Key Takeaways
- There were 318 downgrades and 28 upgrades in U.S. public finance (USPF) in the third quarter of 2020, with just over 1.3 % of all USPF ratings lowered.
- The last time there was this proportion of downgrades among all rating actions was in the third quarter of 2011 when the downgrade of the U.S. caused widespread downgrades of USPF housing debt.
- Deteriorating business conditions led to the most downgrades, with 92, followed by worsening financial conditions, with 89, and criteria changes, which led to 54.
- There was only one default in the third quarter, the same as in the second quarter.
U.S. public finance (USPF) rated by S&P Global Ratings had 318 downgrades in the third quarter of 2020 (245 in nonhousing sectors and 73 in housing), up from 208 in the second quarter (168 nonhousing and 40 housing) (see charts 1 and 2). Upgrades rose in the third quarter to 28 (13 nonhousing and 15 housing) from historical lows in the second quarter, still below the previous low of 75 upgrades in the first quarter of 2002. The ratio of upgrades to downgrades from July to September was 0.21 to 1, up from 0.05 to 1 in the second quarter, and below the trailing-12-month average of 1.6 to 1. USPF ratings have averaged 233 upgrades and 168 downgrades quarterly over the past 12 quarters.
Chart 1
Chart 2
Business Conditions Led Downgrades
Downgrades caused by the worsening business environment was the most common in the third quarter, with 92, or 29% of all downgrades (see chart 3). The second most common cause of downgrades were worsening financial conditions, with 89, followed by criteria changes, with 54.
Chart 3
There was one default in the third quarter, the same as in the second quarter. The default was on debt issued for Provident Oklahoma Education Resources Inc. by the Oklahoma Development Finance Authority and the default was because of a missed interest payment in August. No sector had more upgrades than downgrades in the third quarter. The sector with the most upgrades was housing, with 15, followed by tax secured, with seven.
Rating Distributions
Most USPF nonhousing ratings were investment grade ('BBB-' and above) at the end of the third quarter of 2020, and only 1.68% of these ratings were speculative grade ('BB+' and lower) (see table 1). For housing, 4.1% of ratings were speculative grade at the end of the quarter, up from 3.56% in the second quarter. USPF ratings of all kinds partly correlate to the sovereign rating on the U.S., which we affirmed at 'AA+' with a stable outlook on April 2, 2020. Just over 5% of nonhousing ratings and 13.9% of housing ratings are 'AAA'.
Table 1
| Rating Distribution (As Of Sept. 30, 2020) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
| AAA | 1082 | 793 | 52 | 196 | 0 | 39 | 2 | 0 | 297 | |||||||||||
| AA | 9245 | 5490 | 2404 | 995 | 110 | 188 | 58 | 0 | 1548 | |||||||||||
| A | 9427 | 6027 | 1661 | 1056 | 208 | 292 | 182 | 1 | 145 | |||||||||||
| BBB | 1420 | 608 | 259 | 122 | 97 | 163 | 47 | 124 | 57 | |||||||||||
| BB | 307 | 60 | 17 | 3 | 25 | 53 | 2 | 147 | 46 | |||||||||||
| B | 45 | 7 | 4 | 4 | 6 | 7 | 1 | 16 | 28 | |||||||||||
| CCC/C | 9 | 1 | 1 | 2 | 1 | 2 | 1 | 1 | 14 | |||||||||||
| Totals | 21535 | 12986 | 4398 | 2378 | 447 | 744 | 293 | 289 | 2135 | |||||||||||
| As percentage (%) | ||||||||||||||||||||
| AAA | 5.02 | 6.11 | 1.18 | 8.24 | 0.00 | 5.24 | 0.68 | 0.00 | 13.91 | |||||||||||
| AA | 42.93 | 42.28 | 54.66 | 41.84 | 24.61 | 25.27 | 19.80 | 0.00 | 72.51 | |||||||||||
| A | 43.78 | 46.41 | 37.77 | 44.41 | 46.53 | 39.25 | 62.12 | 0.35 | 6.79 | |||||||||||
| BBB | 6.59 | 4.68 | 5.89 | 5.13 | 21.70 | 21.91 | 16.04 | 42.91 | 2.67 | |||||||||||
| BB | 1.43 | 0.46 | 0.39 | 0.13 | 5.59 | 7.12 | 0.68 | 50.87 | 2.15 | |||||||||||
| B | 0.21 | 0.05 | 0.09 | 0.17 | 1.34 | 0.94 | 0.34 | 5.54 | 1.31 | |||||||||||
| CCC/C | 0.04 | 0.01 | 0.02 | 0.08 | 0.22 | 0.27 | 0.34 | 0.35 | 0.66 | |||||||||||
| Source: S&P Global Ratings Research. | ||||||||||||||||||||
From the start of the year through the end of the third quarter, for nonhousing, only two ratings were raised from speculative to investment grade, while 32 moved to speculative grade from investment grade, including one 'A' (see chart 4).
Chart 4
In housing there is a large movement of 'A' ratings moving up to 'AA' over the course of the year. Once again, only one rating moved to investment grade from speculative grade, compared to 35 moving from investment grade to speculative grade (see chart 5).
Chart 5
Large Rating Movements Were Mostly Downward
The third quarter had 30 large rating movements (three notches or more), down from 36 in the second quarter and up from nine in the first quarter (see table 2). All but three were downgrades, with criteria changes causing half of the total.
Table 2
| Main Reason For Multiple Notch Rating Changes, 2020 Q3 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notch change* | Total | Business | Criteria | Debt service coverage | Finances | Other | ||||||||
| -10 | 1 | 1 | ||||||||||||
| -9 | 2 | 1 | 1 | |||||||||||
| -7 | 1 | 1 | ||||||||||||
| -6 | 3 | 3 | ||||||||||||
| -5 | 5 | 5 | ||||||||||||
| -4 | 6 | 4 | 2 | |||||||||||
| -3 | 9 | 3 | 1 | 2 | 2 | 1 | ||||||||
| 3 | 3 | 3 | ||||||||||||
| Total | 30 | 3 | 15 | 5 | 4 | 3 | ||||||||
| *Negative numbers indicate downgrades. Source: S&P Global Ratings Research. | ||||||||||||||
Third-Quarter Rating Actions
State and local governments
State governments. There were no rating actions on state government general obligation bonds in the third quarter, after two in the second quarter.
Local governments. Local governments had eight upgrades and 129 downgrades in the third quarter (see chart 5). Finances led to the most downgrades, with 76, followed by the economy, with 21.
Chart 6
Utilities
There were four upgrades and 16 downgrades in utilities in the third quarter, with debt service coverage and financial changes leading downgrades, with four each.
Chart 7
Health care
Health care debt had zero upgrades and seven downgrades in the third quarter, with five attributed to deteriorating financial conditions. The percentage of health care ratings that are speculative grade rose to 7.6% in the third quarter, from 7.2% at the end of the second quarter.
Chart 8
Higher education and charter schools
There was one upgrade in higher education and charter schools in the third quarter and 24 downgrades. This was led by deteriorating business conditions, which had nine.
Chart 9
Transportation
There were no upgrades and a total of 69 downgrades in the third quarter in transportation. All but one was owing to deteriorating business conditions. The 69 downgrades are by far the highest number in our data, and represent just over 23% of all transportation ratings.
