Overall credit quality remained positive, but upgrades and downgrades were relatively more balanced across USPF last year. S&P Global Ratings raised 743 USPF ratings (42 housing and 701 nonhousing) and lowered 491 (8 housing and 483 nonhousing), compared with 1,157 upgrades and 257 downgrades in 2023. Eight USPF obligors rated by S&P Global Ratings defaulted in 2024, up from four in 2023. For historical context, from 2014 to 2024 average defaults per year were 9.4. This compares to 2004 to 2014 where average defaults per year were 6.7. The overall default rate in 2024 was 0.03%, up very slightly from 0.02% in 2023.

In 2024, three sectors had more downgrades than upgrades: health care, utilities, and charter schools (see tables 1 and 2). Transportation had the largest percentage of ratings raised, at 15.6% (42 upgrades and zero downgrades), because of continued improvements in airport revenue and operations as actual passenger demand continued to outpace our activity estimates. A trend seen after the pandemic trough in 2020.

The total number of USPF ratings at the beginning of 2024 was 23,479 (including 2,330 housing), down slightly from the start of 2023. The number of ratings in the 'CCC' to 'C' categories, where default activity is concentrated, was 19 at the start of 2024 (eight nonhousing and 11 housing), down from 20 at the start of 2023 (nine nonhousing and 11 housing). USPF remains a sector overwhelmingly represented by investment-grade ratings.

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 (2024)
	Upgrade%	Downgrade%	Default%	Upgrades	Downgrades	Defaults
Local governments*	3.30	1.69	0.01	562	288	1
Tax secured	3.51	1.73	0.01	448	221	1
Appropriation	2.69	1.58	0.00	114	67	0
Utility	2.31	5.02	0.00	53	115	0
Higher education	3.38	3.13	0.25	27	25	2
Health care	2.30	9.45	0.46	10	41	2
Transportation	15.56	0.00	0.00	42	0	0
Charter schools	2.05	4.09	0.29	7	14	1
Non-housing	3.31	2.28	0.03	701	483	6
Housing	1.80	0.34	0.09	42	8	2
*Includes tax secured and appropriations. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®.

Rating Changes In 2024

Most Sectors had More Upgrades Than Downgrades

For nonhousing, upgrades fell to 3.3% of total ratings in 2024, from 4.8% in 2023, and downgrades rose to 2.3% from 1.1% (see table 2). 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) was up very slightly to 90.2% from 90.1% in 2023, and the ratio of downgrades to upgrades also rose, to 0.7 to 1. For housing, upgrades fell to 1.8% of ratings in 2024, from 5.7% in 2023, and downgrades fell to 0.3% from 0.8%. The stability rate rose to 92.7% in 2024, from 87.7% in 2023, while the ratio of downgrades to upgrades rose very slightly to 0.2 to 1 in 2024, from 0.1 to 1 in 2023.

Long-term statistics

Historically, the stability of USPF nonhousing ratings has remained high. The 87.6% 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 85.3%, 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 as the ratings carry that of the U.S. sovereign (which was downgraded that year).

The weighted average one-year default rate for nonhousing is 0.028% from 1986 to 2024. 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 2024 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 nonhousing rating changes (%)*
Year	Issuers as of Jan. 1	Upgrades	Downgrades§	Defaults	Withdrawn ratings	Changed ratings	Unchanged ratings	Downgrade/upgrade ratio
1981	3625.0	1.10	2.04	0.00	0.58	3.72	96.28	1.85
1982	3897.0	1.33	2.62	0.00	0.38	4.34	95.66	1.96
1983	4283.0	1.47	2.50	0.02	1.73	5.72	94.28	1.70
1984	4529.0	1.66	1.63	0.00	2.41	5.70	94.30	0.99
1985	4722.0	2.20	1.74	0.00	3.83	7.77	92.23	0.79
1986	5031.0	3.18	2.39	0.00	6.96	12.52	87.48	0.75
1987	5192.0	2.83	2.97	0.06	8.11	13.96	86.04	1.05
1988	5168.0	2.17	2.21	0.00	5.55	9.93	90.07	1.02
1989	5310.0	3.37	1.26	0.06	4.05	8.74	91.26	0.37
1990	5601.0	1.87	4.05	0.05	3.64	9.62	90.38	2.16
1991	5958.0	1.48	4.68	0.02	4.26	10.44	89.56	3.17
1992	6399.0	2.95	5.02	0.08	6.63	14.67	85.33	1.70
1993	6715.0	2.70	1.82	0.00	9.68	14.19	85.81	0.67
1994	6765.0	2.07	2.72	0.04	10.04	14.87	85.13	1.31
1995	6575.0	2.39	2.37	0.02	19.71	24.49	75.51	0.99
1996	5665.0	4.43	1.68	0.00	11.02	17.12	82.88	0.38
1997	5494.0	6.02	0.93	0.00	6.22	13.18	86.82	0.15
1998	5929.0	4.57	1.25	0.00	9.09	14.91	85.09	0.27
1999	6637.0	6.27	1.75	0.02	9.27	17.30	82.70	0.28
2000	7023.0	9.03	1.24	0.04	3.35	13.66	86.34	0.14
2001	7631.0	13.51	2.45	0.04	3.33	19.33	80.67	0.18
2002	8404.0	5.19	3.31	0.01	4.52	13.03	86.97	0.64
2003	9140.0	3.98	3.18	0.01	4.76	11.94	88.06	0.80
2004	10027.0	4.90	3.17	0.03	5.41	13.50	86.50	0.65
2005	10576.0	5.68	2.13	0.01	3.70	11.52	88.48	0.37
2006	11292.0	8.10	1.13	0.01	3.63	12.88	87.12	0.14
2007	12081.0	5.51	1.24	0.00	3.18	9.93	90.07	0.23
2008	12793.0	16.07	0.98	0.04	2.85	19.93	80.07	0.06
2009	13914.0	15.83	2.58	0.00	3.08	21.48	78.52	0.16
2010	15924.0	10.63	2.29	0.02	6.25	19.18	80.82	0.22
2011	17476.0	4.51	3.31	0.03	3.05	10.91	89.09	0.73
2012	18352.0	3.04	2.32	0.06	3.68	9.09	90.91	0.76
2013	19348.0	7.06	2.40	0.08	3.64	13.18	86.82	0.34
2014	20089.0	11.16	3.39	0.04	3.24	17.84	82.16	0.30
2015	20726.0	4.82	2.20	0.04	4.34	11.41	88.59	0.46
2016	21307.0	4.21	3.13	0.07	4.26	11.66	88.34	0.74
2017	21659.0	3.82	2.83	0.08	4.82	11.55	88.45	0.74
2018	21589.0	6.10	2.50	0.00	4.45	13.06	86.94	0.41
2019	21573.0	4.36	1.98	0.02	3.87	10.23	89.77	0.46
2020	21750.0	0.69	3.70	0.00	4.88	9.27	90.73	5.40
2021	21694.0	2.36	1.23	0.01	5.60	9.19	90.81	0.52
2022	21644.0	3.72	1.10	0.01	4.82	9.66	90.34	0.30
2023	21326.0	4.83	1.11	0.02	3.91	9.86	90.14	0.23
2024	21148.0	3.31	2.28	0.03	4.19	9.82	90.18	0.69
Weighted average		5.33	2.33	0.03	4.76	12.44	87.56	0.79
Average		4.92	2.34	0.02	5.13	12.42	87.58	0.85
Median		4.10	2.30	0.02	4.26	11.80	88.20	0.64
Standard deviation		3.67	0.96	0.02	3.25	4.40	4.40	0.95
Minimum		0.69	0.93	0.00	0.38	3.72	75.51	0.06
Maximum		16.07	5.02	0.08	19.71	24.49	96.28	5.40
*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®.

Transportation Had The Most Improved Credit Quality Again

The subsectors making up USPF are distinct enough to warrant breaking out in our analysis, but some have a small number of issuers and therefore statistics may be skewed. Chart 1 shows each sector's percentages of upgrades and downgrades in 2024. The transportation sector had the highest upgrade rate (15.6%), followed by tax secured (3.5%) and higher education (3.4%).

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 'BB' ratings and appropriations 'BBB' ratings.

Table 3

Rating category movement in 2024 by sector (%)
	USPF		Tax secured		Appropriation
	Higher	Lower	Higher	Lower	Higher	Lower
AAA	N.A.	0.46	N.A.	0.73	N.A.	0.00
AA	0.26	0.76	0.36	1.00	0.00	0.17
A	1.90	0.74	1.84	0.32	2.52	0.56
BBB	5.38	2.22	7.58	0.47	10.00	0.00
BB	5.20	2.60	16.67	0.00	0.00	0.00
B	16.67	0.00	0.00	0.00	0.00	0.00
CCC/C	5.26	26.32	0.00	0.00	0.00	0.00
	Utility		Housing		Higher education
	Higher	Lower	Higher	Lower	Higher	Lower
AAA	N.A.	0.53	N.A.	0.00	N.A.	0.00
AA	0.73	1.67	0.00	0.00	0.52	0.52
A	0.71	2.85	3.23	0.65	1.60	1.60
BBB	0.66	5.26	17.46	3.17	2.16	2.70
BB	10.00	0.00	6.67	0.00	7.41	1.85
B	100.00	0.00	25.00	0.00	12.50	0.00
CCC/C	0.00	0.00	0.00	18.18	0.00	66.67
	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	5.50	0.00	0.00	0.00	0.00
A	1.01	4.04	5.00	0.00	0.00	0.00
BBB	2.25	5.62	18.52	0.00	0.00	2.63
BB	3.33	10.00	100.00	0.00	1.12	2.79
B	20.00	0.00	0.00	0.00	10.00	0.00
CCC/C	33.33	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 Eight

There were eight defaults in 2024, up from four in 2023 (see tables 10 and 11 for itemized public defaults). 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 four, in 2012. For housing, out of the past six years, there was only one year with any investment-grade defaults (seven), and that was 2020 when the financial operations of certain housing sectors were hit particularly hard by COVID-19. The annual average number of investment-grade defaults are 0.4 for nonhousing, and 0.5 for housing.

In USPF, 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).

l generally low on a comparative basis (see table 4). There were defaults in five sectors in 2024, local government (which includes tax secured and appropriations backed debt), higher education, health care, charter schools, and housing. Even under the most adverse credit conditions, the maximum default rate across all sectors of USPF has never breached 1%.

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

Table 4

USPF default statistics by sector
	Default rate (%)
	2024 #	2024	Mean	Median	Max	Max year
Tax secured	1	0.01	0.007	0.00	0.07	1994
Appropriation	0	0.00	0.030	0.00	0.22	2017
Utility	0	0.00	0.024	0.00	0.16	2004
Higher education	2	0.25	0.045	0.00	0.36	2014
Health care	2	0.46	0.111	0.00	0.63	1992
Transportation	0	0.00	0.052	0.00	0.53	2001
Charter schools	1	0.29	0.109	0.00	0.60	2023
Non-housing	6	0.03	0.026	0.02	0.08	2017
Housing	2	0.09	0.086	0.04	0.63	1991
Total USPF	8	0.03	0.039	0.03	0.22	1991
Revenue includes everything except tax-secured, appropriation and housing. Mean and median figures represent 1986 through 2024. 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, withdrawn or that defaulted. (For more details, please refer to tables 24-28, 41, and 43-45.)

For example, 0.46% of 'AAA' ratings were lowered in 2024, all falling to 'AA' (see table 5). At the other end of the scale, 'CCC'/'C' ratings had a default rate of 26.3%, compared with the historical average of just under 20% (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', 0.15% to 'B', 0.09% 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 2024 one-year transition rates by category (%)
From/to	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
AAA	97.63	0.46	0.00	0.00	0.00	0.00	0.00	0.00	1.91
AA	0.26	94.33	0.75	0.01	0.00	0.00	0.00	0.00	4.65
A	0.00	1.90	93.19	0.67	0.05	0.01	0.00	0.01	4.17
BBB	0.00	0.00	5.38	88.21	2.14	0.09	0.00	0.00	4.19
BB	0.00	0.29	0.29	4.62	86.71	2.02	0.00	0.58	5.49
B	0.00	0.00	0.00	2.38	14.29	78.57	0.00	0.00	4.76
CCC/C	0.00	0.00	0.00	0.00	0.00	5.26	52.63	26.32	15.79
NR--Not rated. 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, for example, on average 97.2% 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. When defaults occur, they typically don't appear until the 'B' and lower rating categories.

Table 6

USPF average one year transition rates (1986 - 2024) (%)*
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
AAA	97.24	0.98	0.03	0.01	0.00	0.00	0.01	0.00	1.74
AA	0.55	93.99	1.05	0.02	0.00	0.00	0.00	0.00	4.38
A	0.01	2.67	91.43	0.83	0.04	0.01	0.01	0.00	5.00
BBB	0.00	0.13	5.75	86.30	1.19	0.15	0.09	0.01	6.39
BB	0.00	0.02	0.43	5.74	81.67	2.78	1.15	0.30	7.91
B	0.00	0.10	0.48	2.21	7.31	70.48	5.77	1.73	11.92
CCC/C	0.00	0.00	1.10	0.88	1.32	5.92	55.26	19.96	15.57
*Excludes housing. NR--Not rated. 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 3.35% are raised to 'AA+' within one year, while just 1.45% are lowered to 'AA-'. On average, 4.7% 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 - 2024) (%)*
Rating	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
AAA	97.24	0.81	0.14	0.03	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	1.74
AA+	2.24	91.99	1.15	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	4.39
AA	0.26	3.35	90.10	1.45	0.22	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	4.50
AA-	0.05	0.45	4.16	88.92	1.71	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	4.28
A+	0.02	0.08	0.69	4.12	88.78	1.48	0.39	0.06	0.04	0.02	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	4.29
A	0.00	0.02	0.21	0.95	4.73	86.25	1.58	0.42	0.13	0.09	0.02	0.02	0.01	0.00	0.01	0.00	0.01	0.00	5.54
A-	0.00	0.02	0.07	0.68	1.83	6.60	82.46	1.91	0.58	0.24	0.02	0.05	0.01	0.00	0.03	0.01	0.02	0.01	5.46
BBB+	0.00	0.01	0.02	0.16	0.96	2.12	6.92	79.87	2.82	0.54	0.12	0.13	0.02	0.02	0.04	0.02	0.07	0.00	6.15
BBB	0.00	0.00	0.01	0.07	0.37	1.16	1.67	5.11	81.88	2.01	0.37	0.29	0.08	0.02	0.07	0.04	0.07	0.00	6.76
BBB-	0.00	0.02	0.00	0.03	0.07	0.20	1.32	1.41	5.12	80.93	2.68	1.10	0.39	0.05	0.24	0.07	0.16	0.04	6.15
BB+	0.00	0.00	0.00	0.04	0.04	0.45	0.24	0.49	1.39	6.08	75.29	5.63	1.79	0.45	0.33	0.24	0.24	0.08	7.22
BB	0.00	0.00	0.00	0.00	0.00	0.09	0.14	0.47	1.21	2.51	4.28	75.00	3.54	1.16	1.77	0.28	1.40	0.09	8.05
BB-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.57	0.43	1.72	2.15	5.60	66.71	3.16	2.15	2.30	3.59	1.72	9.90
B+	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.36	0.72	0.36	0.72	5.80	65.22	6.52	2.54	4.35	0.72	12.68
B	0.00	0.00	0.00	0.20	0.20	0.20	0.00	0.39	1.77	0.98	1.38	5.30	2.95	3.34	60.71	4.32	5.70	2.55	10.02
B-	0.00	0.00	0.00	0.00	0.00	1.18	0.00	0.00	0.39	1.18	0.39	1.18	1.57	1.18	5.10	64.31	7.45	1.18	14.90
CCC/C	0.00	0.00	0.00	0.00	0.44	0.66	0.00	0.22	0.00	0.66	0.00	1.10	0.22	1.75	2.19	1.97	55.26	19.96	15.57
*Excludes housing. NR--Not rated. 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 - 2024) (%)
Rating	AAA	AA+	AA	AA-	A+	A	A-	BBB+	BBB	BBB-	BB+	BB	BB-	B+	B	B-	CCC/C	D	NR
AAA	87.83	3.21	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	8.07
AA+	0.47	89.50	0.81	0.60	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	8.42
AA	1.00	2.88	82.76	1.96	0.50	0.46	0.49	0.03	0.09	0.12	0.06	0.01	0.00	0.00	0.00	0.00	0.03	0.00	9.60
AA-	0.55	0.19	3.72	79.69	2.11	2.73	0.38	0.11	0.05	0.14	0.02	0.03	0.00	0.00	0.02	0.00	0.05	0.02	10.22
A+	0.82	0.43	1.71	3.45	80.53	1.06	0.58	0.45	0.06	0.23	0.06	0.03	0.00	0.00	0.00	0.00	0.03	0.00	10.55
A	1.28	0.08	0.58	0.74	3.34	77.50	1.64	0.55	1.19	1.12	0.22	0.47	0.00	0.02	0.14	0.00	0.06	0.02	11.05
A-	0.55	0.04	0.43	0.24	1.26	4.45	71.00	1.69	3.97	1.42	0.39	0.87	0.00	0.00	0.04	0.20	0.24	0.20	13.03
BBB+	0.00	0.00	0.00	0.24	0.48	2.17	4.69	70.40	2.53	1.32	2.77	1.44	0.48	0.00	0.72	0.12	0.00	0.24	12.39
BBB	0.15	0.00	0.08	0.15	1.00	1.84	3.99	2.92	68.15	1.84	1.77	5.07	0.84	0.46	0.77	0.15	0.77	0.15	9.90
BBB-	0.00	0.11	0.34	0.00	0.45	1.80	1.69	1.46	3.15	71.01	1.57	2.25	1.35	0.56	0.34	0.34	1.24	0.45	11.91
BB+	0.00	1.83	0.00	0.00	0.31	0.00	0.61	2.14	2.75	1.83	55.96	7.03	3.36	1.22	3.98	1.53	3.06	0.00	14.37
BB	0.19	0.38	0.00	0.00	0.38	0.38	0.19	0.94	2.25	2.81	1.50	55.91	2.25	2.25	8.63	0.38	3.75	3.56	14.26
BB-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.95	0.00	0.00	1.90	46.67	9.52	5.71	2.86	7.62	0.95	23.81
B+	0.00	2.74	0.00	0.00	0.00	0.00	0.00	0.00	1.37	0.00	2.74	0.00	5.48	49.32	8.22	1.37	8.22	4.11	16.44
B	0.00	0.31	0.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.63	2.52	0.31	0.00	65.72	1.89	8.81	2.20	17.30
B-	0.00	2.08	0.00	0.00	0.00	1.04	0.00	0.00	0.00	0.00	0.00	2.08	0.00	1.04	0.00	67.71	15.63	1.04	9.38
CCC/C	0.31	0.62	0.00	0.31	0.00	0.31	0.00	0.31	0.62	0.00	0.92	0.31	0.00	0.00	0.00	0.31	56.92	13.85	25.23
NR--Not rated. 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 2024 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 147 rated nonhousing defaults in this study, 93% were rated speculative grade ('BB+' or lower) before they defaulted.

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 following receipt 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 had 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 bond market has typically been self-selecting; issuers with lower credit quality have generally not requested ratings. Consequently, the issuers rated by S&P Global Ratings generally carry investment grade ratings and could be less likely to default. Nonetheless, some securities issued by municipalities can still bear meaningful default risk. While the credit quality of a municipal bond issue may be strong initially, that strength may decline over time. Of the 143 public nonhousing defaults between 1986 and 2024, 88% were initially rated investment-grade, while only 5% 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 certain rating levels. This means that a single event can have a larger effect on average default rates more than it would if there were a larger number of ratings. No nonhousing defaults have occurred at the 'AAA' level, and just one 'AAA' rated housing bond has ever defaulted. There are currently more than 1,400 '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 think 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 64% 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 64%, and the number to the right is the cumulative proportion of the rated universe, a minuscule 0.09%. This means that 65% of the defaults came from just 0.09% 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 (40.7% of ratings), 98.6% of defaults have occurred.

Table 9

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	96.40
AA	100.00	89.48
AA-	99.30	76.33
A+	98.59	60.78
A	98.59	40.71
A-	95.77	22.57
BBB+	92.25	13.20
BBB	91.55	8.26
BBB-	90.85	3.61
BB+	88.03	1.38
BB	86.62	0.88
BB-	85.21	0.45
B+	76.76	0.30
B	75.35	0.25
B-	66.20	0.14
CCC/C	64.08	0.09
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Sector Overviews

State government

While the 50 ratings in state government are 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, the same as last year. 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 states to lose the 'AAA' rating were North Dakota in 2013 and South Carolina in 2005. Although no U.S. state has been rated speculative-grade-rated, certain U.S. territories have carried speculative grade ratings.

There were three state GO rating actions in 2024, all upgrades, down from five upgrades and no downgrades in 2023, with Alaska and Louisiana rising to 'AA' from 'AA-' and New Hampshire rising to 'AA+' from 'AA'.

State and local government

State and local government ratings consist of two rating types, tax secured and appropriation. While the category does include the state GO ratings, there are many more state level ratings that reflect other types of debt issued by states. Because of data constraints, this study does not distinguish local government ratings from state ratings in most instances. There are 17,012 tax-secured and appropriation ratings at the start of 2024. 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 remainder being state GO and other state-level ratings. To illustrate 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 at around 4,000 in the early 1990s, 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 2024.

