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Credit Trends: U.S. Public Finance Credit Quality: Obligors' Finances Drove Rating Actions In The Third Quarter
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Credit Trends: U.S. Public Finance Credit Quality: Obligors' Finances Drove Rating Actions In The Third Quarter

Key Takeaways

  • U.S. public finance (USPF) upgrades totaled 163 in the third quarter, versus 108 downgrades.
  • There were three defaults in the third quarter, up from two in the second quarter, bringing the year-to-date total to seven.
  • Obligors' finances were the main driver of rating actions, but they presented a mixed picture: Improved finances led to 74 upgrades while deteriorating finances led to 36 downgrades.

In USPF, there were 1.4 upgrades for every downgrade for nonhousing in third-quarter 2024, down from 1.6 upgrades for every downgrade in the second quarter. Housing saw 18 upgrades for every downgrade, up significantly from six upgrades for every downgrade.

Overall, upgrades totaled 163 (145 nonhousing and 18 housing) in the third quarter, down from 198 (186 nonhousing and 12 housing) in the prior quarter (see charts 1 and 2). Meanwhile, downgrades totaled 108 (107 nonhousing and one housing), down from 116 (114 nonhousing and two housing).

Chart 1

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Chart 2

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In third-quarter 2024, eroded financial conditions were the most common reason for negative rating actions--they accounted for 36. Improved financial conditions were the most common reason for positive rating actions, totaling 74 (see chart 3).

There were no state-level rating actions in the third quarter. The year-to-date tally is three upgrades (Louisiana, New Hampshire, and Alaska) against zero downgrades.

Chart 3

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There were three USPF defaults in the third quarter, up from two in the second quarter, bringing the year-to-date default tally to seven. Two health care obligors--Jackson Hospital & Clinic in Alabama and Tower Health in Pennsylvania--defaulted in September. At the start of 2024, their bonds were rated 'BB-' and 'CCC+', respectively.

The other default was for Clyde, Texas, which defaulted on series 2013B and series 2022 combination tax and surplus revenue certificates of obligation in August. Its bond was rated 'A-'. This was the first investment-grade default in U.S. public finance since 2021.

Rating Distributions

Only 1.8% of USPF nonhousing ratings were speculative grade ('BB+' and below) at the end of the third quarter of 2024, up from the all-time low of 0.99% in 2011 (see table 1). And only 1.7% of housing ratings were speculative grade, down from the all-time high of 3.6% at the start of 2021.

A majority (nearly 87%) of USPF issuers were concentrated in the 'AA' or 'A' rating categories, as the ratings on these issuers strongly correlate with that on the sovereign, which we affirmed in March (see "U.S. 'AA+/A-1+' Sovereign Ratings Affirmed; Outlook Remains Stable," published March 27, 2024). Excluding charter schools, most issuers in all industries are concentrated in investment-grade rating categories.

Table 1

Rating distribution (as of Sept. 30, 2024)
USPF ex. housing Tax secured Appropriation Utilities Health care Higher education Transportation Charter schools Housing
Number of ratings
AAA 1,153 851 64 189 0 46 3 0 433
AA 9,134 5,482 2,322 949 105 195 81 0 1,748
A 9,364 5,989 1,733 967 196 315 163 1 170
BBB 1,111 413 79 159 94 191 23 152 54
BB 348 36 14 16 32 59 1 190 14
B 32 4 3 0 6 8 0 11 11
CCC/C 4 0 1 0 1 1 1 0 6
Totals 21,146 12,775 4,216 2,280 434 815 272 354 2,436
As percentage (%)
AAA 5.45 6.66 1.52 8.29 0.00 5.64 1.10 0.00 17.78
AA 43.19 42.91 55.08 41.62 24.19 23.93 29.78 0.00 71.76
A 44.28 46.88 41.11 42.41 45.16 38.65 59.93 0.28 6.98
BBB 5.25 3.23 1.87 6.97 21.66 23.44 8.46 42.94 2.22
BB 1.65 0.28 0.33 0.70 7.37 7.24 0.37 53.67 0.57
B 0.15 0.03 0.07 0.00 1.38 0.98 0.00 3.11 0.45
CCC/C 0.02 0.00 0.02 0.00 0.23 0.12 0.37 0.00 0.25
Data as of Sept. 30, 2024. Data includes rating actions on confidentially rated entities. Source: S&P Global Ratings Credit Research & Insights.

Large Rating Movements Trended Slightly Negative

There were 29 large rating movements (those of two notches or more) in the third quarter--13 were upgrades and 16 were downgrades (see table 2). There were four obligors that moved from investment grade to speculative grade in the quarter (three downgraded from 'BBB-' and one downgraded from 'A'), against only three that moved from speculative grade to investment grade (see table 3).

Table 2

Multiple notch rating changes, Q3 2024
Notch change* Appropriation Health care Housing Tax secured Utilities Grand total
-15 1 1
-9 1 1 2
-5 1 1
-3 1 1
-2 2 4 2 3 11
2 4 6 10
3 2 2
4 1 1
Total 2 6 4 12 5 29
Data as of Sept. 30, 2024. *Negative numbers indicate downgrades. Source: S&P Global Ratings Credit Research & Insights.

