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Credit Trends: U.S. Public Finance Downgrades Picked Up In the Third Quarter

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Credit Trends: U.S. Public Finance Downgrades Picked Up In the Third 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

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Chart 2

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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

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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

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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

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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

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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

image

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

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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

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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

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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

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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

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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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