Table 10

USPF defaults (1986-2024)*						`
				--Rating--
Obligor	State	Category	Default date	Next to last	First
Lassen Comnty Coll Dist	CA	Appropriation	4/6/1987	CCC	BBB-
Devils Lake	ND	Utility	9/16/1987	B	BBB-
New Jersey Econ Dev Auth	NJ	Transportation	12/3/1987	CC	BBB
St Josephs Hosp of Alton	IL	Health care	5/24/1989	CCC-	A
Central Med Ctr Hosp	MO	Health care	6/7/1989	CCC-	BBB-
Metro Hosp	PA	Health care	12/19/1989	CCC	A-
Choate-Symmes Hlth	MA	Health care	1/8/1990	CCC	A-
Colorado Ute Elec Assn	CO	Utility	7/6/1990	CCC	A-
Northwest Gen Hosp	MI	Health care	10/4/1990	C	BBB
Hyde Park Comnty Hosp Ill Cent Comnty Hosp	IL	Health care	12/17/1991	CCC	BBB
Sacred Heart Med Ctr of Chester	PA	Health care	1/8/1992	CCC	A-
Hialeah Hosp Inc	FL	Health care	2/10/1992	CCC	BBB
Jackson Pk Hosp Foundn	IL	Health care	3/4/1992	CCC	A
Jacksonville Gen Hosp & Med Ctr	FL	Health care	4/2/1992	CCC	BBB
James C Guiffre Med Ctr	PA	Health care	7/2/1992	CCC	BBB
New Magma Irr & Dr Dist	AZ	Tax secured	6/2/1994	C	BBB+
Parkview Hosp	OH	Health care	10/13/1994	C	A-
Central Arizona Irr & Dr Dist	AZ	Tax secured	12/2/1994	C	BBB
Orange Cnty	CA	Tax secured	12/8/1994	CCC	AA-
Michigan Hlth Care Corp	MI	Health care	9/20/1995	CCC	BB
Logan Gen Hosp	WV	Health care	2/3/1999	CCC	BBB
Graduate Hlth Sys Obligated Group	PA	Health care	1/4/2000	CCC	A
South Fulton Med Ctr	GA	Health care	4/27/2000	CCC	BBB+
Bradford Coll	MA	Higher education	11/2/2000	CCC	BBB-
Granada Hills Comnty Hosp	CA	Health care	5/14/2001	CCC	BBB-
Crouse Hlth Hosp	NY	Health care	7/3/2001	CCC	BBB
Spokane Downtown Fdn	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 Port Auth	MN	Utility	12/2/2004	CCC	A
St. Paul Hsg & Redev Auth	MN	Utility	12/2/2004	CCC	A
Kerr Cnty	TX	Appropriation	3/14/2005	CC	A-
Massachusetts Port Auth	MA	Transportation	1/4/2006	CCC-	BBB+
North Oakland Med Ctr	MI	Health care	3/31/2008	B	BBB
Jefferson Cnty	AL	Utility	4/1/2008	CCC	A+
Jefferson County	AL	Tax secured	9/24/2008	B	AA-
Pascack Vy Hosp	NJ	Health care	9/30/2008	CC	A
Presidio Cnty	TX	Tax secured	12/11/2008	BBB-	BBB-
Connector 2000 Assn Inc	SC	Transportation	1/11/2010	C	BBB-
Valley Hlth Sys	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 Auth	FL	Transportation	7/26/2011	CC	BBB-
Texas Midwest Pub Fac Corp	TX	Appropriation	10/10/2011	CC	BB
Greater Wenatchee Regl Events Cnt Pub Facs Dist	WA	Tax secured	12/2/2011	CCC	A-
Jones Cnty	TX	Appropriation	12/8/2011	CC	A-
Southern Montana Elec Generation & Transmission Co-op	MT	Utility	1/24/2012	CC	BBB
Stockton	CA	Tax secured	3/2/2012	CC	A+
Moberly	MO	Appropriation	3/22/2012	CC	A-
Moberly	MO	Appropriation	3/22/2012	CC	A-
Poudre Tech Metro Dist	CO	Tax secured	3/22/2012	A-	A-
Evergreen Country Day School	CO	Higher education	3/27/2012	CCC	BB
Jefferson County	AL	Tax secured	4/4/2012	C	C
Capital Proj Fin Auth	FL	Higher education	7/13/2012	C	BBB
Stockton	CA	Tax secured	9/4/2012	C	AA
Westerly Hosp	RI	Health care	9/7/2012	C	BBB+
Southeastern Regl Med Ctr	NC	Health care	9/28/2012	A	A
Jefferson County	AL	Utility	2/8/2013	C	A
Vadnais Hgts	MN	Appropriation	2/26/2013	CC	AA-
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 Redev Agy	CA	Tax secured	8/8/2013	CC	BBB
Riverbank Redev Agy	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	APPROP	1/6/2014	CC	AA-
Boston Biomedical Research Inst	MA	Higher education	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-
Great Lakes Water Authority	MI	Utility	9/4/2014	CC	A+
Great Lakes Water Authority	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 Coll	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	Appropriation	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 Facility Development Corp.	AZ	Appropriation	10/13/2017	BB-	BBB
San Luis Facility Development Corp.	AZ	Appropriation	10/13/2017	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 Cnty	MO	Appropriation	12/4/2018	CC	AA-
STRIDE Acad	MN	Appropriation	4/1/2019	CC	BB-
TC3 Foundn Inc	NY	Higher education	10/15/2019	CC	BBB-
Plymouth Educl Ctr Charter Sch	MI	Charter school	11/1/2019	CC	BBB-
Provident Oklahoma Education Resources Inc	LA	Higher education	8/4/2020	CC	BBB-
Children of Promise Preparatory Academy	CA	Appropriation	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-
Beech International LLC	PA	Higher education	6/18/2024	CC	BBB-
Clyde	TX	Tax secured	8/16/2024	A-	A
Jackson Hospital & Clinic	AL	Health care	9/4/2024	CC	A
Reading Hlth Sys	PA	Health care	9/27/2024	CC	A
Edkey Inc.	AZ	Charter school	12/5/2024	B+	BB+
*Excludes housing. Defaults with confidential ratings in their rating histories are excluded. Source: S&P Global Ratings Credit Research & Insights.

