Key Takeaways
- There were 180 upgrades (down from 190 in the second quarter) and 87 downgrades (up from 64 in the second quarter).
- Downgrades are still very low, averaging 75 over the past six quarters, compared with an average of 207 over each of the previous six quarters.
- The nonhousing ratio of upgrades to downgrades fell to 2.25 from 3, and the ratio of housing upgrades to downgrades fell to 0.92 from 2. Finances were the most common cause for positive rating actions, with 76, and operations led downgrades with 30.
- There was one default in the third quarter, up from none in the second quarter, bringing the 2022 total up to two.
Credit Quality Remained Stable In The Third Quarter, Reflecting Mild Economic Conditions
Economic conditions in the third quarter contributed to a beneficial credit quality environment. While economic growth was slow, there was growth, resulting in healthy revenue expansion. When combined with federal stimulus funds, this produced a steady stream of upgrades across multiple sectors. The largest beneficiaries were transportation obligors, such as airports, as well as local governments and school districts.
Credit trends in the third quarter remained largely stable for U.S. public finance (USPF), but with upgrades down slightly and downgrades up slightly. Downgrades were still low, at 87 (75 nonhousing and 12 housing) in the third quarter 2022, compared with 64 (62 nonhousing and two housing) the prior quarter (see charts 1-2). Upgrades fell to 180 (169 nonhousing and 11 housing) from 190 (186 nonhousing and four housing). Looking at net rating actions, nonhousing sectors saw 2.25 upgrades for every downgrade, down from 3, while housing saw just under one upgrade for every downgrade. Over the past 12 quarters, housing has averaged 23 downgrades and 10 upgrades.
Chart 1
Chart 2
Finances led upgrades, and operations led downgrades
Improving finances were the most common reason for upgrades in the third quarter, totaling 76, followed by operations, with 43 (see chart 3). On the downside, operations led as the most common reason for downgrades with 30, followed by finances, with 24.
Chart 3
There was one default in the third quarter, up from zero in the second quarter. National Campus & Community Development Corp. defaulted in July on two student housing revenue bonds.
Rating Distributions
Most USPF nonhousing ratings were investment-grade ('BBB-' and above) at the end of third quarter, and only 1.8% were speculative grade ('BB+' and lower) (see table 1). For housing, 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 8, 2022. Just over 5% of nonhousing ratings and 14.6% of housing ratings are 'AAA'.
Table 1
| Rating Distribution (As Of Sept. 30, 2022) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
| No. of ratings | ||||||||||||||||||||
| AAA | 1,107 | 812 | 62 | 188 | 0 | 43 | 2 | 0 | 313 | |||||||||||
| AA | 9,241 | 5,515 | 2,363 | 993 | 115 | 182 | 73 | 0 | 1,580 | |||||||||||
| A | 9,343 | 5,981 | 1,685 | 1,018 | 199 | 298 | 161 | 1 | 154 | |||||||||||
| BBB | 1,371 | 532 | 237 | 143 | 94 | 180 | 41 | 144 | 60 | |||||||||||
| BB | 340 | 50 | 19 | 6 | 29 | 57 | 3 | 176 | 23 | |||||||||||
| B | 34 | 6 | 3 | 2 | 5 | 6 | 1 | 11 | 9 | |||||||||||
| CCC/C | 7 | 2 | 1 | 0 | 2 | 1 | 1 | 0 | 11 | |||||||||||
| Totals | 21,443 | 12,898 | 4,370 | 2,350 | 444 | 767 | 282 | 332 | 2,150 | |||||||||||
| % | ||||||||||||||||||||
| AAA | 5.16 | 6.30 | 1.42 | 8.00 | 0.00 | 5.61 | 0.71 | 0.00 | 14.56 | |||||||||||
| AA | 43.10 | 42.76 | 54.07 | 42.26 | 25.90 | 23.73 | 25.89 | 0.00 | 73.49 | |||||||||||
| A | 43.57 | 46.37 | 38.56 | 43.32 | 44.82 | 38.85 | 57.09 | 0.30 | 7.16 | |||||||||||
| BBB | 6.39 | 4.12 | 5.42 | 6.09 | 21.17 | 23.47 | 14.54 | 43.37 | 2.79 | |||||||||||
| BB | 1.59 | 0.39 | 0.43 | 0.26 | 6.53 | 7.43 | 1.06 | 53.01 | 1.07 | |||||||||||
| B | 0.16 | 0.05 | 0.07 | 0.09 | 1.13 | 0.78 | 0.35 | 3.31 | 0.42 | |||||||||||
| CCC/C | 0.03 | 0.02 | 0.02 | 0.00 | 0.45 | 0.13 | 0.35 | 0.00 | 0.51 | |||||||||||
| Data as of Sept. 30, 2022. Source: S&P Global Ratings Research. | ||||||||||||||||||||
Comparing the rating distribution at the end of September 2022 to that at the end of September 2021, the number of 'AAA' ratings increased for both housing (to 313 from 307) and nonhousing (to 1,107 from 1,097). Because default activity concentrated in the 'CCC/C' category, we track these ratings over time. For nonhousing, 'CCC/C' ratings fell to seven from 10, while for housing, they fell to 11 from 23.
Large Rating Movements Were Mostly Downward
There were seven total large rating movements (those of three notches or more) in the third quarter, with two upgrades and five downgrades (see table 2).
Table 2
| Main Reason For Multiple Notch Rating Changes, Third-Quarter 2022 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notch change* | Total | Finances | Operations | Debt service coverage | Liquidity | Criteria | Debt | Default | ||||||||||
| -4 | 2 | 1 | 1 | |||||||||||||||
| -3 | 3 | 2 | 1 | |||||||||||||||
| 3 | 1 | 1 | ||||||||||||||||
| 4 | 1 | 1 | ||||||||||||||||
| Total | 7 | 1 | 2 | 1 | 1 | 1 | 0 | 1 | ||||||||||
| *Negative numbers indicate downgrades. Source: S&P Global Ratings Research. Data as of Sept. 30, 2022. | ||||||||||||||||||
Q3 2022 Rating Actions
State and local governments
State governments. There were no state general obligation rating changes in the third quarter, down from two in the second quarter.
Local governments. Local governments had 101 upgrades and 38 downgrades in the third quarter of 2022 (see chart 4). Financial improvements led to 53 upgrades (as well as 15 downgrades), followed by the economy with 19, and operations with 11 upgrades.
Chart 4
Utilities
In the second quarter, there were 16 upgrades and five downgrades for utilities. Finances led to the most upgrades, with seven, and debt service coverage was cited most often for downgrades.
Chart 5
Health care
There were three upgrades and 11 downgrades in the third quarter among health care obligors. Operations led with eight downgrades.