Chart 10
Housing
With 73 downgrades, housing had the most downgrades of any sector in the third quarter. Criteria changes accounted for the majority of them, with 53.
Chart 11
COVID-19 Related Downgrades
All of the downgrades in transportation were determined to be directly related to the COVID-19 pandemic. State and local governments were also negatively affected by the pandemic, with 55 downgrades, owing directly to COVID-19, compared to 74 downgrades that were not (see chart 13). The housing data, in contrast, had no downgrades directly resulting from the pandemic.
Chart 12
Related Research:
Appendix
Table 3
| Third-Quarter 2020 Upgrades And Downgrades | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sector | Upgrades | Downgrades | Defaulted | |||||
| Total USPF ex. housing | 13 | 244 | 1 | |||||
| State and local* | 8 | 129 | 0 | |||||
| Tax secured | 7 | 104 | 0 | |||||
| Appropriation | 1 | 25 | 0 | |||||
| Utilities | 4 | 16 | 0 | |||||
| Health care | 7 | 0 | ||||||
| Higher education | 20 | 1 | ||||||
| Transportation | 69 | 0 | ||||||
| Charter schools | 1 | 3 | 0 | |||||
| Housing | 15 | 73 | 0 | |||||
| *Includes tax-secured and appropriation securities. Source: S&P Global Ratings Research | ||||||||
Table 4
| Upgrade/Downgrade* History | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools § | Housing* | ||||||||||
| Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | |
| 1/1/2001 | 155 | 38 | 63 | 5 | 65 | 1 | 15 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | n/a | n/a | 5 | 7 |
| 4/1/2001 | 735 | 105 | 83 | 3 | 624 | 66 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | n/a | n/a | 32 | 11 |
| 7/1/2001 | 126 | 49 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 23 | 5 | 5 | 15 | 9 | n/a | n/a | 15 | 14 |
| 10/1/2001 | 103 | 14 | 57 | 3 | 20 | 4 | 12 | 2 | 3 | 4 | 7 | 1 | 4 | 0 | n/a | n/a | 24 | 8 |
| 1/1/2002 | 173 | 39 | 97 | 5 | 45 | 1 | 15 | 7 | 4 | 6 | 7 | 5 | 5 | 15 | n/a | n/a | 3 | 7 |
| 4/1/2002 | 108 | 103 | 59 | 9 | 21 | 63 | 20 | 6 | 1 | 10 | 1 | 5 | 6 | 10 | n/a | n/a | 3 | 24 |
| 7/1/2002 | 75 | 38 | 40 | 2 | 10 | 10 | 20 | 3 | 2 | 18 | 1 | 1 | 2 | 4 | n/a | n/a | 0 | 17 |
| 10/1/2002 | 103 | 126 | 57 | 13 | 26 | 71 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | n/a | n/a | 6 | 17 |
| 1/1/2003 | 83 | 68 | 41 | 6 | 17 | 33 | 11 | 2 | 4 | 18 | 7 | 8 | 3 | 1 | n/a | n/a | 5 | 19 |
| 4/1/2003 | 87 | 46 | 52 | 10 | 6 | 1 | 13 | 1 | 5 | 21 | 6 | 7 | 5 | 5 | 0 | 1 | 4 | 24 |
| 7/1/2003 | 81 | 130 | 45 | 7 | 19 | 77 | 12 | 4 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 25 |
| 10/1/2003 | 120 | 92 | 54 | 15 | 26 | 28 | 17 | 7 | 11 | 30 | 12 | 8 | 0 | 4 | 0 | 0 | 23 | 9 |
| 1/1/2004 | 103 | 98 | 61 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 |
| 4/1/2004 | 94 | 65 | 51 | 11 | 17 | 33 | 16 | 8 | 7 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 |
| 7/1/2004 | 186 | 125 | 48 | 13 | 100 | 95 | 30 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 19 | 19 |
| 10/1/2004 | 122 | 56 | 65 | 10 | 21 | 20 | 19 | 9 | 10 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 |
| 1/1/2005 | 153 | 35 | 63 | 11 | 38 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 2 | 0 | 0 | 0 | 76 | 12 |
| 4/1/2005 | 104 | 64 | 53 | 10 | 21 | 41 | 8 | 1 | 15 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 96 |
| 7/1/2005 | 207 | 39 | 51 | 13 | 126 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 29 | 11 |
| 10/1/2005 | 153 | 109 | 75 | 43 | 24 | 24 | 22 | 7 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 37 |
| 1/1/2006 | 113 | 47 | 37 | 9 | 48 | 13 | 9 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 |
| 4/1/2006 | 244 | 22 | 68 | 10 | 136 | 1 | 14 | 2 | 14 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 27 | 8 |
| 7/1/2006 | 393 | 27 | 329 | 8 | 17 | 1 | 25 | 2 | 12 | 16 | 8 | 0 | 2 | 0 | 0 | 0 | 53 | 13 |
| 10/1/2006 | 191 | 37 | 99 | 13 | 34 | 5 | 21 | 6 | 12 | 10 | 12 | 3 | 13 | 0 | 0 | 0 | 34 | 3 |
| 1/1/2007 | 178 | 25 | 96 | 10 | 52 | 0 | 21 | 2 | 4 | 11 | 2 | 1 | 3 | 0 | 0 | 1 | 49 | 1 |
| 4/1/2007 | 177 | 54 | 74 | 27 | 60 | 10 | 24 | 2 | 10 | 8 | 8 | 5 | 1 | 2 | 0 | 0 | 9 | 4 |
| 7/1/2007 | 157 | 24 | 91 | 3 | 37 | 3 | 10 | 2 | 8 | 15 | 5 | 0 | 5 | 1 | 1 | 0 | 15 | 11 |
| 10/1/2007 | 162 | 48 | 73 | 12 | 32 | 8 | 25 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 9 | 10 |
| 1/1/2008 | 238 | 37 | 127 | 11 | 48 | 3 | 41 | 2 | 7 | 19 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 13 |
| 4/1/2008 | 627 | 29 | 415 | 7 | 101 | 2 | 95 | 1 | 5 | 18 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 |
| 7/1/2008 | 588 | 30 | 295 | 6 | 232 | 1 | 41 | 2 | 4 | 20 | 11 | 0 | 5 | 1 | 0 | 0 | 13 | 36 |
| 10/1/2008 | 665 | 43 | 293 | 6 | 58 | 4 | 295 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 32 | 31 |
| 1/1/2009 | 750 | 207 | 523 | 16 | 137 | 150 | 79 | 5 | 3 | 29 | 1 | 3 | 3 | 4 | 4 | 0 | 22 | 155 |
| 4/1/2009 | 611 | 82 | 330 | 16 | 115 | 40 | 148 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 16 | 74 |
| 7/1/2009 | 397 | 31 | 223 | 4 | 88 | 4 | 68 | 7 | 2 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 34 |