Table 11

USPF housing defaults (1986-2024)
			--Rating--
Obligor	State	Default date	Next to last	First
Pines of Yellow Creek	WY	12/2/1987	CC	AAA
St Louis Land Clear Redev Auth	MO	3/18/1988	AA+	AA+
El Paso Hsg Fin Corp	TX	5/2/1991	CC	AAA
Nebraska Invest Fin Auth	NE	5/2/1991	CC	AAA
Nebraska Invest Fin Auth	NE	5/2/1991	CC	AAA
Adams Cnty	CO	5/2/1991	CC	AAA
El Paso Hsg Fin Corp	TX	5/2/1991	CC	A
Midland Cnty Hsg Fin Corp	TX	6/4/1991	CC	A+
Tucson Indl Dev Auth	AZ	6/6/1991	CCC	AAA
Tucson Indl Dev Auth	AZ	6/6/1991	CCC	AAA
Simi Valley	CA	8/6/1991	CC	AAA
Simi Valley	CA	8/6/1991	CC	AAA
St. Paul Hsg & Redev Auth	MN	9/3/1991	CCC	AAA
Southeast Texas Hsg Fin Corp	TX	9/3/1991	CC	AAA
St. Paul Hsg & Redev Auth	MN	9/3/1991	CCC	AAA
Hlth Educl & Hsg Fac Brd of Memphis	TN	9/17/1991	CC	AAA
Hlth Educl & Hsg Fac Brd of Memphis	TN	9/17/1991	CC	A
Northern California Home Mtg Fin Auth	CA	10/1/1991	CC	AA-
Louisiana Agricultural Fin Auth	LA	10/2/1991	CC	AAA
Louisiana Agricultural Fin Auth	LA	10/2/1991	CC	AAA
El Paso Cnty	CO	3/16/1992	B	A+
Jefferson Cnty	AL	3/2/1993	CCC	A+
Aurora	CO	9/2/1993	CCC	A
El Paso Cnty	CO	9/21/1994	CCC	AA
Louisiana Hsg Fin Agy	LA	3/30/1995	CC	A
Los Angeles Hsg Auth	CA	6/3/1996	CCC	A
Windsor Hsg Foundn	MN	1/28/1998	NR	BBB
Windsor Hsg Foundn	MN	1/28/1998	NR	A
Louisville & Jefferson Cnty Metro Govt	KY	11/14/1998	CC	A-
Radcliff Hsg Auth	KY	11/14/1998	CC	A-
Falls Twp Hosp Auth	PA	2/2/1999	CCC	AAA
Boulder Cnty	CO	11/1/1999	CC	A
Blackwater Hsg Corp.	FL	9/6/2001	CC	BBB
Emerald Coast Hsg Corp	FL	1/8/2002	CCC	BBB
Emerald Coast Hsg 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
AOF/DFW Affordable Hsg Corp	TX	1/2/2003	CCC	BB-
Austin Hsg Fin Corp	TX	1/8/2003	CC	BBB
Austin Hsg Fin Corp	TX	1/8/2003	CCC	A
Birmingham	AL	1/30/2003	CCC-	BBB
Wichita	KS	6/23/2003	AAA	AAA
Mercy Hsg	AZ	8/19/2004	B	A
Mercy Hsg	AZ	8/19/2004	CCC	BBB
Texas St Affordable Hsg Corp	TX	10/8/2004	CC	BBB-
Texas St Affordable Hsg Corp	TX	10/8/2004	C	BB
Harris Cnty Hsg Fin Corp	TX	4/11/2005	B	BBB
Harris Cnty Hsg Fin Corp	TX	4/11/2005	CCC	BB
Raleigh Housing Authority	NC	6/10/2005	CC	A-
American Opportunity for Hsg	TX	9/22/2005	C	BBB-
American Opportunity for Hsg	TX	9/22/2005	C	BB
De Kalb Cnty Hsg Auth	GA	10/20/2005	C	BBB
Shelby Cnty Hlth Ed & Hsg Fac Brd	TN	1/13/2006	CCC	A
Liberty Hsg Dev Corp	NY	3/20/2006	AA-	AAA
American Hsg Fndn	TX	3/28/2006	C	BBB-
St. Louis Indl Dev Auth	MO	4/3/2007	C	BBB+
St Cloud Hsg & Redev Auth	MN	5/29/2007	B	BBB
Little Rock Fam Hsg LLC	AR	10/11/2007	BB	A-
South Texas Aff Hsg Corp	TX	9/9/2008	C	BB
Harris Cnty Hsg Fin Corp	TX	3/3/2009	CCC	A
American Opportunity for Hsg	TX	3/6/2009	C	A-
South Texas Aff Hsg Corp	TX	3/12/2009	C	BBB-
American Hsg Fndn	TX	5/20/2011	C	A
American Opportunity Foundn/Bexar Affordable Hsg 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
Great Lakes Senior Living Communities	IL	3/14/2024	CCC-	BBB
Great Lakes Senior Living Communities	IL	3/14/2024	CCC-	BB+
Defaults with confidential ratings in their rating histories are excluded. 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	7624.0	7548.0	76.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	7898.0	7807.0	91.0	4.0	2.0	2.0	0.0	0.1	0.0	2.2
1988	7997.0	7890.0	107.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1989	8298.0	8185.0	113.0	3.0	0.0	3.0	0.0	0.0	0.0	2.7
1990	8366.0	8236.0	130.0	3.0	0.0	3.0	0.0	0.0	0.0	2.3
1991	8808.0	8637.0	171.0	19.0	0.0	19.0	0.0	0.2	0.0	11.1
1992	9184.0	9018.0	166.0	6.0	0.0	6.0	0.0	0.1	0.0	3.6
1993	9490.0	9353.0	137.0	2.0	0.0	2.0	0.0	0.0	0.0	1.5
1994¶	9375.0	9247.0	128.0	4.0	0.0	4.0	0.0	0.0	0.0	3.1
1995	9223.0	9109.0	114.0	2.0	0.0	2.0	0.0	0.0	0.0	1.8
1996	8082.0	7997.0	85.0	1.0	0.0	1.0	0.0	0.0	0.0	1.2
1997	8050.0	7971.0	79.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998#	8618.0	8548.0	70.0	4.0	0.0	2.0	2.0	0.0	0.0	2.9
1999	9435.0	9362.0	73.0	3.0	1.0	2.0	0.0	0.0	0.0	2.7
2000	10037.0	9957.0	80.0	3.0	0.0	3.0	0.0	0.0	0.0	3.8
2001	10933.0	10836.0	97.0	4.0	1.0	3.0	0.0	0.0	0.0	3.1
2002	11973.0	11869.0	104.0	7.0	2.0	5.0	0.0	0.1	0.0	4.8
2003	12936.0	12809.0	127.0	6.0	2.0	4.0	0.0	0.0	0.0	3.1
2004	13852.0	13684.0	168.0	7.0	1.0	6.0	0.0	0.1	0.0	3.6
2005	14289.0	14129.0	160.0	7.0	0.0	7.0	0.0	0.0	0.0	4.4
2006	14850.0	14656.0	194.0	4.0	1.0	3.0	0.0	0.0	0.0	1.5
2007	15533.0	15342.0	191.0	3.0	1.0	2.0	0.0	0.0	0.0	1.0
2008	16191.0	15989.0	202.0	6.0	3.0	3.0	0.0	0.0	0.0	1.5
2009	17370.0	17170.0	200.0	3.0	0.0	3.0	0.0	0.0	0.0	1.5
2010	19237.0	19026.0	211.0	3.0	0.0	3.0	0.0	0.0	0.0	1.4
2011	20388.0	20113.0	275.0	6.0	2.0	4.0	0.0	0.0	0.0	1.5
2012	21149.0	20870.0	279.0	11.0	4.0	7.0	0.0	0.1	0.0	2.5
2013	21987.0	21692.0	295.0	16.0	1.0	15.0	0.0	0.1	0.0	5.1
2014	22573.0	22230.0	343.0	8.0	0.0	8.0	0.0	0.0	0.0	2.3
2015	23112.0	22728.0	384.0	12.0	2.0	10.0	0.0	0.1	0.0	2.6
2016	23647.0	23275.0	372.0	15.0	1.0	14.0	0.0	0.1	0.0	3.8
2017	23903.0	23497.0	406.0	20.0	2.0	18.0	0.0	0.1	0.0	4.4
2018	23844.0	23440.0	404.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2019	23811.0	23409.0	402.0	11.0	0.0	11.0	0.0	0.0	0.0	2.7
2020	23976.0	23572.0	404.0	13.0	7.0	6.0	0.0	0.1	0.0	1.5
2021	23936.0	23471.0	465.0	8.0	1.0	7.0	0.0	0.0	0.0	1.5
2022	23887.0	23451.0	436.0	2.0	0.0	2.0	0.0	0.0	0.0	0.5
2023	23579.0	23155.0	424.0	4.0	0.0	4.0	0.0	0.0	0.0	0.9
2024	23478.0	23071.0	407.0	8.0	1.0	7.0	0.0	0.0	0.0	1.7
Mean				6.2	0.9	5.2	0.1	0.0	0.0	2.5
Median				4.0	1.0	3.0	0.0	0.0	0.0	2.3
Standard deviation				5.1	1.4	4.7	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	5031.0	4956.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	5192.0	5111.0	81.0	3.0	1.0	2.0	0.0	0.1	0.0	2.5
1988	5168.0	5088.0	80.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	5310.0	5229.0	81.0	3.0	0.0	3.0	0.0	0.1	0.0	3.7
1990	5601.0	5526.0	75.0	3.0	0.0	3.0	0.0	0.1	0.0	4.0
1991	5958.0	5867.0	91.0	1.0	0.0	1.0	0.0	0.0	0.0	1.1
1992	6399.0	6304.0	95.0	5.0	0.0	5.0	0.0	0.1	0.0	5.3
1993	6715.0	6632.0	83.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994¶	6765.0	6677.0	88.0	3.0	0.0	3.0	0.0	0.0	0.0	3.4
1995	6575.0	6491.0	84.0	1.0	0.0	1.0	0.0	0.0	0.0	1.2
1996	5665.0	5598.0	67.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	5494.0	5430.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	5929.0	5871.0	58.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	6637.0	6574.0	63.0	1.0	0.0	1.0	0.0	0.0	0.0	1.6
2000	7023.0	6957.0	66.0	3.0	0.0	3.0	0.0	0.0	0.0	4.5
2001	7631.0	7562.0	69.0	3.0	1.0	2.0	0.0	0.0	0.0	2.9
2002	8404.0	8328.0	76.0	1.0	0.0	1.0	0.0	0.0	0.0	1.3
2003	9140.0	9055.0	85.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2004	10027.0	9913.0	114.0	3.0	0.0	3.0	0.0	0.0	0.0	2.6
2005	10576.0	10470.0	106.0	1.0	0.0	1.0	0.0	0.0	0.0	0.9
2006	11292.0	11155.0	137.0	1.0	0.0	1.0	0.0	0.0	0.0	0.7
2007	12081.0	11945.0	136.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	12793.0	12641.0	152.0	5.0	3.0	2.0	0.0	0.0	0.0	1.3
2009	13914.0	13763.0	151.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	15924.0	15767.0	157.0	3.0	0.0	3.0	0.0	0.0	0.0	1.9
2011	17476.0	17302.0	174.0	5.0	2.0	3.0	0.0	0.0	0.0	1.7
2012	18352.0	18155.0	197.0	11.0	4.0	7.0	0.0	0.1	0.0	3.6
2013	19348.0	19126.0	222.0	15.0	1.0	14.0	0.0	0.1	0.0	6.3
2014	20089.0	19813.0	276.0	8.0	0.0	8.0	0.0	0.0	0.0	2.9
2015	20726.0	20397.0	329.0	9.0	1.0	8.0	0.0	0.0	0.0	2.4
2016	21307.0	20977.0	330.0	14.0	0.0	14.0	0.0	0.1	0.0	4.2
2017	21659.0	21287.0	372.0	18.0	0.0	18.0	0.0	0.1	0.0	4.8
2018	21589.0	21233.0	356.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2019	21573.0	21225.0	348.0	4.0	0.0	4.0	0.0	0.0	0.0	1.1
2020	21750.0	21409.0	341.0	1.0	0.0	1.0	0.0	0.0	0.0	0.3
2021	21694.0	21310.0	384.0	3.0	1.0	2.0	0.0	0.0	0.0	0.5
2022	21644.0	21263.0	381.0	2.0	0.0	2.0	0.0	0.0	0.0	0.5
2023	21326.0	20946.0	380.0	4.0	0.0	4.0	0.0	0.0	0.0	1.1
2024	21148.0	20779.0	369.0	6.0	1.0	5.0	0.0	0.0	0.0	1.4
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	1.3
Standard deviation				4.4	0.9	4.2	0.0	0.0	0.0	1.7
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	2259.0	2234.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2385.0	2364.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1988	2378.0	2360.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	2452.0	2437.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	2606.0	2593.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	2751.0	2730.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	2908.0	2883.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	2999.0	2976.0	23.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	2960.0	2938.0	22.0	2.0	0.0	2.0	0.0	0.1	0.0	9.1
1995	2874.0	2856.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	2501.0	2487.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	2420.0	2403.0	17.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998#	2623.0	2612.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	2990.0	2978.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	3125.0	3113.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	3456.0	3443.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	3889.0	3878.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	4286.0	4273.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	4752.0	4737.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	5082.0	5070.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	5444.0	5420.0	24.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	5900.0	5874.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	6221.0	6191.0	30.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0
2009	6871.0	6844.0	27.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	8464.0	8442.0	22.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	9799.0	9757.0	42.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2012	10438.0	10378.0	60.0	4.0	3.0	1.0	0.0	0.0	0.0	1.7
2013	11101.0	11039.0	62.0	4.0	1.0	3.0	0.0	0.0	0.0	4.8
2014	11666.0	11609.0	57.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	12120.0	12048.0	72.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
2016	12488.0	12422.0	66.0	3.0	0.0	3.0	0.0	0.0	0.0	4.5
2017	12752.0	12673.0	79.0	8.0	0.0	8.0	0.0	0.1	0.0	10.1
2018	12824.0	12753.0	71.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	12858.0	12786.0	72.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	12992.0	12928.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	12980.0	12916.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	12945.0	12887.0	58.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	12807.0	12752.0	55.0	1.0	0.0	1.0	0.0	0.0	0.0	1.8
2024	12770.0	12725.0	45.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
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	1.4	0.0	0.0	0.0	2.3
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	10.1
#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	456.0	450.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	532.0	525.0	7.0	1.0	0.0	1.0	0.2	0.0	14.3
1988	579.0	577.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	678.0	674.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	772.0	769.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	912.0	905.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	1126.0	1119.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	1318.0	1313.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	1441.0	1434.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	1478.0	1469.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	1268.0	1266.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	1272.0	1271.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	1378.0	1377.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	1514.0	1512.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	1607.0	1604.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	1762.0	1759.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	1927.0	1924.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	2150.0	2147.0	3.0	1.0	1.0	0.0	0.0	0.0	0.0
2004	2433.0	2430.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	2615.0	2609.0	6.0	1.0	0.0	1.0	0.0	0.0	16.7
2006	2882.0	2877.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	3114.0	3111.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	3378.0	3374.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	3680.0	3674.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	3950.0	3933.0	17.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	3949.0	3930.0	19.0	2.0	1.0	1.0	0.1	0.0	5.3
2012	4049.0	4027.0	22.0	2.0	0.0	2.0	0.0	0.0	9.1
2013	4195.0	4162.0	33.0	8.0	0.0	8.0	0.2	0.0	24.2
2014	4234.0	4197.0	37.0	1.0	0.0	1.0	0.0	0.0	2.7
2015	4379.0	4317.0	62.0	5.0	0.0	5.0	0.1	0.0	8.1
2016	4550.0	4497.0	53.0	9.0	0.0	9.0	0.2	0.0	17.0
2017	4616.0	4560.0	56.0	10.0	0.0	10.0	0.2	0.0	17.9
2018	4492.0	4453.0	39.0	1.0	1.0	0.0	0.0	0.0	0.0
2019	4480.0	4440.0	40.0	2.0	0.0	2.0	0.0	0.0	5.0
2020	4507.0	4481.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	4487.0	4457.0	30.0	1.0	0.0	1.0	0.0	0.0	3.3
2022	4463.0	4431.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	4347.0	4325.0	22.0	0.0	0.0	0.0	0.0	0.0	0.0
2024	4242.0	4224.0	18.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				1.1	0.1	1.1	0.0	0.0	3.2
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	6.3
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				10.0	1.0	10.0	0.2	0.0	24.2
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	822.0	810.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	811.0	800.0	11.0	1.0	1.0	0.0	0.1	0.1	0.0
1988	771.0	764.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	770.0	761.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	785.0	774.0	11.0	1.0	0.0	1.0	0.1	0.0	9.1
1991	832.0	820.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	873.0	861.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	914.0	906.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	910.0	899.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	851.0	837.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
1996	721.0	711.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	696.0	684.0	12.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	737.0	726.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	816.0	805.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	869.0	858.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	945.0	935.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	1040.0	1026.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	1130.0	1120.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	1242.0	1228.0	14.0	2.0	0.0	2.0	0.2	0.0	14.3
2005	1258.0	1254.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	1310.0	1303.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	1369.0	1359.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	1442.0	1433.0	9.0	1.0	1.0	0.0	0.1	0.1	0.0
2009	1551.0	1543.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	1695.0	1687.0	8.0	1.0	0.0	1.0	0.1	0.0	12.5
2011	1878.0	1874.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	1976.0	1972.0	4.0	1.0	0.0	1.0	0.1	0.0	25.0
2013	2142.0	2136.0	6.0	1.0	0.0	1.0	0.0	0.0	16.7
2014	2244.0	2233.0	11.0	3.0	0.0	3.0	0.1	0.0	27.3
2015	2286.0	2279.0	7.0	1.0	1.0	0.0	0.0	0.0	0.0
2016	2332.0	2324.0	8.0	1.0	0.0	1.0	0.0	0.0	12.5
2017	2364.0	2355.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	2383.0	2376.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	2385.0	2381.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	2383.0	2377.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	2379.0	2370.0	9.0	1.0	1.0	0.0	0.0	0.0	0.0
2022	2379.0	2370.0	9.0	1.0	0.0	1.0	0.0	0.0	11.1
2023	2325.0	2316.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
2024	2292.0	2281.0	11.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				0.4	0.1	0.3	0.0	0.0	3.3
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.7	0.3	0.6	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	355.0	355.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1987	374.0	374.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1988	383.0	382.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	387.0	386.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	401.0	400.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	425.0	423.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1992	442.0	440.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1993	442.0	441.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	450.0	448.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1995	443.0	443.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
1996	404.0	402.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	400.0	398.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	443.0	441.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	511.0	509.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	575.0	572.0	3.0	1.0	0.0	1.0	0.2	0.0	33.3
2001	599.0	597.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2002	641.0	639.0	2.0	1.0	0.0	1.0	0.2	0.0	50.0
2003	647.0	645.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	649.0	642.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	675.0	668.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	672.0	662.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	697.0	687.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	715.0	701.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	743.0	729.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	759.0	746.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	777.0	760.0	17.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	798.0	779.0	19.0	2.0	0.0	2.0	0.3	0.0	10.5
2013	810.0	790.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	828.0	799.0	29.0	3.0	0.0	3.0	0.4	0.0	10.3
2015	825.0	794.0	31.0	1.0	0.0	1.0	0.1	0.0	3.2
2016	825.0	793.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	823.0	784.0	39.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	811.0	768.0	43.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	802.0	757.0	45.0	1.0	0.0	1.0	0.1	0.0	2.2
2020	816.0	762.0	54.0	1.0	0.0	1.0	0.1	0.0	1.9
2021	799.0	727.0	72.0	1.0	0.0	1.0	0.1	0.0	1.4
2022	799.0	734.0	65.0	1.0	0.0	1.0	0.1	0.0	1.5
2023	788.0	724.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
2024	798.0	733.0	65.0	2.0	0.0	2.0	0.3	0.0	3.1
Mean				0.4	0.0	0.4	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	10.0
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
N.A.--Not available. 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	783.0	739.0	44.0	1.0	0.0	1.0	0.1	0.0	2.3
1992	792.0	747.0	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	762.0	718.0	44.0	1.0	0.0	1.0	0.1	0.0	2.3
1995	706.0	667.0	39.0	1.0	0.0	1.0	0.1	0.0	2.6
1996	604.0	567.0	37.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	559.0	529.0	30.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	592.0	561.0	31.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	636.0	601.0	35.0	1.0	0.0	1.0	0.2	0.0	2.9
2000	666.0	629.0	37.0	2.0	0.0	2.0	0.3	0.0	5.4
2001	678.0	640.0	38.0	2.0	1.0	1.0	0.3	0.2	2.6
2002	694.0	650.0	44.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	702.0	649.0	53.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	711.0	645.0	66.0	1.0	0.0	1.0	0.1	0.0	1.5
2005	704.0	636.0	68.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	709.0	638.0	71.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	703.0	639.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	711.0	649.0	62.0	2.0	0.0	2.0	0.3	0.0	3.2
2009	719.0	655.0	64.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	704.0	633.0	71.0	1.0	0.0	1.0	0.1	0.0	1.4
2011	683.0	618.0	65.0	1.0	0.0	1.0	0.1	0.0	1.5
2012	676.0	616.0	60.0	2.0	1.0	1.0	0.3	0.2	1.7
2013	659.0	606.0	53.0	1.0	0.0	1.0	0.2	0.0	1.9
2014	622.0	569.0	53.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	585.0	536.0	49.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	555.0	508.0	47.0	1.0	0.0	1.0	0.2	0.0	2.1
2017	519.0	481.0	38.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	491.0	460.0	31.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	466.0	438.0	28.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	466.0	432.0	34.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	457.0	421.0	36.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	457.0	419.0	38.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	442.0	404.0	38.0	1.0	0.0	1.0	0.2	0.0	2.6
2024	434.0	396.0	38.0	2.0	0.0	2.0	0.5	0.0	5.3
Mean				0.8	0.1	0.7	0.1	0.0	1.6
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				1.1	0.2	1.1	0.2	0.0	2.4
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	170.0	169.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0
2000	179.0	179.0	0.0	0.0	0.0	0.0	0.0	0.0	N.A.
2001	187.0	184.0	3.0	1.0	0.0	1.0	0.5	0.0	33.3
2002	208.0	206.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2003	217.0	213.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	226.0	218.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2005	216.0	209.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	233.0	221.0	12.0	1.0	0.0	1.0	0.4	0.0	8.3
2007	241.0	231.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	246.0	237.0	9.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	261.0	254.0	7.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	265.0	258.0	7.0	1.0	0.0	1.0	0.4	0.0	14.3
2011	270.0	264.0	6.0	1.0	0.0	1.0	0.4	0.0	16.7
2012	270.0	264.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	270.0	265.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
2014	282.0	276.0	6.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	293.0	290.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2016	296.0	293.0	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	301.0	297.0	4.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	297.0	294.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
2020	304.0	302.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	294.0	289.0	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
2024	270.0	267.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0
Mean				0.1	0.0	0.1	0.1	0.0	2.2
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	6.6
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
N.A.--Not available. 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	26.0	24.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	42.0	34.0	8.0	0.0	0.0	0.0	0.0	0.0	0.0
2007	57.0	44.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	80.0	56.0	24.0	0.0	0.0	0.0	0.0	0.0	0.0
2009	89.0	64.0	25.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	87.0	68.0	19.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	120.0	99.0	21.0	0.0	0.0	0.0	0.0	0.0	0.0
2012	145.0	119.0	26.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	171.0	128.0	43.0	1.0	0.0	1.0	0.6	0.0	2.3
2014	213.0	130.0	83.0	1.0	0.0	1.0	0.5	0.0	1.2
2015	238.0	133.0	105.0	1.0	0.0	1.0	0.4	0.0	1.0
2016	261.0	140.0	121.0	0.0	0.0	0.0	0.0	0.0	0.0
2017	282.0	135.0	147.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	287.0	126.0	161.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	285.0	129.0	156.0	1.0	0.0	1.0	0.4	0.0	0.6
2020	282.0	127.0	155.0	0.0	0.0	0.0	0.0	0.0	0.0
2021	298.0	130.0	168.0	0.0	0.0	0.0	0.0	0.0	0.0
2022	316.0	142.0	174.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	336.0	149.0	187.0	2.0	0.0	2.0	0.6	0.0	1.1
2024	342.0	153.0	189.0	1.0	0.0	1.0	0.3	0.0	0.5
Mean				0.2	0.0	0.2	0.1	0.0	0.3
Median				0.0	0.0	0.0	0.0	0.0	0.0
Standard deviation				0.5	0.0	0.5	0.2	0.0	0.6
Minimum				0.0	0.0	0.0	0.0	0.0	0.0
Maximum				2.0	0.0	2.0	0.6	0.0	2.3
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	2316.0	2272.0	44.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2275.0	2222.0	53.0	2.0	1.0	1.0	0.1	0.0	1.9
1988	2211.0	2151.0	60.0	0.0	0.0	0.0	0.0	0.0	0.0
1989	2180.0	2118.0	62.0	3.0	0.0	3.0	0.1	0.0	4.8
1990	2223.0	2164.0	59.0	3.0	0.0	3.0	0.1	0.0	5.1
1991	2295.0	2232.0	63.0	1.0	0.0	1.0	0.0	0.0	1.6
1992	2365.0	2302.0	63.0	5.0	0.0	5.0	0.2	0.0	7.9
1993	2398.0	2343.0	55.0	0.0	0.0	0.0	0.0	0.0	0.0
1994	2364.0	2305.0	59.0	1.0	0.0	1.0	0.0	0.0	1.7
1995	2223.0	2166.0	57.0	1.0	0.0	1.0	0.0	0.0	1.8
1996	1896.0	1845.0	51.0	0.0	0.0	0.0	0.0	0.0	0.0
1997	1802.0	1756.0	46.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	1928.0	1882.0	46.0	0.0	0.0	0.0	0.0	0.0	0.0
1999	2133.0	2084.0	49.0	1.0	0.0	1.0	0.0	0.0	2.0
2000	2291.0	2240.0	51.0	3.0	0.0	3.0	0.1	0.0	5.9
2001	2413.0	2360.0	53.0	3.0	1.0	2.0	0.1	0.0	3.8
2002	2588.0	2526.0	62.0	1.0	0.0	1.0	0.0	0.0	1.6
2003	2704.0	2635.0	69.0	0.0	0.0	0.0	0.0	0.0	0.0
2004	2842.0	2746.0	96.0	3.0	0.0	3.0	0.1	0.0	3.1
2005	2879.0	2791.0	88.0	0.0	0.0	0.0	0.0	0.0	0.0
2006	2966.0	2858.0	108.0	1.0	0.0	1.0	0.0	0.0	0.9
2007	3067.0	2960.0	107.0	0.0	0.0	0.0	0.0	0.0	0.0
2008	3194.0	3076.0	118.0	3.0	1.0	2.0	0.1	0.0	1.7
2009	3363.0	3245.0	118.0	0.0	0.0	0.0	0.0	0.0	0.0
2010	3510.0	3392.0	118.0	3.0	0.0	3.0	0.1	0.0	2.5
2011	3728.0	3615.0	113.0	2.0	0.0	2.0	0.1	0.0	1.8
2012	3865.0	3750.0	115.0	5.0	1.0	4.0	0.1	0.0	3.5
2013	4052.0	3925.0	127.0	3.0	0.0	3.0	0.1	0.0	2.4
2014	4189.0	4007.0	182.0	7.0	0.0	7.0	0.2	0.0	3.8
2015	4227.0	4032.0	195.0	3.0	1.0	2.0	0.1	0.0	1.0
2016	4269.0	4058.0	211.0	2.0	0.0	2.0	0.0	0.0	0.9
2017	4291.0	4054.0	237.0	0.0	0.0	0.0	0.0	0.0	0.0
2018	4273.0	4027.0	246.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	4235.0	3999.0	236.0	2.0	0.0	2.0	0.0	0.0	0.8
2020	4251.0	4000.0	251.0	1.0	0.0	1.0	0.0	0.0	0.4
2021	4227.0	3937.0	290.0	2.0	1.0	1.0	0.0	0.0	0.3
2022	4236.0	3945.0	291.0	2.0	0.0	2.0	0.0	0.0	0.7
2023	4172.0	3869.0	303.0	3.0	0.0	3.0	0.1	0.0	1.0
2024	4136.0	3830.0	306.0	5.0	0.0	5.0	0.1	0.0	1.6
Mean				1.8	0.2	1.7	0.1	0.0	1.7
Median				2.0	0.0	1.0	0.0	0.0	1.0
Standard deviation				1.7	0.4	1.7	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	2593.0	2592.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1987	2706.0	2696.0	10.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1988	2829.0	2802.0	27.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
1989	2988.0	2956.0	32.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1990	2765.0	2710.0	55.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1991	2850.0	2770.0	80.0	18.0	0.0	18.0	0.0	0.6	0.0	22.5
1992	2785.0	2714.0	71.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
1993	2775.0	2721.0	54.0	2.0	0.0	2.0	0.0	0.1	0.0	3.7
1994	2610.0	2570.0	40.0	1.0	0.0	1.0	0.0	0.0	0.0	2.5
1995	2648.0	2618.0	30.0	1.0	0.0	1.0	0.0	0.0	0.0	3.3
1996	2417.0	2399.0	18.0	1.0	0.0	1.0	0.0	0.0	0.0	5.6
1997	2556.0	2541.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1998	2689.0	2677.0	12.0	2.0	0.0	2.0	2.0	0.1	0.0	16.7
1999	2798.0	2788.0	10.0	2.0	1.0	1.0	0.0	0.1	0.0	10.0
2000	3014.0	3000.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2001	3302.0	3274.0	28.0	1.0	0.0	1.0	0.0	0.0	0.0	3.6
2002	3569.0	3541.0	28.0	6.0	2.0	4.0	0.0	0.2	0.1	14.3
2003	3796.0	3754.0	42.0	5.0	1.0	4.0	0.0	0.1	0.0	9.5
2004	3825.0	3771.0	54.0	4.0	1.0	3.0	0.0	0.1	0.0	5.6
2005	3713.0	3659.0	54.0	6.0	0.0	6.0	0.0	0.2	0.0	11.1
2006	3558.0	3501.0	57.0	3.0	1.0	2.0	0.0	0.1	0.0	3.5
2007	3452.0	3397.0	55.0	3.0	1.0	2.0	0.0	0.1	0.0	3.6
2008	3398.0	3348.0	50.0	1.0	0.0	1.0	0.0	0.0	0.0	2.0
2009	3456.0	3407.0	49.0	3.0	0.0	3.0	0.0	0.1	0.0	6.1
2010	3313.0	3259.0	54.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2011	2912.0	2811.0	101.0	1.0	0.0	1.0	0.0	0.0	0.0	1.0
2012	2797.0	2715.0	82.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2013	2639.0	2566.0	73.0	1.0	0.0	1.0	0.0	0.0	0.0	1.4
2014	2484.0	2417.0	67.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2015	2386.0	2331.0	55.0	3.0	1.0	2.0	0.0	0.1	0.0	3.6
2016	2340.0	2298.0	42.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
2017	2244.0	2210.0	34.0	2.0	2.0	0.0	0.0	0.1	0.1	0.0
2018	2255.0	2207.0	48.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2019	2238.0	2184.0	54.0	7.0	0.0	7.0	0.0	0.3	0.0	13.0
2020	2226.0	2163.0	63.0	12.0	7.0	5.0	0.0	0.5	0.3	7.9
2021	2242.0	2161.0	81.0	5.0	0.0	5.0	0.0	0.2	0.0	6.2
2022	2243.0	2188.0	55.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2023	2253.0	2209.0	44.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2024	2330.0	2292.0	38.0	2.0	0.0	2.0	0.0	0.1	0.0	5.3
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	2.5
Standard deviation				3.6	1.2	3.2	0.3	0.1	0.1	5.4
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.

Table 23

2024 one-year transition rates by category (%)
From/to	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
USPF
AAA	97.6	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1.9
AA	0.3	94.3	0.7	0.0	0.0	0.0	0.0	0.0	4.7
A	0.0	1.9	93.2	0.7	0.1	0.0	0.0	0.0	4.2
BBB	0.0	0.0	5.4	88.2	2.1	0.1	0.0	0.0	4.2
BB	0.0	0.3	0.3	4.6	86.7	2.0	0.0	0.6	5.5
B	0.0	0.0	0.0	2.4	14.3	78.6	0.0	0.0	4.8
CCC/C	0.0	0.0	0.0	0.0	0.0	5.3	52.6	26.3	15.8
Tax secured
AAA	98.7	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.6
AA	0.4	95.3	1.0	0.0	0.0	0.0	0.0	0.0	3.3
A	0.0	1.8	94.2	0.3	0.0	0.0	0.0	0.0	3.6
BBB	0.0	0.0	7.6	86.7	0.5	0.0	0.0	0.0	5.2
BB	0.0	0.0	2.4	14.3	73.8	0.0	0.0	0.0	9.5
B	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0
CCC/C
Appropriation
AAA	98.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.5
AA	0.0	90.9	0.2	0.0	0.0	0.0	0.0	0.0	9.0
A	0.0	2.5	89.8	0.6	0.0	0.0	0.0	0.0	7.2
BBB	0.0	0.0	10.0	83.8	0.0	0.0	0.0	0.0	6.3
BB	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	100.0	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Utility
AAA	96.3	0.5	0.0	0.0	0.0	0.0	0.0	0.0	3.2
AA	0.7	95.1	1.6	0.1	0.0	0.0	0.0	0.0	2.5
A	0.0	0.7	92.6	2.4	0.4	0.0	0.0	0.0	3.9
BBB	0.0	0.0	0.7	89.5	5.3	0.0	0.0	0.0	4.6
BB	0.0	0.0	0.0	10.0	80.0	0.0	0.0	0.0	10.0
B	0.0	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0
CCC/C
Housing
AAA	95.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.3
AA	0.0	94.9	0.0	0.0	0.0	0.0	0.0	0.0	5.1
A	0.0	3.2	92.9	0.6	0.0	0.0	0.0	0.0	3.2
BBB	0.0	0.0	17.5	74.6	1.6	1.6	0.0	0.0	4.8
BB	0.0	0.0	0.0	6.7	60.0	0.0	0.0	0.0	33.3
B	0.0	0.0	0.0	0.0	25.0	75.0	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	54.5	18.2	27.3
Higher education
AAA	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
AA	0.5	97.9	0.5	0.0	0.0	0.0	0.0	0.0	1.0
A	0.0	1.6	95.2	1.6	0.0	0.0	0.0	0.0	1.6
BBB	0.0	0.0	2.2	91.4	2.7	0.0	0.0	0.0	3.8
BB	0.0	0.0	0.0	7.4	87.0	1.9	0.0	0.0	3.7
B	0.0	0.0	0.0	0.0	12.5	87.5	0.0	0.0	0.0
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	33.3	66.7	0.0
Health care
AAA
AA	0.0	91.7	5.5	0.0	0.0	0.0	0.0	0.0	2.8
A	0.0	1.0	92.9	3.5	0.5	0.0	0.0	0.0	2.0
BBB	0.0	0.0	2.2	88.8	5.6	0.0	0.0	0.0	3.4
BB	0.0	3.3	0.0	0.0	86.7	6.7	0.0	3.3	0.0
B	0.0	0.0	0.0	20.0	0.0	60.0	0.0	0.0	20.0
CCC/C	0.0	0.0	0.0	0.0	0.0	33.3	33.3	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	98.7	0.0	0.0	0.0	0.0	0.0	0.0	1.3
A	0.0	5.0	93.1	0.0	0.0	0.0	0.0	0.0	1.9
BBB	0.0	0.0	18.5	81.5	0.0	0.0	0.0	0.0	0.0
BB	0.0	0.0	0.0	100.0	0.0	0.0	0.0	0.0	0.0
B
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	100.0	0.0	0.0
Charter schools
AAA
AA
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	96.1	2.6	0.0	0.0	0.0	1.3
BB	0.0	0.0	0.0	1.1	92.2	2.2	0.0	0.6	3.9
B	0.0	0.0	0.0	0.0	10.0	80.0	0.0	0.0	10.0
CCC/C
NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Table 24

