Key Takeaways
- The U.S. public finance (USPF) default tally rose to four in 2023, up from two in 2022.
- Credit quality improved in 2023: S&P Global Ratings raised 1,157 USPF ratings (128 housing and 1,029 nonhousing) and lowered 257 (18 housing and 239 nonhousing), compared with 870 upgrades and 258 downgrades in 2022.
- The transportation sector continues to dramatically improve in credit quality, largely because of improvement among airports.
- The average one-year Gini coefficient was 94% for nonhousing and 91% for housing, indicating that our ratings strongly reflect relative default risk.
Overall credit quality improved in U.S. public finance (USPF) last year. S&P Global Ratings raised 1,157 USPF ratings (128 housing and 1,029 nonhousing) and lowered 257 (18 housing and 239 nonhousing), compared with 870 upgrades and 258 downgrades in 2022. Four USPF obligors rated by S&P Global Ratings defaulted in 2023, up from two in 2022. For historical context, from 2014 to 2023, combined housing and nonhousing USPF defaults averaged 9.4 per year, while 2004 to 2013 produced an average of 6.6 defaults per year. The overall default rate in 2023 was 0.017%, up from 0.008% in 2022.
The total number of USPF ratings at the beginning of 2023 was 23,594 (including 2,241 housing), down slightly from the start of 2022. The number of ratings in the 'CCC' to 'C' categories, where default activity is concentrated, was 20 at the start of 2023 (nine nonhousing and 11 housing), down from 33 at the start of 2022 (11 nonhousing and 22 housing). All defaults in 2023 were rated between 'CCC' and 'C' prior to default.
Last year only one sector had more downgrades than upgrades: health care (see tables 1 and 2). Transportation had the largest percentage of ratings raised, at 14.2% (40 upgrades and only one downgrade), due to continued improvements in airport revenue and operations.
In this study, local government ratings are a combination of two security types: tax secured and appropriation. Tax-secured debt covers state or local government general obligations (GOs), while appropriation debt is subject to annual appropriations by issuers and is typically rated one notch lower than the GO debt ratings. In table 1, the local government row aggregates tax-secured and appropriation rating actions. Additionally, the nonhousing row represents the totals of all nonhousing sectors.
Table 1
Upgrades, downgrades, and defaults rates by sector (2023) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Upgrade% | Downgrade% | Default% | Upgrades | Downgrades | Defaults | |||||||||
Local governments* | 5.01 | 0.70 | 0.01 | 864 | 121 | 1 | ||||||||
Tax secured | 4.10 | 0.79 | 0.01 | 526 | 101 | 1 | ||||||||
Appropriation | 7.66 | 0.45 | 0.00 | 338 | 20 | 0 | ||||||||
Utility | 2.63 | 1.25 | 0.00 | 61 | 29 | 0 | ||||||||
Higher education | 5.17 | 3.53 | 0.00 | 41 | 28 | 0 | ||||||||
Health care | 2.96 | 12.30 | 0.23 | 13 | 54 | 1 | ||||||||
Transportation | 14.23 | 0.36 | 0.00 | 40 | 1 | 0 | ||||||||
Charter schools | 3.76 | 2.26 | 0.75 | 10 | 6 | 2 | ||||||||
Non-housing | 4.82 | 1.12 | 0.02 | 1029 | 239 | 4 | ||||||||
Housing | 5.71 | 0.80 | 0.00 | 128 | 18 | 0 | ||||||||
*Includes Tax Secured and Appropriations. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®. |
Rating Changes In 2023
Credit Quality improved for both Housing and Nonhousing Obligors
For nonhousing, upgrades rose to 4.8% of total ratings in 2023 from 3.7% in 2022, and downgrades where flat at 1.1% (see table 2). Because of the higher upgrade rate in 2023, the stability rate (the rate at which an issuer had the same rating at the start of the year as at the end of the year) fell to 90.1% in 2023 from 90.4% in 2022. The ratio of downgrades to upgrades also fell, to 0.2 to 1 in 2023 from 0.3 to 1 in 2022. For housing, upgrades rose to 5.7% of ratings in 2023 from 3% in 2022, and downgrades fell to 0.8% from 1%. The stability rate fell slightly to 87.7% in 2023 from 88.5% in 2022. The ratio of downgrades to upgrades fell to 0.1 to 1 in 2023 from 0.4 to 1 in 2022.
Long-term statistics
Historically, the stability of USPF nonhousing ratings has remained high. The 87.4% long-term weighted average stability rate for nonhousing has a standard deviation of only 4.4%, and the lowest stability rates (78.5% in 2009 and 75.5% in 1995) indicate that even in the most adverse circumstances, nonhousing ratings tend to be stable.
For housing, the long-term weighted stability rate is 85.2% with a standard deviation of 9.1%. However, there have been only six years with stability rates below 80%, compared with two for nonhousing. The lowest stability rate for housing was in 2011, when almost half of all housing ratings were lowered along with the U.S. sovereign downgrade.
The weighted average one-year default rate for nonhousing is 0.028% from 1986 to 2023. The highest annual default rate (0.08%) was from 2017, when there were 18 defaults. Since the post-financial-crisis spike in defaults starting in 2012, the default rate has averaged 0.04%.
For housing, the weighted average one-year default rate from 1986 to 2023 is 0.08%, with the highest default rate (0.63%) in 1991. Since 2012, the average one-year default rate is 0.11%.
Table 2
Summary of annual non housing rating changes (%)* | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year | Issuers as of Jan. 1 | Upgrades | Downgrades§ | Defaults | Withdrawn ratings | Changed ratings | Unchanged ratings | Downgrade/upgrade ratio | ||||||||||
1981 | 3,624.0 | 1.10 | 2.04 | 0.00 | 0.58 | 3.73 | 96.27 | 1.85 | ||||||||||
1982 | 3,896.0 | 1.33 | 2.59 | 0.00 | 0.39 | 4.31 | 95.69 | 1.94 | ||||||||||
1983 | 4,283.0 | 1.47 | 2.50 | 0.02 | 1.73 | 5.72 | 94.28 | 1.70 | ||||||||||
1984 | 4,529.0 | 1.66 | 1.63 | 0.00 | 2.41 | 5.70 | 94.30 | 0.99 | ||||||||||
1985 | 4,722.0 | 2.20 | 1.74 | 0.00 | 3.83 | 7.77 | 92.23 | 0.79 | ||||||||||
1986 | 5,031.0 | 3.18 | 2.39 | 0.00 | 6.96 | 12.52 | 87.48 | 0.75 | ||||||||||
1987 | 5,192.0 | 2.85 | 2.95 | 0.06 | 8.11 | 13.96 | 86.04 | 1.03 | ||||||||||
1988 | 5,168.0 | 2.17 | 2.21 | 0.00 | 5.55 | 9.93 | 90.07 | 1.02 | ||||||||||
1989 | 5,310.0 | 3.37 | 1.26 | 0.06 | 4.05 | 8.74 | 91.26 | 0.37 | ||||||||||
1990 | 5,601.0 | 1.87 | 4.05 | 0.05 | 3.64 | 9.62 | 90.38 | 2.16 | ||||||||||
1991 | 5,959.0 | 1.48 | 4.68 | 0.02 | 4.26 | 10.44 | 89.56 | 3.17 | ||||||||||
1992 | 6,400.0 | 2.95 | 5.03 | 0.08 | 6.61 | 14.67 | 85.33 | 1.70 | ||||||||||
1993 | 6,717.0 | 2.69 | 1.82 | 0.00 | 9.68 | 14.19 | 85.81 | 0.67 | ||||||||||
1994 | 6,769.0 | 2.07 | 2.73 | 0.04 | 10.03 | 14.88 | 85.12 | 1.32 | ||||||||||
1995 | 6,579.0 | 2.39 | 2.37 | 0.02 | 19.70 | 24.47 | 75.53 | 0.99 | ||||||||||
1996 | 5,670.0 | 4.43 | 1.68 | 0.00 | 11.01 | 17.11 | 82.89 | 0.38 | ||||||||||
1997 | 5,499.0 | 6.04 | 0.93 | 0.00 | 6.22 | 13.18 | 86.82 | 0.15 | ||||||||||
1998 | 5,934.0 | 4.57 | 1.25 | 0.00 | 9.08 | 14.90 | 85.10 | 0.27 | ||||||||||
1999 | 6,644.0 | 6.28 | 1.75 | 0.02 | 9.27 | 17.31 | 82.69 | 0.28 | ||||||||||
2000 | 7,029.0 | 9.05 | 1.24 | 0.04 | 3.34 | 13.67 | 86.33 | 0.14 | ||||||||||
2001 | 7,638.0 | 13.52 | 2.45 | 0.04 | 3.33 | 19.34 | 80.66 | 0.18 | ||||||||||
2002 | 8,415.0 | 5.18 | 3.30 | 0.01 | 4.53 | 13.02 | 86.98 | 0.64 | ||||||||||
2003 | 9,150.0 | 4.00 | 3.18 | 0.01 | 4.77 | 11.96 | 88.04 | 0.80 | ||||||||||
2004 | 10,040.0 | 4.89 | 3.20 | 0.03 | 5.41 | 13.53 | 86.47 | 0.65 | ||||||||||
2005 | 10,586.0 | 5.72 | 2.13 | 0.01 | 3.69 | 11.55 | 88.45 | 0.37 | ||||||||||
2006 | 11,296.0 | 8.10 | 1.13 | 0.01 | 3.63 | 12.87 | 87.13 | 0.14 | ||||||||||
2007 | 12,088.0 | 5.51 | 1.24 | 0.00 | 3.18 | 9.93 | 90.07 | 0.23 | ||||||||||
2008 | 12,803.0 | 16.04 | 0.98 | 0.04 | 2.84 | 19.90 | 80.10 | 0.06 | ||||||||||
2009 | 13,931.0 | 15.81 | 2.58 | 0.00 | 3.07 | 21.46 | 78.54 | 0.16 | ||||||||||
2010 | 15,944.0 | 10.62 | 2.28 | 0.02 | 6.27 | 19.18 | 80.82 | 0.21 | ||||||||||
2011 | 17,496.0 | 4.52 | 3.32 | 0.03 | 3.11 | 10.98 | 89.02 | 0.73 | ||||||||||
2012 | 18,356.0 | 3.03 | 2.32 | 0.06 | 3.68 | 9.10 | 90.90 | 0.76 | ||||||||||
2013 | 19,356.0 | 7.06 | 2.40 | 0.08 | 3.64 | 13.18 | 86.82 | 0.34 | ||||||||||
2014 | 20,094.0 | 11.17 | 3.40 | 0.04 | 3.24 | 17.86 | 82.14 | 0.30 | ||||||||||
2015 | 20,730.0 | 4.84 | 2.20 | 0.04 | 4.34 | 11.42 | 88.58 | 0.45 | ||||||||||
2016 | 21,315.0 | 4.21 | 3.11 | 0.07 | 4.26 | 11.65 | 88.35 | 0.74 | ||||||||||
2017 | 21,665.0 | 3.82 | 2.83 | 0.08 | 4.81 | 11.54 | 88.46 | 0.74 | ||||||||||
2018 | 21,598.0 | 6.10 | 2.50 | 0.00 | 4.49 | 13.10 | 86.90 | 0.41 | ||||||||||
2019 | 21,571.0 | 4.35 | 1.99 | 0.02 | 3.87 | 10.24 | 89.76 | 0.46 | ||||||||||
2020 | 21,756.0 | 0.69 | 3.71 | 0.00 | 4.87 | 9.27 | 90.73 | 5.38 | ||||||||||
2021 | 21,703.0 | 2.35 | 1.23 | 0.01 | 5.58 | 9.17 | 90.83 | 0.52 | ||||||||||
2022 | 21,662.0 | 3.70 | 1.11 | 0.01 | 4.79 | 9.60 | 90.40 | 0.30 | ||||||||||
2023 | 21,353.0 | 4.82 | 1.12 | 0.02 | 3.88 | 9.84 | 90.16 | 0.23 | ||||||||||
Weighted average | 5.42 | 2.33 | 0.03 | 4.78 | 12.56 | 87.44 | 0.79 | |||||||||||
Average | 4.96 | 2.34 | 0.02 | 5.16 | 12.48 | 87.52 | 0.85 | |||||||||||
Median | 4.21 | 2.32 | 0.02 | 4.26 | 11.96 | 88.04 | 0.64 | |||||||||||
Standard deviation | 3.71 | 0.98 | 0.03 | 3.28 | 4.44 | 4.44 | 0.96 | |||||||||||
Minimum | 0.69 | 0.93 | 0.00 | 0.39 | 3.73 | 75.53 | 0.06 | |||||||||||
Maximum | 16.04 | 5.03 | 0.08 | 19.70 | 24.47 | 96.27 | 5.38 | |||||||||||
*This table compares the net change in ratings from the first to the last day of each year. All intermediate ratings are disregarded. §Excludes downgrades to 'D', shown separately in the default column. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®. | ||||||||||||||||||
Summary of annual housing rating changes (%)* | ||||||||||||||||||
Year | Issuers as of Jan. 1 | Upgrades | Downgrades§ | Defaults | Withdrawn ratings | Changed ratings | Unchanged ratings | Downgrade/upgrade ratio | ||||||||||
1981 | 967.0 | 0.31 | 1.86 | 0.00 | 0.10 | 2.28 | 97.72 | 6.00 | ||||||||||
1982 | 1,119.0 | 0.27 | 1.88 | 0.00 | 0.36 | 2.50 | 97.50 | 7.00 | ||||||||||
1983 | 1,611.0 | 0.31 | 0.81 | 0.00 | 0.37 | 1.49 | 98.51 | 2.60 | ||||||||||
1984 | 1,925.0 | 0.62 | 5.66 | 0.00 | 3.38 | 9.66 | 90.34 | 9.08 | ||||||||||
1985 | 2,156.0 | 0.32 | 2.09 | 0.00 | 1.02 | 3.43 | 96.57 | 6.43 | ||||||||||
1986 | 2,593.0 | 0.12 | 4.47 | 0.00 | 3.09 | 7.67 | 92.33 | 38.67 | ||||||||||
1987 | 2,706.0 | 0.81 | 4.25 | 0.04 | 1.59 | 6.69 | 93.31 | 5.23 | ||||||||||
1988 | 2,829.0 | 1.17 | 6.01 | 0.04 | 3.22 | 10.43 | 89.57 | 5.15 | ||||||||||
1989 | 2,988.0 | 1.17 | 1.97 | 0.00 | 14.69 | 17.84 | 82.16 | 1.69 | ||||||||||
1990 | 2,765.0 | 1.52 | 9.08 | 0.00 | 10.34 | 20.94 | 79.06 | 5.98 | ||||||||||
1991 | 2,850.0 | 0.98 | 9.23 | 0.63 | 15.23 | 26.07 | 73.93 | 9.39 | ||||||||||
1992 | 2,785.0 | 3.05 | 3.52 | 0.04 | 9.73 | 16.34 | 83.66 | 1.15 | ||||||||||
1993 | 2,775.0 | 2.63 | 3.14 | 0.07 | 14.77 | 20.61 | 79.39 | 1.19 | ||||||||||
1994 | 2,610.0 | 5.71 | 1.65 | 0.04 | 10.69 | 18.08 | 81.92 | 0.29 | ||||||||||
1995 | 2,648.0 | 3.47 | 1.85 | 0.04 | 23.11 | 28.47 | 71.53 | 0.53 | ||||||||||
1996 | 2,417.0 | 1.90 | 0.74 | 0.04 | 12.25 | 14.94 | 85.06 | 0.39 | ||||||||||
1997 | 2,556.0 | 3.68 | 0.74 | 0.00 | 9.90 | 14.32 | 85.68 | 0.20 | ||||||||||
1998 | 2,688.0 | 0.93 | 1.38 | 0.07 | 9.97 | 12.35 | 87.65 | 1.48 | ||||||||||
1999 | 2,797.0 | 1.43 | 1.14 | 0.07 | 7.15 | 9.80 | 90.20 | 0.80 | ||||||||||
2000 | 3,013.0 | 0.86 | 1.49 | 0.00 | 3.19 | 5.54 | 94.46 | 1.73 | ||||||||||
2001 | 3,300.0 | 2.45 | 0.82 | 0.03 | 3.76 | 7.06 | 92.94 | 0.33 | ||||||||||
2002 | 3,567.0 | 0.34 | 1.35 | 0.17 | 4.85 | 6.70 | 93.30 | 4.00 | ||||||||||
2003 | 3,792.0 | 1.05 | 1.71 | 0.13 | 8.10 | 11.00 | 89.00 | 1.63 | ||||||||||
2004 | 3,820.0 | 1.54 | 1.02 | 0.10 | 9.45 | 12.12 | 87.88 | 0.66 | ||||||||||
2005 | 3,708.0 | 3.18 | 4.07 | 0.16 | 12.27 | 19.69 | 80.31 | 1.28 | ||||||||||
2006 | 3,553.0 | 3.63 | 0.84 | 0.08 | 9.74 | 14.30 | 85.70 | 0.23 | ||||||||||
2007 | 3,443.0 | 2.58 | 0.38 | 0.09 | 8.36 | 11.41 | 88.59 | 0.15 | ||||||||||
2008 | 3,387.0 | 1.62 | 3.04 | 0.03 | 5.11 | 9.80 | 90.20 | 1.87 | ||||||||||
2009 | 3,445.0 | 1.71 | 6.59 | 0.09 | 8.51 | 16.89 | 83.11 | 3.85 | ||||||||||
2010 | 3,301.0 | 1.48 | 7.12 | 0.00 | 18.18 | 26.78 | 73.22 | 4.80 | ||||||||||
2011 | 2,899.0 | 1.59 | 45.77 | 0.03 | 9.59 | 56.99 | 43.01 | 28.85 | ||||||||||
2012 | 2,783.0 | 1.29 | 4.06 | 0.00 | 11.64 | 17.00 | 83.00 | 3.14 | ||||||||||
2013 | 2,624.0 | 2.32 | 4.34 | 0.04 | 9.95 | 16.65 | 83.35 | 1.87 | ||||||||||
2014 | 2,469.0 | 4.98 | 1.90 | 0.00 | 7.45 | 14.34 | 85.66 | 0.38 | ||||||||||
2015 | 2,371.0 | 2.07 | 0.34 | 0.13 | 8.86 | 11.39 | 88.61 | 0.16 | ||||||||||
2016 | 2,326.0 | 2.41 | 2.67 | 0.04 | 11.56 | 16.68 | 83.32 | 1.11 | ||||||||||
2017 | 2,230.0 | 1.66 | 1.75 | 0.09 | 8.39 | 11.88 | 88.12 | 1.05 | ||||||||||
2018 | 2,241.0 | 2.50 | 4.19 | 0.00 | 8.57 | 15.26 | 84.74 | 1.68 | ||||||||||
2019 | 2,224.0 | 0.67 | 5.08 | 0.31 | 9.31 | 15.38 | 84.62 | 7.53 | ||||||||||
2020 | 2,213.0 | 2.71 | 6.24 | 0.54 | 6.24 | 15.73 | 84.27 | 2.30 | ||||||||||
2021 | 2,229.0 | 1.53 | 1.30 | 0.22 | 8.70 | 11.75 | 88.25 | 0.85 | ||||||||||
2022 | 2,230.0 | 3.09 | 1.08 | 0.00 | 7.35 | 11.52 | 88.48 | 0.35 | ||||||||||
2023 | 2,241.0 | 5.71 | 0.80 | 0.00 | 5.76 | 12.27 | 87.73 | 0.14 | ||||||||||
Weighted average | 1.98 | 4.06 | 0.08 | 8.69 | 14.81 | 85.19 | 3.87 | |||||||||||
Average | 1.94 | 3.94 | 0.08 | 8.27 | 14.23 | 85.77 | 4.03 | |||||||||||
Median | 1.59 | 1.90 | 0.04 | 8.57 | 12.35 | 87.65 | 1.68 | |||||||||||
Standard deviation | 1.38 | 6.93 | 0.13 | 4.83 | 9.11 | 9.11 | 7.20 | |||||||||||
Minimum | 0.12 | 0.34 | 0.00 | 0.10 | 1.49 | 43.01 | 0.14 | |||||||||||
Maximum | 5.71 | 45.77 | 0.63 | 23.11 | 56.99 | 98.51 | 38.67 | |||||||||||
*This table compares the net change in ratings from the first to the last day of each year. All intermediate ratings are disregarded. §Excludes downgrades to 'D', shown separately in the default column. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®. |
Transportation Continued To Have The Most Improved Credit Quality
The subsectors making up USPF are distinct enough to warrant breaking out in our analysis, but some are very small. Chart 1 shows each sector's percentages of upgrades and downgrades in 2023.
The transportation sector had the highest upgrade rate (14.2%), followed by appropriations (7.7%) and housing (5.7%).
Most of the transportation upgrades were concentrated in low-investment-grade (ratings 'BBB-' and higher) and high-speculative-grade (ratings 'BB+' and lower) rating categories (see table 3). The largest categories upgraded in state and local government were tax-secured 'B' ratings and appropriations 'BB' ratings.
Chart 1
Table 3
Rating category movement in 2023 by sector (%) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
USPF | Tax secured | Appropriation | ||||||||||||
Higher | Lower | Higher | Lower | Higher | Lower | |||||||||
AAA | N.A. | 0.28 | N.A. | 0.37 | N.A. | 1.52 | ||||||||
AA | 0.53 | 0.30 | 0.36 | 0.42 | 0.00 | 0.04 | ||||||||
A | 1.56 | 0.34 | 1.41 | 0.20 | 1.25 | 0.00 | ||||||||
BBB | 19.11 | 0.71 | 18.55 | 0.00 | 55.02 | 0.37 | ||||||||
BB | 6.69 | 3.06 | 13.46 | 1.92 | 10.20 | 2.04 | ||||||||
B | 4.44 | 6.67 | 50.00 | 0.00 | 0.00 | 0.00 | ||||||||
CCC/C | 5.00 | 10.00 | 0.00 | 50.00 | 0.00 | 0.00 | ||||||||
Utility | Housing | Higher education | ||||||||||||
Higher | Lower | Higher | Lower | Higher | Lower | |||||||||
AAA | N.A. | 0.00 | N.A. | 0.00 | N.A. | 0.00 | ||||||||
AA | 0.41 | 0.41 | 1.92 | 0.12 | 0.54 | 0.00 | ||||||||
A | 1.20 | 0.90 | 7.84 | 0.65 | 4.35 | 0.62 | ||||||||
BBB | 2.86 | 0.71 | 5.26 | 0.00 | 2.79 | 0.56 | ||||||||
BB | 0.00 | 0.00 | 9.52 | 9.52 | 7.14 | 7.14 | ||||||||
B | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
CCC/C | 0.00 | 0.00 | 9.09 | 0.00 | 0.00 | 0.00 | ||||||||
Health care | Transportation | Charter schools | ||||||||||||
Higher | Lower | Higher | Lower | Higher | Lower | |||||||||
AAA | N.A. | 0.00 | N.A. | 0.00 | N.A. | 0.00 | ||||||||
AA | 0.00 | 2.63 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
A | 0.51 | 4.04 | 2.44 | 0.00 | 0.00 | 0.00 | ||||||||
BBB | 6.59 | 5.49 | 17.65 | 0.00 | 0.00 | 1.74 | ||||||||
BB | 3.85 | 11.54 | 0.00 | 0.00 | 3.47 | 0.00 | ||||||||
B | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 33.33 | ||||||||
CCC/C | 0.00 | 33.33 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
N.A.--not available. Source: S&P Global Ratings Credit Research & Insights. |
The Default Tally Rose To Four
There were four defaults in 2023, up from two in 2022. The four defaults were the Beverly Community Hospital Association of California, which defaulted in April and was rated 'BB' at the start of the year, Summit Academy, a Michigan Charter School, which defaulted in May and was rated 'B-' at the start of the year, the Paradise Redevelopment Agency of California (a tax secured obligor), which defaulted in June and was rated 'CCC' at the start of the year, and Pointe Schools, an Arizona Charter School, which defaulted in July and was rated 'B+' at the start of the year.
Historically, among investment-grade ratings ('BBB-' or higher), defaults are rare (see charts 2 and 3). The highest annual number of nonhousing investment-grade defaults was in 2012, with four. For housing, only one year in the past six has had any investment-grade defaults, and that was 2020, when there were seven. The annual average number of investment-grade defaults are 0.4 for nonhousing and 0.5 for housing.
In USPF, large numbers of defaults tend to stem from specific crises. From 2012 to 2017, there were 66 nonhousing defaults. Almost half (31) of these were related to Puerto Rico (five in 2015, 13 in 2016, and 14 in 2017).
Chart 2
Chart 3
Default Rates By Sector
Default rates can vary among USPF sectors, although they are all generally low (see table 4). The three sectors with defaults in 2023, local government (which includes tax secured and appropriations backed debt), health care, and charter schools, had default rates of 0.008%, 0.2%, and 0.75%, respectively. Even under the most adverse credit conditions, the maximum default rate across all sectors of USPF never breaches 1%.
For more details on default rates by sector, please refer to tables 13-23.
Table 4
USPF default statistics by sector | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Default Rate (%) | ||||||||||||||
2023 # | 2023 | Mean | Median | Max | Max year | |||||||||
Tax secured | 1 | 0.008 | 0.007 | 0.00 | 0.07 | 1994 | ||||||||
Appropriation | 0 | 0.00 | 0.031 | 0.00 | 0.21 | 2017 | ||||||||
Utility | 0 | 0.00 | 0.024 | 0.00 | 0.16 | 2004 | ||||||||
Higher education | 0 | 0.00 | 0.040 | 0.00 | 0.36 | 2014 | ||||||||
Health care | 1 | 0.23 | 0.103 | 0.00 | 0.63 | 1992 | ||||||||
Transportation | 0 | 0.00 | 0.053 | 0.00 | 0.54 | 2001 | ||||||||
Charter schools | 2 | 0.75 | 0.119 | 0.00 | 0.75 | 2023 | ||||||||
Non-housing | 4 | 0.02 | 0.026 | 0.02 | 0.08 | 2017 | ||||||||
Housing | 0 | 0.00 | 0.086 | 0.04 | 0.63 | 1991 | ||||||||
Total USPF | 4 | 0.02 | 0.039 | 0.04 | 0.22 | 1991 | ||||||||
Revenue includes everything except tax-secured, appropriation and housing. Mean and median figures represent 1986 through 2023. Source: S&P Global Ratings Credit Research & Insights. |
Chart 4
Transition Rates Remain Highly Stable
This study's transition analysis reveals the degree to which ratings change over time. In the transition tables, the intersection of a row and column of the same rating shows the percentage of that rating that is the same at the start and end of the period. If ratings never changed, 100% would appear along the diagonal in the table. Movement toward the left shows the percentage of ratings that were raised, and movement toward the right indicates ratings that were lowered or withdrawn or that defaulted. (For more details, please refer to tables 24-28, 41, and 43-45.)
For example, 0.3% of 'AAA' ratings were lowered in 2023--all falling to 'AA' (see table 5). At the other end of the scale, 'CCC'/'C' ratings had a default rate of 10%, compared with the historical average of 19.6% (see table 6). The percentages of ratings that were raised or lowered into other rating categories can be computed by adding the values to the left or right, respectively, of the intersection of the row and column for each rating.
For instance, each year, on average 5.9% of 'BBB' ratings were raised (0.1% to the 'AA' category and 5.8% to the 'A' category) and 1.4% were lowered (1.2% to 'BB', 0.2% to 'B', 0.1% to 'CCC'/'C', and 0.01% to 'D'). Ratings generally moved higher in all rating categories except the two highest, where upgrades are difficult if not impossible to achieve, and the lowest, where there is usually a strong possibility of default.
Table 5
USPF 2023 one-year transition rates by category (%) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
From/to | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
AAA | 97.33 | 0.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.39 | |||||||||||
AA | 0.53 | 94.86 | 0.29 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 4.31 | |||||||||||
A | 0.00 | 1.56 | 94.28 | 0.34 | 0.00 | 0.00 | 0.00 | 0.00 | 3.83 | |||||||||||
BBB | 0.00 | 0.14 | 18.96 | 75.28 | 0.71 | 0.00 | 0.00 | 0.00 | 4.90 | |||||||||||
BB | 0.00 | 0.00 | 0.00 | 6.69 | 85.79 | 2.23 | 0.84 | 0.00 | 4.46 | |||||||||||
B | 0.00 | 0.00 | 0.00 | 0.00 | 4.44 | 75.56 | 2.22 | 4.44 | 13.33 | |||||||||||
CCC/C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 75.00 | 10.00 | 10.00 | |||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Stability has been a hallmark of USPF ratings since 1986, particularly for nonhousing sectors. At the 'AAA' level, on average 97% of ratings remain at 'AAA' one year later (see tables 6 and 27). Likewise, some ratings in the 'AA' category shift down slightly in one year, but 94% remain in that category or move higher one year later. Meanwhile, 'A', 'BBB', and 'BB' category ratings tend to move up more often than down within one year. Significant proportions of defaults don't appear until the 'B' and lower rating categories.
Table 6
USPF average one year transition rates (1986 - 2023) (%)* | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
AAA | 97.16 | 1.01 | 0.04 | 0.01 | 0.00 | 0.00 | 0.01 | 0.00 | 1.79 | |||||||||||
AA | 0.57 | 93.97 | 1.06 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 4.38 | |||||||||||
A | 0.01 | 2.70 | 91.36 | 0.84 | 0.04 | 0.01 | 0.01 | 0.00 | 5.03 | |||||||||||
BBB | 0.00 | 0.13 | 5.76 | 86.24 | 1.17 | 0.16 | 0.09 | 0.01 | 6.44 | |||||||||||
BB | 0.00 | 0.00 | 0.44 | 5.79 | 81.25 | 2.83 | 1.23 | 0.28 | 8.18 | |||||||||||
B | 0.00 | 0.10 | 0.49 | 2.17 | 7.21 | 70.29 | 5.92 | 1.78 | 12.04 | |||||||||||
CCC/C | 0.00 | 0.00 | 1.12 | 0.89 | 1.34 | 5.80 | 55.36 | 19.64 | 15.85 | |||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Examining rating transitions by modifier (the plus [+] or minus [-] after the rating) provides more evidence of upward rating movement (see table 7). Ratings in the 'AA' category are not as likely to be raised to 'AAA' as they are to move to a lower rating category, but 'AA' ratings are raised more frequently than they are lowered. For nonhousing 'AA' ratings, an average of 3.4% are raised to 'AA+' within one year, while just 1.5% are lowered to 'AA-'. On average, 4.8% of 'A' nonhousing ratings are raised to 'A+', compared with 1.6% that are lowered to 'A-'.
Table 7
Average one-year transition rates by modifier (1986 - 2023) (%)* | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | D | NR | |||||||||||||||||||||
AAA | 97.16 | 0.83 | 0.14 | 0.04 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 1.79 | |||||||||||||||||||||
AA+ | 2.33 | 92.01 | 1.09 | 0.15 | 0.03 | 0.01 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.35 | |||||||||||||||||||||
AA | 0.27 | 3.39 | 89.99 | 1.46 | 0.23 | 0.08 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.55 | |||||||||||||||||||||
AA- | 0.06 | 0.47 | 4.26 | 88.81 | 1.72 | 0.33 | 0.07 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.24 | |||||||||||||||||||||
A+ | 0.02 | 0.09 | 0.73 | 4.15 | 88.70 | 1.47 | 0.40 | 0.06 | 0.04 | 0.02 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.31 | |||||||||||||||||||||
A | 0.00 | 0.02 | 0.22 | 0.98 | 4.77 | 86.14 | 1.57 | 0.42 | 0.14 | 0.09 | 0.02 | 0.02 | 0.01 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 5.59 | |||||||||||||||||||||
A- | 0.00 | 0.02 | 0.07 | 0.71 | 1.85 | 6.66 | 82.36 | 1.90 | 0.57 | 0.24 | 0.02 | 0.05 | 0.00 | 0.00 | 0.03 | 0.01 | 0.02 | 0.01 | 5.47 | |||||||||||||||||||||
BBB+ | 0.00 | 0.01 | 0.02 | 0.17 | 0.98 | 2.13 | 6.94 | 79.83 | 2.77 | 0.53 | 0.11 | 0.13 | 0.03 | 0.02 | 0.04 | 0.02 | 0.08 | 0.00 | 6.21 | |||||||||||||||||||||
BBB | 0.00 | 0.00 | 0.01 | 0.08 | 0.38 | 1.15 | 1.63 | 5.08 | 81.96 | 1.99 | 0.36 | 0.29 | 0.08 | 0.02 | 0.08 | 0.04 | 0.07 | 0.00 | 6.77 | |||||||||||||||||||||
BBB- | 0.00 | 0.02 | 0.00 | 0.03 | 0.08 | 0.21 | 1.35 | 1.39 | 5.15 | 80.78 | 2.64 | 1.12 | 0.41 | 0.06 | 0.25 | 0.08 | 0.17 | 0.04 | 6.25 | |||||||||||||||||||||
BB+ | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.44 | 0.26 | 0.52 | 1.31 | 6.09 | 74.84 | 5.79 | 1.87 | 0.48 | 0.35 | 0.26 | 0.26 | 0.09 | 7.40 | |||||||||||||||||||||
BB | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.15 | 0.45 | 1.24 | 2.68 | 4.27 | 74.04 | 3.67 | 1.14 | 1.89 | 0.30 | 1.49 | 0.10 | 8.49 | |||||||||||||||||||||
BB- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.60 | 0.45 | 1.66 | 2.11 | 5.57 | 67.02 | 2.86 | 2.11 | 2.41 | 3.77 | 1.51 | 9.94 | |||||||||||||||||||||
B+ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.76 | 0.38 | 0.76 | 5.30 | 65.53 | 6.44 | 2.65 | 4.55 | 0.76 | 12.88 | |||||||||||||||||||||
B | 0.00 | 0.00 | 0.00 | 0.20 | 0.20 | 0.20 | 0.00 | 0.40 | 1.80 | 1.00 | 1.40 | 5.41 | 2.81 | 3.41 | 60.12 | 4.41 | 5.81 | 2.61 | 10.22 | |||||||||||||||||||||
B- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.20 | 0.00 | 0.00 | 0.40 | 1.20 | 0.40 | 1.20 | 1.60 | 1.20 | 5.20 | 64.00 | 7.60 | 1.20 | 14.80 | |||||||||||||||||||||
CCC/C | 0.00 | 0.00 | 0.00 | 0.00 | 0.45 | 0.67 | 0.00 | 0.22 | 0.00 | 0.67 | 0.00 | 1.12 | 0.22 | 1.56 | 2.23 | 2.01 | 55.36 | 19.64 | 15.85 | |||||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
For housing bonds, movement is less favorable but still positive, with an average of 2.9% of 'AA' ratings raised to 'AA+' within one year and 2% lowered to 'AA-' (see table 8). For 'A' ratings, an average of 3.3% are raised to 'A+' and 1.6% are lowered to 'A-'.
Table 8
Housing average one-year issue transition rates by modifier (1986 - 2023) (%) | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | D | NR | |||||||||||||||||||||
AAA | 87.77 | 3.23 | 0.38 | 0.12 | 0.03 | 0.12 | 0.06 | 0.00 | 0.02 | 0.01 | 0.06 | 0.05 | 0.00 | 0.01 | 0.01 | 0.00 | 0.02 | 0.01 | 8.10 | |||||||||||||||||||||
AA+ | 0.51 | 89.11 | 0.87 | 0.64 | 0.03 | 0.06 | 0.05 | 0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 8.66 | |||||||||||||||||||||
AA | 1.01 | 2.89 | 82.64 | 1.96 | 0.51 | 0.47 | 0.49 | 0.03 | 0.09 | 0.12 | 0.06 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 9.68 | |||||||||||||||||||||
AA- | 0.56 | 0.19 | 3.73 | 79.39 | 2.15 | 2.80 | 0.38 | 0.11 | 0.05 | 0.14 | 0.02 | 0.03 | 0.00 | 0.00 | 0.02 | 0.00 | 0.05 | 0.02 | 10.35 | |||||||||||||||||||||
A+ | 0.84 | 0.44 | 1.72 | 3.43 | 80.36 | 1.08 | 0.56 | 0.44 | 0.07 | 0.23 | 0.07 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 10.69 | |||||||||||||||||||||
A | 1.26 | 0.08 | 0.58 | 0.73 | 3.30 | 77.50 | 1.63 | 0.55 | 1.20 | 1.13 | 0.23 | 0.47 | 0.00 | 0.02 | 0.15 | 0.00 | 0.06 | 0.02 | 11.10 | |||||||||||||||||||||
A- | 0.56 | 0.04 | 0.44 | 0.24 | 1.16 | 4.28 | 71.03 | 1.72 | 4.04 | 1.36 | 0.40 | 0.88 | 0.00 | 0.00 | 0.04 | 0.16 | 0.24 | 0.20 | 13.21 | |||||||||||||||||||||
BBB+ | 0.00 | 0.00 | 0.00 | 0.25 | 0.50 | 2.00 | 4.11 | 70.57 | 2.62 | 1.37 | 2.87 | 1.50 | 0.50 | 0.00 | 0.75 | 0.12 | 0.00 | 0.25 | 12.59 | |||||||||||||||||||||
BBB | 0.16 | 0.00 | 0.08 | 0.16 | 1.02 | 1.89 | 3.70 | 2.36 | 68.45 | 1.81 | 1.81 | 5.19 | 0.87 | 0.47 | 0.79 | 0.16 | 0.79 | 0.16 | 10.15 | |||||||||||||||||||||
BBB- | 0.00 | 0.11 | 0.34 | 0.00 | 0.46 | 1.82 | 1.71 | 1.37 | 3.19 | 71.30 | 1.48 | 2.05 | 1.37 | 0.46 | 0.34 | 0.34 | 1.25 | 0.46 | 11.96 | |||||||||||||||||||||
BB+ | 0.00 | 1.89 | 0.00 | 0.00 | 0.31 | 0.00 | 0.63 | 2.20 | 1.89 | 1.89 | 55.97 | 7.23 | 3.46 | 1.26 | 4.09 | 1.57 | 3.14 | 0.00 | 14.47 | |||||||||||||||||||||
BB | 0.19 | 0.38 | 0.00 | 0.00 | 0.38 | 0.38 | 0.19 | 0.95 | 2.29 | 2.86 | 0.95 | 56.19 | 2.29 | 2.29 | 8.76 | 0.38 | 3.81 | 3.62 | 14.10 | |||||||||||||||||||||
BB- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.98 | 0.00 | 0.00 | 1.96 | 47.06 | 9.80 | 5.88 | 2.94 | 7.84 | 0.98 | 22.55 | |||||||||||||||||||||
B+ | 0.00 | 2.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.49 | 0.00 | 1.49 | 0.00 | 2.99 | 49.25 | 8.96 | 1.49 | 8.96 | 4.48 | 17.91 | |||||||||||||||||||||
B | 0.00 | 0.32 | 0.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.63 | 2.52 | 0.32 | 0.00 | 65.62 | 1.89 | 8.83 | 2.21 | 17.35 | |||||||||||||||||||||
B- | 0.00 | 2.25 | 0.00 | 0.00 | 0.00 | 1.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.12 | 0.00 | 0.00 | 0.00 | 67.42 | 16.85 | 1.12 | 10.11 | |||||||||||||||||||||
CCC/C | 0.32 | 0.64 | 0.00 | 0.32 | 0.00 | 0.32 | 0.00 | 0.32 | 0.64 | 0.00 | 0.96 | 0.32 | 0.00 | 0.00 | 0.00 | 0.32 | 57.01 | 13.69 | 25.16 | |||||||||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Historical Default Counts
Default counts among USPF bonds rated by S&P Global Ratings from 1986 to 2023 range from none (in nine of these years) to a high of 18 (in 2017) for nonhousing, and from none (in 11 years) to 18 (in 1991) for housing. Of the 136 rated nonhousing defaults in this study, 96% were rated speculative-grade ('BB+' or lower) before they defaulted, while 95% of housing defaults were speculative-grade before they defaulted (see chart 5).
There was one bond rated 'AAA' before it defaulted: In June 2003, a rental facility bond was downgraded to 'D' because of a missed $30,000 transfer from the trust estate. The default was cured in August by the arrival of the delayed transfer, and the rating was restored to 'AAA'.
Although defaults are infrequent among rated USPF bonds, certain triggers can lead to multiple defaults. Typically, defaults are telegraphed by a series of downgrades. Detroit; Stockton, Calif.; and Puerto Rico all experienced multiple downgrades before defaulting on a total of 44 ratings from 2012 to 2023.
In rare cases, housing defaults may unexpectedly occur among higher-rated bonds due to idiosyncratic factors. This was the case in 1991, when 11 bonds with investment-grade ratings at the beginning of the year defaulted because of the failure of a common investment agreement provider, Executive Life Insurance Co.