| 10/1/2009 | 451 | 60 | 315 | 12 | 75 | 28 | 33 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 8 | 33 |
| 1/1/2010 | 671 | 273 | 517 | 46 | 84 | 205 | 56 | 7 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 6 | 79 |
| 4/1/2010 | 574 | 93 | 445 | 55 | 72 | 14 | 40 | 4 | 8 | 16 | 6 | 2 | 1 | 2 | 2 | 0 | 8 | 37 |
| 7/1/2010 | 252 | 38 | 156 | 17 | 34 | 2 | 43 | 4 | 7 | 10 | 10 | 2 | 1 | 3 | 1 | 0 | 8 | 63 |
| 10/1/2010 | 236 | 58 | 147 | 27 | 17 | 16 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 3 | 2 | 1 | 33 | 66 |
| 1/1/2011 | 438 | 300 | 238 | 69 | 103 | 211 | 56 | 6 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 |
| 4/1/2011 | 187 | 96 | 98 | 57 | 32 | 18 | 25 | 6 | 22 | 10 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 37 |
| 7/1/2011 | 93 | 119 | 39 | 50 | 9 | 46 | 27 | 4 | 15 | 11 | 2 | 5 | 0 | 2 | 1 | 1 | 12 | 1292 |
| 10/1/2011 | 76 | 110 | 23 | 53 | 3 | 10 | 30 | 18 | 9 | 14 | 9 | 6 | 1 | 4 | 1 | 5 | 11 | 33 |
| 1/1/2012 | 119 | 90 | 40 | 40 | 21 | 23 | 43 | 11 | 11 | 10 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 58 |
| 4/1/2012 | 175 | 139 | 76 | 67 | 26 | 40 | 46 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 |
| 7/1/2012 | 137 | 149 | 66 | 79 | 25 | 39 | 25 | 8 | 14 | 10 | 3 | 7 | 3 | 0 | 1 | 6 | 3 | 39 |
| 10/1/2012 | 132 | 85 | 71 | 44 | 18 | 11 | 28 | 10 | 6 | 11 | 4 | 5 | 5 | 1 | 0 | 3 | 18 | 12 |
| 1/1/2013 | 197 | 126 | 82 | 86 | 82 | 15 | 20 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 6 | 14 |
| 4/1/2013 | 197 | 94 | 109 | 44 | 34 | 18 | 26 | 9 | 18 | 12 | 6 | 6 | 4 | 1 | 0 | 4 | 12 | 28 |
| 7/1/2013 | 275 | 116 | 164 | 48 | 70 | 19 | 24 | 16 | 7 | 10 | 5 | 9 | 5 | 2 | 0 | 12 | 9 | 14 |
| 10/1/2013 | 760 | 166 | 542 | 64 | 168 | 57 | 32 | 5 | 5 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 33 | 77 |
| 1/1/2014 | 677 | 162 | 520 | 80 | 107 | 40 | 16 | 16 | 14 | 10 | 7 | 8 | 11 | 1 | 2 | 7 | 9 | 8 |
| 4/1/2014 | 580 | 280 | 448 | 88 | 80 | 141 | 30 | 10 | 12 | 17 | 7 | 18 | 3 | 0 | 0 | 6 | 17 | 11 |
| 7/1/2014 | 735 | 358 | 459 | 90 | 232 | 223 | 30 | 8 | 9 | 14 | 4 | 8 | 1 | 0 | 0 | 15 | 33 | 8 |
| 10/1/2014 | 274 | 81 | 116 | 38 | 121 | 7 | 22 | 12 | 7 | 9 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 37 |
| 1/1/2015 | 232 | 160 | 140 | 70 | 35 | 42 | 27 | 8 | 24 | 17 | 3 | 17 | 2 | 0 | 1 | 6 | 23 | 4 |
| 4/1/2015 | 275 | 137 | 144 | 61 | 64 | 33 | 33 | 12 | 22 | 15 | 5 | 10 | 5 | 1 | 2 | 5 | 10 | 3 |
| 7/1/2015 | 313 | 157 | 138 | 52 | 108 | 55 | 34 | 24 | 18 | 4 | 3 | 12 | 11 | 2 | 1 | 8 | 22 | 2 |
| 10/1/2015 | 227 | 106 | 136 | 47 | 15 | 18 | 37 | 20 | 19 | 10 | 4 | 5 | 14 | 1 | 2 | 5 | 8 | 2 |
| 1/1/2016 | 266 | 136 | 142 | 62 | 39 | 27 | 46 | 20 | 8 | 6 | 21 | 14 | 8 | 1 | 2 | 6 | 19 | 21 |
| 4/1/2016 | 232 | 155 | 115 | 54 | 25 | 40 | 51 | 17 | 9 | 15 | 21 | 15 | 10 | 2 | 1 | 12 | 19 | 44 |
| 7/1/2016 | 202 | 155 | 101 | 46 | 48 | 66 | 33 | 14 | 12 | 6 | 5 | 15 | 2 | 1 | 1 | 7 | 11 | 3 |
| 10/1/2016 | 218 | 265 | 106 | 50 | 25 | 152 | 51 | 28 | 8 | 11 | 17 | 13 | 5 | 1 | 6 | 10 | 13 | 12 |
| 1/1/2017 | 250 | 270 | 139 | 77 | 41 | 127 | 51 | 27 | 8 | 12 | 3 | 10 | 5 | 0 | 3 | 17 | 10 | 24 |
| 4/1/2017 | 227 | 123 | 99 | 70 | 91 | 19 | 14 | 6 | 10 | 5 | 1 | 18 | 7 | 0 | 5 | 5 | 6 | 9 |
| 7/1/2017 | 155 | 154 | 89 | 54 | 25 | 57 | 21 | 16 | 5 | 14 | 7 | 4 | 3 | 2 | 5 | 7 | 12 | 5 |
| 10/1/2017 | 234 | 113 | 144 | 64 | 42 | 18 | 23 | 6 | 7 | 7 | 8 | 7 | 5 | 2 | 5 | 9 | 7 | 7 |
| 1/1/2018 | 541 | 98 | 334 | 53 | 174 | 8 | 19 | 9 | 8 | 7 | 2 | 10 | 0 | 2 | 4 | 9 | 3 | 35 |
| 4/1/2018 | 309 | 168 | 177 | 74 | 72 | 58 | 19 | 13 | 14 | 9 | 4 | 6 | 15 | 0 | 8 | 8 | 7 | 41 |
| 7/1/2018 | 270 | 145 | 131 | 83 | 84 | 10 | 25 | 21 | 6 | 14 | 3 | 10 | 19 | 2 | 2 | 5 | 28 | 13 |
| 10/1/2018 | 230 | 154 | 131 | 98 | 54 | 28 | 22 | 13 | 6 | 7 | 1 | 5 | 16 | 0 | 0 | 3 | 21 | 24 |
| 1/1/2019 | 282 | 108 | 184 | 65 | 51 | 19 | 29 | 10 | 6 | 6 | 4 | 5 | 8 | 0 | 0 | 3 | 0 | 11 |
| 4/1/2019 | 261 | 114 | 171 | 59 | 42 | 12 | 24 | 22 | 9 | 6 | 6 | 6 | 7 | 4 | 2 | 5 | 8 | 28 |
| 7/1/2019 | 198 | 107 | 119 | 63 | 36 | 12 | 31 | 12 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 8 | 2 | 70 |
| 10/1/2019 | 216 | 111 | 131 | 67 | 37 | 5 | 27 | 16 | 4 | 7 | 2 | 14 | 10 | 0 | 5 | 2 | 5 | 31 |
| 1/1/2020 | 112 | 103 | 57 | 53 | 21 | 7 | 21 | 16 | 6 | 9 | 4 | 14 | 2 | 1 | 1 | 3 | 21 | 7 |
| 4/1/2020 | 7 | 168 | 3 | 89 | 0 | 31 | 4 | 9 | 0 | 13 | 0 | 14 | 0 | 8 | 0 | 4 | 2 | 40 |
| 7/1/2020 | 13 | 245 | 7 | 104 | 1 | 25 | 4 | 16 | 0 | 7 | 0 | 21 | 0 | 69 | 1 | 3 | 15 | 73 |
Table 5
| USPF Rating Actions, Third-Quarter 2020 | |||||
|---|---|---|---|---|---|
| Obligor | Sector | Old rating | Latest rating date | New rating | Upgrade/downgrade |
| Assisted Living Foundation of America | Housing | BBB- | 7/1/2020 | B- | Downgrade |
| Assisted Living Foundation of America | Housing | BBB | 7/1/2020 | B- | Downgrade |
| Calumet City | Tax secured | BBB+ | 7/2/2020 | BBB | Downgrade |
| Mountlake Terr | Utilities | AA | 7/2/2020 | AA- | Downgrade |
| St. Paul Conserv for Performing Arts | Charter schools | BB+ | 7/2/2020 | BB | Downgrade |
