Key Takeaways
- The third quarter saw U.S. public finance upgrades almost double to 216 (from 110), while downgrades rose to 89 (from 80). The ratio of upgrades to downgrades was 2.9 to 1 (the highest since first-quarter 2018), above the 10-quarter average of 1.23 to 1.
- Finances were cited as the leading cause of upgrades with 71, and operations were the most common cause of downgrades, with 23.
- There were three defaults in the third quarter, up from one in the second.
U.S. public finance (USPF) obligors rated by S&P Global Ratings saw almost double the number of upgrades and a slight increase in downgrades in the third quarter of 2021. Upgrades rose to 216 (206 nonhousing and 10 housing), from 110 in the second quarter (105 nonhousing and five housing). Downgrades totaled 89 (71 nonhousing and 18 housing) in third-quarter 2021, compared with 80 (74 nonhousing and six housing) the prior quarter (see charts 1 and 2). Looking at the net rating actions over time (yellow line in chart 1), the past year has been an outlier for nonhousing, which looks to be returning to a normal range of around two upgrades for every downgrade. For housing, the smaller sample size contributes to the more volatile readings.
Chart 1
Chart 2
Finances Led Upgrades While Operations Led Downgrades
Improvement in finances was the most commonly cited cause of upgrades in the third quarter, with 71, followed by operations with 34 (see chart 3). For downgrades, changes in the operating environment led to 23 downgrades, followed by deteriorating financial conditions, with 22.
Chart 3
There were three defaults in the third quarter, up from one in the second. All three defaults were related to bonds issued on behalf of H-Bay Ministries Inc. of Texas to fund the Superior Residences project in Florida, a senior living facility.
Rating Distributions
Most USPF nonhousing ratings were investment-grade ('BBB-' and above) at the end of the third quarter of 2021, and only 1.73% were speculative grade ('BB+' and lower) (see table 1). For housing, 3.2% of ratings were speculative grade at the end of the 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 March 16, 2021. As of Sept. 30, 2021, 5.09% of nonhousing ratings were rated 'AAA', up from 5.02% at this time last year, and 14.48% of housing ratings were rated 'AAA', up from 14.01% in September 2020.
Table 1
| Rating Distribution (As Of Sept. 30, 2021) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
| Number of ratings | ||||||||||||||||||||
| AAA | 1,097 | 798 | 59 | 195 | 0 | 43 | 2 | 0 | 307 | |||||||||||
| AA | 9,267 | 5,507 | 2,427 | 979 | 111 | 185 | 58 | 0 | 1,547 | |||||||||||
| A | 9,417 | 6,022 | 1,679 | 1,054 | 199 | 290 | 172 | 1 | 151 | |||||||||||
| BBB | 1,404 | 582 | 247 | 136 | 99 | 162 | 48 | 130 | 48 | |||||||||||
| BB | 325 | 55 | 29 | 3 | 27 | 51 | 3 | 157 | 28 | |||||||||||
| B | 39 | 5 | 3 | 3 | 5 | 10 | 1 | 12 | 16 | |||||||||||
| CCC/C | 10 | 1 | 1 | 2 | 2 | 3 | 1 | 0 | 23 | |||||||||||
| Total | 21,559 | 12,970 | 4,445 | 2,372 | 443 | 744 | 285 | 300 | 2,120 | |||||||||||
| As percentage (%) | ||||||||||||||||||||
| AAA | 5.09 | 6.15 | 1.33 | 8.22 | 0.00 | 5.78 | 0.70 | 0.00 | 14.48 | |||||||||||
| AA | 42.98 | 42.46 | 54.60 | 41.27 | 25.06 | 24.87 | 20.35 | 0.00 | 72.97 | |||||||||||
| A | 43.68 | 46.43 | 37.77 | 44.44 | 44.92 | 38.98 | 60.35 | 0.33 | 7.12 | |||||||||||
| BBB | 6.51 | 4.49 | 5.56 | 5.73 | 22.35 | 21.77 | 16.84 | 43.33 | 2.26 | |||||||||||
| BB | 1.51 | 0.42 | 0.65 | 0.13 | 6.09 | 6.85 | 1.05 | 52.33 | 1.32 | |||||||||||
| B | 0.18 | 0.04 | 0.07 | 0.13 | 1.13 | 1.34 | 0.35 | 4.00 | 0.75 | |||||||||||
| CCC/C | 0.05 | 0.01 | 0.02 | 0.08 | 0.45 | 0.40 | 0.35 | 0.00 | 1.08 | |||||||||||
| Source: S&P Global Ratings Research. | ||||||||||||||||||||
Looking at the rating distributions at the end of September 2020, we see how the housing and nonhousing sectors were affected by an unusual year (see charts 4-5 and tables 2-3). For nonhousing, 'AA' ratings look to have increased again, but this is mostly from new issuance. Just under 1% of the almost 9,000 'AA' ratings (76 total) were lowered, the highest downgrade total of any rating category over the past 12 months.
Chart 4
Table 2
| USPF Nonhousing Rating Transitions (September 2020-September 2021) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| From\To | AAA | AA | A | BBB | BB | B | CCC/C | D | ||||||||||
| AAA | 1,056 | 8 | 1 | |||||||||||||||
| AA | 11 | 8,731 | 71 | 5 | ||||||||||||||
| A | 67 | 8,751 | 42 | 2 | 1 | |||||||||||||
| BBB | 1 | 42 | 1,255 | 34 | 2 | |||||||||||||
| BB | 15 | 264 | 5 | |||||||||||||||
| B | 1 | 4 | 29 | 2 | ||||||||||||||
| CCC/C | 2 | 6 | 1 | |||||||||||||||
| Source: S&P Global Rating Research. | ||||||||||||||||||
For housing ratings from the end of September 2020 to the end of September 2021, we saw seven 'AAA' ratings lowered to 'AA', all related to Impact Funding LLC, which was downgraded to 'AA+' in October of 2020.