Chart 6
Higher education and charter schools
Higher education and charter schools had eight downgrades and only one upgrade in the third quarter, with no one reason being cited more than twice.
Chart 7
Transportation
Transportation saw 29 upgrades and only two downgrades in the third quarter. A large majority of the upgrades were among airports, with many rating action reports citing increased passenger traffic for improvements in credit quality.
Chart 8
Housing
Housing saw 11 upgrades to 12 downgrades in the third quarter, with debt service coverage improvements citied eight times for upgrades, while operations were cited seven times for downgrades.
Chart 9
Appendix
Table 3
| Third-Quarter 2022 Upgrades And Downgrades | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sector | Upgrades | Downgrades | Defaulted | |||||
| Total USPF ex. Housing | 169 | 74 | 1 | |||||
| State and local* | 101 | 38 | 0 | |||||
| Tax secured | 89 | 34 | 0 | |||||
| Appropriation | 12 | 4 | 0 | |||||
| Utilities | 33 | 16 | 0 | |||||
| Health care | 3 | 11 | 0 | |||||
| Higher education | 1 | 5 | 1 | |||||
| Charter schools | 2 | 2 | 0 | |||||
| Transportation | 29 | 2 | 0 | |||||
| Housing | 11 | 12 | 0 | |||||
| Data as of Sept. 30, 2022. *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 | 64 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 6 | 7 | ||||||||||||||||||||
| 4/1/2001 | 740 | 105 | 83 | 3 | 629 | 66 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 38 | 11 | ||||||||||||||||||||
| 7/1/2001 | 126 | 47 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 30 | 14 | ||||||||||||||||||||
| 10/1/2001 | 100 | 14 | 57 | 3 | 20 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 2 | 0 | 0 | 0 | 25 | 9 | ||||||||||||||||||||
| 1/1/2002 | 173 | 39 | 97 | 5 | 45 | 1 | 15 | 7 | 4 | 6 | 7 | 5 | 5 | 15 | 0 | 0 | 3 | 7 | ||||||||||||||||||||
| 4/1/2002 | 108 | 105 | 59 | 9 | 21 | 64 | 20 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 25 | ||||||||||||||||||||
| 7/1/2002 | 73 | 38 | 40 | 2 | 10 | 10 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | ||||||||||||||||||||
| 10/1/2002 | 103 | 126 | 57 | 13 | 26 | 71 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 18 | ||||||||||||||||||||
| 1/1/2003 | 85 | 66 | 41 | 5 | 18 | 33 | 11 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 6 | 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 | 80 | 131 | 45 | 7 | 18 | 78 | 12 | 4 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 27 | ||||||||||||||||||||
| 10/1/2003 | 125 | 92 | 55 | 15 | 26 | 28 | 17 | 7 | 11 | 30 | 16 | 8 | 0 | 4 | 0 | 0 | 24 | 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 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
| 7/1/2004 | 188 | 130 | 48 | 13 | 101 | 100 | 31 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 25 | 20 | ||||||||||||||||||||
| 10/1/2004 | 120 | 58 | 65 | 10 | 21 | 22 | 18 | 9 | 9 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 | ||||||||||||||||||||
| 1/1/2005 | 152 | 35 | 62 | 11 | 39 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 1 | 0 | 0 | 0 | 78 | 12 | ||||||||||||||||||||
| 4/1/2005 | 108 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 15 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 110 | ||||||||||||||||||||
| 7/1/2005 | 212 | 39 | 52 | 13 | 130 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 30 | 11 | ||||||||||||||||||||
| 10/1/2005 | 153 | 110 | 75 | 44 | 24 | 24 | 22 | 7 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 42 | ||||||||||||||||||||
| 1/1/2006 | 115 | 47 | 38 | 9 | 48 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | ||||||||||||||||||||
| 4/1/2006 | 248 | 22 | 68 | 10 | 140 | 1 | 14 | 2 | 14 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 27 | 8 | ||||||||||||||||||||
| 7/1/2006 | 403 | 29 | 337 | 8 | 18 | 1 | 25 | 2 | 12 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 67 | 13 | ||||||||||||||||||||
| 10/1/2006 | 195 | 38 | 99 | 13 | 38 | 5 | 21 | 6 | 12 | 10 | 12 | 3 | 13 | 0 | 0 | 1 | 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 | 181 | 55 | 75 | 28 | 64 | 10 | 25 | 2 | 9 | 8 | 7 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
| 7/1/2007 | 159 | 24 | 93 | 3 | 37 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 26 | 11 | ||||||||||||||||||||
| 10/1/2007 | 165 | 48 | 76 | 12 | 32 | 8 | 25 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 12 | 10 | ||||||||||||||||||||
| 1/1/2008 | 239 | 35 | 127 | 10 | 49 | 3 | 41 | 2 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 18 | ||||||||||||||||||||
| 4/1/2008 | 630 | 31 | 417 | 7 | 101 | 2 | 96 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
| 7/1/2008 | 594 | 31 | 297 | 6 | 234 | 1 | 42 | 2 | 4 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