Average one-year transition rates by sector (1986 - 2024) (%)
Rating	AAA	AA	A	BBB	BB	B	CCC/C	D	NR
Tax secured
AAA	97.7	0.9	0.0	0.0	0.0	0.0	0.0	0.0	1.4
AA	0.7	95.8	0.7	0.0	0.0	0.0	0.0	0.0	2.7
A	0.0	2.6	93.0	0.5	0.0	0.0	0.0	0.0	3.9
BBB	0.0	0.2	7.0	86.9	0.5	0.1	0.1	0.0	5.3
BB	0.0	0.0	0.9	11.2	75.6	1.8	1.4	0.0	9.1
B	0.0	0.3	1.4	4.1	11.8	67.2	5.4	1.0	8.8
CCC/C	0.0	0.0	4.5	1.8	2.7	8.2	55.5	14.5	12.7
Appropriation
AAA	92.3	2.5	0.0	0.0	0.0	0.0	0.1	0.0	5.1
AA	0.1	90.1	1.5	0.0	0.0	0.0	0.0	0.0	8.3
A	0.0	3.5	87.3	1.2	0.0	0.0	0.0	0.0	8.0
BBB	0.0	0.1	9.9	79.7	1.2	0.1	0.2	0.0	8.8
BB	0.0	0.0	2.5	9.3	67.3	2.5	5.8	1.5	11.1
B	0.0	0.0	0.0	3.8	3.8	67.9	7.5	5.7	11.3
CCC/C	0.0	0.0	0.0	1.0	1.9	4.8	43.8	27.6	21.0
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	3.1
A	0.0	2.9	91.7	0.8	0.1	0.0	0.0	0.0	4.5
BBB	0.0	0.0	5.5	85.8	0.7	0.1	0.1	0.0	7.8
BB	0.0	0.0	1.2	14.1	71.4	0.4	2.0	1.6	9.3
B	0.0	0.0	0.0	3.6	14.3	64.3	1.8	0.0	16.1
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	88.7	1.3	0.1	0.0	0.0	0.0	0.0	9.1
A	1.0	3.0	81.4	2.7	0.5	0.1	0.1	0.0	11.2
BBB	0.1	0.3	6.1	74.1	6.1	1.2	0.7	0.3	11.2
BB	0.1	0.8	0.8	5.7	60.7	10.5	3.9	2.1	15.3
B	0.0	1.2	0.2	0.2	3.9	66.5	10.1	2.3	15.6
CCC/C	0.3	0.9	0.3	0.9	1.2	0.3	56.9	13.8	25.2
Higher education
AAA	97.9	0.9	0.0	0.0	0.0	0.0	0.0	0.0	1.2
AA	0.4	94.7	1.3	0.0	0.0	0.0	0.0	0.0	3.5
A	0.0	1.3	92.8	1.3	0.0	0.0	0.0	0.0	4.6
BBB	0.0	0.1	2.2	90.7	1.6	0.1	0.1	0.0	5.2
BB	0.0	0.0	0.0	3.7	85.4	2.8	0.8	0.3	7.0
B	0.0	0.0	0.0	1.5	5.9	72.1	7.4	4.4	8.8
CCC/C	0.0	0.0	0.0	0.0	0.0	3.6	53.6	32.1	10.7
Health care
AAA
AA	0.0	91.7	5.5	0.0	0.0	0.0	0.0	0.0	2.8
A	0.0	1.0	92.9	3.5	0.5	0.0	0.0	0.0	2.0
BBB	0.0	0.0	2.2	88.8	5.6	0.0	0.0	0.0	3.4
BB	0.0	3.3	0.0	0.0	86.7	6.7	0.0	3.3	0.0
B	0.0	0.0	0.0	20.0	0.0	60.0	0.0	0.0	20.0
CCC/C	0.0	0.0	0.0	0.0	0.0	33.3	33.3	33.3	0.0
Transportation
AAA	90.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	9.3
AA	0.1	93.9	1.7	0.0	0.0	0.0	0.0	0.0	4.4
A	0.0	1.7	91.7	0.9	0.0	0.0	0.0	0.0	5.6
BBB	0.0	0.0	4.0	86.1	0.6	0.2	0.2	0.0	8.9
BB	0.0	0.0	0.0	11.5	75.0	2.7	1.4	0.0	9.5
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	6.7	46.7	33.3	13.3
Charter schools
AAA
AA
A	0.0	0.0	87.1	4.3	0.0	0.0	0.0	0.0	8.6
BBB	0.0	0.0	0.0	93.2	4.5	0.2	0.1	0.0	2.0
BB	0.0	0.0	0.0	2.6	91.5	2.1	0.0	0.1	3.7
B	0.0	0.0	0.0	0.0	4.8	80.6	1.2	1.8	11.5
CCC/C	0.0	0.0	0.0	0.0	0.0	25.0	0.0	75.0	0.0
NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Table 25a

2024 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	98.3	0.6	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	0.0	1.1
AA+	1.1	91.9	1.8	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	0.0	0.0	5.0
AA	0.0	2.5	92.3	1.2	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	3.9
AA-	0.0	0.0	2.2	90.9	1.7	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.9
A+	0.0	0.0	0.1	3.5	90.5	1.8	0.3	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	0.1	0.1	4.0	89.0	1.9	0.5	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.3
A-	0.0	0.0	0.0	0.0	1.4	4.8	85.3	2.3	0.6	0.1	0.2	0.0	0.1	0.0	0.0	0.1	0.0	0.1	5.1
BBB+	0.0	0.0	0.0	0.0	0.0	1.8	5.5	82.4	5.0	0.9	0.5	0.2	0.0	0.0	0.0	0.0	0.0	0.0	3.7
BBB	0.0	0.0	0.0	0.0	0.0	0.8	4.5	5.6	77.7	3.6	1.1	0.6	0.3	0.0	0.0	0.0	0.0	0.0	5.8
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.3	2.6	3.9	85.9	4.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0	2.9
BB+	0.0	0.0	0.0	0.6	0.0	0.6	0.0	0.0	2.6	5.8	81.4	3.8	0.6	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	0.8	0.0	4.5	89.5	2.3	1.5	0.0	0.0	0.0	0.0	1.5
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.4	2.4	4.8	61.9	9.5	2.4	0.0	0.0	4.8	11.9
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.7	0.0	0.0	0.0	13.3	66.7	6.7	0.0	0.0	0.0	6.7
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	10.0	0.0	90.0	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	0.0	80.0	0.0	0.0	20.0
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	12.5	0.0	0.0	50.0	37.5	0.0
Tax secured
AAA	98.7	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	0.0	0.0	0.0	0.0	0.6
AA+	1.6	94.6	1.2	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	2.3
AA	0.1	2.1	93.6	1.2	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	3.0
AA-	0.0	0.0	2.4	91.3	1.7	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.1
A+	0.0	0.0	0.1	3.1	91.6	1.5	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.5
A	0.0	0.0	0.1	0.2	4.4	89.9	1.5	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.6
A-	0.0	0.0	0.0	0.0	2.4	7.5	84.0	1.0	0.5	0.2	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.2	4.3
BBB+	0.0	0.0	0.0	0.0	0.0	2.5	6.4	82.7	3.0	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5
BBB	0.0	0.0	0.0	0.0	0.0	1.3	7.3	9.9	72.2	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.3
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	1.4	8.7	10.1	75.4	1.4	0.0	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	4.5	0.0	0.0	18.2	4.5	54.5	0.0	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	13.3	86.7	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	20.0	20.0	0.0	60.0	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	0.0	0.0	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-
CCC/C
Appropriation
AAA	98.5	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	0.0	1.5
AA+	0.0	87.7	2.6	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	9.7
AA	0.0	2.4	88.4	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	0.0	8.5
AA-	0.0	0.0	1.7	89.6	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	8.4
A+	0.0	0.0	0.0	5.9	85.7	1.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.7
A	0.0	0.0	0.0	0.2	3.7	86.4	2.2	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.3
A-	0.0	0.0	0.0	0.0	0.8	1.3	88.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.9
BBB+	0.0	0.0	0.0	0.0	0.0	2.3	4.7	90.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.3
BBB	0.0	0.0	0.0	0.0	0.0	0.0	16.1	3.2	67.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.9
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	16.7	83.3	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	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
BB-
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
B-
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	96.3	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	0.0	0.0	3.2
AA+	2.6	92.9	2.3	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	0.0	2.3
AA	0.0	3.2	92.7	1.9	0.0	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	1.9
AA-	0.0	0.0	1.9	91.0	3.4	0.3	0.0	0.3	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	0.0	0.2	1.5	89.2	5.4	0.2	0.2	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	0.0	0.0	0.0	1.9	86.4	4.0	2.7	0.3	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5
A-	0.0	0.0	0.0	0.0	0.0	3.5	85.0	3.5	2.0	0.5	1.0	0.0	0.5	0.0	0.0	0.0	0.0	0.0	4.0
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	1.3	80.8	9.0	1.3	1.3	1.3	0.0	0.0	0.0	0.0	0.0	0.0	5.1
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.7	75.5	7.5	3.8	0.0	1.9	0.0	0.0	0.0	0.0	0.0	5.7
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.8	4.8	76.2	9.5	4.8	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	25.0	0.0	0.0	75.0	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
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	100.0	0.0	0.0	0.0	0.0	0.0	0.0
B
B-
CCC/C
Housing
AAA	95.7	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	0.0	4.3
AA+	0.0	94.7	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	5.3
AA	0.0	0.0	96.8	1.1	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	2.1
AA-	0.0	0.0	3.5	92.2	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	4.3
A+	0.0	0.0	0.0	4.0	90.1	0.0	2.0	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.0
A	0.0	0.0	0.0	3.1	9.4	84.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.1
A-	0.0	0.0	0.0	0.0	4.5	22.7	68.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5
BBB+	0.0	0.0	0.0	0.0	0.0	7.4	14.8	70.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.4
BBB	0.0	0.0	0.0	0.0	0.0	0.0	17.9	21.4	57.1	3.6	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	12.5	0.0	50.0	12.5	0.0	0.0	12.5	0.0	0.0	0.0	0.0	12.5
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	14.3	0.0	71.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	14.3
BB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	60.0	0.0	0.0	0.0	0.0	0.0	0.0	40.0
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	0.0	0.0	66.7
B+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	16.7	0.0	33.3	50.0	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	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	20.0	0.0	80.0	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	54.5	18.2	27.3
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+	2.3	97.7	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	0.0
AA	0.0	8.3	90.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.7
AA-	0.0	0.0	1.1	96.6	1.1	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	1.1
A+	0.0	0.0	0.0	3.7	94.9	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	1.5
A	0.0	0.0	0.0	0.0	1.1	93.5	3.3	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	0.0	0.0	3.6	89.3	6.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.2
BBB+	0.0	0.0	0.0	0.0	0.0	1.8	3.5	80.7	10.5	1.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.8
BBB	0.0	0.0	0.0	0.0	0.0	2.0	0.0	0.0	88.2	3.9	0.0	2.0	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	0.0	0.0	0.0	89.6	5.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.2
BB+	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	15.4	80.8	0.0	3.8	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	5.0	90.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0
BB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.5	62.5	12.5	0.0	0.0	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	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	16.7	0.0	83.3	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	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	33.3	66.7	0.0
Health care
AAA
AA+	0.0	87.5	12.5	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
AA	0.0	0.0	91.9	8.1	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	0.0
AA-	0.0	0.0	0.0	85.9	9.4	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	4.7
A+	0.0	0.0	1.8	1.8	89.3	3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.6
A	0.0	0.0	0.0	0.0	0.0	97.6	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
A-	0.0	0.0	0.0	0.0	1.7	1.7	79.3	10.3	1.7	0.0	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.4
BBB+	0.0	0.0	0.0	0.0	0.0	0.0	5.4	81.1	8.1	2.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7
BBB	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	76.7	13.3	6.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.3
BBB-	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	81.8	13.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.5
BB+	0.0	0.0	0.0	7.1	0.0	0.0	0.0	0.0	0.0	0.0	78.6	14.3	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	75.0	16.7	8.3	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	25.0	25.0	25.0	0.0	0.0	0.0	25.0	0.0
B+	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	0.0	0.0	0.0	0.0	0.0
B
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	66.7	0.0	0.0	33.3
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	33.3	0.0	0.0	33.3	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	19.2	76.9	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	3.8
AA-	0.0	0.0	11.1	88.9	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
A+	0.0	0.0	0.0	12.7	87.3	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
A	0.0	0.0	0.0	0.0	13.0	85.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4
A-	0.0	0.0	0.0	0.0	0.0	14.3	78.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.1
BBB+	0.0	0.0	0.0	0.0	0.0	7.7	30.8	61.5	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	10.0	90.0	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	25.0	50.0	25.0	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	100.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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
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	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	0.0	0.0	0.0	0.0	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
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	0.0	97.0	0.0	0.0	3.0	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	0.9	94.6	2.7	0.0	0.0	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	2.5	88.6	5.1	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	0.0	3.9	92.1	1.3	1.3	0.0	0.0	0.0	0.0	1.3
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	70.8	8.3	4.2	0.0	0.0	4.2	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	16.7	50.0	16.7	0.0	0.0	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	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	0.0	100.0	0.0	0.0	0.0
CCC/C
*Excludes housing. N/A--Not applicable. NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Table 26

USPF average transition rates (1986 - 2024) (%)*
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	1.7
AA	0.6	94.0	1.0	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	5.7	86.3	1.2	0.2	0.1	0.0	6.4
BB	0.0	0.0	0.4	5.7	81.7	2.8	1.2	0.3	7.9
B	0.0	0.1	0.5	2.2	7.3	70.5	5.8	1.7	11.9
CCC/C	0.0	0.0	1.1	0.9	1.3	5.9	55.3	20.0	15.6
Three years
AAA	91.7	2.8	0.2	0.1	0.0	0.0	0.0	0.0	5.2
AA	1.7	82.6	2.6	0.1	0.0	0.0	0.0	0.0	12.9
A	0.0	7.3	75.6	2.0	0.1	0.0	0.0	0.0	14.8
BBB	0.0	0.7	14.2	63.1	2.6	0.4	0.3	0.1	18.7
BB	0.0	0.0	2.2	12.7	54.3	4.9	1.0	1.9	23.1
B	0.0	0.2	0.9	6.7	12.1	36.4	6.0	5.0	32.7
CCC/C	0.0	0.0	2.5	2.7	5.2	5.2	23.2	30.1	31.0
Five years
AAA	86.7	4.4	0.3	0.2	0.0	0.0	0.0	0.0	8.4
AA	2.9	72.2	3.7	0.1	0.0	0.0	0.0	0.0	20.9
A	0.1	11.0	61.5	2.6	0.2	0.1	0.0	0.0	24.4
BBB	0.0	1.3	18.8	45.3	3.0	0.6	0.3	0.3	30.4
BB	0.0	0.1	4.1	13.9	36.2	4.6	1.0	2.8	37.3
B	0.0	0.1	2.7	7.9	10.8	18.6	4.3	7.4	48.2
CCC/C	0.0	0.5	2.1	6.2	2.4	3.8	12.4	33.3	39.3
Seven years
AAA	82.3	5.8	0.5	0.2	0.0	0.0	0.0	0.0	11.2
AA	4.2	62.7	4.1	0.3	0.0	0.0	0.0	0.0	28.7
A	0.1	13.8	49.3	2.7	0.2	0.1	0.0	0.1	33.6
BBB	0.0	1.9	20.9	31.6	2.8	0.6	0.3	0.5	41.4
BB	0.0	0.6	4.9	13.0	23.7	4.2	0.9	3.6	49.2
B	0.0	0.1	3.7	6.8	7.2	10.1	2.6	8.8	60.5
CCC/C	0.0	1.0	1.5	5.8	2.8	2.3	8.3	35.1	43.4
10 years
AAA	76.6	7.3	0.6	0.3	0.0	0.0	0.0	0.0	15.2
AA	6.2	49.9	3.8	0.4	0.0	0.0	0.0	0.0	39.6
A	0.3	16.4	34.3	2.3	0.2	0.1	0.0	0.1	46.3
BBB	0.0	3.2	20.4	17.6	2.2	0.4	0.3	0.8	55.1
BB	0.0	1.0	5.3	9.3	10.5	3.4	1.1	4.8	64.6
B	0.0	0.8	4.4	3.2	4.9	2.7	1.1	11.1	71.8
CCC/C	0.0	1.4	0.7	4.8	1.7	0.7	4.1	34.0	52.6
15 years
AAA	70.9	9.1	1.1	0.2	0.0	0.0	0.0	0.0	18.7
AA	10.0	36.4	3.1	0.4	0.0	0.0	0.0	0.0	50.0
A	0.7	19.1	19.8	1.6	0.2	0.1	0.0	0.1	58.4
BBB	0.0	5.1	17.4	7.0	1.2	0.2	0.1	0.8	68.2
BB	0.0	1.4	4.5	5.5	2.4	2.2	0.2	4.3	79.5
B	0.0	1.1	5.1	2.3	2.3	0.2	0.0	10.4	78.6
CCC/C	0.0	0.0	1.6	3.3	0.0	0.0	0.0	38.8	56.3
20 years
AAA	70.4	10.9	1.7	0.2	0.0	0.0	0.0	0.0	16.9
AA	12.6	30.2	3.0	0.3	0.0	0.0	0.0	0.1	53.9
A	1.3	18.1	12.0	1.3	0.2	0.0	0.0	0.2	66.9
BBB	0.1	6.2	11.6	3.2	0.6	0.1	0.0	0.6	77.5
BB	0.0	2.0	3.4	3.0	1.2	0.5	0.0	2.7	87.2
B	0.0	1.8	0.0	1.5	0.6	0.0	0.0	11.3	84.7
CCC/C	0.0	0.0	2.0	0.7	0.0	0.0	0.0	39.6	57.7
*Excludes housing. NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Table 27

Housing average transition rates (1986 - 2024) (%)
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	88.7	1.3	0.1	0.0	0.0	0.0	0.0	9.1
A	1.0	3.0	81.4	2.7	0.5	0.1	0.1	0.0	11.2
BBB	0.1	0.3	6.1	74.1	6.1	1.2	0.7	0.3	11.2
BB	0.1	0.8	0.8	5.7	60.7	10.5	3.9	2.1	15.3
B	0.0	1.2	0.2	0.2	3.9	66.5	10.1	2.3	15.6
CCC/C	0.3	0.9	0.3	0.9	1.2	0.3	56.9	13.8	25.2
Three years
AAA	65.6	9.4	0.5	0.1	0.2	0.1	0.0	0.1	24.0
AA	1.6	68.1	3.0	0.5	0.1	0.0	0.0	0.0	26.6
A	2.1	6.8	51.8	4.4	1.6	0.4	0.2	0.2	32.3
BBB	0.2	0.7	13.0	40.3	6.7	2.5	1.9	1.8	33.0
BB	0.1	1.2	3.9	9.1	24.8	10.9	7.3	4.1	38.7
B	0.0	1.7	1.3	1.1	5.0	36.0	8.2	6.3	40.5
CCC/C	0.0	0.7	0.7	1.3	3.3	0.7	20.5	21.8	51.2
Five years
AAA	46.7	13.0	0.6	0.1	0.3	0.1	0.0	0.1	39.0
AA	1.8	51.0	3.7	0.7	0.1	0.0	0.0	0.0	42.6
A	2.4	8.0	33.4	3.6	2.0	0.7	0.5	0.4	49.0
BBB	0.2	1.2	12.5	23.0	3.8	2.2	2.1	3.0	52.1
BB	0.0	1.0	6.0	6.9	10.4	7.6	3.7	6.0	58.3
B	0.0	1.2	1.8	0.7	3.9	21.2	4.6	7.4	59.1
CCC/C	0.0	0.8	0.0	1.1	3.8	0.0	7.3	26.8	60.2
Seven years
AAA	30.8	14.6	0.8	0.1	0.3	0.1	0.0	0.1	53.1
AA	1.8	38.0	3.4	0.6	0.1	0.0	0.0	0.1	56.0
A	2.0	8.4	21.4	2.7	1.6	0.7	0.5	0.5	62.2
BBB	0.3	1.3	11.8	12.5	1.7	1.7	1.3	3.3	65.9
BB	0.0	0.9	5.7	4.3	3.8	4.3	2.0	6.9	72.1
B	0.0	0.7	2.2	0.7	3.2	14.6	2.7	7.7	68.1
CCC/C	0.0	0.9	0.0	0.0	3.1	0.0	2.6	26.9	66.5
10 years
AAA	13.0	13.8	0.6	0.1	0.2	0.2	0.0	0.1	72.0
AA	1.7	23.6	2.2	0.4	0.0	0.0	0.0	0.1	72.0
A	1.6	7.7	10.7	1.5	0.8	0.6	0.2	0.5	76.4
BBB	0.2	1.5	7.2	5.3	0.5	0.7	0.8	3.1	80.5
BB	0.0	1.2	3.2	2.6	1.6	2.4	0.3	7.8	80.8
B	0.0	0.3	1.7	0.8	1.1	8.1	1.4	8.9	77.7
CCC/C	0.0	0.5	0.0	0.0	0.5	0.0	0.5	27.7	70.9
15 years
AAA	2.8	8.1	0.3	0.1	0.1	0.1	0.1	0.1	88.4
AA	1.0	10.0	1.1	0.2	0.0	0.0	0.0	0.1	87.6
A	1.1	4.8	3.8	0.5	0.2	0.3	0.0	0.6	88.7
BBB	0.0	0.5	3.1	1.1	0.1	0.6	0.1	3.4	90.9
BB	0.0	0.8	0.6	1.1	0.2	0.6	0.4	11.0	85.4
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	10.9	89.1
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	30.3	69.7
20 years
AAA	0.6	3.1	0.2	0.1	0.0	0.0	0.1	0.2	95.7
AA	0.8	4.0	0.1	0.0	0.0	0.0	0.0	0.1	95.0
A	0.5	2.7	1.1	0.1	0.0	0.1	0.0	0.6	94.9
BBB	0.0	0.2	1.3	0.3	0.1	0.4	0.1	3.7	94.1
BB	0.0	0.0	0.0	0.5	0.5	0.0	0.7	13.6	84.7
B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	12.8	87.2
CCC/C	0.0	0.0	0.0	0.0	0.0	0.0	0.0	29.2	70.8
NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Table 28

USPF cumulative average default rates by rating category (1986 - 2024)*
(Year)	(%)
	AAA	AA	A	BBB	BB	B	CCC/C	Investment grade	Speculative grade	All rated
1	0.00	0.00	0.004	0.010	0.30	1.73	19.96	0.00	1.84	0.03
2	0.00	0.00	0.01	0.06	1.05	3.51	27.74	0.01	3.24	0.06
3	0.00	0.00	0.02	0.13	1.89	5.05	30.46	0.03	4.33	0.09
4	0.00	0.01	0.03	0.23	2.38	6.32	32.32	0.05	5.06	0.11
5	0.00	0.01	0.04	0.34	2.71	7.32	33.51	0.06	5.57	0.14
6	0.00	0.01	0.04	0.43	3.09	8.03	33.99	0.08	6.02	0.16
7	0.00	0.02	0.05	0.52	3.36	8.90	34.50	0.10	6.42	0.19
8	0.00	0.02	0.06	0.60	3.58	9.43	35.05	0.12	6.73	0.21
9	0.00	0.02	0.07	0.67	3.83	10.01	35.64	0.13	7.07	0.23
10	0.00	0.03	0.08	0.73	4.14	10.32	36.31	0.15	7.41	0.24
11	0.00	0.03	0.09	0.79	4.40	10.48	37.02	0.16	7.70	0.26
12	0.00	0.03	0.09	0.84	4.64	10.66	37.80	0.17	7.97	0.28
13	0.00	0.04	0.10	0.88	4.85	10.84	37.80	0.19	8.16	0.29
14	0.00	0.04	0.12	0.93	4.96	10.84	37.80	0.20	8.24	0.31
15	0.00	0.04	0.13	0.96	5.07	10.84	37.80	0.22	8.32	0.32
*Excludes housing. Reran values. Source: S&P Global Ratings Credit Research & Insights.

