Key Takeaways
- United States Public Finance (USPF) improved in credit quality in the first quarter of 2023, with 186 upgrades and 56 downgrades. There were no defaults for the second straight quarter.
- Cumulative rating actions since the start of 2020 have turned positive, with 191 more upgrades than downgrades.
- Improved finances led to 56 upgrades and criteria changes led to 38 upgrades. Deteriorating finances led to 18 downgrades and decreased operating margins led to 16 downgrades.
- Illinois was upgraded to 'A-' in the first quarter, and Missouri was rerated 'AAA' after a brief 'NR' rating.
Credit Quality Improved
Credit quality for United States Public Finance (USPF) rose overall in the first quarter of 2023. USPF issuers rated by S&P Global had 186 upgrades (134 non-housing and 42 housing), down from 221 upgrades in the fourth quarter of 2022 (166 non-housing and 55 housing). Downgrades fell to 56 in the first quarter of 2023 (52 non-housing and four housing), from 67 in the fourth quarter of 2022 (64 non-housing and three housing). However, the overall rise in credit quality was not in all USPF sectors, as three of eight sectors had more downgrades than upgrades in the first quarter, compared with one of eight in the previous quarter. Health care, utilities, and higher education had more downgrades than upgrades. Rating actions in this report are calculated based on the rating at the start and the end of each quarter.
Rating actions: improving finances led to most upgrades
The most cited reason for upgrades in the first quarter of 2023 was strengthening finances, which led to 56 upgrades, while deteriorating finances was the most common cause of downgrades, with 18 (see chart 1). Changes to operating outcomes were the second most common driver of rating actions in the first quarter of 2023, with improving operations leading to 26 upgrades, and weaker operations to 16 downgrades. There were no defaults for the second consecutive quarter.
Chart 1
Over the past 12 quarters, USPF has averaged 144 upgrades and 130 downgrades (see charts 2 and 3), with eight straight quarters of improving credit quality, following the four quarters at the height of the pandemic when downgrades averaged 247 per quarter to 40 upgrades.
Chart 2
Chart 3
Rating Distributions
Most USPF non-housing ratings were investment-grade ('BBB-' and above) at the end of the first quarter, with only 1.8% being speculative-grade ('BB+' and lower) (see table 1). For housing, just under 2% of ratings were speculative grade. USPF ratings of all kinds partly correlate to the sovereign rating on the United States, which S&P Global Ratings affirmed at 'AA+' with a stable outlook on March 16, 2023. Just more than 5% of non-housing ratings and 14.7% of housing ratings are 'AAA'. There were three upgrades to 'AAA' in the first quarter: Cottage Grove and Minnesota, upgraded from 'AA+' on an improving economy, the Metro Atlanta Rapid Transit Authority, Georgia, from 'AA+' with debt service coverage above very strong, and Santa Clara Unified School District, California, from 'AA+' on account of increasing reserves at already strong levels. There were no USPF ratings lowered from 'AAA' in the first quarter. There were 10 rising starts (obligors that started the quarter at speculative grade and upgraded to investment grade), up from two in the fourth quarter of last year, and there were three fallen angels (obligors that started the quarter at investment grade downgraded to speculative grade), down from five in the fourth quarter of last year.