Table 3

Fallen angels and rising stars for Q3 2024
--Fallen angels--
Obligor Sector Old rating New rating Rating date Reason

St. Louis College of Pharmacy

 Higher education BBB- BB+ 7/30/2024 Enrollment

Tulsa Pythian Manor Inc.

 Housing BBB- BB+ 8/7/2024 Debt service coverage

Catholic Medical Center

 Health care BBB- BB+ 8/9/2024 Operations

Winslow

 Utilities A BB+ 9/18/2024 Finances
--Rising stars--
Obligor Sector Old rating New rating Rating date Reason

Northeastern Illinois University

 Higher education BB+ BBB- 7/11/2024 Finances

Lincoln Park

 Tax secured BB+ BBB 8/19/2024 Debt

Maryland Economic Development Corp.

 Higher education BB+ BBB- 8/21/2024 Operations

Q3 2024 Rating Actions

As a percentage of all ratings by sector on July 1, 2024, transportation had the largest improvement in credit quality, with 2.9% of the ratings in the sector being raised (see chart 4). Health care had the largest percentage of ratings lowered, with just under 3%, followed by utilities, with 1.1% of ratings lowered.

(For more information on the not-for-profit health care sector, see "The Health Care Credit Beat 2024: Highlights From Our 2024 Health Care Hot Topic Event," published Oct. 11, 2024).

Chart 4

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In the third quarter, there were 113 upgrades and 60 downgrades for state and local governments. Finances triggered 56 of those upgrades and 28 of those downgrades (see chart 5).

Chart 5

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Chart 6

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Chart 7

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Chart 8

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Chart 9

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Chart 10

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Appendix

Table 4

Q3 2024 upgrades and downgrades
Sector Upgrades Downgrades Defaulted
Total USPF ex. housing 145 104 3
State and local* 113 60 1
Tax secured 98 48 1
Appropriation 15 12 0
Utilities 16 26 0
Health care 2 13 2
Higher education 6 3 0
Charter schools 0 2 0
Transportation 8 0 0
Housing 18 1 0
Data as of Sept. 30, 2024. Data includes rating actions on confidentially rated entities. *Includes tax-secured and appropriation securities. Source: S&P Global Ratings Credit Research & Insights.