| Trinity Univ | Higher education | AA | 7/2/2020 | AA- | Downgrade |
| Cape Cod Hlthcare Oblig Group | Health care | A+ | 7/7/2020 | A | Downgrade |
| Dallastown Area Sch Dist | Tax secured | AA | 7/7/2020 | AA- | Downgrade |
| Metropolitan Transp Auth | Transportation | A- | 7/7/2020 | BBB+ | Downgrade |
| Fremont Cnty | Tax secured | AA- | 7/8/2020 | A+ | Downgrade |
| Delaware Twp | Tax secured | AA- | 7/9/2020 | AA | Upgrade |
| Oyster Bay Twn | Tax secured | BBB- | 7/9/2020 | BBB+ | Upgrade |
| Balfour Beatty Communities | Housing | AA | 7/10/2020 | AA- | Downgrade |
| Beverly Hills | Utilities | AA+ | 7/10/2020 | AAA | Upgrade |
| Capmark Military Hsg Trust XXXIX | Housing | AA | 7/10/2020 | AA- | Downgrade |
| Hamden Twn | Tax secured | A | 7/10/2020 | BBB+ | Downgrade |
| Santa Clarita Water Division | Utilities | AA+ | 7/10/2020 | AA | Downgrade |
| St. Joseph | Utilities | A+ | 7/10/2020 | A | Downgrade |
| Ector Cnty Hosp Dist | Health care | BBB | 7/13/2020 | BBB- | Downgrade |
| Little Rock | Tax secured | A- | 7/13/2020 | BBB | Downgrade |
| White Hall City | Tax secured | A- | 7/13/2020 | BBB+ | Downgrade |
| Lansing | Tax secured | AA- | 7/14/2020 | A+ | Downgrade |
| Lansing | Tax secured | AA | 7/14/2020 | AA- | Downgrade |
| Mechanicsburg Vill | Tax secured | A- | 7/14/2020 | BBB+ | Downgrade |
| New Millenium Academy | Charter schools | B- | 7/14/2020 | B | Upgrade |
| San Antonio Comnty Hosp | Health care | BBB+ | 7/14/2020 | BBB | Downgrade |
| Warren | Tax secured | A | 7/14/2020 | A- | Downgrade |
| Hanover Vill | Tax secured | A+ | 7/15/2020 | A | Downgrade |
| Maryland Econ Dev Corp | Transportation | BBB | 7/15/2020 | BB | Downgrade |
| Maryland Econ Dev Corp | Transportation | BBB- | 7/15/2020 | BB- | Downgrade |
| Minnesota Hsg Fin Agy | Housing | AA+ | 7/15/2020 | AAA | Upgrade |
| Minnesota Hsg Fin Agy | Housing | AA+ | 7/15/2020 | AAA | Upgrade |
| Minnesota Hsg Fin Agy | Housing | AA+ | 7/15/2020 | AAA | Upgrade |
| Minnesota Hsg Fin Agy | Housing | AA+ | 7/15/2020 | AAA | Upgrade |
| Minnesota Hsg Fin Agy | Housing | AA+ | 7/15/2020 | AAA | Upgrade |
| Stephens Cnty Indpt Sch Dist No 34 Central High Pub Sch | Appropriation | BBB+ | 7/15/2020 | BBB | Downgrade |
| Children of Promise Preparatory Academy | Charter Schools | CCC+ | 7/16/2020 | CCC | Downgrade |
| Centralia | Tax secured | A- | 7/17/2020 | BBB | Downgrade |
| Overland Park | Tax secured | BBB | 7/17/2020 | BB+ | Downgrade |
| Franklin Cnty Comnty Sch Corp | Tax secured | A+ | 7/20/2020 | A | Downgrade |
| Illinois Sports Facs Auth | Tax secured | BBB | 7/20/2020 | BB+ | Downgrade |
| Lawrence Cnty | Tax secured | A+ | 7/20/2020 | A- | Downgrade |
| Leland Pub Schs | Tax secured | A+ | 7/20/2020 | A | Downgrade |
| Wilkinsburg Penn Jt Wtr Auth | Utilities | AA | 7/20/2020 | AA- | Downgrade |
| Pembroke Pines | Tax secured | A- | 7/21/2020 | BBB+ | Downgrade |
| Aberdeen Proving Ground Fam Hsg, LLC | Housing | AA- | 7/22/2020 | A+ | Downgrade |
| Central Basin Mun Wtr Dist | Utilities | BBB+ | 7/22/2020 | CCC | Downgrade |
| Central Basin Mun Wtr Dist | Utilities | BBB | 7/22/2020 | CCC | Downgrade |
| Regional School Unit No. 13 | Appropriation | A+ | 7/22/2020 | A- | Downgrade |
| Regional School Unit No. 13 | Tax secured | AA- | 7/22/2020 | A | Downgrade |
| 2018 IAVF Timber Oaks LLC | Housing | BBB- | 7/23/2020 | B | Downgrade |
| 2018 IAVF Timber Oaks LLC | Housing | BBB+ | 7/23/2020 | B+ | Downgrade |
| 2018 IAVF Timber Oaks LLC | Housing | BBB+ | 7/23/2020 | B+ | Downgrade |
| Batesville | Tax secured | A | 7/23/2020 | A- | Downgrade |
| Branson | Appropriation | A | 7/23/2020 | A- | Downgrade |
| Branson | Appropriation | A | 7/23/2020 | A- | Downgrade |
| Jackson | Tax secured | AA- | 7/23/2020 | A+ | Downgrade |
| Palos Hills | Tax secured | A+ | 7/23/2020 | A- | Downgrade |
| Peninsula Corridor Jt Pwrs Brd | Transportation | A+ | 7/23/2020 | A | Downgrade |
| Provident Group - Rowan Properties L.L.C | Higher education | BBB- | 7/23/2020 | BB+ | Downgrade |
| Twin Peaks Charter Academy | Charter schools | BB+ | 7/23/2020 | BB | Downgrade |
| Midland City | Tax secured | A+ | 7/24/2020 | A | Downgrade |
| Agape Beauvoir Manor Inc | Housing | BBB- | 7/27/2020 | B+ | Downgrade |
| Carbondale | Tax secured | AA- | 7/28/2020 | BBB+ | Downgrade |
| Griffin of LA, LP | Housing | BB+ | 7/28/2020 | BB | Downgrade |
| Housing Preservation, Inc. | Housing | A+ | 7/28/2020 | A | Downgrade |
| Oakwood Vill (Cuyahoga Cnty) | Tax secured | A+ | 7/28/2020 | A- | Downgrade |
| Provident Commonwealth Educl Resources | Higher education | BBB- | 7/28/2020 | BB+ | Downgrade |
| Rio Hondo Indpt Sch Dist | Tax secured | A | 7/28/2020 | BBB | Downgrade |
| Wildlife Conservation Soc | Higher education | AA- | 7/28/2020 | A+ | Downgrade |
| Coatesville Area Sch Dist | Tax secured | BB | 7/28/2020 | B+ | Downgrade |
| Fort Gordon Family Hsg LLC | Housing | A+ | 7/29/2020 | A | Downgrade |
| Fort Gordon Family Hsg LLC | Housing | A | 7/29/2020 | A- | Downgrade |
| Hillsboro | Tax secured | A | 7/30/2020 | A- | Downgrade |