Chart 5
Historically, the municipal market has tended to be self-selecting; municipal issuers with lower credit quality have generally not requested ratings. Consequently, the municipalities rated by S&P Global Ratings generally are more creditworthy and less likely to default. Nonetheless, some securities issued by municipalities can still bear meaningful default risk. While the credit quality of a municipal issue may be strong initially, that strength may decline over time. Of the 137 public nonhousing defaults between 1986 and 2023, 91% were initially rated investment-grade, while only 4% were rated investment-grade just prior to defaulting.
The Small Number Of Ratings Limits Analysis
As expected, default rates generally are higher for lower-rated obligors and lower for higher-rated obligors, but we observed a less precise relationship when examining default rates by rating modifier. This is not surprising, given the relatively small number of defaults and the small number of ratings at some rating levels allow a single event to affect average default rates more than it would if there were a larger number of ratings.
There have been no nonhousing defaults at the 'AAA' level, and just one 'AAA' rated housing bond has ever defaulted. There are currently more than 1,100 'AAA' ratings in all of USPF. Significant default volatility becomes evident as we examine smaller subsets of the data.
Relative Ratings Performance
In addition to examining the absolute performance of ratings, we look at their relative performance. One technique we use to measure relative performance is the Gini coefficient. The Gini coefficient—a summary statistic of the Lorenz curve—is a measure of the relative ability of ratings to differentiate risk. We believe that comparing Lorenz curves and Gini coefficients is useful. Lorenz curves for USPF—excluding and including housing—closely resemble the ideal Lorenz curves (see charts 6 and 17-23).
For more detail regarding the derivation and construction of Lorenz curves and Gini coefficients, see "Comparing transition rates with default rates" in the appendix.
Chart 6 shows the one-year Lorenz curve for nonhousing USPF. The points along the Lorenz curve represent different ratings, starting with the 'CCC' and lower category on the far left. The first point indicates that the one-year transition to default was 65.7% among 'CCC' and lower ratings. As the ratings rise, the number of defaults decreases, yielding points that continue to climb through the remainder of the speculative-grade scale before turning sharply to the right in the 'BBB' category.
As the curve rises to investment-grade ratings, the vertical distance representing defaults changes little, while the proportion of ratings increases dramatically. A large proportion (88%) of defaults occurred among bonds rated speculative-grade at the start of the year (see table 9). Just over 1% of defaults occurred among bonds rated 'A+' or higher, even though they made up 39% of nonhousing ratings.
Chart 6
Table 9 details the information in the Lorenz chart. The lowest value in the left column shows the cumulative proportion of defaults at the 'CCC'/'C' category, or 65%, and the number to the right is the cumulative proportion of the rated universe, a minuscule 0.1%. This means that 65% of the defaults came from just 0.1% of the ratings, all of which were in the 'CCC' or lower category, and 88% of defaults occur at or below the highest speculative-grade rating, 'BB+', while that population makes up only 1.4% of ratings. Once ratings reach 'A' or below (41% of ratings), 98.5% of defaults have occurred.
Table 9a
USPF one-year Lorenz Curve values* | ||||||
---|---|---|---|---|---|---|
Y axis: Cumulative proportion of defaults | X axis: Cumulative proportion of ratings | |||||
AAA | 100.00 | 100.00 | ||||
AA+ | 100.00 | 96.47 | ||||
AA | 100.00 | 89.75 | ||||
AA- | 99.26 | 76.61 | ||||
A+ | 98.53 | 61.18 | ||||
A | 98.53 | 41.21 | ||||
A- | 95.59 | 22.96 | ||||
BBB+ | 92.65 | 13.48 | ||||
BBB | 91.91 | 8.41 | ||||
BBB- | 91.18 | 3.63 | ||||
BB+ | 88.24 | 1.37 | ||||
BB | 86.76 | 0.88 | ||||
BB- | 85.29 | 0.45 | ||||
B+ | 77.94 | 0.31 | ||||
B | 76.47 | 0.25 | ||||
B- | 66.91 | 0.15 | ||||
CCC/C | 64.71 | 0.10 | ||||
0.00 | 0.00 | |||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Sector Overviews
State government
While the 50 ratings in state government make up too small a sample size for meaningful statistical analysis, states—being the constituent entities of the United States—play an important role in our analysis.
State GO (or GO equivalent) ratings have had a very high median rating of at least 'AA' since 1986 and at times as high as 'AA+'. Because the ratings in the sector are few and clustered in the two highest rating categories, we included the rating modifiers in our analysis to better show the ratings distribution.
At the start of 2024, there were 16 'AAA' state GO ratings, two more than last year. The State of Missouri went from 'AAA' to not rated (NR) in December 2022 and was rerated 'AAA' in January. The state of Ohio was upgraded to 'AAA' from 'AA+'. The first new 'AAA' rating since Minnesota was upgraded in 2018. The state has since been rated 'AAA'. The last state to earn a rating of 'AAA' was Minnesota, in 2018. The last states to lose the 'AAA' rating were North Dakota in 2013 and South Carolina in 2005. There has never been a speculative-grade-rated state.
Chart 7
There were six state rating changes in 2023, including six upgrades (see chart 8).
- Missouri was rerated 'AAA' from NR (see "Missouri: General Obligation", Feb. 9, 2023)
- Illinois (see "State of Illinois GO Debt Rating Raised To 'A-' From 'BBB+' On Improved Liquidity", Feb. 23, 2023)
- New Jersey (see "New Jersey GO Bond Rating Raised To 'A' From 'A-' On Improved Pension Funding Outlook; Stable Outlook" April 12, 2023)
- Massachusetts (see "Massachusetts GO Bond Rating Raised To 'AA+' On Stronger Budget Management, Improved Reserves", April 14, 2023)
- Kentucky (see "Kentucky Issuer Credit Rating Raised To 'A+' From 'A' On Strengthened Finances; Outlook Stable", June 29, 2023)
- Montana's 'AA' rating was withdrawn.
- Ohio (see "Ohio General Obligation Bond Rating Raised To 'AAA' From 'AA+' On Strong Budgeting, Reserves", Dec. 8, 2023).
Chart 8
State and local government
State and local government ratings consist of two rating types, tax secured and appropriation, and while the category does include the state GO ratings, there are many more state level ratings that are some other type of debt besides General Obligation. Because of data constraints, this study does not distinguish local government ratings from state ratings in most instances. There are 17,258 tax-secured and appropriation ratings. A state or local government may be assigned many ratings, which leads to the high number. Tax-secured and appropriation ratings are approximately 75% local government ratings, with the rest being state GO and other state-level ratings. For the purpose of illustrating trends, combining the ratings is sufficient (see chart 9).
These ratings are generally in the 'AA' or 'A' categories. The number of ratings held steady around 4,000 in the early 1990s and then rose to 10,000 in 2009, before spiking in 2010 and continuing to rise to its current level.
'AAA' ratings made up 5% of state and local government ratings at the start of 2023--the highest percentage to start a year in our dataset. Speculative-grade ratings made up 0.7% of the total. There was one default among state and local governments in 2023.
Chart 9
Utility
For utilities, 8% started 2023 rated 'AAA', and the majority (85.7%) are rated 'AA' or 'A'. Speculative-grade ratings make up a very small portion of utilities, starting 2023 at 0.4%.
Chart 10
Housing
Housing started 2022 with 14% 'AAA' ratings--a percentage that has been steadily climbing since the U.S. sovereign downgrade in 2011 (see chart 11). Speculative-grade ratings made up 2% of the total. There were no defaults in 2023, for only the third time since 2015.
Chart 11
Higher education
Higher education started 2023 with 6% 'AAA' ratings, the highest percentage since the start of 2012. The largest category is 'A', at 41%. About 400 of the higher education ratings are on colleges and universities and related debt, while the remainder are on auxiliary, student housing, 501(c)(3), and independent schools.
Chart 12
Health care
There has never been a rating of 'AAA' in the health care sector. The largest share of the sector is 'A', at 45% of ratings. Speculative-grade debt makes up 8.2%.
Chart 13
Transportation
Transportation started 2023 with just two 'AAA' ratings, or 1% of the total. The two 'AAA' rated obligors are the Alabama State Federal Aid Highway Finance Authority and the Massachusetts Bay Transportation Authority. The largest share of the sector is rated 'A', with 58%. Meanwhile, the share of speculative-grade ratings is small, at 1.8%.
Chart 14
Charter schools
Charter schools are a newer sector, with no 'AAA' or 'AA' ratings. The ratings are concentrated in the 'BBB' (43%) and 'BB' (54%) categories. The share of speculative-grade ratings is the largest of any USPF sector (55.7%), but the sector is also the smallest.
Chart 15
Appendix I: Data Approach And Definitions
This long-term U.S. public finance default and rating transition study uses an internal database of long-term local currency credit ratings. With the exception of housing bonds, the analysis is limited to unenhanced debt (debt obligations not supported by financial guarantees, structuring techniques, multiple-party features, or other external credit support). Within this study, the conclusions for USPF overall and the aggregated tables reflect data on unenhanced debt and exclude structured and housing debt. Because housing-sector debt ratings reflect the credit quality of a mix of public-sector entities and external credit enhancement providers, we present conclusions from this sector in separate tables.
Our ongoing improvements to the database used to generate this study could lead to outcomes that differ to some degree from those reported in previous studies. However, this poses no continuity problem because each study reports statistics back to Dec. 31, 1985. Therefore, each annual default study is self-contained and effectively supersedes all previous versions.
For this study, there are no changes in our data approach from "2019 Annual U.S. Public Finance Default Study And Rating Transitions," June 11, 2020.
Historical stability of USPF ratings
Our study covers the period from Jan. 1, 1986, to Jan. 1, 2024. In this time, unenhanced debt--debt obligations not supported by financial guarantees, structuring techniques, multiple-party features, or other external credit support--rated by S&P Global Ratings has demonstrated credit stability throughout a wide variety of events, including various economic cycles, federal government mandates, and tax reform measures. The data suggests:
- There is a correlation between ratings and the likelihood of default, whereby higher-rated issues have a lower rate of default and lower-rated issues have a higher rate of default;
- Higher-rated issues generally take longer to default than lower-rated issues, and a series of incremental rating changes typically precedes a default; and
- Rating distributions throughout UPSF have remained relatively stable despite economic stress, including the Great Recession and the slow recovery thereafter.
Because housing-sector debt ratings reflect the credit quality of a mix of public-sector entities and external credit enhancement providers, we present conclusions from this sector in separate tables. The following USPF debt types outside of housing are included in this study:
- General obligation (GO)
- Lease/appropriation/moral obligation
- Special tax (sales, gas, etc.)
- Special district
- Water and sewer revenue
- Public power
- Airports
- Ports
- Toll roads and bridges
- Parking
- Various types of bond pools
- Transit
- Public and private higher education
- Auxiliary higher education debt
- Independent schools
- Nonprofit entities and organizations
- Charter schools
- Hospitals (stand-alone and systems)
- Continuing care
- Physicians' practices
Our analysis of housing ratings includes all the types of municipal housing on which S&P Global Ratings maintains ratings. These include the following:
- GOs for housing finance agencies and social housing providers, including public housing authorities and community development financing institutions
- Single-family whole loans
- Single-family U.S. government-supported mortgage-backed securities (MBS)
- Multifamily loans for affordable housing with U.S. government support
- Multifamily loans for affordable housing without an explicit or implied U.S. guarantee
- Multifamily loans for age restricted properties
- Military housing
- Mobile home parks
- Section 8 multifamily housing
- Capital fund securitization for public housing authorities
Issuers included in this study
This study analyzes the rating histories of 43,565 nonhousing USPF obligations that S&P Global Ratings rated as of Dec. 31, 1985, or that were first rated between that date and Dec. 31, 2023. These include obligations categorized as GOs, lease/appropriation/moral obligations, special tax (sales, gas, etc.), special districts, water and sewer revenue, public power, airports, ports, toll roads and bridges, parking, various types of bond pools, transit, public and private higher education, auxiliary higher education, independent schools, hospitals (stand-alone and systems), continuing care, and physicians' practices in the U.S. with long-term local currency ratings.
For housing, the study includes 12,230 obligations tracked over the same period. These include obligations categorized as the following GOs:
- Single-family whole loans
- Single-family multiple MBS
- Multifamily Fannie Mae
- Multifamily Freddie Mac
- Multifamily Ginnie Mae
- Affordable housing
- Federal Housing Administration-insured loans
- Section 8 housing
- Military housing
- Capital fund securitizations
Withdrawn ratings
S&P Global Ratings most often withdraws ratings when an entity's entire debt is paid off or when the program or programs rated are terminated and the relevant debt extinguished. Others are withdrawn because of a lack of cooperation, particularly when an entity fails to provide all the information needed to continue surveillance on the ratings, or at the entity's request.
Annual versus quarterly rating movement
In this study, we quantify rating changes in two ways. In most instances, the data on rating changes refers to ratings on the first day of the year and the difference, should any exist, from one year to another. For example, a rating of 'A' on Jan. 1 that changed to 'A+' in April and to 'AA-' in September would be counted as one rating change for that year.
However, in the sections of this study that address the causes of rating movement in 2022, each upgrade and downgrade is counted. In this way, if a rating changed twice in one year, the cause of each rating action is recorded. The individual rating changes from 2019 to 2022 in table 1 and chart 1 are for each upgrade and downgrade. This results in more instances of rating movement, although general trends are common for each method.
Definition of default
An obligor rated 'D' (default) or 'SD' (selective default) is in payment default on one or more of its financial obligations (rated or unrated) unless S&P Global Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. S&P Global Ratings also lowers a rating to 'D' when an issuer takes an action that could jeopardize payments on a financial obligation, including the rare instance of a public finance entity filing for bankruptcy.
S&P Global Ratings assigns a 'D' rating when it believes that the default will be a general default and that the obligor will fail to pay all or substantially all of its obligations as they come due. S&P Global Ratings assigns an 'SD' rating when it believes that the obligor has selectively defaulted on a specific issue or class of obligations but will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A selective default includes the completion of a distressed exchange offer, whereby one or more financial obligations are either repurchased for an amount of cash or replaced by other instruments having a total value that is less than par.
We deem 'D' and 'SD' ratings to be defaults for the purposes of this study. A default is assumed to take place on the earliest of the date S&P Global Ratings revised the rating to 'D' or 'SD', the date a debt payment was missed, the date a distressed exchange offer was announced, or the date the debtor filed for or was forced into bankruptcy.
When an issuer defaults, it is not uncommon for S&P Global Ratings to subsequently withdraw the 'D' rating. For the purposes of this study, if an issuer defaults, we end the associated bond's rating history at 'D'. If any defaulting entity reemerges from bankruptcy--or otherwise restructures its defaulted debt instruments, thereby reestablishing regular, timely payment of all its debts--we reenter this issuer (or, in the case of a selective default, just the bonds) into the database as a new set of bonds. The rating history on the bonds after the default event is included in all calculations as entirely separate from the experience leading up to the earlier default.
Calculations
Static pool. We conduct our default studies on the basis of groupings called static pools. For the purposes of this study, we form static pools by grouping bonds by rating category at the beginning of each year, quarter, or month that the database covers. Each static pool is followed from that point forward. All bonds included in the study are assigned to one or more static pools. When an issuer defaults, we assign that default to all of the static pools to which the issuer belonged.
We use the static pool method to avoid certain pitfalls in estimating default rates. This is to ensure that default rates account for rating migration and to allow for default rates to be calculated across multiple-period time horizons. Some methods for calculating default and rating transition rates might charge defaults against only the initial rating, ignoring more recent rating changes that supply more current information. Other methods may calculate default rates using only the most recent year's default and rating data, which may yield comparatively low default rates during periods of high rating activity because they ignore prior years' default activity.
The pools are static in the sense that they remain constant over time. Each static pool can be interpreted as a buy-and-hold portfolio. Because errors, if any, are corrected by every new update and because the criteria for inclusion or exclusion of bonds in the default study are subject to minor revisions as time goes by, it is not possible to compare static pools across different studies. Therefore, every new study revises results to the same starting date of Jan. 1, 1986, to avoid continuity problems.
Ratings that have been withdrawn--that is, revised to not rated (NR)--are surveilled with the aim of capturing a default. Because static pools include only entities with active ratings as of the beginning date of a given pool, we exclude withdrawn ratings, as well as ratings on bonds that have defaulted, from subsequent static pools. If the rating on an entity's bond series is withdrawn after the start date of a particular static pool and a subsequent default occurs, we will include that series in that static pool as a default and categorize it in the rating category of which it was a member at that time.
For instance, the 1986 static pool consists of all debt rated as of 12:01 a.m. on Jan. 1, 1986. Adding debt first rated in 1986 to the outstanding debt of the 1986 static pool forms the 1987 static pool. All rating changes that took place as of 12:01 a.m. on Jan. 1, 1987, are reflected in the newly formed 1987 static pool. We used the same method to form static pools for 1988-2023.
Consider the following example: A parity debt rating of 'BB' is assigned in mid-1986 and is lowered to 'B' in 1988, followed by a default in 1993. This hypothetical rating would be included in the 1987 and 1988 pools as 'BB' and in the 1989-1993 pools as 'B'. All pools that include this obligation would capture its 1993 default. It would not be part of the 1986 pool because it was not rated as of the first day of that year. Yet each of the pools in which this debt was included (1987-1993) would record its 1993 default at the appropriate time horizon.
Default rates. We calculated annual default rates for each static pool, first in units and later as percentages with respect to the number of issuers in each rating category. We combined these percentages to obtain cumulative default rates for the 36 years the study covers.
Issuer-weighted default rates. All default rates that appear in this study are based on the number of issuers rather than the dollar amounts affected by defaults or rating changes. Although dollar amounts provide information about the portion of the market that is affected by defaults or rating changes, issuer-weighted averages are more useful measures of the performance of ratings.
Many practitioners use statistics from this default study to estimate "probability of default" and "probability of rating transition." It is important to note that our ratings do not imply a specific probability of default.
Average cumulative default rates. The cumulative default rates in this study average the experience of all static pools by first calculating marginal default rates for each possible time horizon and for each static pool, weight-averaging the marginal default rates conditional on survival (survivors being nondefaulters), and then accumulating the average conditional marginal default rates (see tables 30-39). We calculated conditional default rates by dividing the number of issuers in a static pool that default at a specific time horizon by the number of debt issues that survived (did not default) to that point in time. Weights are based on the number of issues in each static pool. Cumulative default rates are one minus the product of the proportion of survivors (nondefaulters).
For instance, as shown in table 37, the weighted average first-year default rate for entities rated in the 'B' category for all 36 pools was 2.38%, meaning that an average of 97.62% made payments in accordance with their terms for the first year. Similarly, the second- and third-year conditional marginal averages were 2.04% for the first 35 pools (97.96% of those parity obligations that did not default in the first year did not default in the second year) and 2.16% for the first 34 pools (97.84% of those entities that did not default by the second year did not default in the third year either), respectively. Multiplying 97.62% by 97.96% results in a 95.63% nondefault rate at the end of the second year, or a two-year cumulative average default rate of 4.37%. Multiplying 95.63% by 97.84% results in a 93.56% nondefault rate at the end of the third year, or a three-year 6.44% cumulative average default rate. (The table is based on numbers calculated to four decimals. Calculations using numbers rounded to two decimals, as presented here, may yield slightly different results.)
Transition analysis Transition rates compare the ratings at the beginning of a period with the ratings at the end of the period. To compute one-year rating transition rates by rating category, we compared the rating on each parity obligation at the end of a particular year with the rating at the beginning of the same year. An obligation that remained rated for more than one year was counted as many times as the number of years it was rated. For instance, an obligation continually rated from the middle of 1987 to the middle of 1991 would appear in the four consecutive one-year transition matrices from 1988 to 1991. If the rating on the obligation was withdrawn in the middle of 1991, it would be included in the column representing transitions to NR in the 1991 transition matrix. Similarly, if it defaulted in the middle of 1991, it would be included in the column representing transitions to 'D' in the 1991 one-year transition matrix.
All 1986 static pool members still rated on Jan. 1, 2023, had 36 one-year transitions, while debt first rated on Jan. 1, 2023, had only one. Tables 43 and 44 display the summaries of one-year transitions for nonhousing and housing USPF obligations, respectively. Each one-year transition matrix displays all rating movements between letter categories from the beginning of the year through year-end. For each rating listed in the matrix's leftmost column, there are nine ratios listed in the rows, corresponding to the ratings from 'AAA' to 'D', plus an entry for NR.
Multiyear transitions. Multiyear transitions were also calculated for periods of two up to 20 years. In this case, we compared the rating at the beginning of the multiyear period with the rating at the end. For example, three-year transition matrices were the result of comparing ratings at the beginning of the years 1986-2021 with the ratings at the end of the years 1988-2023. Otherwise, our approach was identical to that used for single-year transitions.
We calculated average transition matrices on the basis of the multiyear matrices just described. These average matrices are a true summary, the ratios of which represent the historical incidence of the ratings listed in the first column changing to the ones listed in the top row over the course of the multiyear period. Transition matrices that present averages over multiple time horizons are also calculated as issuer-weighted averages.
Initial-to-last transition and default rates. These transition rates compare debt ratings from the time of first rating to the last rating, regardless of the time elapsed in the interim. They provide a road map to all of the historically observed rating "states" inhabited by USPF ratings during their lifetimes.
Gini coefficient calculation
The Gini coefficient, developed by Corrado Gini, is a summary statistic of the Lorenz curve, which shows visually the accuracy of ratings' rank ordering. The Lorenz curve was developed by Max O. Lorenz as a graphical representation of the proportionality of a distribution. For this study, the Lorenz curve is built by plotting the cumulative proportion of parity obligations by rating category (from lowest to highest) with the cumulative proportion of defaulters by rating category. For example, if 'C' parity obligations represented 1% of the total parity obligations (x-axis) and 20% of the defaulters (y-axis), then the coordinate (1, 20) would be the first point on the curve.
To determine the relative performance represented by the Lorenz curve, we compare the Lorenz curve with the random curve and the ideal curve. If the ratings' rank ordering only randomly approximated default risk, the Lorenz curve would fall along the diagonal, and its Gini coefficient would be zero. If the ratings were perfectly rank ordered so that all defaults occurred only among the lowest-rated obligations and all obligations with the lowest ratings defaulted, the curve would be the ideal curve, and the Gini coefficient would be 1. The Gini coefficient is a ratio of two areas, as illustrated in charts 6 and 16-23, and is derived by dividing area B by the total of area A plus area B. In other words, the Gini coefficient captures the extent to which actual ratings accuracy diverges from the random scenario and approaches the ideal.
The Gini coefficient can be calculated:
- For different lengths of time, such as one year or three years;
- For a single period, such as the year ended 2016; or
- By aggregating a series of one-year periods.
To calculate the one-year Gini for 2016, we identified the parity obligation ratings at the beginning of the year and determined which did and did not default during the year. Then we calculated the proportion of parity obligations at each rating level and the proportion of defaulters at each rating, based on the ratings at the beginning of the period. The aggregate Gini for 1986-2022 combines data for each of the 36 one-year periods. The same parity obligation may be counted multiple times in the aggregate Gini coefficient.
Time sample
This study limits the reporting of default rates to the 15-year time horizon. However, the data was gathered for 36 years, and all calculations are based on the rating experience of that period. In addition, average default statistics become less reliable at longer time horizons as the sample size becomes smaller and the cyclical nature of default rates has a bigger effect on averages.
Default patterns share broad similarities across all static pools, suggesting that S&P Global Ratings' credit rating standards have been consistent over time. Adverse conditions tend to coincide with default upswings for all pools. Speculative-grade issuers have been hit the hardest by these upswings, but investment-grade default rates also increase in stressful periods.
Appendix II: Additional Exhibits
Default summaries
Table 10
USPF defaults (1986 - 2023)* | ` | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
--Rating-- | ||||||||||||
Obligor | State | Category | Default date | Next to last | First | |||||||
Lassen Community College District | CA | Appropriation | 4/6/1987 | CCC | BBB- | |||||||
Devils Lake | ND | Utility | 9/16/1987 | B | BBB- | |||||||
New Jersey Economic Development Authority | NJ | Transportation | 12/3/1987 | CC | BBB | |||||||
St. Josephs Hospital of Alton | IL | Health care | 5/24/1989 | CCC- | A | |||||||
Central Medical Center Hospital | MO | Health care | 6/7/1989 | CCC- | BBB- | |||||||
Metro Hospital | PA | Health care | 12/19/1989 | CCC | A- | |||||||
Choate-Symmes Health | MA | Health care | 1/8/1990 | CCC | A- | |||||||
Colorado Ute Electric Assn. | CO | Utility | 7/6/1990 | CCC | A- | |||||||
Northwest General Hospital | MI | Health care | 10/4/1990 | C | BBB | |||||||
Hyde Park Community Hospital; Central Community Hospital | IL | Health care | 12/17/1991 | CCC | BBB | |||||||
Sacred Heart Medical Center of Chester | PA | Health care | 1/8/1992 | CCC | A- | |||||||
Hialeah Hospital Inc. | FL | Health care | 2/10/1992 | CCC | BBB | |||||||
Jackson Park Hospital Foundation | IL | Health care | 3/4/1992 | CCC | A | |||||||
Jacksonville General Hospital & Medical Center | FL | Health care | 4/2/1992 | CCC | BBB | |||||||
James C. Guiffre Medical Center | PA | Health care | 7/2/1992 | CCC | BBB | |||||||
New Magma Irrigation & Drainage District | AZ | Tax secured | 6/2/1994 | C | BBB+ | |||||||
Parkview Hospital | OH | Health care | 10/13/1994 | C | A- | |||||||
Central Arizona Irrigation & Drainage District | AZ | Tax secured | 12/2/1994 | C | BBB | |||||||
Orange County | CA | Tax secured | 12/8/1994 | CCC | AA- | |||||||
Michigan Health Care Corp. | MI | Health care | 9/20/1995 | CCC | BB | |||||||
Logan General Hospital | WV | Health care | 2/3/1999 | CCC | BBB | |||||||
Graduate Health System Obligated Group | PA | Health care | 1/4/2000 | CCC | A | |||||||
South Fulton Medical Center | GA | Health care | 4/27/2000 | CCC | BBB+ | |||||||
Bradford College | MA | Higher education | 11/2/2000 | CCC | BBB- | |||||||
Granada Hills Community Hospital | CA | Health care | 5/14/2001 | CCC | BBB- | |||||||
Crouse Health Hospital | NY | Health care | 7/3/2001 | CCC | BBB | |||||||
Spokane Downtown Foundation | WA | Transportation | 8/9/2001 | CCC | BBB- | |||||||
Oregon Coast Aquarium | OR | Higher education | 10/7/2002 | CCC | BBB- | |||||||
Illinois | IL | Appropriation | 2/4/2003 | A | A- | |||||||
Mercy Hospital and Medical Center | IL | Health care | 1/5/2004 | CCC | A | |||||||
St. Paul Housing & Redevelopment Authority | MN | Utility | 12/2/2004 | CCC | A | |||||||
St. Paul Port Authority | MN | Utility | 12/2/2004 | CCC | A | |||||||
Kerr County | TX | Appropriation | 3/14/2005 | CC | A- | |||||||
Massachusetts Port Authority | MA | Transportation | 1/4/2006 | CCC- | BBB+ | |||||||
North Oakland Medical Center | MI | Health care | 3/31/2008 | B | BBB | |||||||
Jefferson County | AL | Utility | 4/1/2008 | CCC | A+ | |||||||
Jefferson County | AL | Tax secured | 9/24/2008 | B | AA- | |||||||
Pascack Valley Hospital | NJ | Health care | 9/30/2008 | CC | A | |||||||
Presidio County | TX | Tax secured | 12/11/2008 | BBB- | BBB- | |||||||
Connector 2000 Assn. | SC | Transportation | 1/11/2010 | C | BBB- | |||||||
Valley Health System | CA | Health care | 6/4/2010 | C | BBB- | |||||||
Xenia Rural Water District | IA | Utility | 7/8/2010 | BB | BBB | |||||||
Northern Berkshire Healthcare | MA | Health care | 6/20/2011 | CCC | BBB- | |||||||
Santa Rosa Bay Bridge Authority | FL | Transportation | 7/26/2011 | CC | BBB- | |||||||
Texas Midwest Public Facilities Corp. | TX | Appropriation | 10/10/2011 | CC | BB | |||||||
Greater Wenatchee Regional Events Center Public Facilities District | WA | Tax secured | 12/2/2011 | CCC | A- | |||||||
Jones County | TX | Appropriation | 12/8/2011 | CC | A- | |||||||
Southern Montana Electric Generation & Transportationmission Co-op | MT | Utility | 1/24/2012 | CC | BBB | |||||||
Stockton | CA | Tax secured | 3/2/2012 | CC | A+ | |||||||
Poudre Tech Metro District | CO | Tax secured | 3/22/2012 | A- | A- | |||||||
Moberly | MO | Appropriation | 3/22/2012 | CC | A- | |||||||
Moberly | MO | Appropriation | 3/22/2012 | CC | A- | |||||||
Evergreen Country Day School | CO | Higher education | 3/27/2012 | CCC | BB | |||||||
Jefferson County | AL | Tax secured | 4/4/2012 | B | AA- | |||||||
Capital Project Finance Authority | FL | Higher education | 7/13/2012 | C | BBB | |||||||
Stockton | CA | Tax secured | 9/4/2012 | C | AA | |||||||
Westerly Hospital | RI | Health care | 9/7/2012 | C | BBB+ | |||||||
Southeastern Regional Medical Center | NC | Health care | 9/28/2012 | A | A | |||||||
Jefferson County | AL | Utility | 2/8/2013 | C | A | |||||||
Vadnais Heights | MN | Appropriation | 2/26/2013 | CC | AA- | |||||||
West Penn Allegheny Health System | PA | Health care | 4/29/2013 | CC | B+ | |||||||
Fritch | TX | Tax secured | 5/31/2013 | BBB- | BBB | |||||||
Detroit | MI | Appropriation | 6/18/2013 | CC | BBB | |||||||
Detroit | MI | Appropriation | 6/18/2013 | CC | BBB- | |||||||
Detroit | MI | Appropriation | 6/18/2013 | CC | BBB- | |||||||
Detroit | MI | Appropriation | 6/18/2013 | CC | BBB- | |||||||
Detroit | MI | Appropriation | 6/18/2013 | CC | BBB- | |||||||
Riverbank Redevelopment Agency | CA | Tax secured | 8/8/2013 | CC | BBB | |||||||
Riverbank Redevelopment Agency | CA | Tax secured | 8/8/2013 | CC | BBB | |||||||
Stockton | CA | Appropriation | 9/3/2013 | C | A | |||||||
Stockton | CA | Appropriation | 9/3/2013 | C | A | |||||||
Bradford Academy | MI | Charter school | 9/20/2013 | CCC+ | BBB- | |||||||
Detroit | MI | Tax secured | 10/2/2013 | C | BBB | |||||||
Lombard Vill | IL | Appropriation | 1/6/2014 | CC | AA- | |||||||
Boston Biomedical Research Inst | MA | Health care | 4/17/2014 | CC | BBB- | |||||||
North Star Charter School | ID | Charter school | 6/2/2014 | C | BB | |||||||
Please Touch Museum | PA | Higher education | 6/30/2014 | CC | BBB- | |||||||
Detroit | MI | Utility | 9/4/2014 | CC | A+ | |||||||
Detroit | MI | Utility | 9/4/2014 | CC | A | |||||||
Great Lakes Water Authority | MI | Utility | 9/4/2014 | CC | A+ | |||||||
Thomas Jefferson School of Law | CA | Higher education | 11/5/2014 | CC | BB+ | |||||||
Madison Cnty | MS | Tax secured | 5/6/2015 | CC | A | |||||||
Puerto Rico | PR | Appropriation | 8/3/2015 | CC | BBB- | |||||||
Puerto Rico | PR | Appropriation | 8/3/2015 | CC | BBB- | |||||||
Puerto Rico | PR | Appropriation | 8/3/2015 | CC | BBB- | |||||||
Dowling College | NY | Higher education | 8/7/2015 | B- | BBB | |||||||
Puerto Rico | PR | Appropriation | 8/11/2015 | CC | BBB- | |||||||
Charter School of Boynton Beach | FL | Charter school | 8/18/2015 | CC | BBB- | |||||||
Stockton | CA | Appropriation | 9/1/2015 | CC | A | |||||||
Glendale | AZ | Utility | 10/5/2015 | CCC | A+ | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BBB+ | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BBB+ | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BBB+ | |||||||
Puerto Rico Infrastructure Fing Auth | PR | Tax secured | 1/5/2016 | CC | BBB+ | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BBB+ | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BB | |||||||
Puerto Rico | PR | Appropriation | 1/5/2016 | CC | BBB- | |||||||
Oconee Regl Med Ctr | GA | Health care | 6/13/2016 | CC | BBB | |||||||
Puerto Rico Elec Pwr Auth | PR | Utility | 6/30/2016 | CC | A | |||||||
Puerto Rico | PR | Tax secured | 7/7/2016 | CC | A | |||||||
Puerto Rico Hwy & Transp Auth | PR | Tax secured | 7/12/2016 | CC | A- | |||||||
Puerto Rico | PR | Appropriation | 7/19/2016 | CC | BBB- | |||||||
Puerto Rico | PR | Appropriation | 9/22/2016 | CC | BBB- | |||||||
Puerto Rico | PR | Appropriation | 9/22/2016 | CC | BB | |||||||
Allen Academy | MI | Charter school | 1/11/2017 | CC | BB+ | |||||||
Willacy Cnty Local Govt Corp | TX | Appropriation | 4/12/2017 | CC | BBB | |||||||
Puerto Rico Sales Tax Fincg Corp | PR | Tax secured | 6/6/2017 | CC | A+ | |||||||
Puerto Rico Sales Tax Fincg Corp | PR | Tax secured | 6/13/2017 | CC | A+ | |||||||
Puerto Rico Hwy & Transp Auth | PR | Tax secured | 7/31/2017 | CC | A | |||||||
Puerto Rico Hwy & Transp Auth | PR | Tax secured | 7/31/2017 | CC | A | |||||||
Puerto Rico Indl Dev Co | PR | Tax secured | 7/31/2017 | CC | BBB+ | |||||||
Puerto Rico Hwy & Transp Auth | PR | Tax secured | 7/31/2017 | CC | A- | |||||||
Puerto Rico | PR | Appropriation | 7/31/2017 | CC | BBB+ | |||||||
Teodoro Moscoso Br | PR | Tax secured | 7/31/2017 | CC | BBB+ | |||||||
Puerto Rico Conv Ctr Dist Auth | PR | Tax secured | 7/31/2017 | CC | BBB+ | |||||||
Puerto Rico Indl Tourist Educl Med Environ Cntl Facs Fincg Auth | PR | Appropriation | 7/31/2017 | CC | BBB- | |||||||
Puerto Rico | PR | Appropriation | 7/31/2017 | CC | BBB- | |||||||
San Luis Faciilities Development Corporation | AZ | Appropriation | 10/19/2017 | BB- | BBB | |||||||
San Luis Faciilities Development Corporation | AZ | Appropriation | 10/19/2017 | BB- | BBB | |||||||
Puerto Rico Employees Retirement Sys | PR | Appropriation | 12/22/2017 | CC | BBB- | |||||||
Puerto Rico Employees Retirement Sys | PR | Appropriation | 12/22/2017 | CC | BBB- | |||||||