Table 5

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
1/1/2001 153 38 60 5 65 1 16 9 5 21 5 2 2 0 0 0 6 7
4/1/2001 739 106 83 3 628 67 23 4 1 20 3 12 1 0 0 0 38 11
7/1/2001 126 47 48 4 42 3 14 5 2 22 5 5 15 8 0 0 29 14
10/1/2001 99 14 54 3 21 4 11 2 3 4 7 1 3 0 0 0 25 8
1/1/2002 176 38 103 5 41 1 16 7 4 6 7 5 5 14 0 0 3 7
4/1/2002 108 104 59 9 21 63 20 6 1 11 1 5 6 10 0 0 3 25
7/1/2002 72 38 40 3 9 9 19 3 2 18 1 1 1 4 0 0 0 17
10/1/2002 103 127 58 13 25 72 12 15 4 19 2 7 2 1 0 0 6 18
1/1/2003 84 66 41 5 18 33 10 2 5 17 7 8 3 1 0 0 6 19
4/1/2003 87 46 52 10 6 1 13 1 5 21 6 7 5 5 0 1 4 24
7/1/2003 80 134 45 7 18 79 12 6 3 11 2 29 0 2 0 0 10 27
10/1/2003 126 92 57 14 25 28 17 7 11 30 16 8 0 5 0 0 24 9
1/1/2004 105 98 63 16 8 58 12 3 14 18 3 3 5 0 0 0 24 6
4/1/2004 97 66 53 11 17 34 16 8 8 9 2 3 1 1 0 0 2 11
7/1/2004 188 130 45 13 102 100 33 1 5 10 1 4 1 2 1 0 25 20
10/1/2004 122 58 65 11 22 21 19 9 9 14 6 3 1 0 0 0 11 10
1/1/2005 153 35 63 11 39 13 15 3 13 7 22 1 1 0 0 0 78 12
4/1/2005 110 66 53 10 26 42 8 2 16 10 4 2 3 0 0 0 5 110
7/1/2005 214 39 52 13 132 7 12 3 12 8 6 4 0 4 0 0 30 11
10/1/2005 153 109 74 42 24 23 23 9 20 18 10 8 2 7 0 2 13 42
1/1/2006 114 47 39 9 46 13 10 3 11 14 7 6 1 1 0 1 12 9
4/1/2006 253 22 67 10 146 1 15 2 13 6 9 3 3 0 0 0 30 8
7/1/2006 405 29 338 8 18 1 25 2 13 18 8 0 3 0 0 0 63 13
10/1/2006 194 38 98 14 37 4 22 6 12 10 13 3 12 0 0 1 34 3
1/1/2007 178 26 97 11 51 0 22 2 4 11 1 1 3 0 0 1 49 1
4/1/2007 179 56 73 27 64 11 24 2 9 9 8 5 1 2 0 0 9 4
7/1/2007 159 24 91 3 39 3 10 2 7 15 6 0 5 1 1 0 26 11
10/1/2007 165 49 76 13 31 8 26 1 10 19 15 4 4 1 3 3 12 10
1/1/2008 237 36 126 10 48 2 41 4 7 18 9 1 6 1 0 0 6 16
4/1/2008 635 31 418 6 104 3 97 1 5 20 9 0 1 1 1 0 7 63
7/1/2008 595 31 298 6 233 1 42 2 5 21 12 0 5 1 0 0 13 36
10/1/2008 668 44 293 7 58 4 298 0 7 28 5 4 6 1 1 0 31 30
1/1/2009 758 214 526 18 139 153 81 5 4 31 1 3 3 4 4 0 23 152
4/1/2009 614 83 334 15 111 42 151 1 5 22 6 3 7 0 0 0 26 77
7/1/2009 403 32 225 4 90 4 68 8 4 11 10 1 6 4 0 0 8 33
10/1/2009 455 60 315 12 77 28 35 1 13 12 12 3 1 4 2 0 9 32
1/1/2010 683 280 525 47 87 210 57 8 8 10 2 2 2 3 2 0 7 85
4/1/2010 576 93 438 54 79 16 42 3 8 16 6 2 1 2 2 0 11 42
7/1/2010 256 40 159 18 34 2 43 4 8 10 10 3 1 3 1 0 8 61
10/1/2010 238 60 150 27 16 17 30 3 19 7 17 1 4 4 2 1 33 72
1/1/2011 444 301 243 69 105 211 55 7 13 2 16 5 6 4 6 3 22 15
4/1/2011 189 97 100 60 33 17 24 6 22 9 2 3 7 1 1 1 5 40
7/1/2011 94 126 37 53 9 49 29 4 16 12 2 5 0 2 1 1 13 1312
10/1/2011 73 110 20 54 3 11 29 18 10 14 9 6 1 3 1 4 11 37
1/1/2012 126 91 44 39 24 23 43 12 11 11 2 4 2 0 0 2 8 59
4/1/2012 177 139 78 68 27 39 45 14 14 8 8 7 5 0 0 3 9 9
7/1/2012 140 150 65 79 28 39 27 8 14 12 2 6 3 0 1 6 3 40
10/1/2012 136 87 73 45 20 11 27 9 6 11 4 6 6 1 0 4 18 12
1/1/2013 202 128 83 88 87 15 19 11 9 6 4 3 0 1 0 4 12 12
4/1/2013 203 96 111 46 36 18 27 8 18 13 7 6 4 1 0 4 13 27