Table 29

USPF cumulative average default rates by category (1986 - 2024) (%)*
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14
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
AA	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.02	0.02	0.03	0.03	0.03	0.04	0.04
A	0.00	0.01	0.02	0.03	0.04	0.04	0.05	0.06	0.07	0.08	0.09	0.09	0.10	0.12
BBB	0.01	0.06	0.13	0.23	0.34	0.43	0.52	0.60	0.67	0.73	0.79	0.84	0.88	0.93
BB	0.30	1.05	1.89	2.38	2.71	3.09	3.36	3.58	3.83	4.14	4.40	4.64	4.85	4.96
B	1.73	3.51	5.05	6.32	7.32	8.03	8.90	9.43	10.01	10.32	10.48	10.66	10.84	10.84
CCC/C	19.96	27.74	30.46	32.32	33.51	33.99	34.50	35.05	35.64	36.31	37.02	37.80	37.80	37.80
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
Speculative grade	1.84	3.24	4.33	5.06	5.57	6.02	6.42	6.73	7.07	7.41	7.70	7.97	8.16	8.24
All rated	0.03	0.06	0.09	0.11	0.14	0.16	0.19	0.21	0.23	0.24	0.26	0.28	0.29	0.31
Rating	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
AA	0.04	0.05	0.05	0.06	0.06	0.07	0.08	0.09	0.11	0.11	0.12	0.14	0.14
A	0.13	0.14	0.15	0.16	0.17	0.18	0.19	0.19	0.20	0.21	0.21	0.22	0.23
BBB	0.96	0.98	1.00	1.03	1.05	1.07	1.08	1.09	1.10	1.12	1.13	1.13	1.14
BB	5.07	5.20	5.34	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48	5.48
B	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84	10.84
CCC/C	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80
Investment grade	0.22	0.23	0.24	0.25	0.26	0.27	0.28	0.29	0.30	0.31	0.32	0.33	0.33
Speculative grade	8.32	8.42	8.51	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62
All rated	0.32	0.33	0.35	0.36	0.37	0.38	0.39	0.40	0.41	0.42	0.43	0.43	0.44
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 30

USPF housing cumulative average default rates by category (1986 - 2024) (%)
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14
AAA	0.01	0.04	0.07	0.09	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14
AA	0.01	0.01	0.02	0.03	0.04	0.04	0.05	0.06	0.07	0.07	0.07	0.07	0.07	0.07
A	0.04	0.13	0.24	0.31	0.40	0.49	0.55	0.59	0.62	0.63	0.63	0.64	0.65	0.65
BBB	0.26	1.11	1.76	2.29	2.86	3.34	3.68	3.84	3.96	4.00	4.00	4.00	4.00	4.00
BB	2.07	2.91	3.99	4.99	5.80	6.28	6.53	6.53	6.66	6.80	6.80	6.80	6.80	6.80
B	2.26	4.15	6.10	6.98	7.44	7.93	8.17	8.43	8.43	8.43	8.43	8.43	8.43	8.43
CCC/C	13.85	19.25	21.89	23.69	24.87	25.70	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15
Investment grade	0.02	0.07	0.12	0.16	0.21	0.24	0.26	0.27	0.28	0.29	0.29	0.29	0.29	0.29
Speculative grade	4.28	6.23	7.82	8.92	9.70	10.23	10.51	10.58	10.65	10.73	10.73	10.73	10.73	10.73
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
Rating	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	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	0.07	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	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65	0.65
BBB	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00	4.00
BB	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80	6.80
B	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43
CCC/C	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15
Investment grade	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29
Speculative grade	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73
All rated	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 - 2024) (%)*
	--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	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.03	0.03	0.03	0.04	0.04	0.06	0.07	0.08	0.10	0.11	0.12	0.13	0.14	0.15
AA-	0.00	0.00	0.01	0.01	0.01	0.02	0.03	0.03	0.04	0.05	0.05	0.06	0.06	0.06	0.07	0.07	0.08	0.08	0.09	0.10	0.11	0.12	0.13	0.14	0.16	0.17	0.17
A+	0.00	0.00	0.01	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
A	0.00	0.01	0.02	0.03	0.05	0.06	0.07	0.08	0.09	0.10	0.11	0.11	0.12	0.13	0.14	0.15	0.17	0.18	0.20	0.21	0.22	0.23	0.25	0.25	0.26	0.27	0.28
A-	0.01	0.03	0.05	0.06	0.07	0.08	0.09	0.11	0.13	0.14	0.16	0.19	0.22	0.26	0.29	0.31	0.33	0.34	0.35	0.36	0.36	0.37	0.38	0.39	0.40	0.42	0.44
BBB+	0.00	0.02	0.06	0.12	0.19	0.24	0.29	0.33	0.37	0.40	0.43	0.45	0.48	0.50	0.53	0.55	0.58	0.61	0.62	0.64	0.64	0.64	0.64	0.64	0.64	0.64	0.64
BBB	0.00	0.04	0.10	0.14	0.19	0.23	0.26	0.28	0.30	0.34	0.40	0.42	0.46	0.49	0.51	0.52	0.54	0.56	0.58	0.59	0.61	0.63	0.65	0.68	0.70	0.71	0.73
BBB-	0.04	0.17	0.37	0.67	0.99	1.30	1.64	1.93	2.17	2.35	2.50	2.67	2.77	2.88	2.97	3.01	3.04	3.06	3.11	3.15	3.18	3.21	3.21	3.21	3.21	3.21	3.21
BB+	0.08	0.26	0.63	0.89	1.11	1.41	1.67	1.81	2.06	2.51	2.93	3.41	3.55	3.69	3.85	4.03	4.22	4.43	4.43	4.43	4.43	4.43	4.43	4.43	4.43	4.43	4.43
BB	0.09	1.23	2.14	2.88	3.31	3.64	4.00	4.38	4.71	4.89	4.98	4.98	5.19	5.19	5.31	5.43	5.56	5.70	5.70	5.70	5.70	5.70	5.70	5.70	5.70	5.70	5.70
BB-	1.72	3.25	5.52	6.04	6.42	7.25	7.25	7.25	7.25	7.55	7.89	8.26	8.67	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11	9.11
B+	0.72	2.26	3.08	6.12	7.97	8.95	10.56	11.81	12.53	12.53	13.36	14.30	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27	15.27
B	2.55	4.56	6.20	6.42	6.86	7.32	7.81	8.06	8.59	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86	8.86
B-	1.18	2.78	4.80	6.45	7.75	8.66	9.64	10.16	10.76	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42	11.42
CCC/C	19.96	27.74	30.46	32.32	33.51	33.99	34.50	35.05	35.64	36.31	37.02	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80	37.80
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	0.29	0.30	0.31	0.32	0.33	0.33
Speculative grade	1.84	3.24	4.33	5.06	5.57	6.02	6.42	6.73	7.07	7.41	7.70	7.97	8.16	8.24	8.32	8.42	8.51	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62	8.62
All rated	0.03	0.06	0.09	0.11	0.14	0.16	0.19	0.21	0.23	0.24	0.26	0.28	0.29	0.31	0.32	0.33	0.35	0.36	0.37	0.38	0.39	0.40	0.41	0.42	0.43	0.43	0.44
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights.

Table 32

USPF housing cumulative average default rates by modifier (1986 - 2024) (%)
	--Time horizon (years)--
Rating	1	2	3	4	5	6	7	8	9	10	11	12	13	14
AAA	0.01	0.04	0.07	0.09	0.12	0.13	0.13	0.13	0.13	0.14	0.14	0.14	0.14	0.14
AA+	0.01	0.02	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
AA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.04	0.05	0.05	0.05	0.05	0.05
AA-	0.02	0.03	0.06	0.10	0.13	0.17	0.19	0.21	0.21	0.21	0.21	0.21	0.21	0.21
A+	0.00	0.10	0.20	0.23	0.27	0.32	0.35	0.37	0.37	0.37	0.37	0.37	0.37	0.37
A	0.02	0.06	0.13	0.24	0.39	0.47	0.54	0.61	0.68	0.70	0.71	0.73	0.75	0.75
A-	0.20	0.40	0.64	0.68	0.76	0.93	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05
BBB+	0.24	0.24	0.63	1.30	1.87	2.31	2.77	3.09	3.25	3.42	3.42	3.42	3.42	3.42
BBB	0.15	1.25	2.05	2.70	3.61	4.29	4.73	4.91	5.10	5.10	5.10	5.10	5.10	5.10
BBB-	0.45	1.70	2.38	2.61	2.72	2.96	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08
BB+	0.00	0.00	0.00	0.00	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
BB	3.56	5.08	6.80	7.97	8.76	9.36	9.56	9.56	9.78	9.99	9.99	9.99	9.99	9.99
BB-	0.95	0.95	1.99	5.30	7.89	9.31	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93
B+	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11
B	2.20	4.41	6.32	7.27	7.92	8.58	8.91	9.25	9.25	9.25	9.25	9.25	9.25	9.25
B-	1.04	3.24	6.70	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94
CCC/C	13.85	19.25	21.89	23.69	24.87	25.70	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15
Investment grade	0.02	0.07	0.12	0.16	0.21	0.24	0.26	0.27	0.28	0.29	0.29	0.29	0.29	0.29
Speculative grade	4.28	6.23	7.82	8.92	9.70	10.23	10.51	10.58	10.65	10.73	10.73	10.73	10.73	10.73
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
Rating	15	16	17	18	19	20	21	22	23	24	25	26	27
AAA	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+	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
AA	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
AA-	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21
A+	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37
A	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75	0.75
A-	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05
BBB+	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42	3.42
BBB	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10	5.10
BBB-	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08	3.08
BB+	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
BB	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99	9.99
BB-	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93	10.93
B+	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11	4.11
B	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25	9.25
B-	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94	7.94
CCC/C	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15
Investment grade	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.29
Speculative grade	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73	10.73
All rated	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