| 10/1/2008 | 668 | 43 | 292 | 6 | 60 | 4 | 297 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 32 | 31 | ||||||||||||||||||||
| 1/1/2009 | 757 | 209 | 527 | 17 | 139 | 150 | 80 | 5 | 3 | 30 | 1 | 3 | 3 | 4 | 4 | 0 | 23 | 155 | ||||||||||||||||||||
| 4/1/2009 | 614 | 82 | 331 | 16 | 116 | 40 | 149 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 26 | 77 | ||||||||||||||||||||
| 7/1/2009 | 405 | 32 | 228 | 4 | 90 | 4 | 68 | 8 | 3 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 35 | ||||||||||||||||||||
| 10/1/2009 | 453 | 60 | 316 | 12 | 75 | 28 | 34 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 8 | 34 | ||||||||||||||||||||
| 1/1/2010 | 681 | 275 | 523 | 47 | 86 | 206 | 58 | 7 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 91 | ||||||||||||||||||||
| 4/1/2010 | 576 | 92 | 446 | 54 | 74 | 14 | 39 | 4 | 8 | 16 | 6 | 2 | 1 | 2 | 2 | 0 | 11 | 41 | ||||||||||||||||||||
| 7/1/2010 | 255 | 41 | 157 | 18 | 34 | 3 | 44 | 4 | 7 | 10 | 11 | 3 | 1 | 3 | 1 | 0 | 8 | 64 | ||||||||||||||||||||
| 10/1/2010 | 238 | 60 | 148 | 27 | 18 | 17 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 71 | ||||||||||||||||||||
| 1/1/2011 | 443 | 303 | 242 | 68 | 104 | 215 | 56 | 6 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 23 | 15 | ||||||||||||||||||||
| 4/1/2011 | 189 | 96 | 99 | 58 | 32 | 18 | 26 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 39 | ||||||||||||||||||||
| 7/1/2011 | 94 | 125 | 38 | 53 | 9 | 48 | 28 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1314 | ||||||||||||||||||||
| 10/1/2011 | 76 | 112 | 23 | 54 | 3 | 11 | 30 | 18 | 9 | 14 | 9 | 6 | 1 | 4 | 1 | 5 | 11 | 33 | ||||||||||||||||||||
| 1/1/2012 | 127 | 90 | 44 | 40 | 24 | 23 | 44 | 11 | 11 | 10 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 59 | ||||||||||||||||||||
| 4/1/2012 | 178 | 140 | 79 | 68 | 26 | 40 | 46 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | ||||||||||||||||||||
| 7/1/2012 | 138 | 149 | 66 | 79 | 26 | 39 | 25 | 8 | 14 | 10 | 3 | 7 | 3 | 0 | 1 | 6 | 3 | 39 | ||||||||||||||||||||
| 10/1/2012 | 135 | 87 | 73 | 44 | 18 | 11 | 28 | 10 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 4 | 18 | 12 | ||||||||||||||||||||
| 1/1/2013 | 197 | 129 | 83 | 89 | 82 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 11 | 16 | ||||||||||||||||||||
| 4/1/2013 | 200 | 96 | 110 | 45 | 34 | 19 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 28 | ||||||||||||||||||||
| 7/1/2013 | 274 | 118 | 163 | 49 | 70 | 19 | 24 | 15 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 12 | 10 | 14 | ||||||||||||||||||||
| 10/1/2013 | 763 | 170 | 543 | 64 | 169 | 60 | 33 | 5 | 5 | 21 | 9 | 11 | 4 | 1 | 0 | 8 | 33 | 77 | ||||||||||||||||||||
| 1/1/2014 | 681 | 162 | 521 | 80 | 109 | 40 | 16 | 15 | 14 | 10 | 7 | 8 | 12 | 1 | 2 | 8 | 9 | 8 | ||||||||||||||||||||
| 4/1/2014 | 586 | 288 | 448 | 90 | 84 | 145 | 31 | 10 | 12 | 18 | 8 | 19 | 3 | 0 | 0 | 6 | 17 | 10 | ||||||||||||||||||||
| 7/1/2014 | 736 | 368 | 460 | 92 | 234 | 228 | 28 | 9 | 9 | 14 | 4 | 10 | 1 | 0 | 0 | 15 | 33 | 8 | ||||||||||||||||||||
| 10/1/2014 | 276 | 83 | 117 | 40 | 121 | 7 | 22 | 12 | 8 | 9 | 1 | 8 | 7 | 0 | 0 | 7 | 80 | 37 | ||||||||||||||||||||
| 1/1/2015 | 236 | 161 | 144 | 70 | 35 | 42 | 27 | 7 | 24 | 18 | 3 | 18 | 2 | 0 | 1 | 6 | 23 | 4 | ||||||||||||||||||||
| 4/1/2015 | 275 | 138 | 145 | 61 | 64 | 33 | 33 | 12 | 21 | 15 | 5 | 11 | 5 | 1 | 2 | 5 | 10 | 3 | ||||||||||||||||||||
| 7/1/2015 | 319 | 156 | 139 | 52 | 112 | 55 | 34 | 24 | 19 | 3 | 3 | 12 | 11 | 2 | 1 | 8 | 22 | 2 | ||||||||||||||||||||
| 10/1/2015 | 229 | 110 | 137 | 52 | 16 | 18 | 37 | 19 | 19 | 10 | 4 | 5 | 14 | 1 | 2 | 5 | 8 | 2 | ||||||||||||||||||||
| 1/1/2016 | 268 | 138 | 143 | 61 | 39 | 30 | 47 | 20 | 8 | 6 | 21 | 14 | 8 | 1 | 2 | 6 | 19 | 21 | ||||||||||||||||||||
| 4/1/2016 | 235 | 155 | 117 | 54 | 26 | 40 | 51 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 12 | 19 | 44 | ||||||||||||||||||||
| 7/1/2016 | 205 | 156 | 102 | 45 | 49 | 66 | 33 | 14 | 12 | 7 | 6 | 15 | 2 | 1 | 1 | 8 | 11 | 3 | ||||||||||||||||||||
| 10/1/2016 | 220 | 272 | 106 | 50 | 25 | 159 | 51 | 28 | 8 | 11 | 19 | 13 | 5 | 1 | 6 | 10 | 15 | 12 | ||||||||||||||||||||
| 1/1/2017 | 252 | 272 | 137 | 76 | 41 | 128 | 53 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 4 | 17 | 10 | 24 | ||||||||||||||||||||
| 4/1/2017 | 228 | 121 | 99 | 68 | 91 | 19 | 13 | 6 | 11 | 4 | 1 | 19 | 7 | 0 | 6 | 5 | 9 | 9 | ||||||||||||||||||||
| 7/1/2017 | 157 | 154 | 90 | 53 | 25 | 58 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 5 | 7 | 13 | 5 | ||||||||||||||||||||
| 10/1/2017 | 233 | 115 | 144 | 65 | 42 | 18 | 22 | 6 | 7 | 7 | 8 | 8 | 5 | 2 | 5 | 9 | 7 | 7 | ||||||||||||||||||||