Chart 5
Table 3
| USPF Housing Rating Transitions (September 2020-September 2021) | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| From\To | AAA | AA | A | BBB | BB | B | CCC/C | D | ||||||||||
| AAA | 278 | 7 | ||||||||||||||||
| AA | 1,406 | 7 | ||||||||||||||||
| A | 7 | 119 | 6 | |||||||||||||||
| BBB | 10 | 37 | 3 | |||||||||||||||
| BB | 1 | 24 | 6 | 6 | ||||||||||||||
| B | 1 | 10 | 8 | 3 | ||||||||||||||
| CCC/C | 2 | 9 | 2 | |||||||||||||||
| Source: S&P Global Ratings Research. | ||||||||||||||||||
Large Rating Movements Were Split In The Third Quarter
There were 19 total large rating movements (those of three notches or more) in the third quarter, up from 11 in the second quarter. There were 12 large downgrades, up from seven, and seven large upgrades, up from four (see table 4). Operations were cited as the reason for all of the largest downgrades in the quarter. The largest downgrades were from 'AA+' to 'BBB-' for Plainfield Township, Indiana, which was downgraded in August following a late debt service payment.
Table 4
| Main Reason For Multiple Notch Rating Changes (3Q2021) | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notch change* | Total | Debt | Debt service coverage | Default | Economy | Finances | Liquidity | Operations | Others | Real estate | ||||||||||||
| (8) | 2 | 2 | ||||||||||||||||||||
| (5) | 1 | 1 | ||||||||||||||||||||
| (4) | 2 | 2 | ||||||||||||||||||||
| (3) | 7 | 2 | 5 | |||||||||||||||||||
| 3 | 5 | 2 | 2 | 1 | ||||||||||||||||||
| 4 | 2 | 2 | ||||||||||||||||||||
| Total | 19 | 0 | 0 | 0 | 0 | 4 | 0 | 12 | 0 | 3 | ||||||||||||
| *Numbers in parenthese indicate downgrades. Source: S&P Global Ratings Research. | ||||||||||||||||||||||
Third-Quarter 2021 Rating Actions
State and local governments
State governments. There were two upgrades on state general obligations ratings in the third quarter, with Illinois rising to 'BBB' from 'BBB-' in July and Wisconsin rising to 'AA' from 'AA-' in August. These are the first state general obligation rating actions this year.
Local governments. Local governments had 174 upgrades and 45 downgrades in third-quarter 2021 (see chart 6), led by finances on the upside with 61, and on the downside with 17.
Chart 6
Utilities
In the third quarter, there were 19 upgrades and 16 downgrades for utilities, with the upgrades split just about evenly between debt service coverage, operations, and finances, and debt service coverage leading downgrades with six.
Chart 7
Health care
Operations led both upgrades and downgrades for health care ratings, with four each in the third quarter. Overall, there were six upgrades and seven downgrades.
Chart 8
Higher education and charter schools
Higher education and charter schools had seven upgrades and three downgrades in the third quarter, with improvements in liquidity leading with three upgrades.
Chart 9
Transportation
There were no rating actions in the third quarter in the transportation sector.
Housing
Housing saw 10 upgrades and 18 downgrades in the third quarter. Debt service coverage led with five upgrades, while debt service coverage and operations saw six downgrades each.
Chart 10
Chart 11
Appendix
Table 5
| Third-Quarter 2021 Upgrades And Downgrades | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sector | Upgrades | Downgrades | Defaulted | |||||
| Total USPF ex. housing | 206 | 71 | 0 | |||||
| State and local* | 174 | 45 | 0 | |||||
| Tax secured | 118 | 36 | 0 | |||||
| Appropriation | 56 | 9 | 0 | |||||
| Utilities | 19 | 16 | 0 | |||||
| Health care | 6 | 7 | 0 | |||||
| Higher education | 2 | 2 | 0 | |||||
| Charter schools | 5 | 1 | 0 | |||||
| Housing | 10 | 15 | 3 | |||||
| *Includes tax-secured and appropriation securities. Source: S&P Global Ratings Research. | ||||||||
Table 6
| 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 | 86 | 46 | 52 | 10 | 6 | 1 | 12 | 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 | 121 | 92 | 55 | 15 | 26 | 28 | 17 | 7 | 11 | 30 | 12 | 8 | 0 | 4 | 0 | 0 | 23 | 9 | ||||||||||||||||||||
| 1/1/2004 | 105 | 98 | 63 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 | ||||||||||||||||||||
| 4/1/2004 | 96 | 65 | 53 | 11 | 17 | 33 | 16 | 8 | 7 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
| 7/1/2004 | 187 | 125 | 48 | 13 | 100 | 95 | 31 | 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 | 154 | 35 | 63 | 11 | 39 | 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 | 208 | 39 | 52 | 13 | 126 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 29 | 11 | ||||||||||||||||||||
| 10/1/2005 | 154 | 110 | 76 | 44 | 24 | 24 | 22 | 7 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 37 | ||||||||||||||||||||