| Hobbs | Housing | BBB | 7/30/2020 | BB+ | Downgrade |
| Leonard Wood Fam Comntys, LLC | Housing | A- | 7/30/2020 | A | Upgrade |
| Leonard Wood Fam Comntys, LLC | Housing | BBB+ | 7/30/2020 | A- | Upgrade |
| Paulsboro Boro | Tax secured | AA- | 7/30/2020 | A+ | Downgrade |
| Sacramento Intl Arpt | Transportation | A+ | 7/30/2020 | A | Downgrade |
| Sacramento Intl Arpt | Transportation | A | 7/30/2020 | A- | Downgrade |
| San Diego Cnty Regl Arpt Auth | Transportation | A | 7/30/2020 | A- | Downgrade |
| San Diego Cnty Regl Arpt Auth | Transportation | A+ | 7/30/2020 | A | Downgrade |
| San Diego Cnty Regl Arpt Auth | Transportation | A | 7/30/2020 | BBB+ | Downgrade |
| Coosa Valley Wtr Supp Dist, Inc. | Tax secured | A+ | 7/31/2020 | AA- | Upgrade |
| Franconia, Township of | Tax secured | AA- | 7/31/2020 | A | Downgrade |
| Metropolitan Washington Arpts Auth | Transportation | AA- | 7/31/2020 | A+ | Downgrade |
| San Ysidro Sch Dist | Tax secured | BBB+ | 7/31/2020 | BBB- | Downgrade |
| San Ysidro Sch Dist | Appropriation | BBB | 7/31/2020 | BB+ | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BBB+ | 7/31/2020 | BB- | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BBB+ | 7/31/2020 | BB- | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BBB | 7/31/2020 | BB- | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BBB | 7/31/2020 | BB- | Downgrade |
| Princeton | Tax secured | A | 8/3/2020 | A- | Downgrade |
| Dinuba | Utilities | A- | 8/4/2020 | BBB+ | Downgrade |
| Los Angeles Intl Arpt | Transportation | AA | 8/4/2020 | AA- | Downgrade |
| Los Angeles Intl Arpt | Transportation | AA- | 8/4/2020 | A+ | Downgrade |
| Provident Oklahoma Education Resources Inc | Higher education | CC | 8/4/2020 | D | Downgrade |
| Pulaski Cnty | Tax secured | A | 8/4/2020 | A- | Downgrade |
| Fairview Hgts | Tax secured | AA | 8/5/2020 | AA- | Downgrade |
| Opelika Utils Brd | Utilities | A+ | 8/5/2020 | A | Downgrade |
| Philadelphia Pkg Auth | Transportation | A | 8/5/2020 | A- | Downgrade |
| Savannah | Appropriation | A | 8/5/2020 | BBB+ | Downgrade |
| Savannah | Tax secured | A+ | 8/5/2020 | A- | Downgrade |
| Allentown Sch Dist | Tax secured | BBB- | 8/6/2020 | BB+ | Downgrade |
| Everman | Tax secured | A- | 8/6/2020 | BBB+ | Downgrade |
| Richland Cnty | Tax secured | A+ | 8/6/2020 | A | Downgrade |
| Virginia | Tax secured | A- | 8/6/2020 | BBB+ | Downgrade |
| West Salem Sch Dist | Tax secured | AA- | 8/6/2020 | A+ | Downgrade |
| Carter Cnty Indpt Sch Dist #19 (Ardmore City Schs) | Appropriation | A- | 8/7/2020 | BBB | Downgrade |
| Carter Cnty Indpt Sch Dist #19 (Ardmore City Schs) | Appropriation | A- | 8/7/2020 | BBB | Downgrade |
| Keokuk Mun Wtr Wks | Utilities | A- | 8/7/2020 | BBB+ | Downgrade |
| Memphis | Tax secured | BBB | 8/7/2020 | BB | Downgrade |
| Rider Univ | Higher education | BBB- | 8/7/2020 | BB+ | Downgrade |
| Cardinal Bay, Inc. | Housing | BBB+ | 8/10/2020 | BBB | Downgrade |
| Cardinal Bay, Inc. | Housing | BBB+ | 8/10/2020 | BBB | Downgrade |
| Windfern Forest Util Dist | Tax secured | A+ | 8/10/2020 | A | Downgrade |
| Bellefontaine Neighbors | Tax secured | A | 8/11/2020 | A- | Downgrade |
| Brewster Vill | Tax secured | A+ | 8/11/2020 | A- | Downgrade |
| New Britain | Tax secured | A+ | 8/11/2020 | A | Downgrade |
| Grand View Hosp | Health care | A- | 8/12/2020 | BBB+ | Downgrade |
| Northvale Boro | Tax secured | AA | 8/13/2020 | AA- | Downgrade |
| QSH/Sanders Glen LLC | Housing | BB+ | 8/13/2020 | B- | Downgrade |
| QSH/Sanders Glen LLC | Housing | BB+ | 8/13/2020 | B- | Downgrade |
| Valley View Sch Dist | Tax secured | BBB- | 8/13/2020 | BB | Downgrade |
| Flagler Hosp | Health care | BBB+ | 8/14/2020 | BBB | Downgrade |
| Massachusetts Port Auth | Transportation | AA | 8/14/2020 | AA- | Downgrade |
| Massachusetts Port Auth | Transportation | A | 8/14/2020 | BBB+ | Downgrade |
| Minneapolis St Paul Metro Arpts Comm | Transportation | AA- | 8/14/2020 | A+ | Downgrade |
| Minneapolis St Paul Metro Arpts Comm | Transportation | A+ | 8/14/2020 | A | Downgrade |
| Sapulpa Mun Auth | Utilities | A | 8/14/2020 | A- | Downgrade |
| Econ Dev Dist No 1 of the Parish of Iberia | Tax secured | BBB+ | 8/17/2020 | BBB | Downgrade |
| Akron | Tax secured | AA- | 8/18/2020 | A+ | Downgrade |
| Akron | Tax secured | AA | 8/18/2020 | AA- | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Tax secured | AA | 8/18/2020 | AA- | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Tax secured | AA- | 8/18/2020 | A+ | Downgrade |
| Akron | Tax secured | AA | 8/18/2020 | AA- | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Tax secured | A+ | 8/18/2020 | A | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| Akron | Appropriation | A+ | 8/18/2020 | A | Downgrade |
| City of Herculaneum | Appropriation | A+ | 8/19/2020 | A | Downgrade |
| City of Herculaneum | Tax secured | AA- | 8/19/2020 | A+ | Downgrade |
| City of Herculaneum | Appropriation | A+ | 8/19/2020 | A | Downgrade |
| Manchester University | Higher education | A- | 8/19/2020 | BBB+ | Downgrade |