| 1/1/2018 | 550 | 97 | 338 | 53 | 177 | 8 | 19 | 8 | 8 | 7 | 3 | 10 | 0 | 2 | 5 | 9 | 3 | 37 | ||||||||||||||||||||
| 4/1/2018 | 311 | 169 | 176 | 76 | 74 | 57 | 19 | 13 | 16 | 9 | 3 | 6 | 15 | 0 | 8 | 8 | 7 | 42 | ||||||||||||||||||||
| 7/1/2018 | 276 | 146 | 132 | 84 | 87 | 9 | 26 | 21 | 6 | 14 | 3 | 11 | 19 | 2 | 3 | 5 | 28 | 13 | ||||||||||||||||||||
| 10/1/2018 | 232 | 155 | 132 | 98 | 54 | 28 | 22 | 12 | 6 | 8 | 1 | 6 | 17 | 0 | 0 | 3 | 21 | 24 | ||||||||||||||||||||
| 1/1/2019 | 285 | 108 | 184 | 65 | 52 | 19 | 30 | 10 | 6 | 6 | 5 | 5 | 8 | 0 | 0 | 3 | 0 | 11 | ||||||||||||||||||||
| 4/1/2019 | 262 | 116 | 171 | 59 | 42 | 12 | 24 | 22 | 10 | 7 | 6 | 7 | 7 | 4 | 2 | 5 | 8 | 30 | ||||||||||||||||||||
| 7/1/2019 | 199 | 107 | 120 | 63 | 37 | 13 | 30 | 11 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 8 | 2 | 71 | ||||||||||||||||||||
| 10/1/2019 | 218 | 113 | 131 | 68 | 37 | 5 | 27 | 17 | 4 | 7 | 4 | 14 | 10 | 0 | 5 | 2 | 5 | 31 | ||||||||||||||||||||
| 1/1/2020 | 112 | 106 | 58 | 53 | 21 | 7 | 21 | 17 | 6 | 9 | 3 | 16 | 2 | 1 | 1 | 3 | 21 | 7 | ||||||||||||||||||||
| 4/1/2020 | 8 | 171 | 4 | 91 | 0 | 32 | 4 | 9 | 0 | 13 | 0 | 14 | 0 | 8 | 0 | 4 | 2 | 43 | ||||||||||||||||||||
| 7/1/2020 | 13 | 246 | 7 | 103 | 1 | 25 | 4 | 15 | 0 | 7 | 0 | 23 | 0 | 70 | 1 | 3 | 15 | 83 | ||||||||||||||||||||
| 10/1/2020 | 29 | 313 | 11 | 69 | 1 | 166 | 10 | 16 | 0 | 6 | 1 | 20 | 4 | 28 | 2 | 8 | 24 | 39 | ||||||||||||||||||||
| 1/1/2021 | 52 | 81 | 25 | 30 | 2 | 17 | 14 | 14 | 0 | 7 | 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 | 4 | 6 | ||||||||||||||||||||
| 7/1/2021 | 206 | 70 | 118 | 35 | 56 | 9 | 19 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 5 | 1 | 10 | 18 | ||||||||||||||||||||
| 10/1/2021 | 156 | 56 | 81 | 25 | 15 | 5 | 16 | 10 | 13 | 5 | 7 | 6 | 21 | 1 | 3 | 4 | 5 | 15 | ||||||||||||||||||||
| 1/1/2022 | 303 | 52 | 106 | 22 | 160 | 4 | 14 | 16 | 3 | 4 | 4 | 6 | 14 | 0 | 2 | 0 | 2 | 8 | ||||||||||||||||||||
| 4/1/2022 | 186 | 62 | 92 | 37 | 41 | 2 | 16 | 5 | 9 | 8 | 7 | 7 | 13 | 0 | 8 | 3 | 4 | 2 | ||||||||||||||||||||
| 7/1/2022 | 169 | 75 | 89 | 34 | 12 | 4 | 33 | 16 | 3 | 11 | 1 | 6 | 29 | 2 | 2 | 2 | 11 | 12 | ||||||||||||||||||||
| *Downgrades include defaults. Source: S&P Global Ratings Research. Data as of Sept. 30, 2022. ¶All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. §Only tracked annually prior to 2006. | ||||||||||||||||||||||||||||||||||||||
Table 5
| USPF Rating Actions, Third-Quarter 2022 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Obligor | Sector | Old rating | Latest rating date | New rating | Upgrade/Downgrade | |||||||
| Hernando Cnty | Appropriation | A+ | 7/7/2022 | AA- | Upgrade | |||||||
| Pomona Unif Sch Dist | Appropriation | A- | 7/29/2022 | A | Upgrade | |||||||
| Hazelwood | Appropriation | A+ | 8/12/2022 | A- | Downgrade | |||||||
| Hazelwood | Appropriation | AA- | 8/12/2022 | A | Downgrade | |||||||
| Suffolk Cnty | Appropriation | BBB+ | 8/17/2022 | A | Upgrade | |||||||
| Sandy Springs | Appropriation | AA+ | 8/18/2022 | AAA | Upgrade | |||||||
| Bel Aire | Appropriation | A+ | 8/25/2022 | AA- | Upgrade | |||||||
| East Point | Appropriation | A | 8/29/2022 | A+ | Upgrade | |||||||
| Morgan Hill | Appropriation | AA | 8/29/2022 | AA+ | Upgrade | |||||||
| Mendocino Cnty | Appropriation | A+ | 8/30/2022 | AA- | Upgrade | |||||||
| Hobart | Appropriation | BBB+ | 8/31/2022 | BBB- | Downgrade | |||||||
| Seminole Cnty | Appropriation | AA | 9/15/2022 | AA+ | Upgrade | |||||||
| Spartanburg Cnty Sch Dist #1 | Appropriation | BBB+ | 9/21/2022 | A- | Upgrade | |||||||
| Maryland Hgts | Appropriation | BBB | 9/22/2022 | BB+ | Downgrade | |||||||
| Plainfield Twn | Appropriation | BBB- | 9/29/2022 | BBB+ | Upgrade | |||||||
| Redlands | Appropriation | AA- | 9/30/2022 | AA | Upgrade | |||||||
| Cornerstone Sch | Charter Schools | BBB- | 8/4/2022 | BB+ | Downgrade | |||||||
| Granada Hills Charter High Sch Obligated Group | Charter Schools | BBB- | 8/30/2022 | BBB | Upgrade | |||||||
| PACT Charter Sch | Charter Schools | BBB- | 9/13/2022 | BB+ | Downgrade | |||||||
| Public Preparatory Charter Schools Academies | Charter Schools | BB+ | 9/19/2022 | BBB | Upgrade | |||||||
| Fort Healthcare, Inc. | Health Care | BBB+ | 7/7/2022 | A- | Upgrade | |||||||
| Renown Reg Med Ctr | Health Care | A+ | 7/8/2022 | A | Downgrade | |||||||
| Valley Medical Center | Health Care | A- | 7/14/2022 | BBB+ | Downgrade | |||||||
| Holy Redeemer Health System | Health Care | BBB- | 8/1/2022 | BB+ | Downgrade | |||||||
| ProMedica Hlthcare Oblig Grp | Health Care | BBB- | 8/9/2022 | BB | Downgrade | |||||||
| MetroHealth Sys | Health Care | BBB- | 8/10/2022 | BBB | Upgrade | |||||||
| Lawrence Mem Hosp | Health Care | A | 8/11/2022 | A- | Downgrade | |||||||