Table 1
| Rating distribution (as of March 31, 2023) | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of ratings | ||||||||||||||||||||
| USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
| AAA | 1108 | 813 | 64 | 185 | 0 | 44 | 2 | 0 | 317 | |||||||||||
| AA | 9182 | 5497 | 2323 | 985 | 113 | 184 | 80 | 0 | 1579 | |||||||||||
| A | 9302 | 5980 | 1669 | 1001 | 194 | 296 | 161 | 1 | 152 | |||||||||||
| BBB | 1343 | 509 | 241 | 141 | 91 | 181 | 32 | 148 | 56 | |||||||||||
| BB | 330 | 54 | 14 | 8 | 25 | 53 | 3 | 173 | 18 | |||||||||||
| B | 33 | 2 | 3 | 0 | 8 | 8 | 1 | 11 | 12 | |||||||||||
| CCC/C | 10 | 2 | 1 | 0 | 3 | 2 | 1 | 1 | 11 | |||||||||||
| Totals | 21308 | 12857 | 4315 | 2320 | 434 | 768 | 280 | 334 | 2145 | |||||||||||
| As percentage (%) | ||||||||||||||||||||
| AAA | 5.20 | 6.32 | 1.48 | 7.97 | 0.00 | 5.73 | 0.71 | 0.00 | 14.78 | |||||||||||
| AA | 43.09 | 42.75 | 53.84 | 42.46 | 26.04 | 23.96 | 28.57 | 0.00 | 73.61 | |||||||||||
| A | 43.65 | 46.51 | 38.68 | 43.15 | 44.70 | 38.54 | 57.50 | 0.30 | 7.09 | |||||||||||
| BBB | 6.30 | 3.96 | 5.59 | 6.08 | 20.97 | 23.57 | 11.43 | 44.31 | 2.61 | |||||||||||
| BB | 1.55 | 0.42 | 0.32 | 0.34 | 5.76 | 6.90 | 1.07 | 51.80 | 0.84 | |||||||||||
| B | 0.15 | 0.02 | 0.07 | 0.00 | 1.84 | 1.04 | 0.36 | 3.29 | 0.56 | |||||||||||
| CCC/C | 0.05 | 0.02 | 0.02 | 0.00 | 0.69 | 0.26 | 0.36 | 0.30 | 0.51 | |||||||||||
| Data as of Mar. 31, 2023. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||||||
Net Rating Actions Since The Pandemic Have Turned Positive for Non-Housing
At the start of the pandemic in early 2020, we saw a dramatic negative cumulation of downgrades in non-housing, reaching a low point in net rating actions in the first quarter of 2021, with 702 more downgrades than upgrades (see Chart 4). Since then, there has been a complete reversal, with cumulative net rating actions reaching zero the third quarter of 2022. The trend of positive credit quality improvements has led to a net total of 216 more upgrades than downgrades since the pandemic began.
Chart 4
For housing ratings, there was a similar cumulation of negative rating actions, though the drop was more shallow than non-housing (see chart 5). The bottom was reached in the first quarter of 2022, with 125 more downgrades than upgrades. The last two quarters have had dramatically improved credit quality, with 100 more upgrades than downgrades since the start of the fourth quarter of 2022, bringing the cumulative net total since the start of 2020 to 25 more downgrades than upgrades.
Chart 5
Large downgrades, double large upgrades
In the first quarter of 2023 there were six large rating movements of three or more notches up or down. The largest rating movement, a downgrade of ten notches, to 'BBB-' from 'AA' was on Bolingbrook, Illinois general obligation debt, which was downgraded because of failure to pay at least five timely sinking fund payments for January 2024 term bond maturity.
Table 2
| Main reason for multiple notch rating changes, Q1 2023 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notch change* | Total | Finances | Operations | Debt service coverage | Economy | Debt | Others | |||||||||
| -7 | 1 | 1 | ||||||||||||||
| -4 | 1 | 1 | ||||||||||||||
| -3 | 2 | 1 | 1 | |||||||||||||
| 3 | 1 | 1 | ||||||||||||||
| 4 | 1 | 1 | ||||||||||||||
| Total | 6 | 2 | 0 | 2 | 1 | 0 | 1 | |||||||||
| Data as of Mar. 31, 2023. *Negative numbers indicate downgrades. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
2023 Q1 Rating Actions
Transportation Credit Quality Improved the Most
As a percentage of all ratings by sector on Jan. 1, 2023, transportation had the largest improvement in credit quality (see chart 6). More than 10% of all transportation ratings were raised in the first quarter, representing a sector and geographically diverse population of ratings, from airports, turnpike authorities, and port authorities. Health care had the largest share of downgrades, at 2.5% of all ratings.
Chart 6
State and local governments
State governments
There were two rating actions on state general obligation debt in the first quarter of 2023, with Illinois upgraded to 'A-' from 'BBB+' in March, reflecting 'our view that the recent trend of improvement in the state's financial flexibility, transparency, liquidity, and reserve position is expected to continue in the fiscal 2024 budget cycle and beyond." (For more information see "State of Illinois Series Of May 2023A, B, C, And D GO Bonds Rated 'A-', Mar. 30, 2023). The State of Missouri, which did not have any general obligation debt as of Dec. 1, 2022, was moved to NR from the 'AAA' a rating the state held since the 1960s. In February, an 'AAA' Issue Credit Rating was assigned (for more information see "Missouri; General Obligation" Feb. 9, 2023).
Local governments
Local governments had 91 upgrades and 18 downgrades in the first quarter of 2023 (see chart 7), led by finances with 37 upgrades and 11 downgrades, followed by liquidity with 19 upgrades and zero downgrades.
Chart 7
Utilities
For the first quarter, utilities had five upgrades and eight downgrades, with debt service coverage and operations accounting for four rating actions each, one upgrade and three downgrades.