| North Augusta Afford Hsg LLC & Pickens Afford Hsg LLC | Housing | BBB | 8/19/2020 | BB+ | Downgrade |
| North Augusta Afford Hsg LLC & Pickens Afford Hsg LLC | Housing | BBB | 8/19/2020 | BB+ | Downgrade |
| Pana | Tax secured | A | 8/19/2020 | BBB+ | Downgrade |
| Toulon | Tax secured | A | 8/19/2020 | A- | Downgrade |
| 4-K Housing, Inc. | Housing | BB | 8/20/2020 | BB- | Downgrade |
| 4-K Housing, Inc. | Housing | BB | 8/20/2020 | BB- | Downgrade |
| Bradford | Tax secured | BB+ | 8/20/2020 | BB | Downgrade |
| Detroit Metro Wayne Cnty Arpt | Transportation | A | 8/20/2020 | A- | Downgrade |
| Detroit Metro Wayne Cnty Arpt | Transportation | A- | 8/20/2020 | BBB+ | Downgrade |
| Sarah Lawrence Coll | Higher education | BBB | 8/20/2020 | BBB- | Downgrade |
| Bethesda Foundation | Housing | A- | 8/21/2020 | BBB+ | Downgrade |
| Bethesda Foundation | Housing | BBB+ | 8/21/2020 | BBB | Downgrade |
| LaSalle | Tax secured | BBB- | 8/21/2020 | BB+ | Downgrade |
| Phoenix Sky Harbor Intl Arpt | Transportation | AA- | 8/21/2020 | A+ | Downgrade |
| Phoenix Sky Harbor Intl Arpt | Transportation | A+ | 8/21/2020 | A | Downgrade |
| Phoenix Sky Harbor Intl Arpt | Transportation | A | 8/21/2020 | BBB+ | Downgrade |
| Pure Charity Fund | Housing | CCC+ | 8/21/2020 | CCC | Downgrade |
| Pure Charity Fund | Housing | CCC+ | 8/21/2020 | CCC | Downgrade |
| Brackenridge Boro | Tax secured | A | 8/24/2020 | BBB+ | Downgrade |
| Memphis | Utilities | AA- | 8/24/2020 | A+ | Downgrade |
| Oviedo | Tax secured | AA- | 8/24/2020 | AA | Upgrade |
| Sherwood Vill | Tax secured | AA | 8/24/2020 | A | Downgrade |
| Oregon | Tax secured | A+ | 8/25/2020 | A | Downgrade |
| Reno | Tax secured | BBB+ | 8/25/2020 | BBB- | Downgrade |
| San Antonio Convention Center Hotel Finance Corp. | Tax secured | A | 8/25/2020 | BBB+ | Downgrade |
| Bexar Cnty | Tax secured | A+ | 8/26/2020 | A | Downgrade |
| Evangeline Parish Rd & Dr Sales Tax Dist No. 1 | Tax secured | BBB+ | 8/26/2020 | BBB | Downgrade |
| Lakefield | Tax secured | AA- | 8/26/2020 | A+ | Downgrade |
| Lakeside Un Sch Dist (Kern Cnty) | Tax secured | A+ | 8/26/2020 | A | Downgrade |
| Midwest Fam Hsg, LLC | Housing | A+ | 8/26/2020 | AA | Upgrade |
| Midwest Fam Hsg, LLC | Housing | A | 8/26/2020 | AA | Upgrade |
| Midwest Fam Hsg, LLC | Housing | BBB | 8/26/2020 | A | Upgrade |
| Midwest Fam Hsg, LLC | Housing | BB+ | 8/26/2020 | BBB+ | Upgrade |
| Quality Senior Housing Foundation of East Texas Inc. | Housing | BBB | 8/26/2020 | BB+ | Downgrade |
| Quality Senior Housing Foundation of East Texas Inc. | Housing | BBB | 8/26/2020 | BB+ | Downgrade |
| Quality Senior Housing Foundation of East Texas Inc. | Housing | BB+ | 8/26/2020 | BB | Downgrade |
| Quality Senior Housing Foundation of East Texas Inc. | Housing | BB | 8/26/2020 | BB- | Downgrade |
| American Psychological Assn | Higher education | BBB | 8/27/2020 | BBB- | Downgrade |
| Austin | Transportation | A | 8/27/2020 | BBB+ | Downgrade |
| Fort Hood Family Hsg LLC | Housing | AA | 8/27/2020 | A+ | Downgrade |
| Fort Hood Family Hsg LLC | Housing | AA | 8/27/2020 | A+ | Downgrade |
| Fort Hood Family Hsg LLC | Housing | AA | 8/27/2020 | A+ | Downgrade |
| Fort Hood Family Hsg LLC | Housing | AA | 8/27/2020 | A+ | Downgrade |
| Fort Lauderdale Hollywood Intl Arpt | Transportation | A+ | 8/27/2020 | A | Downgrade |
| Fulton | Tax secured | A | 8/27/2020 | BBB+ | Downgrade |
| Hermiston | Tax secured | AA- | 8/27/2020 | A+ | Downgrade |
| Menifee | Tax secured | AA- | 8/27/2020 | A+ | Downgrade |
| Pike Place Mkt Preservation & Dev Auth | Transportation | A- | 8/27/2020 | BBB+ | Downgrade |
| Ralls Cnty Pub Wtr Supp Dist No 1 | Utilities | A- | 8/27/2020 | BBB | Downgrade |
| CHF-Chicago, L.L.C. | Higher education | BBB- | 8/28/2020 | BB | Downgrade |
| Carver Gardens, LLC | Housing | BB+ | 8/28/2020 | BB | Downgrade |
| Hartsfield Jackson Atlanta Intl Arpt | Transportation | AA- | 8/28/2020 | A+ | Downgrade |
| Hartsfield Jackson Atlanta Intl Arpt | Transportation | AA- | 8/28/2020 | A+ | Downgrade |
| Onondaga Community College Housing Development Corporation | Higher education | BBB | 8/28/2020 | BB+ | Downgrade |
| Provident Group - Howard Properties LLC | Higher education | BB+ | 8/28/2020 | BB- | Downgrade |
| West Des Moines Comnty Sch Dist | Tax secured | AA | 8/28/2020 | AA- | Downgrade |
| Camp Pendleton & Quantico Hsg, LLC | Housing | AA | 8/31/2020 | AA- | Downgrade |
| Camp Pendleton & Quantico Hsg, LLC | Housing | AA | 8/31/2020 | AA- | Downgrade |
| Camp Pendleton & Quantico Hsg, LLC | Housing | AA | 8/31/2020 | AA- | Downgrade |
| Camp Pendleton & Quantico Hsg, LLC | Housing | AA | 8/31/2020 | AA- | Downgrade |
| Camp Pendleton & Quantico Hsg, LLC | Housing | AA | 8/31/2020 | AA- | Downgrade |
| San Antonio Intl Arpt | Transportation | A | 8/31/2020 | A- | Downgrade |
| Brawley | Tax secured | A | 9/1/2020 | A- | Downgrade |
| Taylorville | Tax secured | A+ | 9/1/2020 | A | Downgrade |
| Village of Rosemont | Tax secured | A | 9/1/2020 | BBB | Downgrade |
| Baltimore Washington Intl Arpt | Transportation | A+ | 9/2/2020 | A | Downgrade |
