Key Takeaways
- U.S. public finance (USPF) credit quality improved slightly in the first quarter of 2024, with 153 upgrades against 79 downgrades.
- There were two defaults in the quarter, compared to four for all of 2023.
- Finances were the main driver of rating actions but presented a mixed picture, with improved finances leading to 97 upgrades while deteriorating finances led to 38 downgrades.
The credit quality of USPF obligors improved in the first quarter of 2024, though to the lowest degree since the second quarter of 2021. Upgrades totaled 153 (149 nonhousing and four housing) in first-quarter 2024, down from 357 (347 nonhousing and 10 housing) in the prior quarter (see charts 1 and 2) while downgrades totaled 79 (76 nonhousing and three housing), up slightly from 77 (73 nonhousing and four housing). There were two upgrades for every downgrade for nonhousing, while housing saw 1.3 upgrades for every downgrade.
Chart 1
Chart 2
Fiscal Performance Drove 30% Of Total Downgrades And 32% Of Total Upgrades
In first-quarter 2024, financial conditions were a mixed picture for USPF issuers. Eroded financial conditions were the most common reason for negative rating actions, totaling 38, and improved financial conditions were the most common reason for positive rating actions, totaling 97 (see chart 3).
Chart 3
There were two defaults in the first quarter when two housing issues related to Great Lakes Senior Living Communities in Arizona defaulted after failing to pay bond principal.
Rating Distributions
Only 1.8% of USPF nonhousing ratings were speculative-grade ('BB+' and below) at the end of the first quarter of 2024 (see table 1), compared with 1.5% for housing.
A large majority (nearly 86.8%) of USPF issuers were concentrated in the 'AA' or 'A' categories, as the ratings on these issuers strongly correlate with that on the sovereign, which S&P Global Ratings affirmed at 'AA+' with a stable outlook in March (see "U.S. ‘AA+/A-1+’ Sovereign Ratings Affirmed; Outlook Remains Stable," March 27, 2024). Excluding charter schools, the majority of issuers in all industries are concentrated in investment-grade rating categories.
Table 1
Rating distribution (as of March 31, 2024) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of ratings | ||||||||||||||||||||
USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools | Housing | ||||||||||||
AAA | 1,129 | 828 | 65 | 189 | 0 | 44 | 3 | 0 | 396 | |||||||||||
AA | 9,145 | 5,506 | 2,308 | 951 | 107 | 196 | 77 | 0 | 1,699 | |||||||||||
A | 9,418 | 6,000 | 1,770 | 977 | 196 | 312 | 162 | 1 | 162 | |||||||||||
BBB | 1,108 | 428 | 108 | 152 | 91 | 186 | 26 | 117 | 61 | |||||||||||
BB | 339 | 42 | 43 | 11 | 29 | 58 | 1 | 155 | 13 | |||||||||||
B | 29 | 3 | 9 | 1 | 4 | 7 | 0 | 5 | 14 | |||||||||||
CCC/C | 8 | 0 | 1 | 0 | 3 | 3 | 1 | 0 | 8 | |||||||||||
Totals | 21,176 | 12,807 | 4,304 | 2,281 | 430 | 806 | 270 | 278 | 2,353 | |||||||||||
(%) | ||||||||||||||||||||
AAA | 5.33 | 6.47 | 1.51 | 8.29 | 0.00 | 5.46 | 1.11 | 0.00 | 16.83 | |||||||||||
AA | 43.19 | 42.99 | 53.62 | 41.69 | 24.88 | 24.32 | 28.52 | 0.00 | 72.21 | |||||||||||
A | 44.47 | 46.85 | 41.12 | 42.83 | 45.58 | 38.71 | 60.00 | 0.36 | 6.88 | |||||||||||
BBB | 5.23 | 3.34 | 2.51 | 6.66 | 21.16 | 23.08 | 9.63 | 42.09 | 2.59 | |||||||||||
BB | 1.60 | 0.33 | 1.00 | 0.48 | 6.74 | 7.20 | 0.37 | 55.76 | 0.55 | |||||||||||
B | 0.14 | 0.02 | 0.21 | 0.04 | 0.93 | 0.87 | 0.00 | 1.80 | 0.59 | |||||||||||
CCC/C | 0.04 | 0.00 | 0.02 | 0.00 | 0.70 | 0.37 | 0.37 | 0.00 | 0.34 | |||||||||||
USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights. |
Large Rating Movements Trended Slightly Negative
There were 38 large rating movements (those of two notches or more) in the first quarter, with 16 upgrades and 22 downgrades (see table 2). There were also six obligors that moved from investment-grade to speculative-grade in the quarter, against only three that moved from speculative-grade to investment-grade.
