||||||||||||||
Oct. 01, 2003 | 126 | 93 | 55 | 15 | 27 | 28 | 17 | 7 | 11 | 30 | 16 | 8 | 0 | 5 | 0 | 0 | 24 | 9 | ||||||||||||||||||||
Jan. 01, 2004 | 105 | 98 | 63 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 | ||||||||||||||||||||
Apr. 01, 2004 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
Jul. 01, 2004 | 188 | 130 | 47 | 13 | 102 | 100 | 31 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 25 | 20 | ||||||||||||||||||||
Oct. 01, 2004 | 122 | 58 | 65 | 10 | 22 | 22 | 19 | 9 | 9 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 | ||||||||||||||||||||
Jan. 01, 2005 | 153 | 35 | 63 | 11 | 39 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 1 | 0 | 0 | 0 | 78 | 12 | ||||||||||||||||||||
Apr. 01, 2005 | 109 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 16 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 110 | ||||||||||||||||||||
Jul. 01, 2005 | 214 | 39 | 52 | 13 | 132 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 30 | 11 | ||||||||||||||||||||
Oct. 01, 2005 | 153 | 111 | 75 | 44 | 24 | 23 | 22 | 9 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 42 | ||||||||||||||||||||
Jan. 01, 2006 | 114 | 47 | 38 | 9 | 47 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | ||||||||||||||||||||
Apr. 01, 2006 | 251 | 22 | 68 | 10 | 144 | 1 | 14 | 2 | 13 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 30 | 8 | ||||||||||||||||||||
Jul. 01, 2006 | 405 | 29 | 338 | 8 | 18 | 1 | 25 | 2 | 13 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 63 | 13 | ||||||||||||||||||||
Oct. 01, 2006 | 194 | 38 | 98 | 13 | 37 | 5 | 22 | 6 | 12 | 10 | 13 | 3 | 12 | 0 | 0 | 1 | 34 | 3 | ||||||||||||||||||||
Jan. 01, 2007 | 177 | 26 | 97 | 11 | 51 | 0 | 21 | 2 | 4 | 11 | 1 | 1 | 3 | 0 | 0 | 1 | 49 | 1 | ||||||||||||||||||||
Apr. 01, 2007 | 178 | 56 | 74 | 28 | 62 | 11 | 24 | 2 | 9 | 8 | 8 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
Jul. 01, 2007 | 161 | 24 | 94 | 3 | 38 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 26 | 11 | ||||||||||||||||||||
Oct. 01, 2007 | 165 | 49 | 75 | 13 | 33 | 8 | 26 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 2 | 3 | 12 | 10 | ||||||||||||||||||||
Jan. 01, 2008 | 237 | 36 | 127 | 10 | 47 | 2 | 41 | 4 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 16 | ||||||||||||||||||||
Apr. 01, 2008 | 634 | 31 | 419 | 7 | 103 | 2 | 96 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
Jul. 01, 2008 | 594 | 31 | 299 | 6 | 232 | 1 | 42 | 2 | 4 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
Oct. 01, 2008 | 668 | 44 | 291 | 7 | 60 | 4 | 298 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 31 | 30 | ||||||||||||||||||||
Jan. 01, 2009 | 758 | 213 | 525 | 18 | 140 | 152 | 81 | 5 | 4 | 31 | 1 | 3 | 3 | 4 | 4 | 0 | 23 | 152 | ||||||||||||||||||||
Apr. 01, 2009 | 615 | 83 | 331 | 16 | 116 | 41 | 150 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 26 | 77 | ||||||||||||||||||||
Jul. 01, 2009 | 403 | 32 | 226 | 4 | 90 | 4 | 67 | 8 | 4 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 33 | ||||||||||||||||||||
Oct. 01, 2009 | 453 | 60 | 315 | 12 | 77 | 28 | 33 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 9 | 32 | ||||||||||||||||||||
Jan. 01, 2010 | 683 | 279 | 523 | 47 | 88 | 209 | 58 | 8 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 85 | ||||||||||||||||||||
Apr. 01, 2010 | 576 | 93 | 444 | 54 | 77 | 16 | 39 | 3 | 8 | 16 | 6 | 2 | 1 | 2 | 1 | 0 | 11 | 42 | ||||||||||||||||||||
Jul. 01, 2010 | 255 | 40 | 158 | 18 | 34 | 2 | 43 | 4 | 7 | 10 | 11 | 3 | 1 | 3 | 1 | 0 | 8 | 61 | ||||||||||||||||||||
Oct. 01, 2010 | 238 | 59 | 148 | 26 | 18 | 17 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 72 | ||||||||||||||||||||
Jan. 01, 2011 | 444 | 300 | 243 | 68 | 105 | 211 | 55 | 7 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | ||||||||||||||||||||
Apr. 01, 2011 | 189 | 96 | 99 | 58 | 33 | 18 | 25 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 40 | ||||||||||||||||||||
Jul. 01, 2011 | 94 | 126 | 38 | 53 | 9 | 49 | 28 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1311 | ||||||||||||||||||||
Oct. 01, 2011 | 75 | 110 | 23 | 54 | 3 | 11 | 29 | 18 | 9 | 14 | 9 | 6 | 1 | 3 | 1 | 4 | 11 | 34 | ||||||||||||||||||||