| 1/1/2006 | 114 | 47 | 38 | 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 | 401 | 28 | 337 | 8 | 17 | 1 | 25 | 2 | 12 | 17 | 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 | 26 | 97 | 11 | 51 | 0 | 21 | 2 | 4 | 11 | 2 | 1 | 3 | 0 | 0 | 1 | 49 | 1 | ||||||||||||||||||||
| 4/1/2007 | 179 | 54 | 75 | 27 | 60 | 10 | 25 | 2 | 10 | 8 | 8 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
| 7/1/2007 | 159 | 24 | 93 | 3 | 37 | 3 | 10 | 2 | 8 | 15 | 5 | 0 | 5 | 1 | 1 | 0 | 15 | 11 | ||||||||||||||||||||
| 10/1/2007 | 163 | 48 | 74 | 12 | 32 | 8 | 25 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 9 | 10 | ||||||||||||||||||||
| 1/1/2008 | 240 | 36 | 128 | 11 | 49 | 3 | 41 | 2 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 13 | ||||||||||||||||||||
| 4/1/2008 | 629 | 31 | 416 | 8 | 101 | 2 | 96 | 1 | 5 | 19 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
| 7/1/2008 | 587 | 30 | 296 | 6 | 230 | 1 | 41 | 2 | 4 | 20 | 11 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
| 10/1/2008 | 667 | 43 | 293 | 6 | 58 | 4 | 297 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 32 | 31 | ||||||||||||||||||||
| 1/1/2009 | 755 | 207 | 527 | 16 | 137 | 150 | 80 | 5 | 3 | 29 | 1 | 3 | 3 | 4 | 4 | 0 | 22 | 155 | ||||||||||||||||||||
| 4/1/2009 | 612 | 81 | 330 | 16 | 116 | 40 | 148 | 1 | 5 | 21 | 6 | 3 | 7 | 0 | 0 | 0 | 16 | 74 | ||||||||||||||||||||
| 7/1/2009 | 399 | 31 | 225 | 4 | 88 | 4 | 68 | 7 | 2 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 34 | ||||||||||||||||||||
| 10/1/2009 | 454 | 60 | 317 | 12 | 75 | 28 | 34 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 8 | 33 | ||||||||||||||||||||
| 1/1/2010 | 680 | 274 | 522 | 47 | 86 | 205 | 58 | 7 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 6 | 79 | ||||||||||||||||||||
| 4/1/2010 | 576 | 92 | 447 | 55 | 73 | 14 | 39 | 4 | 8 | 15 | 6 | 2 | 1 | 2 | 2 | 0 | 8 | 37 | ||||||||||||||||||||
| 7/1/2010 | 254 | 39 | 156 | 18 | 34 | 2 | 44 | 4 | 7 | 10 | 11 | 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 | 442 | 301 | 241 | 70 | 104 | 211 | 56 | 6 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | ||||||||||||||||||||
| 4/1/2011 | 190 | 96 | 100 | 57 | 32 | 18 | 26 | 6 | 22 | 10 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 37 | ||||||||||||||||||||
| 7/1/2011 | 92 | 125 | 38 | 53 | 9 | 48 | 27 | 4 | 15 | 12 | 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 | 127 | 91 | 44 | 41 | 24 | 23 | 44 | 11 | 11 | 10 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 58 | ||||||||||||||||||||
| 4/1/2012 | 176 | 138 | 77 | 66 | 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 | 134 | 85 | 73 | 44 | 18 | 11 | 28 | 10 | 6 | 11 | 4 | 5 | 5 | 1 | 0 | 3 | 18 | 12 | ||||||||||||||||||||
| 1/1/2013 | 197 | 129 | 82 | 89 | 82 | 15 | 20 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 6 | 14 | ||||||||||||||||||||
| 4/1/2013 | 198 | 95 | 110 | 44 | 34 | 19 | 26 | 9 | 18 | 12 | 6 | 6 | 4 | 1 | 0 | 4 | 12 | 28 | ||||||||||||||||||||
| 7/1/2013 | 274 | 116 | 163 | 48 | 70 | 19 | 24 | 16 | 7 | 10 | 5 | 9 | 5 | 2 | 0 | 12 | 9 | 14 | ||||||||||||||||||||
| 10/1/2013 | 760 | 168 | 542 | 64 | 168 | 59 | 33 | 5 | 4 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 33 | 77 | ||||||||||||||||||||
| 1/1/2014 | 678 | 162 | 519 | 80 | 109 | 40 | 16 | 16 | 14 | 10 | 7 | 8 | 11 | 1 | 2 | 7 | 9 | 8 | ||||||||||||||||||||
| 4/1/2014 | 583 | 280 | 448 | 88 | 83 | 141 | 30 | 10 | 12 | 17 | 7 | 18 | 3 | 0 | 0 | 6 | 17 | 10 | ||||||||||||||||||||
| 7/1/2014 | 735 | 360 | 459 | 91 | 232 | 223 | 30 | 8 | 9 | 14 | 4 | 9 | 1 | 0 | 0 | 15 | 33 | 8 | ||||||||||||||||||||
| 10/1/2014 | 274 | 83 | 116 | 39 | 121 | 8 | 22 | 12 | 7 | 9 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 36 | ||||||||||||||||||||
| 1/1/2015 | 235 | 160 | 143 | 70 | 35 | 42 | 27 | 8 | 24 | 17 | 3 | 17 | 2 | 0 | 1 | 6 | 23 | 4 | ||||||||||||||||||||
| 4/1/2015 | 275 | 140 | 145 | 63 | 64 | 34 | 33 | 12 | 21 | 15 | 5 | 10 | 5 | 1 | 2 | 5 | 10 | 3 | ||||||||||||||||||||
| 7/1/2015 | 315 | 156 | 139 | 52 | 109 | 55 | 34 | 24 | 18 | 3 | 3 | 12 | 11 | 2 | 1 | 8 | 22 | 2 | ||||||||||||||||||||
| 10/1/2015 | 229 | 106 | 138 | 47 | 15 | 18 | 37 | 20 | 19 | 10 | 4 | 5 | 14 | 1 | 2 | 5 | 8 | 2 | ||||||||||||||||||||
| 1/1/2016 | 267 | 137 | 142 | 62 | 39 | 28 | 47 | 20 | 8 | 6 | 21 | 14 | 8 | 1 | 2 | 6 | 19 | 21 | ||||||||||||||||||||
| 4/1/2016 | 233 | 154 | 116 | 53 | 25 | 40 | 51 | 17 | 9 | 15 | 21 | 15 | 10 | 2 | 1 | 12 | 19 | 44 | ||||||||||||||||||||
| 7/1/2016 | 203 | 155 | 102 | 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 | 249 | 270 | 138 | 76 | 41 | 128 | 51 | 27 | 8 | 12 | 3 | 10 | 5 | 0 | 3 | 17 | 10 | 24 | ||||||||||||||||||||