| Trinity Hlth | Health Care | BBB- | 8/17/2022 | BB+ | Downgrade | |||||||
| Jackson Hosp & Clinic | Health Care | BBB- | 8/29/2022 | BB | Downgrade | |||||||
| Good Shepherd Grp | Health Care | A- | 8/31/2022 | BBB+ | Downgrade | |||||||
| Grand View Hosp | Health Care | BB+ | 8/31/2022 | BB | Downgrade | |||||||
| St. Charles Health System | Health Care | A+ | 9/13/2022 | A | Downgrade | |||||||
| Norman Regl Hlth Sys | Health Care | A- | 9/14/2022 | BBB+ | Downgrade | |||||||
| St. Peter's Univ Hosp | Health Care | BBB- | 9/30/2022 | BBB | Upgrade | |||||||
| National Campus & Community Dev Corp | Higher Education | CCC | 7/7/2022 | D | Default | |||||||
| A.T. Still University | Higher Education | A- | 8/3/2022 | A | Upgrade | |||||||
| Rider Univ | Higher Education | BB+ | 8/4/2022 | BB | Downgrade | |||||||
| Jacksonville St Univ | Higher Education | A- | 8/26/2022 | BBB+ | Downgrade | |||||||
| Lipscomb Univ | Higher Education | BBB | 8/30/2022 | BBB- | Downgrade | |||||||
| Champlain College | Higher Education | BBB | 9/1/2022 | BBB- | Downgrade | |||||||
| American Museum of Natl History | Higher Education | AA | 9/28/2022 | AA- | Downgrade | |||||||
| Millennium Housing LLC | Housing | A | 7/20/2022 | A- | Downgrade | |||||||
| Millennium Hsg of California | Housing | A+ | 7/20/2022 | A | Downgrade | |||||||
| West Haven Hsg Auth | Housing | A+ | 7/20/2022 | AA- | Upgrade | |||||||
| Dogwood Hsg, Inc. | Housing | BBB | 8/10/2022 | A- | Upgrade | |||||||
| Dogwood Hsg, Inc. | Housing | BBB- | 8/10/2022 | A- | Upgrade | |||||||
| BSLC II | Housing | BBB | 8/19/2022 | BBB- | Downgrade | |||||||
| BSLC II | Housing | BBB- | 8/19/2022 | BB+ | Downgrade | |||||||
| BBC Military Housing LLC | Housing | A+ | 9/1/2022 | A | Downgrade | |||||||
| BBC Military Housing LLC | Housing | A | 9/1/2022 | BBB+ | Downgrade | |||||||
| Fort Gordon Family Hsg LLC | Housing | A- | 9/1/2022 | BBB | Downgrade | |||||||
| Fort Gordon Family Hsg LLC | Housing | A- | 9/1/2022 | BBB- | Downgrade | |||||||
| Fort Jackson Hsg LLC | Housing | A+ | 9/1/2022 | A | Downgrade | |||||||
| Lackland Family Housing Phase II | Housing | AA- | 9/1/2022 | A | Downgrade | |||||||
| Molpus Co | Housing | BBB | 9/16/2022 | BBB- | Downgrade | |||||||
| San Diego Hsg Comm | Housing | AA | 9/19/2022 | AA- | Downgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| California Dept of Vet Affairs | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| Department of Veterans Affairs, CA | Housing | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| Whitley Cnty | Tax Secured | BBB | 7/1/2022 | A- | Upgrade | |||||||
| Morrisville Boro Sch Dist | Tax Secured | BBB- | 7/6/2022 | BB+ | Downgrade | |||||||
| Ponder | Tax Secured | A+ | 7/6/2022 | AA- | Upgrade | |||||||
| Clara City | Tax Secured | A | 7/7/2022 | A+ | Upgrade | |||||||
| West Newbury | Tax Secured | AA+ | 7/8/2022 | AAA | Upgrade | |||||||
| Fairfield | Tax Secured | A | 7/11/2022 | A+ | Upgrade | |||||||
| Cedar Park | Tax Secured | AA+ | 7/13/2022 | AAA | Upgrade | |||||||
| Moorpark Unif Sch Dist | Tax Secured | A | 7/13/2022 | A+ | Upgrade | |||||||
| Polk Cnty | Tax Secured | A+ | 7/13/2022 | AA- | Upgrade | |||||||
| Blanco Cnty | Tax Secured | AA- | 7/15/2022 | AA | Upgrade | |||||||
| Blendon Twp | Tax Secured | AA | 7/15/2022 | AA- | Downgrade | |||||||
| Roland-Story Comnty Sch Dist | Tax Secured | A+ | 7/15/2022 | AA- | Upgrade | |||||||
| Adams Cnty Sch Dist #172 | Tax Secured | A- | 7/18/2022 | A | Upgrade | |||||||
| Bureau, Whiteside & Lee Cnties Comnty Unit Sch Dist No. 340 | Tax Secured | A- | 7/19/2022 | A | Upgrade | |||||||
| Madison, Bond & Montgomery Cntys CUSD #5 (Highland) | Tax Secured | A | 7/19/2022 | A+ | Upgrade | |||||||
| Navajo Cnty Unif Sch Dist #1 Winslow | Tax Secured | A | 7/19/2022 | A+ | Upgrade | |||||||
| Avella Area Sch Dist | Tax Secured | A+ | 7/20/2022 | A- | Downgrade | |||||||
| Dawson Cnty Hosp Dist | Tax Secured | CCC | 7/20/2022 | CCC+ | Upgrade | |||||||
| Wills Point | Tax Secured | A | 7/20/2022 | A+ | Upgrade | |||||||
| Lake Park-Audubon Indpt Sch Dist #2889 | Tax Secured | A | 7/21/2022 | A+ | Upgrade | |||||||
| Pima Cnty Unif Sch Dist #20 Vail | Tax Secured | A | 7/21/2022 | A+ | Upgrade | |||||||
| Sewickley Boro | Tax Secured | A+ | 7/21/2022 | AA- | Upgrade | |||||||
| Catasauqua Boro | Tax Secured | A- | 7/22/2022 | BB+ | Downgrade | |||||||
| Hitchcock Indpt Sch Dist | Tax Secured | A | 7/22/2022 | A+ | Upgrade | |||||||
| Berkshire Fire Dist | Tax Secured | A | 7/26/2022 | A- | Downgrade | |||||||
| Upper Darby Twp | Tax Secured | A+ | 7/26/2022 | A | Downgrade | |||||||
| Belchertown Wtr Dist | Tax Secured | A | 7/27/2022 | A+ | Upgrade | |||||||