Jan. 01, 2012 | 126 | 91 | 43 | 40 | 24 | 22 | 44 | 12 | 11 | 11 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 59 | ||||||||||||||||||||
Apr. 01, 2012 | 177 | 139 | 79 | 68 | 26 | 39 | 45 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | ||||||||||||||||||||
Jul. 01, 2012 | 140 | 150 | 66 | 79 | 27 | 39 | 27 | 8 | 14 | 11 | 2 | 7 | 3 | 0 | 1 | 6 | 3 | 40 | ||||||||||||||||||||
Oct. 01, 2012 | 136 | 87 | 72 | 44 | 20 | 12 | 28 | 10 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 3 | 18 | 12 | ||||||||||||||||||||
Jan. 01, 2013 | 200 | 128 | 83 | 88 | 85 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 12 | 12 | ||||||||||||||||||||
Apr. 01, 2013 | 203 | 96 | 110 | 45 | 37 | 19 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 27 | ||||||||||||||||||||
Jul. 01, 2013 | 274 | 119 | 162 | 49 | 71 | 20 | 24 | 16 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 11 | 10 | 12 | ||||||||||||||||||||
Oct. 01, 2013 | 764 | 169 | 543 | 64 | 172 | 60 | 31 | 5 | 5 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 34 | 75 | ||||||||||||||||||||
Jan. 01, 2014 | 680 | 164 | 520 | 80 | 109 | 44 | 17 | 16 | 13 | 10 | 7 | 8 | 12 | 1 | 2 | 5 | 10 | 4 | ||||||||||||||||||||
Apr. 01, 2014 | 588 | 286 | 449 | 89 | 84 | 142 | 32 | 10 | 12 | 18 | 8 | 21 | 3 | 0 | 0 | 6 | 16 | 10 | ||||||||||||||||||||
Jul. 01, 2014 | 738 | 369 | 459 | 94 | 237 | 228 | 28 | 9 | 9 | 14 | 4 | 10 | 1 | 0 | 0 | 14 | 35 | 8 | ||||||||||||||||||||
Oct. 01, 2014 | 279 | 82 | 117 | 40 | 124 | 7 | 22 | 12 | 8 | 8 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 31 | ||||||||||||||||||||
Jan. 01, 2015 | 235 | 161 | 142 | 69 | 36 | 49 | 27 | 7 | 24 | 18 | 3 | 18 | 2 | 0 | 1 | 0 | 23 | 4 | ||||||||||||||||||||
Apr. 01, 2015 | 272 | 139 | 141 | 61 | 64 | 33 | 34 | 12 | 21 | 15 | 5 | 11 | 5 | 1 | 2 | 5 | 10 | 3 | ||||||||||||||||||||
Jul. 01, 2015 | 318 | 156 | 138 | 52 | 112 | 59 | 34 | 24 | 19 | 3 | 3 | 12 | 11 | 2 | 1 | 4 | 23 | 2 | ||||||||||||||||||||
Oct. 01, 2015 | 229 | 109 | 137 | 52 | 17 | 18 | 37 | 19 | 19 | 10 | 4 | 5 | 14 | 1 | 1 | 4 | 8 | 2 | ||||||||||||||||||||
Jan. 01, 2016 | 266 | 138 | 143 | 60 | 39 | 32 | 46 | 20 | 8 | 6 | 21 | 15 | 7 | 1 | 2 | 4 | 19 | 18 | ||||||||||||||||||||
Apr. 01, 2016 | 236 | 155 | 117 | 54 | 26 | 43 | 52 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 9 | 20 | 43 | ||||||||||||||||||||
Jul. 01, 2016 | 203 | 156 | 101 | 45 | 49 | 69 | 32 | 14 | 12 | 7 | 6 | 15 | 2 | 1 | 1 | 5 | 11 | 3 | ||||||||||||||||||||
Oct. 01, 2016 | 222 | 268 | 105 | 49 | 29 | 161 | 51 | 28 | 9 | 11 | 19 | 13 | 5 | 1 | 4 | 5 | 14 | 9 | ||||||||||||||||||||
Jan. 01, 2017 | 250 | 273 | 137 | 77 | 41 | 133 | 52 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 3 | 12 | 10 | 24 | ||||||||||||||||||||
Apr. 01, 2017 | 228 | 120 | 99 | 67 | 91 | 21 | 13 | 6 | 11 | 4 | 1 | 19 | 7 | 0 | 6 | 3 | 9 | 9 | ||||||||||||||||||||
Jul. 01, 2017 | 157 | 153 | 90 | 53 | 27 | 60 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 3 | 4 | 12 | 5 | ||||||||||||||||||||
Oct. 01, 2017 | 235 | 115 | 145 | 65 | 45 | 20 | 22 | 6 | 7 | 7 | 8 | 8 | 5 | 2 | 3 | 7 | 7 | 7 | ||||||||||||||||||||
Jan. 01, 2018 | 551 | 97 | 340 | 53 | 176 | 10 | 19 | 8 | 8 | 7 | 3 | 10 | 0 | 2 | 5 | 7 | 3 | 32 | ||||||||||||||||||||
Apr. 01, 2018 | 310 | 168 | 175 | 75 | 78 | 61 | 19 | 13 | 15 | 9 | 2 | 6 | 15 | 0 | 6 | 4 | 6 | 42 | ||||||||||||||||||||
Jul. 01, 2018 | 276 | 145 | 132 | 84 | 88 | 10 | 26 | 21 | 6 | 14 | 3 | 10 | 19 | 2 | 2 | 4 | 29 | 13 | ||||||||||||||||||||
Oct. 01, 2018 | 231 | 156 | 133 | 97 | 54 | 29 | 20 | 13 | 6 | 8 | 1 | 6 | 17 | 0 | 0 | 3 | 21 | 24 | ||||||||||||||||||||
Jan. 01, 2019 | 283 | 108 | 183 | 65 | 52 | 20 | 29 | 10 | 6 | 6 | 5 | 5 | 8 | 0 | 0 | 2 | 0 | 11 | ||||||||||||||||||||
Apr. 01, 2019 | 261 | 115 | 171 | 57 | 42 | 15 | 24 | 22 | 10 | 7 | 6 | 7 | 7 | 5 | 1 | 2 | 8 | 30 | ||||||||||||||||||||
Jul. 01, 2019 | 199 | 107 | 120 | 63 | 38 | 14 | 30 | 11 | 3 | 5 | 7 | 7 | 0 | 0 | 1 | 7 | 2 | 71 | ||||||||||||||||||||
Oct. 01, 2019 | 216 | 114 | 130 | 69 | 38 | 5 | 26 | 17 | 4 | 7 | 4 | 14 | 10 | 0 | 4 | 2 | 5 | 31 | ||||||||||||||||||||
Jan. 01, 2020 | 111 | 106 | 58 | 53 | 21 | 9 | 20 | 17 | 6 | 9 | 3 | 16 | 2 | 1 | 1 | 1 | 21 | 7 | ||||||||||||||||||||
Apr. 01, 2020 | 7 | 171 | 4 | 91 | 0 | 33 | 3 | 9 | 0 | 13 | 0 | 14 | 0 | 7 | 0 | 4 | 2 | 43 | ||||||||||||||||||||