Table 33

USPF static pool default rates (1986 - 2024) (%)*
		--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	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	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	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	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	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	5,958.0	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	6,399.0	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	6,715.0	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	6,765.0	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	6,575.0	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	5,665.0	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	5,494.0	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	5,929.0	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	6,637.0	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	7,023.0	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	7,631.0	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	0.28	0.29
2002	8,404.0	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	9,140.0	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	10,027.0	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	10,576.0	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	11,292.0	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	12,081.0	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	12,793.0	0.04	0.04	0.06	0.08	0.13	0.21	0.24	0.27	0.33	0.40	0.41	0.41	0.41	0.43	0.43
2009	13,914.0	0.00	0.02	0.04	0.09	0.18	0.22	0.24	0.31	0.40	0.40	0.41	0.41	0.42	0.42	0.43
2010	15,924.0	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	0.43
2011	17,476.0	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	0.42
2012	18,352.0	0.06	0.14	0.18	0.21	0.27	0.35	0.36	0.37	0.37	0.38	0.38	0.40	0.41
2013	19,348.0	0.08	0.12	0.16	0.22	0.30	0.30	0.32	0.32	0.33	0.33	0.35	0.37
2014	20,089.0	0.04	0.08	0.14	0.22	0.23	0.24	0.24	0.25	0.25	0.27	0.30
2015	20,726.0	0.04	0.10	0.19	0.19	0.20	0.20	0.21	0.22	0.23	0.26
2016	21,307.0	0.07	0.15	0.15	0.16	0.16	0.18	0.19	0.21	0.23
2017	21,659.0	0.08	0.09	0.11	0.11	0.12	0.13	0.15	0.18
2018	21,589.0	0.00	0.02	0.03	0.04	0.05	0.07	0.10
2019	21,573.0	0.02	0.02	0.04	0.05	0.06	0.09
2020	21,750.0	0.00	0.02	0.03	0.05	0.07
2021	21,694.0	0.01	0.02	0.04	0.07
2022	21,644.0	0.01	0.03	0.06
2023	21,326.0	0.02	0.05
2024	21,148.0	0.03
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	0.19	0.21	0.23	0.24	0.26	0.28	0.29	0.31	0.32
Standard deviation		0.03	0.04	0.05	0.06	0.07	0.08	0.09	0.09	0.09	0.09	0.10	0.09	0.09	0.09	0.08
Median		0.02	0.05	0.06	0.10	0.13	0.15	0.17	0.18	0.21	0.22	0.24	0.26	0.29	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	0.40	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 - 2024) (%)*
		--Time horizon (years)--
	Number of issuers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Rating: AAA
1986	53.0	0.00	0.00	0.00	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	52.0	0.00	0.00	0.00	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	50.0	0.00	0.00	0.00	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	52.0	0.00	0.00	0.00	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	58.0	0.00	0.00	0.00	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	63.0	0.00	0.00	0.00	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	61.0	0.00	0.00	0.00	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	64.0	0.00	0.00	0.00	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	68.0	0.00	0.00	0.00	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	69.0	0.00	0.00	0.00	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	74.0	0.00	0.00	0.00	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	87.0	0.00	0.00	0.00	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	104.0	0.00	0.00	0.00	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	126.0	0.00	0.00	0.00	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	144.0	0.00	0.00	0.00	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	168.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2002	217.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2003	241.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2004	259.0	0.00	0.00	0.00	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	284.0	0.00	0.00	0.00	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	300.0	0.00	0.00	0.00	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	366.0	0.00	0.00	0.00	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	404.0	0.00	0.00	0.00	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	552.0	0.00	0.00	0.00	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	658.0	0.00	0.00	0.00	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	712.0	0.00	0.00	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	707.0	0.00	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	724.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	765.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	880.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	916.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	948.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	968.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	1020.0	0.00	0.00	0.00	0.00	0.00	0.00
2020	1072.0	0.00	0.00	0.00	0.00	0.00
2021	1072.0	0.00	0.00	0.00	0.00
2022	1096.0	0.00	0.00	0.00
2023	1102.0	0.00	0.00
2024	1124.0	0.00
Marginal average		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Standard deviation		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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	0.00	0.00	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		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Rating: AA
1986	957.0	0.00	0.00	0.00	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	1026.0	0.00	0.00	0.00	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	1052.0	0.00	0.00	0.00	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	1128.0	0.00	0.00	0.00	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	1216.0	0.00	0.00	0.00	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	1328.0	0.00	0.00	0.00	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	1373.0	0.00	0.00	0.00	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	1467.0	0.00	0.00	0.00	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	1484.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07
1995	1475.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.07
1996	1365.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.07	0.07
1997	1378.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.07	0.07	0.07
1998	1472.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07	0.07	0.07	0.07	0.07
1999	1595.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.06	0.06	0.06	0.06	0.06
2000	1701.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.06	0.06	0.06	0.06	0.06	0.06
2001	2078.0	0.00	0.00	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
2002	2506.0	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
2003	2720.0	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	0.04
2004	3013.0	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
2005	3107.0	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
2006	3451.0	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
2007	3724.0	0.00	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
2008	3975.0	0.03	0.03	0.03	0.03	0.03	0.03	0.05	0.05	0.05	0.05	0.08	0.08	0.08	0.08	0.08
2009	4789.0	0.00	0.00	0.00	0.00	0.00	0.02	0.02	0.02	0.02	0.04	0.04	0.04	0.04	0.04	0.04
2010	5988.0	0.00	0.00	0.00	0.00	0.02	0.02	0.02	0.03	0.05	0.05	0.05	0.05	0.05	0.05	0.07
2011	6831.0	0.00	0.00	0.01	0.01	0.01	0.01	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.06
2012	6951.0	0.00	0.01	0.01	0.01	0.01	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.06
2013	7261.0	0.00	0.00	0.00	0.00	0.01	0.03	0.03	0.03	0.03	0.03	0.03	0.04
2014	7803.0	0.00	0.00	0.00	0.01	0.03	0.03	0.03	0.03	0.03	0.03	0.04
2015	8481.0	0.00	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.02
2016	8750.0	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.02
2017	8878.0	0.00	0.01	0.01	0.01	0.01	0.01	0.01	0.02
2018	9003.0	0.01	0.01	0.01	0.01	0.01	0.01	0.01
2019	9227.0	0.00	0.00	0.00	0.00	0.00	0.00
2020	9402.0	0.00	0.00	0.00	0.00	0.00
2021	9303.0	0.00	0.00	0.00	0.00
2022	9284.0	0.00	0.00	0.00
2023	9170.0	0.00	0.00
2024	9128.0	0.00
Marginal average		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.02	0.02	0.03	0.03	0.03	0.04	0.04	0.04
Standard deviation		0.00	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03	0.03
Median		0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.02	0.03	0.03	0.03	0.03	0.03	0.04
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		0.03	0.03	0.03	0.03	0.03	0.04	0.05	0.05	0.06	0.06	0.08	0.08	0.08	0.08	0.08
Rating: A
1986	2953.0	0.00	0.00	0.00	0.00	0.07	0.07	0.10	0.10	0.14	0.14	0.14	0.14	0.14	0.14	0.17
1987	2980.0	0.00	0.00	0.00	0.07	0.07	0.10	0.10	0.13	0.13	0.13	0.13	0.13	0.13	0.17	0.17
1988	2920.0	0.00	0.00	0.07	0.07	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.14	0.14	0.14
1989	2935.0	0.00	0.07	0.07	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.14	0.14	0.14	0.14
1990	3069.0	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.07	0.07	0.07	0.07	0.16
1991	3174.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.13	0.13
1992	3410.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.06	0.06	0.06
1993	3504.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.06	0.06	0.06	0.06
1994	3498.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.06
1995	3330.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.06	0.06
1996	2723.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.07	0.07	0.07	0.07	0.07	0.07	0.07
1997	2580.0	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
1998	2811.0	0.00	0.00	0.00	0.00	0.00	0.04	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
1999	3182.0	0.00	0.00	0.00	0.00	0.03	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
2000	3544.0	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.06	0.06	0.06	0.06	0.08	0.11	0.11
2001	3713.0	0.00	0.00	0.03	0.03	0.03	0.03	0.03	0.05	0.05	0.05	0.05	0.08	0.11	0.11	0.11
2002	3994.0	0.00	0.03	0.03	0.03	0.03	0.03	0.05	0.05	0.05	0.05	0.08	0.10	0.10	0.10	0.18
2003	4374.0	0.02	0.02	0.05	0.05	0.05	0.07	0.07	0.07	0.07	0.09	0.11	0.11	0.11	0.18	0.25
2004	4739.0	0.00	0.02	0.02	0.02	0.04	0.04	0.04	0.04	0.06	0.11	0.11	0.11	0.17	0.23	0.23
2005	5240.0	0.00	0.00	0.00	0.02	0.02	0.02	0.02	0.04	0.10	0.10	0.11	0.17	0.23	0.23	0.23
2006	5511.0	0.00	0.00	0.02	0.02	0.02	0.02	0.04	0.07	0.07	0.11	0.13	0.15	0.15	0.15	0.15
2007	5893.0	0.00	0.02	0.02	0.02	0.02	0.03	0.07	0.08	0.12	0.12	0.14	0.14	0.14	0.14	0.15
2008	6204.0	0.02	0.02	0.02	0.02	0.06	0.10	0.11	0.15	0.15	0.18	0.18	0.18	0.18	0.19	0.19
2009	6579.0	0.00	0.00	0.02	0.06	0.08	0.09	0.12	0.12	0.15	0.15	0.15	0.15	0.17	0.17	0.17
2010	7668.0	0.00	0.03	0.07	0.09	0.10	0.13	0.13	0.13	0.13	0.13	0.13	0.14	0.16	0.16	0.16
2011	8417.0	0.02	0.10	0.12	0.13	0.15	0.15	0.17	0.17	0.17	0.17	0.18	0.19	0.19	0.19
2012	9057.0	0.03	0.03	0.06	0.07	0.07	0.08	0.08	0.08	0.08	0.09	0.10	0.10	0.10
2013	9611.0	0.00	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.05	0.06	0.06	0.06
2014	9800.0	0.00	0.01	0.01	0.02	0.02	0.02	0.02	0.03	0.04	0.04	0.05
2015	9635.0	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.02	0.03
2016	9945.0	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.02	0.03
2017	9985.0	0.00	0.00	0.00	0.00	0.01	0.02	0.02	0.03
2018	9802.0	0.00	0.00	0.00	0.01	0.02	0.02	0.04
2019	9586.0	0.00	0.00	0.01	0.02	0.02	0.04
2020	9539.0	0.00	0.01	0.02	0.02	0.03
2021	9484.0	0.01	0.02	0.02	0.03
2022	9458.0	0.00	0.00	0.01
2023	9322.0	0.00	0.01
2024	9420.0	0.01
Marginal average		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
Cumulative average		0.00	0.01	0.02	0.03	0.04	0.04	0.05	0.06	0.07	0.08	0.09	0.09	0.10	0.12	0.13
Standard deviation		0.01	0.02	0.03	0.03	0.04	0.04	0.04	0.05	0.05	0.05	0.04	0.05	0.05	0.06	0.06
Median		0.00	0.00	0.01	0.02	0.03	0.03	0.04	0.05	0.07	0.08	0.08	0.10	0.11	0.13	0.14
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.06
Maximum		0.03	0.10	0.12	0.13	0.15	0.15	0.17	0.17	0.17	0.18	0.18	0.19	0.23	0.23	0.25
Rating: BBB
1986	993.0	0.00	0.30	0.30	0.50	0.50	0.60	0.91	0.91	1.01	1.01	1.01	1.01	1.01	1.11	1.11
1987	1053.0	0.09	0.09	0.28	0.28	0.38	0.66	0.66	0.76	0.76	0.76	0.76	0.76	0.85	0.85	0.85
1988	1066.0	0.00	0.09	0.09	0.19	0.38	0.38	0.56	0.56	0.56	0.56	0.56	0.66	0.66	0.66	0.66
1989	1114.0	0.00	0.00	0.00	0.00	0.00	0.18	0.18	0.18	0.18	0.18	0.27	0.27	0.27	0.27	0.27
1990	1183.0	0.00	0.00	0.08	0.08	0.34	0.34	0.34	0.34	0.34	0.42	0.42	0.42	0.42	0.42	0.42
1991	1302.0	0.00	0.08	0.08	0.31	0.31	0.31	0.31	0.31	0.38	0.38	0.38	0.38	0.38	0.38	0.38
1992	1460.0	0.00	0.00	0.21	0.21	0.21	0.21	0.21	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
1993	1597.0	0.00	0.06	0.06	0.06	0.06	0.06	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.13
1994	1627.0	0.00	0.00	0.00	0.00	0.00	0.06	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.25
1995	1617.0	0.00	0.00	0.00	0.00	0.06	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.25	0.25
1996	1436.0	0.00	0.00	0.00	0.07	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.21	0.35	0.35	0.42
1997	1385.0	0.00	0.00	0.07	0.22	0.29	0.29	0.29	0.29	0.29	0.29	0.29	0.43	0.43	0.51	0.65
1998	1484.0	0.00	0.00	0.07	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.34	0.34	0.40	0.54	0.61
1999	1671.0	0.00	0.12	0.24	0.30	0.30	0.30	0.30	0.30	0.30	0.42	0.42	0.54	0.66	0.72	0.78
2000	1568.0	0.00	0.13	0.13	0.13	0.19	0.19	0.19	0.19	0.32	0.32	0.45	0.57	0.64	0.64	0.70
2001	1603.0	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.19	0.19	0.31	0.37	0.44	0.44	0.50	0.56
2002	1611.0	0.00	0.00	0.00	0.00	0.06	0.06	0.12	0.12	0.19	0.25	0.37	0.37	0.43	0.50	0.62
2003	1720.0	0.00	0.00	0.00	0.06	0.06	0.12	0.12	0.17	0.17	0.29	0.29	0.35	0.41	0.52	0.64
2004	1902.0	0.00	0.00	0.05	0.05	0.11	0.11	0.11	0.11	0.21	0.26	0.32	0.37	0.47	0.63	0.63
2005	1839.0	0.00	0.05	0.05	0.11	0.11	0.11	0.11	0.22	0.27	0.33	0.38	0.44	0.60	0.60	0.60
2006	1893.0	0.00	0.00	0.05	0.05	0.05	0.05	0.16	0.32	0.37	0.37	0.63	0.90	0.90	0.95	0.95
2007	1962.0	0.00	0.05	0.05	0.10	0.10	0.15	0.46	0.56	0.56	0.92	1.27	1.27	1.33	1.33	1.33
2008	2058.0	0.05	0.05	0.10	0.10	0.15	0.53	0.63	0.63	0.97	1.31	1.31	1.36	1.36	1.36	1.36
2009	1843.0	0.00	0.05	0.05	0.11	0.65	0.76	0.76	1.25	1.79	1.79	1.84	1.84	1.84	1.84	1.84
2010	1453.0	0.00	0.00	0.14	0.41	0.55	0.55	1.17	1.93	1.93	2.00	2.00	2.00	2.00	2.06	2.13
2011	1342.0	0.00	0.07	0.22	0.37	0.37	1.04	1.94	1.94	2.01	2.01	2.01	2.01	2.09	2.24
2012	1440.0	0.07	0.35	0.42	0.69	1.39	2.29	2.29	2.36	2.36	2.36	2.36	2.50	2.64
2013	1530.0	0.07	0.13	0.52	1.24	2.09	2.09	2.16	2.16	2.16	2.16	2.29	2.42
2014	1445.0	0.00	0.35	1.11	2.01	2.01	2.08	2.08	2.08	2.08	2.15	2.28
2015	1401.0	0.07	0.07	0.43	0.43	0.50	0.50	0.50	0.50	0.64	0.79
2016	1366.0	0.00	0.15	0.15	0.22	0.22	0.22	0.29	0.51	0.66
2017	1476.0	0.00	0.00	0.00	0.00	0.00	0.07	0.20	0.34
2018	1460.0	0.00	0.00	0.07	0.07	0.07	0.21	0.34
2019	1392.0	0.00	0.00	0.00	0.00	0.14	0.29
2020	1396.0	0.00	0.00	0.00	0.07	0.29
2021	1451.0	0.00	0.00	0.00	0.14
2022	1425.0	0.00	0.00	0.07
2023	1352.0	0.00	0.00
2024	1107.0	0.00
Marginal average		0.01	0.05	0.08	0.10	0.10	0.10	0.09	0.08	0.07	0.06	0.06	0.05	0.04	0.04	0.03
Cumulative average		0.01	0.06	0.13	0.23	0.34	0.43	0.52	0.60	0.67	0.73	0.79	0.84	0.88	0.93	0.96
Standard deviation		0.03	0.09	0.21	0.39	0.50	0.58	0.64	0.69	0.71	0.73	0.75	0.72	0.66	0.57	0.49
Median		0.00	0.00	0.07	0.11	0.21	0.21	0.29	0.31	0.34	0.38	0.42	0.44	0.47	0.57	0.63
Minimum		0.00	0.00	0.00	0.00	0.00	0.05	0.06	0.11	0.13	0.13	0.13	0.13	0.13	0.13	0.13
Maximum		0.09	0.35	1.11	2.01	2.09	2.29	2.29	2.36	2.36	2.36	2.36	2.50	2.64	2.24	2.13
Rating: BB
1986	55.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.82	1.82	1.82	1.82	1.82	1.82
1987	54.0	0.00	0.00	0.00	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	55.0	0.00	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82	1.82
1989	54.0	3.70	3.70	3.70	5.56	5.56	5.56	5.56	5.56	5.56	5.56	5.56	5.56	5.56	5.56	5.56
1990	53.0	0.00	0.00	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89	1.89
1991	65.0	0.00	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54	1.54
1992	66.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.03	3.03	3.03
1993	56.0	0.00	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79	1.79
1994	62.0	0.00	0.00	0.00	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	62.0	0.00	0.00	0.00	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	48.0	0.00	0.00	0.00	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	43.0	0.00	0.00	0.00	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	37.0	0.00	0.00	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70	2.70
1999	42.0	0.00	0.00	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38	2.38
2000	46.0	0.00	0.00	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17	2.17
2001	49.0	0.00	2.04	2.04	2.04	2.04	2.04	2.04	2.04	2.04	2.04	4.08	4.08	4.08	4.08	4.08
2002	54.0	1.85	1.85	1.85	1.85	1.85	1.85	3.70	3.70	5.56	5.56	5.56	5.56	5.56	5.56	5.56
2003	62.0	0.00	0.00	0.00	0.00	0.00	3.23	3.23	4.84	6.45	6.45	6.45	6.45	6.45	6.45	6.45
2004	81.0	0.00	0.00	0.00	0.00	2.47	2.47	2.47	3.70	3.70	3.70	3.70	3.70	3.70	3.70	3.70
2005	81.0	0.00	0.00	0.00	1.23	1.23	1.23	2.47	2.47	2.47	2.47	2.47	3.70	3.70	3.70	3.70
2006	95.0	0.00	0.00	1.05	1.05	1.05	2.11	2.11	2.11	2.11	3.16	4.21	4.21	4.21	4.21	4.21
2007	102.0	0.00	0.98	0.98	0.98	1.96	2.94	2.94	2.94	3.92	4.90	4.90	4.90	4.90	4.90	5.88
2008	115.0	0.00	0.00	0.00	0.87	2.61	3.48	3.48	4.35	5.22	5.22	5.22	5.22	5.22	6.09	6.09
2009	114.0	0.00	0.00	0.88	2.63	3.51	4.39	5.26	6.14	6.14	6.14	6.14	6.14	7.02	7.02	7.89
2010	127.0	0.79	2.36	3.94	9.45	11.02	11.81	12.60	12.60	12.60	12.60	12.60	13.39	13.39	14.17	14.17
2011	132.0	0.00	1.52	8.33	9.85	10.61	11.36	11.36	11.36	11.36	11.36	12.12	12.12	12.88	12.88
2012	145.0	0.00	5.52	7.59	8.28	8.97	8.97	8.97	8.97	8.97	9.66	9.66	10.34	10.34
2013	146.0	0.00	0.68	1.37	1.37	1.37	1.37	2.05	2.05	2.05	2.05	2.74	4.11
2014	216.0	1.39	1.39	1.39	1.85	1.85	2.31	2.31	2.31	2.31	3.24	4.17
2015	269.0	1.49	4.83	8.18	8.18	8.18	8.18	8.18	8.18	8.55	9.29
2016	237.0	0.00	0.00	0.00	0.00	0.00	0.42	0.42	0.84	1.69
2017	286.0	0.70	0.70	1.40	1.40	1.75	1.75	2.45	3.15
2018	279.0	0.00	0.72	0.72	1.08	1.08	1.79	2.51
2019	281.0	0.36	0.71	1.07	1.07	1.07	1.78
2020	293.0	0.00	0.34	0.34	0.68	1.37
2021	330.0	0.00	0.00	0.61	1.52
2022	336.0	0.00	0.60	1.79
2023	338.0	0.00	1.18
2024	331.0	0.60
Marginal average		0.30	0.75	0.85	0.50	0.34	0.39	0.27	0.23	0.26	0.32	0.27	0.25	0.22	0.12	0.12
Cumulative average		0.30	1.05	1.89	2.38	2.71	3.09	3.36	3.58	3.83	4.14	4.40	4.64	4.85	4.96	5.07
Standard deviation		0.72	1.35	2.19	2.71	2.94	3.05	3.15	3.24	3.37	3.43	3.37	3.55	3.63	3.58	3.19
Median		0.00	0.17	1.07	1.38	1.79	1.87	2.31	2.24	2.17	2.43	2.70	3.20	3.03	2.87	2.70
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		3.70	5.52	8.33	9.85	11.02	11.81	12.60	12.60	12.60	12.60	12.60	13.39	13.39	14.17	14.17
Rating: B
1986	16.0	0.00	0.00	0.00	0.00	0.00	0.00	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25
1987	20.0	0.00	0.00	0.00	0.00	0.00	5.00	5.00	5.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
1988	17.0	0.00	0.00	0.00	0.00	5.88	5.88	5.88	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76
1989	17.0	0.00	0.00	5.88	5.88	5.88	5.88	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76	11.76
1990	13.0	0.00	7.69	7.69	7.69	7.69	15.38	15.38	15.38	15.38	15.38	15.38	15.38	15.38	15.38	15.38
1991	15.0	0.00	6.67	6.67	6.67	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33
1992	14.0	0.00	0.00	0.00	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14
1993	22.0	0.00	4.55	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
1994	19.0	10.53	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79	15.79
1995	16.0	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25	6.25
1996	15.0	0.00	0.00	0.00	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	14.0	0.00	0.00	0.00	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	15.0	0.00	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
1999	12.0	0.00	0.00	0.00	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	10.0	20.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00
2001	14.0	0.00	0.00	0.00	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	7.14	14.29	14.29	14.29
2002	12.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.33	8.33	16.67	16.67	16.67	16.67
2003	18.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.56	5.56	11.11	11.11	11.11	11.11	11.11
2004	27.0	0.00	0.00	0.00	0.00	0.00	0.00	7.41	11.11	11.11	14.81	14.81	14.81	14.81	14.81	14.81
2005	21.0	0.00	0.00	0.00	4.76	4.76	14.29	19.05	19.05	23.81	23.81	23.81	23.81	23.81	23.81	23.81
2006	37.0	0.00	0.00	2.70	2.70	8.11	10.81	10.81	13.51	13.51	13.51	13.51	13.51	13.51	13.51	13.51
2007	30.0	0.00	0.00	0.00	6.67	10.00	10.00	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33	13.33
2008	29.0	3.45	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
2009	30.0	0.00	0.00	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
2010	20.0	0.00	0.00	0.00	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	26.0	0.00	3.85	3.85	7.69	7.69	7.69	7.69	7.69	7.69	7.69	7.69	7.69	7.69	7.69
2012	30.0	0.00	3.33	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67	6.67
2013	45.0	13.33	17.78	17.78	20.00	20.00	20.00	20.00	20.00	22.22	22.22	22.22	22.22
2014	39.0	2.56	7.69	10.26	10.26	10.26	10.26	10.26	12.82	12.82	12.82	12.82
2015	42.0	2.38	4.76	14.29	14.29	16.67	16.67	19.05	19.05	19.05	19.05
2016	40.0	0.00	2.50	2.50	5.00	5.00	7.50	7.50	7.50	7.50
2017	55.0	0.00	0.00	3.64	3.64	5.45	5.45	5.45	5.45
2018	53.0	0.00	1.89	1.89	3.77	3.77	3.77	3.77
2019	53.0	3.77	3.77	5.66	5.66	9.43	9.43
2020	41.0	0.00	2.44	2.44	7.32	7.32
2021	46.0	0.00	0.00	4.35	4.35
2022	34.0	0.00	5.88	5.88
2023	33.0	6.06	6.06
2024	30.0	0.00
Marginal average		1.73	1.81	1.59	1.34	1.07	0.76	0.95	0.59	0.64	0.34	0.18	0.19	0.21	0.00	0.00
Cumulative average		1.73	3.51	5.05	6.32	7.32	8.03	8.90	9.43	10.01	10.32	10.48	10.66	10.84	10.84	10.84
Standard deviation		4.24	6.09	6.32	6.26	6.46	6.72	6.89	7.03	7.27	7.20	7.08	7.29	7.07	7.17	7.30
Median		0.00	0.94	3.33	5.77	6.67	6.78	7.14	7.32	7.69	8.71	9.09	9.55	10.00	10.56	11.11
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		20.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00
Rating: CCC/C
1986	4.0	0.00	0.00	0.00	25.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
1987	7.0	28.57	28.57	42.86	57.14	57.14	57.14	57.14	57.14	57.14	57.14	57.14	57.14	57.14	57.14	57.14
1988	8.0	0.00	12.50	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
1989	10.0	10.00	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	40.00
1990	9.0	33.33	33.33	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56	55.56
1991	11.0	9.09	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27	27.27
1992	15.0	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	33.33
1993	5.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	40.00	40.00	40.00	40.00
1994	7.0	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29	14.29	42.86	42.86	42.86	42.86	42.86
1995	6.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	33.33	33.33	33.33	33.33	33.33	33.33
1996	4.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50.00	50.00	50.00	50.00	50.00	50.00	50.00
1997	7.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	28.57	28.57	28.57	28.57	28.57	28.57	28.57	28.57
1998	6.0	0.00	0.00	0.00	0.00	0.00	0.00	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
1999	9.0	11.11	22.22	22.22	22.22	22.22	44.44	44.44	44.44	44.44	44.44	44.44	44.44	44.44	44.44	44.44
2000	10.0	10.00	10.00	10.00	10.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00
2001	6.0	33.33	33.33	33.33	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67
2002	10.0	0.00	0.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00	30.00
2003	5.0	0.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00	60.00
2004	6.0	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	50.00
2005	4.0	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
2006	5.0	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	20.00
2007	4.0	0.00	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
2008	8.0	12.50	12.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50	37.50
2009	7.0	0.00	28.57	28.57	28.57	42.86	42.86	42.86	42.86	42.86	42.86	42.86	42.86	42.86	42.86	42.86
2010	10.0	20.00	30.00	30.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00	40.00
2011	16.0	18.75	18.75	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00	25.00
2012	22.0	31.82	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36	36.36
2013	31.0	25.81	29.03	32.26	32.26	32.26	32.26	32.26	32.26	32.26	32.26	32.26	32.26
2014	21.0	19.05	23.81	23.81	23.81	23.81	23.81	23.81	23.81	23.81	23.81	23.81
2015	18.0	16.67	27.78	27.78	27.78	27.78	27.78	27.78	27.78	27.78	27.78
2016	53.0	26.42	54.72	54.72	54.72	54.72	54.72	54.72	54.72	54.72
2017	31.0	51.61	51.61	51.61	51.61	51.61	51.61	51.61	51.61
2018	24.0	0.00	4.17	4.17	4.17	8.33	8.33	8.33
2019	14.0	7.14	7.14	7.14	14.29	14.29	14.29
2020	7.0	14.29	14.29	28.57	28.57	28.57
2021	8.0	25.00	37.50	37.50	37.50
2022	11.0	18.18	18.18	18.18
2023	9.0	22.22	33.33
2024	8.0	37.50
Marginal average		19.96	9.72	3.76	2.68	1.75	0.73	0.77	0.84	0.91	1.03	1.12	1.24	0.00	0.00	0.00
Cumulative average		19.96	27.74	30.46	32.32	33.51	33.99	34.50	35.05	35.64	36.31	37.02	37.80	37.80	37.80	37.80
Standard deviation		14.48	16.29	16.96	18.37	18.60	18.98	18.20	16.95	15.98	14.43	14.07	12.07	12.24	12.47	12.39
Median		14.29	23.02	25.00	27.53	28.57	30.00	32.26	32.80	33.33	33.33	33.33	36.93	37.50	38.75	40.00
Minimum		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	20.00	20.00	20.00
Maximum		51.61	60.00	60.00	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67
*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
2024	0.00	0	0	0	0	0	0.071839	0	0	0	0	0	4.761905	0	0	0	37.5
*Excludes housing. N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 36