Puerto Rico Employees Retirement Sys | PR | Appropriation | 12/22/2017 | CC | BBB- | |||||||
Platte County | MO | Appropriation | 12/4/2018 | CC | AA- | |||||||
STRIDE Academy | MN | Charter school | 4/1/2019 | CC | BB- | |||||||
ASPIRA of Florida Inc. | FL | Charter school | 7/31/2019 | B | BB | |||||||
TC3 Foundation Inc. | NY | Higher education | 10/15/2019 | CC | BBB- | |||||||
Plymouth Educational Center Charter School | MI | Charter school | 11/1/2019 | CC | BBB- | |||||||
Provident Oklahoma Education Resources Inc | LA | Higher education | 8/4/2020 | CC | BBB- | |||||||
Brazos Elec Pwr Coop | TX | Utility | 3/1/2021 | A | A- | |||||||
Children of Promise Preparatory Academy | CA | Charter school | 5/21/2021 | CC | BB+ | |||||||
Texas Stud Hsg Corp | TX | Higher education | 10/28/2021 | CCC | BBB- | |||||||
Brazos Elec Pwr Coop | TX | Utility | 3/18/2022 | CCC | A- | |||||||
National Campus & Community Dev Corp | TX | Higher education | 7/7/2022 | CCC | BBB- | |||||||
Beverly Comnty Hosp Assoc | CA | Health care | 4/27/2023 | CC | BBB- | |||||||
Summit Academy | MI | Charter school | 5/1/2023 | CC | BB+ | |||||||
Paradise Redevelopment Agency | CA | Tax secured | 6/1/2023 | CC | BBB+ | |||||||
Pointe Schools | AZ | Charter school | 7/10/2023 | CC | BBB- | |||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 11
USPF housing defaults(1986 - 2023) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
--Rating-- | ||||||||||
Obligor | State | Default date | Next to last | First | ||||||
Pines of Yellow Creek | WY | 12/2/1987 | CC | AAA | ||||||
St. Louis Land Clear Redevelopment Authority | MO | 3/18/1988 | AA+ | AA+ | ||||||
El Paso Housing Finance Corp. | TX | 5/2/1991 | CC | AAA | ||||||
Nebraska Investment Finance Authority | NE | 5/2/1991 | CC | AAA | ||||||
Nebraska Investment Finance Authority | NE | 5/2/1991 | CC | AAA | ||||||
Adams County | CO | 5/2/1991 | CC | AAA | ||||||
El Paso Housing Finance Corp. | TX | 5/2/1991 | CC | A | ||||||
Midland County Housing Finance Corp. | TX | 6/4/1991 | CC | A+ | ||||||
Tucson Industrial Development Authority | AZ | 6/6/1991 | CCC | AAA | ||||||
Tucson Industrial Development Authority | AZ | 6/6/1991 | CCC | AAA | ||||||
Simi Valley | CA | 8/6/1991 | CC | AAA | ||||||
Simi Valley | CA | 8/6/1991 | CC | AAA | ||||||
St. Paul Housing & Redevelopment Authority | MN | 9/3/1991 | CCC | AAA | ||||||
Southeast Texas Housing Finance Corp. | TX | 9/3/1991 | CC | AAA | ||||||
St. Paul Housing & Redevelopment Authority | MN | 9/3/1991 | CCC | AAA | ||||||
Health, Education, & Housing Facilities Board of Memphis | TN | 9/17/1991 | CC | AAA | ||||||
Health, Education, & Housing Facilities Board of Memphis | TN | 9/17/1991 | CC | A | ||||||
Northern California Home Mortgage Finance Authority | CA | 10/1/1991 | CC | AA- | ||||||
Louisiana Agricultural Finance Authority | LA | 10/2/1991 | CC | AAA | ||||||
Louisiana Agricultural Finance Authority | LA | 10/2/1991 | CC | AAA | ||||||
El Paso County | CO | 3/16/1992 | B | A+ | ||||||
Jefferson County | AL | 3/2/1993 | CCC | A+ | ||||||
Aurora | CO | 9/2/1993 | CCC | A | ||||||
El Paso County | CO | 9/21/1994 | CCC | AA | ||||||
Louisiana Housing Finance Agency | LA | 3/30/1995 | CC | A | ||||||
Los Angeles Housing Authority | CA | 6/3/1996 | CCC | A | ||||||
Windsor Housing Foundation | MN | 1/28/1998 | NR | BBB | ||||||
Windsor Housing Foundation | MN | 1/28/1998 | NR | A | ||||||
Louisville & Jefferson County Metropolitan Government | KY | 11/14/1998 | CC | A- | ||||||
Radcliff Housing Authority | KY | 11/14/1998 | CC | A- | ||||||
Falls Township Hospital Authority | PA | 2/2/1999 | CCC | AAA | ||||||
Boulder County | CO | 11/1/1999 | CC | A | ||||||
Blackwater Housing Corp. | FL | 9/6/2001 | CC | BBB | ||||||
Emerald Coast Housing Corp. | FL | 1/8/2002 | CCC | BBB | ||||||
Emerald Coast Housing Corp. | FL | 1/8/2002 | B | A | ||||||
Patten Towers L.P. II | TN | 8/1/2002 | C | BBB | ||||||
Patten Towers L.P. II | TN | 8/1/2002 | CC | A- | ||||||
Indianapolis | IN | 11/11/2002 | CCC | A | ||||||
Indianapolis | IN | 11/11/2002 | CCC- | BBB | ||||||
American Opportunity Foundation/Dallas Fort Worth Affordable Housing Corp. | TX | 1/2/2003 | CCC | BB- | ||||||
Austin Housing Finance Corp. | TX | 1/8/2003 | CC | BBB | ||||||
Austin Housing Finance Corp. | TX | 1/8/2003 | CCC | A | ||||||
Birmingham | AL | 1/30/2003 | CCC- | BBB | ||||||
Wichita | KS | 6/23/2003 | AAA | AAA | ||||||
Mercy Housing | AZ | 8/19/2004 | B | A | ||||||
Mercy Housing | AZ | 8/19/2004 | CCC | BBB | ||||||
Texas State Affordable Housing Corp. | TX | 10/8/2004 | CC | BBB- | ||||||
Texas State Affordable Housing Corp. | TX | 10/8/2004 | C | BB | ||||||
Harris County Housing Finance Corp. | TX | 4/11/2005 | B | BBB | ||||||
Harris County Housing Finance Corp. | TX | 4/11/2005 | CCC | BB | ||||||
Raleigh Housing Authority | NC | 6/10/2005 | CC | A- | ||||||
American Opportunity for Housing | TX | 9/22/2005 | C | BBB- | ||||||
American Opportunity for Housing | TX | 9/22/2005 | C | BB | ||||||
De Kalb County Housing Authority | GA | 10/20/2005 | C | BBB | ||||||
Shelby County Health, Education, & Housing Facilities Board | TN | 1/13/2006 | CCC | A | ||||||
Liberty Housing Development Corp. | NY | 3/20/2006 | AA- | AAA | ||||||
American Housing Foundation | TX | 3/28/2006 | C | BBB- | ||||||
St. Louis Industrial Development Authority | MO | 4/3/2007 | C | BBB+ | ||||||
St. Cloud Housing & Redevelopment Authority | MN | 5/29/2007 | B | BBB | ||||||
Little Rock Family Housing LLC | AR | 10/11/2007 | BB | A- | ||||||
South Texas Affordable Housing Corp. | TX | 9/9/2008 | C | BB | ||||||
Harris County Housing Finance Corp. | TX | 3/3/2009 | CCC | A | ||||||
American Opportunity for Housing | TX | 3/6/2009 | C | A- | ||||||
South Texas Affordable Housing Corp. | TX | 3/12/2009 | C | BBB- | ||||||
American Housing Foundation | TX | 5/20/2011 | C | A | ||||||
American Opportunity Foundation/Bexar Affordable Housing Corp | TX | 10/21/2013 | B | BBB- | ||||||
Candler Vista Apartments L.P. | GA | 3/25/2015 | AA+ | AAA | ||||||
California Rur Home Mtg Fin Auth Homebuyer Fund | CA | 12/31/2015 | CC | AA | ||||||
California Rur Home Mtg Fin Auth Homebuyer Fund | CA | 12/31/2015 | CC | A | ||||||
Global Ministries Fellowship | TN | 6/10/2016 | CCC+ | A | ||||||
LEDAHF-East Cleveland LLC | OH | 9/1/2017 | B- | A- | ||||||
LEDAHF-East Cleveland LLC | OH | 9/1/2017 | B- | BBB | ||||||
Better Housing Foundation | OH | 6/10/2019 | CCC- | BBB | ||||||
Better Housing Foundation | OH | 6/10/2019 | CCC- | BBB- | ||||||
Better Housing Foundation | OH | 6/10/2019 | CCC- | A- | ||||||
Better Housing Foundation | OH | 6/10/2019 | CCC- | BBB | ||||||
BHF Chicago Housing Group C LLC | IL | 6/10/2019 | CCC- | A- | ||||||
BHF Chicago Housing Group C LLC | IL | 6/10/2019 | CCC- | A- | ||||||
BHF Chicago Housing Group C LLC | IL | 6/10/2019 | CCC- | BBB- | ||||||
Glen Hope Harbor | TX | 2/11/2020 | CCC | A | ||||||
Glen Hope Harbor | TX | 2/11/2020 | CCC | A | ||||||
Columbus Downtwn Dev Auth | GA | 6/2/2020 | CC | A- | ||||||
Leading Life Senior Living, Inc. | TX | 7/1/2020 | CC | A+ | ||||||
Leading Life Senior Living, Inc. | TX | 7/1/2020 | CC | A+ | ||||||
Leading Life Senior Living, Inc. | TX | 7/1/2020 | CC | BBB | ||||||
AE Woodland Towers LLC | MI | 7/2/2020 | CC | A+ | ||||||
AE Woodland Towers LLC | MI | 7/2/2020 | CC | A+ | ||||||
AE Woodland Towers LLC | MI | 7/2/2020 | CC | BBB | ||||||
American Eagle Delaware Holding Company LLC | MI | 7/2/2020 | CC | BBB+ | ||||||
American Eagle Delaware Holding Company LLC | MI | 7/2/2020 | CC | BBB+ | ||||||
American Eagle Delaware Holding Company LLC | MI | 7/2/2020 | CC | BBB- | ||||||
Pure Charity Fund | OH | 3/3/2021 | CCC | BBB+ | ||||||
Pure Charity Fund | OH | 3/3/2021 | CCC | BBB | ||||||
H-Bay Ministries, Inc. | TX | 7/7/2021 | CC | A- | ||||||
H-Bay Ministries, Inc. | TX | 7/7/2021 | CC | A- | ||||||
H-Bay Ministries, Inc. | TX | 7/7/2021 | CC | BBB | ||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 12
USPF annual default summary | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Unrated | Overall | Investment grade | Speculative grade | |||||||||||||
1986 | 7,624.0 | 7,548.0 | 76.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1987 | 7,898.0 | 7,807.0 | 91.0 | 4.0 | 2.0 | 2.0 | 0.0 | 0.1 | 0.0 | 2.2 | ||||||||||||
1988 | 7,997.0 | 7,890.0 | 107.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1989 | 8,298.0 | 8,185.0 | 113.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 2.7 | ||||||||||||
1990 | 8,366.0 | 8,236.0 | 130.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 2.3 | ||||||||||||
1991 | 8,809.0 | 8,638.0 | 171.0 | 19.0 | 0.0 | 19.0 | 0.0 | 0.2 | 0.0 | 11.1 | ||||||||||||
1992 | 9,185.0 | 9,019.0 | 166.0 | 6.0 | 0.0 | 6.0 | 0.0 | 0.1 | 0.0 | 3.6 | ||||||||||||
1993 | 9,492.0 | 9,355.0 | 137.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
1994¶ | 9,379.0 | 9,251.0 | 128.0 | 4.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 3.1 | ||||||||||||
1995 | 9,227.0 | 9,113.0 | 114.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 1.8 | ||||||||||||
1996 | 8,087.0 | 8,002.0 | 85.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.2 | ||||||||||||
1997 | 8,055.0 | 7,976.0 | 79.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1998# | 8,622.0 | 8,552.0 | 70.0 | 2.0 | 0.0 | 2.0 | 2.0 | 0.0 | 0.0 | 2.9 | ||||||||||||
1999 | 9,441.0 | 9,368.0 | 73.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.0 | 0.0 | 2.7 | ||||||||||||
2000 | 10,042.0 | 9,962.0 | 80.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 3.8 | ||||||||||||
2001 | 10,938.0 | 10,841.0 | 97.0 | 4.0 | 1.0 | 3.0 | 0.0 | 0.0 | 0.0 | 3.1 | ||||||||||||
2002 | 11,982.0 | 11,878.0 | 104.0 | 7.0 | 2.0 | 5.0 | 0.0 | 0.1 | 0.0 | 4.8 | ||||||||||||
2003 | 12,942.0 | 12,815.0 | 127.0 | 6.0 | 2.0 | 4.0 | 0.0 | 0.0 | 0.0 | 3.1 | ||||||||||||
2004 | 13,860.0 | 13,692.0 | 168.0 | 7.0 | 1.0 | 6.0 | 0.0 | 0.1 | 0.0 | 3.6 | ||||||||||||
2005 | 14,294.0 | 14,134.0 | 160.0 | 7.0 | 0.0 | 7.0 | 0.0 | 0.0 | 0.0 | 4.4 | ||||||||||||
2006 | 14,849.0 | 14,655.0 | 194.0 | 4.0 | 1.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
2007 | 15,531.0 | 15,339.0 | 192.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.0 | 0.0 | 1.0 | ||||||||||||
2008 | 16,190.0 | 15,986.0 | 204.0 | 6.0 | 3.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
2009 | 17,376.0 | 17,174.0 | 202.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
2010 | 19,245.0 | 19,032.0 | 213.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.4 | ||||||||||||
2011 | 20,395.0 | 20,120.0 | 275.0 | 6.0 | 2.0 | 4.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
2012 | 21,139.0 | 20,860.0 | 279.0 | 11.0 | 4.0 | 7.0 | 0.0 | 0.1 | 0.0 | 2.5 | ||||||||||||
2013 | 21,980.0 | 21,685.0 | 295.0 | 16.0 | 1.0 | 15.0 | 0.0 | 0.1 | 0.0 | 5.1 | ||||||||||||
2014 | 22,563.0 | 22,222.0 | 341.0 | 8.0 | 0.0 | 8.0 | 0.0 | 0.0 | 0.0 | 2.3 | ||||||||||||
2015 | 23,101.0 | 22,718.0 | 383.0 | 12.0 | 2.0 | 10.0 | 0.0 | 0.1 | 0.0 | 2.6 | ||||||||||||
2016 | 23,641.0 | 23,268.0 | 373.0 | 15.0 | 1.0 | 14.0 | 0.0 | 0.1 | 0.0 | 3.8 | ||||||||||||
2017 | 23,895.0 | 23,489.0 | 406.0 | 20.0 | 2.0 | 18.0 | 0.0 | 0.1 | 0.0 | 4.4 | ||||||||||||
2018 | 23,839.0 | 23,435.0 | 404.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2019 | 23,795.0 | 23,393.0 | 402.0 | 11.0 | 0.0 | 11.0 | 0.0 | 0.0 | 0.0 | 2.7 | ||||||||||||
2020 | 23,969.0 | 23,564.0 | 405.0 | 13.0 | 7.0 | 6.0 | 0.0 | 0.1 | 0.0 | 1.5 | ||||||||||||
2021 | 23,932.0 | 23,467.0 | 465.0 | 8.0 | 1.0 | 7.0 | 0.0 | 0.0 | 0.0 | 1.5 | ||||||||||||
2022 | 23,892.0 | 23,456.0 | 436.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.5 | ||||||||||||
2023 | 23,594.0 | 23,170.0 | 424.0 | 4.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.9 | ||||||||||||
Mean | 6.1 | 0.9 | 5.1 | 0.1 | 0.0 | 0.0 | 2.5 | |||||||||||||||
Median | 4.0 | 0.5 | 3.0 | 0.0 | 0.0 | 0.0 | 2.3 | |||||||||||||||
Standard deviation | 5.2 | 1.4 | 4.8 | 0.3 | 0.0 | 0.0 | 2.0 | |||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Maximum | 20.0 | 7.0 | 19.0 | 2.0 | 0.2 | 0.0 | 11.1 | |||||||||||||||
¶Orange County, Calif., defaulted the same year we assigned the initial rating. #Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights. |
Table 13
USPF annual default summary, excluding housing | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Unrated | Overall | Investment grade | Speculative grade | |||||||||||||
1986 | 5,031.0 | 4,956.0 | 75.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1987 | 5,192.0 | 5,111.0 | 81.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.1 | 0.0 | 2.5 | ||||||||||||
1988 | 5,168.0 | 5,088.0 | 80.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1989 | 5,310.0 | 5,229.0 | 81.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.1 | 0.0 | 3.7 | ||||||||||||
1990 | 5,601.0 | 5,526.0 | 75.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.1 | 0.0 | 4.0 | ||||||||||||
1991 | 5,959.0 | 5,868.0 | 91.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.1 | ||||||||||||
1992 | 6,400.0 | 6,305.0 | 95.0 | 5.0 | 0.0 | 5.0 | 0.0 | 0.1 | 0.0 | 5.3 | ||||||||||||
1993 | 6,717.0 | 6,634.0 | 83.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1994¶ | 6,769.0 | 6,681.0 | 88.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 3.4 | ||||||||||||
1995 | 6,579.0 | 6,495.0 | 84.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.2 | ||||||||||||
1996 | 5,670.0 | 5,603.0 | 67.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1997 | 5,499.0 | 5,435.0 | 64.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1998 | 5,934.0 | 5,876.0 | 58.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1999 | 6,644.0 | 6,581.0 | 63.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.6 | ||||||||||||
2000 | 7,029.0 | 6,963.0 | 66.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 4.5 | ||||||||||||
2001 | 7,638.0 | 7,569.0 | 69.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.0 | 0.0 | 2.9 | ||||||||||||
2002 | 8,415.0 | 8,339.0 | 76.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.3 | ||||||||||||
2003 | 9,150.0 | 9,065.0 | 85.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2004 | 10,040.0 | 9,926.0 | 114.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 2.6 | ||||||||||||
2005 | 10,586.0 | 10,480.0 | 106.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.9 | ||||||||||||
2006 | 11,296.0 | 11,159.0 | 137.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.7 | ||||||||||||
2007 | 12,088.0 | 11,951.0 | 137.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2008 | 12,803.0 | 12,649.0 | 154.0 | 5.0 | 3.0 | 2.0 | 0.0 | 0.0 | 0.0 | 1.3 | ||||||||||||
2009 | 13,931.0 | 13,778.0 | 153.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2010 | 15,944.0 | 15,785.0 | 159.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.9 | ||||||||||||
2011 | 17,496.0 | 17,322.0 | 174.0 | 5.0 | 2.0 | 3.0 | 0.0 | 0.0 | 0.0 | 1.7 | ||||||||||||
2012 | 18,356.0 | 18,159.0 | 197.0 | 11.0 | 4.0 | 7.0 | 0.0 | 0.1 | 0.0 | 3.6 | ||||||||||||
2013 | 19,356.0 | 19,134.0 | 222.0 | 15.0 | 1.0 | 14.0 | 0.0 | 0.1 | 0.0 | 6.3 | ||||||||||||
2014 | 20,094.0 | 19,818.0 | 276.0 | 8.0 | 0.0 | 8.0 | 0.0 | 0.0 | 0.0 | 2.9 | ||||||||||||
2015 | 20,730.0 | 20,400.0 | 330.0 | 9.0 | 1.0 | 8.0 | 0.0 | 0.0 | 0.0 | 2.4 | ||||||||||||
2016 | 21,315.0 | 20,984.0 | 331.0 | 14.0 | 0.0 | 14.0 | 0.0 | 0.1 | 0.0 | 4.2 | ||||||||||||
2017 | 21,665.0 | 21,293.0 | 372.0 | 18.0 | 0.0 | 18.0 | 0.0 | 0.1 | 0.0 | 4.8 | ||||||||||||
2018 | 21,598.0 | 21,242.0 | 356.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2019 | 21,571.0 | 21,223.0 | 348.0 | 4.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 1.1 | ||||||||||||
2020 | 21,756.0 | 21,414.0 | 342.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.3 | ||||||||||||
2021 | 21,703.0 | 21,318.0 | 385.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.5 | ||||||||||||
2022 | 21,662.0 | 21,280.0 | 382.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.5 | ||||||||||||
2023 | 21,353.0 | 20,972.0 | 381.0 | 4.0 | 0.0 | 4.0 | 0.0 | 0.0 | 0.0 | 1.0 | ||||||||||||
Mean | 3.6 | 0.4 | 3.2 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||||||
Median | 3.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.0 | 1.2 | |||||||||||||||
Standard deviation | 4.4 | 0.9 | 4.2 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Maximum | 18.0 | 4.0 | 18.0 | 0.0 | 0.1 | 0.0 | 6.3 | |||||||||||||||
Orange County, Calif., defaulted the same year we assigned the initial rating. Source: S&P Global Ratings Credit Research & Insights. |
Table 14
Tax secured annual default summary | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Unrated | Overall | Investment grade | Speculative grade | |||||||||||||
1986 | 2,253.0 | 2,228.0 | 25.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1987 | 2,379.0 | 2,358.0 | 21.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1988 | 2,373.0 | 2,355.0 | 18.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1989 | 2,448.0 | 2,433.0 | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1990 | 2,603.0 | 2,590.0 | 13.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1991 | 2,748.0 | 2,727.0 | 21.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1992 | 2,905.0 | 2,880.0 | 25.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1993 | 2,996.0 | 2,973.0 | 23.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1994 | 2,957.0 | 2,935.0 | 22.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.1 | 0.0 | 9.1 | ||||||||||||
1995 | 2,869.0 | 2,851.0 | 18.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1996 | 2,498.0 | 2,484.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1997 | 2,416.0 | 2,399.0 | 17.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1998# | 2,616.0 | 2,605.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1999 | 2,987.0 | 2,975.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2000 | 3,117.0 | 3,105.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2001 | 3,448.0 | 3,435.0 | 13.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2002 | 3,885.0 | 3,874.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2003 | 4,287.0 | 4,274.0 | 13.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2004 | 4,748.0 | 4,733.0 | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2005 | 5,076.0 | 5,064.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2006 | 5,438.0 | 5,414.0 | 24.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2007 | 5,898.0 | 5,872.0 | 26.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2008 | 6,226.0 | 6,196.0 | 30.0 | 2.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2009 | 6,881.0 | 6,854.0 | 27.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2010 | 8,472.0 | 8,450.0 | 22.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2011 | 9,801.0 | 9,759.0 | 42.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2012 | 10,436.0 | 10,376.0 | 60.0 | 4.0 | 3.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.7 | ||||||||||||
2013 | 11,102.0 | 11,040.0 | 62.0 | 4.0 | 1.0 | 3.0 | 0.0 | 0.0 | 0.0 | 4.8 | ||||||||||||
2014 | 11,667.0 | 11,610.0 | 57.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2015 | 12,117.0 | 12,045.0 | 72.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.4 | ||||||||||||
2016 | 12,489.0 | 12,424.0 | 65.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.0 | 0.0 | 4.6 | ||||||||||||
2017 | 12,760.0 | 12,683.0 | 77.0 | 8.0 | 0.0 | 8.0 | 0.0 | 0.1 | 0.0 | 10.4 | ||||||||||||
2018 | 12,835.0 | 12,765.0 | 70.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2019 | 12,871.0 | 12,798.0 | 73.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2020 | 13,017.0 | 12,949.0 | 68.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2021 | 13,013.0 | 12,945.0 | 68.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2022 | 12,976.0 | 12,915.0 | 61.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2023 | 12,844.0 | 12,786.0 | 58.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.7 | ||||||||||||
Mean | 0.7 | 0.2 | 0.5 | 0.0 | 0.0 | 0.0 | 0.9 | |||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Standard deviation | 1.6 | 0.6 | 1.5 | 0.0 | 0.0 | 0.0 | 2.4 | |||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Maximum | 8.0 | 3.0 | 8.0 | 0.0 | 0.1 | 0.0 | 10.4 | |||||||||||||||
#Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights. |
Table 15
Appropriation annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 461.0 | 455.0 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1987 | 537.0 | 530.0 | 7.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 14.3 | |||||||||||
1988 | 583.0 | 581.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 681.0 | 677.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1990 | 775.0 | 772.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1991 | 915.0 | 908.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1992 | 1,129.0 | 1,122.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1993 | 1,321.0 | 1,316.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 1,442.0 | 1,435.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1995 | 1,481.0 | 1,472.0 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1996 | 1,271.0 | 1,269.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 1,277.0 | 1,276.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 1,385.0 | 1,384.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 1,520.0 | 1,518.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2000 | 1,617.0 | 1,614.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2001 | 1,773.0 | 1,770.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2002 | 1,941.0 | 1,938.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2003 | 2,160.0 | 2,157.0 | 3.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 2,452.0 | 2,449.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2005 | 2,636.0 | 2,630.0 | 6.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 16.7 | |||||||||||
2006 | 2,901.0 | 2,896.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2007 | 3,131.0 | 3,128.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 3,395.0 | 3,390.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2009 | 3,697.0 | 3,690.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 3,969.0 | 3,951.0 | 18.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2011 | 3,974.0 | 3,955.0 | 19.0 | 2.0 | 1.0 | 1.0 | 0.1 | 0.0 | 5.3 | |||||||||||
2012 | 4,067.0 | 4,044.0 | 23.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 8.7 | |||||||||||
2013 | 4,221.0 | 4,185.0 | 36.0 | 8.0 | 0.0 | 8.0 | 0.2 | 0.0 | 22.2 | |||||||||||
2014 | 4,271.0 | 4,225.0 | 46.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 2.2 | |||||||||||
2015 | 4,420.0 | 4,343.0 | 77.0 | 5.0 | 0.0 | 5.0 | 0.1 | 0.0 | 6.5 | |||||||||||
2016 | 4,617.0 | 4,530.0 | 87.0 | 9.0 | 0.0 | 9.0 | 0.2 | 0.0 | 10.3 | |||||||||||
2017 | 4,696.0 | 4,591.0 | 105.0 | 10.0 | 0.0 | 10.0 | 0.2 | 0.0 | 9.5 | |||||||||||
2018 | 4,575.0 | 4,485.0 | 90.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 4,550.0 | 4,463.0 | 87.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 2.3 | |||||||||||
2020 | 4,572.0 | 4,502.0 | 70.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2021 | 4,546.0 | 4,473.0 | 73.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 1.4 | |||||||||||
2022 | 4,533.0 | 4,462.0 | 71.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2023 | 4,414.0 | 4,355.0 | 59.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Mean | 1.2 | 0.1 | 1.1 | 0.0 | 0.0 | 2.6 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 2.5 | 0.3 | 2.5 | 0.1 | 0.0 | 5.4 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 10.0 | 1.0 | 10.0 | 0.2 | 0.0 | 22.2 | ||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 16
Utility annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 820.0 | 808.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1987 | 809.0 | 798.0 | 11.0 | 1.0 | 1.0 | 0.0 | 0.1 | 0.1 | 0.0 | |||||||||||
1988 | 769.0 | 762.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 768.0 | 759.0 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1990 | 783.0 | 772.0 | 11.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 9.1 | |||||||||||
1991 | 830.0 | 818.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1992 | 871.0 | 859.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1993 | 912.0 | 904.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 909.0 | 898.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1995 | 850.0 | 836.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1996 | 720.0 | 710.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 695.0 | 683.0 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 735.0 | 724.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 814.0 | 803.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2000 | 867.0 | 856.0 | 11.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2001 | 942.0 | 932.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2002 | 1,036.0 | 1,022.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2003 | 1,126.0 | 1,116.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 1,236.0 | 1,222.0 | 14.0 | 2.0 | 0.0 | 2.0 | 0.2 | 0.0 | 14.3 | |||||||||||
2005 | 1,249.0 | 1,245.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 1,300.0 | 1,293.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2007 | 1,361.0 | 1,351.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 1,432.0 | 1,423.0 | 9.0 | 1.0 | 1.0 | 0.0 | 0.1 | 0.1 | 0.0 | |||||||||||
2009 | 1,543.0 | 1,535.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 1,690.0 | 1,682.0 | 8.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 12.5 | |||||||||||
2011 | 1,873.0 | 1,869.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2012 | 1,968.0 | 1,964.0 | 4.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 25.0 | |||||||||||
2013 | 2,131.0 | 2,125.0 | 6.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 16.7 | |||||||||||
2014 | 2,234.0 | 2,223.0 | 11.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 27.3 | |||||||||||
2015 | 2,279.0 | 2,272.0 | 7.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2016 | 2,325.0 | 2,317.0 | 8.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 12.5 | |||||||||||
2017 | 2,357.0 | 2,348.0 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 2,376.0 | 2,369.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 2,375.0 | 2,371.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2020 | 2,372.0 | 2,366.0 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2021 | 2,368.0 | 2,359.0 | 9.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2022 | 2,368.0 | 2,359.0 | 9.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 11.1 | |||||||||||
2023 | 2,316.0 | 2,307.0 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Mean | 0.4 | 0.1 | 0.3 | 0.0 | 0.0 | 3.4 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 0.7 | 0.3 | 0.7 | 0.0 | 0.0 | 7.2 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 3.0 | 1.0 | 3.0 | 0.2 | 0.1 | 27.3 | ||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 17
Higher education annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 358.0 | 358.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
1987 | 377.0 | 377.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
1988 | 386.0 | 385.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 390.0 | 389.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1990 | 403.0 | 402.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1991 | 427.0 | 425.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1992 | 444.0 | 442.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1993 | 446.0 | 445.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 455.0 | 453.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1995 | 448.0 | 448.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
1996 | 408.0 | 406.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 404.0 | 402.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 449.0 | 447.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 517.0 | 515.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2000 | 580.0 | 577.0 | 3.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 33.3 | |||||||||||
2001 | 605.0 | 603.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2002 | 647.0 | 645.0 | 2.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 50.0 | |||||||||||
2003 | 654.0 | 652.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 656.0 | 649.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2005 | 683.0 | 676.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 680.0 | 670.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2007 | 705.0 | 695.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 722.0 | 708.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2009 | 750.0 | 736.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 766.0 | 753.0 | 13.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2011 | 786.0 | 769.0 | 17.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2012 | 807.0 | 788.0 | 19.0 | 2.0 | 0.0 | 2.0 | 0.2 | 0.0 | 10.5 | |||||||||||
2013 | 818.0 | 798.0 | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2014 | 836.0 | 807.0 | 29.0 | 3.0 | 0.0 | 3.0 | 0.4 | 0.0 | 10.3 | |||||||||||
2015 | 833.0 | 802.0 | 31.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 3.2 | |||||||||||
2016 | 832.0 | 800.0 | 32.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2017 | 829.0 | 790.0 | 39.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 817.0 | 774.0 | 43.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 807.0 | 762.0 | 45.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 2.2 | |||||||||||
2020 | 819.0 | 765.0 | 54.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.9 | |||||||||||
2021 | 802.0 | 730.0 | 72.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.4 | |||||||||||
2022 | 803.0 | 738.0 | 65.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.5 | |||||||||||
2023 | 793.0 | 729.0 | 64.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Mean | 0.3 | 0.0 | 0.3 | 0.0 | 0.0 | 3.3 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 0.7 | 0.0 | 0.7 | 0.1 | 0.0 | 10.1 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 3.0 | 0.0 | 3.0 | 0.4 | 0.0 | 50.0 | ||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 18
Health care annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 856.0 | 832.0 | 24.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1987 | 814.0 | 780.0 | 34.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1988 | 796.0 | 751.0 | 45.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 767.0 | 720.0 | 47.0 | 3.0 | 0.0 | 3.0 | 0.4 | 0.0 | 6.4 | |||||||||||
1990 | 784.0 | 742.0 | 42.0 | 2.0 | 0.0 | 2.0 | 0.3 | 0.0 | 4.8 | |||||||||||
1991 | 784.0 | 740.0 | 44.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 2.3 | |||||||||||
1992 | 793.0 | 748.0 | 45.0 | 5.0 | 0.0 | 5.0 | 0.6 | 0.0 | 11.1 | |||||||||||
1993 | 783.0 | 740.0 | 43.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 764.0 | 720.0 | 44.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 2.3 | |||||||||||
1995 | 708.0 | 669.0 | 39.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 2.6 | |||||||||||
1996 | 606.0 | 569.0 | 37.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 560.0 | 530.0 | 30.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 593.0 | 562.0 | 31.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 637.0 | 602.0 | 35.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 2.9 | |||||||||||
2000 | 668.0 | 631.0 | 37.0 | 2.0 | 0.0 | 2.0 | 0.3 | 0.0 | 5.4 | |||||||||||
2001 | 680.0 | 642.0 | 38.0 | 2.0 | 1.0 | 1.0 | 0.3 | 0.2 | 2.6 | |||||||||||
2002 | 695.0 | 651.0 | 44.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2003 | 700.0 | 647.0 | 53.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 710.0 | 644.0 | 66.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.5 | |||||||||||
2005 | 703.0 | 635.0 | 68.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 707.0 | 636.0 | 71.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2007 | 700.0 | 636.0 | 64.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 708.0 | 646.0 | 62.0 | 2.0 | 0.0 | 2.0 | 0.3 | 0.0 | 3.2 | |||||||||||
2009 | 715.0 | 651.0 | 64.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 700.0 | 629.0 | 71.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.4 | |||||||||||
2011 | 680.0 | 615.0 | 65.0 | 1.0 | 0.0 | 1.0 | 0.1 | 0.0 | 1.5 | |||||||||||
2012 | 673.0 | 613.0 | 60.0 | 2.0 | 1.0 | 1.0 | 0.3 | 0.2 | 1.7 | |||||||||||
2013 | 655.0 | 602.0 | 53.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 1.9 | |||||||||||
2014 | 617.0 | 564.0 | 53.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2015 | 580.0 | 530.0 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2016 | 550.0 | 502.0 | 48.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 2.1 | |||||||||||
2017 | 513.0 | 474.0 | 39.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 485.0 | 453.0 | 32.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 462.0 | 434.0 | 28.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2020 | 463.0 | 431.0 | 32.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2021 | 454.0 | 420.0 | 34.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2022 | 454.0 | 418.0 | 36.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2023 | 439.0 | 403.0 | 36.0 | 1.0 | 0.0 | 1.0 | 0.2 | 0.0 | 2.8 | |||||||||||
Mean | 0.7 | 0.1 | 0.7 | 0.1 | 0.0 | 1.5 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 1.1 | 0.2 | 1.0 | 0.1 | 0.0 | 2.3 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 5.0 | 1.0 | 5.0 | 0.6 | 0.2 | 11.1 | ||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 19
Transportation annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 283.0 | 275.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1987 | 276.0 | 268.0 | 8.0 | 1.0 | 0.0 | 1.0 | 0.4 | 0.0 | 12.5 | |||||||||||
1988 | 261.0 | 254.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 256.0 | 251.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1990 | 253.0 | 248.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1991 | 255.0 | 250.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1992 | 258.0 | 254.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1993 | 259.0 | 256.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 242.0 | 240.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1995 | 223.0 | 219.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1996 | 167.0 | 165.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 147.0 | 145.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 156.0 | 154.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 169.0 | 168.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2000 | 178.0 | 178.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | n/a | |||||||||||
2001 | 186.0 | 183.0 | 3.0 | 1.0 | 0.0 | 1.0 | 0.5 | 0.0 | 33.3 | |||||||||||
2002 | 206.0 | 204.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2003 | 215.0 | 211.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 224.0 | 216.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2005 | 214.0 | 207.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 231.0 | 219.0 | 12.0 | 1.0 | 0.0 | 1.0 | 0.4 | 0.0 | 8.3 | |||||||||||
2007 | 239.0 | 229.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 244.0 | 235.0 | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2009 | 259.0 | 252.0 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 263.0 | 256.0 | 7.0 | 1.0 | 0.0 | 1.0 | 0.4 | 0.0 | 14.3 | |||||||||||
2011 | 268.0 | 262.0 | 6.0 | 1.0 | 0.0 | 1.0 | 0.4 | 0.0 | 16.7 | |||||||||||
2012 | 268.0 | 262.0 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2013 | 268.0 | 263.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2014 | 280.0 | 274.0 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2015 | 292.0 | 289.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2016 | 295.0 | 292.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2017 | 303.0 | 299.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 300.0 | 296.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 296.0 | 293.0 | 3.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2020 | 303.0 | 301.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2021 | 293.0 | 288.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2022 | 285.0 | 280.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2023 | 281.0 | 276.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Mean | 0.1 | 0.0 | 0.1 | 0.1 | 0.0 | 2.3 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 0.3 | 0.0 | 0.3 | 0.1 | 0.0 | 6.7 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 1.0 | 0.0 | 1.0 | 0.5 | 0.0 | 33.3 | ||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 20
Charter schools annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1987 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1988 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1989 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1990 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1991 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1992 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1993 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1994 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1995 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1996 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1997 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1998 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
1999 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | N.A. | N.A. | |||||||||||
2000 | 2.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
2001 | 4.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
2002 | 5.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
2003 | 8.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | N.A. | |||||||||||
2004 | 14.0 | 13.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2005 | 25.0 | 23.0 | 2.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 39.0 | 31.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2007 | 54.0 | 40.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 76.0 | 51.0 | 25.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2009 | 86.0 | 60.0 | 26.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 84.0 | 64.0 | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2011 | 114.0 | 93.0 | 21.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2012 | 137.0 | 112.0 | 25.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2013 | 161.0 | 121.0 | 40.0 | 1.0 | 0.0 | 1.0 | 0.6 | 0.0 | 2.5 | |||||||||||