Jul. 01, 2020 | 13 | 247 | 7 | 103 | 2 | 27 | 4 | 15 | 0 | 7 | 0 | 23 | 0 | 71 | 0 | 1 | 15 | 83 | ||||||||||||||||||||
Oct. 01, 2020 | 30 | 313 | 11 | 69 | 2 | 168 | 10 | 15 | 1 | 6 | 1 | 20 | 4 | 28 | 1 | 7 | 24 | 39 | ||||||||||||||||||||
Jan. 01, 2021 | 51 | 79 | 25 | 29 | 2 | 16 | 14 | 14 | 0 | 7 | 0 | 11 | 9 | 2 | 1 | 0 | 18 | 9 | ||||||||||||||||||||
Apr. 01, 2021 | 105 | 74 | 59 | 28 | 15 | 19 | 20 | 16 | 1 | 3 | 5 | 5 | 1 | 1 | 4 | 2 | 4 | 6 | ||||||||||||||||||||
Jul. 01, 2021 | 204 | 70 | 117 | 35 | 60 | 9 | 17 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 2 | 1 | 10 | 18 | ||||||||||||||||||||
Oct. 01, 2021 | 156 | 56 | 81 | 25 | 17 | 5 | 16 | 10 | 13 | 5 | 7 | 6 | 21 | 1 | 1 | 4 | 5 | 15 | ||||||||||||||||||||
Jan. 01, 2022 | 305 | 51 | 107 | 22 | 162 | 4 | 14 | 15 | 3 | 4 | 4 | 6 | 14 | 0 | 1 | 0 | 2 | 8 | ||||||||||||||||||||
Apr. 01, 2022 | 183 | 63 | 93 | 38 | 43 | 5 | 15 | 5 | 8 | 8 | 6 | 7 | 12 | 0 | 6 | 0 | 4 | 2 | ||||||||||||||||||||
Jul. 01, 2022 | 169 | 75 | 89 | 34 | 13 | 4 | 32 | 16 | 3 | 11 | 1 | 6 | 29 | 2 | 2 | 2 | 12 | 12 | ||||||||||||||||||||
Oct. 01, 2022 | 166 | 62 | 81 | 24 | 26 | 5 | 22 | 11 | 3 | 10 | 11 | 10 | 23 | 1 | 0 | 1 | 55 | 3 | ||||||||||||||||||||
Jan. 01, 2023 | 133 | 52 | 67 | 18 | 24 | 1 | 5 | 8 | 4 | 14 | 8 | 9 | 19 | 0 | 6 | 2 | 52 | 4 | ||||||||||||||||||||
Apr. 01, 2023 | 403 | 70 | 132 | 28 | 226 | 8 | 21 | 9 | 3 | 8 | 6 | 14 | 14 | 0 | 1 | 3 | 61 | 9 | ||||||||||||||||||||
Jul. 01, 2023 | 166 | 55 | 96 | 25 | 25 | 6 | 18 | 4 | 2 | 16 | 18 | 2 | 5 | 0 | 2 | 2 | 14 | 1 | ||||||||||||||||||||
Oct. 01, 2023 | 347 | 73 | 235 | 31 | 79 | 6 | 17 | 7 | 4 | 21 | 9 | 4 | 2 | 1 | 1 | 3 | 10 | 4 | ||||||||||||||||||||
Jan. 01, 2024 | 149 | 76 | 88 | 31 | 30 | 5 | 11 | 16 | 3 | 10 | 5 | 6 | 9 | 0 | 3 | 8 | 4 | 3 | ||||||||||||||||||||
Data as of March 31, 2024. *Downgrades include defaults . §All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. †Only tracked annually prior to 2006. USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights |
Table 5
USPF rating actions (Q1 2024) | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Obligor | Sector | Old rating | Latest rating date | New rating | Upgrade/downgrade | Old sort | New sort | Change | ||||||||||
Fort Bend County Water Control & Improvement District No.2 | Tax secured | AA- | Jan. 03, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Flagler College Inc., | Higher education | A- | Jan. 04, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Butler Cnty | Tax secured | AA- | Jan. 05, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
San Luis Obispo Cnty Comnty Coll Dist | Tax secured | AA- | Jan. 05, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Crowder College | Higher education | A- | Jan. 08, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
New York St Thruway Auth | Transportation | A | Jan. 08, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
New York St Thruway Auth | Transportation | A- | Jan. 08, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Red Oak | Tax secured | A+ | Jan. 08, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Moody Indpt Sch Dist | Tax secured | A | Jan. 09, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Delaware River & Bay Auth | Transportation | A | Jan. 10, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
DuPage Cnty Sch Dist #63 Cass | Tax secured | AA | Jan. 10, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Fredon Twp Brd of Ed | Tax secured | A+ | Jan. 10, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Salisbury Twp Sch Dist | Tax secured | A | Jan. 10, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
East Buchanan Comnty Sch Dist | Tax secured | AA- | Jan. 11, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Basalt & Rur Fire Prot Dist | Tax secured | AA- | Jan. 12, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Cabrillo Unif Sch Dist | Tax secured | AA- | Jan. 12, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Carnegie Mellon Univ | Higher education | AA | Jan. 12, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Oak Lawn Vill | Tax secured | BBB- | Jan. 12, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Rowan Cnty | Tax secured | AA- | Jan. 12, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Telluride Twn | Utilities | BBB- | Jan. 12, 2024 | BBB+ | Upgrade | 12 | 14 | 2 | ||||||||||