Table 2
Multiple notch rating changes (Q1 2024) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Notch change* | Notches | Tax secured | Appropriation | Utilities | Health care | Transportation | Housing | Charter schools | Higher education | Grand total | ||||||||||||
3 | 3 | 3 | 1 | 4 | ||||||||||||||||||
2 | 2 | 5 | 8 | 1 | 1 | 2 | 1 | 18 | ||||||||||||||
-2 | -2 | 6 | 1 | 4 | 1 | 1 | 13 | |||||||||||||||
-3 | -3 | 1 | 2 | 3 | ||||||||||||||||||
Total | 0 | 14 | 9 | 7 | 2 | 2 | 2 | 1 | 1 | 38 | ||||||||||||
Data as of March 31, 2024. *Negative numbers indicate downgrades. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights. |
Q1 2024 Rating Actions
In the first quarter of 2024, transportation had the largest improvement in credit quality, with 3.3% of all transportation ratings raised (see chart 4). On the other hand, health care had the largest percentage of ratings lowered, with just over 2.3%.
Chart 4
Chart 5
Chart 6
Chart 7
Chart 8
Chart 9
Chart 10
Appendix
Table 3
Q1 2024 upgrades and downgrades | ||||||||
---|---|---|---|---|---|---|---|---|
Sector | Upgrades | Downgrades | Defaulted | |||||
Total USPF ex. housing | 149 | 76 | 0 | |||||
State and local* | 118 | 36 | 0 | |||||
Tax secured | 88 | 31 | 0 | |||||
Appropriation | 30 | 5 | 0 | |||||
Utilities | 11 | 16 | 0 | |||||
Health care | 3 | 10 | 0 | |||||
Higher education | 5 | 6 | 0 | |||||
Charter schools | 3 | 8 | 0 | |||||
Transportation | 9 | 0 | 0 | |||||
Housing | 4 | 1 | 2 | |||||
Data as of March 31, 2024. *Includes tax-secured and appropriation securities. USPF--U.S. public finance. Q--Quarter. Source: S&P Global Ratings Credit Research & insights. |
Table 4
Upgrade/downgrade history* | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
USPF ex. housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools§ | Housing† | ||||||||||||||||||||||||||||||
Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | |||||||||||||||||||||
Jan. 01, 2001 | 153 | 38 | 61 | 5 | 64 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 6 | 7 | ||||||||||||||||||||
Apr. 01, 2001 | 740 | 106 | 83 | 3 | 629 | 67 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 38 | 11 | ||||||||||||||||||||
Jul. 01, 2001 | 126 | 47 | 49 | 4 | 42 | 3 | 13 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 29 | 14 | ||||||||||||||||||||
Oct. 01, 2001 | 99 | 14 | 56 | 3 | 20 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 2 | 0 | 0 | 0 | 25 | 8 | ||||||||||||||||||||
Jan. 01, 2002 | 176 | 38 | 99 | 5 | 45 | 1 | 16 | 7 | 4 | 6 | 7 | 5 | 5 | 14 | 0 | 0 | 3 | 7 | ||||||||||||||||||||
Apr. 01, 2002 | 108 | 105 | 59 | 9 | 21 | 64 | 20 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 25 | ||||||||||||||||||||
Jul. 01, 2002 | 72 | 38 | 39 | 2 | 10 | 10 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | ||||||||||||||||||||
Oct. 01, 2002 | 103 | 127 | 57 | 13 | 26 | 72 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 18 | ||||||||||||||||||||
Jan. 01, 2003 | 84 | 66 | 41 | 5 | 18 | 33 | 10 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 6 | 19 | ||||||||||||||||||||
Apr. 01, 2003 | 87 | 46 | 52 | 10 | 6 | 1 | 13 | 1 | 5 | 21 | 6 | 7 | 5 | 5 | 0 | 1 | 4 | 24 | ||||||||||||||||||||
Jul. 01, 2003 | 80 | 134 | 45 | 7 | 18 | 79 | 12 | 6 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 27 | ||||||||||||||||||||
Oct. 01, 2003 | 126 | 93 | 55 | 15 | 27 | 28 | 17 | 7 | 11 | 30 | 16 | 8 | 0 | 5 | 0 | 0 | 24 | 9 | ||||||||||||||||||||
Jan. 01, 2004 | 105 | 98 | 63 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 | ||||||||||||||||||||
Apr. 01, 2004 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