| Baltimore Washington Intl Arpt | Transportation | A | 9/2/2020 | A- | Downgrade |
| Invest in America's Veterans Foundation, Inc. | Housing | BB+ | 9/2/2020 | BB | Downgrade |
| Invest in America's Veterans Foundation, Inc. | Housing | B+ | 9/2/2020 | B | Downgrade |
| Invest in America's Veterans Foundation, Inc. | Housing | BB+ | 9/2/2020 | BB | Downgrade |
| Houston Arpt Sys | Transportation | A+ | 9/3/2020 | A | Downgrade |
| Houston Arpt Sys | Transportation | A | 9/3/2020 | BBB+ | Downgrade |
| JPC Charities | Housing | BB+ | 9/3/2020 | BB- | Downgrade |
| JPC Charities | Housing | BB | 9/3/2020 | B+ | Downgrade |
| Lambert St. Louis Intl Arpt | Transportation | A | 9/3/2020 | A- | Downgrade |
| Lincoln County | Utilities | A- | 9/3/2020 | BB+ | Downgrade |
| New Orleans Avtn Brd | Transportation | BBB+ | 9/4/2020 | BBB | Downgrade |
| New Orleans International Airport | Transportation | A | 9/4/2020 | A- | Downgrade |
| New Orleans International Airport | Transportation | A | 9/4/2020 | BBB+ | Downgrade |
| Saddle Brook Twp Brd of Ed | Tax secured | A+ | 9/4/2020 | A | Downgrade |
| Derry Twp (Westmoreland Cnty) | Tax secured | A | 9/8/2020 | A- | Downgrade |
| St Charles Cnty R-V Sch Dist (Orchard Farm) | Tax secured | AA | 9/8/2020 | AA- | Downgrade |
| Highland Pk Brd of Ed | Tax secured | AA- | 9/9/2020 | A+ | Downgrade |
| Pekin Pk Dist | Tax secured | A | 9/9/2020 | A- | Downgrade |
| SEATAC Fuel Facilities, LLC | Transportation | A | 9/9/2020 | A- | Downgrade |
| YMCA of Greater New York | Higher education | A- | 9/9/2020 | BBB | Downgrade |
| El Paso Intl Arpt | Transportation | A+ | 9/10/2020 | A | Downgrade |
| LAXFUEL Corp | Transportation | A | 9/10/2020 | A- | Downgrade |
| Omaha Eppley Airfield | Transportation | AA- | 9/10/2020 | A+ | Downgrade |
| Amboy | Tax secured | AA- | 9/11/2020 | A | Downgrade |
| Chicago Midway Intl Arpt | Transportation | A | 9/11/2020 | A- | Downgrade |
| Chicago Midway Intl Arpt | Transportation | A | 9/11/2020 | A- | Downgrade |
| Dundee Twp Pk Dist | Tax Secured | AA- | 9/11/2020 | A+ | Downgrade |
| Hendrix Coll | Higher education | BBB | 9/11/2020 | BBB- | Downgrade |
| Kettering City Sch Dist | Tax secured | AA- | 9/11/2020 | A+ | Downgrade |
| Millersville Univ | Higher education | BBB- | 9/11/2020 | BB+ | Downgrade |
| Peoria | Tax secured | AA- | 9/11/2020 | A+ | Downgrade |
| San Antonio Intl Arpt | Transportation | A+ | 9/11/2020 | A | Downgrade |
| San Antonio Intl Arpt | Transportation | A | 9/11/2020 | BBB+ | Downgrade |
| Sussex Cnty | Tax secured | AA+ | 9/11/2020 | AAA | Upgrade |
| Consolidated Rental Car Facility (Portland International Airport) | Transportation | A- | 9/14/2020 | BBB+ | Downgrade |
| Illinois Hsg Dev Auth | Housing | AA+ | 9/14/2020 | BB+ | Downgrade |
| Lewisburg | Tax secured | AA- | 9/14/2020 | A- | Downgrade |
| Portland Intl Arpt | Transportation | AA- | 9/14/2020 | A+ | Downgrade |
| Portland Intl Arpt | Transportation | A+ | 9/14/2020 | A | Downgrade |
| Vernon Cnty Cons Pub Wtr Supp Dist #1 | Utilities | A+ | 9/14/2020 | A | Downgrade |
| Anaheim | Appropriation | AA- | 9/15/2020 | A | Downgrade |
| Anaheim | Appropriation | A | 9/15/2020 | A- | Downgrade |
| Anaheim | Appropriation | A | 9/15/2020 | A- | Downgrade |
| Anaheim | Appropriation | A | 9/15/2020 | A- | Downgrade |
| Anaheim | Appropriation | A | 9/15/2020 | A- | Downgrade |
| Jacksboro | Tax secured | A- | 9/15/2020 | BBB+ | Downgrade |
| Missouri Vy | Utilities | A | 9/15/2020 | A- | Downgrade |
| Peoria | Tax secured | AA | 9/15/2020 | AA- | Downgrade |
| Spirit Lake | Utilities | A+ | 9/15/2020 | A | Downgrade |
| Union Cnty | Tax secured | A+ | 9/15/2020 | A | Downgrade |
| Milwaukee | Tax secured | AA- | 9/16/2020 | A | Downgrade |
| Milwaukee | Appropriation | A+ | 9/16/2020 | A- | Downgrade |
| Milwaukee | Appropriation | A+ | 9/16/2020 | A- | Downgrade |
| Norfolk Arpt Auth | Transportation | A | 9/16/2020 | A- | Downgrade |
| Public Fin Auth | Higher education | BB | 9/16/2020 | BB- | Downgrade |
| Brewton Wtr Wks Brd | Utilities | BBB | 9/17/2020 | BBB+ | Upgrade |
| Holdenville Pub Wks Auth | Tax secured | BB+ | 9/17/2020 | BB | Downgrade |
| Mercy Health | Health care | AA- | 9/17/2020 | A+ | Downgrade |
| Merrill Gardens | Housing | AA+ | 9/17/2020 | AAA | Upgrade |
| Miami Intl Arpt | Transportation | A | 9/17/2020 | A- | Downgrade |
| Minnesota Attainable Hsg Corp | Housing | A- | 9/17/2020 | BB+ | Downgrade |
| Minnesota Attainable Hsg Corp | Housing | BBB | 9/17/2020 | BB | Downgrade |
| North Pointe Affordable Housing LLC | Housing | BBB | 9/17/2020 | BB+ | Downgrade |
| North Pointe Affordable Housing LLC | Housing | BBB | 9/17/2020 | BB+ | Downgrade |
| Siren Sch Dist | Tax secured | A | 9/17/2020 | A- | Downgrade |
| Tulsa Intl Arpt | Transportation | A | 9/17/2020 | A- | Downgrade |
| Washington St Hsg Fin Comm | Housing | AA+ | 9/17/2020 | AAA | Upgrade |