7/1/2013 274 119 161 49 72 19 24 16 7 10 5 10 5 3 0 12 10 14
10/1/2013 765 168 543 66 174 57 30 5 5 20 9 11 4 1 0 8 34 75
1/1/2014 680 164 518 80 111 40 17 17 13 10 7 8 12 1 2 8 10 4
4/1/2014 588 288 450 89 83 144 32 10 12 18 8 21 3 0 0 6 16 10
7/1/2014 737 372 467 94 231 230 24 9 10 14 4 10 1 0 0 15 35 8
10/1/2014 277 81 116 40 123 7 22 11 8 8 1 8 7 0 0 7 79 31
1/1/2015 234 162 141 71 36 43 27 7 24 18 3 17 2 0 1 6 23 4
4/1/2015 272 139 141 60 64 34 34 12 22 16 4 11 5 1 2 5 10 3
7/1/2015 322 156 137 52 116 56 34 24 20 3 3 12 11 2 1 7 23 2
10/1/2015 229 109 137 52 17 17 37 19 19 10 4 5 13 1 2 5 11 2
1/1/2016 266 138 143 57 39 32 46 22 8 6 21 15 7 1 2 5 19 18
4/1/2016 235 154 117 54 26 40 51 17 9 15 22 15 9 2 1 11 20 43
7/1/2016 204 156 99 44 50 67 33 14 13 7 6 15 2 1 1 8 11 3
10/1/2016 222 273 106 49 26 163 51 28 10 11 18 13 5 1 6 8 14 9
1/1/2017 250 273 137 77 41 129 52 27 8 12 4 12 5 0 3 16 12 24
4/1/2017 228 120 99 67 91 21 13 6 11 4 1 18 7 0 6 4 10 9
7/1/2017 157 153 90 52 25 58 20 16 5 14 8 4 4 2 5 7 12 5
10/1/2017 235 115 143 63 44 19 23 6 7 8 8 8 5 2 5 9 7 7
1/1/2018 551 97 341 53 172 7 21 8 8 8 3 10 0 2 6 9 3 32
4/1/2018 310 168 176 75 75 58 18 13 15 10 2 5 16 0 8 7 8 42
7/1/2018 276 144 132 83 89 9 25 22 5 14 3 10 19 2 3 4 29 13
10/1/2018 231 156 134 96 53 29 20 13 6 9 1 6 17 0 0 3 21 24
1/1/2019 284 106 181 63 52 19 32 10 6 6 5 5 8 0 0 3 0 11
4/1/2019 261 114 171 58 41 10 24 23 10 8 6 6 7 5 2 4 8 30
7/1/2019 199 107 121 62 37 14 29 12 3 5 7 7 0 0 2 7 2 72
10/1/2019 216 114 130 68 37 4 26 17 4 9 4 14 10 0 5 2 5 31
1/1/2020 111 106 58 53 21 8 20 17 6 9 3 16 2 1 1 2 21 7
4/1/2020 7 170 5 89 0 33 2 11 0 12 0 14 0 7 0 4 2 44
7/1/2020 13 246 6 103 1 24 5 16 0 7 0 23 0 71 1 2 15 83
10/1/2020 30 317 11 68 1 172 10 15 1 6 1 20 4 28 2 8 26 39
1/1/2021 51 79 24 28 2 15 15 14 0 7 0 12 9 3 1 0 18 9
4/1/2021 104 74 58 28 14 19 20 16 1 3 5 5 1 1 5 2 4 6
7/1/2021 204 70 116 35 57 9 18 16 6 7 2 2 0 0 5 1 10 18
10/1/2021 156 56 80 24 16 5 16 11 13 5 7 6 21 1 3 4 5 15
1/1/2022 309 50 105 22 166 4 15 14 3 4 4 6 14 0 2 0 3 8
4/1/2022 183 62 91 35 42 2 16 7 8 8 6 7 12 0 8 3 4 2
7/1/2022 170 75 88 35 12 4 35 16 3 10 1 6 29 2 2 2 12 12
10/1/2022 166 61 82 24 24 2 22 12 3 10 11 11 23 1 1 1 55 3
1/1/2023 133 51 67 18 24 0 5 8 4 13 7 9 20 0 6 3 52 4
4/1/2023 408 70 132 28 231 7 21 9 3 8 6 14 14 0 1 4 61 9
7/1/2023 166 55 96 25 24 6 18 4 2 16 19 2 4 0 3 2 15 1
10/1/2023 347 71 234 30 80 4 17 7 4 20 9 4 2 1 1 5 10 4
1/1/2024 149 76 88 31 30 5 11 16 3 10 5 6 9 0 3 8 4 3
4/1/2024 186 114 103 47 47 6 14 37 3 8 6 15 12 0 1 1 12 2
7/1/2024 145 107 98 49 15 12 16 26 2 15 6 3 8 0 0 2 18 1
Data as of Sept. 30, 2024. Notes: Downgrades include defaults. Data includes rating actions on confidentially rated entities. *Only tracked annually prior to 2006. §All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. Source: S&P Global Ratings Credit Research & Insights.