| 4/1/2017 | 228 | 122 | 99 | 69 | 91 | 19 | 14 | 6 | 10 | 5 | 1 | 18 | 7 | 0 | 6 | 5 | 6 | 9 | ||||||||||||||||||||
| 7/1/2017 | 154 | 153 | 89 | 54 | 25 | 56 | 20 | 16 | 5 | 14 | 7 | 4 | 3 | 2 | 5 | 7 | 12 | 5 | ||||||||||||||||||||
| 10/1/2017 | 235 | 114 | 145 | 65 | 42 | 18 | 23 | 6 | 7 | 7 | 8 | 7 | 5 | 2 | 5 | 9 | 7 | 7 | ||||||||||||||||||||
| 1/1/2018 | 546 | 98 | 338 | 53 | 175 | 8 | 19 | 9 | 8 | 7 | 2 | 10 | 0 | 2 | 4 | 9 | 2 | 35 | ||||||||||||||||||||
| 4/1/2018 | 311 | 168 | 177 | 75 | 75 | 57 | 19 | 13 | 14 | 9 | 3 | 6 | 15 | 0 | 8 | 8 | 7 | 41 | ||||||||||||||||||||
| 7/1/2018 | 273 | 144 | 131 | 83 | 87 | 9 | 25 | 21 | 6 | 14 | 3 | 10 | 19 | 2 | 2 | 5 | 28 | 13 | ||||||||||||||||||||
| 10/1/2018 | 229 | 153 | 131 | 98 | 54 | 28 | 21 | 12 | 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 | 115 | 171 | 59 | 42 | 12 | 24 | 22 | 9 | 7 | 6 | 6 | 7 | 4 | 2 | 5 | 8 | 28 | ||||||||||||||||||||
| 7/1/2019 | 199 | 107 | 120 | 63 | 36 | 12 | 31 | 12 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 8 | 2 | 70 | ||||||||||||||||||||
| 10/1/2019 | 216 | 113 | 131 | 69 | 37 | 5 | 27 | 16 | 4 | 7 | 2 | 14 | 10 | 0 | 5 | 2 | 5 | 31 | ||||||||||||||||||||
| 1/1/2020 | 113 | 103 | 58 | 53 | 21 | 7 | 21 | 16 | 6 | 9 | 4 | 14 | 2 | 1 | 1 | 3 | 21 | 7 | ||||||||||||||||||||
| 4/1/2020 | 8 | 168 | 3 | 90 | 0 | 30 | 4 | 9 | 1 | 13 | 0 | 14 | 0 | 8 | 0 | 4 | 3 | 40 | ||||||||||||||||||||
| 7/1/2020 | 13 | 244 | 7 | 103 | 1 | 25 | 4 | 15 | 0 | 7 | 0 | 21 | 0 | 70 | 1 | 3 | 15 | 83 | ||||||||||||||||||||
| 10/1/2020 | 29 | 310 | 11 | 68 | 1 | 165 | 10 | 16 | 0 | 6 | 1 | 20 | 4 | 27 | 2 | 8 | 24 | 35 | ||||||||||||||||||||
| 1/1/2021 | 51 | 78 | 25 | 30 | 2 | 17 | 13 | 13 | 0 | 5 | 1 | 11 | 9 | 2 | 1 | 0 | 18 | 9 | ||||||||||||||||||||
| 4/1/2021 | 105 | 74 | 59 | 28 | 14 | 18 | 20 | 16 | 1 | 3 | 5 | 5 | 1 | 1 | 5 | 3 | 5 | 6 | ||||||||||||||||||||
| 7/1/2021 | 206 | 71 | 118 | 36 | 56 | 9 | 19 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 5 | 1 | 10 | 18 | ||||||||||||||||||||
| *Downgrades include defaults. §All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. †Only tracked annually prior to 2006. N/A--Not applicable. Source: S&P Global Ratings Research. | ||||||||||||||||||||||||||||||||||||||
Table 7
| USPF Rating Actions (3Q2021) | |||||
|---|---|---|---|---|---|
| Obligor | Sector | Old rating | Latest rating date | New rating | Upgrade/downgrade |
| Azusa | Tax secured | BBB+ | 7/1/2021 | A+ | Upgrade |
| Cnty Brd of Ed of Baldwin Cnty | Tax secured | AA- | 7/1/2021 | AA | Upgrade |
| El Dorado Cnty Comnty Fac Dist No. 2005-1 Blackstone | Tax secured | A- | 7/1/2021 | A+ | Upgrade |
| El Dorado Cnty Comnty Facs Dist No. 2001-1 | Tax secured | BBB- | 7/1/2021 | BBB+ | Upgrade |
| Elk Grove Unif Sch Dist | Tax secured | A | 7/1/2021 | AA- | Upgrade |
| Temecula CFD No. 03-02 (Roripaugh Ranch) | Tax secured | BBB+ | 7/1/2021 | A | Upgrade |
| Temecula Comnty Facs Dist No. 03-06 (Harveston II) | Tax secured | A- | 7/1/2021 | A+ | Upgrade |
| St George | Utilities | A+ | 7/6/2021 | AA- | Upgrade |
| Brazosport Wtr Auth | Utilities | A+ | 7/7/2021 | AA- | Upgrade |
| Isle | Tax secured | A+ | 7/7/2021 | A- | Downgrade |
| H-Bay Ministries, Inc. | Housing | CC | 7/7/2021 | D | Default |
| H-Bay Ministries, Inc. | Housing | CC | 7/7/2021 | D | Default |
| H-Bay Ministries, Inc. | Housing | CC | 7/7/2021 | D | Default |
| Chicago | Tax secured | BB+ | 7/8/2021 | BBB- | Upgrade |
| Illinois | Tax secured | BBB- | 7/8/2021 | BBB | Upgrade |
| Illinois | Tax secured | BBB | 7/8/2021 | BBB+ | Upgrade |
| Illinois | Appropriation | BB- | 7/8/2021 | BB | Upgrade |
| Illinois | Appropriation | BB- | 7/8/2021 | BB | Upgrade |
| Illinois | Appropriation | BB- | 7/8/2021 | BB | Upgrade |
| Illinois | Tax secured | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Tax secured | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier & Exposition Auth | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier and Exposition Authority | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier and Exposition Authority | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier and Exposition Authority | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier and Exposition Authority | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Metropolitan Pier and Exposition Authority | Appropriation | BBB | 7/8/2021 | BBB+ | Upgrade |
| Pine Lake Preparatory | Charter schools | BB+ | 7/8/2021 | BBB- | Upgrade |
| Rogersville | Tax secured | A | 7/8/2021 | A+ | Upgrade |
| Salisbury Twp Sch Dist | Tax secured | A+ | 7/8/2021 | A | Downgrade |
| McHenry Cnty Comnty Unit Sch Dist #12 | Tax secured | BBB- | 7/9/2021 | BBB | Upgrade |