| Actus Lend Lease LLC | Housing | BB+ | 9/18/2020 | BB | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | AA- | 9/18/2020 | A+ | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | A | 9/18/2020 | A- | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | AA- | 9/18/2020 | A+ | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | A | 9/18/2020 | A- | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | AA- | 9/18/2020 | A+ | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | AA- | 9/18/2020 | A+ | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | A | 9/18/2020 | A- | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | A | 9/18/2020 | A- | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | AA- | 9/18/2020 | A+ | Downgrade |
| Atlantic Marine Corps Communities LLC | Housing | A | 9/18/2020 | A- | Downgrade |
| Audubon Cnty | Tax secured | AA- | 9/18/2020 | A+ | Downgrade |
| Cass Cnty Sch Dist # 1 | Tax secured | A | 9/18/2020 | A- | Downgrade |
| Central Dauphin Sch Dist | Tax secured | AA | 9/18/2020 | AA- | Downgrade |
| James M. Cox Dayton Intl Arpt | Transportation | BBB+ | 9/18/2020 | BBB | Downgrade |
| Philadelphia International Airport | Transportation | A | 9/18/2020 | A- | Downgrade |
| Port of Pasco | Transportation | A- | 9/18/2020 | BBB+ | Downgrade |
| Swatara Twp (Dauphin Cnty) | Tax secured | AA | 9/18/2020 | AA- | Downgrade |
| VB Wilikina LP | Housing | A- | 9/18/2020 | BBB | Downgrade |
| Bristol Boro Sch Dist | Tax secured | A | 9/21/2020 | A- | Downgrade |
| Portland Intl Jetport | Transportation | A- | 9/21/2020 | BBB+ | Downgrade |
| Lewis Univ | Higher education | BBB+ | 9/22/2020 | BBB | Downgrade |
| Augusta Regl Arpt | Transportation | BBB | 9/23/2020 | BBB- | Downgrade |
| BBC Military Housing LLC | Housing | AA- | 9/23/2020 | A+ | Downgrade |
| BBC Military Housing LLC | Housing | BBB | 9/23/2020 | BBB+ | Upgrade |
| New Jersey City Univ Foundn | Higher education | BB+ | 9/23/2020 | BB- | Downgrade |
| Resident Owned Parks Inc. | Housing | A- | 9/23/2020 | A | Upgrade |
| Rhode Island Econ Dev Corp | Transportation | A | 9/23/2020 | A- | Downgrade |
| Rhode Island Econ Dev Corp | Transportation | A | 9/23/2020 | BBB+ | Downgrade |
| Bradley Intl Arpt | Transportation | A+ | 9/24/2020 | A | Downgrade |
| Bradley Intl Arpt | Transportation | A- | 9/24/2020 | BBB | Downgrade |
| Bristol | Tax secured | A | 9/24/2020 | A+ | Upgrade |
| Dollar Bay-Tamarack City Area Schs | Tax secured | A- | 9/24/2020 | BBB+ | Downgrade |
| El Cerrito | Appropriation | BBB | 9/24/2020 | BBB- | Downgrade |
| El Cerrito Pub Fincg Auth | Tax secured | A- | 9/24/2020 | BBB+ | Downgrade |
| Fresno Yosemite Intl Arpt | Transportation | A | 9/24/2020 | A- | Downgrade |
| Waterloo Comnty Sch Dist | Tax secured | A+ | 9/24/2020 | A | Downgrade |
| Hawaii Arpt Sys | Transportation | AA- | 9/25/2020 | A+ | Downgrade |
| Hawaii Arpt Sys | Transportation | A+ | 9/25/2020 | A | Downgrade |
| Hawaii Arpt Sys | Transportation | A+ | 9/25/2020 | A- | Downgrade |
| Indianapolis Arpt Auth | Transportation | A | 9/25/2020 | A- | Downgrade |
| Joliet | Tax secured | AA | 9/25/2020 | AA- | Downgrade |
| Louisville Regional Airport Authority | Transportation | A+ | 9/25/2020 | A | Downgrade |
| Monroe Comnty Coll Assoc, Inc. | Higher education | BBB- | 9/25/2020 | BB+ | Downgrade |
| Palm Springs International Airport | Transportation | A | 9/25/2020 | A- | Downgrade |
| American Agape Foundn, Inc. | Housing | B+ | 9/28/2020 | CCC+ | Downgrade |
| American Agape Foundn, Inc. | Housing | B | 9/28/2020 | CCC+ | Downgrade |
| CHF Collegiate Hsg College Station I LLC | Higher education | BBB- | 9/28/2020 | BB+ | Downgrade |
| INTEGRIS Baptist Med Ctr Oblig Grp | Health care | A+ | 9/28/2020 | A | Downgrade |
| Lock Haven Univ Foundn | Higher education | BBB- | 9/28/2020 | BB | Downgrade |
| Brewton | Tax secured | AA- | 9/29/2020 | A+ | Downgrade |
| Steele Properties, LLC | Housing | BBB | 9/29/2020 | BB+ | Downgrade |
| Woodstock Twn | Tax secured | A | 9/29/2020 | A+ | Upgrade |
| Woodstock Twn | Appropriation | A- | 9/29/2020 | A | Upgrade |
| Beaumont | Utilities | A | 9/30/2020 | A+ | Upgrade |
| Fort Eustis/Fort Story Hsg LLC | Housing | AA | 9/30/2020 | A+ | Downgrade |
| Fort Eustis/Fort Story Hsg LLC | Housing | AA- | 9/30/2020 | A+ | Downgrade |
| Fort Eustis/Fort Story Hsg LLC | Housing | A+ | 9/30/2020 | A- | Downgrade |
| Kansas City Intl Arpt | Transportation | A | 9/30/2020 | A- | Downgrade |
| Montgomery Cnty | Tax secured | AA+ | 9/30/2020 | AA | Downgrade |
| Obetz Vill | Tax secured | AA- | 9/30/2020 | A+ | Downgrade |
| Peace River Manasota Regl Wtr Supp Auth | Utilities | AA- | 9/30/2020 | AA | Upgrade |
| San Jose Intl Arpt | Transportation | A | 9/30/2020 | A- | Downgrade |
| Southwest Florida Intl Arpt | Transportation | A | 9/30/2020 | A- | Downgrade |
| Will Cnty Comnty Unit Sch Dist #201-U Crete-Monee | Tax secured | A+ | 9/30/2020 | A | Downgrade |
This report does not constitute a rating action.
| Ratings Performance Analytics: | Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com |
| Zev R Gurwitz, New York + 1 (212) 438 7128; zev.gurwitz@spglobal.com | |
| Research Contributor: | Abhik P Debnath, Mumbai; Abhik.Debnath@spglobal.com |
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