Vallejo Sant & Flood Ctl Dist | Utilities | AA- | Jan. 12, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Brevard Cnty | Utilities | AA | Jan. 16, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Lawrence Twn (Brown Cnty) | Tax secured | AA- | Jan. 16, 2024 | A | Downgrade | 18 | 16 | -2 | ||||||||||
Nevada Charter Academies, d/b/a American Preparatory Academy- Las Vegas | Charter schools | BB | Jan. 16, 2024 | BB+ | Upgrade | 10 | 11 | 1 | ||||||||||
St. Tammany Parish Hosp Svc Dist #2 | Tax secured | A+ | Jan. 16, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
East Grand Rapids Pub Schs | Tax secured | A+ | Jan. 17, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Charlevoix | Tax secured | AA | Jan. 18, 2024 | AA- | Downgrade | 19 | 18 | -1 | ||||||||||
Charlevoix | Tax secured | AA | Jan. 18, 2024 | AA- | Downgrade | 19 | 18 | -1 | ||||||||||
Decatur Pub Schs | Tax secured | A- | Jan. 18, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Reno Redev Agy | Tax secured | BB- | Jan. 18, 2024 | BB+ | Upgrade | 9 | 11 | 2 | ||||||||||
Matagorda Indpt Sch Dist | Tax secured | A | Jan. 19, 2024 | BBB+ | Downgrade | 16 | 14 | -2 | ||||||||||
Methodist Hosp Inc | Health care | BBB- | Jan. 19, 2024 | BB+ | Downgrade | 12 | 11 | -1 | ||||||||||
Saint Luke's Hlth Sys, Inc. | Health care | A+ | Jan. 19, 2024 | AA | Upgrade | 17 | 19 | 2 | ||||||||||
Morgan Library & Museum (The) | Higher education | A+ | Jan. 22, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
San Joaquin Cnty Transp Auth | Tax secured | AA | Jan. 22, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
St Francis Cnty | Tax secured | A- | Jan. 22, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Tamaqua Area Sch Dist | Tax secured | A+ | Jan. 22, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
New Orleans Regl Transit Auth | Tax secured | A+ | Jan. 23, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
West Haven | Tax secured | BBB | Jan. 23, 2024 | BBB+ | Upgrade | 13 | 14 | 1 | ||||||||||
Camden City | Tax secured | A- | Jan. 24, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Clintonville Pub Sch Dist | Tax secured | A+ | Jan. 25, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Compton Unif Sch Dist | Tax secured | A | Jan. 25, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Compton Unif Sch Dist | Appropriation | A- | Jan. 25, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Compton Unif Sch Dist | Appropriation | A- | Jan. 25, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Ridley Sch Dist | Tax secured | A- | Jan. 26, 2024 | BBB | Downgrade | 15 | 13 | -2 | ||||||||||
University Area Jt Auth | Utilities | A | Jan. 26, 2024 | A- | Downgrade | 16 | 15 | -1 | ||||||||||
North Oaks Hlth Sys | Health care | BBB+ | Jan. 29, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
Springboro Comnty City Sch Dist | Tax secured | A+ | Jan. 29, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Bradley Intl Arpt | Transportation | BBB+ | Jan. 30, 2024 | A | Upgrade | 14 | 16 | 2 | ||||||||||
Clark Cnty Fire and Rescue | Tax secured | A+ | Jan. 30, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Fennimore, City of | Tax secured | BBB+ | Jan. 30, 2024 | BBB | Downgrade | 14 | 13 | -1 | ||||||||||
Howell Carnegie Dist Lib | Tax secured | AA- | Jan. 30, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Westminster | Tax secured | AA+ | Jan. 30, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
Milford Regl Med Ctr | Health care | B+ | Jan. 31, 2024 | B | Downgrade | 8 | 7 | -1 | ||||||||||
Barton College | Higher education | BBB- | Feb. 01, 2024 | BB+ | Downgrade | 12 | 11 | -1 | ||||||||||
Childersburg Waterworks Sewer & Gas Board | Utilities | A- | Feb. 01, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Dawson Cnty Pub Pwr Dist | Utilities | A | Feb. 01, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Lehigh Cnty Auth | Utilities | A | Feb. 01, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
South Davis Swr Dist | Utilities | BBB | Feb. 01, 2024 | BBB- | Downgrade | 13 | 12 | -1 | ||||||||||