| Parlier Unif Sch Dist | Tax secured | BBB+ | 7/9/2021 | A- | Upgrade |
| Parlier Unif Sch Dist | Appropriation | BBB | 7/9/2021 | BBB+ | Upgrade |
| Salem Town | Tax secured | AA+ | 7/9/2021 | AAA | Upgrade |
| Tolomato Community Development District | Tax secured | A- | 7/9/2021 | A+ | Upgrade |
| Tolomato Community Development District | Tax secured | BBB+ | 7/9/2021 | A+ | Upgrade |
| Lakewood Wtr Dist | Utilities | AA- | 7/13/2021 | AA | Upgrade |
| Woodlands Township (fka Town Ctr Imp Dist) | Tax secured | AA | 7/13/2021 | AA+ | Upgrade |
| Williamsport | Tax secured | A+ | 7/13/2021 | BBB- | Downgrade |
| Green Lake Sch Dist | Tax secured | A | 7/14/2021 | A+ | Upgrade |
| Rockland Cnty | Tax secured | A+ | 7/14/2021 | AA | Upgrade |
| Clovis Comnty Dev Agy | Tax secured | A- | 7/15/2021 | A | Upgrade |
| Detroit Service Learning Academy | Charter schools | B | 7/15/2021 | BB- | Upgrade |
| Hosp Svc Dist No. 1 of the Parish of St. Charles | Tax secured | B | 7/15/2021 | B+ | Upgrade |
| Tomahawk | Tax secured | BBB | 7/15/2021 | BBB+ | Upgrade |
| Los Angeles | Appropriation | AA- | 7/16/2021 | AA+ | Upgrade |
| Los Angeles | Appropriation | AA- | 7/16/2021 | AA+ | Upgrade |
| Los Angeles | Appropriation | AA- | 7/16/2021 | AA+ | Upgrade |
| Los Angeles | Appropriation | AA- | 7/16/2021 | AA+ | Upgrade |
| Montefiore Hlth Sys | Health care | BBB | 7/16/2021 | BBB- | Downgrade |
| Navigator Pointe Academy | Charter schools | BBB | 7/16/2021 | BBB- | Downgrade |
| Planada Elem Sch Dist | Tax secured | A+ | 7/16/2021 | A | Downgrade |
| Wabash City Schs | Tax secured | A | 7/16/2021 | A- | Downgrade |
| East Hazel Crest Vill | Tax secured | A | 7/19/2021 | A- | Downgrade |
| Rayburn Country Elec Coop | Utilities | CC | 7/19/2021 | CCC | Upgrade |
| Whitehall | Tax secured | AA- | 7/19/2021 | A- | Downgrade |
| Pekin | Tax secured | AA- | 7/20/2021 | A+ | Downgrade |
| Red Oak | Tax secured | AA- | 7/20/2021 | AA | Upgrade |
| Universal Academy | Charter schools | B+ | 7/20/2021 | BB- | Upgrade |
| Cleveland Heights-Univ Heights City Sch Dist | Tax secured | AA | 7/21/2021 | AA- | Downgrade |
| Colorado Hsg & Fin Auth | Housing | A+ | 7/21/2021 | AA- | Upgrade |
| Olmsted Falls City Sch Dist | Tax secured | AA- | 7/21/2021 | A+ | Downgrade |
| Union Sanitary Dist | Utilities | AA+ | 7/22/2021 | AAA | Upgrade |
| Walnut Vy Wtr Dist | Utilities | AA | 7/22/2021 | AA+ | Upgrade |
| Desert Hot Springs Redev Agy | Tax secured | BBB- | 7/23/2021 | BBB | Upgrade |
| Dunmore Boro | Tax secured | A | 7/23/2021 | BBB+ | Downgrade |
| Northwest Harris Cnty Mun Util Dist #30 | Tax secured | BBB+ | 7/23/2021 | A- | Upgrade |
| Philadelphia Hsg Auth | Housing | A+ | 7/23/2021 | AA- | Upgrade |
| Philadelphia Hsg Auth | Housing | A+ | 7/23/2021 | AA- | Upgrade |
| Successor Agy the Desert Hot Springs Redev Agy | Tax secured | BBB- | 7/23/2021 | BBB | Upgrade |
| Talladega | Utilities | A+ | 7/23/2021 | A | Downgrade |
| Tioga Indpt Sch Dist | Tax secured | BB | 7/23/2021 | BB- | Downgrade |
| Waxahachie | Tax secured | AA- | 7/23/2021 | AA | Upgrade |
| Sansom Park | Tax secured | A- | 7/26/2021 | A | Upgrade |
| Erie Swr Auth | Utilities | A- | 7/27/2021 | BBB+ | Downgrade |
| Mississippi | Appropriation | A+ | 7/27/2021 | A | Downgrade |
| Tuxedo Pk Vill | Tax secured | AA- | 7/27/2021 | AA | Upgrade |
| Lewistown Boro | Tax secured | A | 7/28/2021 | A+ | Upgrade |
| Omaha Metro Util Dist | Utilities | AA- | 7/28/2021 | AA | Upgrade |
| Phoenix Children's Hosp | Health care | A | 7/28/2021 | A+ | Upgrade |
| San Jose | Tax secured | A+ | 7/28/2021 | A | Downgrade |
| Clinton Comnty Schs | Tax secured | A+ | 7/29/2021 | AA- | Upgrade |
| Monmouth | Tax secured | A+ | 7/29/2021 | AA- | Upgrade |
| Northbridge Twn | Tax secured | AA | 7/29/2021 | AA+ | Upgrade |
| Bunkie | Tax secured | A- | 7/30/2021 | BBB | Downgrade |
| Edinburg Local Govt Fin Corp | Tax secured | BBB+ | 7/30/2021 | A | Upgrade |
| Granite Falls | Tax secured | A+ | 7/30/2021 | A | Downgrade |
| Montrose | Tax secured | AA- | 7/30/2021 | AA | Upgrade |
| Oyster Bay Twn | Tax secured | BBB+ | 7/30/2021 | A+ | Upgrade |
| T.J. Samson Community Hospital | Health care | BBB | 7/30/2021 | BBB+ | Upgrade |
| La Grange Pk Pub Lib Dist | Tax secured | AA- | 8/2/2021 | AA | Upgrade |
| Assisted Living Foundation of America | Housing | B- | 8/3/2021 | CCC+ | Downgrade |
| Assisted Living Foundation of America | Housing | B- | 8/3/2021 | CCC+ | Downgrade |
| North Pocono Sch Dist | Tax secured | A+ | 8/3/2021 | A | Downgrade |
| Ocoee Util Dist of Bradley & Polk Cntys | Utilities | AA- | 8/3/2021 | A+ | Downgrade |
| Riviera Beach | Tax secured | AA- | 8/3/2021 | AA | Upgrade |