Chart 8
Health care
For the first quarter, health care had five upgrades and 14 downgrades, led by operations with eight downgrades, followed by finances with seven rating actions (three upgrades and four downgrades).
Chart 9
Higher education and charter schools
For the first quarter, higher education and charter schools had 13 upgrades and 12 downgrades, led by finances, with seven (five upgrades and two downgrades).
Chart 10
Transportation
For the first quarter, transportation had 29 upgrades and zero downgrades, led by operations, with 11, followed by finances(correct?), with six rating actions (three upgrades and three downgrades).
Chart 11
Housing
For the first quarter, housing had 52 upgrades and four downgrades, led by criteria, with 38, followed by debt, with eight rating actions (six upgrades and two downgrades).
Chart 12
Appendix
Table 3
| Q1 2023 upgrades and downgrades | ||||||||
|---|---|---|---|---|---|---|---|---|
| Sector | Upgrades | Downgrades | Defaulted | |||||
| Total USPF ex. housing | 134 | 52 | 0 | |||||
| State and local* | 91 | 18 | 0 | |||||
| Tax secured | 67 | 18 | 0 | |||||
| Appropriation | 24 | 0 | 0 | |||||
| Utilities | 5 | 8 | 0 | |||||
| Health care | 5 | 14 | 0 | |||||
| Higher education | 7 | 9 | 0 | |||||
| Charter schools | 6 | 3 | 0 | |||||
| Transportation | 20 | 0 | 0 | |||||
| Housing | 52 | 4 | 0 | |||||
| Data as of Mar. 31, 2023. *Includes tax-secured and appropriation securities. Source: S&P Global Ratings Credit Research & insights. | ||||||||
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 | 154 | 38 | 62 | 5 | 64 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 5 | 7 | ||||||||||||||||||||
| 4/1/2001 | 741 | 106 | 83 | 3 | 630 | 67 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 32 | 11 | ||||||||||||||||||||
| 7/1/2001 | 126 | 47 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 14 | 14 | ||||||||||||||||||||
| 10/1/2001 | 100 | 14 | 57 | 3 | 20 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 2 | 0 | 0 | 0 | 24 | 7 | ||||||||||||||||||||
| 1/1/2002 | 174 | 38 | 98 | 5 | 45 | 1 | 15 | 7 | 4 | 6 | 7 | 5 | 5 | 14 | 0 | 0 | 3 | 7 | ||||||||||||||||||||
| 4/1/2002 | 108 | 105 | 59 | 9 | 21 | 64 | 20 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 24 | ||||||||||||||||||||
| 7/1/2002 | 72 | 38 | 40 | 2 | 9 | 10 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | ||||||||||||||||||||
| 10/1/2002 | 103 | 127 | 57 | 13 | 26 | 72 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 17 | ||||||||||||||||||||
| 1/1/2003 | 85 | 66 | 41 | 5 | 18 | 33 | 11 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 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 | 80 | 132 | 45 | 7 | 18 | 79 | 12 | 4 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 25 | ||||||||||||||||||||
| 10/1/2003 | 126 | 92 | 56 | 15 | 26 | 28 | 17 | 7 | 11 | 30 | 16 | 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 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
| 7/1/2004 | 189 | 130 | 48 | 13 | 102 | 100 | 31 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 19 | 19 | ||||||||||||||||||||
| 10/1/2004 | 122 | 58 | 65 | 10 | 22 | 22 | 19 | 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 | 76 | 12 | ||||||||||||||||||||
| 4/1/2005 | 109 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 16 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 96 | ||||||||||||||||||||
| 7/1/2005 | 215 | 39 | 52 | 13 | 133 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 29 | 11 | ||||||||||||||||||||
| 10/1/2005 | 153 | 109 | 75 | 44 | 24 | 23 | 22 | 7 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 37 | ||||||||||||||||||||