South Davis Swr Dist | Utilities | A | Feb. 01, 2024 | BBB+ | Downgrade | 16 | 14 | -2 | ||||||||||
Augusta Regl Arpt | Transportation | BBB+ | Feb. 02, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
Hanley Intl Academy | Charter schools | BB | Feb. 02, 2024 | BB+ | Upgrade | 10 | 11 | 1 | ||||||||||
Lawrence Mem Hosp | Health care | A- | Feb. 02, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Wanamingo | Tax secured | A | Feb. 05, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Creek Cnty Indpt Sch Dist #33-Sapulpa | Tax secured | AA- | Feb. 06, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Far Hills Util Dist | Tax secured | BBB | Feb. 06, 2024 | BBB+ | Upgrade | 13 | 14 | 1 | ||||||||||
Arcade Vill | Tax secured | A | Feb. 07, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Capistrano Unified School District Community Facilities District 98 1B | Tax secured | BBB | Feb. 07, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Capistrano Unified School District Community Facilities District 98-1A | Tax secured | A- | Feb. 07, 2024 | A+ | Upgrade | 15 | 17 | 2 | ||||||||||
Coronado Community Development District | Tax secured | BBB | Feb. 07, 2024 | BBB+ | Upgrade | 13 | 14 | 1 | ||||||||||
Reid Road Mun Util Dist #2 | Tax secured | A | Feb. 07, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
St. Louis Cnty Indpt Sch Dist #2142 | Tax secured | A+ | Feb. 07, 2024 | A- | Downgrade | 17 | 15 | -2 | ||||||||||
St. Louis Cnty Indpt Sch Dist #2142 | Appropriation | A | Feb. 07, 2024 | BBB+ | Downgrade | 16 | 14 | -2 | ||||||||||
Allina Hosp & Clinics | Health care | AA- | Feb. 08, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Brazos Elec Pwr Coop (A) | Utilities | BB | Feb. 08, 2024 | BBB | Upgrade | 10 | 13 | 3 | ||||||||||
Oxford Sch Dist | Tax secured | AA- | Feb. 08, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Rusk Cnty | Tax secured | A+ | Feb. 08, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Duluth Pub Sch Acad | Charter schools | BB+ | Feb. 09, 2024 | BB | Downgrade | 11 | 10 | -1 | ||||||||||
Lafourche Parish Law Enforcement District | Tax secured | A- | Feb. 09, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Lawrence Cnty | Tax secured | A- | Feb. 09, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Successor Agency to the Lincoln Redevelopment Agency | Tax secured | A+ | Feb. 09, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Richmond Comnty Redev Agy Successor Agy | Tax secured | A- | Feb. 12, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
East Knox Local Sch Dist | Tax secured | A | Feb. 13, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Hillsborough Cnty Sch Dist | Tax secured | A | Feb. 13, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
San Ysidro School District | Tax secured | BBB- | Feb. 13, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Atlanta | Tax secured | A | Feb. 14, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Atlanta | Tax secured | A- | Feb. 14, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
New York Institute of Technology | Higher education | BBB+ | Feb. 14, 2024 | BBB | Downgrade | 14 | 13 | -1 | ||||||||||
Dallas County Hospital District | Tax secured | AA- | Feb. 15, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Martin Cnty | Utilities | AA | Feb. 15, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Suffolk Cnty | Tax secured | A+ | Feb. 15, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
The Chapin Sch, Ltd | Higher education | AA- | Feb. 15, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Anaheim | Appropriation | A- | Feb. 16, 2024 | A+ | Upgrade | 15 | 17 | 2 | ||||||||||
Anaheim | Appropriation | BBB | Feb. 16, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Anaheim | Appropriation | BBB | Feb. 16, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Anaheim | Appropriation | BBB | Feb. 16, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Anaheim | Appropriation | BBB | Feb. 16, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Anaheim | Appropriation | A- | Feb. 16, 2024 | A+ | Upgrade | 15 | 17 | 2 | ||||||||||
Anaheim | Appropriation | BBB | Feb. 16, 2024 | A- | Upgrade | 13 | 15 | 2 | ||||||||||