| Chesapeake | Utilities | AA+ | 8/4/2021 | AAA | Upgrade |
| Hall Cnty | Tax secured | AA- | 8/4/2021 | AA | Upgrade |
| Northeast Georgia Hlth Sys | Tax secured | AA- | 8/4/2021 | AA | Upgrade |
| Samaritan Med Ctr | Health care | BBB- | 8/4/2021 | BB | Downgrade |
| Offutt AFB America First Communities, LLC | Housing | AA- | 8/5/2021 | AA | Upgrade |
| Offutt AFB America First Communities, LLC | Housing | A | 8/5/2021 | AA- | Upgrade |
| Offutt AFB America First Communities, LLC | Housing | AA- | 8/5/2021 | AA | Upgrade |
| Offutt AFB America First Communities, LLC | Housing | A | 8/5/2021 | AA- | Upgrade |
| Oroville Hosp | Health care | BB | 8/5/2021 | B+ | Downgrade |
| New Orleans | Tax secured | AA- | 8/6/2021 | A+ | Downgrade |
| Hackensack | Tax secured | AA | 8/9/2021 | AA+ | Upgrade |
| Harrisburg Sch Dist #41-2 | Tax secured | AA- | 8/9/2021 | AA | Upgrade |
| Sumter Sch Dist | Appropriation | BBB+ | 8/10/2021 | A- | Upgrade |
| Sumter Sch Dist | Appropriation | BBB+ | 8/10/2021 | A- | Upgrade |
| Sumter Sch Dist | Appropriation | BBB+ | 8/10/2021 | A- | Upgrade |
| Bourbonnais Vill | Tax secured | A+ | 8/11/2021 | A | Downgrade |
| Fairburn | Tax secured | AA- | 8/11/2021 | AA | Upgrade |
| Little Elm | Tax secured | AA | 8/11/2021 | AA+ | Upgrade |
| Plainfield Twn | Tax secured | AA+ | 8/11/2021 | BBB- | Downgrade |
| Plainfield Twn | Appropriation | AA+ | 8/11/2021 | BBB- | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BB- | 8/11/2021 | B+ | Downgrade |
| Trinity Affordable Hsg Corp | Housing | BB- | 8/11/2021 | B+ | Downgrade |
| Broadview Vill | Tax secured | AA- | 8/12/2021 | A+ | Downgrade |
| Governors St Univ Brd of Trustees | Higher education | BB+ | 8/12/2021 | BBB- | Upgrade |
| Infirmary Hlth Sys Inc | Health care | BBB+ | 8/12/2021 | A- | Upgrade |
| Kane Cook & DuPage Cnties Sch Dist #46 Elgin | Tax secured | AA- | 8/12/2021 | AA | Upgrade |
| Kenosha Cnty | Tax secured | AA+ | 8/12/2021 | AAA | Upgrade |
| Unif Sch Dist NO. 490, Butler Cnty (El Dorado) | Tax secured | AA- | 8/12/2021 | A+ | Downgrade |
| Los Angeles Cnty San Dist #14 (Lancaster) | Utilities | AA- | 8/13/2021 | AA | Upgrade |
| Midlothian | Tax secured | AA | 8/13/2021 | AA+ | Upgrade |
| Boone McHenry & DeKalb Cntys Comnty Unit Sch Dist #100 Belvidere | Tax secured | A+ | 8/16/2021 | AA- | Upgrade |
| Jennie Stuart Med Ctr | Health care | BB+ | 8/16/2021 | BBB- | Upgrade |
| Plainfield Twn | Utilities | AA- | 8/17/2021 | A | Downgrade |
| Woodmoor Wtr & San Dist #1 | Utilities | AA- | 8/17/2021 | AA | Upgrade |
| Avon | Tax secured | A+ | 8/18/2021 | AA- | Upgrade |
| Bexar Cnty | Tax secured | A | 8/18/2021 | A- | Downgrade |
| Harrisonburg | Tax secured | AA | 8/19/2021 | AA+ | Upgrade |
| St Augustine | Utilities | A+ | 8/19/2021 | AA- | Upgrade |
| Greenwich Twp (Warren Cnty) | Tax secured | AA+ | 8/20/2021 | AA | Downgrade |
| Kalamazoo | Tax secured | A+ | 8/20/2021 | AA- | Upgrade |
| Newburgh Redevelopment Authority | Tax secured | A+ | 8/20/2021 | AA- | Upgrade |
| Fremont Cnty | Appropriation | A | 8/23/2021 | A+ | Upgrade |
| Fremont Cnty | Appropriation | A | 8/23/2021 | A+ | Upgrade |
| Great Lakes Senior Living Communities | Housing | B | 8/23/2021 | CCC+ | Downgrade |
| Great Lakes Senior Living Communities | Housing | B- | 8/23/2021 | CCC+ | Downgrade |
| Great Lakes Senior Living Communities | Housing | B+ | 8/23/2021 | CCC+ | Downgrade |
| Sheridan | Tax secured | BBB+ | 8/23/2021 | A | Upgrade |
| Vanport Twp Mun Auth | Utilities | BBB+ | 8/24/2021 | BBB | Downgrade |
| Western Westmoreland Mun Auth | Utilities | A+ | 8/24/2021 | AA- | Upgrade |
| 4-K Housing, Inc. | Housing | BB- | 8/25/2021 | B+ | Downgrade |
| 4-K Housing, Inc. | Housing | BB- | 8/25/2021 | B+ | Downgrade |
| 4-K Housing, Inc. | Housing | B+ | 8/25/2021 | B | Downgrade |
| 4-K Housing, Inc. | Housing | B | 8/25/2021 | B- | Downgrade |
| Wisconsin | Tax secured | AA+ | 8/25/2021 | AAA | Upgrade |
| Wisconsin | Tax secured | AA | 8/25/2021 | AA+ | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | A | 8/25/2021 | A+ | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Tax secured | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | AA- | 8/25/2021 | AA | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Wisconsin | Appropriation | A+ | 8/25/2021 | AA- | Upgrade |
| Cardinal Bay, Inc. | Housing | BBB | 8/26/2021 | BB- | Downgrade |
| Cardinal Bay, Inc. | Housing | BB- | 8/26/2021 | B- | Downgrade |
| Cardinal Bay, Inc. | Housing | BB | 8/26/2021 | B | Downgrade |
| Cardinal Bay, Inc. | Housing | BBB | 8/26/2021 | BB- | Downgrade |
| Chichester Sch Dist | Tax secured | AA- | 8/26/2021 | A+ | Downgrade |