USPF housing static pool default rates (1986 - 2024) (%)
		--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	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	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	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	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	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	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	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	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	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	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	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	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	2,689.0	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	2,798.0	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	3,014.0	0.00	0.03	0.23	0.36	0.43	0.56	0.63	0.70	0.70	0.73	0.73	0.73	0.73	0.73	0.73
2001	3,302.0	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	3,569.0	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	3,796.0	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	3,825.0	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	3,713.0	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	3,558.0	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	3,452.0	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	3,398.0	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	3,456.0	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	3,313.0	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	0.12
2011	2,912.0	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	0.14
2012	2,797.0	0.00	0.04	0.04	0.14	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18	0.18
2013	2,639.0	0.04	0.04	0.15	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19	0.19
2014	2,484.0	0.00	0.12	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16	0.16
2015	2,386.0	0.13	0.17	0.17	0.17	0.17	0.21	0.21	0.21	0.21	0.21
2016	2,340.0	0.04	0.13	0.13	0.13	0.26	0.26	0.26	0.26	0.26
2017	2,244.0	0.09	0.09	0.18	0.31	0.40	0.40	0.40	0.40
2018	2,255.0	0.00	0.18	0.58	0.67	0.67	0.67	0.67
2019	2,238.0	0.31	0.85	1.07	1.07	1.07	1.07
2020	2,226.0	0.54	0.76	0.76	0.76	0.85
2021	2,242.0	0.22	0.22	0.22	0.31
2022	2,243.0	0.00	0.00	0.09
2023	2,253.0	0.00	0.09
2024	2,330.0	0.09
Marginal average		0.09	0.09	0.07	0.06	0.05	0.04	0.03	0.01	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	0.20	0.24	0.24	0.25	0.24	0.22	0.22	0.23	0.24	0.24	0.24	0.24	0.23	0.23
Median		0.04	0.11	0.16	0.22	0.28	0.36	0.40	0.36	0.32	0.38	0.41	0.44	0.46	0.49	0.52
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	0.12
Maximum		0.63	0.85	1.07	1.07	1.07	1.07	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 - 2024) (%)
		--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	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	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	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	1005.0	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	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	1046.0	0.00	0.00	0.00	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	1122.0	0.00	0.00	0.00	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	1184.0	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	1079.0	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	1220.0	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	1254.0	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	1460.0	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	1741.0	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	1848.0	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	2023.0	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	2242.0	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	2474.0	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	2626.0	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	2622.0	0.00	0.00	0.00	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	2571.0	0.00	0.00	0.00	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	2341.0	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	2292.0	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	2248.0	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	2227.0	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	2057.0	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	0.05
2011	1583.0	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	0.06
2012	222.0	0.00	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	0.00	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	194.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	196.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	211.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	232.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	245.0	0.00	0.00	0.00	0.00	0.00	0.00
2020	276.0	0.00	0.00	0.00	0.00	0.00
2021	304.0	0.00	0.00	0.00	0.00
2022	309.0	0.00	0.00	0.00
2023	321.0	0.00	0.00
2024	393.0	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	0.09	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	0.23	0.28	0.33	0.38	0.39	0.39	0.40	0.40	0.40	0.41	0.42	0.42	0.43	0.44
Median		0.00	0.00	0.00	0.00	0.00	0.02	0.04	0.04	0.04	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	1016.0	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	1057.0	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	1090.0	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	1105.0	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	1006.0	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	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	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	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	618.0	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	669.0	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	679.0	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	718.0	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	707.0	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	832.0	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	826.0	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	835.0	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	882.0	0.00	0.00	0.00	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	904.0	0.00	0.00	0.00	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	872.0	0.00	0.00	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	2129.0	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
2013	2006.0	0.00	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2014	1879.0	0.00	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05
2015	1811.0	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06	0.06
2016	1793.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	1719.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	1693.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	1647.0	0.00	0.00	0.00	0.00	0.00	0.00
2020	1642.0	0.00	0.00	0.00	0.00	0.00
2021	1650.0	0.00	0.00	0.00	0.00
2022	1664.0	0.00	0.00	0.00
2023	1675.0	0.00	0.00
2024	1681.0	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	0.02	0.03	0.04	0.04	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	0.05	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	0.06	0.11	0.12	0.12	0.12	0.12	0.12
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	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	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	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	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	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	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	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	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	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	0.00	0.00	0.00	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	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	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	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	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	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	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	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	390.0	0.00	0.26	0.26	0.51	0.51	0.51	0.77	0.77	1.03	1.03	1.03	1.03	1.03	1.03	1.03
2004	373.0	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	327.0	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	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	238.0	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.42	0.84	0.84	0.84	0.84	0.84	0.84	0.84
2008	231.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.43	0.43	0.43	0.43	0.43	0.43	0.43	0.43
2009	261.0	0.00	0.00	0.00	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	249.0	0.00	0.00	0.00	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	319.0	0.00	0.00	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	296.0	0.00	0.00	0.00	0.00	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34
2013	305.0	0.00	0.00	0.00	0.33	0.33	0.33	0.33	0.33	0.33	0.33	0.33	0.33
2014	298.0	0.00	0.00	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34	0.34
2015	284.0	0.00	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35	0.35
2016	261.0	0.38	0.77	0.77	0.77	1.53	1.53	1.53	1.53	1.53
2017	199.0	0.50	0.50	0.50	0.50	0.50	0.50	0.50	0.50
2018	205.0	0.00	0.49	2.44	2.44	2.44	2.44	2.44
2019	215.0	0.00	1.86	2.79	2.79	2.79	2.79
2020	159.0	1.26	1.26	1.26	1.26	1.26
2021	153.0	0.00	0.00	0.00	0.00
2022	158.0	0.00	0.00	0.00
2023	156.0	0.00	0.00
2024	155.0	0.00
Marginal average		0.04	0.09	0.11	0.07	0.09	0.08	0.06	0.04	0.03	0.01	0.01	0.01	0.01	0.00	0.00
Cumulative average		0.04	0.13	0.24	0.31	0.40	0.49	0.55	0.59	0.62	0.63	0.63	0.64	0.65	0.65	0.65
Standard deviation		0.23	0.39	0.62	0.62	0.66	0.67	0.58	0.49	0.53	0.53	0.54	0.55	0.56	0.56	0.56
Median		0.00	0.00	0.16	0.26	0.34	0.34	0.35	0.39	0.36	0.36	0.43	0.45	0.47	0.50	0.54
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		1.26	1.86	2.79	2.79	2.79	2.79	2.44	1.76	1.76	1.77	1.77	1.77	1.77	1.77	1.77
Rating: BBB
1986	71.0	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	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	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	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	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	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	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	55.0	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	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	58.0	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	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	0.00	0.00	0.00	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	0.00	0.00	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	68.0	0.00	1.47	1.47	1.47	1.47	1.47	1.47	1.47	1.47	1.47	1.47	1.47	1.47
2013	67.0	0.00	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	42.0	0.00	0.00	0.00	0.00	0.00	2.38	2.38	2.38	2.38	2.38
2016	48.0	0.00	2.08	2.08	2.08	4.17	4.17	4.17	4.17	4.17
2017	81.0	1.23	1.23	3.70	7.41	9.88	9.88	9.88	9.88
2018	77.0	0.00	3.90	10.39	12.99	12.99	12.99	12.99
2019	77.0	0.00	9.09	10.39	10.39	10.39	10.39
2020	86.0	5.81	9.30	9.30	9.30	10.47
2021	54.0	0.00	0.00	0.00	0.00
2022	57.0	0.00	0.00	0.00
2023	57.0	0.00	0.00
2024	63.0	0.00
Marginal average		0.26	0.85	0.66	0.54	0.59	0.49	0.35	0.16	0.13	0.04	0.00	0.00	0.00	0.00	0.00
Cumulative average		0.26	1.11	1.76	2.29	2.86	3.34	3.68	3.84	3.96	4.00	4.00	4.00	4.00	4.00	4.00
Standard deviation		1.01	2.36	3.38	3.99	4.55	4.91	5.18	5.38	5.55	5.72	5.82	5.87	5.92	6.00	6.05
Median		0.00	0.00	0.00	0.00	0.60	1.02	1.45	1.16	0.87	0.74	0.60	0.74	0.87	0.74	0.87
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	10.39	12.99	12.99	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	69.0	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	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	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	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	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	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	12.0	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	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	33.0	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	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	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	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	0.00	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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2014	37.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	29.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	21.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	18.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	31.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	26.0	0.00	0.00	0.00	0.00	0.00	0.00
2020	29.0	3.45	3.45	3.45	3.45	6.90
2021	41.0	0.00	0.00	0.00	4.88
2022	22.0	0.00	0.00	0.00
2023	22.0	0.00	0.00
2024	15.0	0.00
Marginal average		2.07	0.86	1.11	1.04	0.85	0.51	0.26	0.00	0.14	0.15	0.00	0.00	0.00	0.00	0.00
Cumulative average		2.07	2.91	3.99	4.99	5.80	6.28	6.53	6.53	6.66	6.80	6.80	6.80	6.80	6.80	6.80
Standard deviation		4.16	5.92	8.53	10.55	12.18	13.69	14.61	14.75	14.96	15.08	15.23	15.37	15.51	15.65	15.79
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	0.00	1.06	2.13
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		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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	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	19.0	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	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	12.0	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	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	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	16.0	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	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	22.0	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	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	0.00	0.00	0.00	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	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	11.76
2011	25.0	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	8.00
2012	38.0	0.00	0.00	0.00	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26	5.26
2013	27.0	3.70	3.70	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11	11.11
2014	19.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2015	20.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2016	18.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	14.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	15.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	10.0	0.00	10.00	30.00	30.00	30.00	30.00
2020	18.0	5.56	5.56	5.56	5.56	5.56
2021	20.0	15.00	15.00	15.00	15.00
2022	11.0	0.00	0.00	0.00
2023	11.0	0.00	0.00
2024	12.0	0.00
Marginal average		2.26	1.94	2.03	0.94	0.50	0.52	0.27	0.28	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		2.26	4.15	6.10	6.98	7.44	7.93	8.17	8.43	8.43	8.43	8.43	8.43	8.43	8.43	8.43
Standard deviation		4.02	6.83	8.74	9.39	9.35	9.44	8.86	9.03	9.08	9.13	9.17	9.21	9.37	9.55	9.75
Median		0.00	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
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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	0.00	0.00	0.00	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	6.0	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	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	16.0	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	14.0	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	11.0	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	7.0	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	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	6.0	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	4.0	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	0.00	0.00	0.00	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	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	4.0	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	11.0	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	10.0	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	10.0	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	10.0	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	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	12.0	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	11.0	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	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	9.09
2011	8.0	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	12.50
2012	3.0	0.00	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	0.00	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	0.00	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18	18.18
2015	6.0	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33	33.33
2016	3.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2017	2.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2018	2.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2019	18.0	38.89	38.89	38.89	38.89	38.89	38.89
2020	16.0	18.75	31.25	31.25	31.25	31.25
2021	20.0	10.00	10.00	10.00	10.00
2022	22.0	0.00	0.00	9.09
2023	11.0	0.00	18.18
2024	11.0	18.18
Marginal average		13.85	6.27	3.27	2.30	1.55	1.11	0.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cumulative average		13.85	19.25	21.89	23.69	24.87	25.70	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15	26.15
Standard deviation		13.76	16.13	16.61	17.05	18.04	18.60	18.70	18.61	18.48	18.31	18.54	18.87	18.67	18.40	18.61
Median		8.71	14.29	15.48	18.18	19.09	20.00	19.09	20.00	20.71	21.43	20.71	21.43	23.21	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
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	7.69	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	0.07	0.00	0.00	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	1.85	0.00	2.17	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	5.41	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	10.00	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
2024	0.00	0.00	0.00	0.00	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
N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights.