Anaheim | Appropriation | A- | Feb. 16, 2024 | A+ | Upgrade | 15 | 17 | 2 | ||||||||||
Effingham Cumberland Cntys etc Comnty Unit Sch Dist #50 Teutopolis | Tax secured | A+ | Feb. 16, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Saratoga Un Sch Dist | Tax secured | AA+ | Feb. 16, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
Floresville Independent School Dist | Tax secured | A+ | Feb. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Pasadena | Utilities | AA+ | Feb. 20, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
Taylors Falls | Tax secured | A+ | Feb. 20, 2024 | A- | Downgrade | 17 | 15 | -2 | ||||||||||
Cambria Cnty | Tax secured | A- | Feb. 21, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
East Harlem Tutorial Program, Inc. | Charter schools | BB+ | Feb. 21, 2024 | BB | Downgrade | 11 | 10 | -1 | ||||||||||
Lake Cnty Sch Brd | Appropriation | A | Feb. 21, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Lake Cnty Sch Brd | Appropriation | A | Feb. 21, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Lake Cnty Sch Brd | Appropriation | A | Feb. 21, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Sarpy Cnty Sch Dist #37 Gretna Pub Schs | Tax secured | AA- | Feb. 21, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Bryan | Tax secured | AA | Feb. 22, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Evolution Academy Charter School | Charter schools | B+ | Feb. 22, 2024 | B | Downgrade | 8 | 7 | -1 | ||||||||||
Yorktown Comnty Schs | Tax secured | AA- | Feb. 22, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Yorktown Comnty Schs | Tax secured | AA- | Feb. 22, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Albany Leadership Charter High School For Girls | Charter schools | BB | Feb. 23, 2024 | B+ | Downgrade | 10 | 8 | -2 | ||||||||||
Beaver Cnty | Tax secured | A- | Feb. 23, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Berwyn Municipal Securitization Corporation | Tax secured | A- | Feb. 23, 2024 | A+ | Upgrade | 15 | 17 | 2 | ||||||||||
Greenfield | Utilities | AA- | Feb. 23, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Spencer-Owen Comnty Schs | Tax secured | A | Feb. 23, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Thomasville | Tax secured | A | Feb. 23, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Griffith | Tax secured | A+ | Feb. 26, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Griffith | Appropriation | A+ | Feb. 26, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Griffith | Appropriation | A+ | Feb. 26, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Sacramento City Unif Sch Dist | Tax secured | BBB | Feb. 26, 2024 | BBB+ | Upgrade | 13 | 14 | 1 | ||||||||||
Sacramento City Unif Sch Dist | Appropriation | BBB- | Feb. 26, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Cooper Health System Obligated Group | Health care | A- | Feb. 28, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Discovery Charter Sch | Charter schools | BB+ | Feb. 28, 2024 | BB | Downgrade | 11 | 10 | -1 | ||||||||||
Russellville | Utilities | A- | Feb. 28, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Castle Shannon Boro | Tax secured | A+ | Feb. 29, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Eastman | Utilities | BBB | Feb. 29, 2024 | BBB- | Downgrade | 13 | 12 | -1 | ||||||||||
Sangamon Cnty | Tax secured | A+ | Feb. 29, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Sevierville | Tax secured | A+ | Feb. 29, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Albany College of Pharmacy and Health Sciences | Higher education | BBB+ | Mar. 01, 2024 | BBB | Downgrade | 14 | 13 | -1 | ||||||||||
Hollister | Tax secured | A- | Mar. 01, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Lee Cnty Brd of Ed | Tax secured | A+ | Mar. 01, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Monroe Cnty | Appropriation | AA- | Mar. 01, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Crowley | Appropriation | A | Mar. 04, 2024 | A- | Downgrade | 16 | 15 | -1 | ||||||||||
Crowley | Appropriation | A | Mar. 04, 2024 | A- | Downgrade | 16 | 15 | -1 | ||||||||||
Crowley | Tax secured | A | Mar. 04, 2024 | A- | Downgrade | 16 | 15 | -1 | ||||||||||