Table 6

USPF rating actions, Q3 2024
Obligor Sector Old rating Latest rating date New rating Upgrade/downgrade
Goodyear Community Facilities General District No.1 Tax secured A- 7/1/2024 A Upgrade
Eagle Ranch Metropolitan District Tax secured BBB+ 7/1/2024 A Upgrade
Goodyear Community Facilities Utility District No.1 Tax secured A- 7/1/2024 A+ Upgrade
Beaver Creek Metropolitan District Tax secured AA- 7/1/2024 AA Upgrade
Ken-Caryl Ranch Metropolitan District Tax secured A- 7/1/2024 A Upgrade
Eagle Bend Metropolitan District No.2 Tax secured A- 7/1/2024 A Upgrade
Meridian Housing Authority Housing A+ 7/1/2024 AA- Upgrade
Meridian Housing Authority Housing A+ 7/1/2024 AA- Upgrade
Lincoln Park Metropolitan District Tax secured BBB 7/1/2024 BBB+ Upgrade
Riverside County Community Facilities District No.7-2 (Clinton Keith) Tax secured A- 7/1/2024 A Upgrade
Meridian Housing Authority Housing A+ 7/1/2024 AA- Upgrade
Pittsville School District Tax secured A+ 7/1/2024 A Downgrade
Wayne Charter County Tax secured A 7/2/2024 A+ Upgrade
Wayne Charter County Tax secured A 7/2/2024 A+ Upgrade
Tehama County Appropriation A- 7/2/2024 A Upgrade
Lee Town Tax secured AA 7/3/2024 AA+ Upgrade
Northern Local School District Tax secured BBB 7/3/2024 BBB+ Upgrade
Bessemer Utilities BB+ 7/3/2024 BB- Downgrade
Guntersville Waterworks & Sewer Board Utilities A+ 7/3/2024 A Downgrade
Esparto Community Services District Utilities A+ 7/3/2024 A Downgrade
Esparto Community Services District Utilities A+ 7/3/2024 A Downgrade
Brazoria County Municipal Utility District No.18 Tax secured A 7/8/2024 A+ Upgrade
California Area School District Tax secured BBB+ 7/9/2024 A- Upgrade
Randall County Tax secured AA 7/9/2024 AA+ Upgrade
Bridgeton Appropriation A 7/10/2024 A+ Upgrade
Bridgeton Appropriation A 7/10/2024 A+ Upgrade
Lamar Consolidated Independent School District Tax secured AA 7/10/2024 AA- Downgrade
Jackson County School District No.5 (Ashland) Tax secured A+ 7/10/2024 A Downgrade
Northeastern Illinois University Higher education BB+ 7/11/2024 BBB- Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A- 7/11/2024 A+ Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A 7/11/2024 A+ Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A 7/11/2024 A+ Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A 7/11/2024 A+ Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A 7/11/2024 A+ Upgrade
Successor Agency to the Riverside County Redevelopment Agency Tax secured A 7/11/2024 A+ Upgrade
Port Angeles Utilities A 7/11/2024 A- Downgrade
Decatur City School System Appropriation AA- 7/12/2024 AA Upgrade
Penn Highlands Healthcare Health care A- 7/12/2024 BBB Downgrade
Orange County Tax secured AA+ 7/15/2024 AAA Upgrade
Portland Water District Utilities AA 7/15/2024 AA+ Upgrade
Orange County Appropriation AA 7/15/2024 AA+ Upgrade
Orange County Appropriation AA 7/15/2024 AA+ Upgrade
Orange County Appropriation AA 7/15/2024 AA+ Upgrade
Piatt Cnty CUSD #57 DeLand-Weldon Tax secured A+ 7/15/2024 AA- Upgrade
Lake County Community Consolidated School District No.41 (Lake Village) Tax secured AA- 7/15/2024 AA Upgrade
Orange County Appropriation AA 7/15/2024 AA+ Upgrade
Santa Monica Appropriation AA+ 7/15/2024 AA Downgrade
Santa Monica Appropriation AA+ 7/15/2024 AA Downgrade
Santa Monica Appropriation AA+ 7/15/2024 AA Downgrade
Santa Monica Appropriation AA+ 7/15/2024 AA Downgrade
Santa Monica Appropriation AA+ 7/15/2024 AA Downgrade
Tucson Medical Center Health care A 7/15/2024 A- Downgrade
Illinois State University Higher education A- 7/16/2024 A Upgrade
Salem Appropriation BBB 7/16/2024 BBB+ Upgrade
Noah Webster Basic Schools Inc. Charter schools BB 7/16/2024 BB- Downgrade
Holy Redeemer Health System Health care BB 7/16/2024 B+ Downgrade
Michigan Tax secured AA- 7/16/2024 A+ Downgrade
Pinckney Community Schools Tax secured BBB- 7/17/2024 BBB Upgrade
Fort Bend County Municipal Utility District No.169 Tax secured BBB- 7/17/2024 A- Upgrade
Knoxville Utilities Board Utilities AA+ 7/18/2024 AAA Upgrade
Hamden Town Tax secured BBB+ 7/18/2024 A- Upgrade
Central Florida Expressway Authority Transportation A+ 7/18/2024 AA- Upgrade
Harding County School District No.31-1 Tax secured BBB- 7/18/2024 BBB+ Upgrade
Connellsville Area School District Tax secured A- 7/18/2024 A Upgrade
Ontario Utilities AA 7/18/2024 AA+ Upgrade
