(Editor's Note: Data as of Jan. 31, 2025.
In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions.)
Key Takeaways
- There were more than 210 rating actions in U.S. public finance (USPF) through Jan. 31, 2025.
- Overall, upgrades outpaced downgrades in the local governments and transportation sectors.
- Downgrades outpaced upgrades in the charter schools, education, public power, health care, utilities, and not-for-profit sectors.
- Through the end of 2024, unfavorable outlook revisions exceeded favorable outlook revisions.
Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here.
Additional contacts | |||
---|---|---|---|
Name | Contact type | Location | Email address |
Deegant Pandya | Research contributor | New York | deegant.pandya@spglobal.com |
Sahay Senathikagu | Research contributor | New York | sahayajayaseelan.sen@spglobal.com |
Bushra Dawawala | Research contributor | Mumbai | bushra.dawawala@spglobal.com |
Heather McArdle | Investor contact | New York | heather.mcardle@spglobal.com |
Alexis Weakley | Media contact | New York | alexis.weakley@spglobal.com |
Recent Research
- Three U.S. Public Pension Points To Watch In 2025
- Stablecoin Regulation Gains Global Momentum
- U.S. Public Finance 2025 Outlook: Cautiously Stable For Most Sectors While Others Are Pressured
- Texas Schools Face Uncertain Fiscal 2026 Budget Cycle Amid Rising Costs, Stagnant State Funding
- CreditWeek: How Could U.S. Public Finance And Insurance Issuers Be Affected Post-L.A. Wildfires?
- Los Angeles Wildfires Highlight Evolving Risks And Challenges For Local Governments
- U.S. Municipal Water & Sewer Utilities Rating Actions, Fourth-Quarter 2024
- U.S. Not-For-Profit Health Care Rating Actions, December and Fourth Quarter 2024
- U.S. Not-For-Profit Health Care Outstanding Ratings and Outlooks as of Dec. 31, 2024
- 2025 U.S. Transportation Infrastructure Activity Estimates: Generally Steady Demand And Growth
- Summary Of Hurricane Helene CreditWatch Resolutions For U.S. Public Finance
This report does not constitute a rating action.
Primary Credit Analysts: | Nora G Wittstruck, New York + (212) 438-8589; nora.wittstruck@spglobal.com |
Charlotte Perry, St. Louis + 1 (212) 438 0111; charlotte.perry@spglobal.com | |
Jessica L Wood, Chicago + 1 (312) 233 7004; jessica.wood@spglobal.com | |
Sussan S Corson, New York + 1 (212) 438 2014; sussan.corson@spglobal.com |
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