Hawley Indpt Sch Dist #150 | Tax secured | A+ | Mar. 04, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Wilkes-Barre Area Sch Dist | Tax secured | BBB+ | Mar. 04, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
Lycoming Coll | Higher education | A- | Mar. 05, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Plymouth | Tax secured | AA | Mar. 05, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Schenectady | Tax secured | A | Mar. 05, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Waupaca City | Tax secured | A+ | Mar. 05, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
San Jacinto Comnty Coll Dist | Tax secured | AA | Mar. 06, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Camden | Tax secured | A- | Mar. 07, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Memphis | Utilities | AA+ | Mar. 07, 2024 | AA | Downgrade | 20 | 19 | -1 | ||||||||||
Memphis Rise Aca | Charter schools | BBB- | Mar. 07, 2024 | BB+ | Downgrade | 12 | 11 | -1 | ||||||||||
Provident Group - Kean Properties L.L.C. | Higher education | B | Mar. 07, 2024 | BB- | Upgrade | 7 | 9 | 2 | ||||||||||
Scranton | Tax secured | BBB- | Mar. 07, 2024 | BBB+ | Upgrade | 12 | 14 | 2 | ||||||||||
Tustin Comnty Fac Dist No 06-1 | Tax secured | A- | Mar. 07, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Hannibal Regl Hosp | Health care | BBB+ | Mar. 11, 2024 | BBB | Downgrade | 14 | 13 | -1 | ||||||||||
Madison Local Sch Dist | Tax secured | A+ | Mar. 11, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Pelican Rapids Indpt Sch Dist #548 | Tax secured | A | Mar. 11, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Belle Plaine Indpt Sch Dist #716 | Tax secured | A+ | Mar. 12, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Fort Drum Mountain Comnty Homes LLC | Housing | BBB+ | Mar. 12, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
Frankfort | Utilities | AA- | Mar. 12, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
GMAC Commercial Military Hsg Tr XIX | Housing | BBB+ | Mar. 12, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
GMAC Commercial Military Hsg Tr XIX | Housing | BBB+ | Mar. 12, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
GMAC Commercial Military Hsg Tr XIX | Housing | BBB+ | Mar. 12, 2024 | A- | Upgrade | 14 | 15 | 1 | ||||||||||
Kent City Comnty Schs | Tax secured | A- | Mar. 12, 2024 | A | Upgrade | 15 | 16 | 1 | ||||||||||
Lathrup Vill | Tax secured | AA | Mar. 12, 2024 | AA- | Downgrade | 19 | 18 | -1 | ||||||||||
Schuylerville Cent Sch Dist | Tax secured | A+ | Mar. 12, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Spanish Fork City | Utilities | A+ | Mar. 12, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Alexandria | Utilities | BBB+ | Mar. 13, 2024 | BB+ | Downgrade | 14 | 11 | -3 | ||||||||||
Lewisboro Twn | Tax secured | AA | Mar. 13, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Montgomery Cnty Toll Rd Auth | Transportation | BBB- | Mar. 13, 2024 | BBB+ | Upgrade | 12 | 14 | 2 | ||||||||||
Vizcaya In Kendall Cmnty Dev | Tax secured | BBB- | Mar. 13, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Vizcaya In Kendall Cmnty Dev | Tax secured | BBB- | Mar. 13, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Vizcaya In Kendall Cmnty Dev | Tax secured | BBB- | Mar. 13, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Baltimore Mayor & City Council | Utilities | AA- | Mar. 14, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Baltimore Mayor & City Council | Utilities | A+ | Mar. 14, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Bessemer | Utilities | BBB | Mar. 14, 2024 | BB+ | Downgrade | 13 | 11 | -2 | ||||||||||
Great Lakes Senior Living Communities | Housing | CCC- | Mar. 14, 2024 | D | Default | 3 | 0 | -3 | ||||||||||
Great Lakes Senior Living Communities | Housing | CCC- | Mar. 14, 2024 | D | Default | 3 | 0 | -3 | ||||||||||
Great Lakes Senior Living Communities | Housing | CCC- | Mar. 14, 2024 | CC | Downgrade | 3 | 2 | -1 | ||||||||||
Maryland Econ Dev Corp | Transportation | BBB- | Mar. 14, 2024 | BBB | Upgrade | 12 | 13 | 1 | ||||||||||
Maryland Econ Dev Corp | Transportation | BB+ | Mar. 14, 2024 | BBB- | Upgrade | 11 | 12 | 1 | ||||||||||
Shaker Hgts City Sch Dist | Tax secured | AA+ | Mar. 14, 2024 | AA | Downgrade | 20 | 19 | -1 | ||||||||||