St Clair Memorial Hospital of Pittsburgh Health care AA- 7/18/2024 A+ Downgrade
Eyota Tax secured AA- 7/18/2024 A+ Downgrade
Crowley Tax secured AA- 7/19/2024 AA Upgrade
Anchorage Tax secured AA 7/19/2024 AA- Downgrade
Corcoran Utilities A 7/19/2024 A- Downgrade
Fairburn Utilities A 7/19/2024 A- Downgrade
Anchorage Appropriation AA- 7/19/2024 A+ Downgrade
Concord Tax secured A+ 7/22/2024 AA- Upgrade
Grass Valley Utilities AA- 7/22/2024 A+ Downgrade
Sonoma County Water Agency Utilities AAA 7/22/2024 AA+ Downgrade
William Penn School District Tax secured BBB+ 7/23/2024 BBB Downgrade
Mountain Lake Independent School District No.173 Tax secured A 7/23/2024 A- Downgrade
Dawson-Boyd Independent School District No.378 Tax secured A+ 7/23/2024 A Downgrade
Cleveland Utilities A+ 7/24/2024 AA- Upgrade
Lewisburg Tax secured A 7/24/2024 A+ Upgrade
City of Poughkeepsie Tax secured BBB 7/24/2024 BBB+ Upgrade
Glendale-River Hills School District Tax secured AA 7/24/2024 A+ Downgrade
Gilbert Community School District Tax secured AA- 7/24/2024 A+ Downgrade
Natomas Unified School District Tax secured A 7/25/2024 A+ Upgrade
Successor Agency to the Seaside Redevelopment Agency Tax secured AA- 7/25/2024 AA Upgrade
Coxsackie Tax secured A+ 7/25/2024 A Downgrade
Cameron Parish School District No.15 Tax secured BBB 7/25/2024 BBB- Downgrade
Portage Utilities BBB- 7/26/2024 BBB Upgrade
New Diana Independent School District Tax secured A+ 7/29/2024 A Downgrade
Northwest Area School District Tax secured A 7/29/2024 A- Downgrade
Ohio Transportation AA 7/30/2024 AA+ Upgrade
Colorado Independent School District Tax secured A- 7/30/2024 A Upgrade
Marquette County Tax secured AA 7/30/2024 AA+ Upgrade
Marquette County Tax secured AA- 7/30/2024 AA Upgrade
Mason County Tax secured A+ 7/30/2024 AA- Upgrade
Isabella County Tax secured AA 7/30/2024 AA- Downgrade
St. Louis College of Pharmacy Higher education BBB- 7/30/2024 BB+ Downgrade
Alton Tax secured A 7/31/2024 A+ Upgrade
Nashville & Davidson County Metropolitan Government Utilities AA 7/31/2024 AA- Downgrade
Norton City School District Tax secured A- 8/1/2024 A Upgrade
Buffalo Tax secured AA- 8/1/2024 AA Upgrade
Las Vegas Valley Water District Utilities AA 8/1/2024 AA+ Upgrade
AGWSR Community School District Tax secured A 8/1/2024 A+ Upgrade
Bass Lake Joint Union Elementary School District Tax secured A+ 8/1/2024 A Downgrade
Ashville Utilities A 8/1/2024 BBB+ Downgrade
Ukiah Utilities A+ 8/1/2024 A Downgrade
Kankakee City Tax secured BBB 8/2/2024 BBB+ Upgrade
Knox County Tax secured BBB 8/5/2024 BBB+ Upgrade
Albany International Airport Transportation A 8/5/2024 A+ Upgrade
South San Antonio Independent School District Tax secured A 8/5/2024 A- Downgrade
Bonduel School District Tax secured A+ 8/6/2024 A Downgrade
Chandler Town Utilities A+ 8/6/2024 A Downgrade
Windham Tax secured AA 8/7/2024 AA+ Upgrade
St James Independent School District No.840 Tax secured BBB+ 8/7/2024 A- Upgrade
Vail Valley Medical Center Health care A 8/7/2024 A- Downgrade
Charlotte Independent School District Tax secured A+ 8/7/2024 A Downgrade
Parkview Health System Obligated Group Health care AA- 8/7/2024 A+ Downgrade
Tulsa Pythian Manor Inc. Housing BBB- 8/7/2024 BB+ Downgrade
Gladstone Tax secured A 8/7/2024 A- Downgrade
Fairview Utilities BBB 8/7/2024 BBB- Downgrade
Joshua Independent School District Tax secured A+ 8/8/2024 A Downgrade
Cook County Community Consolidated School District No.118 (Palos) Tax secured AA 8/8/2024 AA- Downgrade
Dallas Fort Worth International Airport Transportation A+ 8/9/2024 AA- Upgrade
Los Rios Community College District Tax secured AA 8/9/2024 AA+ Upgrade
Central Texas Regional Mobility Authority Transportation A 8/9/2024 A+ Upgrade
Tyler Tax secured A- 8/9/2024 A Upgrade
Central Texas Regional Mobility Authority Transportation A- 8/9/2024 A Upgrade
Central Texas Regional Mobility Authority Transportation A 8/9/2024 A+ Upgrade
Carson Tax secured AA- 8/9/2024 AA Upgrade
Catholic Medical Center Health care BBB- 8/9/2024 BB+ Downgrade
CHF Dover LLC Higher education BB- 8/13/2024 BB Upgrade
Portage Township Schools Tax secured AA- 8/13/2024 A+ Downgrade
Portage Township Schools Tax secured AA- 8/13/2024 A+ Downgrade
Lancaster County Tax secured AA- 8/14/2024 AA Upgrade
Midwest Family Housing LLC Housing A+ 8/14/2024 AA- Upgrade