2014 | 189.0 | 115.0 | 74.0 | 1.0 | 0.0 | 1.0 | 0.5 | 0.0 | 1.4 | |||||||||||
2015 | 209.0 | 119.0 | 90.0 | 1.0 | 0.0 | 1.0 | 0.5 | 0.0 | 1.1 | |||||||||||
2016 | 207.0 | 119.0 | 88.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2017 | 207.0 | 108.0 | 99.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 210.0 | 100.0 | 110.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 210.0 | 102.0 | 108.0 | 1.0 | 0.0 | 1.0 | 0.5 | 0.0 | 0.9 | |||||||||||
2020 | 210.0 | 100.0 | 110.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2021 | 227.0 | 103.0 | 124.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2022 | 243.0 | 108.0 | 135.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2023 | 266.0 | 116.0 | 150.0 | 2.0 | 0.0 | 2.0 | 0.8 | 0.0 | 1.3 | |||||||||||
Mean | 0.2 | 0.0 | 0.2 | 0.1 | 0.0 | 0.4 | ||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Standard deviation | 0.4 | 0.0 | 0.4 | 0.2 | 0.0 | 0.7 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 2.0 | 0.0 | 2.0 | 0.8 | 0.0 | 2.5 | ||||||||||||||
N.A.--not available. Source: S&P Global Ratings Credit Research & Insights. |
Table 21
Revenue bond annual default summary | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Overall | Investment grade | Speculative grade | ||||||||||||
1986 | 2,317.0 | 2,273.0 | 44.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1987 | 2,276.0 | 2,223.0 | 53.0 | 2.0 | 1.0 | 1.0 | 0.1 | 0.0 | 1.9 | |||||||||||
1988 | 2,212.0 | 2,152.0 | 60.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1989 | 2,181.0 | 2,119.0 | 62.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 4.8 | |||||||||||
1990 | 2,223.0 | 2,164.0 | 59.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 5.1 | |||||||||||
1991 | 2,296.0 | 2,233.0 | 63.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 1.6 | |||||||||||
1992 | 2,366.0 | 2,303.0 | 63.0 | 5.0 | 0.0 | 5.0 | 0.2 | 0.0 | 7.9 | |||||||||||
1993 | 2,400.0 | 2,345.0 | 55.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1994 | 2,370.0 | 2,311.0 | 59.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 1.7 | |||||||||||
1995 | 2,229.0 | 2,172.0 | 57.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 1.8 | |||||||||||
1996 | 1,901.0 | 1,850.0 | 51.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1997 | 1,806.0 | 1,760.0 | 46.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1998 | 1,933.0 | 1,887.0 | 46.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
1999 | 2,137.0 | 2,088.0 | 49.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 2.0 | |||||||||||
2000 | 2,295.0 | 2,244.0 | 51.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 5.9 | |||||||||||
2001 | 2,417.0 | 2,364.0 | 53.0 | 3.0 | 1.0 | 2.0 | 0.1 | 0.0 | 3.8 | |||||||||||
2002 | 2,589.0 | 2,527.0 | 62.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 1.6 | |||||||||||
2003 | 2,703.0 | 2,634.0 | 69.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2004 | 2,840.0 | 2,744.0 | 96.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 3.1 | |||||||||||
2005 | 2,874.0 | 2,786.0 | 88.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2006 | 2,957.0 | 2,849.0 | 108.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.9 | |||||||||||
2007 | 3,059.0 | 2,951.0 | 108.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2008 | 3,182.0 | 3,063.0 | 119.0 | 3.0 | 1.0 | 2.0 | 0.1 | 0.0 | 1.7 | |||||||||||
2009 | 3,353.0 | 3,234.0 | 119.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2010 | 3,503.0 | 3,384.0 | 119.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 2.5 | |||||||||||
2011 | 3,721.0 | 3,608.0 | 113.0 | 2.0 | 0.0 | 2.0 | 0.1 | 0.0 | 1.8 | |||||||||||
2012 | 3,853.0 | 3,739.0 | 114.0 | 5.0 | 1.0 | 4.0 | 0.1 | 0.0 | 3.5 | |||||||||||
2013 | 4,033.0 | 3,909.0 | 124.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 2.4 | |||||||||||
2014 | 4,156.0 | 3,983.0 | 173.0 | 7.0 | 0.0 | 7.0 | 0.2 | 0.0 | 4.0 | |||||||||||
2015 | 4,193.0 | 4,012.0 | 181.0 | 3.0 | 1.0 | 2.0 | 0.1 | 0.0 | 1.1 | |||||||||||
2016 | 4,209.0 | 4,030.0 | 179.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 1.1 | |||||||||||
2017 | 4,209.0 | 4,019.0 | 190.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2018 | 4,188.0 | 3,992.0 | 196.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
2019 | 4,150.0 | 3,962.0 | 188.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 1.1 | |||||||||||
2020 | 4,167.0 | 3,963.0 | 204.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.5 | |||||||||||
2021 | 4,144.0 | 3,900.0 | 244.0 | 2.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.4 | |||||||||||
2022 | 4,153.0 | 3,903.0 | 250.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.0 | 0.8 | |||||||||||
2023 | 4,095.0 | 3,831.0 | 264.0 | 3.0 | 0.0 | 3.0 | 0.1 | 0.0 | 1.1 | |||||||||||
Mean | 1.7 | 0.2 | 1.6 | 0.1 | 0.0 | 1.7 | ||||||||||||||
Median | 1.5 | 0.0 | 1.0 | 0.0 | 0.0 | 1.1 | ||||||||||||||
Standard deviation | 1.7 | 0.4 | 1.6 | 0.1 | 0.0 | 1.9 | ||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||
Maximum | 7.0 | 1.0 | 7.0 | 0.2 | 0.0 | 7.9 | ||||||||||||||
Includes utility, higher education, health care, transportation and charter schools. Source: S&P Global Ratings Credit Research & Insights. |
Table 22
Housing Annual Default Summary | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Number of obligors-- | --Number of defaults-- | --Default rate (%)-- | ||||||||||||||||||||
All ratings | Investment grade | Speculative grade | Total | Investment grade | Speculative grade | Unrated | Overall | Investment grade | Speculative grade | |||||||||||||
1986 | 2,593.0 | 2,592.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1987 | 2,706.0 | 2,696.0 | 10.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1988 | 2,829.0 | 2,802.0 | 27.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1989 | 2,988.0 | 2,956.0 | 32.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1990 | 2,765.0 | 2,710.0 | 55.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1991 | 2,850.0 | 2,770.0 | 80.0 | 18.0 | 0.0 | 18.0 | 0.0 | 0.6 | 0.0 | 22.5 | ||||||||||||
1992 | 2,785.0 | 2,714.0 | 71.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.4 | ||||||||||||
1993 | 2,775.0 | 2,721.0 | 54.0 | 2.0 | 0.0 | 2.0 | 0.0 | 0.1 | 0.0 | 3.7 | ||||||||||||
1994 | 2,610.0 | 2,570.0 | 40.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 2.5 | ||||||||||||
1995 | 2,648.0 | 2,618.0 | 30.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 3.3 | ||||||||||||
1996 | 2,417.0 | 2,399.0 | 18.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 5.6 | ||||||||||||
1997 | 2,556.0 | 2,541.0 | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
1998 | 2,688.0 | 2,676.0 | 12.0 | 2.0 | 0.0 | 2.0 | 2.0 | 0.1 | 0.0 | 16.7 | ||||||||||||
1999 | 2,797.0 | 2,787.0 | 10.0 | 2.0 | 1.0 | 1.0 | 0.0 | 0.1 | 0.0 | 10.0 | ||||||||||||
2000 | 3,013.0 | 2,999.0 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2001 | 3,300.0 | 3,272.0 | 28.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 3.6 | ||||||||||||
2002 | 3,567.0 | 3,539.0 | 28.0 | 6.0 | 2.0 | 4.0 | 0.0 | 0.2 | 0.1 | 14.3 | ||||||||||||
2003 | 3,792.0 | 3,750.0 | 42.0 | 5.0 | 1.0 | 4.0 | 0.0 | 0.1 | 0.0 | 9.5 | ||||||||||||
2004 | 3,820.0 | 3,766.0 | 54.0 | 4.0 | 1.0 | 3.0 | 0.0 | 0.1 | 0.0 | 5.6 | ||||||||||||
2005 | 3,708.0 | 3,654.0 | 54.0 | 6.0 | 0.0 | 6.0 | 0.0 | 0.2 | 0.0 | 11.1 | ||||||||||||
2006 | 3,553.0 | 3,496.0 | 57.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.1 | 0.0 | 3.5 | ||||||||||||
2007 | 3,443.0 | 3,388.0 | 55.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.1 | 0.0 | 3.6 | ||||||||||||
2008 | 3,387.0 | 3,337.0 | 50.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 2.0 | ||||||||||||
2009 | 3,445.0 | 3,396.0 | 49.0 | 3.0 | 0.0 | 3.0 | 0.0 | 0.1 | 0.0 | 6.1 | ||||||||||||
2010 | 3,301.0 | 3,247.0 | 54.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2011 | 2,899.0 | 2,798.0 | 101.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 | ||||||||||||
2012 | 2,783.0 | 2,701.0 | 82.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2013 | 2,624.0 | 2,551.0 | 73.0 | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.4 | ||||||||||||
2014 | 2,469.0 | 2,404.0 | 65.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2015 | 2,371.0 | 2,318.0 | 53.0 | 3.0 | 1.0 | 2.0 | 0.0 | 0.1 | 0.0 | 3.8 | ||||||||||||
2016 | 2,326.0 | 2,284.0 | 42.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2017 | 2,230.0 | 2,196.0 | 34.0 | 2.0 | 2.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | ||||||||||||
2018 | 2,241.0 | 2,193.0 | 48.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2019 | 2,224.0 | 2,170.0 | 54.0 | 7.0 | 0.0 | 7.0 | 0.0 | 0.3 | 0.0 | 13.0 | ||||||||||||
2020 | 2,213.0 | 2,150.0 | 63.0 | 12.0 | 7.0 | 5.0 | 0.0 | 0.5 | 0.3 | 7.9 | ||||||||||||
2021 | 2,229.0 | 2,149.0 | 80.0 | 5.0 | 0.0 | 5.0 | 0.0 | 0.2 | 0.0 | 6.3 | ||||||||||||
2022 | 2,230.0 | 2,176.0 | 54.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
2023 | 2,241.0 | 2,198.0 | 43.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||
Mean | 2.5 | 0.5 | 1.9 | 0.1 | 0.1 | 0.0 | 4.2 | |||||||||||||||
Median | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 2.3 | |||||||||||||||
Standard deviation | 3.6 | 1.2 | 3.3 | 0.3 | 0.1 | 0.1 | 5.5 | |||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Maximum | 18.0 | 7.0 | 18.0 | 2.0 | 0.6 | 0.3 | 22.5 | |||||||||||||||
*Windsor Housing Foundation defaulted on two bonds in 1998 after the rating was withdrawn. Source: S&P Global Ratings Credit Research & Insights. |
Transition tables
Table 23
2023 one-year transition rates by category (%) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
From/to | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
USPF | ||||||||||||||||||||
AAA | 97.3 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.4 | |||||||||||
AA | 0.5 | 94.9 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.3 | |||||||||||
A | 0.0 | 1.6 | 94.3 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||
BBB | 0.0 | 0.1 | 19.0 | 75.3 | 0.7 | 0.0 | 0.0 | 0.0 | 4.9 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 6.7 | 85.8 | 2.2 | 0.8 | 0.0 | 4.5 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 4.4 | 75.6 | 2.2 | 4.4 | 13.3 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 75.0 | 10.0 | 10.0 | |||||||||||
Tax secured | ||||||||||||||||||||
AAA | 98.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | |||||||||||
AA | 0.4 | 96.8 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | |||||||||||
A | 0.0 | 1.4 | 95.2 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | |||||||||||
BBB | 0.0 | 0.2 | 18.4 | 74.8 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 13.5 | 80.8 | 1.9 | 0.0 | 0.0 | 3.8 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | 0.0 | 0.0 | 0.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | |||||||||||
Appropriation | ||||||||||||||||||||
AAA | 89.4 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9.1 | |||||||||||
AA | 0.0 | 92.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.3 | |||||||||||
A | 0.0 | 1.3 | 91.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0 | |||||||||||
BBB | 0.0 | 0.0 | 55.0 | 38.7 | 0.4 | 0.0 | 0.0 | 0.0 | 5.9 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 10.2 | 85.7 | 2.0 | 0.0 | 0.0 | 2.0 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 88.9 | 0.0 | 0.0 | 11.1 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||
Utility | ||||||||||||||||||||
AAA | 98.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | |||||||||||
AA | 0.4 | 94.9 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.3 | |||||||||||
A | 0.0 | 1.2 | 94.5 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 3.4 | |||||||||||
BBB | 0.0 | 0.0 | 2.9 | 92.9 | 0.7 | 0.0 | 0.0 | 0.0 | 3.6 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 75.0 | 0.0 | 0.0 | 0.0 | 25.0 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | |||||||||||
CCC/C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
Housing | ||||||||||||||||||||
AAA | 96.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | |||||||||||
AA | 1.9 | 91.4 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6 | |||||||||||
A | 0.0 | 7.8 | 90.2 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | |||||||||||
BBB | 0.0 | 0.0 | 5.3 | 94.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 9.5 | 66.7 | 4.8 | 4.8 | 0.0 | 14.3 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 90.9 | 0.0 | 0.0 | 9.1 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9.1 | 90.9 | 0.0 | 0.0 | |||||||||||
Higher education | ||||||||||||||||||||
AAA | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
AA | 0.5 | 96.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.7 | |||||||||||
A | 0.0 | 4.3 | 93.2 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | |||||||||||
BBB | 0.0 | 0.6 | 2.2 | 95.0 | 0.6 | 0.0 | 0.0 | 0.0 | 1.7 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 7.1 | 82.1 | 5.4 | 1.8 | 0.0 | 3.6 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 83.3 | 0.0 | 0.0 | 16.7 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||
Health care | ||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
AA | 0.0 | 95.6 | 2.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||
A | 0.0 | 0.5 | 92.9 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | |||||||||||
BBB | 0.0 | 0.0 | 6.6 | 83.5 | 5.5 | 0.0 | 0.0 | 0.0 | 4.4 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 3.8 | 80.8 | 7.7 | 3.8 | 0.0 | 3.8 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 57.1 | 0.0 | 0.0 | 42.9 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 66.7 | 33.3 | 0.0 | |||||||||||
Transportation | ||||||||||||||||||||
AAA | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
AA | 0.0 | 96.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | |||||||||||
A | 0.0 | 2.4 | 93.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | |||||||||||
BBB | 0.0 | 0.0 | 17.6 | 76.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 66.7 | 0.0 | 0.0 | 0.0 | 33.3 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | |||||||||||
Charter schools | ||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
AA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
A | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
BBB | 0.0 | 0.0 | 0.0 | 94.8 | 1.7 | 0.0 | 0.0 | 0.0 | 3.5 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 3.5 | 93.8 | 0.0 | 0.0 | 0.0 | 2.8 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 66.7 | 0.0 | 33.3 | 0.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights. |
Table 24
Average one-year transition rates by sector (1986 - 2023) (%) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
Tax secured | ||||||||||||||||||||
AAA | 97.6 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.4 | |||||||||||
AA | 0.8 | 95.8 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.7 | |||||||||||
A | 0.0 | 2.7 | 92.9 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | |||||||||||
BBB | 0.0 | 0.2 | 6.9 | 86.9 | 0.5 | 0.1 | 0.1 | 0.0 | 5.3 | |||||||||||
BB | 0.0 | 0.0 | 0.8 | 10.8 | 76.0 | 1.9 | 1.5 | 0.0 | 9.0 | |||||||||||
B | 0.0 | 0.3 | 1.4 | 4.1 | 11.9 | 66.9 | 5.5 | 1.0 | 8.9 | |||||||||||
CCC/C | 0.0 | 0.0 | 4.5 | 1.8 | 3.6 | 8.1 | 55.0 | 14.4 | 12.6 | |||||||||||
Appropriation | ||||||||||||||||||||
AAA | 92.0 | 2.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 5.4 | |||||||||||
AA | 0.1 | 90.1 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.3 | |||||||||||
A | 0.0 | 3.5 | 87.2 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0 | |||||||||||
BBB | 0.0 | 0.1 | 9.6 | 80.2 | 1.3 | 0.1 | 0.1 | 0.0 | 8.6 | |||||||||||
BB | 0.0 | 0.0 | 1.4 | 6.6 | 78.0 | 2.5 | 3.2 | 0.8 | 7.4 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 2.7 | 3.4 | 74.1 | 5.4 | 4.1 | 10.2 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 4.9 | 43.7 | 28.2 | 21.4 | |||||||||||
Utility | ||||||||||||||||||||
AAA | 96.9 | 0.8 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.3 | |||||||||||
AA | 0.9 | 94.8 | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | |||||||||||
A | 0.0 | 2.9 | 91.7 | 0.7 | 0.1 | 0.0 | 0.0 | 0.0 | 4.5 | |||||||||||
BBB | 0.0 | 0.0 | 5.6 | 85.6 | 0.6 | 0.1 | 0.1 | 0.0 | 7.9 | |||||||||||
BB | 0.0 | 0.0 | 1.3 | 14.3 | 71.0 | 0.4 | 2.1 | 1.7 | 9.2 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 3.6 | 12.7 | 65.5 | 1.8 | 0.0 | 16.4 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 1.8 | 0.0 | 8.9 | 69.6 | 12.5 | 7.1 | |||||||||||
Housing | ||||||||||||||||||||
AAA | 87.8 | 3.7 | 0.2 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 8.1 | |||||||||||
AA | 0.7 | 88.4 | 1.4 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 9.3 | |||||||||||
A | 1.0 | 3.0 | 81.2 | 2.7 | 0.5 | 0.1 | 0.1 | 0.0 | 11.3 | |||||||||||
BBB | 0.1 | 0.3 | 5.8 | 74.1 | 6.2 | 1.2 | 0.7 | 0.3 | 11.4 | |||||||||||
BB | 0.1 | 0.8 | 0.8 | 5.5 | 60.7 | 10.7 | 4.0 | 2.1 | 15.1 | |||||||||||
B | 0.0 | 1.3 | 0.2 | 0.2 | 3.2 | 66.4 | 10.4 | 2.3 | 16.1 | |||||||||||
CCC/C | 0.3 | 1.0 | 0.3 | 1.0 | 1.3 | 0.3 | 57.0 | 13.7 | 25.2 | |||||||||||
Higher education | ||||||||||||||||||||
AAA | 97.8 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | |||||||||||
AA | 0.4 | 94.7 | 1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.5 | |||||||||||
A | 0.0 | 1.3 | 92.7 | 1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 4.7 | |||||||||||
BBB | 0.0 | 0.1 | 2.2 | 90.7 | 1.5 | 0.1 | 0.1 | 0.0 | 5.3 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 3.3 | 85.2 | 2.9 | 0.9 | 0.4 | 7.3 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 1.7 | 5.0 | 70.0 | 8.3 | 5.0 | 10.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | 56.0 | 28.0 | 12.0 | |||||||||||
Health care | ||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
AA | 0.0 | 95.6 | 2.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||
A | 0.0 | 0.5 | 92.9 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | |||||||||||
BBB | 0.0 | 0.0 | 6.6 | 83.5 | 5.5 | 0.0 | 0.0 | 0.0 | 4.4 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 3.8 | 80.8 | 7.7 | 3.8 | 0.0 | 3.8 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 57.1 | 0.0 | 0.0 | 42.9 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 66.7 | 33.3 | 0.0 | |||||||||||
Transportation | ||||||||||||||||||||
AAA | 90.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10.0 | |||||||||||
AA | 0.1 | 93.6 | 1.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.6 | |||||||||||
A | 0.0 | 1.6 | 91.6 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 | 5.8 | |||||||||||
BBB | 0.0 | 0.0 | 3.8 | 86.1 | 0.7 | 0.2 | 0.2 | 0.0 | 9.1 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 10.3 | 76.0 | 2.7 | 1.4 | 0.0 | 9.6 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 12.5 | 62.5 | 12.5 | 0.0 | 12.5 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1 | 42.9 | 35.7 | 14.3 | |||||||||||
Charter schools | ||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
AA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
A | 0.0 | 0.0 | 86.3 | 3.9 | 0.0 | 0.0 | 0.0 | 0.0 | 9.8 | |||||||||||
BBB | 0.0 | 0.0 | 0.1 | 92.6 | 4.8 | 0.2 | 0.1 | 0.0 | 2.2 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 2.7 | 91.2 | 2.0 | 0.0 | 0.0 | 4.2 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 5.4 | 76.6 | 1.8 | 2.7 | 13.5 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 25.0 | 0.0 | 75.0 | 0.0 | |||||||||||
N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights. |
Table 25a
2023 one-year transition rates by modifier (%) | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
From/to | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | D | NR | |||||||||||||||||||||
USPF* | ||||||||||||||||||||||||||||||||||||||||
AAA | 97.7 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | |||||||||||||||||||||
AA+ | 1.1 | 95.2 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.3 | |||||||||||||||||||||
AA | 0.0 | 4.9 | 90.7 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | |||||||||||||||||||||
AA- | 0.0 | 0.1 | 2.6 | 92.5 | 0.5 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.2 | 2.2 | 92.5 | 1.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.1 | 0.4 | 3.4 | 91.0 | 0.9 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | 9.8 | 83.3 | 1.3 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.3 | 2.5 | 4.4 | 27.9 | 56.0 | 2.5 | 0.6 | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 3.3 | 5.0 | 8.0 | 73.7 | 2.8 | 0.5 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | 1.0 | 0.6 | 2.2 | 7.3 | 83.4 | 1.6 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | 10.7 | 78.0 | 5.4 | 0.6 | 0.0 | 0.0 | 0.6 | 0.0 | 0.0 | 3.0 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 | 4.7 | 82.9 | 5.4 | 1.6 | 0.0 | 0.0 | 0.8 | 0.0 | 3.9 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.9 | 75.6 | 0.0 | 4.9 | 4.9 | 2.4 | 0.0 | 7.3 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 76.5 | 5.9 | 0.0 | 0.0 | 0.0 | 17.6 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7 | 7.7 | 0.0 | 7.7 | 46.2 | 0.0 | 7.7 | 7.7 | 15.4 | |||||||||||||||||||||
B- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 25.0 | 50.0 | 0.0 | 25.0 | 0.0 | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 55.6 | 22.2 | 22.2 | |||||||||||||||||||||
Tax secured | ||||||||||||||||||||||||||||||||||||||||
AAA | 98.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | |||||||||||||||||||||
AA+ | 1.7 | 95.9 | 0.7 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | |||||||||||||||||||||
AA | 0.0 | 3.0 | 94.1 | 0.3 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.4 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 2.9 | 93.3 | 0.6 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.1 | 2.0 | 93.9 | 0.8 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.1 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.1 | 0.6 | 3.5 | 91.9 | 0.6 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | 10.0 | 82.7 | 0.6 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.4 | 6.5 | 10.1 | 8.1 | 67.3 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | 5.9 | 8.6 | 9.6 | 65.2 | 1.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | 3.4 | 2.3 | 6.8 | 11.4 | 70.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.5 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7 | 15.4 | 69.2 | 3.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.3 | 21.1 | 68.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.3 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 14.3 | 71.4 | 0.0 | 14.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | |||||||||||||||||||||
Appropriation | ||||||||||||||||||||||||||||||||||||||||
AAA | 89.4 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9.1 | |||||||||||||||||||||
AA+ | 0.0 | 93.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.6 | |||||||||||||||||||||
AA | 0.0 | 12.1 | 79.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.0 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 1.4 | 91.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.0 | 2.7 | 88.4 | 1.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.8 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.0 | 0.0 | 3.1 | 88.8 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 15.6 | 80.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.5 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 75.1 | 19.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12.5 | 75.0 | 0.0 | 2.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 25.0 | 71.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.1 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 | 16.7 | 75.0 | 4.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 90.5 | 4.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.8 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 75.0 | 0.0 | 0.0 | 25.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 85.7 | 14.3 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 0.0 | 0.0 | 0.0 | 50.0 | |||||||||||||||||||||
B- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||||||||||||
Utility | ||||||||||||||||||||||||||||||||||||||||
AAA | 98.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.1 | |||||||||||||||||||||
AA+ | 1.6 | 96.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | |||||||||||||||||||||
AA | 0.0 | 3.1 | 92.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.6 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 2.7 | 90.6 | 0.7 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.7 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.0 | 2.8 | 91.9 | 1.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | 93.3 | 1.3 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.7 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 3.9 | 88.3 | 2.9 | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 89.7 | 2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.4 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | 1.9 | 86.8 | 1.9 | 1.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.3 | 5.3 | 89.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 80.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.0 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
B- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
CCC/C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
Housing | ||||||||||||||||||||||||||||||||||||||||
AAA | 96.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.0 | |||||||||||||||||||||
AA+ | 2.4 | 93.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.9 | |||||||||||||||||||||
AA | 0.0 | 32.9 | 50.7 | 1.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 15.1 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 6.7 | 71.2 | 1.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.9 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.0 | 12.2 | 85.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.2 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.0 | 2.6 | 26.3 | 71.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12.0 | 84.0 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 | 3.3 | 83.3 | 6.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.5 | 90.9 | 4.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 18.2 | 36.4 | 27.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 18.2 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 25.0 | 25.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 16.7 | 33.3 | 16.7 | 0.0 | 0.0 | 16.7 | 0.0 | 16.7 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 75.0 | 0.0 | 0.0 | 25.0 | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9.1 | 90.9 | 0.0 | 0.0 | |||||||||||||||||||||
Higher education | ||||||||||||||||||||||||||||||||||||||||
AAA | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
AA+ | 2.6 | 97.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
AA | 0.0 | 1.9 | 94.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.8 | |||||||||||||||||||||
AA- | 0.0 | 3.2 | 3.2 | 90.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | |||||||||||||||||||||
A+ | 0.0 | 1.4 | 3.5 | 2.1 | 90.1 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | |||||||||||||||||||||
A | 0.0 | 0.0 | 2.0 | 2.0 | 2.9 | 87.3 | 3.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.0 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | 94.9 | 2.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 1.5 | 0.0 | 0.0 | 3.1 | 83.1 | 7.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.6 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.2 | 2.2 | 2.2 | 84.8 | 8.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.4 | 94.1 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 14.3 | 71.4 | 10.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.6 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 70.0 | 15.0 | 5.0 | 0.0 | 0.0 | 5.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 62.5 | 0.0 | 12.5 | 12.5 | 0.0 | 0.0 | 12.5 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||||||||||||
Health care | ||||||||||||||||||||||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
AA+ | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
AA | 0.0 | 0.0 | 90.0 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 1.5 | 93.9 | 3.0 | 1.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.0 | 1.6 | 82.5 | 14.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.6 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.0 | 0.0 | 1.3 | 87.2 | 7.7 | 3.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.5 | 80.7 | 8.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1 | 61.9 | 14.3 | 9.5 | 0.0 | 2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.8 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | 3.2 | 3.2 | 71.0 | 9.7 | 0.0 | 3.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.5 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | 0.0 | 0.0 | 0.0 | 0.0 | 77.8 | 11.1 | 5.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.7 | 69.2 | 7.7 | 7.7 | 0.0 | 0.0 | 7.7 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 70.0 | 20.0 | 10.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 0.0 | 0.0 | 0.0 | 33.3 | 0.0 | 33.3 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | |||||||||||||||||||||
B- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 66.7 | 33.3 | 0.0 | |||||||||||||||||||||
Transportation | ||||||||||||||||||||||||||||||||||||||||
AAA | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
AA+ | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
AA | 0.0 | 0.0 | 92.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 | |||||||||||||||||||||
AA- | 0.0 | 0.0 | 4.7 | 93.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.3 | |||||||||||||||||||||
A+ | 0.0 | 0.0 | 0.0 | 7.0 | 87.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.3 | |||||||||||||||||||||
A | 0.0 | 0.0 | 0.0 | 0.0 | 14.9 | 83.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 27.5 | 62.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.0 | 20.0 | 53.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 60.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.7 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | |||||||||||||||||||||
BB- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
B+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | |||||||||||||||||||||
B- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | |||||||||||||||||||||
Charter schools | ||||||||||||||||||||||||||||||||||||||||
AAA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
AA+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
AA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
AA- | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
A+ | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
A- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 96.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
BBB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 | 91.7 | 2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.8 | |||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1 | 85.7 | 4.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | |||||||||||||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | 94.6 | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||||||||||||
BB- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | 88.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | |||||||||||||||||||||
B+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 33.3 | 0.0 | 0.0 | 33.3 | 0.0 | |||||||||||||||||||||
B- | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 100.0 | 0.0 | |||||||||||||||||||||
CCC/C | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||
*Excludes housing. N/A—Not applicable. Source: S&P Global Ratings Credit Research & Insights. |
Table 26
USPF average transition rates (1986 - 2023) (%)* | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
One year | ||||||||||||||||||||
AAA | 97.2 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | |||||||||||
AA | 0.6 | 94.0 | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.4 | |||||||||||
A | 0.0 | 2.7 | 91.4 | 0.8 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | |||||||||||
BBB | 0.0 | 0.1 | 5.8 | 86.2 | 1.2 | 0.2 | 0.1 | 0.0 | 6.4 | |||||||||||
BB | 0.0 | 0.0 | 0.4 | 5.8 | 81.3 | 2.8 | 1.2 | 0.3 | 8.2 | |||||||||||
B | 0.0 | 0.1 | 0.5 | 2.2 | 7.2 | 70.3 | 5.9 | 1.8 | 12.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 1.1 | 0.9 | 1.3 | 5.8 | 55.4 | 19.6 | 15.8 | |||||||||||
Three years | ||||||||||||||||||||
AAA | 91.6 | 2.9 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 5.3 | |||||||||||
AA | 1.8 | 82.5 | 2.7 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 12.9 | |||||||||||
A | 0.0 | 7.5 | 75.3 | 2.1 | 0.1 | 0.0 | 0.0 | 0.0 | 14.9 | |||||||||||
BBB | 0.0 | 0.7 | 13.9 | 63.2 | 2.6 | 0.4 | 0.3 | 0.1 | 18.8 | |||||||||||
BB | 0.0 | 0.0 | 2.3 | 12.5 | 53.2 | 5.0 | 1.1 | 1.9 | 24.1 | |||||||||||
B | 0.0 | 0.2 | 1.0 | 6.9 | 11.8 | 36.0 | 6.1 | 5.0 | 33.1 | |||||||||||
CCC/C | 0.0 | 0.0 | 2.6 | 2.6 | 5.4 | 5.4 | 23.1 | 30.4 | 30.6 | |||||||||||
Five years | ||||||||||||||||||||
AAA | 86.5 | 4.6 | 0.3 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 8.4 | |||||||||||
AA | 3.1 | 71.9 | 3.8 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 20.9 | |||||||||||
A | 0.1 | 11.4 | 61.1 | 2.7 | 0.2 | 0.1 | 0.0 | 0.0 | 24.5 | |||||||||||
BBB | 0.0 | 1.3 | 18.6 | 45.4 | 2.9 | 0.6 | 0.3 | 0.3 | 30.6 | |||||||||||
BB | 0.0 | 0.1 | 4.2 | 13.7 | 34.9 | 4.7 | 1.1 | 2.9 | 38.5 | |||||||||||
B | 0.0 | 0.1 | 2.8 | 7.9 | 10.4 | 18.3 | 4.4 | 7.4 | 48.6 | |||||||||||
CCC/C | 0.0 | 0.5 | 2.2 | 6.3 | 2.4 | 3.9 | 12.1 | 33.4 | 39.2 | |||||||||||
Seven years | ||||||||||||||||||||
AAA | 82.1 | 6.0 | 0.4 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 11.2 | |||||||||||
AA | 4.4 | 62.3 | 4.1 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 28.8 | |||||||||||
A | 0.1 | 14.2 | 48.7 | 2.7 | 0.2 | 0.1 | 0.0 | 0.1 | 33.8 | |||||||||||
BBB | 0.0 | 2.0 | 20.7 | 31.5 | 2.8 | 0.6 | 0.3 | 0.5 | 41.6 | |||||||||||
BB | 0.0 | 0.5 | 4.8 | 12.7 | 22.2 | 4.4 | 1.0 | 3.7 | 50.7 | |||||||||||
B | 0.0 | 0.1 | 4.0 | 6.7 | 6.8 | 9.6 | 2.7 | 9.2 | 60.9 | |||||||||||
CCC/C | 0.0 | 1.1 | 1.6 | 5.9 | 2.7 | 2.4 | 8.3 | 36.8 | 41.3 | |||||||||||
10 years | ||||||||||||||||||||
AAA | 76.5 | 7.5 | 0.6 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 15.1 | |||||||||||
AA | 6.5 | 49.4 | 3.7 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 39.8 | |||||||||||
A | 0.3 | 17.0 | 33.5 | 2.3 | 0.2 | 0.1 | 0.0 | 0.1 | 46.5 | |||||||||||
BBB | 0.0 | 3.2 | 20.4 | 17.5 | 2.1 | 0.4 | 0.3 | 0.8 | 55.4 | |||||||||||
BB | 0.0 | 1.0 | 5.4 | 9.3 | 9.3 | 3.6 | 1.1 | 4.3 | 66.0 | |||||||||||
B | 0.0 | 0.8 | 4.6 | 3.3 | 5.1 | 2.3 | 1.1 | 10.6 | 72.3 | |||||||||||
CCC/C | 0.0 | 1.1 | 0.7 | 5.1 | 1.8 | 0.7 | 4.4 | 34.4 | 51.6 | |||||||||||
15 years | ||||||||||||||||||||
AAA | 71.6 | 9.2 | 1.2 | 0.3 | 0.0 | 0.0 | 0.0 | 0.0 | 17.8 | |||||||||||
AA | 10.5 | 35.8 | 3.0 | 0.4 | 0.0 | 0.0 | 0.0 | 0.0 | 50.2 | |||||||||||
A | 0.7 | 19.3 | 18.9 | 1.6 | 0.2 | 0.1 | 0.0 | 0.1 | 59.0 | |||||||||||
BBB | 0.1 | 5.2 | 17.2 | 6.9 | 1.1 | 0.2 | 0.1 | 0.7 | 68.6 | |||||||||||
BB | 0.0 | 1.4 | 4.4 | 5.5 | 2.2 | 2.2 | 0.2 | 3.5 | 80.6 | |||||||||||
B | 0.0 | 0.9 | 4.9 | 2.4 | 2.2 | 0.2 | 0.0 | 10.8 | 78.6 | |||||||||||
CCC/C | 0.0 | 0.0 | 1.7 | 3.5 | 0.0 | 0.0 | 0.0 | 38.7 | 56.1 | |||||||||||
20 years | ||||||||||||||||||||
AAA | 70.9 | 11.6 | 1.7 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 15.5 | |||||||||||
AA | 12.6 | 30.1 | 3.0 | 0.3 | 0.0 | 0.0 | 0.0 | 0.1 | 53.9 | |||||||||||
A | 1.3 | 17.7 | 11.6 | 1.2 | 0.2 | 0.0 | 0.0 | 0.2 | 67.8 | |||||||||||
BBB | 0.1 | 6.0 | 11.1 | 3.1 | 0.6 | 0.1 | 0.0 | 0.6 | 78.4 | |||||||||||
BB | 0.0 | 1.9 | 3.1 | 3.1 | 1.1 | 0.6 | 0.0 | 2.5 | 87.7 | |||||||||||
B | 0.0 | 2.0 | 0.0 | 1.6 | 0.3 | 0.0 | 0.0 | 10.5 | 85.6 | |||||||||||
CCC/C | 0.0 | 0.0 | 2.1 | 0.7 | 0.0 | 0.0 | 0.0 | 40.0 | 57.2 | |||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 27
Housing average transition rates (1986 - 2023) (%) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | |||||||||||
One year | ||||||||||||||||||||
AAA | 87.8 | 3.7 | 0.2 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 8.1 | |||||||||||
AA | 0.7 | 88.4 | 1.4 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 9.3 | |||||||||||
A | 1.0 | 3.0 | 81.2 | 2.7 | 0.5 | 0.1 | 0.1 | 0.0 | 11.3 | |||||||||||
BBB | 0.1 | 0.3 | 5.8 | 74.1 | 6.2 | 1.2 | 0.7 | 0.3 | 11.4 | |||||||||||
BB | 0.1 | 0.8 | 0.8 | 5.5 | 60.7 | 10.7 | 4.0 | 2.1 | 15.1 | |||||||||||
B | 0.0 | 1.3 | 0.2 | 0.2 | 3.2 | 66.4 | 10.4 | 2.3 | 16.1 | |||||||||||
CCC/C | 0.3 | 1.0 | 0.3 | 1.0 | 1.3 | 0.3 | 57.0 | 13.7 | 25.2 | |||||||||||
Three years | ||||||||||||||||||||
AAA | 65.5 | 9.5 | 0.5 | 0.1 | 0.2 | 0.1 | 0.0 | 0.1 | 24.1 | |||||||||||
AA | 1.6 | 67.4 | 3.1 | 0.6 | 0.1 | 0.0 | 0.0 | 0.0 | 27.0 | |||||||||||
A | 2.1 | 6.8 | 51.6 | 4.5 | 1.6 | 0.4 | 0.2 | 0.2 | 32.5 | |||||||||||
BBB | 0.2 | 0.7 | 12.6 | 40.0 | 6.7 | 2.6 | 1.9 | 1.8 | 33.5 | |||||||||||
BB | 0.1 | 1.2 | 4.0 | 8.6 | 24.6 | 10.8 | 7.5 | 4.2 | 38.9 | |||||||||||
B | 0.0 | 1.8 | 1.3 | 0.9 | 4.2 | 36.1 | 8.4 | 6.4 | 40.9 | |||||||||||
CCC/C | 0.0 | 0.7 | 0.7 | 1.4 | 3.6 | 0.4 | 19.9 | 22.8 | 50.5 | |||||||||||
Five years | ||||||||||||||||||||
AAA | 46.6 | 13.0 | 0.6 | 0.1 | 0.3 | 0.1 | 0.0 | 0.1 | 39.1 | |||||||||||
AA | 1.9 | 50.2 | 3.8 | 0.7 | 0.1 | 0.0 | 0.0 | 0.0 | 43.2 | |||||||||||
A | 2.4 | 7.9 | 33.3 | 3.6 | 1.9 | 0.7 | 0.5 | 0.4 | 49.3 | |||||||||||
BBB | 0.2 | 1.2 | 12.2 | 22.8 | 3.6 | 2.3 | 2.2 | 2.7 | 52.8 | |||||||||||
BB | 0.0 | 1.1 | 5.6 | 7.1 | 10.5 | 7.3 | 3.8 | 6.0 | 58.5 | |||||||||||
B | 0.0 | 1.2 | 1.9 | 0.7 | 3.9 | 21.4 | 4.3 | 7.5 | 59.0 | |||||||||||
CCC/C | 0.0 | 0.8 | 0.0 | 1.2 | 4.1 | 0.0 | 6.5 | 26.5 | 60.8 | |||||||||||
Seven years | ||||||||||||||||||||
AAA | 30.7 | 14.6 | 0.8 | 0.1 | 0.3 | 0.1 | 0.0 | 0.1 | 53.2 | |||||||||||
AA | 1.9 | 37.2 | 3.5 | 0.6 | 0.1 | 0.0 | 0.0 | 0.1 | 56.7 | |||||||||||
A | 2.0 | 8.3 | 21.4 | 2.6 | 1.6 | 0.7 | 0.5 | 0.5 | 62.4 | |||||||||||
BBB | 0.3 | 1.3 | 11.3 | 12.8 | 1.7 | 1.7 | 1.3 | 3.1 | 66.6 | |||||||||||
BB | 0.0 | 0.9 | 5.3 | 4.4 | 4.0 | 4.3 | 1.9 | 7.2 | 72.0 | |||||||||||
B | 0.0 | 0.5 | 2.1 | 0.8 | 3.1 | 15.1 | 2.6 | 7.9 | 67.9 | |||||||||||
CCC/C | 0.0 | 0.9 | 0.0 | 0.0 | 3.1 | 0.0 | 2.2 | 27.1 | 66.7 | |||||||||||
10 years | ||||||||||||||||||||
AAA | 12.9 | 13.8 | 0.6 | 0.1 | 0.2 | 0.2 | 0.0 | 0.1 | 72.1 | |||||||||||
AA | 1.8 | 22.7 | 2.3 | 0.4 | 0.0 | 0.0 | 0.0 | 0.1 | 72.8 | |||||||||||
A | 1.6 | 7.6 | 10.6 | 1.4 | 0.8 | 0.6 | 0.2 | 0.5 | 76.6 | |||||||||||
BBB | 0.3 | 1.5 | 6.9 | 5.3 | 0.5 | 0.7 | 0.8 | 3.2 | 81.0 | |||||||||||