| Cityscape Schools Inc | Charter schools | BB+ | 8/26/2021 | BBB- | Upgrade |
| Mille Lacs Cnty | Tax secured | AA | 8/26/2021 | A | Downgrade |
| Adelanto Pub Fing Auth | Tax secured | BBB | 8/27/2021 | BBB+ | Upgrade |
| Agoura Hills Redev Agy | Tax secured | A | 8/27/2021 | A+ | Upgrade |
| Carson Redev Agy | Tax secured | A | 8/27/2021 | A+ | Upgrade |
| Culver City Redev Agy | Tax secured | AA- | 8/27/2021 | AA | Upgrade |
| Milpitas Redev Agy | Tax secured | AA- | 8/27/2021 | AA | Upgrade |
| Pittsburg Redev Agy | Tax secured | BBB+ | 8/27/2021 | A- | Upgrade |
| San Juan Capistrano Comnty Redev Agy | Tax secured | A+ | 8/27/2021 | AA- | Upgrade |
| Signal Hill Redev Agy | Tax secured | A+ | 8/27/2021 | AA- | Upgrade |
| Soledad Redev Agy | Tax secured | BBB+ | 8/27/2021 | A- | Upgrade |
| Southwest Louisiana Hosp Assoc | Health care | BB+ | 8/27/2021 | BB | Downgrade |
| Successor Agency to the Morgan Hill Redev Agy | Tax secured | AA- | 8/27/2021 | AA | Upgrade |
| Successor Agy to the Azusa Redev Agy | Tax secured | A- | 8/27/2021 | A | Upgrade |
| Successor Agy to the Azusa Redev Agy | Tax secured | A- | 8/27/2021 | A | Upgrade |
| Successor Agy to the Covina Redev Agy | Tax secured | A- | 8/27/2021 | A | Upgrade |
| Successor Agy to the Covina Redev Agy | Tax secured | A | 8/27/2021 | A+ | Upgrade |
| Successor Agy to the Covina Redev Agy | Tax secured | A- | 8/27/2021 | A+ | Upgrade |
| Successor Agy to the Emeryville RDA | Tax secured | A+ | 8/27/2021 | AA- | Upgrade |
| Successor Agy to the Oceanside Redev Agy | Tax secured | A+ | 8/27/2021 | AA- | Upgrade |
| Successor Agy to the Paramount Redev Agy | Tax secured | A | 8/27/2021 | A+ | Upgrade |
| Successor Agy to the Santa Clarita Redev Agy | Tax secured | BBB+ | 8/27/2021 | A- | Upgrade |
| Successor Agy to the Scotts Vy Redev Agy | Tax secured | A | 8/27/2021 | A+ | Upgrade |
| Successor Agy to the Tulare Redev Agy | Tax secured | BBB+ | 8/27/2021 | A- | Upgrade |
| Vista Comnty Dev Comm | Tax secured | AA- | 8/27/2021 | AA | Upgrade |
| Bensenville Village | Tax secured | AA- | 8/30/2021 | AA | Upgrade |
| Davis County | Tax secured | A- | 8/30/2021 | A | Upgrade |
| California Science Center | Higher education | A | 8/31/2021 | A- | Downgrade |
| River Grove Vill | Tax secured | BBB | 8/31/2021 | BBB+ | Upgrade |
| North Branch Indpt Sch Dist #138 | Tax secured | A- | 9/1/2021 | A | Upgrade |
| Berkeley Cnty | Tax secured | AA | 9/2/2021 | AA+ | Upgrade |
| Cibolo Creek Mun Auth | Utilities | A+ | 9/2/2021 | AA- | Upgrade |
| Frazee-Vergas Indpt Sch Dist #23 | Tax secured | AA- | 9/2/2021 | A+ | Downgrade |
| Kearney Fire & Rescue Prot Dist | Tax secured | AA | 9/2/2021 | AA- | Downgrade |
| North Oaks Hlth Sys | Health care | BB+ | 9/2/2021 | BBB+ | Upgrade |
| Northport | Tax secured | AA- | 9/2/2021 | AA | Upgrade |
| Anaheim | Appropriation | A- | 9/3/2021 | BBB | Downgrade |
| Anaheim | Appropriation | A- | 9/3/2021 | BBB | Downgrade |
| Anaheim | Appropriation | A- | 9/3/2021 | BBB | Downgrade |
| Anaheim | Appropriation | A- | 9/3/2021 | BBB | Downgrade |
| BlueHub Loan Fund | Housing | A- | 9/3/2021 | A | Upgrade |
| BlueHub Loan Fund | Housing | A- | 9/3/2021 | A | Upgrade |
| Hempstead Twn | Tax secured | AA- | 9/3/2021 | AA | Upgrade |
| Moreno Vy | Appropriation | A+ | 9/3/2021 | AA- | Upgrade |
| Moreno Vy | Appropriation | A+ | 9/3/2021 | AA- | Upgrade |
| Moreno Vy | Appropriation | A+ | 9/3/2021 | AA- | Upgrade |
| Moreno Vy | Appropriation | A+ | 9/3/2021 | AA- | Upgrade |
| Blount Cnty | Tax secured | AA- | 9/8/2021 | AA | Upgrade |
| Corona Pub Fincg Auth | Appropriation | AA- | 9/8/2021 | AA | Upgrade |
| Harvest-Monrovia Wtr Swr & Fire Protection Auth | Utilities | A | 9/8/2021 | A+ | Upgrade |
| Hopewell Boro (Mercer Cnty) | Tax secured | AA | 9/8/2021 | AA- | Downgrade |
| Indian Trail | Tax secured | AA+ | 9/8/2021 | AAA | Upgrade |
| Indian Wells Vy Wtr Dist | Utilities | AA- | 9/8/2021 | A+ | Downgrade |
| South Brunswick Twp | Tax secured | AA | 9/8/2021 | AA- | Downgrade |
| Watab Twn | Tax secured | AA- | 9/8/2021 | A+ | Downgrade |
| Wtrwks Brd of the City of Attalla | Utilities | A | 9/8/2021 | A- | Downgrade |
| Harris Cnty Mun Util Dist #393 | Tax secured | BBB | 9/9/2021 | BBB+ | Upgrade |
| Upper Freehold Regl Sch Dist | Tax secured | A+ | 9/9/2021 | AA- | Upgrade |
| Wyoming | Utilities | A+ | 9/9/2021 | AA- | Upgrade |
| Crestview | Utilities | A | 9/10/2021 | A+ | Upgrade |
| Harris Cnty Mun Util Dist #383 | Tax secured | BBB | 9/10/2021 | BBB+ | Upgrade |
| Pike Cnty Wtr Auth | Utilities | BBB | 9/10/2021 | BBB+ | Upgrade |
| Solano Cnty | Appropriation | AA+ | 9/10/2021 | AAA | Upgrade |