Midwest Family Housing LLC Housing A 8/14/2024 A+ Upgrade
Pleasant Ridge Tax secured AA- 8/14/2024 AA Upgrade
San Fernando Tax secured A+ 8/14/2024 AA- Upgrade
Palatine Public Library District Tax secured AA 8/15/2024 AA+ Upgrade
Portsmouth Tax secured AA 8/16/2024 AA+ Upgrade
Clyde Tax secured A- 9/17/2024 B- Downgrade
Clyde Tax secured A- 8/16/2024 D Default
Woonsocket Utilities A 8/16/2024 A- Downgrade
Lincoln Park Tax secured BB+ 8/19/2024 BBB Upgrade
OU Medicine, Inc. Health care BB- 8/19/2024 BB Upgrade
Frankfort Town Tax secured A 8/19/2024 A+ Upgrade
Texas Children's Hospital Health care AA 8/19/2024 AA- Downgrade
North Liberty Utilities A 8/19/2024 A- Downgrade
Zeeland Public Schools Tax secured A 8/20/2024 A+ Upgrade
Murray City Utilities AA- 8/20/2024 AA Upgrade
Southwest School Corp. Tax secured A 8/20/2024 A- Downgrade
Southwest School Corp. Tax secured A 8/20/2024 A- Downgrade
Point Pleasant Beach Borough Board of Education Tax secured AA- 8/21/2024 AA Upgrade
Doylestown Hospital Health care CCC 8/21/2024 B+ Upgrade
Maryland Economic Development Corp. Higher education BB+ 8/21/2024 BBB- Upgrade
Inverness Tax secured A+ 8/21/2024 AA- Upgrade
West Memphis Utilities BBB+ 8/21/2024 BBB Downgrade
Piatt & Champaign Counties Community Unit School District No.5 (Bement) Tax secured A 8/22/2024 A+ Upgrade
Barnstable County Tax secured AA 8/22/2024 AA+ Upgrade
Eldridge Tax secured AA- 8/22/2024 AA Upgrade
Glencoe Regional Health Services Health care BBB 8/22/2024 BBB- Downgrade
Warsaw Utilities AA- 8/22/2024 A+ Downgrade
Urban Discovery Academy Charter schools BB- 8/22/2024 B+ Downgrade
College For Creative Studies Higher education BBB+ 8/22/2024 BBB Downgrade
Tacoma Utilities AA 8/23/2024 AA+ Upgrade
Bend Utilities AA 8/23/2024 AA+ Upgrade
Graham Tax secured BBB- 8/23/2024 BBB Upgrade
Mount Sinai Hospital Obligated Group Health care A- 8/23/2024 BBB Downgrade
Mundelein Village Tax secured A+ 8/26/2024 AA- Upgrade
Cumberland Mountain Water & Fire Port Authority Utilities A- 8/26/2024 BBB+ Downgrade
Beaumont Independent School District Tax secured A 8/27/2024 A+ Upgrade
Sterling Pk Dist Tax secured BBB+ 8/27/2024 A- Upgrade
Noblesville Schools Tax secured AA- 8/27/2024 AA Upgrade
Fall River Housing Authority Housing BBB 8/27/2024 BBB+ Upgrade
Fall River Housing Authority Housing BBB 8/27/2024 BBB+ Upgrade
St Joseph County Intermediate School District Tax secured A+ 8/27/2024 AA- Upgrade
Noblesville Schools Tax secured AA- 8/27/2024 AA Upgrade
Wilkinsburg Boro Tax secured A 8/27/2024 A+ Upgrade
Noblesville Schools Tax secured AA- 8/27/2024 AA Upgrade
Sunnyvale Tax secured AA 8/28/2024 AA+ Upgrade
Lake County Tax secured BBB+ 8/28/2024 BBB Downgrade
Marcus Meriden Cleghorn Community School District Tax secured A 8/28/2024 A- Downgrade
Newton County School District R-IV (Diamond) Tax secured A+ 8/28/2024 A Downgrade
Country Club Village Tax secured A 8/29/2024 A+ Upgrade
Country Club Village Appropriation A- 8/29/2024 A Upgrade
York City School District Tax secured A- 8/29/2024 A Upgrade
Clifton Tax secured A 8/29/2024 A+ Upgrade
Monroe Tax secured AA 8/29/2024 AA+ Upgrade
Dover-Eyota Independent School District No.533 Tax secured AA- 8/29/2024 A+ Downgrade
Sherburn Tax secured A+ 8/29/2024 A Downgrade
Icahn School of Medicine at Mount Sinai Higher education A- 8/29/2024 BBB+ Downgrade
Willows (City of) Tax secured A+ 8/29/2024 A Downgrade
Western Boone County Community School Corp. Tax secured A+ 8/30/2024 AA- Upgrade
Robertson County Tax secured A+ 8/30/2024 AA- Upgrade
Greenwood Tax secured BBB+ 8/30/2024 A- Upgrade
Saline County School District No.2 (Crete Public Schools) Tax secured AA- 8/30/2024 A+ Downgrade
Osceola County Tax secured A+ 9/3/2024 AA- Upgrade
Heflin Tax secured BBB 9/4/2024 A Upgrade
Henry County Appropriation A 9/4/2024 A+ Upgrade
Jackson Hospital & Clinic Health care BB- 9/4/2024 D Default
Culver City Unified School District Tax secured AA 9/4/2024 AA- Downgrade
Port of Morrow Utilities A- 9/4/2024 BBB Downgrade
Cleveland County Independent School District No.70 (Little Axe) Appropriation A- 9/4/2024 BBB+ Downgrade
Mound Tax secured AA 9/5/2024 AA+ Upgrade
Lafourche Parish Consolidated School District No.1 Tax secured A- 9/5/2024 A Upgrade
St Anthony (Ramsey County) Tax secured AA 9/5/2024 AA+ Upgrade