| Oroville Un High Sch Dist | Tax Secured | A | 7/28/2022 | A+ | Upgrade | |||||||
| West Clark 2000 Sch Bldg Corp | Tax Secured | A+ | 7/28/2022 | A | Downgrade | |||||||
| Pomona Unif Sch Dist | Tax Secured | A | 7/29/2022 | A+ | Upgrade | |||||||
| Simi Vy Unif Sch Dist | Tax Secured | A+ | 7/29/2022 | AA- | Upgrade | |||||||
| Story City | Tax Secured | A+ | 7/29/2022 | AA- | Upgrade | |||||||
| Northumberland Cnty | Tax Secured | A- | 8/1/2022 | A | Upgrade | |||||||
| Koochiching Cnty | Tax Secured | A+ | 8/3/2022 | AA- | Upgrade | |||||||
| New Rochelle Sch Dist | Tax Secured | AA- | 8/3/2022 | AA | Upgrade | |||||||
| Erie Cnty | Tax Secured | AA- | 8/4/2022 | AA | Upgrade | |||||||
| Millbrae Sch Dist | Tax Secured | AA- | 8/4/2022 | AA | Upgrade | |||||||
| Fisher Vill | Tax Secured | A- | 8/5/2022 | A+ | Upgrade | |||||||
| Gainesville | Tax Secured | AA- | 8/5/2022 | AA | Upgrade | |||||||
| Sacramento Transp Auth | Tax Secured | AA+ | 8/5/2022 | AAA | Upgrade | |||||||
| Swan Vy Sch Dist | Tax Secured | A | 8/5/2022 | A+ | Upgrade | |||||||
| Cathedral City Redev Agy | Tax Secured | A | 8/8/2022 | A+ | Upgrade | |||||||
| Dunkirk | Tax Secured | A | 8/8/2022 | A- | Downgrade | |||||||
| Los Angeles Comnty RDA Successor Agy | Tax Secured | AA- | 8/8/2022 | AA | Upgrade | |||||||
| Rancho Cucamonga Redev Agy | Tax Secured | A+ | 8/8/2022 | AA- | Upgrade | |||||||
| San Jacinto Redev Agy | Tax Secured | A- | 8/8/2022 | A | Upgrade | |||||||
| Aransas Cnty Indpt Sch Dist | Tax Secured | A+ | 8/9/2022 | AA- | Upgrade | |||||||
| Lackawanna Trail Sch Dist | Tax Secured | A- | 8/10/2022 | A | Upgrade | |||||||
| Parkers Prairie | Tax Secured | BBB+ | 8/10/2022 | A- | Upgrade | |||||||
| Water Vy Indpt Sch Dist | Tax Secured | A | 8/11/2022 | A+ | Upgrade | |||||||
| Freeport | Tax Secured | A | 8/12/2022 | AA- | Upgrade | |||||||
| Hazelwood | Tax Secured | AA | 8/12/2022 | A+ | Downgrade | |||||||
| Roseville City Sch Dist | Tax Secured | A+ | 8/12/2022 | AA- | Upgrade | |||||||
| Metro Wtr Reclamation Dist of Greater Chicago | Tax Secured | AA | 8/16/2022 | AA+ | Upgrade | |||||||
| Town of Shorter | Tax Secured | BBB | 8/16/2022 | BBB+ | Upgrade | |||||||
| Harvey Cnty Unif Sch Dist #373 Newton | Tax Secured | A+ | 8/17/2022 | A | Downgrade | |||||||
| Suffolk Cnty | Tax Secured | A- | 8/17/2022 | A+ | Upgrade | |||||||
| Corrigan-Camden Indpt Sch Dist | Tax Secured | A | 8/18/2022 | A+ | Upgrade | |||||||
| Huntington Cnty Comnty Sch Corp | Tax Secured | A | 8/23/2022 | A+ | Upgrade | |||||||
| Huntington Cnty Comnty Sch Corp | Tax Secured | A | 8/23/2022 | A+ | Upgrade | |||||||
| McLendon-Chisholm | Tax Secured | AA- | 8/24/2022 | AA | Upgrade | |||||||
| Bel Aire | Tax Secured | A+ | 8/25/2022 | AA- | Upgrade | |||||||
| Eanes Indpt Sch Dist | Tax Secured | AA+ | 8/26/2022 | AA | Downgrade | |||||||
| Scio Twp | Tax Secured | AA+ | 8/26/2022 | AA | Downgrade | |||||||
| Churchville Vill | Tax Secured | A+ | 8/29/2022 | AA- | Upgrade | |||||||
| East Point | Tax Secured | A+ | 8/29/2022 | AA- | Upgrade | |||||||
| Fort Bend Cnty Mun Util Dist #134C | Tax Secured | BBB- | 8/29/2022 | BBB | Upgrade | |||||||
| Hereford | Tax Secured | A- | 8/29/2022 | BBB+ | Downgrade | |||||||
| Mendocino Cnty | Tax Secured | AA- | 8/30/2022 | AA | Upgrade | |||||||
| Orland Hills | Tax Secured | A- | 8/30/2022 | A | Upgrade | |||||||
| Satsuma | Tax Secured | A | 8/30/2022 | A+ | Upgrade | |||||||
| Hobart | Tax Secured | BBB+ | 8/31/2022 | BBB- | Downgrade | |||||||
| East Brewton | Tax Secured | BBB+ | 9/1/2022 | A- | Upgrade | |||||||
| Emporia | Tax Secured | A+ | 9/1/2022 | AA- | Upgrade | |||||||
| Fredonia Vill | Tax Secured | AA- | 9/1/2022 | A+ | Downgrade | |||||||
| Minooka Vill | Tax Secured | AA- | 9/1/2022 | AA | Upgrade | |||||||
| New Richland | Tax Secured | A+ | 9/1/2022 | A | Downgrade | |||||||
| Oxford Charter Twp | Tax Secured | AA | 9/1/2022 | AA+ | Upgrade | |||||||
| Pelham Twn | Tax Secured | AA | 9/1/2022 | AA+ | Upgrade | |||||||
| San Leandro Unif Sch Dist | Tax Secured | A+ | 9/1/2022 | AA- | Upgrade | |||||||
| Warren | Tax Secured | A- | 9/1/2022 | BBB+ | Downgrade | |||||||
| Alice Wtr Auth | Tax Secured | A+ | 9/2/2022 | A | Downgrade | |||||||
| South Western Sch Dist | Tax Secured | AA | 9/2/2022 | AA- | Downgrade | |||||||
| Temecula Vy Unif Sch Dist | Tax Secured | A+ | 9/2/2022 | AA- | Upgrade | |||||||
| Thurston Cnty | Tax Secured | AA | 9/2/2022 | AA+ | Upgrade | |||||||
| Vacaville Unif Sch Dist | Tax Secured | A+ | 9/2/2022 | AA- | Upgrade | |||||||
| Wabasso | Tax Secured | AA- | 9/2/2022 | A+ | Downgrade | |||||||
| Wallingford-Swarthmore Sch Dist | Tax Secured | AA | 9/2/2022 | AA- | Downgrade | |||||||