Table 39

Most recent one-, three-, and 10-year default rates by modifier (%)*
Rating	One year (2024 pool)	Three years (2022 pool)	10 years (2014 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	0.05
A+	0.00	0.00	0.00
A	0.00	0.00	0.09
A-	0.07	0.07	0.00
BBB+	0.00	0.00	0.00
BBB	0.00	0.00	1.07
BBB-	0.00	0.31	1.63
BB+	0.00	0.64	2.16
BB	0.00	2.19	11.54
BB-	4.76	4.65	25.00
B+	0.00	0.00	0.00
B	0.00	6.67	35.29
B-	0.00	20.00	14.29
CCC/C	37.50	18.18	27.78
*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 (2024 - 2024)
AAA	1,124.0	98.31	0.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.07
AA+	2,401.0	1.12	91.88	1.83	0.17	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	0.00	5.00
AA	2,872.0	0.03	2.51	92.27	1.22	0.07	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	3.86
AA-	3,855.0	0.00	0.00	2.23	90.87	1.69	0.26	0.08	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.85
A+	4,780.0	0.00	0.00	0.08	3.49	90.46	1.78	0.27	0.04	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.85
A	3,248.0	0.00	0.00	0.06	0.12	3.97	89.04	1.94	0.49	0.06	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.28
A-	1,392.0	0.00	0.00	0.00	0.00	1.36	4.81	85.27	2.30	0.57	0.14	0.22	0.00	0.07	0.00	0.00	0.07	0.00	0.07	5.10
BBB+	437.0	0.00	0.00	0.00	0.00	0.00	1.83	5.49	82.38	5.03	0.92	0.46	0.23	0.00	0.00	0.00	0.00	0.00	0.00	3.66
BBB	359.0	0.00	0.00	0.00	0.00	0.00	0.84	4.46	5.57	77.72	3.62	1.11	0.56	0.28	0.00	0.00	0.00	0.00	0.00	5.85
BBB-	311.0	0.00	0.00	0.00	0.00	0.00	0.00	0.32	2.57	3.86	85.85	4.18	0.32	0.00	0.00	0.00	0.00	0.00	0.00	2.89
BB+	156.0	0.00	0.00	0.00	0.64	0.00	0.64	0.00	0.00	2.56	5.77	81.41	3.85	0.64	0.00	0.00	0.00	0.00	0.00	4.49
BB	133.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.75	0.00	4.51	89.47	2.26	1.50	0.00	0.00	0.00	0.00	1.50
BB-	42.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.38	2.38	4.76	61.90	9.52	2.38	0.00	0.00	4.76	11.90
B+	15.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.67	0.00	0.00	0.00	13.33	66.67	6.67	0.00	0.00	0.00	6.67
B	10.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.00	0.00	90.00	0.00	0.00	0.00	0.00
B-	5.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	80.00	0.00	0.00	20.00
CCC/C	8.0	0.00	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	0.00	0.00	50.00	37.50	0.00
Three years (2022 - 2024)
AAA	1,096.0	93.70	1.28	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	0.00	0.00	4.93
AA+	2,287.0	2.89	81.59	2.36	0.26	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	12.90
AA	3,023.0	0.07	8.53	76.94	2.12	0.20	0.03	0.00	0.00	0.00	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.07
AA-	3,974.0	0.00	0.18	6.11	77.08	2.54	0.73	0.10	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.24
A+	4,888.0	0.00	0.06	0.55	6.94	77.21	2.97	0.53	0.12	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.56
A	3,232.0	0.00	0.00	0.15	0.90	10.06	71.81	2.88	0.80	0.19	0.03	0.03	0.03	0.00	0.00	0.00	0.00	0.00	0.00	13.12
A-	1,338.0	0.00	0.00	0.07	0.15	3.81	16.37	60.69	3.44	1.57	0.37	0.37	0.07	0.07	0.00	0.00	0.07	0.00	0.07	12.86
BBB+	540.0	0.00	0.00	0.00	0.56	4.07	10.19	13.15	48.70	4.81	1.67	0.93	0.19	0.19	0.00	0.00	0.00	0.00	0.00	15.56
BBB	567.0	0.00	0.00	0.00	0.00	1.23	2.82	27.34	8.64	35.27	5.11	1.41	0.53	0.18	0.00	0.00	0.00	0.00	0.00	17.46
BBB-	318.0	0.00	0.00	0.00	0.31	0.31	3.14	2.20	6.92	9.43	57.23	5.35	1.26	0.63	0.63	0.00	0.00	0.00	0.31	12.26
BB+	156.0	0.00	0.00	0.00	0.00	0.00	0.64	1.28	1.28	8.97	10.90	54.49	9.62	1.28	0.64	0.00	0.64	0.00	0.64	9.62
BB	137.0	0.00	0.00	0.00	0.00	0.00	0.73	0.00	0.00	0.73	5.84	10.22	61.31	2.92	2.19	0.00	1.46	0.00	2.19	12.41
BB-	43.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.33	9.30	4.65	11.63	39.53	4.65	6.98	0.00	0.00	4.65	16.28
B+	14.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	57.14	14.29	0.00	7.14	0.00	14.29
B	15.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.67	13.33	20.00	6.67	26.67	0.00	0.00	6.67	20.00
B-	5.0	0.00	0.00	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	20.00	0.00	20.00	40.00
CCC/C	11.0	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	0.00	0.00	0.00	27.27	18.18	45.45
10 years (2015 - 2024)
AAA	880.0	77.73	4.55	1.14	0.45	0.00	0.45	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.57
AA+	1,761.0	10.73	44.01	5.22	1.19	0.17	0.17	0.00	0.00	0.06	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	38.39
AA	3,003.0	1.43	14.12	38.49	5.83	0.97	0.33	0.07	0.07	0.03	0.00	0.07	0.03	0.00	0.00	0.00	0.00	0.00	0.00	38.56
AA-	3,717.0	0.13	2.69	13.08	38.12	6.94	1.61	0.46	0.11	0.13	0.03	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.05	36.62
A+	4,715.0	0.02	0.51	2.23	11.56	39.64	6.57	1.27	0.59	0.13	0.11	0.06	0.02	0.00	0.00	0.00	0.00	0.00	0.00	37.29
A	3,309.0	0.00	0.18	0.70	3.63	15.08	25.51	4.90	1.24	0.60	0.15	0.21	0.06	0.09	0.03	0.03	0.03	0.00	0.09	47.48
A-	1,611.0	0.00	0.25	0.81	2.55	6.83	16.45	17.50	4.03	1.80	0.87	0.37	0.06	0.06	0.06	0.00	0.00	0.00	0.00	48.36
BBB+	563.0	0.00	0.18	1.07	2.13	6.93	11.37	10.66	10.30	2.66	1.95	1.42	0.53	0.18	0.18	0.18	0.18	0.00	0.00	50.09
BBB	469.0	0.00	0.00	0.43	2.35	7.46	8.53	7.46	7.04	11.51	5.76	1.71	1.92	0.43	0.21	0.00	0.00	0.21	1.07	43.92
BBB-	369.0	0.00	0.00	0.54	1.08	2.17	4.07	3.52	4.88	6.23	16.80	5.15	2.98	1.90	0.81	0.00	0.27	0.00	1.63	47.97
BB+	139.0	0.00	0.00	0.00	0.72	2.88	0.00	1.44	0.72	3.60	7.91	12.23	7.91	0.72	0.00	0.72	0.72	0.72	2.16	57.55
BB	78.0	0.00	0.00	1.28	0.00	0.00	0.00	1.28	0.00	5.13	2.56	7.69	15.38	2.56	2.56	0.00	0.00	2.56	11.54	47.44
BB-	52.0	0.00	0.00	0.00	1.92	1.92	3.85	0.00	0.00	1.92	1.92	3.85	1.92	5.77	1.92	0.00	0.00	0.00	25.00	50.00
B+	11.0	0.00	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	9.09	0.00	0.00	0.00	81.82
B	17.0	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.88	0.00	5.88	0.00	0.00	5.88	0.00	0.00	0.00	35.29	47.06
B-	14.0	0.00	0.00	0.00	0.00	7.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.14	0.00	0.00	14.29	71.43
CCC/C	18.0	0.00	0.00	0.00	5.56	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	27.78	66.67
*Excludes housing. NR--Not rated. 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 (2024 pool)	Three years (2022 pool)	10 years (2014 pool)
AAA	0.00	0.00	0.00
AA+	0.00	0.00	0.07
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	9.09
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	0.00	0.00
B	0.00	0.00	0.00
B-	0.00	0.00	0.00
CCC/C	18.18	9.09	33.33
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 (2024 - 2024)
AAA	393	95.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.33
AA+	1,445	0.00	94.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.33
AA	95	0.00	0.00	96.84	1.05	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	0.00	2.11
AA-	141	0.00	0.00	3.55	92.20	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	4.26
A+	101	0.00	0.00	0.00	3.96	90.10	0.00	1.98	0.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.97
A	32	0.00	0.00	0.00	3.13	9.38	84.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.13
A-	22	0.00	0.00	0.00	0.00	4.55	22.73	68.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.55
BBB+	27	0.00	0.00	0.00	0.00	0.00	7.41	14.81	70.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.41
BBB	28	0.00	0.00	0.00	0.00	0.00	0.00	17.86	21.43	57.14	3.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
BBB-	8	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12.50	0.00	50.00	12.50	0.00	0.00	12.50	0.00	0.00	0.00	0.00	12.50
BB+	7	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.29	0.00	71.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14.29
BB	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	60.00	0.00	0.00	0.00	0.00	0.00	0.00	40.00
BB-	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	33.33	0.00	0.00	0.00	0.00	0.00	66.67
B+	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.67	0.00	33.33	50.00	0.00	0.00	0.00	0.00	0.00
B	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	100.00	0.00	0.00	0.00	0.00
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	20.00	0.00	80.00	0.00	0.00	0.00
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	54.55	18.18	27.27
Three years (2022 - 2024)
AAA	309	84.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.86
AA+	1,276	1.80	82.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	15.44
AA	222	0.00	36.94	33.78	1.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	27.48
AA-	166	0.00	0.00	7.23	62.65	0.00	0.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	29.52
A+	88	0.00	0.00	0.00	11.36	76.14	2.27	2.27	1.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	6.82
A	41	0.00	0.00	0.00	7.32	21.95	46.34	2.44	0.00	2.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	19.51
A-	29	0.00	0.00	0.00	0.00	0.00	34.48	41.38	0.00	0.00	3.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.69
BBB+	31	0.00	0.00	0.00	0.00	6.45	6.45	12.90	64.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.68
BBB	22	0.00	0.00	0.00	0.00	0.00	0.00	27.27	4.55	40.91	9.09	4.55	0.00	0.00	0.00	0.00	0.00	0.00	0.00	13.64
BBB-	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00	0.00	0.00	25.00	0.00	0.00	25.00	0.00	0.00	0.00	0.00	25.00
BB+	11	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.18	27.27	18.18	0.00	0.00	0.00	9.09	0.00	0.00	27.27
BB	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.67	0.00	0.00	33.33	0.00	0.00	0.00	0.00	50.00
BB-	5	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	20.00	20.00	20.00	0.00	0.00	0.00	0.00	40.00
B+	4	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.00	0.00	50.00	0.00	0.00	0.00	0.00	0.00	25.00
B	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	100.00	0.00	0.00	0.00	0.00
B-	6	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	16.67	0.00	0.00	0.00	0.00	0.00	0.00	50.00	0.00	0.00	33.33
CCC/C	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	4.55	0.00	0.00	27.27	9.09	59.09
10 years (2015 - 2024)
AAA	194	34.02	4.12	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	61.86
AA+	1,337	0.97	36.57	0.00	0.00	0.00	0.00	0.00	0.15	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00	0.00	0.07	62.15
AA	315	0.00	12.06	14.92	6.03	0.32	3.81	0.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	61.90
AA-	159	0.00	3.14	8.18	13.84	5.66	1.26	3.14	0.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.15
A+	124	0.00	0.81	0.81	12.10	11.29	2.42	0.00	0.81	0.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	70.97
A	83	0.00	0.00	1.20	7.23	10.84	3.61	0.00	4.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.20	71.08
A-	77	0.00	0.00	0.00	0.00	5.19	1.30	3.90	2.60	1.30	1.30	1.30	1.30	0.00	0.00	0.00	0.00	0.00	0.00	81.82
BBB+	11	0.00	0.00	0.00	0.00	9.09	9.09	9.09	0.00	0.00	0.00	0.00	0.00	0.00	9.09	0.00	9.09	0.00	9.09	45.45
BBB	23	0.00	0.00	4.35	0.00	4.35	0.00	13.04	8.70	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	69.57
BBB-	8	0.00	0.00	0.00	0.00	0.00	0.00	12.50	25.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	62.50
BB+	17	0.00	0.00	0.00	0.00	17.65	5.88	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
BB	7	0.00	0.00	0.00	14.29	0.00	0.00	0.00	0.00	14.29	0.00	0.00	0.00	0.00	14.29	0.00	0.00	0.00	0.00	57.14
BB-	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	0.00	100.00
B+	5	0.00	0.00	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	0.00	80.00
B	12	0.00	0.00	0.00	0.00	8.33	0.00	0.00	0.00	0.00	0.00	8.33	0.00	0.00	0.00	0.00	0.00	8.33	0.00	75.00
B-	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	0.00	0.00	0.00	100.00
CCC/C	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	16.67	33.33	50.00
NR--Not rated. 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	53	90.57	7.55	0.00	0.00	0.00	0.00	0.00	0.00	1.89
AA	957	0.21	93.10	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	52	90.38	9.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,026	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	63	93.65	4.76	0.00	0.00	0.00	0.00	0.00	0.00	1.59
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	61	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	92.05	0.62	0.14	0.00	0.00	6.30
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	64	98.44	1.56	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	1,597	0.00	0.00	2.19	86.60	0.63	0.06	0.06	0.00	10.46
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	68	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,484	0.07	90.77	1.95	0.00	0.00	0.00	0.00	0.00	7.21
A	3,498	0.00	0.94	87.19	0.97	0.00	0.00	0.00	0.00	10.89
BBB	1,627	0.00	0.00	1.04	87.34	0.61	0.06	0.06	0.00	10.88
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	69	97.10	2.90	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,475	0.14	85.08	1.02	0.00	0.00	0.00	0.00	0.00	13.76
A	3,330	0.00	0.60	75.62	1.50	0.00	0.03	0.00	0.00	22.25
BBB	1,617	0.00	0.00	1.05	77.49	0.68	0.25	0.00	0.00	20.53
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	74	100.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,365	0.73	89.89	1.03	0.00	0.00	0.00	0.00	0.00	8.35
A	2,723	0.00	1.84	85.20	0.77	0.07	0.04	0.00	0.00	12.08
BBB	1,436	0.00	0.07	2.09	85.52	0.49	0.00	0.07	0.00	11.77
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	87	97.70	2.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00
AA	1,378	0.94	93.40	0.58	0.00	0.00	0.00	0.00	0.00	5.08
A	2,580	0.04	1.63	91.40	0.23	0.00	0.00	0.00	0.00	6.71
BBB	1,385	0.00	0.00	1.88	91.19	0.22	0.14	0.00	0.00	6.57
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	104	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	2,811	0.00	2.28	87.55	0.39	0.00	0.11	0.00	0.00	9.68
BBB	1,484	0.00	0.00	1.35	87.53	0.54	0.00	0.07	0.00	10.51
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	126	97.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.38
AA	1,595	0.50	93.67	0.69	0.00	0.00	0.00	0.00	0.00	5.14
A	3,182	0.00	1.26	88.65	0.63	0.00	0.03	0.00	0.00	9.43
BBB	1,671	0.00	0.00	8.74	77.32	0.78	0.12	0.00	0.00	13.05
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	144	98.61	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	3,544	0.03	6.41	90.32	0.34	0.00	0.00	0.00	0.00	2.91
BBB	1,568	0.00	0.26	3.13	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	168	98.81	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.19
AA	2,078	1.15	92.54	2.79	0.00	0.00	0.00	0.00	0.00	3.51
A	3,713	0.22	8.51	87.42	0.46	0.03	0.00	0.11	0.00	3.26
BBB	1,603	0.00	0.06	8.36	87.52	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	217	99.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.92
AA	2,506	0.56	93.22	1.20	0.00	0.00	0.00	0.00	0.00	5.03
A	3,994	0.00	2.20	92.49	1.03	0.00	0.00	0.00	0.00	4.28
BBB	1,611	0.00	0.00	3.10	91.00	0.93	0.19	0.00	0.00	4.78
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	2,720	0.33	93.79	1.18	0.00	0.00	0.00	0.00	0.00	4.71
A	4,374	0.00	1.92	90.70	2.51	0.14	0.00	0.00	0.02	4.71
BBB	1,720	0.00	0.06	3.43	89.36	1.22	0.17	0.06	0.00	5.70
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	3,013	0.30	91.30	2.95	0.03	0.00	0.00	0.00	0.00	5.41
A	4,739	0.00	1.58	92.80	0.57	0.02	0.00	0.02	0.00	5.00
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	284	97.54	0.70	0.35	0.00	0.00	0.00	0.35	0.00	1.06
AA	3,107	0.42	95.17	0.84	0.00	0.00	0.00	0.00	0.00	3.57
A	5,240	0.00	3.59	92.23	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	300	96.00	0.33	0.00	0.00	0.00	0.00	0.00	0.00	3.67
AA	3,451	1.68	94.47	0.52	0.03	0.00	0.00	0.00	0.00	3.30
A	5,511	0.09	2.83	92.98	0.49	0.00	0.00	0.00	0.00	3.61
BBB	1,893	0.00	0.00	4.65	90.76	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	366	97.81	0.27	0.00	0.00	0.00	0.00	0.00	0.00	1.91
AA	3,724	0.70	95.65	0.40	0.00	0.00	0.00	0.00	0.00	3.25
A	5,893	0.00	2.38	94.35	0.37	0.00	0.03	0.02	0.00	2.85
BBB	1,962	0.00	0.00	3.06	91.95	0.76	0.25	0.05	0.00	3.92
BB	102	0.00	0.00	0.00	8.82	80.39	1.96	0.00	0.00	8.82
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	404	99.01	0.25	0.50	0.00	0.00	0.00	0.00	0.00	0.25
AA	3,975	2.87	93.16	0.28	0.00	0.00	0.05	0.00	0.03	3.62
A	6,204	0.03	8.54	88.62	0.40	0.00	0.05	0.02	0.02	2.32
BBB	2,058	0.00	0.29	13.85	82.12	0.58	0.05	0.00	0.05	3.06
BB	115	0.00	0.00	0.00	4.35	85.22	1.74	0.87	0.00	7.83
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	4,789	1.65	92.80	1.25	0.00	0.00	0.00	0.00	0.00	4.30
A	6,579	0.00	7.95	89.33	0.61	0.05	0.00	0.00	0.00	2.07
BBB	1,843	0.00	0.60	24.69	70.54	1.63	0.00	0.00	0.00	2.55
BB	114	0.00	0.00	0.00	6.14	78.95	2.63	0.00	0.00	12.28
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	658	95.90	1.52	0.15	0.00	0.00	0.00	0.00	0.00	2.43
AA	5,988	0.84	90.71	1.07	0.02	0.00	0.02	0.00	0.00	7.35
A	7,668	0.00	5.83	87.15	1.13	0.09	0.00	0.01	0.00	5.78
BBB	1,453	0.00	0.34	18.58	73.71	0.96	0.28	0.28	0.00	5.85
BB	127	0.00	0.00	0.00	8.66	81.10	0.79	2.36	0.79	6.30
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	712	94.52	2.81	0.00	0.00	0.00	0.00	0.00	0.00	2.67
AA	6,831	0.37	93.16	2.83	0.01	0.00	0.00	0.00	0.00	3.63
A	8,417	0.00	2.00	94.23	1.27	0.08	0.04	0.02	0.02	2.34
BBB	1,342	0.00	0.00	5.66	88.52	1.56	0.30	0.22	0.00	3.73
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	707	96.89	1.41	0.00	0.00	0.00	0.00	0.00	0.00	1.70
AA	6,951	0.29	95.12	0.81	0.06	0.00	0.01	0.01	0.00	3.70
A	9,057	0.00	1.46	93.94	0.91	0.04	0.00	0.06	0.03	3.57
BBB	1,440	0.00	0.00	2.99	90.49	0.83	0.21	0.63	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	724	95.58	2.21	0.00	0.00	0.00	0.00	0.00	0.00	2.21
AA	7,261	0.74	95.01	0.77	0.01	0.00	0.00	0.00	0.00	3.46
A	9,611	0.01	4.29	91.28	0.66	0.16	0.00	0.00	0.00	3.61
BBB	1,530	0.00	0.46	10.07	81.83	3.01	0.20	0.13	0.07	4.25
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	765	98.04	0.52	0.00	0.00	0.00	0.00	0.00	0.00	1.44
AA	7,803	1.24	94.68	1.04	0.03	0.00	0.00	0.00	0.00	3.01
A	9,799	0.02	6.49	89.26	1.05	0.03	0.01	0.00	0.00	3.13
BBB	1,445	0.00	0.14	7.75	81.87	4.50	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	880	97.39	0.57	0.11	0.11	0.00	0.00	0.00	0.00	1.82
AA	8,481	0.33	94.86	0.86	0.02	0.00	0.00	0.00	0.00	3.93
A	9,635	0.00	1.96	93.05	0.43	0.02	0.01	0.00	0.00	4.54
BBB	1,401	0.00	0.07	7.35	84.23	1.93	0.14	0.29	0.07	5.92
BB	269	0.00	0.00	0.74	7.43	68.03	1.86	10.41	1.49	10.04
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	916	97.27	0.98	0.00	0.00	0.00	0.00	0.00	0.00	1.75
AA	8,750	0.45	94.29	1.42	0.00	0.00	0.00	0.00	0.00	3.85
A	9,945	0.00	1.74	91.80	1.94	0.05	0.00	0.00	0.00	4.46
BBB	1,366	0.00	0.15	6.22	83.60	3.88	0.51	0.00	0.00	5.64
BB	237	0.00	0.00	0.42	3.80	81.43	4.64	0.42	0.00	9.28
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	948	98.00	0.84	0.00	0.00	0.00	0.00	0.00	0.00	1.16
AA	8,878	0.19	94.53	1.14	0.03	0.00	0.00	0.00	0.00	4.11
A	9,985	0.00	2.08	91.90	0.70	0.01	0.01	0.00	0.00	5.30
BBB	1,476	0.00	0.07	3.66	87.13	2.03	0.14	0.27	0.00	6.71
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	968	95.45	2.17	0.00	0.00	0.00	0.00	0.00	0.00	2.38
AA	9,003	0.71	94.22	1.07	0.06	0.00	0.00	0.00	0.01	3.93
A	9,802	0.00	3.21	91.20	0.69	0.05	0.02	0.00	0.00	4.83
BBB	1,460	0.00	0.96	8.49	83.70	1.71	0.00	0.00	0.00	5.14
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	1,020	97.94	0.98	0.00	0.00	0.00	0.00	0.00	0.00	1.08
AA	9,227	0.57	95.11	0.70	0.02	0.01	0.00	0.00	0.00	3.58
A	9,586	0.00	2.07	93.15	0.71	0.08	0.01	0.00	0.00	3.98
BBB	1,392	0.00	0.14	4.81	88.58	1.15	0.14	0.00	0.00	5.17
BB	281	0.00	0.00	0.00	3.56	86.48	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	1,072	97.11	0.65	0.09	0.00	0.00	0.00	0.00	0.00	2.15
AA	9,402	0.12	94.25	1.10	0.02	0.00	0.00	0.00	0.00	4.52
A	9,539	0.00	0.38	93.22	1.10	0.00	0.00	0.00	0.00	5.30
BBB	1,396	0.00	0.07	0.43	90.11	3.22	0.43	0.00	0.00	5.73
BB	293	0.00	0.00	0.00	0.68	89.08	2.05	0.68	0.00	7.51
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	1,072	97.29	0.56	0.00	0.00	0.00	0.00	0.00	0.00	2.15
AA	9,303	0.18	93.70	0.67	0.04	0.01	0.00	0.00	0.00	5.40
A	9,484	0.00	1.01	92.58	0.30	0.00	0.00	0.02	0.01	6.08
BBB	1,451	0.00	0.21	3.86	88.77	1.52	0.00	0.00	0.00	5.65
BB	330	0.00	0.00	0.00	6.36	86.06	0.91	0.30	0.00	6.36
B	46	0.00	0.00	0.00	2.17	8.70	65.22	4.35	0.00	19.57
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	1,096	97.54	0.27	0.00	0.00	0.00	0.00	0.00	0.00	2.19
AA	9,284	0.16	94.52	0.34	0.00	0.00	0.00	0.00	0.00	4.98
A	9,458	0.00	1.29	93.60	0.38	0.02	0.00	0.00	0.00	4.71
BBB	1,425	0.00	0.00	5.68	86.60	1.12	0.14	0.07	0.00	6.39
BB	336	0.00	0.00	0.00	5.06	88.69	0.89	0.89	0.00	4.46
B	34	0.00	0.00	0.00	0.00	5.88	82.35	0.00	0.00	11.76
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	1,102	97.73	0.36	0.00	0.00	0.00	0.00	0.00	0.00	1.91
AA	9,170	0.27	95.51	0.33	0.01	0.00	0.00	0.00	0.00	3.88
A	9,322	0.00	1.44	94.28	0.33	0.00	0.00	0.00	0.00	3.95
BBB	1,352	0.00	0.15	19.75	74.26	0.74	0.00	0.00	0.00	5.10
BB	338	0.00	0.00	0.00	6.51	86.98	2.07	0.59	0.00	3.85
B	33	0.00	0.00	0.00	0.00	6.06	69.70	3.03	6.06	15.15
CCC/C	9	0.00	0.00	0.00	0.00	0.00	0.00	55.56	22.22	22.22
Static pool: 1/1/2024
AAA	1,124	98.31	0.62	0.00	0.00	0.00	0.00	0.00	0.00	1.07
AA	9,128	0.31	94.22	0.89	0.01	0.00	0.00	0.00	0.00	4.58
A	9,420	0.00	1.88	93.20	0.67	0.05	0.01	0.00	0.01	4.18
BBB	1,107	0.00	0.00	4.70	88.98	2.17	0.00	0.00	0.00	4.16
BB	331	0.00	0.30	0.30	4.53	87.92	2.11	0.00	0.60	4.23
B	30	0.00	0.00	0.00	3.33	10.00	80.00	0.00	0.00	6.67
CCC/C	8	0.00	0.00	0.00	0.00	0.00	12.50	50.00	37.50	0.00
*Excludes housing. NR--Not rated. 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	1016	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
CCC/C	0
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	1057	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	1090	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	1005	85.07	0.10	0.00	0.00	0.00	0.00	0.00	0.00	14.83
AA	1105	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	1006	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	1046	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	1122	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	1184	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	1079	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	1220	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	1254	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	1460	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	1741	91.04	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	1848	93.45	0.38	0.00	0.00	0.00	0.00	0.00	0.05	6.11
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	2023	96.89	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	2242	96.97	0.18	0.00	0.00	0.00	0.00	0.00	0.00	2.85
AA	618	2.59	92.56	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	2474	96.00	0.04	0.04	0.00	0.00	0.00	0.00	0.00	3.92
AA	669	0.90	89.54	1.20	0.00	0.00	0.00	0.00	0.00	8.37
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	2626	91.81	0.30	0.00	0.00	0.08	0.00	0.00	0.04	7.77
AA	679	0.59	91.75	1.03	0.00	0.00	0.00	0.00	0.00	6.63
A	390	1.03	2.31	80.77	2.82	3.33	0.00	0.00	0.00	9.74
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	2622	91.27	0.15	0.00	0.00	0.00	0.00	0.00	0.00	8.58
AA	718	2.37	87.88	0.00	0.00	0.00	0.00	0.00	0.00	9.75
A	373	6.97	0.27	75.87	1.88	1.07	0.27	0.27	0.00	13.40
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	2571	84.29	3.85	0.00	0.00	0.04	0.00	0.00	0.00	11.82
AA	707	0.85	85.29	0.00	0.00	0.00	0.00	0.00	0.00	13.86
A	327	8.87	3.98	72.48	1.83	0.92	0.31	0.00	0.00	11.62
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	2341	90.43	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.57
AA	832	4.21	85.58	0.00	0.00	0.00	0.00	0.00	0.12	10.10
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	2292	92.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	7.94
AA	826	1.69	89.95	0.00	0.00	0.12	0.00	0.24	0.00	7.99
A	238	2.10	0.42	85.71	0.00	0.42	0.42	0.84	0.42	9.66
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	2248	92.62	1.69	0.04	0.04	0.00	0.00	0.00	0.00	5.60
AA	835	3.71	88.26	3.47	0.60	0.00	0.00	0.00	0.00	3.95
A	231	1.30	1.30	91.34	0.43	2.16	0.00	0.00	0.00	3.46
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	2227	87.83	5.43	0.09	0.09	0.27	0.00	0.22	0.00	6.06
AA	882	1.25	82.65	1.81	0.34	0.79	0.00	0.34	0.00	12.81
A	261	4.21	0.00	79.69	6.51	1.15	0.00	0.00	0.00	8.43
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	2057	71.56	3.50	1.26	0.19	1.46	0.39	0.15	0.00	21.49
AA	904	0.22	82.96	4.54	0.00	0.00	0.00	0.00	0.00	12.28
A	249	2.41	0.40	82.73	1.20	1.61	0.00	0.40	0.00	11.24
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	1583	12.89	78.08	0.00	0.00	0.00	0.00	0.00	0.00	9.03
AA	872	0.57	85.78	1.38	0.00	0.00	0.00	0.00	0.00	12.27
A	319	0.00	5.02	81.19	8.46	0.00	0.00	0.00	0.00	5.33
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	2129	0.00	88.35	0.66	0.00	0.14	0.09	0.05	0.00	10.71
A	296	0.00	2.36	81.76	0.34	0.68	0.00	0.00	0.00	14.86
BBB	68	0.00	1.47	2.94	86.76	1.47	1.47	0.00	0.00	5.88
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	2006	0.00	89.33	0.95	0.00	0.10	0.00	0.05	0.00	9.57
A	305	0.00	7.87	76.07	0.98	0.66	0.00	0.00	0.00	14.43
BBB	67	0.00	0.00	37.31	47.76	5.97	0.00	0.00	0.00	8.96
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	1879	0.00	93.03	0.48	0.00	0.00	0.00	0.00	0.00	6.49
A	298	0.00	5.37	82.55	3.36	0.00	0.00	0.00	0.00	8.72
BBB	40	0.00	0.00	35.00	52.50	5.00	0.00	0.00	0.00	7.50
BB	37	0.00	0.00	0.00	10.81	64.86	13.51	0.00	0.00	10.81
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	1811	0.00	92.32	0.11	0.00	0.06	0.00	0.00	0.06	7.45
A	284	0.00	10.21	74.30	0.00	0.00	0.00	0.00	0.00	15.49
BBB	42	0.00	0.00	7.14	90.48	0.00	0.00	0.00	0.00	2.38
BB	29	0.00	0.00	0.00	10.34	62.07	3.45	0.00	0.00	24.14
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	1793	0.50	88.68	0.22	0.00	0.00	0.00	0.00	0.00	10.60
A	261	0.00	8.43	65.52	11.11	0.77	0.00	0.00	0.38	13.79
BBB	48	0.00	0.00	2.08	79.17	10.42	2.08	0.00	0.00	6.25
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	1719	0.00	90.87	0.12	0.00	0.00	0.00	0.00	0.00	9.02
A	199	0.00	1.51	86.43	3.02	3.52	0.00	0.00	0.50	5.03
BBB	81	0.00	0.00	7.41	66.67	12.35	0.00	0.00	1.23	12.35
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	1693	0.00	90.37	0.89	0.24	0.12	0.00	0.00	0.00	8.39
A	205	0.00	0.00	89.27	3.41	0.00	0.00	0.49	0.00	6.83
BBB	77	0.00	0.00	7.79	64.94	10.39	5.19	5.19	0.00	6.49
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	1647	0.00	91.38	0.55	0.00	0.00	0.00	0.00	0.00	8.08
A	215	0.00	0.93	66.51	13.95	1.86	0.00	1.40	0.00	15.35
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	1642	0.30	91.66	1.46	0.00	0.06	0.00	0.00	0.00	6.52
A	159	0.63	11.32	69.81	10.06	0.63	1.89	0.00	1.26	4.40
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	1650	0.06	91.39	0.06	0.00	0.00	0.00	0.00	0.00	8.48
A	153	0.00	3.92	87.58	3.27	0.00	0.00	0.00	0.00	5.23
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	20	0.00	0.00	0.00	0.00	0.00	40.00	15.00	15.00	30.00
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	1664	0.00	93.15	0.12	0.00	0.00	0.00	0.00	0.00	6.73
A	158	0.00	0.63	89.87	1.90	0.00	0.00	0.00	0.00	7.59
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	11	0.00	0.00	0.00	0.00	27.27	72.73	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	1675	1.91	91.40	0.12	0.00	0.00	0.00	0.00	0.00	6.57
A	156	0.00	7.69	90.38	0.64	0.00	0.00	0.00	0.00	1.28
BBB	57	0.00	0.00	5.26	94.74	0.00	0.00	0.00	0.00	0.00
BB	22	0.00	0.00	0.00	9.09	68.18	4.55	4.55	0.00	13.64
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
Static pool: 1/1/2024
AAA	393	95.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.33
AA	1681	0.00	94.94	0.00	0.00	0.00	0.00	0.00	0.00	5.06
A	155	0.00	3.23	92.90	0.65	0.00	0.00	0.00	0.00	3.23
BBB	63	0.00	0.00	17.46	74.60	1.59	1.59	0.00	0.00	4.76
BB	15	0.00	0.00	0.00	6.67	60.00	0.00	0.00	0.00	33.33
B	12	0.00	0.00	0.00	0.00	25.00	75.00	0.00	0.00	0.00
CCC/C	11	0.00	0.00	0.00	0.00	0.00	0.00	54.55	18.18	27.27
NR--Not rated. Source: S&P Global Ratings Credit Research & Insights.

Chart 16

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:	Amol Nakashe, Mumbai; amol.nakashe@spglobal.com