Hawthorne Appropriation A+ 9/5/2024 AA- Upgrade
Hawthorne Tax secured AA- 9/5/2024 AA Upgrade
Mohawk Valley Health System Health care BB+ 9/5/2024 BB Downgrade
Lincoln County Tax secured AA- 9/6/2024 AA Upgrade
Coral Canyon Special Service District Tax secured A+ 9/6/2024 AA- Upgrade
Pierce County School District No.10 (Tacoma) Tax secured AA- 9/6/2024 A+ Downgrade
Lewis-McChord Communities LLC Housing AA- 9/9/2024 AA Upgrade
GMAC Commercial Military Housing Trust XVI Housing AA- 9/9/2024 AA Upgrade
Lewis-McChord Communities LLC Housing AA- 9/9/2024 AA Upgrade
Lewis-McChord Communities LLC Housing AA- 9/9/2024 AA Upgrade
North Texas Municipal Water District Utilities A+ 9/9/2024 AA- Upgrade
Lewis-McChord Communities LLC Housing AA- 9/9/2024 AA Upgrade
Brentwood Infrastructure Financing Authority Utilities AA 9/10/2024 AA+ Upgrade
University of North Carolina at Charlotte Higher education A+ 9/12/2024 AA- Upgrade
Princeton Tax secured AA- 9/12/2024 AA Upgrade
Johns Hopkins University Higher education AA 9/13/2024 AA+ Upgrade
Dallas County Park Cities Municipal Utility District Utilities AA 9/13/2024 AA+ Upgrade
Economy Borough Municipal Authority Utilities A+ 9/13/2024 A Downgrade
Center Township Water Authority Utilities A+ 9/16/2024 A Downgrade
Bridgeport Tax secured A 9/17/2024 A+ Upgrade
Grand Mission Municipal Utility District No.2 Tax secured BBB 9/17/2024 BBB+ Upgrade
Broussard Tax secured A 9/18/2024 A+ Upgrade
Broussard Tax secured A- 9/18/2024 A Upgrade
Winslow Utilities A 9/18/2024 BB+ Downgrade
Riverside Unified School District Financing Authority Tax secured A+ 9/19/2024 AA- Upgrade
West Contra Costa Unified School District Tax secured AA- 9/19/2024 A+ Downgrade
Avon Town Tax secured AA+ 9/19/2024 AA Downgrade
Avon Town Tax secured AA+ 9/19/2024 AA Downgrade
Oceanside Utilities AA+ 9/20/2024 AAA Upgrade
New Orleans Aviation Board Transportation BBB 9/20/2024 BBB+ Upgrade
Kane County Water Conservancy District Utilities A- 9/20/2024 BBB- Downgrade
Fort Scott Community College Appropriation A+ 9/20/2024 A- Downgrade
Fort Scott Community College Appropriation A+ 9/20/2024 A- Downgrade
Orange Regl Med Ctr Health care BB 9/20/2024 BB- Downgrade
St Charles County R-V School District (Orchard Farm) Tax secured AA- 9/20/2024 A+ Downgrade
St Charles County R-V School District (Orchard Farm) Appropriation A+ 9/20/2024 A Downgrade
St Charles County R-V School District (Orchard Farm) Appropriation A+ 9/20/2024 A Downgrade
St Charles County R-V School District (Orchard Farm) Appropriation A+ 9/20/2024 A Downgrade
Pine River Area Schools Tax secured A+ 9/23/2024 A Downgrade
Egg Harbor Township Municipal Utility Authority Utilities AA- 9/23/2024 A+ Downgrade
Village of Rosemont Tax secured BBB 9/24/2024 A- Upgrade
Meadow Pointe III Community Development District Tax secured A 9/24/2024 A+ Upgrade
Crawfordsville Community School Corp. Tax secured A 9/24/2024 A- Downgrade
Crawfordsville Community School Corp. Tax secured A 9/24/2024 A- Downgrade
Crawfordsville Community School Corp. Tax secured A 9/24/2024 A- Downgrade
Braintree Electric Light Department Utilities A 9/25/2024 A+ Upgrade
Bennett Twn Utilities A- 9/25/2024 A Upgrade
Rayburn Country Municipal Utility District Utilities BBB+ 9/26/2024 BBB Downgrade
Munhall Borough Tax secured A 9/26/2024 BBB+ Downgrade
Whiting City School Tax secured A+ 9/26/2024 A Downgrade
O'Fallon Tax secured AA 9/27/2024 AA+ Upgrade
Wolfforth Tax secured AA- 9/27/2024 AA Upgrade
O'Fallon Appropriation AA- 9/27/2024 AA Upgrade
O'Fallon Appropriation AA- 9/27/2024 AA Upgrade
O'Fallon Appropriation AA- 9/27/2024 AA Upgrade
Reading Hlth Sys Health care CC 9/27/2024 D Default
University of Louisville Health Health care A- 9/27/2024 BBB+ Downgrade
Impact Funding LLC Housing A 9/30/2024 AA- Upgrade
Impact Funding LLC Housing BBB+ 9/30/2024 A Upgrade
Impact Funding LLC Housing BBB- 9/30/2024 BBB+ Upgrade
Dekalb-Jackson Water Supply District Inc. Utilities B+ 8/27/2024 BB- Upgrade
Trinity Affordable Housing Corp. Housing B+ 9/12/2024 BB- Upgrade
Trinity Affordable Housing Corp. Housing B+ 9/12/2024 BB- Upgrade
NV Homestead Apartments, LP Housing B- 8/7/2024 B+ Upgrade
Calhoun County Tax secured AA 9/5/2024 AA- Downgrade
Data as of Sept. 30, 2024. 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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