| Solano Cnty | Appropriation | AA | 9/10/2021 | AA+ | Upgrade |
| Cawelo Wtr Dist | Utilities | AA- | 9/13/2021 | A | Downgrade |
| Inkster | Tax secured | BBB+ | 9/13/2021 | BB+ | Downgrade |
| Inkster | Tax secured | BBB+ | 9/13/2021 | BB+ | Downgrade |
| West Tennessee Healthcare | Health care | A | 9/13/2021 | A- | Downgrade |
| Belle Plaine | Tax secured | AA | 9/14/2021 | AA+ | Upgrade |
| Lagunitas Sch Dist | Tax secured | A+ | 9/14/2021 | AA- | Upgrade |
| Merrill | Tax secured | A- | 9/14/2021 | BBB+ | Downgrade |
| Orangeburg-Calhoun Counties Regl Med Ctr | Health care | BBB | 9/15/2021 | BBB- | Downgrade |
| Eureka School District 44-1 | Tax secured | A- | 9/16/2021 | A | Upgrade |
| North Platte | Tax secured | A- | 9/16/2021 | A | Upgrade |
| Paramount Redev Agy | Tax secured | A | 9/16/2021 | A+ | Upgrade |
| Galveston Cnty Mun Util Dist #46 | Tax secured | BBB- | 9/17/2021 | BBB | Upgrade |
| Jefferson Cnty | Tax secured | BBB+ | 9/17/2021 | A- | Upgrade |
| West Ottawa Pub Schs | Tax secured | A+ | 9/17/2021 | AA- | Upgrade |
| Woodlands Metro Ctr Mun Util Dist | Tax secured | A+ | 9/17/2021 | AA- | Upgrade |
| Eastern Univ | Higher education | BB | 9/20/2021 | BB+ | Upgrade |
| Flora Ridge Educational Facilities Benefit District | Tax secured | BBB+ | 9/20/2021 | A- | Upgrade |
| Forest Brooke Comnty Dev Dist | Tax secured | BBB | 9/20/2021 | A+ | Upgrade |
| Jesup Comnty Sch Dist | Tax secured | A- | 9/20/2021 | A | Upgrade |
| Jesup Comnty Sch Dist | Tax secured | A | 9/20/2021 | A+ | Upgrade |
| Lakeshore Ranch Community Development District | Tax secured | BBB+ | 9/20/2021 | A | Upgrade |
| Landmark at Doral Community Development District | Tax secured | BBB | 9/20/2021 | A | Upgrade |
| Sweetwater Creek Community Development District | Tax secured | BBB | 9/20/2021 | A+ | Upgrade |
| Elmira Hsg Auth | Housing | A+ | 9/21/2021 | AA- | Upgrade |
| Louisiana Energy & Pwr Auth | Utilities | A- | 9/21/2021 | BBB | Downgrade |
| Neosho County Unified School District #101 Erie | Tax secured | A- | 9/21/2021 | A | Upgrade |
| Stafford Twp | Tax secured | AA- | 9/21/2021 | AA | Upgrade |
| Garden Grove | Appropriation | A+ | 9/22/2021 | AA | Upgrade |
| Jefferson City | Utilities | A+ | 9/22/2021 | A | Downgrade |
| Louisiana Energy & Pwr Auth | Utilities | A- | 9/22/2021 | BBB | Downgrade |
| Albuquerque Bernalillo Cnty Wtr Util Auth | Utilities | AAA | 9/23/2021 | AA+ | Downgrade |
| Albuquerque Bernalillo Cnty Wtr Util Auth | Utilities | AA+ | 9/23/2021 | AA | Downgrade |
| Delphi Comnty Sch Corp | Tax secured | BB+ | 9/23/2021 | BBB- | Upgrade |
| Fairview Hlth Svcs | Health care | A+ | 9/24/2021 | A | Downgrade |
| Univ Pk At Evansdale LLC | Higher education | BBB- | 9/24/2021 | BB+ | Downgrade |
| Woods Cross | Tax secured | AA | 9/24/2021 | AA+ | Upgrade |
| Crowley | Appropriation | A+ | 9/27/2021 | A | Downgrade |
| Crowley | Appropriation | A+ | 9/27/2021 | A | Downgrade |
| Catasauqua Boro | Tax secured | A+ | 9/28/2021 | A- | Downgrade |
| Menominee Area Pub Schs | Tax secured | BBB+ | 9/28/2021 | A- | Upgrade |
| South Wayne Cnty Wtr & Swr Auth | Utilities | A | 9/28/2021 | A- | Downgrade |
| Asbury | Tax secured | AA | 9/29/2021 | AA+ | Upgrade |
| Cass Cnty R-IX Sch Dist Harrisonville | Tax secured | AA- | 9/29/2021 | A+ | Downgrade |
| Cass Cnty R-IX Sch Dist Harrisonville | Appropriation | A+ | 9/29/2021 | A | Downgrade |
| Columbus | Utilities | AA+ | 9/29/2021 | AA | Downgrade |
| Fort Payne Wtrwks Brd | Utilities | AA- | 9/29/2021 | A+ | Downgrade |
| Rockford Indpt Sch Dist #883 | Tax secured | A+ | 9/29/2021 | AA- | Upgrade |
| Casa Colina Centers for Rehab | Health care | BBB+ | 9/30/2021 | A- | Upgrade |
| Eagle Ridge Acad | Charter schools | BB+ | 9/30/2021 | BBB- | Upgrade |
| Everman | Tax secured | BBB+ | 9/30/2021 | BBB | Downgrade |
| Fontana | Tax secured | AA- | 9/30/2021 | AA | Upgrade |
| Fontana | Appropriation | A+ | 9/30/2021 | AA- | Upgrade |
| Fontana | Appropriation | A+ | 9/30/2021 | AA- | Upgrade |
| Fontana | Appropriation | A+ | 9/30/2021 | AA- | Upgrade |
| Fort Bend Cnty Mun Util Dist #30 | Tax secured | BBB+ | 9/30/2021 | A- | Upgrade |
| Le Mars | Tax secured | A+ | 9/30/2021 | AA- | Upgrade |
| Montclair | Appropriation | A | 9/30/2021 | A+ | Upgrade |
| North Sumter Cnty Util Dependent Dist | Utilities | A- | 9/30/2021 | A | Upgrade |
| North Sumter Cnty Util Dependent Dist | Utilities | BBB+ | 9/30/2021 | A- | Upgrade |
Related Research
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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 Debnath, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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