BB | 0.0 | 1.1 | 2.5 | 2.5 | 1.7 | 2.4 | 0.3 | 8.2 | 81.2 | |||||||||||
B | 0.0 | 0.3 | 1.2 | 0.9 | 0.9 | 8.6 | 1.2 | 9.5 | 77.5 | |||||||||||
CCC/C | 0.0 | 0.5 | 0.0 | 0.0 | 0.5 | 0.0 | 0.0 | 27.6 | 71.5 | |||||||||||
15 years | ||||||||||||||||||||
AAA | 2.8 | 7.8 | 0.3 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 88.7 | |||||||||||
AA | 1.1 | 9.6 | 1.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 88.1 | |||||||||||
A | 1.1 | 4.7 | 3.7 | 0.5 | 0.2 | 0.3 | 0.0 | 0.6 | 88.9 | |||||||||||
BBB | 0.0 | 0.4 | 3.0 | 1.1 | 0.1 | 0.7 | 0.1 | 3.5 | 91.0 | |||||||||||
BB | 0.0 | 0.6 | 0.4 | 1.2 | 0.2 | 0.6 | 0.4 | 11.6 | 85.0 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10.8 | 89.2 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 31.6 | 68.4 | |||||||||||
20 years | ||||||||||||||||||||
AAA | 0.6 | 2.8 | 0.2 | 0.1 | 0.0 | 0.0 | 0.1 | 0.2 | 96.0 | |||||||||||
AA | 0.8 | 3.8 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 95.2 | |||||||||||
A | 0.5 | 2.6 | 1.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.6 | 94.9 | |||||||||||
BBB | 0.0 | 0.1 | 1.3 | 0.3 | 0.1 | 0.4 | 0.1 | 3.7 | 94.2 | |||||||||||
BB | 0.0 | 0.0 | 0.0 | 0.5 | 0.5 | 0.0 | 0.8 | 13.8 | 84.4 | |||||||||||
B | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 12.0 | 88.0 | |||||||||||
CCC/C | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 25.8 | 74.2 | |||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Lorenz curves
Chart 16
Chart 17
Chart 18
Chart 19
Chart 20
Chart 21
Chart 22
Chart 23
Cumulative default rates
Table 28
USPF cumulative average default rates by rating category (1986 - 2023)* | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(Year) | (%) | |||||||||||||||||||||
AAA | AA | A | BBB | BB | B | CCC/C | Investment grade | Speculative grade | All rated | |||||||||||||
1 | 0.00 | 0.00 | 0.004 | 0.011 | 0.28 | 1.78 | 19.64 | 0.00 | 1.86 | 0.03 | ||||||||||||
2 | 0.00 | 0.00 | 0.01 | 0.06 | 0.99 | 3.61 | 27.38 | 0.01 | 3.27 | 0.06 | ||||||||||||
3 | 0.00 | 0.01 | 0.02 | 0.13 | 1.81 | 5.20 | 30.19 | 0.03 | 4.36 | 0.09 | ||||||||||||
4 | 0.00 | 0.01 | 0.03 | 0.23 | 2.26 | 6.53 | 32.10 | 0.05 | 5.08 | 0.11 | ||||||||||||
5 | 0.00 | 0.01 | 0.04 | 0.33 | 2.56 | 7.58 | 33.31 | 0.06 | 5.59 | 0.14 | ||||||||||||
6 | 0.00 | 0.01 | 0.04 | 0.43 | 2.92 | 8.33 | 33.82 | 0.08 | 6.03 | 0.16 | ||||||||||||
7 | 0.00 | 0.02 | 0.05 | 0.52 | 3.14 | 9.26 | 34.37 | 0.10 | 6.41 | 0.18 | ||||||||||||
8 | 0.00 | 0.02 | 0.06 | 0.59 | 3.32 | 9.84 | 34.96 | 0.12 | 6.70 | 0.20 | ||||||||||||
9 | 0.00 | 0.02 | 0.07 | 0.66 | 3.51 | 10.45 | 35.63 | 0.13 | 7.02 | 0.22 | ||||||||||||
10 | 0.00 | 0.02 | 0.08 | 0.72 | 3.77 | 10.78 | 36.34 | 0.15 | 7.33 | 0.24 | ||||||||||||
11 | 0.00 | 0.03 | 0.08 | 0.78 | 3.96 | 10.95 | 37.12 | 0.16 | 7.57 | 0.26 | ||||||||||||
12 | 0.00 | 0.03 | 0.09 | 0.82 | 4.12 | 11.14 | 38.02 | 0.17 | 7.79 | 0.27 | ||||||||||||
13 | 0.00 | 0.03 | 0.10 | 0.86 | 4.34 | 11.33 | 38.02 | 0.19 | 7.99 | 0.29 | ||||||||||||
14 | 0.00 | 0.03 | 0.12 | 0.90 | 4.46 | 11.33 | 38.02 | 0.20 | 8.08 | 0.30 | ||||||||||||
15 | 0.00 | 0.03 | 0.13 | 0.93 | 4.59 | 11.33 | 38.02 | 0.22 | 8.17 | 0.32 | ||||||||||||
*Excludes housing. Reran Values. Source: S&P Global Ratings Credit Research & Insights. |
Table 29
USPF cumulative average default rates by category (1986 - 2023) (%)* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rating | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | |||||||||||||||||||||||||||||
AAA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
AA | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.10 | |||||||||||||||||||||||||||||
A | 0.00 | 0.01 | 0.02 | 0.03 | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.08 | 0.09 | 0.10 | 0.12 | 0.13 | 0.14 | 0.15 | 0.17 | 0.18 | 0.18 | 0.19 | 0.20 | 0.21 | 0.21 | 0.22 | 0.23 | 0.23 | |||||||||||||||||||||||||||||
BBB | 0.01 | 0.06 | 0.13 | 0.23 | 0.33 | 0.43 | 0.52 | 0.59 | 0.66 | 0.72 | 0.78 | 0.82 | 0.86 | 0.90 | 0.93 | 0.95 | 0.97 | 0.99 | 1.01 | 1.03 | 1.04 | 1.05 | 1.06 | 1.07 | 1.08 | 1.08 | 1.09 | |||||||||||||||||||||||||||||
BB | 0.28 | 0.99 | 1.81 | 2.26 | 2.56 | 2.92 | 3.14 | 3.32 | 3.51 | 3.77 | 3.96 | 4.12 | 4.34 | 4.46 | 4.59 | 4.72 | 4.87 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | 5.03 | |||||||||||||||||||||||||||||
B | 1.78 | 3.61 | 5.20 | 6.53 | 7.58 | 8.33 | 9.26 | 9.84 | 10.45 | 10.78 | 10.95 | 11.14 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | 11.33 | |||||||||||||||||||||||||||||
CCC/C | 19.64 | 27.38 | 30.19 | 32.10 | 33.31 | 33.82 | 34.37 | 34.96 | 35.63 | 36.34 | 37.12 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | |||||||||||||||||||||||||||||
Investment grade | 0.00 | 0.01 | 0.03 | 0.05 | 0.06 | 0.08 | 0.10 | 0.12 | 0.13 | 0.15 | 0.16 | 0.17 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | |||||||||||||||||||||||||||||
Speculative grade | 1.86 | 3.27 | 4.36 | 5.08 | 5.59 | 6.03 | 6.41 | 6.70 | 7.02 | 7.33 | 7.57 | 7.79 | 7.99 | 8.08 | 8.17 | 8.27 | 8.37 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | |||||||||||||||||||||||||||||
All rated | 0.03 | 0.06 | 0.09 | 0.11 | 0.14 | 0.16 | 0.18 | 0.20 | 0.22 | 0.24 | 0.26 | 0.27 | 0.29 | 0.30 | 0.32 | 0.33 | 0.34 | 0.35 | 0.37 | 0.37 | 0.38 | 0.39 | 0.40 | 0.41 | 0.41 | 0.42 | 0.43 | |||||||||||||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 30
USPF housing cumulative average default rates by category (1986 - 2023) (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rating | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | |||||||||||||||||||||||||||||
AAA | 0.01 | 0.04 | 0.07 | 0.10 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | |||||||||||||||||||||||||||||
AA | 0.01 | 0.01 | 0.03 | 0.03 | 0.04 | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | |||||||||||||||||||||||||||||
A | 0.04 | 0.14 | 0.25 | 0.32 | 0.41 | 0.49 | 0.56 | 0.60 | 0.63 | 0.63 | 0.64 | 0.65 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | |||||||||||||||||||||||||||||
BBB | 0.27 | 1.13 | 1.80 | 2.34 | 2.90 | 3.39 | 3.74 | 3.91 | 4.03 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | |||||||||||||||||||||||||||||
BB | 2.12 | 2.98 | 4.09 | 4.91 | 5.63 | 6.13 | 6.39 | 6.39 | 6.53 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | |||||||||||||||||||||||||||||
B | 2.33 | 4.27 | 6.27 | 7.19 | 7.67 | 8.16 | 8.42 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | |||||||||||||||||||||||||||||
CCC/C | 13.69 | 18.67 | 20.86 | 22.85 | 24.11 | 25.01 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | |||||||||||||||||||||||||||||
Investment grade | 0.02 | 0.08 | 0.13 | 0.17 | 0.21 | 0.24 | 0.26 | 0.28 | 0.29 | 0.29 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | |||||||||||||||||||||||||||||
Speculative grade | 4.27 | 6.17 | 7.70 | 8.74 | 9.48 | 10.03 | 10.32 | 10.40 | 10.47 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | 10.55 | |||||||||||||||||||||||||||||
All rated | 0.09 | 0.17 | 0.25 | 0.30 | 0.36 | 0.40 | 0.42 | 0.44 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | |||||||||||||||||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 31
USPF cumulative average default rates by modifier (1986 - 2023) (%)* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rating | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | |||||||||||||||||||||||||||||
AAA | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
AA+ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
AA | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | |||||||||||||||||||||||||||||
AA- | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.10 | 0.11 | 0.12 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | |||||||||||||||||||||||||||||
A+ | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||||||||||||||||
A | 0.00 | 0.01 | 0.02 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 | 0.14 | 0.15 | 0.17 | 0.19 | 0.20 | 0.21 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.28 | 0.29 | |||||||||||||||||||||||||||||
A- | 0.01 | 0.03 | 0.05 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.11 | 0.13 | 0.15 | 0.17 | 0.21 | 0.24 | 0.28 | 0.30 | 0.32 | 0.33 | 0.35 | 0.35 | 0.36 | 0.37 | 0.38 | 0.38 | 0.39 | 0.40 | 0.42 | |||||||||||||||||||||||||||||
BBB+ | 0.00 | 0.02 | 0.06 | 0.12 | 0.19 | 0.24 | 0.29 | 0.34 | 0.37 | 0.41 | 0.43 | 0.46 | 0.49 | 0.51 | 0.54 | 0.56 | 0.59 | 0.62 | 0.64 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | |||||||||||||||||||||||||||||
BBB | 0.00 | 0.05 | 0.10 | 0.14 | 0.19 | 0.23 | 0.25 | 0.27 | 0.28 | 0.32 | 0.37 | 0.40 | 0.43 | 0.46 | 0.47 | 0.49 | 0.50 | 0.52 | 0.54 | 0.56 | 0.58 | 0.60 | 0.62 | 0.64 | 0.66 | 0.67 | 0.68 | |||||||||||||||||||||||||||||
BBB- | 0.04 | 0.17 | 0.37 | 0.66 | 0.97 | 1.28 | 1.61 | 1.91 | 2.15 | 2.32 | 2.47 | 2.63 | 2.72 | 2.82 | 2.90 | 2.92 | 2.94 | 2.94 | 2.96 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | |||||||||||||||||||||||||||||
BB+ | 0.09 | 0.27 | 0.63 | 0.85 | 1.09 | 1.42 | 1.70 | 1.87 | 2.05 | 2.36 | 2.61 | 2.87 | 3.02 | 3.18 | 3.36 | 3.55 | 3.76 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | 3.99 | |||||||||||||||||||||||||||||
BB | 0.10 | 1.21 | 2.13 | 2.87 | 3.26 | 3.55 | 3.78 | 4.03 | 4.29 | 4.48 | 4.58 | 4.58 | 4.80 | 4.80 | 4.93 | 5.06 | 5.19 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | 5.34 | |||||||||||||||||||||||||||||
BB- | 1.51 | 2.79 | 4.87 | 5.24 | 5.45 | 6.12 | 6.12 | 6.12 | 6.12 | 6.46 | 6.83 | 7.23 | 7.65 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | 8.11 | |||||||||||||||||||||||||||||
B+ | 0.76 | 2.38 | 3.24 | 6.47 | 8.42 | 9.49 | 11.35 | 12.75 | 13.50 | 13.50 | 14.43 | 15.39 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | 16.37 | |||||||||||||||||||||||||||||
B | 2.61 | 4.66 | 6.35 | 6.58 | 7.04 | 7.52 | 8.02 | 8.29 | 8.83 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | 9.12 | |||||||||||||||||||||||||||||
B- | 1.20 | 2.82 | 4.88 | 6.61 | 7.97 | 8.94 | 9.99 | 10.59 | 11.24 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | 11.97 | |||||||||||||||||||||||||||||
CCC/C | 19.64 | 27.38 | 30.19 | 32.10 | 33.31 | 33.82 | 34.37 | 34.96 | 35.63 | 36.34 | 37.12 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | 38.02 | |||||||||||||||||||||||||||||
Investment grade | 0.00 | 0.01 | 0.03 | 0.05 | 0.06 | 0.08 | 0.10 | 0.12 | 0.13 | 0.15 | 0.16 | 0.17 | 0.19 | 0.20 | 0.22 | 0.23 | 0.24 | 0.25 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | 0.30 | 0.31 | 0.31 | 0.32 | |||||||||||||||||||||||||||||
Speculative grade | 1.86 | 3.27 | 4.36 | 5.08 | 5.59 | 6.03 | 6.41 | 6.70 | 7.02 | 7.33 | 7.57 | 7.79 | 7.99 | 8.08 | 8.17 | 8.27 | 8.37 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | 8.49 | |||||||||||||||||||||||||||||
All rated | 0.03 | 0.06 | 0.09 | 0.11 | 0.14 | 0.16 | 0.18 | 0.20 | 0.22 | 0.24 | 0.26 | 0.27 | 0.29 | 0.30 | 0.32 | 0.33 | 0.34 | 0.35 | 0.37 | 0.37 | 0.38 | 0.39 | 0.40 | 0.41 | 0.41 | 0.42 | 0.43 | |||||||||||||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 32
USPF housing cumulative average default rates by modifier (1986 - 2023) (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rating | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | |||||||||||||||||||||||||||||
AAA | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
AA+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
AA | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
AA- | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||
A+ | 0.0 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||||||||||
A | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.5 | 0.5 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | |||||||||||||||||||||||||||||
A- | 0.2 | 0.4 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | |||||||||||||||||||||||||||||
BBB+ | 0.2 | 0.2 | 0.7 | 1.4 | 2.0 | 2.4 | 2.9 | 3.2 | 3.4 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | 3.6 | |||||||||||||||||||||||||||||
BBB | 0.2 | 1.3 | 2.1 | 2.8 | 3.6 | 4.3 | 4.8 | 5.0 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | |||||||||||||||||||||||||||||
BBB- | 0.5 | 1.7 | 2.4 | 2.6 | 2.8 | 3.0 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | |||||||||||||||||||||||||||||
BB+ | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
BB | 3.6 | 5.2 | 6.9 | 7.9 | 8.7 | 9.3 | 9.5 | 9.5 | 9.7 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | |||||||||||||||||||||||||||||
BB- | 1.0 | 1.0 | 2.1 | 4.7 | 7.5 | 9.2 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | |||||||||||||||||||||||||||||
B+ | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | |||||||||||||||||||||||||||||
B | 2.2 | 4.4 | 6.3 | 7.3 | 8.0 | 8.6 | 9.0 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | 9.3 | |||||||||||||||||||||||||||||
B- | 1.1 | 3.5 | 7.2 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | 8.6 | ||||||||||||||||||||||||||||||||||
CCC/C | 13.7 | 18.7 | 20.9 | 22.9 | 24.1 | 25.0 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | |||||||||||||||||||||||||||||
Investment grade | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Speculative grade | 4.3 | 6.2 | 7.7 | 8.7 | 9.5 | 10.0 | 10.3 | 10.4 | 10.5 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | |||||||||||||||||||||||||||||
All rated | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Static pool default rates
Table 33
USPF static pool default rates (1986 - 2023) (%)* | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||
Rating | Number of issuers | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | ||||||||||||||||||
1986 | 5,031 | 0.00 | 0.06 | 0.06 | 0.12 | 0.18 | 0.20 | 0.30 | 0.30 | 0.34 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.40 | ||||||||||||||||||
1987 | 5,192 | 0.06 | 0.06 | 0.12 | 0.17 | 0.19 | 0.29 | 0.29 | 0.33 | 0.35 | 0.35 | 0.35 | 0.35 | 0.37 | 0.39 | 0.39 | ||||||||||||||||||
1988 | 5,168 | 0.00 | 0.06 | 0.12 | 0.14 | 0.21 | 0.21 | 0.25 | 0.27 | 0.27 | 0.27 | 0.27 | 0.29 | 0.31 | 0.31 | 0.31 | ||||||||||||||||||
1989 | 5,310 | 0.06 | 0.11 | 0.13 | 0.21 | 0.21 | 0.24 | 0.26 | 0.26 | 0.26 | 0.26 | 0.28 | 0.30 | 0.30 | 0.30 | 0.30 | ||||||||||||||||||
1990 | 5,601 | 0.05 | 0.07 | 0.16 | 0.16 | 0.21 | 0.23 | 0.23 | 0.23 | 0.23 | 0.25 | 0.27 | 0.27 | 0.27 | 0.27 | 0.32 | ||||||||||||||||||
1991 | 5,959 | 0.02 | 0.10 | 0.10 | 0.15 | 0.17 | 0.17 | 0.17 | 0.17 | 0.18 | 0.20 | 0.20 | 0.20 | 0.20 | 0.25 | 0.25 | ||||||||||||||||||
1992 | 6,400 | 0.08 | 0.08 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.17 | 0.17 | 0.17 | 0.22 | 0.22 | 0.22 | ||||||||||||||||||
1993 | 6,717 | 0.00 | 0.04 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.09 | 0.09 | 0.09 | 0.09 | 0.13 | 0.13 | 0.13 | 0.13 | ||||||||||||||||||
1994 | 6,769 | 0.04 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.10 | 0.10 | 0.10 | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.19 | ||||||||||||||||||
1995 | 6,579 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 | 0.11 | 0.11 | 0.11 | 0.11 | 0.15 | 0.15 | ||||||||||||||||||
1996 | 5,670 | 0.00 | 0.00 | 0.00 | 0.02 | 0.05 | 0.05 | 0.05 | 0.07 | 0.12 | 0.12 | 0.12 | 0.12 | 0.18 | 0.18 | 0.19 | ||||||||||||||||||
1997 | 5,499 | 0.00 | 0.00 | 0.02 | 0.05 | 0.07 | 0.07 | 0.09 | 0.15 | 0.15 | 0.15 | 0.15 | 0.20 | 0.20 | 0.22 | 0.25 | ||||||||||||||||||
1998 | 5,934 | 0.00 | 0.02 | 0.05 | 0.08 | 0.08 | 0.10 | 0.15 | 0.15 | 0.15 | 0.15 | 0.20 | 0.20 | 0.22 | 0.25 | 0.27 | ||||||||||||||||||
1999 | 6,644 | 0.02 | 0.06 | 0.11 | 0.12 | 0.14 | 0.18 | 0.18 | 0.18 | 0.18 | 0.23 | 0.23 | 0.26 | 0.29 | 0.30 | 0.32 | ||||||||||||||||||
2000 | 7,029 | 0.04 | 0.09 | 0.10 | 0.11 | 0.16 | 0.16 | 0.16 | 0.16 | 0.21 | 0.21 | 0.24 | 0.27 | 0.30 | 0.31 | 0.33 | ||||||||||||||||||
2001 | 7,638 | 0.04 | 0.05 | 0.07 | 0.10 | 0.10 | 0.10 | 0.10 | 0.16 | 0.16 | 0.18 | 0.21 | 0.24 | 0.26 | 0.27 | 0.29 | ||||||||||||||||||
2002 | 8,415 | 0.01 | 0.02 | 0.06 | 0.06 | 0.07 | 0.07 | 0.12 | 0.12 | 0.14 | 0.17 | 0.20 | 0.23 | 0.24 | 0.25 | 0.31 | ||||||||||||||||||
2003 | 9,150 | 0.01 | 0.04 | 0.05 | 0.07 | 0.07 | 0.12 | 0.12 | 0.14 | 0.16 | 0.20 | 0.22 | 0.23 | 0.24 | 0.30 | 0.35 | ||||||||||||||||||
2004 | 10,040 | 0.03 | 0.04 | 0.05 | 0.05 | 0.10 | 0.10 | 0.12 | 0.14 | 0.17 | 0.21 | 0.22 | 0.23 | 0.28 | 0.34 | 0.34 | ||||||||||||||||||
2005 | 10,586 | 0.01 | 0.02 | 0.02 | 0.07 | 0.07 | 0.09 | 0.10 | 0.13 | 0.18 | 0.19 | 0.21 | 0.26 | 0.31 | 0.31 | 0.31 | ||||||||||||||||||
2006 | 11,296 | 0.01 | 0.01 | 0.05 | 0.05 | 0.07 | 0.09 | 0.12 | 0.17 | 0.18 | 0.20 | 0.27 | 0.32 | 0.32 | 0.33 | 0.33 | ||||||||||||||||||
2007 | 12,088 | 0.00 | 0.04 | 0.04 | 0.07 | 0.08 | 0.11 | 0.18 | 0.21 | 0.23 | 0.30 | 0.36 | 0.36 | 0.37 | 0.37 | 0.39 | ||||||||||||||||||
2008 | 12,803 | 0.04 | 0.04 | 0.06 | 0.08 | 0.12 | 0.21 | 0.24 | 0.27 | 0.33 | 0.40 | 0.41 | 0.41 | 0.41 | 0.43 | 0.43 | ||||||||||||||||||
2009 | 13,931 | 0.00 | 0.02 | 0.04 | 0.09 | 0.18 | 0.22 | 0.24 | 0.31 | 0.39 | 0.40 | 0.41 | 0.41 | 0.42 | 0.42 | 0.43 | ||||||||||||||||||
2010 | 15,944 | 0.02 | 0.05 | 0.09 | 0.18 | 0.22 | 0.24 | 0.30 | 0.38 | 0.38 | 0.39 | 0.39 | 0.40 | 0.41 | 0.42 | |||||||||||||||||||
2011 | 17,496 | 0.03 | 0.09 | 0.17 | 0.21 | 0.22 | 0.28 | 0.36 | 0.37 | 0.37 | 0.37 | 0.38 | 0.39 | 0.40 | ||||||||||||||||||||
2012 | 18,356 | 0.06 | 0.14 | 0.18 | 0.21 | 0.27 | 0.35 | 0.36 | 0.37 | 0.37 | 0.38 | 0.38 | 0.40 | |||||||||||||||||||||
2013 | 19,356 | 0.08 | 0.12 | 0.16 | 0.22 | 0.30 | 0.30 | 0.32 | 0.32 | 0.33 | 0.33 | 0.35 | ||||||||||||||||||||||
2014 | 20,094 | 0.04 | 0.08 | 0.14 | 0.22 | 0.23 | 0.24 | 0.24 | 0.25 | 0.25 | 0.27 | |||||||||||||||||||||||
2015 | 20,730 | 0.04 | 0.10 | 0.19 | 0.19 | 0.20 | 0.20 | 0.21 | 0.22 | 0.23 | ||||||||||||||||||||||||
2016 | 21,315 | 0.07 | 0.15 | 0.15 | 0.16 | 0.16 | 0.18 | 0.19 | 0.21 | |||||||||||||||||||||||||
2017 | 21,665 | 0.08 | 0.09 | 0.11 | 0.11 | 0.12 | 0.13 | 0.15 | ||||||||||||||||||||||||||
2018 | 21,598 | 0.00 | 0.02 | 0.03 | 0.04 | 0.05 | 0.07 | |||||||||||||||||||||||||||
2019 | 21,571 | 0.02 | 0.02 | 0.04 | 0.05 | 0.06 | ||||||||||||||||||||||||||||
2020 | 21,756 | 0.00 | 0.02 | 0.03 | 0.05 | |||||||||||||||||||||||||||||
2021 | 21,703 | 0.01 | 0.02 | 0.04 | ||||||||||||||||||||||||||||||
1905 | 21,662 | 0.01 | 0.03 | |||||||||||||||||||||||||||||||
1905 | 21,353 | 0.02 | ||||||||||||||||||||||||||||||||
Marginal average | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | |||||||||||||||||||
Cumulative average | 0.03 | 0.06 | 0.09 | 0.11 | 0.14 | 0.16 | 0.18 | 0.20 | 0.22 | 0.24 | 0.26 | 0.27 | 0.29 | 0.30 | 0.32 | |||||||||||||||||||
Standard deviation | 0.03 | 0.04 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.08 | |||||||||||||||||||
Median | 0.02 | 0.05 | 0.06 | 0.10 | 0.13 | 0.16 | 0.17 | 0.18 | 0.20 | 0.21 | 0.23 | 0.26 | 0.28 | 0.30 | 0.31 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.02 | 0.03 | 0.05 | 0.05 | 0.06 | 0.06 | 0.09 | 0.09 | 0.11 | 0.11 | 0.13 | 0.13 | |||||||||||||||||||
Maximum | 0.08 | 0.15 | 0.19 | 0.22 | 0.30 | 0.35 | 0.36 | 0.38 | 0.39 | 0.40 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | |||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 34
USPF static pool default rates by category (1986 - 2023) (%)* | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||
Number of issuers | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |||||||||||||||||||
Rating: AAA | ||||||||||||||||||||||||||||||||||
1986 | 52.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1987 | 51.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1988 | 50.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1989 | 52.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1990 | 58.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1991 | 64.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1992 | 62.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1993 | 65.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1994 | 69.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1995 | 70.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1996 | 75.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1997 | 88.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1998 | 105.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1999 | 127.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2000 | 145.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2001 | 169.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2002 | 218.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2003 | 241.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2004 | 259.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2005 | 285.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2006 | 301.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2007 | 367.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2008 | 405.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2009 | 552.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2010 | 659.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
2011 | 716.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
2012 | 709.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
2013 | 726.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||
2014 | 766.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
2015 | 881.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
2016 | 917.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||
2017 | 949.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
2018 | 969.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
2019 | 1,021.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||
2020 | 1,074.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
2021 | 1,075.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
2022 | 1,097.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||
2023 | 1,103.0 | 0.0 | ||||||||||||||||||||||||||||||||
Marginal average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Standard deviation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Maximum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Rating: AA | ||||||||||||||||||||||||||||||||||
1986 | 958.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1987 | 1,027.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1988 | 1,052.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1989 | 1,128.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1990 | 1,216.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1991 | 1,328.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1992 | 1,373.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1993 | 1,467.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1994 | 1,485.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | ||||||||||||||||||
1995 | 1,476.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | ||||||||||||||||||
1996 | 1,366.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1997 | 1,379.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1998 | 1,472.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1999 | 1,595.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2000 | 1,701.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2001 | 2,081.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2002 | 2,511.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2003 | 2,726.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2004 | 3,021.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2005 | 3,110.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2006 | 3,458.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2007 | 3,731.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2008 | 3,981.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2009 | 4,804.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2010 | 6,002.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
2011 | 6,842.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||
2012 | 6,951.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||
2013 | 7,265.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||
2014 | 7,808.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
2015 | 8,487.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
2016 | 8,759.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||
2017 | 8,889.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
2018 | 9,019.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
2019 | 9,232.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||
2020 | 9,409.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
2021 | 9,308.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
2022 | 9,295.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||
2023 | 9,185.0 | 0.0 | ||||||||||||||||||||||||||||||||
Marginal average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Standard deviation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Maximum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Rating: A | ||||||||||||||||||||||||||||||||||
1986 | 2,953.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||||||
1987 | 2,980.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||||||||
1988 | 2,920.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1989 | 2,935.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1990 | 3,069.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||||||
1991 | 3,174.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | ||||||||||||||||||
1992 | 3,410.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1993 | 3,504.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1994 | 3,499.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | ||||||||||||||||||
1995 | 3,331.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | ||||||||||||||||||
1996 | 2,724.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1997 | 2,581.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1998 | 2,812.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1999 | 3,184.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2000 | 3,548.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2001 | 3,715.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2002 | 3,997.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||||||
2003 | 4,377.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||||||||
2004 | 4,744.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
2005 | 5,246.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
2006 | 5,508.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
2007 | 5,892.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||||||
2008 | 6,206.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
2009 | 6,578.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
2010 | 7,671.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||||||||||
2011 | 8,420.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||||
2012 | 9,057.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||
2013 | 9,611.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||||||
2014 | 9,798.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||
2015 | 9,630.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||
2016 | 9,941.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||
2017 | 9,983.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||
2018 | 9,798.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||
2019 | 9,581.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||
2020 | 9,538.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||
2021 | 9,487.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
2022 | 9,466.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||
2023 | 9,333.0 | 0.0 | ||||||||||||||||||||||||||||||||
Marginal average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Standard deviation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Median | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||||||||||||||||||
Maximum | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | |||||||||||||||||||
Rating: BBB | ||||||||||||||||||||||||||||||||||
1986 | 993.0 | 0.0 | 0.3 | 0.3 | 0.5 | 0.5 | 0.6 | 0.9 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | ||||||||||||||||||
1987 | 1,053.0 | 0.1 | 0.1 | 0.3 | 0.3 | 0.4 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.9 | 0.9 | 0.9 | ||||||||||||||||||
1988 | 1,066.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.4 | 0.4 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | ||||||||||||||||||
1989 | 1,114.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||
1990 | 1,183.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||
1991 | 1,302.0 | 0.0 | 0.1 | 0.1 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||||||||
1992 | 1,460.0 | 0.0 | 0.0 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||||
1993 | 1,598.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | ||||||||||||||||||
1994 | 1,628.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
1995 | 1,618.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||||||
1996 | 1,438.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | ||||||||||||||||||
1997 | 1,387.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
1998 | 1,487.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
1999 | 1,675.0 | 0.0 | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.5 | 0.7 | 0.7 | 0.8 | ||||||||||||||||||
2000 | 1,569.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 | ||||||||||||||||||
2001 | 1,604.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
2002 | 1,613.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.4 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
2003 | 1,721.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | ||||||||||||||||||
2004 | 1,902.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.4 | 0.5 | 0.6 | 0.6 | ||||||||||||||||||
2005 | 1,839.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.3 | 0.4 | 0.4 | 0.6 | 0.6 | 0.6 | ||||||||||||||||||
2006 | 1,892.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.4 | 0.6 | 0.9 | 0.9 | 1.0 | 1.0 | ||||||||||||||||||
2007 | 1,961.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.5 | 0.6 | 0.6 | 0.9 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | ||||||||||||||||||
2008 | 2,057.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.5 | 0.6 | 0.6 | 1.0 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||
2009 | 1,844.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.7 | 0.8 | 0.8 | 1.2 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||
2010 | 1,453.0 | 0.0 | 0.0 | 0.1 | 0.4 | 0.6 | 0.6 | 1.2 | 1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 2.0 | 2.1 | |||||||||||||||||||
2011 | 1,344.0 | 0.0 | 0.1 | 0.2 | 0.4 | 0.4 | 1.0 | 1.9 | 1.9 | 2.0 | 2.0 | 2.0 | 2.0 | 2.1 | ||||||||||||||||||||
2012 | 1,442.0 | 0.1 | 0.3 | 0.4 | 0.7 | 1.4 | 2.3 | 2.3 | 2.4 | 2.4 | 2.4 | 2.4 | 2.5 | |||||||||||||||||||||
2013 | 1,532.0 | 0.1 | 0.1 | 0.5 | 1.2 | 2.1 | 2.1 | 2.2 | 2.2 | 2.2 | 2.2 | 2.3 | ||||||||||||||||||||||
2014 | 1,446.0 | 0.0 | 0.3 | 1.1 | 2.0 | 2.0 | 2.1 | 2.1 | 2.1 | 2.1 | 2.1 | |||||||||||||||||||||||
2015 | 1,402.0 | 0.1 | 0.1 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 | ||||||||||||||||||||||||
2016 | 1,367.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.5 | |||||||||||||||||||||||||
2017 | 1,472.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | ||||||||||||||||||||||||||
2018 | 1,456.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.2 | |||||||||||||||||||||||||||
2019 | 1,389.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | ||||||||||||||||||||||||||||
2020 | 1,393.0 | 0.0 | 0.0 | 0.0 | 0.1 | |||||||||||||||||||||||||||||
2021 | 1,448.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||
2022 | 1,422.0 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||
2023 | 1,351.0 | 0.0 | ||||||||||||||||||||||||||||||||
Marginal average | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 0.0 | 0.1 | 0.1 | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.7 | 0.7 | 0.8 | 0.8 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||
Standard deviation | 0.0 | 0.1 | 0.2 | 0.4 | 0.5 | 0.6 | 0.6 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.5 | 0.4 | |||||||||||||||||||
Median | 0.0 | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |||||||||||||||||||
Maximum | 0.1 | 0.3 | 1.1 | 2.0 | 2.1 | 2.3 | 2.3 | 2.4 | 2.4 | 2.4 | 2.4 | 2.5 | 2.1 | 2.1 | 1.8 | |||||||||||||||||||
Rating: BB | ||||||||||||||||||||||||||||||||||
1986 | 55.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||
1987 | 54.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1988 | 55.0 | 0.0 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||
1989 | 54.0 | 3.7 | 3.7 | 3.7 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | ||||||||||||||||||
1990 | 53.0 | 0.0 | 0.0 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||||||||||||
1991 | 65.0 | 0.0 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | ||||||||||||||||||
1992 | 66.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.0 | 3.0 | 3.0 | ||||||||||||||||||
1993 | 56.0 | 0.0 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 | ||||||||||||||||||
1994 | 62.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1995 | 62.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1996 | 48.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1997 | 43.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1998 | 37.0 | 0.0 | 0.0 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | ||||||||||||||||||
1999 | 42.0 | 0.0 | 0.0 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | 2.4 | ||||||||||||||||||
2000 | 46.0 | 0.0 | 0.0 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | 2.2 | ||||||||||||||||||
2001 | 49.0 | 0.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | ||||||||||||||||||
2002 | 54.0 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 1.9 | 3.7 | 3.7 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | 5.6 | ||||||||||||||||||
2003 | 62.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.2 | 3.2 | 4.8 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | ||||||||||||||||||
2004 | 81.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.5 | 2.5 | 2.5 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||
2005 | 81.0 | 0.0 | 0.0 | 0.0 | 1.2 | 1.2 | 1.2 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 3.7 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||
2006 | 95.0 | 0.0 | 0.0 | 1.1 | 1.1 | 1.1 | 2.1 | 2.1 | 2.1 | 2.1 | 3.2 | 4.2 | 4.2 | 4.2 | 4.2 | 4.2 | ||||||||||||||||||
2007 | 103.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.9 | 2.9 | 2.9 | 2.9 | 3.9 | 4.9 | 4.9 | 4.9 | 4.9 | 4.9 | 5.8 | ||||||||||||||||||
2008 | 117.0 | 0.0 | 0.0 | 0.0 | 0.9 | 2.6 | 3.4 | 3.4 | 4.3 | 5.1 | 5.1 | 5.1 | 5.1 | 5.1 | 6.0 | 6.0 | ||||||||||||||||||
2009 | 116.0 | 0.0 | 0.0 | 0.9 | 2.6 | 3.4 | 4.3 | 5.2 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.9 | 6.9 | 7.8 | ||||||||||||||||||
2010 | 129.0 | 0.8 | 2.3 | 3.9 | 9.3 | 10.9 | 11.6 | 12.4 | 12.4 | 12.4 | 12.4 | 12.4 | 13.2 | 13.2 | 14.0 | |||||||||||||||||||
2011 | 132.0 | 0.0 | 1.5 | 8.3 | 9.8 | 10.6 | 11.4 | 11.4 | 11.4 | 11.4 | 11.4 | 12.1 | 12.1 | 12.9 | ||||||||||||||||||||
2012 | 145.0 | 0.0 | 5.5 | 7.6 | 8.3 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.7 | 9.7 | 10.3 | |||||||||||||||||||||
2013 | 146.0 | 0.0 | 0.7 | 1.4 | 1.4 | 1.4 | 1.4 | 2.1 | 2.1 | 2.1 | 2.1 | 2.7 | ||||||||||||||||||||||
2014 | 216.0 | 1.4 | 1.4 | 1.4 | 1.9 | 1.9 | 2.3 | 2.3 | 2.3 | 2.3 | 3.2 | |||||||||||||||||||||||
2015 | 270.0 | 1.5 | 4.8 | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | 8.1 | 8.5 | ||||||||||||||||||||||||
2016 | 238.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 | 0.8 | |||||||||||||||||||||||||
2017 | 286.0 | 0.7 | 0.7 | 1.4 | 1.4 | 1.7 | 1.7 | 2.4 | ||||||||||||||||||||||||||
2018 | 279.0 | 0.0 | 0.7 | 0.7 | 1.1 | 1.1 | 1.8 | |||||||||||||||||||||||||||
2019 | 281.0 | 0.4 | 0.7 | 1.1 | 1.1 | 1.1 | ||||||||||||||||||||||||||||
2020 | 294.0 | 0.0 | 0.3 | 0.3 | 0.7 | |||||||||||||||||||||||||||||
2021 | 330.0 | 0.0 | 0.0 | 0.6 | ||||||||||||||||||||||||||||||
2022 | 336.0 | 0.0 | 0.6 | |||||||||||||||||||||||||||||||
2023 | 338.0 | 0.0 | ||||||||||||||||||||||||||||||||
Marginal average | 0.3 | 0.7 | 0.8 | 0.5 | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | |||||||||||||||||||
Cumulative average | 0.3 | 1.0 | 1.8 | 2.3 | 2.6 | 2.9 | 3.1 | 3.3 | 3.5 | 3.8 | 4.0 | 4.1 | 4.3 | 4.5 | 4.6 | |||||||||||||||||||
Standard deviation | 0.7 | 1.4 | 2.2 | 2.7 | 3.0 | 3.1 | 3.2 | 3.3 | 3.4 | 3.3 | 3.4 | 3.6 | 3.4 | 3.1 | 2.3 | |||||||||||||||||||
Median | 0.0 | 0.0 | 1.1 | 1.4 | 1.8 | 1.9 | 2.2 | 2.2 | 2.2 | 2.4 | 2.6 | 2.7 | 2.9 | 2.7 | 2.5 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Maximum | 3.7 | 5.5 | 8.3 | 9.8 | 10.9 | 11.6 | 12.4 | 12.4 | 12.4 | 12.4 | 12.4 | 13.2 | 13.2 | 14.0 | 7.8 | |||||||||||||||||||
Rating: B | ||||||||||||||||||||||||||||||||||
1986 | 16.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||
1987 | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 5.0 | 5.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | ||||||||||||||||||
1988 | 17.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.9 | 5.9 | 5.9 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | ||||||||||||||||||
1989 | 17.0 | 0.0 | 0.0 | 5.9 | 5.9 | 5.9 | 5.9 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | ||||||||||||||||||
1990 | 13.0 | 0.0 | 7.7 | 7.7 | 7.7 | 7.7 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | ||||||||||||||||||
1991 | 15.0 | 0.0 | 6.7 | 6.7 | 6.7 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | ||||||||||||||||||
1992 | 14.0 | 0.0 | 0.0 | 0.0 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | ||||||||||||||||||
1993 | 22.0 | 0.0 | 4.5 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | ||||||||||||||||||
1994 | 19.0 | 10.5 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | ||||||||||||||||||
1995 | 16.0 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | ||||||||||||||||||
1996 | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1997 | 14.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
1998 | 15.0 | 0.0 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | ||||||||||||||||||
1999 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||||||||||||||||
2000 | 10.0 | 20.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | ||||||||||||||||||
2001 | 14.0 | 0.0 | 0.0 | 0.0 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 7.1 | 14.3 | 14.3 | 14.3 | ||||||||||||||||||
2002 | 12.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8.3 | 8.3 | 16.7 | 16.7 | 16.7 | 16.7 | ||||||||||||||||||
2003 | 18.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.6 | 5.6 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 | ||||||||||||||||||
2004 | 27.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 | 11.1 | 11.1 | 14.8 | 14.8 | 14.8 | 14.8 | 14.8 | 14.8 | ||||||||||||||||||
2005 | 21.0 | 0.0 | 0.0 | 0.0 | 4.8 | 4.8 | 14.3 | 19.0 | 19.0 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | ||||||||||||||||||