| Georgetown | Tax Secured | A+ | 9/6/2022 | AA- | Upgrade | |||||||
| Oak Bluffs Wtr Dist | Tax Secured | AA- | 9/6/2022 | AA | Upgrade | |||||||
| Portsmouth Wtr & Fire Dist | Tax Secured | AA- | 9/6/2022 | AA | Upgrade | |||||||
| Grand Mission Mun Util Dist #2 | Tax Secured | BBB- | 9/7/2022 | BBB | Upgrade | |||||||
| Lost Lake Utility District | Tax Secured | A | 9/7/2022 | BBB+ | Downgrade | |||||||
| Shamokin Area Sch Dist | Tax Secured | BBB | 9/8/2022 | BB+ | Downgrade | |||||||
| Lake Cnty | Tax Secured | AA- | 9/9/2022 | AA | Upgrade | |||||||
| Melvindale-Northern Allen Pk Sch Dist | Tax Secured | A+ | 9/9/2022 | A | Downgrade | |||||||
| Newport | Tax Secured | A+ | 9/9/2022 | AA- | Upgrade | |||||||
| Springfield Sch Dist | Tax Secured | AA | 9/9/2022 | AA- | Downgrade | |||||||
| Noblesville Schs | Tax Secured | A+ | 9/14/2022 | AA- | Upgrade | |||||||
| Noblesville Schs | Tax Secured | A+ | 9/14/2022 | AA- | Upgrade | |||||||
| Orange Cnty | Tax Secured | AA- | 9/14/2022 | A+ | Downgrade | |||||||
| Robbinsville Twp (Mercer Cnty) | Tax Secured | AA+ | 9/15/2022 | AA | Downgrade | |||||||
| Seminole Cnty | Tax Secured | AA | 9/15/2022 | AA+ | Upgrade | |||||||
| Sonora | Tax Secured | BBB | 9/15/2022 | BBB+ | Upgrade | |||||||
| Tremont Vill | Tax Secured | BBB+ | 9/15/2022 | A- | Upgrade | |||||||
| Field Local Sch Dist | Tax Secured | BBB+ | 9/16/2022 | A- | Upgrade | |||||||
| El Paso Cnty Security Wtr Dist | Tax Secured | A | 9/21/2022 | A+ | Upgrade | |||||||
| Spartanburg Cnty Sch Dist #1 | Tax Secured | A- | 9/21/2022 | A | Upgrade | |||||||
| Maryland Hgts | Tax Secured | BBB+ | 9/22/2022 | BBB- | Downgrade | |||||||
| Hall Cnty Sch Dist | Tax Secured | A+ | 9/23/2022 | AA- | Upgrade | |||||||
| Hoffman | Tax Secured | A- | 9/23/2022 | BBB+ | Downgrade | |||||||
| Taunton | Tax Secured | AA | 9/23/2022 | AA+ | Upgrade | |||||||
| Wabash City Schs | Tax Secured | A- | 9/23/2022 | BBB | Downgrade | |||||||
| Wabash City Schs | Tax Secured | A- | 9/23/2022 | BBB | Downgrade | |||||||
| Wisconsin | Tax Secured | BBB | 9/23/2022 | BBB+ | Upgrade | |||||||
| Sterling Pk Dist | Tax Secured | BBB | 9/26/2022 | BBB+ | Upgrade | |||||||
| Le Sueur-Henderson Indpt Sch Dist #2397 | Tax Secured | A- | 9/28/2022 | A | Upgrade | |||||||
| VillaSol Community Development District | Tax Secured | BBB | 9/28/2022 | A+ | Upgrade | |||||||
| Merrillville Conservancy Dist | Tax Secured | A+ | 9/29/2022 | A | Downgrade | |||||||
| Pendleton | Tax Secured | AA- | 9/29/2022 | A+ | Downgrade | |||||||
| Plainfield Twn | Tax Secured | BBB- | 9/29/2022 | BBB+ | Upgrade | |||||||
| Albertville | Tax Secured | A | 9/30/2022 | A+ | Upgrade | |||||||
| Gouverneur Vill | Tax Secured | A+ | 9/30/2022 | A | Downgrade | |||||||
| Tulsa Intl Arpt | Transportation | A- | 7/6/2022 | A | Upgrade | |||||||
| Port of Seattle | Transportation | AA- | 7/8/2022 | AA | Upgrade | |||||||
| Port of Seattle | Transportation | A+ | 7/8/2022 | AA- | Upgrade | |||||||
| San Francisco Intl Arpt | Transportation | A | 7/20/2022 | A+ | Upgrade | |||||||
| San Francisco Municipal Transportation Agency | Transportation | AA- | 7/20/2022 | A+ | Downgrade | |||||||
| Baltimore Washington Intl Arpt | Transportation | A | 7/28/2022 | A+ | Upgrade | |||||||
| Virginia Port Auth | Transportation | A | 8/1/2022 | A+ | Upgrade | |||||||
| Virginia Port Auth | Transportation | A- | 8/1/2022 | A | Upgrade | |||||||
| Virginia Port Auth | Transportation | A | 8/1/2022 | A+ | Upgrade | |||||||
| Palm Springs International Airport | Transportation | A- | 8/3/2022 | A | Upgrade | |||||||
| Indianapolis Arpt Auth | Transportation | A- | 8/9/2022 | A | Upgrade | |||||||
| Cleveland Hopkins Intl Arpt | Transportation | A- | 8/11/2022 | A | Upgrade | |||||||
| Minneapolis St Paul Metro Arpts Comm | Transportation | A+ | 8/11/2022 | AA- | Upgrade | |||||||
| Minneapolis St Paul Metro Arpts Comm | Transportation | A | 8/11/2022 | A+ | Upgrade | |||||||
| Tacoma | Transportation | A+ | 8/17/2022 | A- | Downgrade | |||||||
| Chicago O'Hare Intl Arpt | Transportation | A | 8/18/2022 | A+ | Upgrade | |||||||
| Chicago O'Hare Intl Arpt | Transportation | A | 8/18/2022 | A+ | Upgrade | |||||||
| Miami Intl Arpt | Transportation | A- | 8/18/2022 | A | Upgrade | |||||||
| Omaha Eppley Airfield | Transportation | A+ | 8/18/2022 | AA- | Upgrade | |||||||
| Tampa Intl Arpt | Transportation | A- | 8/18/2022 | A | Upgrade | |||||||
| Love Field Airport Modernization Corp | Transportation | A- | 8/30/2022 | A | Upgrade | |||||||
| Albany Intl Arpt | Transportation | A- | 8/31/2022 | A | Upgrade | |||||||
| North Texas Tollway Auth | Transportation | A+ | 8/31/2022 | AA- | Upgrade | |||||||