| 1/1/2006 | 114 | 47 | 38 | 9 | 47 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | ||||||||||||||||||||
| 4/1/2006 | 252 | 22 | 68 | 10 | 144 | 1 | 14 | 2 | 14 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 27 | 8 | ||||||||||||||||||||
| 7/1/2006 | 405 | 29 | 338 | 8 | 18 | 1 | 25 | 2 | 13 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 49 | 13 | ||||||||||||||||||||
| 10/1/2006 | 194 | 38 | 99 | 13 | 37 | 5 | 22 | 6 | 12 | 10 | 12 | 3 | 12 | 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 | 180 | 56 | 75 | 28 | 63 | 11 | 25 | 2 | 9 | 8 | 7 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
| 7/1/2007 | 161 | 24 | 94 | 3 | 38 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 15 | 11 | ||||||||||||||||||||
| 10/1/2007 | 165 | 49 | 76 | 13 | 32 | 8 | 25 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 10 | 10 | ||||||||||||||||||||
| 1/1/2008 | 237 | 34 | 127 | 10 | 47 | 2 | 41 | 2 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 16 | ||||||||||||||||||||
| 4/1/2008 | 632 | 31 | 417 | 7 | 103 | 2 | 96 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
| 7/1/2008 | 595 | 31 | 300 | 6 | 232 | 1 | 42 | 2 | 4 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
| 10/1/2008 | 667 | 43 | 291 | 6 | 60 | 4 | 297 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 31 | 30 | ||||||||||||||||||||
| 1/1/2009 | 758 | 210 | 525 | 17 | 140 | 152 | 81 | 5 | 4 | 29 | 1 | 3 | 3 | 4 | 4 | 0 | 22 | 152 | ||||||||||||||||||||
| 4/1/2009 | 614 | 83 | 331 | 16 | 116 | 41 | 149 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 16 | 74 | ||||||||||||||||||||
| 7/1/2009 | 403 | 32 | 227 | 4 | 90 | 4 | 67 | 8 | 3 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 32 | ||||||||||||||||||||
| 10/1/2009 | 454 | 60 | 316 | 12 | 77 | 28 | 33 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 8 | 32 | ||||||||||||||||||||
| 1/1/2010 | 683 | 278 | 523 | 47 | 88 | 209 | 58 | 7 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 73 | ||||||||||||||||||||
| 4/1/2010 | 578 | 94 | 445 | 54 | 76 | 16 | 40 | 4 | 8 | 16 | 6 | 2 | 1 | 2 | 2 | 0 | 8 | 37 | ||||||||||||||||||||
| 7/1/2010 | 256 | 40 | 158 | 18 | 34 | 2 | 44 | 4 | 7 | 10 | 11 | 3 | 1 | 3 | 1 | 0 | 8 | 60 | ||||||||||||||||||||
| 10/1/2010 | 238 | 59 | 148 | 26 | 18 | 17 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 66 | ||||||||||||||||||||
| 1/1/2011 | 445 | 300 | 243 | 68 | 105 | 212 | 56 | 6 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | ||||||||||||||||||||
| 4/1/2011 | 190 | 96 | 99 | 58 | 33 | 18 | 26 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 37 | ||||||||||||||||||||
| 7/1/2011 | 94 | 126 | 38 | 53 | 9 | 49 | 28 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1290 | ||||||||||||||||||||
| 10/1/2011 | 75 | 112 | 23 | 54 | 3 | 11 | 29 | 18 | 9 | 14 | 9 | 6 | 1 | 4 | 1 | 5 | 11 | 33 | ||||||||||||||||||||
| 1/1/2012 | 126 | 90 | 43 | 40 | 24 | 22 | 44 | 12 | 11 | 10 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 58 | ||||||||||||||||||||
| 4/1/2012 | 178 | 139 | 79 | 68 | 26 | 39 | 46 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | ||||||||||||||||||||
| 7/1/2012 | 140 | 149 | 66 | 79 | 27 | 39 | 26 | 8 | 14 | 10 | 3 | 7 | 3 | 0 | 1 | 6 | 3 | 39 | ||||||||||||||||||||
| 10/1/2012 | 136 | 87 | 73 | 44 | 19 | 11 | 28 | 10 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 4 | 18 | 12 | ||||||||||||||||||||
| 1/1/2013 | 200 | 128 | 83 | 88 | 85 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 6 | 12 | ||||||||||||||||||||
| 4/1/2013 | 203 | 96 | 111 | 45 | 36 | 19 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 27 | ||||||||||||||||||||
| 7/1/2013 | 274 | 118 | 163 | 49 | 70 | 19 | 24 | 15 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 12 | 9 | 13 | ||||||||||||||||||||