2006 | 37.0 | 0.0 | 0.0 | 2.7 | 2.7 | 8.1 | 10.8 | 10.8 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | ||||||||||||||||||
2007 | 30.0 | 0.0 | 0.0 | 0.0 | 6.7 | 10.0 | 10.0 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | ||||||||||||||||||
2008 | 29.0 | 3.4 | 3.4 | 3.4 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | ||||||||||||||||||
2009 | 30.0 | 0.0 | 0.0 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | 3.3 | ||||||||||||||||||
2010 | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
2011 | 26.0 | 0.0 | 3.8 | 3.8 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | 7.7 | ||||||||||||||||||||
2012 | 30.0 | 0.0 | 3.3 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | |||||||||||||||||||||
2013 | 45.0 | 13.3 | 17.8 | 17.8 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 22.2 | 22.2 | 22.2 | ||||||||||||||||||||||
2014 | 39.0 | 2.6 | 7.7 | 10.3 | 10.3 | 10.3 | 10.3 | 10.3 | 12.8 | 12.8 | 12.8 | |||||||||||||||||||||||
2015 | 42.0 | 2.4 | 4.8 | 14.3 | 14.3 | 16.7 | 16.7 | 19.0 | 19.0 | 19.0 | ||||||||||||||||||||||||
2016 | 40.0 | 0.0 | 2.5 | 2.5 | 5.0 | 5.0 | 7.5 | 7.5 | 7.5 | |||||||||||||||||||||||||
2017 | 55.0 | 0.0 | 0.0 | 3.6 | 3.6 | 5.5 | 5.5 | 5.5 | ||||||||||||||||||||||||||
2018 | 53.0 | 0.0 | 1.9 | 1.9 | 3.8 | 3.8 | 3.8 | |||||||||||||||||||||||||||
2019 | 53.0 | 3.8 | 3.8 | 5.7 | 5.7 | 9.4 | ||||||||||||||||||||||||||||
2020 | 41.0 | 0.0 | 2.4 | 2.4 | 7.3 | |||||||||||||||||||||||||||||
2021 | 47.0 | 0.0 | 0.0 | 4.3 | ||||||||||||||||||||||||||||||
2022 | 35.0 | 0.0 | 5.7 | |||||||||||||||||||||||||||||||
2023 | 34.0 | 5.9 | ||||||||||||||||||||||||||||||||
Marginal average | 1.8 | 1.9 | 1.6 | 1.4 | 1.1 | 0.8 | 1.0 | 0.6 | 0.7 | 0.4 | 0.2 | 0.2 | 0.2 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 1.8 | 3.6 | 5.2 | 6.5 | 7.6 | 8.3 | 9.3 | 9.8 | 10.4 | 10.8 | 10.9 | 11.1 | 11.3 | 11.3 | 11.3 | |||||||||||||||||||
Standard deviation | 4.3 | 6.2 | 6.4 | 6.3 | 6.6 | 6.8 | 7.0 | 7.1 | 7.4 | 7.1 | 7.2 | 7.0 | 7.2 | 7.3 | 7.1 | |||||||||||||||||||
Median | 0.0 | 0.0 | 3.0 | 5.9 | 6.5 | 6.7 | 7.1 | 7.5 | 8.4 | 8.3 | 8.7 | 9.1 | 10.6 | 11.1 | 11.4 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Maximum | 20.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | |||||||||||||||||||
Rating: CCC/C | ||||||||||||||||||||||||||||||||||
1986 | 4.0 | 0.0 | 0.0 | 0.0 | 25.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | ||||||||||||||||||
1987 | 7.0 | 28.6 | 28.6 | 42.9 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | 57.1 | ||||||||||||||||||
1988 | 8.0 | 0.0 | 12.5 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | ||||||||||||||||||
1989 | 10.0 | 10.0 | 20.0 | 20.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | ||||||||||||||||||
1990 | 9.0 | 33.3 | 33.3 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | 55.6 | ||||||||||||||||||
1991 | 11.0 | 9.1 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | ||||||||||||||||||
1992 | 15.0 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | ||||||||||||||||||
1993 | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 40.0 | 40.0 | 40.0 | 40.0 | ||||||||||||||||||
1994 | 7.0 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 14.3 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | ||||||||||||||||||
1995 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | ||||||||||||||||||
1996 | 4.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | ||||||||||||||||||
1997 | 7.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 28.6 | 28.6 | 28.6 | 28.6 | 28.6 | 28.6 | 28.6 | 28.6 | ||||||||||||||||||
1998 | 6.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | 33.3 | ||||||||||||||||||
1999 | 9.0 | 11.1 | 22.2 | 22.2 | 22.2 | 22.2 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | 44.4 | ||||||||||||||||||
2000 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | ||||||||||||||||||
2001 | 6.0 | 33.3 | 33.3 | 33.3 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | ||||||||||||||||||
2002 | 10.0 | 0.0 | 0.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 | ||||||||||||||||||
2003 | 5.0 | 0.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | 60.0 | ||||||||||||||||||
2004 | 6.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | 50.0 | ||||||||||||||||||
2005 | 4.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | ||||||||||||||||||
2006 | 5.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | ||||||||||||||||||
2007 | 4.0 | 0.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | ||||||||||||||||||
2008 | 8.0 | 12.5 | 12.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | 37.5 | ||||||||||||||||||
2009 | 7.0 | 0.0 | 28.6 | 28.6 | 28.6 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | 42.9 | ||||||||||||||||||
2010 | 10.0 | 20.0 | 30.0 | 30.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | |||||||||||||||||||
2011 | 16.0 | 18.8 | 18.8 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | ||||||||||||||||||||
2012 | 22.0 | 31.8 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | 36.4 | |||||||||||||||||||||
2013 | 31.0 | 25.8 | 29.0 | 32.3 | 32.3 | 32.3 | 32.3 | 32.3 | 32.3 | 32.3 | 32.3 | 32.3 | ||||||||||||||||||||||
2014 | 21.0 | 19.0 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | 23.8 | |||||||||||||||||||||||
2015 | 18.0 | 16.7 | 27.8 | 27.8 | 27.8 | 27.8 | 27.8 | 27.8 | 27.8 | 27.8 | ||||||||||||||||||||||||
2016 | 53.0 | 26.4 | 54.7 | 54.7 | 54.7 | 54.7 | 54.7 | 54.7 | 54.7 | |||||||||||||||||||||||||
2017 | 31.0 | 51.6 | 51.6 | 51.6 | 51.6 | 51.6 | 51.6 | 51.6 | ||||||||||||||||||||||||||
2018 | 24.0 | 0.0 | 4.2 | 4.2 | 4.2 | 8.3 | 8.3 | |||||||||||||||||||||||||||
2019 | 14.0 | 7.1 | 7.1 | 7.1 | 14.3 | 14.3 | ||||||||||||||||||||||||||||
2020 | 7.0 | 14.3 | 14.3 | 28.6 | 28.6 | |||||||||||||||||||||||||||||
2021 | 8.0 | 25.0 | 37.5 | 37.5 | ||||||||||||||||||||||||||||||
2022 | 11.0 | 18.2 | 18.2 | |||||||||||||||||||||||||||||||
2023 | 9.0 | 22.2 | ||||||||||||||||||||||||||||||||
Marginal average | 19.6 | 9.6 | 3.9 | 2.7 | 1.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.1 | 1.2 | 1.4 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Cumulative average | 19.6 | 27.4 | 30.2 | 32.1 | 33.3 | 33.8 | 34.4 | 35.0 | 35.6 | 36.3 | 37.1 | 38.0 | 38.0 | 38.0 | 38.0 | |||||||||||||||||||
Standard deviation | 14.2 | 16.4 | 17.2 | 18.6 | 18.9 | 19.0 | 18.0 | 16.9 | 15.8 | 14.6 | 14.1 | 12.2 | 12.5 | 12.4 | 12.7 | |||||||||||||||||||
Median | 14.3 | 22.2 | 26.1 | 27.3 | 28.9 | 30.0 | 32.8 | 32.3 | 32.8 | 33.3 | 34.8 | 37.5 | 38.8 | 40.0 | 38.8 | |||||||||||||||||||
Minimum | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.0 | 20.0 | 20.0 | 20.0 | |||||||||||||||||||
Maximum | 51.6 | 60.0 | 60.0 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | 66.7 | |||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 35
USPF one-year static pool default rates by modifier* | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | |||||||||||||||||||
1986 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/a | 0.00 | n/a | 0.00 | |||||||||||||||||||
1987 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/a | 28.57 | |||||||||||||||||||
1988 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/a | 0.00 | |||||||||||||||||||
1989 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.14 | 0.00 | 25.00 | 0.00 | 0.00 | 0.00 | 10.00 | |||||||||||||||||||
1990 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | |||||||||||||||||||
1991 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | |||||||||||||||||||
1992 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | |||||||||||||||||||
1993 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
1994 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | 0.00 | 14.29 | |||||||||||||||||||
1995 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.11 | 0.00 | 0.00 | |||||||||||||||||||
1996 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
1997 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
1998 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
1999 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.11 | |||||||||||||||||||
2000 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 20.00 | 0.00 | 10.00 | |||||||||||||||||||
2001 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | |||||||||||||||||||
2002 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2003 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2004 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | |||||||||||||||||||
2005 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | |||||||||||||||||||
2006 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | |||||||||||||||||||
2007 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2008 | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 0.00 | 12.50 | |||||||||||||||||||
2009 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2010 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.89 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | |||||||||||||||||||
2011 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.75 | |||||||||||||||||||
2012 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.14 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 31.82 | |||||||||||||||||||
2013 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | 16.22 | 0.00 | 25.81 | |||||||||||||||||||
2014 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.38 | 7.69 | 0.00 | 0.00 | 19.05 | |||||||||||||||||||
2015 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.27 | 0.00 | 0.00 | 7.69 | 0.00 | 0.00 | 7.14 | 16.67 | |||||||||||||||||||
2016 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 26.42 | |||||||||||||||||||
2017 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 0.00 | 0.00 | 0.00 | 51.61 | |||||||||||||||||||
2018 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2019 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 | 0.00 | 0.00 | 5.26 | 6.67 | 7.14 | |||||||||||||||||||
2020 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | |||||||||||||||||||
2021 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | |||||||||||||||||||
2022 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.18 | |||||||||||||||||||
2023 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.69 | 25.00 | 22.22 | |||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 36
USPF housing static pool default rates (1986 - 2023) (%) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||
Rating | Number of issuers | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | ||||||||||||||||||
1986 | 2,593 | 0.00 | 0.04 | 0.08 | 0.08 | 0.08 | 0.15 | 0.19 | 0.27 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | ||||||||||||||||||
1987 | 2,706 | 0.04 | 0.07 | 0.07 | 0.07 | 0.52 | 0.55 | 0.63 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.70 | 0.70 | 0.70 | ||||||||||||||||||
1988 | 2,829 | 0.04 | 0.04 | 0.04 | 0.46 | 0.49 | 0.57 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.64 | 0.64 | 0.64 | ||||||||||||||||||
1989 | 2,988 | 0.00 | 0.00 | 0.40 | 0.44 | 0.50 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.57 | 0.57 | 0.57 | 0.57 | 0.57 | ||||||||||||||||||
1990 | 2,765 | 0.00 | 0.58 | 0.61 | 0.69 | 0.72 | 0.72 | 0.72 | 0.72 | 0.72 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | ||||||||||||||||||
1991 | 2,850 | 0.63 | 0.67 | 0.74 | 0.77 | 0.81 | 0.81 | 0.81 | 0.81 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | ||||||||||||||||||
1992 | 2,785 | 0.04 | 0.11 | 0.14 | 0.18 | 0.18 | 0.18 | 0.18 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | ||||||||||||||||||
1993 | 2,775 | 0.07 | 0.11 | 0.14 | 0.18 | 0.18 | 0.18 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | ||||||||||||||||||
1994 | 2,610 | 0.04 | 0.08 | 0.11 | 0.11 | 0.11 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | ||||||||||||||||||
1995 | 2,648 | 0.04 | 0.08 | 0.08 | 0.08 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||
1996 | 2,417 | 0.04 | 0.04 | 0.12 | 0.21 | 0.21 | 0.25 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | ||||||||||||||||||
1997 | 2,556 | 0.00 | 0.16 | 0.23 | 0.23 | 0.27 | 0.51 | 0.55 | 0.55 | 0.59 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | ||||||||||||||||||
1998 | 2,688 | 0.07 | 0.15 | 0.15 | 0.19 | 0.41 | 0.52 | 0.60 | 0.63 | 0.71 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | ||||||||||||||||||
1999 | 2,797 | 0.07 | 0.07 | 0.11 | 0.32 | 0.43 | 0.50 | 0.54 | 0.61 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | ||||||||||||||||||
2000 | 3,013 | 0.00 | 0.03 | 0.23 | 0.37 | 0.43 | 0.56 | 0.63 | 0.70 | 0.70 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | 0.73 | ||||||||||||||||||
2001 | 3,300 | 0.03 | 0.21 | 0.36 | 0.42 | 0.55 | 0.61 | 0.67 | 0.67 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 | ||||||||||||||||||
2002 | 3,567 | 0.17 | 0.31 | 0.42 | 0.53 | 0.59 | 0.64 | 0.64 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | 0.67 | ||||||||||||||||||
2003 | 3,792 | 0.13 | 0.24 | 0.40 | 0.47 | 0.53 | 0.55 | 0.63 | 0.63 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | 0.66 | ||||||||||||||||||
2004 | 3,820 | 0.10 | 0.26 | 0.34 | 0.39 | 0.42 | 0.50 | 0.50 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | 0.52 | ||||||||||||||||||
2005 | 3,708 | 0.16 | 0.24 | 0.32 | 0.35 | 0.43 | 0.43 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | ||||||||||||||||||
2006 | 3,553 | 0.08 | 0.17 | 0.20 | 0.28 | 0.28 | 0.31 | 0.31 | 0.31 | 0.31 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | ||||||||||||||||||
2007 | 3,443 | 0.09 | 0.12 | 0.20 | 0.20 | 0.23 | 0.23 | 0.23 | 0.23 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | ||||||||||||||||||
2008 | 3,387 | 0.03 | 0.12 | 0.12 | 0.15 | 0.15 | 0.15 | 0.15 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | ||||||||||||||||||
2009 | 3,445 | 0.09 | 0.09 | 0.12 | 0.12 | 0.12 | 0.12 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | ||||||||||||||||||
2010 | 3,301 | 0.00 | 0.03 | 0.03 | 0.03 | 0.03 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | |||||||||||||||||||
2011 | 2,899 | 0.03 | 0.03 | 0.03 | 0.03 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||||||||
2012 | 2,783 | 0.00 | 0.04 | 0.04 | 0.14 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | |||||||||||||||||||||
2013 | 2,624 | 0.04 | 0.04 | 0.15 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | ||||||||||||||||||||||
2014 | 2,469 | 0.00 | 0.12 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | |||||||||||||||||||||||
2015 | 2,371 | 0.13 | 0.17 | 0.17 | 0.17 | 0.17 | 0.21 | 0.21 | 0.21 | 0.21 | ||||||||||||||||||||||||
2016 | 2,326 | 0.04 | 0.13 | 0.13 | 0.13 | 0.26 | 0.26 | 0.26 | 0.26 | |||||||||||||||||||||||||
2017 | 2,230 | 0.09 | 0.09 | 0.18 | 0.31 | 0.40 | 0.40 | 0.40 | ||||||||||||||||||||||||||
2018 | 2,241 | 0.00 | 0.18 | 0.58 | 0.67 | 0.67 | 0.67 | |||||||||||||||||||||||||||
2019 | 2,224 | 0.31 | 0.85 | 1.08 | 1.08 | 1.08 | ||||||||||||||||||||||||||||
2020 | 2,213 | 0.54 | 0.77 | 0.77 | 0.77 | |||||||||||||||||||||||||||||
2021 | 2,229 | 0.22 | 0.22 | 0.22 | ||||||||||||||||||||||||||||||
2022 | 2,230 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 2,241 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 0.09 | 0.09 | 0.07 | 0.06 | 0.05 | 0.04 | 0.03 | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 0.09 | 0.17 | 0.25 | 0.30 | 0.36 | 0.40 | 0.42 | 0.44 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | |||||||||||||||||||
Standard deviation | 0.14 | 0.21 | 0.24 | 0.24 | 0.24 | 0.21 | 0.21 | 0.22 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.23 | 0.22 | |||||||||||||||||||
Median | 0.04 | 0.12 | 0.17 | 0.21 | 0.28 | 0.31 | 0.36 | 0.31 | 0.37 | 0.41 | 0.44 | 0.46 | 0.49 | 0.52 | 0.55 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.03 | 0.03 | 0.03 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.15 | |||||||||||||||||||
Maximum | 0.63 | 0.85 | 1.08 | 1.08 | 1.08 | 0.81 | 0.81 | 0.81 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | |||||||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 37
USPF housing static pool default rates by category (1986 - 2023) (%) | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Time horizon (years)-- | ||||||||||||||||||||||||||||||||||
Number of issuers | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |||||||||||||||||||
Rating: AAA | ||||||||||||||||||||||||||||||||||
1986 | 866 | 0.00 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | ||||||||||||||||||
1987 | 888 | 0.11 | 0.11 | 0.11 | 0.11 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | 1.24 | ||||||||||||||||||
1988 | 910 | 0.00 | 0.00 | 0.00 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | ||||||||||||||||||
1989 | 1,005 | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | ||||||||||||||||||
1990 | 967 | 0.00 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||
1991 | 1,046 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1992 | 1,122 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1993 | 1,184 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||||||
1994 | 1,079 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | ||||||||||||||||||
1995 | 1,220 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||||||
1996 | 1,254 | 0.00 | 0.00 | 0.00 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | ||||||||||||||||||
1997 | 1,460 | 0.00 | 0.00 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | ||||||||||||||||||
1998 | 1,740 | 0.00 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||||||||||||||
1999 | 1,847 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | ||||||||||||||||||
2000 | 2,022 | 0.00 | 0.00 | 0.00 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | ||||||||||||||||||
2001 | 2,241 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2002 | 2,473 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2003 | 2,625 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2004 | 2,621 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2005 | 2,569 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2006 | 2,338 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2007 | 2,289 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2008 | 2,245 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2009 | 2,225 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | ||||||||||||||||||
2010 | 2,054 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | |||||||||||||||||||
2011 | 1,579 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||||||||||||||||
2012 | 222 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2013 | 188 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
2014 | 200 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
2015 | 194 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
2016 | 196 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
2017 | 211 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||
2018 | 232 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
2019 | 245 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
2020 | 276 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
2021 | 304 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
2022 | 309 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 321 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 0.01 | 0.04 | 0.03 | 0.03 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 0.01 | 0.04 | 0.07 | 0.10 | 0.12 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | |||||||||||||||||||
Standard deviation | 0.02 | 0.24 | 0.29 | 0.34 | 0.39 | 0.39 | 0.40 | 0.40 | 0.41 | 0.41 | 0.42 | 0.42 | 0.43 | 0.44 | 0.44 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 0.11 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | |||||||||||||||||||
Rating: AA | ||||||||||||||||||||||||||||||||||
1986 | 1,016 | 0.00 | 0.00 | 0.10 | 0.10 | 0.10 | 0.20 | 0.20 | 0.20 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | ||||||||||||||||||
1987 | 1,057 | 0.00 | 0.09 | 0.09 | 0.09 | 0.19 | 0.19 | 0.19 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | ||||||||||||||||||
1988 | 1,090 | 0.09 | 0.09 | 0.09 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | ||||||||||||||||||
1989 | 1,105 | 0.00 | 0.00 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | ||||||||||||||||||
1990 | 1,006 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1991 | 934 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1992 | 690 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1993 | 661 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1994 | 620 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1995 | 627 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1996 | 556 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1997 | 545 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | 0.18 | ||||||||||||||||||
1998 | 476 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | ||||||||||||||||||
1999 | 539 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | 0.19 | ||||||||||||||||||
2000 | 575 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | ||||||||||||||||||
2001 | 617 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | ||||||||||||||||||
2002 | 668 | 0.00 | 0.00 | 0.00 | 0.00 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||
2003 | 678 | 0.00 | 0.00 | 0.00 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | ||||||||||||||||||
2004 | 716 | 0.00 | 0.00 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||||||
2005 | 705 | 0.00 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||||||
2006 | 830 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | ||||||||||||||||||
2007 | 822 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | ||||||||||||||||||
2008 | 831 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | ||||||||||||||||||
2009 | 877 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2010 | 899 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2011 | 866 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2012 | 2,118 | 0.00 | 0.00 | 0.00 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | |||||||||||||||||||||
2013 | 1,995 | 0.00 | 0.00 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | ||||||||||||||||||||||
2014 | 1,868 | 0.00 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | |||||||||||||||||||||||
2015 | 1,800 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | ||||||||||||||||||||||||
2016 | 1,782 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
2017 | 1,708 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||
2018 | 1,682 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
2019 | 1,636 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
2020 | 1,632 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||||
2021 | 1,640 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
2022 | 1,655 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 1,667 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 0.01 | 0.01 | 0.03 | 0.03 | 0.04 | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | |||||||||||||||||||
Standard deviation | 0.03 | 0.04 | 0.05 | 0.06 | 0.06 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.07 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 0.12 | 0.14 | 0.14 | 0.18 | 0.19 | 0.20 | 0.20 | 0.28 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | |||||||||||||||||||
Rating: A | ||||||||||||||||||||||||||||||||||
1986 | 639 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.16 | 0.31 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | ||||||||||||||||||
1987 | 659 | 0.00 | 0.00 | 0.00 | 0.00 | 0.15 | 0.30 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.61 | 0.76 | 0.76 | 0.76 | ||||||||||||||||||
1988 | 720 | 0.00 | 0.00 | 0.00 | 0.14 | 0.28 | 0.56 | 0.69 | 0.69 | 0.69 | 0.69 | 0.69 | 0.83 | 0.83 | 0.83 | 0.83 | ||||||||||||||||||
1989 | 639 | 0.00 | 0.00 | 0.16 | 0.16 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | ||||||||||||||||||
1990 | 571 | 0.00 | 0.18 | 0.18 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | ||||||||||||||||||
1991 | 625 | 0.00 | 0.00 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | ||||||||||||||||||
1992 | 746 | 0.00 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | ||||||||||||||||||
1993 | 728 | 0.00 | 0.00 | 0.00 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||||||
1994 | 737 | 0.00 | 0.00 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | ||||||||||||||||||
1995 | 656 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1996 | 504 | 0.00 | 0.00 | 0.40 | 0.40 | 0.40 | 0.40 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | 0.79 | ||||||||||||||||||
1997 | 466 | 0.00 | 0.21 | 0.21 | 0.21 | 0.21 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | 0.86 | ||||||||||||||||||
1998 | 398 | 0.00 | 0.00 | 0.00 | 0.00 | 0.75 | 1.01 | 1.26 | 1.26 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | 1.51 | ||||||||||||||||||
1999 | 341 | 0.00 | 0.00 | 0.00 | 0.88 | 1.17 | 1.47 | 1.47 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | ||||||||||||||||||
2000 | 339 | 0.00 | 0.00 | 0.29 | 0.59 | 0.88 | 1.18 | 1.47 | 1.47 | 1.47 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | ||||||||||||||||||
2001 | 357 | 0.00 | 0.28 | 0.56 | 0.84 | 1.12 | 1.40 | 1.40 | 1.40 | 1.68 | 1.68 | 1.68 | 1.68 | 1.68 | 1.68 | 1.68 | ||||||||||||||||||
2002 | 343 | 0.29 | 0.58 | 0.87 | 0.87 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | 1.17 | ||||||||||||||||||
2003 | 388 | 0.00 | 0.26 | 0.26 | 0.52 | 0.52 | 0.52 | 0.77 | 0.77 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | ||||||||||||||||||
2004 | 371 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.27 | 0.27 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | ||||||||||||||||||
2005 | 326 | 0.00 | 0.00 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | ||||||||||||||||||
2006 | 278 | 0.00 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | ||||||||||||||||||
2007 | 236 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | ||||||||||||||||||
2008 | 227 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | ||||||||||||||||||
2009 | 257 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2010 | 245 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2011 | 316 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2012 | 295 | 0.00 | 0.00 | 0.00 | 0.00 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||||||||||
2013 | 303 | 0.00 | 0.00 | 0.00 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | ||||||||||||||||||||||
2014 | 296 | 0.00 | 0.00 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | 0.34 | |||||||||||||||||||||||
2015 | 282 | 0.00 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | ||||||||||||||||||||||||
2016 | 260 | 0.38 | 0.77 | 0.77 | 0.77 | 1.54 | 1.54 | 1.54 | 1.54 | |||||||||||||||||||||||||
2017 | 198 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | ||||||||||||||||||||||||||
2018 | 204 | 0.00 | 0.49 | 2.45 | 2.45 | 2.45 | 2.45 | |||||||||||||||||||||||||||
2019 | 212 | 0.00 | 1.89 | 2.83 | 2.83 | 2.83 | ||||||||||||||||||||||||||||
2020 | 156 | 1.28 | 1.28 | 1.28 | 1.28 | |||||||||||||||||||||||||||||
2021 | 151 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
2022 | 155 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 153 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 0.04 | 0.10 | 0.11 | 0.07 | 0.09 | 0.09 | 0.07 | 0.04 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 0.04 | 0.14 | 0.25 | 0.32 | 0.41 | 0.49 | 0.56 | 0.60 | 0.63 | 0.63 | 0.64 | 0.65 | 0.66 | 0.66 | 0.66 | |||||||||||||||||||
Standard deviation | 0.24 | 0.40 | 0.63 | 0.64 | 0.66 | 0.56 | 0.48 | 0.50 | 0.51 | 0.54 | 0.55 | 0.56 | 0.56 | 0.56 | 0.55 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.16 | 0.31 | 0.33 | 0.34 | 0.34 | 0.36 | 0.36 | 0.36 | 0.46 | 0.47 | 0.50 | 0.54 | 0.58 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 1.28 | 1.89 | 2.83 | 2.83 | 2.83 | 2.45 | 1.54 | 1.76 | 1.76 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | 1.77 | |||||||||||||||||||
Rating: BBB | ||||||||||||||||||||||||||||||||||
1986 | 71 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1987 | 92 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1988 | 82 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1989 | 207 | 0.00 | 0.00 | 0.00 | 0.48 | 0.97 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | 1.45 | ||||||||||||||||||
1990 | 166 | 0.00 | 0.00 | 0.00 | 0.00 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | ||||||||||||||||||
1991 | 165 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1992 | 156 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1993 | 148 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1994 | 134 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1995 | 115 | 0.00 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 | ||||||||||||||||||
1996 | 85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.18 | 3.53 | 3.53 | 3.53 | 3.53 | 3.53 | 3.53 | 3.53 | 3.53 | 3.53 | ||||||||||||||||||
1997 | 70 | 0.00 | 1.43 | 1.43 | 1.43 | 2.86 | 7.14 | 7.14 | 7.14 | 8.57 | 8.57 | 8.57 | 8.57 | 8.57 | 8.57 | 8.57 | ||||||||||||||||||
1998 | 62 | 0.00 | 0.00 | 0.00 | 1.61 | 6.45 | 8.06 | 9.68 | 11.29 | 11.29 | 12.90 | 12.90 | 12.90 | 12.90 | 12.90 | 12.90 | ||||||||||||||||||
1999 | 60 | 0.00 | 0.00 | 0.00 | 5.00 | 6.67 | 8.33 | 10.00 | 10.00 | 13.33 | 13.33 | 13.33 | 13.33 | 13.33 | 13.33 | 13.33 | ||||||||||||||||||
2000 | 63 | 0.00 | 0.00 | 4.76 | 6.35 | 7.94 | 11.11 | 11.11 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | 14.29 | ||||||||||||||||||
2001 | 57 | 0.00 | 3.51 | 7.02 | 8.77 | 12.28 | 12.28 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | ||||||||||||||||||
2002 | 55 | 1.82 | 5.45 | 9.09 | 10.91 | 10.91 | 14.55 | 14.55 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | ||||||||||||||||||
2003 | 59 | 0.00 | 3.39 | 5.08 | 6.78 | 10.17 | 10.17 | 11.86 | 11.86 | 11.86 | 11.86 | 11.86 | 11.86 | 11.86 | 11.86 | 11.86 | ||||||||||||||||||
2004 | 58 | 1.72 | 3.45 | 6.90 | 8.62 | 8.62 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | 10.34 | ||||||||||||||||||
2005 | 54 | 0.00 | 1.85 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | 3.70 | ||||||||||||||||||
2006 | 50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2007 | 41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2008 | 34 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2009 | 37 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.41 | 5.41 | 5.41 | 5.41 | 5.41 | 5.41 | 5.41 | 5.41 | 5.41 | ||||||||||||||||||
2010 | 49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2011 | 37 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2012 | 66 | 0.00 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | 1.52 | |||||||||||||||||||||
2013 | 65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
2014 | 40 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
2015 | 42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.38 | 2.38 | 2.38 | 2.38 | ||||||||||||||||||||||||
2016 | 46 | 0.00 | 2.17 | 2.17 | 2.17 | 4.35 | 4.35 | 4.35 | 4.35 | |||||||||||||||||||||||||
2017 | 79 | 1.27 | 1.27 | 3.80 | 7.59 | 10.13 | 10.13 | 10.13 | ||||||||||||||||||||||||||
2018 | 75 | 0.00 | 4.00 | 10.67 | 13.33 | 13.33 | 13.33 | |||||||||||||||||||||||||||
2019 | 77 | 0.00 | 9.09 | 10.39 | 10.39 | 10.39 | ||||||||||||||||||||||||||||
2020 | 86 | 5.81 | 9.30 | 9.30 | 9.30 | |||||||||||||||||||||||||||||
2021 | 54 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
2022 | 57 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 57 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 0.27 | 0.87 | 0.68 | 0.55 | 0.57 | 0.51 | 0.36 | 0.17 | 0.13 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 0.27 | 1.13 | 1.80 | 2.34 | 2.90 | 3.39 | 3.74 | 3.91 | 4.03 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | 4.07 | |||||||||||||||||||
Standard deviation | 1.02 | 2.39 | 3.43 | 4.05 | 4.48 | 4.87 | 5.02 | 5.36 | 5.64 | 5.81 | 5.86 | 5.91 | 6.00 | 6.05 | 6.10 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.00 | 0.00 | 0.30 | 0.87 | 1.16 | 0.87 | 0.74 | 0.60 | 0.74 | 0.87 | 0.74 | 0.87 | 1.16 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 5.81 | 9.30 | 10.67 | 13.33 | 13.33 | 14.55 | 15.79 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | 16.36 | |||||||||||||||||||
Rating: BB | ||||||||||||||||||||||||||||||||||
1986 | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1987 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1988 | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1989 | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1990 | 46 | 0.00 | 2.17 | 2.17 | 4.35 | 4.35 | 4.35 | 4.35 | 4.35 | 4.35 | 6.52 | 6.52 | 6.52 | 6.52 | 6.52 | 6.52 | ||||||||||||||||||
1991 | 69 | 24.64 | 24.64 | 26.09 | 27.54 | 28.99 | 28.99 | 28.99 | 28.99 | 30.43 | 30.43 | 30.43 | 30.43 | 30.43 | 30.43 | 30.43 | ||||||||||||||||||
1992 | 47 | 0.00 | 0.00 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | 2.13 | ||||||||||||||||||
1993 | 28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1994 | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1995 | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1996 | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1997 | 8 | 0.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 37.50 | 37.50 | 37.50 | 37.50 | 37.50 | 37.50 | 37.50 | 37.50 | 37.50 | ||||||||||||||||||
1998 | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | ||||||||||||||||||
1999 | 5 | 0.00 | 0.00 | 20.00 | 20.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | ||||||||||||||||||
2000 | 10 | 0.00 | 10.00 | 30.00 | 40.00 | 40.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||||||||
2001 | 16 | 0.00 | 6.25 | 12.50 | 12.50 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | ||||||||||||||||||
2002 | 12 | 8.33 | 8.33 | 16.67 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | ||||||||||||||||||
2003 | 19 | 0.00 | 5.26 | 15.79 | 15.79 | 15.79 | 21.05 | 26.32 | 26.32 | 26.32 | 26.32 | 26.32 | 26.32 | 26.32 | 26.32 | 26.32 | ||||||||||||||||||
2004 | 33 | 3.03 | 6.06 | 6.06 | 9.09 | 12.12 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | 15.15 | ||||||||||||||||||
2005 | 28 | 0.00 | 0.00 | 3.57 | 3.57 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | 10.71 | ||||||||||||||||||
2006 | 29 | 0.00 | 3.45 | 3.45 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | 6.90 | ||||||||||||||||||
2007 | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2008 | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2009 | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2010 | 26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2011 | 68 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||
2012 | 41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2013 | 39 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
2014 | 35 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
2015 | 27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
2016 | 21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
2017 | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||
2018 | 31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
2019 | 26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||
2020 | 29 | 3.45 | 3.45 | 3.45 | 3.45 | |||||||||||||||||||||||||||||
2021 | 41 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||||||
2022 | 22 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 21 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 2.12 | 0.88 | 1.14 | 0.85 | 0.76 | 0.53 | 0.28 | 0.00 | 0.15 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 2.12 | 2.98 | 4.09 | 4.91 | 5.63 | 6.13 | 6.39 | 6.39 | 6.53 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | 6.67 | |||||||||||||||||||
Standard deviation | 4.21 | 5.99 | 8.62 | 10.70 | 12.36 | 13.82 | 14.75 | 14.89 | 15.10 | 15.23 | 15.37 | 15.51 | 15.65 | 15.79 | 15.92 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.06 | 2.13 | 4.32 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 24.64 | 25.00 | 30.00 | 40.00 | 40.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | |||||||||||||||||||
Rating: B | ||||||||||||||||||||||||||||||||||
1987 | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1988 | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1989 | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1990 | 5 | 0.00 | 0.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | ||||||||||||||||||
1991 | 5 | 0.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | ||||||||||||||||||
1992 | 19 | 5.26 | 10.53 | 10.53 | 10.53 | 10.53 | 10.53 | 10.53 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | 15.79 | ||||||||||||||||||
1993 | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1994 | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1995 | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1996 | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1997 | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1998 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1999 | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2000 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2001 | 6 | 0.00 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | ||||||||||||||||||
2002 | 12 | 16.67 | 25.00 | 25.00 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | ||||||||||||||||||
2003 | 12 | 0.00 | 0.00 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | ||||||||||||||||||
2004 | 11 | 0.00 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | ||||||||||||||||||
2005 | 16 | 6.25 | 6.25 | 6.25 | 12.50 | 12.50 | 12.50 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | 18.75 | ||||||||||||||||||
2006 | 18 | 0.00 | 5.56 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | ||||||||||||||||||
2007 | 22 | 9.09 | 9.09 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | 13.64 | ||||||||||||||||||
2008 | 19 | 0.00 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | ||||||||||||||||||
2009 | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2010 | 17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.76 | 11.76 | 11.76 | 11.76 | 11.76 | 11.76 | 11.76 | 11.76 | 11.76 | |||||||||||||||||||
2011 | 25 | 0.00 | 0.00 | 0.00 | 0.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | ||||||||||||||||||||
2012 | 38 | 0.00 | 0.00 | 0.00 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | |||||||||||||||||||||
2013 | 27 | 3.70 | 3.70 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | 11.11 | ||||||||||||||||||||||
2014 | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||
2015 | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||
2016 | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
2017 | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||