Successor Agy to the Palm Desert Redev Agy | Tax secured | A | Mar. 14, 2024 | AA | Upgrade | 16 | 19 | 3 | ||||||||||
Amarillo | Utilities | AA+ | Mar. 15, 2024 | AA | Downgrade | 20 | 19 | -1 | ||||||||||
Colorado Bridge Enterprise | Tax secured | AA | Mar. 15, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Hunt Mem Hosp Dist | Tax secured | BBB+ | Mar. 15, 2024 | BBB- | Downgrade | 14 | 12 | -2 | ||||||||||
Brighton Area Schs | Tax secured | A | Mar. 18, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Mountain Lakes | Tax secured | AA+ | Mar. 18, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
Eastern Mun Wtr Dist | Utilities | AA+ | Mar. 19, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
Eastern Mun Wtr Dist | Utilities | AA+ | Mar. 19, 2024 | AAA | Upgrade | 20 | 21 | 1 | ||||||||||
South Chicago Hgts Vill | Tax secured | A | Mar. 19, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
UC Health | Health care | BBB+ | Mar. 19, 2024 | BBB- | Downgrade | 14 | 12 | -2 | ||||||||||
Banning | Utilities | A- | Mar. 20, 2024 | BBB | Downgrade | 15 | 13 | -2 | ||||||||||
Harris Cnty Mun Util Dist #390 | Tax secured | BBB | Mar. 20, 2024 | BBB+ | Upgrade | 13 | 14 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Tax secured | AA- | Mar. 20, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Louisiana | Tax secured | AA- | Mar. 20, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Louisiana | Tax secured | AA- | Mar. 20, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Louisiana | Appropriation | A+ | Mar. 20, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Presbyterian Hlthcare Svcs | Health care | AA | Mar. 20, 2024 | AA- | Downgrade | 19 | 18 | -1 | ||||||||||
Eastern Maine Healthcare Sys | Health care | BBB | Mar. 21, 2024 | BBB- | Downgrade | 13 | 12 | -1 | ||||||||||
Lindenhurst Pk Dist | Tax secured | A | Mar. 21, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Math & Science Academy Building Company | Charter schools | BBB- | Mar. 21, 2024 | BB+ | Downgrade | 12 | 11 | -1 | ||||||||||
Edgewater Boro Brd of Ed | Tax secured | A | Mar. 22, 2024 | AA | Upgrade | 16 | 19 | 3 | ||||||||||
Marshfield Clinic | Health care | BBB+ | Mar. 22, 2024 | BBB | Downgrade | 14 | 13 | -1 | ||||||||||
PACT Charter Sch | Charter schools | BB+ | Mar. 22, 2024 | BB | Downgrade | 11 | 10 | -1 | ||||||||||
Paterson Charter School for Science & Technology | Charter schools | BB | Mar. 22, 2024 | BB+ | Upgrade | 10 | 11 | 1 | ||||||||||
New Hampshire | Tax secured | AA | Mar. 25, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Alameda Contra Costa Transit Dist | Transportation | AA | Mar. 26, 2024 | AA+ | Upgrade | 19 | 20 | 1 | ||||||||||
Ralston | Tax secured | BB+ | Mar. 26, 2024 | BBB+ | Upgrade | 11 | 14 | 3 | ||||||||||
Belton | Tax secured | AA- | Mar. 27, 2024 | AA | Upgrade | 18 | 19 | 1 | ||||||||||
Drexel Hgts Fire Dist | Tax secured | A+ | Mar. 27, 2024 | A | Downgrade | 17 | 16 | -1 | ||||||||||
Mason Cnty Comnty Unit Sch Dist #126 (Havana) | Tax secured | A | Mar. 27, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Mason Cnty Comnty Unit Sch Dist #126 (Havana) | Tax secured | A | Mar. 27, 2024 | A+ | Upgrade | 16 | 17 | 1 | ||||||||||
Montana St Univ | Higher education | A+ | Mar. 27, 2024 | AA- | Upgrade | 17 | 18 | 1 | ||||||||||
Coburg | Tax secured | AA- | Mar. 28, 2024 | A+ | Downgrade | 18 | 17 | -1 | ||||||||||
Evangelical Comnty Hosp | Health care | A- | Mar. 28, 2024 | BBB+ | Downgrade | 15 | 14 | -1 | ||||||||||
Glendale Unif Sch Dist | Tax secured | AA | Mar. 28, 2024 | AA- | Downgrade | 19 | 18 | -1 | ||||||||||
Vill of Cassopolis | Utilities | A- | Mar. 28, 2024 | BBB | Downgrade | 15 | 13 | -2 | ||||||||||
Noblesville | Tax secured | AA+ | Mar. 29, 2024 | AA | Downgrade | 20 | 19 | -1 | ||||||||||
Data as of March 31, 2024. USPF--U.S. public finance. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights. |
Related Research
This report does not constitute a rating action.
Credit Research & Insights: | Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com |
Zev R Gurwitz, Albany + 1 (212) 438 7128; zev.gurwitz@spglobal.com | |
Research Contributor: | Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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