| 10/1/2013 | 766 | 170 | 545 | 64 | 170 | 60 | 33 | 5 | 5 | 21 | 9 | 11 | 4 | 1 | 0 | 8 | 33 | 75 | ||||||||||||||||||||
| 1/1/2014 | 681 | 163 | 520 | 80 | 109 | 41 | 17 | 15 | 14 | 10 | 7 | 8 | 12 | 1 | 2 | 8 | 9 | 4 | ||||||||||||||||||||
| 4/1/2014 | 586 | 288 | 448 | 90 | 84 | 145 | 31 | 10 | 12 | 18 | 8 | 19 | 3 | 0 | 0 | 6 | 16 | 10 | ||||||||||||||||||||
| 7/1/2014 | 738 | 368 | 460 | 93 | 236 | 228 | 28 | 8 | 9 | 14 | 4 | 10 | 1 | 0 | 0 | 15 | 33 | 8 | ||||||||||||||||||||
| 10/1/2014 | 279 | 83 | 117 | 40 | 124 | 7 | 22 | 12 | 8 | 9 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 32 | ||||||||||||||||||||
| 1/1/2015 | 235 | 161 | 143 | 70 | 35 | 42 | 27 | 7 | 24 | 18 | 3 | 18 | 2 | 0 | 1 | 6 | 23 | 4 | ||||||||||||||||||||
| 4/1/2015 | 274 | 139 | 144 | 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 | 228 | 109 | 137 | 52 | 16 | 17 | 36 | 19 | 19 | 10 | 4 | 5 | 14 | 1 | 2 | 5 | 8 | 2 | ||||||||||||||||||||
| 1/1/2016 | 267 | 138 | 143 | 61 | 39 | 30 | 47 | 20 | 8 | 6 | 21 | 14 | 7 | 1 | 2 | 6 | 19 | 18 | ||||||||||||||||||||
| 4/1/2016 | 236 | 155 | 117 | 54 | 26 | 40 | 52 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 12 | 19 | 43 | ||||||||||||||||||||
| 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 | 271 | 106 | 50 | 25 | 158 | 51 | 28 | 8 | 11 | 19 | 13 | 5 | 1 | 6 | 10 | 14 | 9 | ||||||||||||||||||||
| 1/1/2017 | 251 | 272 | 137 | 76 | 41 | 128 | 53 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 3 | 17 | 10 | 24 | ||||||||||||||||||||
| 4/1/2017 | 228 | 120 | 99 | 67 | 91 | 19 | 13 | 6 | 11 | 4 | 1 | 19 | 7 | 0 | 6 | 5 | 9 | 9 | ||||||||||||||||||||
| 7/1/2017 | 157 | 153 | 90 | 53 | 25 | 57 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 5 | 7 | 12 | 5 | ||||||||||||||||||||
| 10/1/2017 | 234 | 115 | 145 | 65 | 42 | 18 | 22 | 6 | 7 | 7 | 8 | 8 | 5 | 2 | 5 | 9 | 7 | 7 | ||||||||||||||||||||
| 1/1/2018 | 552 | 97 | 339 | 53 | 177 | 8 | 19 | 8 | 8 | 7 | 3 | 10 | 0 | 2 | 6 | 9 | 3 | 32 | ||||||||||||||||||||
| 4/1/2018 | 312 | 168 | 176 | 75 | 75 | 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 | 261 | 117 | 171 | 58 | 41 | 12 | 24 | 22 | 10 | 7 | 6 | 8 | 7 | 5 | 2 | 5 | 8 | 30 | ||||||||||||||||||||
| 7/1/2019 | 199 | 106 | 120 | 63 | 37 | 13 | 30 | 10 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 8 | 2 | 71 | ||||||||||||||||||||
| 10/1/2019 | 217 | 114 | 131 | 69 | 37 | 5 | 26 | 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 | 172 | 4 | 91 | 0 | 33 | 4 | 9 | 0 | 13 | 0 | 14 | 0 | 8 | 0 | 4 | 2 | 43 | ||||||||||||||||||||
| 7/1/2020 | 13 | 247 | 7 | 103 | 1 | 25 | 4 | 15 | 0 | 7 | 0 | 23 | 0 | 71 | 1 | 3 | 15 | 83 | ||||||||||||||||||||
| 10/1/2020 | 28 | 314 | 11 | 68 | 1 | 168 | 9 | 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 | 305 | 51 | 106 | 22 | 162 | 4 | 14 | 15 | 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 | 12 | 12 | ||||||||||||||||||||
| 10/1/2022 | 166 | 64 | 81 | 25 | 25 | 5 | 22 | 12 | 3 | 10 | 11 | 10 | 23 | 1 | 1 | 1 | 55 | 3 | ||||||||||||||||||||
| 1/1/2023 | 134 | 52 | 67 | 18 | 24 | 0 | 5 | 8 | 5 | 14 | 7 | 9 | 20 | 0 | 6 | 3 | 52 | 4 | ||||||||||||||||||||
| Data as of Mar. 31, 2023. #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. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||||||||||||||||||||||||
Related Research:
- Default, Transition, and Recovery: 2022 Annual U.S. Public Finance Default Study And Rating Transitions, March 30, 2023
This report does not constitute a rating action.
| Primary Credit Analysts: | 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: | Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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