2018 | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
2019 | 10 | 0.00 | 10.00 | 30.00 | 30.00 | 30.00 | ||||||||||||||||||||||||||||
2020 | 18 | 5.56 | 5.56 | 5.56 | 5.56 | |||||||||||||||||||||||||||||
2021 | 19 | 15.79 | 15.79 | 15.79 | ||||||||||||||||||||||||||||||
2022 | 10 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 11 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 2.33 | 2.00 | 2.08 | 0.98 | 0.52 | 0.53 | 0.28 | 0.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 2.33 | 4.27 | 6.27 | 7.19 | 7.67 | 8.16 | 8.42 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | 8.68 | |||||||||||||||||||
Standard deviation | 4.14 | 6.93 | 8.82 | 9.42 | 9.49 | 8.66 | 8.92 | 9.08 | 9.13 | 9.17 | 9.21 | 9.37 | 9.55 | 9.75 | 9.94 | |||||||||||||||||||
Median | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.63 | 5.26 | 5.26 | 5.26 | 5.26 | 5.26 | 2.63 | 0.00 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 16.67 | 25.00 | 30.00 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | |||||||||||||||||||
Rating: CCC/C | ||||||||||||||||||||||||||||||||||
1987 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1988 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1989 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1990 | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
1991 | 6 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | ||||||||||||||||||
1992 | 5 | 0.00 | 0.00 | 0.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | 20.00 | ||||||||||||||||||
1993 | 16 | 12.50 | 18.75 | 25.00 | 25.00 | 25.00 | 25.00 | 31.25 | 31.25 | 31.25 | 31.25 | 31.25 | 31.25 | 31.25 | 31.25 | 31.25 | ||||||||||||||||||
1994 | 14 | 7.14 | 14.29 | 14.29 | 14.29 | 14.29 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | 21.43 | ||||||||||||||||||
1995 | 11 | 9.09 | 9.09 | 9.09 | 9.09 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | ||||||||||||||||||
1996 | 7 | 14.29 | 14.29 | 14.29 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | 28.57 | ||||||||||||||||||
1997 | 6 | 0.00 | 0.00 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | 16.67 | ||||||||||||||||||
1998 | 6 | 33.33 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||||||||
1999 | 4 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | ||||||||||||||||||
2000 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||
2001 | 6 | 16.67 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | ||||||||||||||||||
2002 | 4 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | 25.00 | ||||||||||||||||||
2003 | 11 | 36.36 | 36.36 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | 45.45 | ||||||||||||||||||
2004 | 10 | 20.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | 40.00 | ||||||||||||||||||
2005 | 10 | 50.00 | 60.00 | 60.00 | 60.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | ||||||||||||||||||
2006 | 10 | 20.00 | 20.00 | 20.00 | 40.00 | 40.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | ||||||||||||||||||
2007 | 11 | 0.00 | 9.09 | 27.27 | 27.27 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | ||||||||||||||||||
2008 | 12 | 8.33 | 25.00 | 25.00 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | ||||||||||||||||||
2009 | 11 | 27.27 | 27.27 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | 36.36 | ||||||||||||||||||
2010 | 11 | 0.00 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | 9.09 | |||||||||||||||||||
2011 | 8 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | 12.50 | ||||||||||||||||||||
2012 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||
2013 | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
2014 | 11 | 0.00 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | 18.18 | |||||||||||||||||||||||
2015 | 6 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | 33.33 | ||||||||||||||||||||||||
2016 | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||
2017 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||||||
2018 | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||||||||||
2019 | 18 | 38.89 | 38.89 | 38.89 | 38.89 | 38.89 | ||||||||||||||||||||||||||||
2020 | 16 | 18.75 | 31.25 | 31.25 | 31.25 | |||||||||||||||||||||||||||||
2021 | 20 | 10.00 | 10.00 | 10.00 | ||||||||||||||||||||||||||||||
2022 | 22 | 0.00 | 0.00 | |||||||||||||||||||||||||||||||
2023 | 11 | 0.00 | ||||||||||||||||||||||||||||||||
Marginal average | 13.69 | 5.77 | 2.69 | 2.51 | 1.64 | 1.18 | 0.61 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Cumulative average | 13.69 | 18.67 | 20.86 | 22.85 | 24.11 | 25.01 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | 25.47 | |||||||||||||||||||
Standard deviation | 13.90 | 16.36 | 16.78 | 17.22 | 18.23 | 18.62 | 18.61 | 18.48 | 18.31 | 18.54 | 18.87 | 18.67 | 18.40 | 18.61 | 18.70 | |||||||||||||||||||
Median | 8.33 | 13.39 | 16.67 | 19.09 | 18.18 | 19.09 | 20.00 | 20.71 | 21.43 | 20.71 | 21.43 | 23.21 | 25.00 | 25.00 | 25.00 | |||||||||||||||||||
Minimum | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
Maximum | 50.00 | 60.00 | 60.00 | 60.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | 70.00 | |||||||||||||||||||
N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights. |
Table 38
USPF housing one-year static pool default rates by modifier | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Year | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | |||||||||||||||||||
1986 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||
1987 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||
1988 | 0.00 | 0.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||
1989 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||
1990 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | |||||||||||||||||||
1991 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 27.87 | 0.00 | 0.00 | 0.00 | N/A | 16.67 | |||||||||||||||||||
1992 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.56 | N/A | 0.00 | |||||||||||||||||||
1993 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 12.50 | |||||||||||||||||||
1994 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | 7.14 | |||||||||||||||||||
1995 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | 9.09 | |||||||||||||||||||
1996 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 0.00 | N/A | 14.29 | |||||||||||||||||||
1997 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||
1998 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | N/A | 0.00 | N/A | 33.33 | |||||||||||||||||||
1999 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | N/A | 0.00 | N/A | 25.00 | |||||||||||||||||||
2000 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||
2001 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | N/A | 16.67 | |||||||||||||||||||
2002 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.13 | 0.00 | 3.23 | 0.00 | 0.00 | 12.50 | N/A | N/A | 20.00 | 0.00 | 25.00 | |||||||||||||||||||
2003 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 0.00 | 0.00 | 36.36 | |||||||||||||||||||
2004 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 0.00 | 0.00 | 100.00 | N/A | 0.00 | 0.00 | 20.00 | |||||||||||||||||||
2005 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 50.00 | |||||||||||||||||||
2006 | 0.00 | 0.00 | 0.00 | 0.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | |||||||||||||||||||
2007 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 10.53 | 0.00 | 0.00 | |||||||||||||||||||
2008 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 8.33 | |||||||||||||||||||
2009 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | 0.00 | 0.00 | 0.00 | 27.27 | |||||||||||||||||||
2010 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | N/A | N/A | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2011 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.50 | |||||||||||||||||||
2012 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2013 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 0.00 | 0.00 | |||||||||||||||||||
2014 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2015 | 0.00 | 0.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | |||||||||||||||||||
2016 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2017 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.89 | 0.00 | 2.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2018 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2019 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 38.89 | |||||||||||||||||||
2020 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 5.71 | 0.00 | 21.43 | 0.00 | 12.50 | 0.00 | 12.50 | 0.00 | 0.00 | 18.75 | |||||||||||||||||||
2021 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 0.00 | 11.11 | 10.00 | |||||||||||||||||||
2022 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
2023 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||||
N/A--Not applicable. Source: S&P Global Ratings Credit Research & Insights. |
Recent statistics
Table 39
Most recent one-, three-, and 10-year default rates by modifier (%)* | ||||||||
---|---|---|---|---|---|---|---|---|
Rating | One year (2023 pool) | Three years (2021 pool) | 10 years (2013 pool) | |||||
AAA | 0.00 | 0.00 | 0.00 | |||||
AA+ | 0.00 | 0.00 | 0.00 | |||||
AA | 0.00 | 0.00 | 0.00 | |||||
AA- | 0.00 | 0.00 | 0.06 | |||||
A+ | 0.00 | 0.00 | 0.04 | |||||
A | 0.00 | 0.06 | 0.06 | |||||
A- | 0.00 | 0.00 | 0.00 | |||||
BBB+ | 0.00 | 0.00 | 1.38 | |||||
BBB | 0.00 | 0.00 | 0.88 | |||||
BBB- | 0.00 | 0.00 | 4.60 | |||||
BB+ | 0.00 | 0.00 | 1.56 | |||||
BB | 0.00 | 1.57 | 1.79 | |||||
BB- | 0.00 | 0.00 | 12.50 | |||||
B+ | 0.00 | 6.67 | 7.69 | |||||
B | 7.69 | 4.76 | 21.05 | |||||
B- | 25.00 | 0.00 | 0.00 | |||||
CCC/C | 22.22 | 37.50 | 23.81 | |||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 40
USPF most recent rating transition rates by modifier (%)* | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Number of issuers | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | D | NR | ||||||||||||||||||||||
One year (2023 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 1,103 | 97.73 | 0.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.90 | ||||||||||||||||||||||
AA+ | 2,283 | 1.10 | 95.18 | 0.35 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.33 | ||||||||||||||||||||||
AA | 2,977 | 0.00 | 4.94 | 90.70 | 0.30 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.00 | ||||||||||||||||||||||
AA- | 3,925 | 0.00 | 0.08 | 2.57 | 92.46 | 0.54 | 0.18 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.15 | ||||||||||||||||||||||
A+ | 4,848 | 0.00 | 0.04 | 0.21 | 2.21 | 92.53 | 1.05 | 0.06 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.88 | ||||||||||||||||||||||
A | 3,174 | 0.00 | 0.00 | 0.09 | 0.44 | 3.43 | 90.99 | 0.95 | 0.25 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.81 | ||||||||||||||||||||||
A- | 1,311 | 0.00 | 0.00 | 0.00 | 0.00 | 1.30 | 9.84 | 83.30 | 1.30 | 0.23 | 0.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.97 | ||||||||||||||||||||||
BBB+ | 639 | 0.00 | 0.00 | 0.00 | 0.31 | 2.50 | 4.38 | 27.86 | 56.03 | 2.50 | 0.63 | 0.00 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.63 | ||||||||||||||||||||||
BBB | 399 | 0.00 | 0.00 | 0.00 | 0.00 | 0.50 | 3.26 | 5.01 | 8.02 | 73.68 | 2.76 | 0.50 | 0.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.02 | ||||||||||||||||||||||
BBB- | 313 | 0.00 | 0.00 | 0.00 | 0.00 | 0.64 | 0.96 | 0.64 | 2.24 | 7.35 | 83.39 | 1.60 | 0.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.88 | ||||||||||||||||||||||
BB+ | 168 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.79 | 10.71 | 77.98 | 5.36 | 0.60 | 0.00 | 0.00 | 0.60 | 0.00 | 0.00 | 2.98 | ||||||||||||||||||||||
BB | 129 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.78 | 4.65 | 82.95 | 5.43 | 1.55 | 0.00 | 0.00 | 0.78 | 0.00 | 3.88 | ||||||||||||||||||||||
BB- | 41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.88 | 75.61 | 0.00 | 4.88 | 4.88 | 2.44 | 0.00 | 7.32 | ||||||||||||||||||||||
B+ | 17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 76.47 | 5.88 | 0.00 | 0.00 | 0.00 | 17.65 | ||||||||||||||||||||||
B | 13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.69 | 7.69 | 0.00 | 7.69 | 46.15 | 0.00 | 7.69 | 7.69 | 15.38 | ||||||||||||||||||||||
B- | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 50.00 | 0.00 | 25.00 | 0.00 | ||||||||||||||||||||||
CCC/C | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 55.56 | 22.22 | 22.22 | ||||||||||||||||||||||
Three years (2021 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 1,075 | 92.65 | 1.12 | 0.09 | 0.00 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.05 | ||||||||||||||||||||||
AA+ | 2,252 | 2.44 | 83.44 | 0.98 | 0.09 | 0.04 | 0.00 | 0.00 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.92 | ||||||||||||||||||||||
AA | 3,016 | 0.03 | 7.23 | 77.55 | 1.39 | 0.17 | 0.00 | 0.00 | 0.03 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.56 | ||||||||||||||||||||||
AA- | 4,040 | 0.00 | 0.30 | 5.59 | 77.13 | 2.03 | 0.77 | 0.05 | 0.00 | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.08 | ||||||||||||||||||||||
A+ | 4,912 | 0.00 | 0.06 | 0.51 | 5.29 | 78.32 | 2.16 | 0.26 | 0.10 | 0.08 | 0.04 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.13 | ||||||||||||||||||||||
A | 3,237 | 0.00 | 0.03 | 0.12 | 0.83 | 8.34 | 72.41 | 2.29 | 0.43 | 0.06 | 0.00 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 15.35 | ||||||||||||||||||||||
A- | 1,338 | 0.00 | 0.00 | 0.07 | 0.15 | 2.32 | 15.84 | 61.58 | 2.84 | 1.57 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.40 | ||||||||||||||||||||||
BBB+ | 573 | 0.00 | 0.00 | 0.00 | 1.57 | 4.36 | 8.55 | 15.01 | 45.90 | 2.79 | 1.75 | 0.35 | 0.52 | 0.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.02 | ||||||||||||||||||||||
BBB | 578 | 0.00 | 0.00 | 0.00 | 0.17 | 1.38 | 4.50 | 25.61 | 8.48 | 37.72 | 4.67 | 1.38 | 0.35 | 0.00 | 0.00 | 0.00 | 0.17 | 0.00 | 0.00 | 15.57 | ||||||||||||||||||||||
BBB- | 297 | 0.00 | 0.00 | 0.00 | 0.00 | 1.68 | 2.69 | 3.37 | 4.04 | 8.75 | 58.59 | 3.70 | 1.68 | 1.01 | 0.00 | 0.00 | 0.34 | 0.67 | 0.00 | 13.47 | ||||||||||||||||||||||
BB+ | 159 | 0.00 | 0.00 | 0.00 | 0.00 | 0.63 | 0.00 | 0.00 | 3.14 | 11.95 | 13.84 | 49.06 | 6.92 | 1.89 | 0.63 | 0.63 | 0.00 | 0.63 | 0.00 | 10.69 | ||||||||||||||||||||||
BB | 127 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.51 | 11.02 | 57.48 | 4.72 | 0.79 | 0.79 | 1.57 | 0.79 | 1.57 | 15.75 | ||||||||||||||||||||||
BB- | 44 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.36 | 6.82 | 15.91 | 45.45 | 2.27 | 6.82 | 0.00 | 0.00 | 0.00 | 11.36 | ||||||||||||||||||||||
B+ | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 60.00 | 0.00 | 0.00 | 6.67 | 6.67 | 20.00 | ||||||||||||||||||||||
B | 21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.76 | 14.29 | 4.76 | 19.05 | 19.05 | 4.76 | 0.00 | 4.76 | 28.57 | ||||||||||||||||||||||
B- | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 9.09 | 0.00 | 72.73 | ||||||||||||||||||||||
CCC/C | 8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 37.50 | 37.50 | ||||||||||||||||||||||
10 years (2014 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 766 | 77.28 | 4.44 | 1.04 | 0.26 | 0.13 | 0.52 | 0.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.19 | ||||||||||||||||||||||
AA+ | 1,493 | 13.40 | 40.86 | 5.16 | 1.14 | 0.33 | 0.13 | 0.00 | 0.07 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 38.85 | ||||||||||||||||||||||
AA | 2,757 | 2.83 | 17.74 | 35.47 | 5.91 | 1.60 | 0.33 | 0.11 | 0.04 | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 | 35.91 | ||||||||||||||||||||||
AA- | 3,558 | 0.17 | 4.30 | 16.55 | 33.50 | 5.85 | 1.49 | 0.31 | 0.25 | 0.03 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | 37.46 | ||||||||||||||||||||||
A+ | 4,775 | 0.06 | 0.80 | 3.58 | 13.97 | 36.15 | 6.20 | 2.51 | 0.44 | 0.27 | 0.15 | 0.08 | 0.00 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 35.73 | ||||||||||||||||||||||
A | 3,440 | 0.06 | 0.35 | 1.40 | 5.38 | 16.16 | 24.10 | 4.07 | 1.28 | 0.67 | 0.35 | 0.20 | 0.12 | 0.06 | 0.03 | 0.03 | 0.00 | 0.00 | 0.06 | 45.70 | ||||||||||||||||||||||
A- | 1,583 | 0.13 | 0.19 | 1.01 | 3.41 | 8.40 | 15.92 | 14.40 | 3.47 | 1.83 | 1.07 | 0.25 | 0.06 | 0.06 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 49.72 | ||||||||||||||||||||||
BBB+ | 581 | 0.00 | 0.17 | 0.86 | 1.72 | 7.23 | 11.88 | 11.88 | 10.33 | 2.75 | 1.72 | 0.52 | 0.52 | 0.00 | 0.00 | 0.17 | 0.17 | 0.00 | 1.38 | 48.71 | ||||||||||||||||||||||
BBB | 452 | 0.00 | 0.00 | 0.44 | 2.21 | 6.42 | 9.07 | 7.52 | 7.74 | 9.96 | 5.53 | 1.55 | 2.21 | 0.44 | 0.00 | 0.00 | 0.22 | 0.44 | 0.88 | 45.35 | ||||||||||||||||||||||
BBB- | 413 | 0.00 | 0.00 | 0.73 | 0.24 | 0.97 | 4.12 | 3.63 | 4.12 | 6.30 | 13.80 | 5.08 | 3.39 | 1.69 | 1.21 | 0.24 | 0.00 | 0.73 | 4.60 | 49.15 | ||||||||||||||||||||||
BB+ | 128 | 0.00 | 0.00 | 0.00 | 1.56 | 3.13 | 0.78 | 2.34 | 0.78 | 3.13 | 4.69 | 10.16 | 7.03 | 2.34 | 0.00 | 0.00 | 0.00 | 1.56 | 1.56 | 60.94 | ||||||||||||||||||||||
BB | 56 | 0.00 | 0.00 | 0.00 | 1.79 | 0.00 | 0.00 | 0.00 | 0.00 | 3.57 | 1.79 | 14.29 | 12.50 | 5.36 | 1.79 | 0.00 | 0.00 | 0.00 | 1.79 | 57.14 | ||||||||||||||||||||||
BB- | 32 | 0.00 | 0.00 | 0.00 | 6.25 | 6.25 | 9.38 | 0.00 | 0.00 | 3.13 | 3.13 | 6.25 | 0.00 | 3.13 | 6.25 | 3.13 | 0.00 | 0.00 | 12.50 | 40.63 | ||||||||||||||||||||||
B+ | 13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.69 | 92.31 | ||||||||||||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.26 | 5.26 | 5.26 | 0.00 | 0.00 | 0.00 | 0.00 | 21.05 | 63.16 | ||||||||||||||||||||||
B- | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 85.71 | ||||||||||||||||||||||
CCC/C | 21 | 0.00 | 0.00 | 0.00 | 4.76 | 0.00 | 0.00 | 4.76 | 0.00 | 0.00 | 0.00 | 4.76 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 23.81 | 61.90 | ||||||||||||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 41
Most recent one-, three-, and 10-year USPF housing default rates by modifier (%) | ||||||||
---|---|---|---|---|---|---|---|---|
Rating | One year (2023 pool) | Three years (2021 pool) | 10 years (2013 pool) | |||||
AAA | 0.00 | 0.00 | 0.00 | |||||
AA+ | 0.00 | 0.00 | 0.08 | |||||
AA | 0.00 | 0.00 | 0.00 | |||||
AA- | 0.00 | 0.00 | 0.00 | |||||
A+ | 0.00 | 0.00 | 0.00 | |||||
A | 0.00 | 0.00 | 1.20 | |||||
A- | 0.00 | 0.00 | 0.00 | |||||
BBB+ | 0.00 | 0.00 | 0.00 | |||||
BBB | 0.00 | 0.00 | 0.00 | |||||
BBB- | 0.00 | 0.00 | 0.00 | |||||
BB+ | 0.00 | 0.00 | 0.00 | |||||
BB | 0.00 | 0.00 | 0.00 | |||||
BB- | 0.00 | 0.00 | 0.00 | |||||
B+ | 0.00 | 40.00 | 0.00 | |||||
B | 0.00 | 0.00 | 0.00 | |||||
B- | 0.00 | 11.11 | 0.00 | |||||
CCC/C | 0.00 | 10.00 | 18.18 | |||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 42
USPF housing most recent rating transition rates by modifier (%) | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Number of issuers | AAA | AA+ | AA | AA- | A+ | A | A- | BBB+ | BBB | BBB- | BB+ | BB | BB- | B+ | B | B- | CCC/C | D | NR | ||||||||||||||||||||||
One year (2023 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 321 | 95.95 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.05 | ||||||||||||||||||||||
AA+ | 1,352 | 2.37 | 93.71 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.92 | ||||||||||||||||||||||
AA | 152 | 0.00 | 32.89 | 50.66 | 1.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.13 | ||||||||||||||||||||||
AA- | 163 | 0.00 | 0.00 | 6.75 | 71.17 | 1.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.86 | ||||||||||||||||||||||
A+ | 90 | 0.00 | 0.00 | 0.00 | 12.22 | 85.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.22 | ||||||||||||||||||||||
A | 38 | 0.00 | 0.00 | 0.00 | 2.63 | 26.32 | 71.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
A- | 25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.00 | 84.00 | 4.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
BBB+ | 30 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 3.33 | 83.33 | 6.67 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
BBB | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.55 | 90.91 | 4.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
BBB- | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
BB+ | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.18 | 36.36 | 27.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.18 | ||||||||||||||||||||||
BB | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 25.00 | 25.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
BB- | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.67 | 33.33 | 16.67 | 0.00 | 0.00 | 16.67 | 0.00 | 16.67 | ||||||||||||||||||||||
B+ | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
B | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 50.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||||||||
B- | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 0.00 | 0.00 | 25.00 | ||||||||||||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 90.91 | 0.00 | 0.00 | ||||||||||||||||||||||
Three-year (2021 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 304 | 82.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 17.76 | ||||||||||||||||||||||
AA+ | 1,268 | 1.81 | 78.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.95 | ||||||||||||||||||||||
AA | 202 | 0.00 | 41.09 | 31.68 | 3.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 23.27 | ||||||||||||||||||||||
AA- | 170 | 0.00 | 0.59 | 8.24 | 54.12 | 1.18 | 1.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 34.71 | ||||||||||||||||||||||
A+ | 82 | 0.00 | 0.00 | 0.00 | 15.85 | 60.98 | 6.10 | 4.88 | 1.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.98 | ||||||||||||||||||||||
A | 39 | 0.00 | 0.00 | 0.00 | 10.26 | 28.21 | 35.90 | 2.56 | 0.00 | 2.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.51 | ||||||||||||||||||||||
A- | 30 | 0.00 | 0.00 | 0.00 | 0.00 | 13.33 | 20.00 | 30.00 | 3.33 | 16.67 | 3.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.33 | ||||||||||||||||||||||
BBB+ | 33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 6.06 | 60.61 | 6.06 | 3.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.15 | ||||||||||||||||||||||
BBB | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.79 | 0.00 | 42.11 | 10.53 | 5.26 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 26.32 | ||||||||||||||||||||||
BBB- | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | ||||||||||||||||||||||
BB+ | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.50 | 18.75 | 18.75 | 0.00 | 0.00 | 0.00 | 6.25 | 6.25 | 0.00 | 37.50 | ||||||||||||||||||||||
BB | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 9.09 | 18.18 | 27.27 | 0.00 | 0.00 | 18.18 | 0.00 | 18.18 | ||||||||||||||||||||||
BB- | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.14 | 7.14 | 21.43 | 0.00 | 0.00 | 7.14 | 0.00 | 57.14 | ||||||||||||||||||||||
B+ | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 60.00 | ||||||||||||||||||||||
B | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 0.00 | 0.00 | 0.00 | 80.00 | ||||||||||||||||||||||
B- | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.11 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | 22.22 | 11.11 | 22.22 | ||||||||||||||||||||||
CCC/C | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 25.00 | 10.00 | 60.00 | ||||||||||||||||||||||
10 years (2014 - 2023) | ||||||||||||||||||||||||||||||||||||||||||
AAA | 200 | 30.50 | 1.50 | 0.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 67.50 | ||||||||||||||||||||||
AA+ | 1,332 | 0.90 | 36.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.23 | 0.00 | 0.00 | 0.00 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | 62.09 | ||||||||||||||||||||||
AA | 352 | 0.00 | 16.48 | 11.08 | 7.67 | 0.28 | 2.27 | 1.14 | 0.00 | 0.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 60.23 | ||||||||||||||||||||||
AA- | 184 | 0.00 | 3.26 | 6.52 | 9.78 | 3.80 | 1.09 | 0.54 | 2.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 72.83 | ||||||||||||||||||||||
A+ | 129 | 0.00 | 0.78 | 2.33 | 10.08 | 10.85 | 2.33 | 0.00 | 0.78 | 2.33 | 0.78 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 69.77 | ||||||||||||||||||||||
A | 83 | 0.00 | 0.00 | 1.20 | 6.02 | 10.84 | 4.82 | 0.00 | 6.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.20 | 69.88 | ||||||||||||||||||||||
A- | 84 | 0.00 | 0.00 | 0.00 | 1.19 | 1.19 | 3.57 | 0.00 | 1.19 | 2.38 | 1.19 | 1.19 | 0.00 | 1.19 | 2.38 | 0.00 | 1.19 | 0.00 | 0.00 | 83.33 | ||||||||||||||||||||||
BBB+ | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 85.71 | ||||||||||||||||||||||
BBB | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 5.56 | 5.56 | 16.67 | 11.11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 61.11 | ||||||||||||||||||||||
BBB- | 15 | 0.00 | 0.00 | 6.67 | 0.00 | 0.00 | 0.00 | 20.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 73.33 | ||||||||||||||||||||||
BB+ | 13 | 0.00 | 0.00 | 0.00 | 0.00 | 7.69 | 0.00 | 7.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 84.62 | ||||||||||||||||||||||
BB | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 12.50 | 0.00 | 0.00 | 0.00 | 0.00 | 6.25 | 0.00 | 0.00 | 0.00 | 6.25 | 0.00 | 0.00 | 6.25 | 0.00 | 68.75 | ||||||||||||||||||||||
BB- | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | ||||||||||||||||||||||
B+ | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | ||||||||||||||||||||||
B | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 91.67 | ||||||||||||||||||||||
B- | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 0.00 | 80.00 | ||||||||||||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.18 | 81.82 | ||||||||||||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
Table 43
USPF static pool one-year transition matrices by category* | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
From/to | Number of issuers | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | ||||||||||||
Static pool: 1/1/1986 | ||||||||||||||||||||||
AAA | 52 | 90.38 | 7.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.92 | ||||||||||||
AA | 958 | 0.21 | 93.11 | 0.94 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 5.64 | ||||||||||||
A | 2,953 | 0.00 | 1.56 | 90.01 | 1.02 | 0.07 | 0.00 | 0.03 | 0.00 | 7.31 | ||||||||||||
BBB | 993 | 0.00 | 0.20 | 1.21 | 89.93 | 0.70 | 0.20 | 0.20 | 0.00 | 7.55 | ||||||||||||
BB | 55 | 0.00 | 0.00 | 0.00 | 9.09 | 80.00 | 5.45 | 0.00 | 0.00 | 5.45 | ||||||||||||
B | 16 | 0.00 | 0.00 | 0.00 | 6.25 | 0.00 | 87.50 | 0.00 | 0.00 | 6.25 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1987 | ||||||||||||||||||||||
AAA | 51 | 92.16 | 7.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,027 | 0.29 | 91.72 | 1.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.82 | ||||||||||||
A | 2,980 | 0.00 | 0.94 | 88.76 | 1.34 | 0.07 | 0.00 | 0.00 | 0.00 | 8.89 | ||||||||||||
BBB | 1,053 | 0.00 | 0.09 | 2.56 | 88.60 | 0.95 | 0.28 | 0.09 | 0.09 | 7.31 | ||||||||||||
BB | 54 | 0.00 | 0.00 | 0.00 | 9.26 | 74.07 | 0.00 | 1.85 | 0.00 | 14.81 | ||||||||||||
B | 20 | 0.00 | 0.00 | 0.00 | 20.00 | 0.00 | 70.00 | 5.00 | 0.00 | 5.00 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 28.57 | 0.00 | ||||||||||||
Static pool: 1/1/1988 | ||||||||||||||||||||||
AAA | 50 | 98.00 | 2.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,052 | 0.10 | 95.15 | 1.52 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.23 | ||||||||||||
A | 2,920 | 0.00 | 0.89 | 92.16 | 0.82 | 0.03 | 0.00 | 0.00 | 0.00 | 6.10 | ||||||||||||
BBB | 1,066 | 0.00 | 0.28 | 1.59 | 91.09 | 0.28 | 0.19 | 0.09 | 0.00 | 6.47 | ||||||||||||
BB | 55 | 0.00 | 0.00 | 0.00 | 9.09 | 80.00 | 1.82 | 1.82 | 0.00 | 7.27 | ||||||||||||
B | 17 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 82.35 | 5.88 | 0.00 | 5.88 | ||||||||||||
CCC/C | 8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 87.50 | 0.00 | 12.50 | ||||||||||||
Static pool: 1/1/1989 | ||||||||||||||||||||||
AAA | 52 | 98.08 | 1.92 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,128 | 0.09 | 95.39 | 0.27 | 0.71 | 0.00 | 0.00 | 0.00 | 0.00 | 3.55 | ||||||||||||
A | 2,935 | 0.00 | 1.23 | 94.11 | 0.44 | 0.00 | 0.00 | 0.07 | 0.00 | 4.16 | ||||||||||||
BBB | 1,114 | 0.00 | 0.00 | 1.80 | 93.72 | 0.54 | 0.00 | 0.00 | 0.00 | 3.95 | ||||||||||||
BB | 54 | 0.00 | 0.00 | 0.00 | 3.70 | 83.33 | 1.85 | 0.00 | 3.70 | 7.41 | ||||||||||||
B | 17 | 0.00 | 0.00 | 5.88 | 0.00 | 5.88 | 70.59 | 0.00 | 0.00 | 17.65 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 70.00 | 10.00 | 20.00 | ||||||||||||
Static pool: 1/1/1990 | ||||||||||||||||||||||
AAA | 58 | 98.28 | 1.72 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,216 | 0.16 | 95.31 | 2.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.14 | ||||||||||||
A | 3,069 | 0.00 | 0.59 | 93.09 | 2.64 | 0.10 | 0.03 | 0.00 | 0.00 | 3.55 | ||||||||||||
BBB | 1,183 | 0.00 | 0.17 | 0.85 | 92.05 | 0.93 | 0.17 | 0.51 | 0.00 | 5.33 | ||||||||||||
BB | 53 | 0.00 | 0.00 | 0.00 | 0.00 | 84.91 | 7.55 | 0.00 | 0.00 | 7.55 | ||||||||||||
B | 13 | 0.00 | 0.00 | 0.00 | 15.38 | 7.69 | 61.54 | 7.69 | 0.00 | 7.69 | ||||||||||||
CCC/C | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 11.11 | 0.00 | 44.44 | 33.33 | 11.11 | ||||||||||||
Static pool: 1/1/1991 | ||||||||||||||||||||||
AAA | 64 | 93.75 | 4.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.56 | ||||||||||||
AA | 1,328 | 0.00 | 90.96 | 6.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.86 | ||||||||||||
A | 3,174 | 0.00 | 0.63 | 93.38 | 1.35 | 0.09 | 0.00 | 0.00 | 0.00 | 4.54 | ||||||||||||
BBB | 1,302 | 0.00 | 0.00 | 1.15 | 93.32 | 0.23 | 0.08 | 0.23 | 0.00 | 4.99 | ||||||||||||
BB | 65 | 0.00 | 0.00 | 0.00 | 3.08 | 87.69 | 0.00 | 1.54 | 0.00 | 7.69 | ||||||||||||
B | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 86.67 | 6.67 | 0.00 | 6.67 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 90.91 | 9.09 | 0.00 | ||||||||||||
Static pool: 1/1/1992 | ||||||||||||||||||||||
AAA | 62 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,373 | 0.15 | 93.59 | 1.60 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.66 | ||||||||||||
A | 3,410 | 0.00 | 0.65 | 90.35 | 1.47 | 0.03 | 0.00 | 0.00 | 0.00 | 7.51 | ||||||||||||
BBB | 1,460 | 0.00 | 0.00 | 0.89 | 92.12 | 0.62 | 0.14 | 0.00 | 0.00 | 6.23 | ||||||||||||
BB | 66 | 0.00 | 0.00 | 0.00 | 13.64 | 65.15 | 6.06 | 3.03 | 0.00 | 12.12 | ||||||||||||
B | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 7.14 | 0.00 | 21.43 | ||||||||||||
CCC/C | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 40.00 | 13.33 | 33.33 | 6.67 | ||||||||||||
Static pool: 1/1/1993 | ||||||||||||||||||||||
AAA | 65 | 98.46 | 1.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,467 | 0.07 | 91.21 | 0.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.98 | ||||||||||||
A | 3,504 | 0.03 | 0.43 | 88.76 | 0.60 | 0.00 | 0.00 | 0.00 | 0.00 | 10.19 | ||||||||||||
BBB | 1,598 | 0.00 | 0.00 | 2.19 | 86.61 | 0.63 | 0.06 | 0.06 | 0.00 | 10.45 | ||||||||||||
BB | 56 | 0.00 | 0.00 | 0.00 | 3.57 | 78.57 | 5.36 | 0.00 | 0.00 | 12.50 | ||||||||||||
B | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 27.27 | 59.09 | 4.55 | 0.00 | 9.09 | ||||||||||||
CCC/C | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1994 | ||||||||||||||||||||||
AAA | 69 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,485 | 0.07 | 90.77 | 1.95 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.21 | ||||||||||||
A | 3,499 | 0.00 | 0.94 | 87.20 | 0.97 | 0.00 | 0.00 | 0.00 | 0.00 | 10.89 | ||||||||||||
BBB | 1,628 | 0.00 | 0.00 | 1.04 | 87.35 | 0.61 | 0.06 | 0.06 | 0.00 | 10.87 | ||||||||||||
BB | 62 | 0.00 | 0.00 | 0.00 | 1.61 | 79.03 | 3.23 | 0.00 | 0.00 | 16.13 | ||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 5.26 | 63.16 | 0.00 | 10.53 | 21.05 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | 71.43 | 14.29 | 0.00 | ||||||||||||
Static pool: 1/1/1995 | ||||||||||||||||||||||
AAA | 70 | 97.14 | 2.86 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,476 | 0.14 | 85.09 | 1.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.75 | ||||||||||||
A | 3,331 | 0.00 | 0.60 | 75.62 | 1.50 | 0.00 | 0.03 | 0.00 | 0.00 | 22.25 | ||||||||||||
BBB | 1,618 | 0.00 | 0.00 | 1.05 | 77.50 | 0.68 | 0.25 | 0.00 | 0.00 | 20.52 | ||||||||||||
BB | 62 | 0.00 | 0.00 | 0.00 | 17.74 | 56.45 | 0.00 | 0.00 | 0.00 | 25.81 | ||||||||||||
B | 16 | 0.00 | 0.00 | 0.00 | 6.25 | 12.50 | 62.50 | 0.00 | 6.25 | 12.50 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 0.00 | 33.33 | ||||||||||||
Static pool: 1/1/1996 | ||||||||||||||||||||||
AAA | 75 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,366 | 0.73 | 89.90 | 1.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.35 | ||||||||||||
A | 2,724 | 0.00 | 1.84 | 85.21 | 0.77 | 0.07 | 0.04 | 0.00 | 0.00 | 12.08 | ||||||||||||
BBB | 1,438 | 0.00 | 0.07 | 2.09 | 85.54 | 0.49 | 0.00 | 0.07 | 0.00 | 11.75 | ||||||||||||
BB | 48 | 0.00 | 0.00 | 0.00 | 14.58 | 64.58 | 2.08 | 2.08 | 0.00 | 16.67 | ||||||||||||
B | 15 | 0.00 | 0.00 | 0.00 | 0.00 | 6.67 | 60.00 | 13.33 | 0.00 | 20.00 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 0.00 | 25.00 | ||||||||||||
Static pool: 1/1/1997 | ||||||||||||||||||||||
AAA | 88 | 97.73 | 2.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,379 | 0.94 | 93.40 | 0.58 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.08 | ||||||||||||
A | 2,581 | 0.04 | 1.63 | 91.40 | 0.23 | 0.00 | 0.00 | 0.00 | 0.00 | 6.70 | ||||||||||||
BBB | 1,387 | 0.00 | 0.00 | 1.87 | 91.20 | 0.22 | 0.14 | 0.00 | 0.00 | 6.56 | ||||||||||||
BB | 43 | 0.00 | 0.00 | 0.00 | 6.98 | 76.74 | 0.00 | 0.00 | 0.00 | 16.28 | ||||||||||||
B | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 7.14 | 92.86 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 85.71 | 0.00 | 14.29 | ||||||||||||
Static pool: 1/1/1998 | ||||||||||||||||||||||
AAA | 105 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 1,472 | 1.09 | 91.71 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.93 | ||||||||||||
A | 2,812 | 0.00 | 2.28 | 87.55 | 0.39 | 0.00 | 0.11 | 0.00 | 0.00 | 9.67 | ||||||||||||
BBB | 1,487 | 0.00 | 0.00 | 1.34 | 87.56 | 0.54 | 0.00 | 0.07 | 0.00 | 10.49 | ||||||||||||
BB | 37 | 0.00 | 0.00 | 2.70 | 5.41 | 67.57 | 2.70 | 2.70 | 0.00 | 18.92 | ||||||||||||
B | 15 | 0.00 | 0.00 | 0.00 | 6.67 | 20.00 | 53.33 | 6.67 | 0.00 | 13.33 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1999 | ||||||||||||||||||||||
AAA | 127 | 97.64 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.36 | ||||||||||||
AA | 1,595 | 0.50 | 93.67 | 0.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.14 | ||||||||||||
A | 3,184 | 0.00 | 1.26 | 88.66 | 0.63 | 0.00 | 0.03 | 0.00 | 0.00 | 9.42 | ||||||||||||
BBB | 1,675 | 0.00 | 0.00 | 8.84 | 77.19 | 0.78 | 0.12 | 0.00 | 0.00 | 13.07 | ||||||||||||
BB | 42 | 0.00 | 0.00 | 0.00 | 7.14 | 73.81 | 9.52 | 0.00 | 0.00 | 9.52 | ||||||||||||
B | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.67 | 33.33 | 0.00 | 50.00 | ||||||||||||
CCC/C | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 11.11 | 22.22 | ||||||||||||
Static pool: 1/1/2000 | ||||||||||||||||||||||
AAA | 145 | 98.62 | 0.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.69 | ||||||||||||
AA | 1,701 | 1.00 | 96.00 | 0.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.53 | ||||||||||||
A | 3,548 | 0.03 | 6.45 | 90.28 | 0.34 | 0.00 | 0.00 | 0.00 | 0.00 | 2.90 | ||||||||||||
BBB | 1,569 | 0.00 | 0.25 | 3.12 | 90.69 | 0.45 | 0.19 | 0.06 | 0.00 | 5.23 | ||||||||||||
BB | 46 | 0.00 | 0.00 | 4.35 | 2.17 | 84.78 | 4.35 | 0.00 | 0.00 | 4.35 | ||||||||||||
B | 10 | 0.00 | 0.00 | 10.00 | 0.00 | 0.00 | 50.00 | 10.00 | 20.00 | 10.00 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 40.00 | 10.00 | 30.00 | ||||||||||||
Static pool: 1/1/2001 | ||||||||||||||||||||||
AAA | 169 | 98.82 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.18 | ||||||||||||
AA | 2,081 | 1.15 | 92.55 | 2.79 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.51 | ||||||||||||
A | 3,715 | 0.22 | 8.53 | 87.40 | 0.46 | 0.03 | 0.00 | 0.11 | 0.00 | 3.26 | ||||||||||||
BBB | 1,604 | 0.00 | 0.06 | 8.35 | 87.53 | 0.69 | 0.06 | 0.00 | 0.06 | 3.24 | ||||||||||||
BB | 49 | 0.00 | 0.00 | 0.00 | 4.08 | 85.71 | 2.04 | 2.04 | 0.00 | 6.12 | ||||||||||||
B | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 14.29 | 0.00 | 14.29 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 33.33 | 16.67 | ||||||||||||
Static pool: 1/1/2002 | ||||||||||||||||||||||
AAA | 218 | 99.08 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.92 | ||||||||||||
AA | 2,511 | 0.56 | 93.19 | 1.19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.06 | ||||||||||||
A | 3,997 | 0.00 | 2.20 | 92.49 | 1.03 | 0.00 | 0.00 | 0.00 | 0.00 | 4.28 | ||||||||||||
BBB | 1,613 | 0.00 | 0.00 | 3.10 | 91.01 | 0.93 | 0.19 | 0.00 | 0.00 | 4.77 | ||||||||||||
BB | 54 | 0.00 | 0.00 | 1.85 | 9.26 | 83.33 | 1.85 | 0.00 | 1.85 | 1.85 | ||||||||||||
B | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 83.33 | 0.00 | 0.00 | 16.67 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 50.00 | 0.00 | 10.00 | ||||||||||||
Static pool: 1/1/2003 | ||||||||||||||||||||||
AAA | 241 | 97.10 | 2.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.83 | ||||||||||||
AA | 2,726 | 0.33 | 93.76 | 1.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.73 | ||||||||||||
A | 4,377 | 0.00 | 1.94 | 90.68 | 2.51 | 0.14 | 0.00 | 0.00 | 0.02 | 4.71 | ||||||||||||
BBB | 1,721 | 0.00 | 0.06 | 3.43 | 89.37 | 1.22 | 0.17 | 0.06 | 0.00 | 5.69 | ||||||||||||
BB | 62 | 0.00 | 0.00 | 0.00 | 8.06 | 79.03 | 11.29 | 0.00 | 0.00 | 1.61 | ||||||||||||
B | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 11.11 | 88.89 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2004 | ||||||||||||||||||||||
AAA | 259 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
AA | 3,021 | 0.33 | 91.16 | 3.08 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 5.40 | ||||||||||||
A | 4,744 | 0.00 | 1.58 | 92.79 | 0.57 | 0.02 | 0.00 | 0.02 | 0.00 | 5.02 | ||||||||||||
BBB | 1,902 | 0.00 | 0.05 | 6.68 | 85.75 | 0.79 | 0.00 | 0.00 | 0.00 | 6.73 | ||||||||||||
BB | 81 | 0.00 | 0.00 | 1.23 | 12.35 | 75.31 | 2.47 | 0.00 | 0.00 | 8.64 | ||||||||||||
B | 27 | 0.00 | 0.00 | 0.00 | 3.70 | 3.70 | 66.67 | 0.00 | 0.00 | 25.93 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 16.67 | 33.33 | 50.00 | 0.00 | ||||||||||||
Static pool: 1/1/2005 | ||||||||||||||||||||||
AAA | 285 | 97.54 | 0.70 | 0.35 | 0.00 | 0.00 | 0.00 | 0.35 | 0.00 | 1.05 | ||||||||||||
AA | 3,110 | 0.42 | 95.18 | 0.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.57 | ||||||||||||
A | 5,246 | 0.00 | 3.66 | 92.17 | 0.69 | 0.04 | 0.13 | 0.00 | 0.00 | 3.32 | ||||||||||||
BBB | 1,839 | 0.00 | 0.00 | 3.92 | 89.34 | 0.82 | 0.49 | 0.05 | 0.00 | 5.38 | ||||||||||||
BB | 81 | 0.00 | 0.00 | 0.00 | 9.88 | 82.72 | 3.70 | 0.00 | 0.00 | 3.70 | ||||||||||||