| North Texas Tollway Auth | Transportation | A | 8/31/2022 | A+ | Upgrade | |||||||
| Bradley Intl Arpt | Transportation | A | 9/2/2022 | A+ | Upgrade | |||||||
| Augusta Regl Arpt | Transportation | BBB | 9/15/2022 | BBB+ | Upgrade | |||||||
| Pike Place Mkt Preservation & Dev Auth | Transportation | BBB+ | 9/20/2022 | A- | Upgrade | |||||||
| Grand Pkwy Transp Corp | Transportation | BBB | 9/23/2022 | BBB+ | Upgrade | |||||||
| New Orleans International Airport | Transportation | A- | 9/23/2022 | A | Upgrade | |||||||
| New Orleans International Airport | Transportation | BBB+ | 9/23/2022 | A | Upgrade | |||||||
| Bradley Intl Arpt | Transportation | BBB | 9/27/2022 | BBB+ | Upgrade | |||||||
| Rock Hill | Utilities | A | 7/5/2022 | A+ | Upgrade | |||||||
| Fortuna | Utilities | A | 7/8/2022 | BBB+ | Downgrade | |||||||
| Fortuna | Utilities | A+ | 7/8/2022 | BBB+ | Downgrade | |||||||
| Upper Trinity Regl Wtr Dist | Utilities | A+ | 7/11/2022 | AA- | Upgrade | |||||||
| Castalian Springs-Bethpage Wtr Util Dist | Utilities | A+ | 7/13/2022 | AA- | Upgrade | |||||||
| Sapulpa Mun Auth | Utilities | A- | 7/19/2022 | A | Upgrade | |||||||
| Chowchilla | Utilities | BBB+ | 7/21/2022 | A- | Upgrade | |||||||
| South Carolina Pub Svc Auth | Utilities | A | 7/21/2022 | A- | Downgrade | |||||||
| South Vy Swr Dist | Utilities | AA | 7/21/2022 | AA+ | Upgrade | |||||||
| Sonoma Vy Cnty San Dist | Utilities | AA- | 7/25/2022 | AA | Upgrade | |||||||
| Rohnert Pk | Utilities | A+ | 7/26/2022 | AA- | Upgrade | |||||||
| Big Rivers Electric Corp. | Utilities | BBB- | 7/28/2022 | BBB | Upgrade | |||||||
| Windsor | Utilities | AA | 7/29/2022 | A+ | Downgrade | |||||||
| Lubbock | Utilities | A+ | 8/2/2022 | A | Downgrade | |||||||
| Amarillo | Utilities | AAA | 8/4/2022 | AA+ | Downgrade | |||||||
| Reading Mun Lt Dept | Utilities | A+ | 8/4/2022 | AA- | Upgrade | |||||||
| Beacon Hill Wtr & Swr Dist | Utilities | A | 8/8/2022 | A+ | Upgrade | |||||||
| Unity Twp Mun Auth | Utilities | A- | 8/9/2022 | A | Upgrade | |||||||
| Daytona Beach | Utilities | A | 8/10/2022 | A+ | Upgrade | |||||||
| Fate | Utilities | A- | 8/10/2022 | A | Upgrade | |||||||
| North Texas Municipal Water District | Utilities | A- | 8/10/2022 | A | Upgrade | |||||||
| North Texas Municipal Water District | Utilities | A- | 8/10/2022 | A | Upgrade | |||||||
| North Texas Municipal Water District | Utilities | A- | 8/10/2022 | A | Upgrade | |||||||
| Saratoga Springs | Utilities | A | 8/10/2022 | AA- | Upgrade | |||||||
| Saratoga Springs | Utilities | A+ | 8/10/2022 | AA- | Upgrade | |||||||
| Holden Twn Mun Light Dept | Utilities | A+ | 8/16/2022 | AA- | Upgrade | |||||||
| Henry Cnty Pub Wtr Supp Dist No. 3 | Utilities | A | 8/18/2022 | A- | Downgrade | |||||||
| Santa Barbara | Utilities | AA- | 8/18/2022 | AA | Upgrade | |||||||
| Austin | Utilities | AA | 8/23/2022 | AA- | Downgrade | |||||||
| Trinity Cnty Pub Util Dist | Utilities | BBB+ | 8/23/2022 | BB+ | Downgrade | |||||||
| Corona Util Auth | Utilities | AA | 8/24/2022 | AA+ | Upgrade | |||||||
| Pawtucket | Utilities | A | 8/25/2022 | A+ | Upgrade | |||||||
| Longmont | Utilities | A | 8/26/2022 | A+ | Upgrade | |||||||
| Universal City | Utilities | AA | 8/26/2022 | AA+ | Upgrade | |||||||
| Hollister | Utilities | A+ | 8/31/2022 | AA- | Upgrade | |||||||
| Jackson | Utilities | BB+ | 9/1/2022 | BB- | Downgrade | |||||||
| Semitropic Imp Dist of the Semitropic Water Storage Dist | Utilities | A+ | 9/8/2022 | A | Downgrade | |||||||
| Semitropic Imp Dist of the Semitropic Water Storage Dist | Utilities | A+ | 9/8/2022 | A | Downgrade | |||||||
| Lynn Wtr & Swr Comm | Utilities | A | 9/9/2022 | A+ | Upgrade | |||||||
| Gainesville | Utilities | A- | 9/12/2022 | A | Upgrade | |||||||
| Auburndale | Utilities | A- | 9/14/2022 | A+ | Upgrade | |||||||
| Oakland | Utilities | AA | 9/14/2022 | AA+ | Upgrade | |||||||
| West Travis Cnty Pub Util Agy | Utilities | A | 9/16/2022 | AA- | Upgrade | |||||||
| Manchester | Utilities | BBB | 9/19/2022 | BBB- | Downgrade | |||||||
| Oxnard | Utilities | A- | 9/22/2022 | A | Upgrade | |||||||
| San Bernardino Mun Wtr Dept | Utilities | A | 9/23/2022 | A+ | Upgrade | |||||||
| Madison | Utilities | AA- | 9/26/2022 | A+ | Downgrade | |||||||
| San Marcos | Utilities | A- | 9/26/2022 | BBB+ | Downgrade | |||||||
| Mun Energy Agy of Mississippi | Utilities | BBB | 9/27/2022 | BBB- | Downgrade | |||||||
| Data as of Sept. 30, 2022. Source: S&P Global Ratings Research. | ||||||||||||
This report does not constitute a rating action.
| Credit Research & Insights: | 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 | |
| Abhik P Debnath, Mumbai; Abhik.Debnath@spglobal.com |
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