B | 21 | 0.00 | 0.00 | 0.00 | 0.00 | 9.52 | 85.71 | 0.00 | 0.00 | 4.76 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 25.00 | 0.00 | ||||||||||||
Static pool: 1/1/2006 | ||||||||||||||||||||||
AAA | 301 | 96.01 | 0.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.65 | ||||||||||||
AA | 3,458 | 1.68 | 94.48 | 0.52 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 3.30 | ||||||||||||
A | 5,508 | 0.09 | 2.83 | 92.97 | 0.49 | 0.00 | 0.00 | 0.00 | 0.00 | 3.61 | ||||||||||||
BBB | 1,892 | 0.00 | 0.00 | 4.60 | 90.80 | 0.63 | 0.00 | 0.00 | 0.00 | 3.96 | ||||||||||||
BB | 95 | 0.00 | 0.00 | 0.00 | 7.37 | 82.11 | 3.16 | 1.05 | 0.00 | 6.32 | ||||||||||||
B | 37 | 0.00 | 0.00 | 0.00 | 0.00 | 18.92 | 70.27 | 2.70 | 0.00 | 8.11 | ||||||||||||
CCC/C | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 20.00 | 40.00 | ||||||||||||
Static pool: 1/1/2007 | ||||||||||||||||||||||
AAA | 367 | 97.82 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.91 | ||||||||||||
AA | 3,731 | 0.70 | 95.66 | 0.40 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.24 | ||||||||||||
A | 5,892 | 0.00 | 2.38 | 94.35 | 0.37 | 0.00 | 0.03 | 0.02 | 0.00 | 2.85 | ||||||||||||
BBB | 1,961 | 0.00 | 0.00 | 3.06 | 91.94 | 0.76 | 0.25 | 0.05 | 0.00 | 3.93 | ||||||||||||
BB | 103 | 0.00 | 0.00 | 0.00 | 8.74 | 80.58 | 1.94 | 0.00 | 0.00 | 8.74 | ||||||||||||
B | 30 | 0.00 | 0.00 | 0.00 | 3.33 | 20.00 | 63.33 | 6.67 | 0.00 | 6.67 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2008 | ||||||||||||||||||||||
AAA | 405 | 99.01 | 0.25 | 0.49 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.25 | ||||||||||||
AA | 3,981 | 2.84 | 93.19 | 0.28 | 0.00 | 0.00 | 0.05 | 0.00 | 0.03 | 3.62 | ||||||||||||
A | 6,206 | 0.03 | 8.56 | 88.61 | 0.40 | 0.00 | 0.05 | 0.02 | 0.02 | 2.32 | ||||||||||||
BBB | 2,057 | 0.00 | 0.29 | 13.81 | 82.16 | 0.58 | 0.05 | 0.00 | 0.05 | 3.06 | ||||||||||||
BB | 117 | 0.00 | 0.00 | 0.00 | 4.27 | 85.47 | 1.71 | 0.85 | 0.00 | 7.69 | ||||||||||||
B | 29 | 0.00 | 0.00 | 6.90 | 0.00 | 3.45 | 75.86 | 3.45 | 3.45 | 6.90 | ||||||||||||
CCC/C | 8 | 0.00 | 0.00 | 12.50 | 12.50 | 0.00 | 0.00 | 50.00 | 12.50 | 12.50 | ||||||||||||
Static pool: 1/1/2009 | ||||||||||||||||||||||
AAA | 552 | 96.20 | 0.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.44 | ||||||||||||
AA | 4,804 | 1.67 | 92.80 | 1.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.29 | ||||||||||||
A | 6,578 | 0.00 | 7.94 | 89.34 | 0.61 | 0.05 | 0.00 | 0.00 | 0.00 | 2.07 | ||||||||||||
BBB | 1,844 | 0.00 | 0.65 | 24.67 | 70.50 | 1.63 | 0.00 | 0.00 | 0.00 | 2.55 | ||||||||||||
BB | 116 | 0.00 | 0.00 | 0.00 | 6.03 | 79.31 | 2.59 | 0.00 | 0.00 | 12.07 | ||||||||||||
B | 30 | 0.00 | 3.33 | 0.00 | 6.67 | 6.67 | 56.67 | 13.33 | 0.00 | 13.33 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 0.00 | 28.57 | ||||||||||||
Static pool: 1/1/2010 | ||||||||||||||||||||||
AAA | 659 | 96.05 | 1.37 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.43 | ||||||||||||
AA | 6,002 | 0.85 | 90.70 | 1.07 | 0.02 | 0.00 | 0.02 | 0.00 | 0.00 | 7.35 | ||||||||||||
A | 7,671 | 0.00 | 5.81 | 87.17 | 1.13 | 0.09 | 0.00 | 0.01 | 0.00 | 5.77 | ||||||||||||
BBB | 1,453 | 0.00 | 0.34 | 18.51 | 73.71 | 0.96 | 0.28 | 0.28 | 0.00 | 5.92 | ||||||||||||
BB | 129 | 0.00 | 0.00 | 0.00 | 8.53 | 79.84 | 0.78 | 2.33 | 0.78 | 7.75 | ||||||||||||
B | 20 | 0.00 | 0.00 | 0.00 | 5.00 | 0.00 | 80.00 | 5.00 | 0.00 | 10.00 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 70.00 | 20.00 | 10.00 | ||||||||||||
Static pool: 1/1/2011 | ||||||||||||||||||||||
AAA | 716 | 94.27 | 2.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.79 | ||||||||||||
AA | 6,842 | 0.37 | 93.03 | 2.82 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 3.77 | ||||||||||||
A | 8,420 | 0.00 | 2.01 | 94.20 | 1.27 | 0.08 | 0.04 | 0.02 | 0.02 | 2.35 | ||||||||||||
BBB | 1,344 | 0.00 | 0.00 | 5.65 | 88.54 | 1.56 | 0.30 | 0.22 | 0.00 | 3.72 | ||||||||||||
BB | 132 | 0.00 | 0.00 | 0.00 | 6.82 | 78.03 | 3.79 | 2.27 | 0.00 | 9.09 | ||||||||||||
B | 26 | 0.00 | 0.00 | 0.00 | 0.00 | 3.85 | 65.38 | 15.38 | 0.00 | 15.38 | ||||||||||||
CCC/C | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.25 | 56.25 | 18.75 | 18.75 | ||||||||||||
Static pool: 1/1/2012 | ||||||||||||||||||||||
AAA | 709 | 96.90 | 1.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.69 | ||||||||||||
AA | 6,951 | 0.29 | 95.11 | 0.81 | 0.06 | 0.00 | 0.01 | 0.01 | 0.00 | 3.71 | ||||||||||||
A | 9,057 | 0.00 | 1.46 | 93.94 | 0.91 | 0.04 | 0.00 | 0.06 | 0.03 | 3.57 | ||||||||||||
BBB | 1,442 | 0.00 | 0.00 | 2.98 | 90.50 | 0.83 | 0.21 | 0.62 | 0.07 | 4.79 | ||||||||||||
BB | 145 | 0.00 | 0.00 | 0.00 | 2.76 | 75.17 | 11.03 | 2.76 | 0.00 | 8.28 | ||||||||||||
B | 30 | 0.00 | 0.00 | 0.00 | 6.67 | 0.00 | 76.67 | 13.33 | 0.00 | 3.33 | ||||||||||||
CCC/C | 22 | 0.00 | 0.00 | 13.64 | 0.00 | 4.55 | 9.09 | 36.36 | 31.82 | 4.55 | ||||||||||||
Static pool: 1/1/2013 | ||||||||||||||||||||||
AAA | 726 | 95.45 | 2.34 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.20 | ||||||||||||
AA | 7,265 | 0.74 | 95.03 | 0.76 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 3.45 | ||||||||||||
A | 9,611 | 0.01 | 4.30 | 91.28 | 0.66 | 0.16 | 0.00 | 0.00 | 0.00 | 3.60 | ||||||||||||
BBB | 1,532 | 0.00 | 0.46 | 10.12 | 81.79 | 3.00 | 0.20 | 0.13 | 0.07 | 4.24 | ||||||||||||
BB | 146 | 0.00 | 0.00 | 2.74 | 2.74 | 81.51 | 5.48 | 0.68 | 0.00 | 6.85 | ||||||||||||
B | 45 | 0.00 | 0.00 | 0.00 | 4.44 | 2.22 | 57.78 | 8.89 | 13.33 | 13.33 | ||||||||||||
CCC/C | 31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 41.94 | 25.81 | 32.26 | ||||||||||||
Static pool: 1/1/2014 | ||||||||||||||||||||||
AAA | 766 | 98.04 | 0.52 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.44 | ||||||||||||
AA | 7,808 | 1.24 | 94.68 | 1.04 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 3.01 | ||||||||||||
A | 9,798 | 0.02 | 6.50 | 89.24 | 1.05 | 0.03 | 0.01 | 0.00 | 0.00 | 3.14 | ||||||||||||
BBB | 1,446 | 0.00 | 0.14 | 7.75 | 81.81 | 4.56 | 0.48 | 0.28 | 0.00 | 4.98 | ||||||||||||
BB | 216 | 0.00 | 0.00 | 0.00 | 7.41 | 80.09 | 2.78 | 0.00 | 1.39 | 8.33 | ||||||||||||
B | 39 | 0.00 | 0.00 | 0.00 | 2.56 | 10.26 | 61.54 | 10.26 | 2.56 | 12.82 | ||||||||||||
CCC/C | 21 | 0.00 | 0.00 | 0.00 | 0.00 | 4.76 | 14.29 | 47.62 | 19.05 | 14.29 | ||||||||||||
Static pool: 1/1/2015 | ||||||||||||||||||||||
AAA | 881 | 97.39 | 0.57 | 0.11 | 0.11 | 0.00 | 0.00 | 0.00 | 0.00 | 1.82 | ||||||||||||
AA | 8,487 | 0.33 | 94.86 | 0.86 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 3.92 | ||||||||||||
A | 9,630 | 0.00 | 1.97 | 93.03 | 0.43 | 0.02 | 0.01 | 0.00 | 0.00 | 4.54 | ||||||||||||
BBB | 1,402 | 0.00 | 0.07 | 7.35 | 84.24 | 1.93 | 0.14 | 0.29 | 0.07 | 5.92 | ||||||||||||
BB | 270 | 0.00 | 0.00 | 0.74 | 7.41 | 68.15 | 1.85 | 10.37 | 1.48 | 10.00 | ||||||||||||
B | 42 | 0.00 | 0.00 | 0.00 | 0.00 | 9.52 | 66.67 | 14.29 | 2.38 | 7.14 | ||||||||||||
CCC/C | 18 | 0.00 | 0.00 | 5.56 | 5.56 | 0.00 | 5.56 | 66.67 | 16.67 | 0.00 | ||||||||||||
Static pool: 1/1/2016 | ||||||||||||||||||||||
AAA | 917 | 97.27 | 0.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.74 | ||||||||||||
AA | 8,759 | 0.45 | 94.30 | 1.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.84 | ||||||||||||
A | 9,941 | 0.00 | 1.74 | 91.83 | 1.91 | 0.05 | 0.00 | 0.00 | 0.00 | 4.47 | ||||||||||||
BBB | 1,367 | 0.00 | 0.15 | 6.14 | 83.54 | 3.88 | 0.51 | 0.00 | 0.00 | 5.78 | ||||||||||||
BB | 238 | 0.00 | 0.00 | 0.42 | 3.78 | 81.51 | 4.62 | 0.42 | 0.00 | 9.24 | ||||||||||||
B | 40 | 0.00 | 0.00 | 0.00 | 2.50 | 5.00 | 80.00 | 5.00 | 0.00 | 7.50 | ||||||||||||
CCC/C | 53 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.66 | 52.83 | 26.42 | 15.09 | ||||||||||||
Static pool: 1/1/2017 | ||||||||||||||||||||||
AAA | 949 | 98.00 | 0.84 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.16 | ||||||||||||
AA | 8,889 | 0.19 | 94.56 | 1.14 | 0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 4.08 | ||||||||||||
A | 9,983 | 0.00 | 2.08 | 91.89 | 0.70 | 0.01 | 0.01 | 0.00 | 0.00 | 5.31 | ||||||||||||
BBB | 1,472 | 0.00 | 0.07 | 3.67 | 87.09 | 2.04 | 0.14 | 0.27 | 0.00 | 6.73 | ||||||||||||
BB | 286 | 0.00 | 0.00 | 3.50 | 2.80 | 77.97 | 3.50 | 0.70 | 0.70 | 10.84 | ||||||||||||
B | 55 | 0.00 | 0.00 | 1.82 | 1.82 | 5.45 | 70.91 | 7.27 | 0.00 | 12.73 | ||||||||||||
CCC/C | 31 | 0.00 | 0.00 | 0.00 | 0.00 | 3.23 | 3.23 | 38.71 | 51.61 | 3.23 | ||||||||||||
Static pool: 1/1/2018 | ||||||||||||||||||||||
AAA | 969 | 95.46 | 2.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.37 | ||||||||||||
AA | 9,019 | 0.72 | 94.13 | 1.06 | 0.06 | 0.00 | 0.00 | 0.00 | 0.01 | 4.01 | ||||||||||||
A | 9,798 | 0.00 | 3.21 | 91.18 | 0.69 | 0.05 | 0.02 | 0.00 | 0.00 | 4.84 | ||||||||||||
BBB | 1,456 | 0.00 | 0.96 | 8.52 | 83.65 | 1.72 | 0.00 | 0.00 | 0.00 | 5.15 | ||||||||||||
BB | 279 | 0.00 | 0.00 | 0.00 | 7.17 | 83.15 | 2.87 | 0.00 | 0.00 | 6.81 | ||||||||||||
B | 53 | 0.00 | 0.00 | 0.00 | 0.00 | 3.77 | 79.25 | 3.77 | 0.00 | 13.21 | ||||||||||||
CCC/C | 24 | 0.00 | 0.00 | 0.00 | 0.00 | 4.17 | 4.17 | 50.00 | 0.00 | 41.67 | ||||||||||||
Static pool: 1/1/2019 | ||||||||||||||||||||||
AAA | 1,021 | 97.94 | 0.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.08 | ||||||||||||
AA | 9,232 | 0.57 | 95.08 | 0.73 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 3.59 | ||||||||||||
A | 9,581 | 0.00 | 2.07 | 93.15 | 0.71 | 0.08 | 0.01 | 0.00 | 0.00 | 3.98 | ||||||||||||
BBB | 1,389 | 0.00 | 0.14 | 4.75 | 88.62 | 1.15 | 0.14 | 0.00 | 0.00 | 5.18 | ||||||||||||
BB | 281 | 0.00 | 0.00 | 0.00 | 3.20 | 86.83 | 0.36 | 0.36 | 0.36 | 8.90 | ||||||||||||
B | 53 | 0.00 | 0.00 | 0.00 | 0.00 | 13.21 | 66.04 | 1.89 | 3.77 | 15.09 | ||||||||||||
CCC/C | 14 | 0.00 | 0.00 | 0.00 | 7.14 | 0.00 | 0.00 | 35.71 | 7.14 | 50.00 | ||||||||||||
Static pool: 1/1/2020 | ||||||||||||||||||||||
AAA | 1074 | 97.11 | 0.65 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.14 | ||||||||||||
AA | 9409 | 0.13 | 94.23 | 1.09 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 4.53 | ||||||||||||
A | 9538 | 0.00 | 0.37 | 93.26 | 1.10 | 0.00 | 0.00 | 0.00 | 0.00 | 5.27 | ||||||||||||
BBB | 1393 | 0.00 | 0.07 | 0.43 | 90.09 | 3.23 | 0.43 | 0.00 | 0.00 | 5.74 | ||||||||||||
BB | 294 | 0.00 | 0.00 | 0.00 | 0.68 | 88.78 | 2.38 | 0.68 | 0.00 | 7.48 | ||||||||||||
B | 41 | 0.00 | 0.00 | 0.00 | 0.00 | 7.32 | 80.49 | 2.44 | 0.00 | 9.76 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 14.29 | 14.29 | ||||||||||||
Static pool: 1/1/2021 | ||||||||||||||||||||||
AAA | 1075 | 97.12 | 0.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.23 | ||||||||||||
AA | 9308 | 0.18 | 93.75 | 0.67 | 0.04 | 0.01 | 0.00 | 0.00 | 0.00 | 5.35 | ||||||||||||
A | 9487 | 0.00 | 0.99 | 92.61 | 0.30 | 0.00 | 0.00 | 0.02 | 0.01 | 6.07 | ||||||||||||
BBB | 1448 | 0.00 | 0.21 | 3.87 | 88.74 | 1.52 | 0.00 | 0.00 | 0.00 | 5.66 | ||||||||||||
BB | 330 | 0.00 | 0.00 | 0.00 | 6.36 | 86.06 | 0.91 | 0.30 | 0.00 | 6.36 | ||||||||||||
B | 47 | 0.00 | 0.00 | 0.00 | 2.13 | 8.51 | 65.96 | 4.26 | 0.00 | 19.15 | ||||||||||||
CCC/C | 8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 25.00 | 0.00 | ||||||||||||
Static pool: 1/1/2022 | ||||||||||||||||||||||
AAA | 1097 | 97.54 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.19 | ||||||||||||
AA | 9295 | 0.16 | 94.57 | 0.34 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.93 | ||||||||||||
A | 9466 | 0.00 | 1.29 | 93.62 | 0.40 | 0.02 | 0.00 | 0.00 | 0.00 | 4.67 | ||||||||||||
BBB | 1422 | 0.00 | 0.00 | 5.70 | 86.57 | 1.13 | 0.14 | 0.07 | 0.00 | 6.40 | ||||||||||||
BB | 336 | 0.00 | 0.00 | 0.00 | 5.06 | 88.69 | 0.89 | 0.89 | 0.00 | 4.46 | ||||||||||||
B | 35 | 0.00 | 0.00 | 0.00 | 0.00 | 5.71 | 82.86 | 0.00 | 0.00 | 11.43 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 0.00 | 45.45 | 18.18 | 27.27 | ||||||||||||
Static pool: 1/1/2023 | ||||||||||||||||||||||
AAA | 1103 | 97.73 | 0.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.90 | ||||||||||||
AA | 9185 | 0.27 | 95.49 | 0.33 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 3.90 | ||||||||||||
A | 9333 | 0.00 | 1.46 | 94.34 | 0.33 | 0.00 | 0.00 | 0.00 | 0.00 | 3.87 | ||||||||||||
BBB | 1351 | 0.00 | 0.15 | 19.54 | 74.46 | 0.74 | 0.00 | 0.00 | 0.00 | 5.11 | ||||||||||||
BB | 338 | 0.00 | 0.00 | 0.00 | 6.51 | 86.98 | 2.07 | 0.59 | 0.00 | 3.85 | ||||||||||||
B | 34 | 0.00 | 0.00 | 0.00 | 0.00 | 5.88 | 70.59 | 2.94 | 5.88 | 14.71 | ||||||||||||
CCC/C | 9 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 55.56 | 22.22 | 22.22 | ||||||||||||
*Excludes housing. Source: S&P Global Ratings Credit Research & Insights. |
Table 44
USPF housing static pool one-year transition matrices by category | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
From/to | Number of issuers | AAA | AA | A | BBB | BB | B | CCC/C | D | NR | ||||||||||||
Static pool: 1/1/1986 | ||||||||||||||||||||||
AAA | 866 | 91.92 | 1.96 | 0.23 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 5.77 | ||||||||||||
AA | 1,016 | 0.10 | 95.57 | 1.67 | 0.30 | 0.10 | 0.00 | 0.10 | 0.00 | 2.17 | ||||||||||||
A | 639 | 0.00 | 0.16 | 95.31 | 2.50 | 0.16 | 0.47 | 0.16 | 0.00 | 1.25 | ||||||||||||
BBB | 71 | 0.00 | 0.00 | 0.00 | 97.18 | 0.00 | 2.82 | 0.00 | 0.00 | 0.00 | ||||||||||||
BB | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
B | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1987 | ||||||||||||||||||||||
AAA | 888 | 92.91 | 4.73 | 1.35 | 0.00 | 0.00 | 0.00 | 0.00 | 0.11 | 0.90 | ||||||||||||
AA | 1,057 | 0.19 | 95.08 | 3.41 | 0.09 | 0.09 | 0.00 | 0.00 | 0.00 | 1.14 | ||||||||||||
A | 659 | 0.30 | 0.00 | 94.69 | 0.30 | 1.67 | 0.00 | 0.00 | 0.00 | 3.03 | ||||||||||||
BBB | 92 | 0.00 | 1.09 | 9.78 | 84.78 | 0.00 | 0.00 | 1.09 | 0.00 | 3.26 | ||||||||||||
BB | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
B | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1988 | ||||||||||||||||||||||
AAA | 910 | 96.81 | 0.55 | 0.77 | 0.00 | 0.11 | 0.00 | 0.00 | 0.00 | 1.76 | ||||||||||||
AA | 1,090 | 0.18 | 93.03 | 1.10 | 2.39 | 0.00 | 0.09 | 0.00 | 0.09 | 3.12 | ||||||||||||
A | 720 | 0.14 | 0.14 | 80.42 | 14.86 | 0.14 | 0.14 | 0.00 | 0.00 | 4.17 | ||||||||||||
BBB | 82 | 0.00 | 0.00 | 0.00 | 85.37 | 3.66 | 0.00 | 0.00 | 0.00 | 10.98 | ||||||||||||
BB | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 89.47 | 0.00 | 10.53 | 0.00 | 0.00 | ||||||||||||
B | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | 0.00 | 66.67 | ||||||||||||
Static pool: 1/1/1989 | ||||||||||||||||||||||
AAA | 1,005 | 85.07 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.83 | ||||||||||||
AA | 1,105 | 0.36 | 83.80 | 1.09 | 0.18 | 0.09 | 0.00 | 0.00 | 0.00 | 14.48 | ||||||||||||
A | 639 | 0.00 | 0.94 | 81.69 | 1.25 | 0.63 | 0.00 | 0.00 | 0.00 | 15.49 | ||||||||||||
BBB | 207 | 0.00 | 0.00 | 1.93 | 74.40 | 9.18 | 0.97 | 0.48 | 0.00 | 13.04 | ||||||||||||
BB | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 95.45 | 4.55 | 0.00 | 0.00 | 0.00 | ||||||||||||
B | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 14.29 | 28.57 | 0.00 | 0.00 | 57.14 | ||||||||||||
CCC/C | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1990 | ||||||||||||||||||||||
AAA | 967 | 89.35 | 1.55 | 0.83 | 0.00 | 1.45 | 0.00 | 0.00 | 0.00 | 6.83 | ||||||||||||
AA | 1,006 | 0.30 | 79.62 | 4.27 | 0.20 | 0.10 | 0.00 | 0.00 | 0.00 | 15.51 | ||||||||||||
A | 571 | 0.35 | 1.93 | 85.99 | 2.98 | 0.53 | 0.00 | 0.00 | 0.00 | 8.23 | ||||||||||||
BBB | 166 | 0.00 | 0.00 | 3.01 | 84.34 | 3.01 | 0.00 | 0.00 | 0.00 | 9.64 | ||||||||||||
BB | 46 | 0.00 | 0.00 | 0.00 | 0.00 | 91.30 | 2.17 | 4.35 | 0.00 | 2.17 | ||||||||||||
B | 5 | 0.00 | 20.00 | 0.00 | 0.00 | 0.00 | 80.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/1991 | ||||||||||||||||||||||
AAA | 1,046 | 92.45 | 1.15 | 0.19 | 0.29 | 0.00 | 0.00 | 0.00 | 0.00 | 5.93 | ||||||||||||
AA | 934 | 0.32 | 61.99 | 14.45 | 0.43 | 0.00 | 0.00 | 0.00 | 0.00 | 22.81 | ||||||||||||
A | 625 | 0.00 | 0.48 | 75.52 | 1.76 | 0.00 | 0.00 | 0.00 | 0.00 | 22.24 | ||||||||||||
BBB | 165 | 0.00 | 0.00 | 1.21 | 76.36 | 10.30 | 1.82 | 0.00 | 0.00 | 10.30 | ||||||||||||
BB | 69 | 0.00 | 0.00 | 2.90 | 10.14 | 42.03 | 18.84 | 1.45 | 24.64 | 0.00 | ||||||||||||
B | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 60.00 | 0.00 | 0.00 | 40.00 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 16.67 | 16.67 | ||||||||||||
Static pool: 1/1/1992 | ||||||||||||||||||||||
AAA | 1,122 | 93.67 | 0.53 | 0.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.53 | ||||||||||||
AA | 690 | 0.14 | 81.01 | 4.06 | 0.00 | 0.00 | 0.00 | 0.14 | 0.00 | 14.64 | ||||||||||||
A | 746 | 0.27 | 4.29 | 84.18 | 1.34 | 0.00 | 0.00 | 0.27 | 0.00 | 9.65 | ||||||||||||
BBB | 156 | 0.00 | 0.00 | 5.13 | 76.28 | 3.85 | 0.00 | 0.00 | 0.00 | 14.74 | ||||||||||||
BB | 47 | 0.00 | 0.00 | 4.26 | 19.15 | 40.43 | 2.13 | 8.51 | 0.00 | 25.53 | ||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 15.79 | 47.37 | 31.58 | 5.26 | 0.00 | ||||||||||||
CCC/C | 5 | 0.00 | 0.00 | 0.00 | 20.00 | 0.00 | 0.00 | 60.00 | 0.00 | 20.00 | ||||||||||||
Static pool: 1/1/1993 | ||||||||||||||||||||||
AAA | 1,184 | 78.72 | 0.76 | 1.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.26 | ||||||||||||
AA | 661 | 0.45 | 82.45 | 5.30 | 0.61 | 0.00 | 0.00 | 0.00 | 0.00 | 11.20 | ||||||||||||
A | 728 | 0.41 | 1.79 | 85.71 | 0.96 | 0.00 | 0.00 | 0.00 | 0.00 | 11.13 | ||||||||||||
BBB | 148 | 0.00 | 2.03 | 9.46 | 73.65 | 1.35 | 0.00 | 0.00 | 0.00 | 13.51 | ||||||||||||
BB | 28 | 0.00 | 0.00 | 3.57 | 28.57 | 50.00 | 3.57 | 3.57 | 0.00 | 10.71 | ||||||||||||
B | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 40.00 | 10.00 | 0.00 | 30.00 | ||||||||||||
CCC/C | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 12.50 | 0.00 | 68.75 | 12.50 | 6.25 | ||||||||||||
Static pool: 1/1/1994 | ||||||||||||||||||||||
AAA | 1,079 | 93.33 | 0.09 | 0.74 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.84 | ||||||||||||
AA | 620 | 0.48 | 86.61 | 2.74 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 10.00 | ||||||||||||
A | 737 | 0.27 | 6.65 | 75.85 | 1.09 | 0.00 | 0.00 | 0.00 | 0.00 | 16.15 | ||||||||||||
BBB | 134 | 0.75 | 0.00 | 5.97 | 72.39 | 0.00 | 0.00 | 0.00 | 0.00 | 20.90 | ||||||||||||
BB | 20 | 0.00 | 0.00 | 0.00 | 10.00 | 75.00 | 0.00 | 5.00 | 0.00 | 10.00 | ||||||||||||
B | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 33.33 | 0.00 | 0.00 | ||||||||||||
CCC/C | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 57.14 | 7.14 | 35.71 | ||||||||||||
Static pool: 1/1/1995 | ||||||||||||||||||||||
AAA | 1,220 | 79.51 | 0.41 | 0.41 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 19.67 | ||||||||||||
AA | 627 | 0.80 | 72.73 | 1.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.20 | ||||||||||||
A | 656 | 0.61 | 6.86 | 66.46 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 25.91 | ||||||||||||
BBB | 115 | 0.00 | 0.00 | 7.83 | 59.13 | 1.74 | 0.87 | 1.74 | 0.00 | 28.70 | ||||||||||||
BB | 15 | 0.00 | 0.00 | 0.00 | 20.00 | 33.33 | 0.00 | 0.00 | 0.00 | 46.67 | ||||||||||||
B | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 0.00 | 0.00 | 25.00 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 9.09 | 9.09 | 0.00 | 0.00 | 45.45 | 9.09 | 27.27 | ||||||||||||
Static pool: 1/1/1996 | ||||||||||||||||||||||
AAA | 1,254 | 90.75 | 0.00 | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.01 | ||||||||||||
AA | 556 | 0.90 | 86.51 | 0.36 | 0.18 | 0.00 | 0.00 | 0.00 | 0.00 | 12.05 | ||||||||||||
A | 504 | 0.60 | 1.98 | 78.57 | 0.20 | 0.40 | 0.00 | 0.00 | 0.00 | 18.25 | ||||||||||||
BBB | 85 | 0.00 | 0.00 | 12.94 | 64.71 | 0.00 | 0.00 | 0.00 | 0.00 | 22.35 | ||||||||||||
BB | 7 | 0.00 | 0.00 | 0.00 | 14.29 | 42.86 | 0.00 | 14.29 | 0.00 | 28.57 | ||||||||||||
B | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 25.00 | 0.00 | 0.00 | 50.00 | ||||||||||||
CCC/C | 7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 71.43 | 14.29 | 14.29 | ||||||||||||
Static pool: 1/1/1997 | ||||||||||||||||||||||
AAA | 1,460 | 96.10 | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.84 | ||||||||||||
AA | 545 | 7.71 | 73.94 | 0.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 17.80 | ||||||||||||
A | 466 | 0.86 | 3.22 | 77.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 18.88 | ||||||||||||
BBB | 70 | 0.00 | 1.43 | 2.86 | 82.86 | 0.00 | 0.00 | 0.00 | 0.00 | 12.86 | ||||||||||||
BB | 8 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 12.50 | 25.00 | 0.00 | 12.50 | ||||||||||||
B | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 0.00 | 33.33 | ||||||||||||
Static pool: 1/1/1998 | ||||||||||||||||||||||
AAA | 1,740 | 91.03 | 1.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.93 | ||||||||||||
AA | 476 | 1.05 | 90.97 | 0.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.56 | ||||||||||||
A | 398 | 0.25 | 4.02 | 74.37 | 2.01 | 0.00 | 0.00 | 0.00 | 0.00 | 19.35 | ||||||||||||
BBB | 62 | 0.00 | 0.00 | 0.00 | 74.19 | 1.61 | 0.00 | 0.00 | 0.00 | 24.19 | ||||||||||||
BB | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
B | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 50.00 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 33.33 | 16.67 | ||||||||||||
Static pool: 1/1/1999 | ||||||||||||||||||||||
AAA | 1,847 | 93.45 | 0.38 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 6.12 | ||||||||||||
AA | 539 | 1.67 | 89.80 | 0.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.98 | ||||||||||||
A | 341 | 0.29 | 4.40 | 81.52 | 2.35 | 0.00 | 0.29 | 0.00 | 0.00 | 11.14 | ||||||||||||
BBB | 60 | 1.67 | 1.67 | 0.00 | 83.33 | 8.33 | 0.00 | 0.00 | 0.00 | 5.00 | ||||||||||||
BB | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 80.00 | 0.00 | 0.00 | 0.00 | 20.00 | ||||||||||||
B | 1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 25.00 | 25.00 | 50.00 | ||||||||||||
Static pool: 1/1/2000 | ||||||||||||||||||||||
AAA | 2,022 | 96.88 | 0.20 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.82 | ||||||||||||
AA | 575 | 0.87 | 94.61 | 1.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.48 | ||||||||||||
A | 339 | 0.59 | 1.77 | 90.56 | 0.88 | 0.59 | 0.88 | 0.00 | 0.00 | 4.72 | ||||||||||||
BBB | 63 | 0.00 | 0.00 | 1.59 | 80.95 | 7.94 | 3.17 | 3.17 | 0.00 | 3.17 | ||||||||||||
BB | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 80.00 | 0.00 | 20.00 | 0.00 | 0.00 | ||||||||||||
B | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 50.00 | ||||||||||||
CCC/C | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2001 | ||||||||||||||||||||||
AAA | 2,241 | 96.97 | 0.18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.86 | ||||||||||||
AA | 617 | 2.59 | 92.54 | 0.81 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.05 | ||||||||||||
A | 357 | 2.52 | 6.16 | 82.91 | 1.40 | 0.28 | 0.00 | 0.00 | 0.00 | 6.72 | ||||||||||||
BBB | 57 | 0.00 | 0.00 | 5.26 | 84.21 | 3.51 | 0.00 | 0.00 | 0.00 | 7.02 | ||||||||||||
BB | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 37.50 | 0.00 | 0.00 | 12.50 | ||||||||||||
B | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | 16.67 | 0.00 | 50.00 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 16.67 | 33.33 | ||||||||||||
Static pool: 1/1/2002 | ||||||||||||||||||||||
AAA | 2,473 | 96.00 | 0.04 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.92 | ||||||||||||
AA | 668 | 0.90 | 89.52 | 1.20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.38 | ||||||||||||
A | 343 | 0.58 | 0.58 | 90.38 | 1.46 | 1.17 | 0.58 | 0.29 | 0.29 | 4.66 | ||||||||||||
BBB | 55 | 0.00 | 0.00 | 0.00 | 78.18 | 9.09 | 0.00 | 3.64 | 1.82 | 7.27 | ||||||||||||
BB | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 16.67 | 8.33 | 8.33 | 0.00 | ||||||||||||
B | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 58.33 | 25.00 | 16.67 | 0.00 | ||||||||||||
CCC/C | 4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 25.00 | 0.00 | ||||||||||||
Static pool: 1/1/2003 | ||||||||||||||||||||||
AAA | 2,625 | 91.81 | 0.30 | 0.00 | 0.00 | 0.08 | 0.00 | 0.00 | 0.04 | 7.77 | ||||||||||||
AA | 678 | 0.59 | 91.74 | 1.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.64 | ||||||||||||
A | 388 | 1.03 | 2.32 | 80.67 | 2.84 | 3.35 | 0.00 | 0.00 | 0.00 | 9.79 | ||||||||||||
BBB | 59 | 0.00 | 0.00 | 1.69 | 64.41 | 15.25 | 0.00 | 1.69 | 0.00 | 16.95 | ||||||||||||
BB | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 47.37 | 21.05 | 5.26 | 0.00 | 26.32 | ||||||||||||
B | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 58.33 | 16.67 | 0.00 | 25.00 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 45.45 | 36.36 | 18.18 | ||||||||||||
Static pool: 1/1/2004 | ||||||||||||||||||||||
AAA | 2,621 | 91.26 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.58 | ||||||||||||
AA | 716 | 2.37 | 87.85 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.78 | ||||||||||||
A | 371 | 6.74 | 0.27 | 76.01 | 1.89 | 1.08 | 0.27 | 0.27 | 0.00 | 13.48 | ||||||||||||
BBB | 58 | 0.00 | 0.00 | 0.00 | 75.86 | 8.62 | 3.45 | 3.45 | 1.72 | 6.90 | ||||||||||||
BB | 33 | 3.03 | 0.00 | 0.00 | 0.00 | 54.55 | 12.12 | 6.06 | 3.03 | 21.21 | ||||||||||||
B | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 81.82 | 9.09 | 0.00 | 9.09 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 20.00 | 40.00 | ||||||||||||
Static pool: 1/1/2005 | ||||||||||||||||||||||
AAA | 2,569 | 84.27 | 3.85 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 | 11.83 | ||||||||||||
AA | 705 | 0.85 | 85.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.90 | ||||||||||||
A | 326 | 8.59 | 3.99 | 72.70 | 1.84 | 0.92 | 0.31 | 0.00 | 0.00 | 11.66 | ||||||||||||
BBB | 54 | 0.00 | 0.00 | 1.85 | 64.81 | 11.11 | 1.85 | 1.85 | 0.00 | 18.52 | ||||||||||||
BB | 28 | 0.00 | 0.00 | 0.00 | 0.00 | 64.29 | 17.86 | 7.14 | 0.00 | 10.71 | ||||||||||||
B | 16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 68.75 | 18.75 | 6.25 | 6.25 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 40.00 | 50.00 | 10.00 | ||||||||||||
Static pool: 1/1/2006 | ||||||||||||||||||||||
AAA | 2,338 | 90.42 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.58 | ||||||||||||
AA | 830 | 4.22 | 85.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.12 | 10.12 | ||||||||||||
A | 278 | 7.91 | 5.76 | 74.46 | 1.08 | 0.36 | 0.00 | 0.00 | 0.00 | 10.43 | ||||||||||||
BBB | 50 | 0.00 | 2.00 | 12.00 | 68.00 | 12.00 | 0.00 | 0.00 | 0.00 | 6.00 | ||||||||||||
BB | 29 | 0.00 | 0.00 | 0.00 | 3.45 | 51.72 | 27.59 | 3.45 | 0.00 | 13.79 | ||||||||||||
B | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 77.78 | 16.67 | 0.00 | 5.56 | ||||||||||||
CCC/C | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 70.00 | 20.00 | 10.00 | ||||||||||||
Static pool: 1/1/2007 | ||||||||||||||||||||||
AAA | 2,289 | 92.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.95 | ||||||||||||
AA | 822 | 1.70 | 89.90 | 0.00 | 0.00 | 0.12 | 0.00 | 0.24 | 0.00 | 8.03 | ||||||||||||
A | 236 | 2.12 | 0.42 | 85.59 | 0.00 | 0.42 | 0.42 | 0.85 | 0.42 | 9.75 | ||||||||||||
BBB | 41 | 0.00 | 0.00 | 9.76 | 73.17 | 0.00 | 0.00 | 2.44 | 0.00 | 14.63 | ||||||||||||
BB | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 77.27 | 4.55 | 0.00 | 0.00 | 18.18 | ||||||||||||
B | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 77.27 | 0.00 | 9.09 | 13.64 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 63.64 | 0.00 | 36.36 | ||||||||||||
Static pool: 1/1/2008 | ||||||||||||||||||||||
AAA | 2,245 | 92.65 | 1.65 | 0.04 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 5.61 | ||||||||||||
AA | 831 | 3.73 | 88.21 | 3.49 | 0.60 | 0.00 | 0.00 | 0.00 | 0.00 | 3.97 | ||||||||||||
A | 227 | 1.32 | 1.32 | 91.19 | 0.44 | 2.20 | 0.00 | 0.00 | 0.00 | 3.52 | ||||||||||||
BBB | 34 | 0.00 | 0.00 | 5.88 | 85.29 | 0.00 | 2.94 | 2.94 | 0.00 | 2.94 | ||||||||||||
BB | 19 | 0.00 | 0.00 | 5.26 | 5.26 | 68.42 | 5.26 | 5.26 | 0.00 | 10.53 | ||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 94.74 | 5.26 | 0.00 | 0.00 | ||||||||||||
CCC/C | 12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 8.33 | 25.00 | ||||||||||||
Static pool: 1/1/2009 | ||||||||||||||||||||||
AAA | 2,225 | 87.82 | 5.44 | 0.09 | 0.09 | 0.27 | 0.00 | 0.22 | 0.00 | 6.07 | ||||||||||||
AA | 877 | 1.25 | 82.55 | 1.82 | 0.34 | 0.80 | 0.00 | 0.34 | 0.00 | 12.88 | ||||||||||||
A | 257 | 4.28 | 0.00 | 79.38 | 6.61 | 1.17 | 0.00 | 0.00 | 0.00 | 8.56 | ||||||||||||
BBB | 37 | 0.00 | 0.00 | 8.11 | 64.86 | 8.11 | 5.41 | 2.70 | 0.00 | 10.81 | ||||||||||||
BB | 18 | 0.00 | 5.56 | 0.00 | 5.56 | 38.89 | 11.11 | 0.00 | 0.00 | 38.89 | ||||||||||||
B | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 65.00 | 0.00 | 0.00 | 35.00 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 0.00 | 18.18 | 27.27 | 45.45 | ||||||||||||
Static pool: 1/1/2010 | ||||||||||||||||||||||
AAA | 2,054 | 71.57 | 3.46 | 1.27 | 0.19 | 1.46 | 0.39 | 0.15 | 0.00 | 21.52 | ||||||||||||
AA | 899 | 0.22 | 82.87 | 4.56 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.35 | ||||||||||||
A | 245 | 2.45 | 0.41 | 82.86 | 1.22 | 1.63 | 0.00 | 0.41 | 0.00 | 11.02 | ||||||||||||
BBB | 49 | 0.00 | 0.00 | 12.24 | 46.94 | 34.69 | 0.00 | 0.00 | 0.00 | 6.12 | ||||||||||||
BB | 26 | 0.00 | 0.00 | 0.00 | 3.85 | 57.69 | 11.54 | 0.00 | 0.00 | 26.92 | ||||||||||||
B | 17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 76.47 | 5.88 | 0.00 | 17.65 | ||||||||||||
CCC/C | 11 | 9.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 27.27 | 0.00 | 63.64 | ||||||||||||
Static pool: 1/1/2011 | ||||||||||||||||||||||
AAA | 1,579 | 12.92 | 78.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.06 | ||||||||||||
AA | 866 | 0.58 | 85.80 | 1.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12.36 | ||||||||||||
A | 316 | 0.00 | 4.75 | 81.96 | 7.91 | 0.00 | 0.00 | 0.00 | 0.00 | 5.38 | ||||||||||||
BBB | 37 | 0.00 | 2.70 | 0.00 | 89.19 | 2.70 | 2.70 | 0.00 | 0.00 | 2.70 | ||||||||||||
BB | 68 | 0.00 | 8.82 | 0.00 | 1.47 | 57.35 | 23.53 | 0.00 | 0.00 | 8.82 | ||||||||||||
B | 25 | 0.00 | 12.00 | 0.00 | 0.00 | 0.00 | 84.00 | 0.00 | 0.00 | 4.00 | ||||||||||||
CCC/C | 8 | 0.00 | 12.50 | 0.00 | 0.00 | 0.00 | 0.00 | 37.50 | 12.50 | 37.50 | ||||||||||||
Static pool: 1/1/2012 | ||||||||||||||||||||||
AAA | 222 | 79.28 | 6.31 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 14.41 | ||||||||||||
AA | 2,118 | 0.00 | 88.29 | 0.66 | 0.00 | 0.14 | 0.09 | 0.05 | 0.00 | 10.76 | ||||||||||||
A | 295 | 0.00 | 2.37 | 81.69 | 0.34 | 0.68 | 0.00 | 0.00 | 0.00 | 14.92 | ||||||||||||
BBB | 66 | 0.00 | 1.52 | 3.03 | 86.36 | 1.52 | 1.52 | 0.00 | 0.00 | 6.06 | ||||||||||||
BB | 41 | 0.00 | 0.00 | 2.44 | 2.44 | 80.49 | 0.00 | 2.44 | 0.00 | 12.20 | ||||||||||||
B | 38 | 0.00 | 2.63 | 0.00 | 0.00 | 0.00 | 63.16 | 7.89 | 0.00 | 26.32 | ||||||||||||
CCC/C | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.67 | 0.00 | 33.33 | ||||||||||||
Static pool: 1/1/2013 | ||||||||||||||||||||||
AAA | 188 | 93.09 | 1.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5.85 | ||||||||||||
AA | 1,995 | 0.00 | 89.32 | 0.95 | 0.00 | 0.10 | 0.00 | 0.05 | 0.00 | 9.57 | ||||||||||||
A | 303 | 0.00 | 7.92 | 75.91 | 0.99 | 0.66 | 0.00 | 0.00 | 0.00 | 14.52 | ||||||||||||
BBB | 65 | 0.00 | 0.00 | 38.46 | 49.23 | 3.08 | 0.00 | 0.00 | 0.00 | 9.23 | ||||||||||||
BB | 39 | 0.00 | 2.56 | 0.00 | 2.56 | 69.23 | 0.00 | 5.13 | 0.00 | 20.51 | ||||||||||||
B | 27 | 0.00 | 3.70 | 3.70 | 0.00 | 7.41 | 70.37 | 7.41 | 3.70 | 3.70 | ||||||||||||
CCC/C | 7 | 0.00 | 14.29 | 0.00 | 0.00 | 0.00 | 0.00 | 85.71 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2014 | ||||||||||||||||||||||
AAA | 200 | 88.00 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.50 | ||||||||||||
AA | 1,868 | 0.00 | 92.99 | 0.48 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.53 | ||||||||||||
A | 296 | 0.00 | 5.41 | 82.43 | 3.38 | 0.00 | 0.00 | 0.00 | 0.00 | 8.78 | ||||||||||||
BBB | 40 | 0.00 | 0.00 | 35.00 | 52.50 | 5.00 | 0.00 | 0.00 | 0.00 | 7.50 | ||||||||||||
BB | 35 | 0.00 | 0.00 | 0.00 | 11.43 | 62.86 | 14.29 | 0.00 | 0.00 | 11.43 | ||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 5.26 | 73.68 | 5.26 | 0.00 | 15.79 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 0.00 | 45.45 | 0.00 | 45.45 | ||||||||||||
Static pool: 1/1/2015 | ||||||||||||||||||||||
AAA | 194 | 88.66 | 0.52 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.82 | ||||||||||||
AA | 1,800 | 0.00 | 92.33 | 0.11 | 0.00 | 0.06 | 0.00 | 0.00 | 0.06 | 7.44 | ||||||||||||
A | 282 | 0.00 | 9.93 | 74.47 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.60 | ||||||||||||
BBB | 42 | 0.00 | 0.00 | 7.14 | 90.48 | 0.00 | 0.00 | 0.00 | 0.00 | 2.38 | ||||||||||||
BB | 27 | 0.00 | 0.00 | 0.00 | 3.70 | 66.67 | 3.70 | 0.00 | 0.00 | 25.93 | ||||||||||||
B | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 5.00 | 85.00 | 0.00 | 0.00 | 10.00 | ||||||||||||
CCC/C | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 33.33 | 16.67 | ||||||||||||
Static pool: 1/1/2016 | ||||||||||||||||||||||
AAA | 196 | 84.69 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 15.31 | ||||||||||||
AA | 1,782 | 0.51 | 88.61 | 0.22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 10.66 | ||||||||||||
A | 260 | 0.00 | 8.46 | 65.38 | 11.15 | 0.77 | 0.00 | 0.00 | 0.38 | 13.85 | ||||||||||||
BBB | 46 | 0.00 | 0.00 | 2.17 | 78.26 | 10.87 | 2.17 | 0.00 | 0.00 | 6.52 | ||||||||||||
BB | 21 | 0.00 | 0.00 | 4.76 | 23.81 | 47.62 | 9.52 | 0.00 | 0.00 | 14.29 | ||||||||||||
B | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 61.11 | 5.56 | 0.00 | 33.33 | ||||||||||||
CCC/C | 3 | 0.00 | 0.00 | 0.00 | 0.00 | 33.33 | 0.00 | 33.33 | 0.00 | 33.33 | ||||||||||||
Static pool: 1/1/2017 | ||||||||||||||||||||||
AAA | 211 | 96.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.79 | ||||||||||||
AA | 1,708 | 0.00 | 90.81 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.07 | ||||||||||||
A | 198 | 0.00 | 1.52 | 86.36 | 3.03 | 3.54 | 0.00 | 0.00 | 0.51 | 5.05 | ||||||||||||
BBB | 79 | 0.00 | 0.00 | 7.59 | 65.82 | 12.66 | 0.00 | 0.00 | 1.27 | 12.66 | ||||||||||||
BB | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 72.22 | 16.67 | 0.00 | 0.00 | 11.11 | ||||||||||||
B | 14 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 85.71 | 0.00 | 0.00 | 14.29 | ||||||||||||
CCC/C | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2018 | ||||||||||||||||||||||
AAA | 232 | 93.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.90 | ||||||||||||
AA | 1,682 | 0.00 | 90.31 | 0.89 | 0.24 | 0.12 | 0.00 | 0.00 | 0.00 | 8.44 | ||||||||||||
A | 204 | 0.00 | 0.00 | 89.22 | 3.43 | 0.00 | 0.00 | 0.49 | 0.00 | 6.86 | ||||||||||||
BBB | 75 | 0.00 | 0.00 | 5.33 | 66.67 | 10.67 | 5.33 | 5.33 | 0.00 | 6.67 | ||||||||||||
BB | 31 | 0.00 | 0.00 | 0.00 | 3.23 | 48.39 | 3.23 | 12.90 | 0.00 | 32.26 | ||||||||||||
B | 15 | 0.00 | 0.00 | 0.00 | 6.67 | 6.67 | 33.33 | 20.00 | 0.00 | 33.33 | ||||||||||||
CCC/C | 2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 | 0.00 | 0.00 | ||||||||||||
Static pool: 1/1/2019 | ||||||||||||||||||||||
AAA | 245 | 92.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.35 | ||||||||||||
AA | 1,636 | 0.00 | 91.38 | 0.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.07 | ||||||||||||
A | 212 | 0.00 | 0.94 | 66.04 | 14.15 | 1.89 | 0.00 | 1.42 | 0.00 | 15.57 | ||||||||||||
BBB | 77 | 0.00 | 0.00 | 0.00 | 61.04 | 12.99 | 7.79 | 2.60 | 0.00 | 15.58 | ||||||||||||
BB | 26 | 0.00 | 0.00 | 0.00 | 0.00 | 46.15 | 26.92 | 0.00 | 0.00 | 26.92 | ||||||||||||
B | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 40.00 | 0.00 | 10.00 | ||||||||||||
CCC/C | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 38.89 | 38.89 | 22.22 | ||||||||||||
Static pool: 1/1/2020 | ||||||||||||||||||||||
AAA | 276 | 93.48 | 3.62 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.90 | ||||||||||||
AA | 1632 | 0.31 | 91.61 | 1.47 | 0.00 | 0.06 | 0.00 | 0.00 | 0.00 | 6.56 | ||||||||||||
A | 156 | 0.64 | 11.54 | 69.87 | 10.26 | 0.64 | 1.28 | 0.00 | 1.28 | 4.49 | ||||||||||||
BBB | 86 | 0.00 | 0.00 | 10.47 | 40.70 | 27.91 | 6.98 | 0.00 | 5.81 | 8.14 | ||||||||||||
BB | 29 | 0.00 | 0.00 | 0.00 | 6.90 | 48.28 | 17.24 | 6.90 | 3.45 | 17.24 | ||||||||||||
B | 18 | 0.00 | 0.00 | 0.00 | 0.00 | 5.56 | 33.33 | 44.44 | 5.56 | 11.11 | ||||||||||||
CCC/C | 16 | 0.00 | 6.25 | 0.00 | 0.00 | 0.00 | 0.00 | 62.50 | 18.75 | 12.50 | ||||||||||||
Static pool: 1/1/2021 | ||||||||||||||||||||||
AAA | 304 | 93.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.91 | ||||||||||||
AA | 1640 | 0.06 | 91.40 | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.48 | ||||||||||||
A | 151 | 0.00 | 3.97 | 87.42 | 3.31 | 0.00 | 0.00 | 0.00 | 0.00 | 5.30 | ||||||||||||
BBB | 54 | 0.00 | 0.00 | 9.26 | 81.48 | 0.00 | 0.00 | 0.00 | 0.00 | 9.26 | ||||||||||||
BB | 41 | 0.00 | 0.00 | 0.00 | 0.00 | 53.66 | 7.32 | 9.76 | 0.00 | 29.27 | ||||||||||||
B | 19 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 36.84 | 15.79 | 15.79 | 31.58 | ||||||||||||
CCC/C | 20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 75.00 | 10.00 | 15.00 | ||||||||||||
Static pool: 1/1/2022 | ||||||||||||||||||||||
AAA | 309 | 92.23 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 7.77 | ||||||||||||
AA | 1655 | 0.00 | 93.17 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.71 | ||||||||||||
A | 155 | 0.00 | 0.65 | 89.68 | 1.94 | 0.00 | 0.00 | 0.00 | 0.00 | 7.74 | ||||||||||||
BBB | 57 | 0.00 | 0.00 | 1.75 | 87.72 | 1.75 | 0.00 | 0.00 | 0.00 | 8.77 | ||||||||||||
BB | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 81.82 | 13.64 | 0.00 | 0.00 | 4.55 | ||||||||||||
B | 10 | 0.00 | 0.00 | 0.00 | 0.00 | 20.00 | 80.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
CCC/C | 22 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 50.00 | 0.00 | 50.00 | ||||||||||||
Static pool: 1/1/2023 | ||||||||||||||||||||||
AAA | 321 | 95.95 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.05 | ||||||||||||
AA | 1667 | 1.92 | 91.36 | 0.12 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.60 | ||||||||||||
A | 153 | 0.00 | 7.84 | 90.20 | 0.65 | 0.00 | 0.00 | 0.00 | 0.00 | 1.31 | ||||||||||||
BBB | 57 | 0.00 | 0.00 | 5.26 | 94.74 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
BB | 21 | 0.00 | 0.00 | 0.00 | 9.52 | 66.67 | 4.76 | 4.76 | 0.00 | 14.29 | ||||||||||||
B | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 90.91 | 0.00 | 0.00 | 9.09 | ||||||||||||
CCC/C | 11 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.09 | 90.91 | 0.00 | 0.00 | ||||||||||||
Source: S&P Global Ratings Credit Research & Insights. |
This report does not constitute a rating action.
Ratings Performance Analytics: | Zev R Gurwitz, Albany + 1 (212) 438 7128; zev.gurwitz@spglobal.com |
Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com | |
Research Contributor: | Nivedita Daiya, Pune; nivedita.daiya@spglobal.com |
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