Jul. 01, 2004 | 188 | 130 | 47 | 13 | 102 | 100 | 31 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 25 | 20 | ||||||||||||||||||||
Oct. 01, 2004 | 122 | 58 | 65 | 10 | 22 | 22 | 19 | 9 | 9 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 | ||||||||||||||||||||
Jan. 01, 2005 | 153 | 35 | 63 | 11 | 39 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 1 | 0 | 0 | 0 | 78 | 12 | ||||||||||||||||||||
Apr. 01, 2005 | 109 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 16 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 110 | ||||||||||||||||||||
Jul. 01, 2005 | 214 | 39 | 52 | 13 | 132 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 30 | 11 | ||||||||||||||||||||
Oct. 01, 2005 | 153 | 111 | 75 | 44 | 24 | 23 | 22 | 9 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 42 | ||||||||||||||||||||
Jan. 01, 2006 | 114 | 47 | 38 | 9 | 47 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | ||||||||||||||||||||
Apr. 01, 2006 | 251 | 22 | 68 | 10 | 144 | 1 | 14 | 2 | 13 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 30 | 8 | ||||||||||||||||||||
Jul. 01, 2006 | 405 | 29 | 338 | 8 | 18 | 1 | 25 | 2 | 13 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 63 | 13 | ||||||||||||||||||||
Oct. 01, 2006 | 194 | 38 | 98 | 13 | 37 | 5 | 22 | 6 | 12 | 10 | 13 | 3 | 12 | 0 | 0 | 1 | 34 | 3 | ||||||||||||||||||||
Jan. 01, 2007 | 177 | 26 | 97 | 11 | 51 | 0 | 21 | 2 | 4 | 11 | 1 | 1 | 3 | 0 | 0 | 1 | 49 | 1 | ||||||||||||||||||||
Apr. 01, 2007 | 178 | 56 | 74 | 28 | 62 | 11 | 24 | 2 | 9 | 8 | 8 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
Jul. 01, 2007 | 161 | 24 | 94 | 3 | 38 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 26 | 11 | ||||||||||||||||||||
Oct. 01, 2007 | 165 | 49 | 75 | 13 | 33 | 8 | 26 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 2 | 3 | 12 | 10 | ||||||||||||||||||||
Jan. 01, 2008 | 237 | 36 | 127 | 10 | 47 | 2 | 41 | 4 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 16 | ||||||||||||||||||||
Apr. 01, 2008 | 634 | 31 | 419 | 7 | 103 | 2 | 96 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
Jul. 01, 2008 | 594 | 31 | 299 | 6 | 232 | 1 | 42 | 2 | 4 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
Oct. 01, 2008 | 668 | 44 | 291 | 7 | 60 | 4 | 298 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 31 | 30 | ||||||||||||||||||||
Jan. 01, 2009 | 758 | 213 | 525 | 18 | 140 | 152 | 81 | 5 | 4 | 31 | 1 | 3 | 3 | 4 | 4 | 0 | 23 | 152 | ||||||||||||||||||||
Apr. 01, 2009 | 615 | 83 | 331 | 16 | 116 | 41 | 150 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 26 | 77 | ||||||||||||||||||||
Jul. 01, 2009 | 403 | 32 | 226 | 4 | 90 | 4 | 67 | 8 | 4 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 33 | ||||||||||||||||||||
Oct. 01, 2009 | 453 | 60 | 315 | 12 | 77 | 28 | 33 | 1 | 12 | 12 | 13 | 3 | 1 | 4 | 2 | 0 | 9 | 32 | ||||||||||||||||||||
Jan. 01, 2010 | 683 | 279 | 523 | 47 | 88 | 209 | 58 | 8 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 85 | ||||||||||||||||||||
Apr. 01, 2010 | 576 | 93 | 444 | 54 | 77 | 16 | 39 | 3 | 8 | 16 | 6 | 2 | 1 | 2 | 1 | 0 | 11 | 42 | ||||||||||||||||||||
Jul. 01, 2010 | 255 | 40 | 158 | 18 | 34 | 2 | 43 | 4 | 7 | 10 | 11 | 3 | 1 | 3 | 1 | 0 | 8 | 61 | ||||||||||||||||||||
Oct. 01, 2010 | 238 | 59 | 148 | 26 | 18 | 17 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 72 | ||||||||||||||||||||
Jan. 01, 2011 | 444 | 300 | 243 | 68 | 105 | 211 | 55 | 7 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | ||||||||||||||||||||
Apr. 01, 2011 | 189 | 96 | 99 | 58 | 33 | 18 | 25 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 40 | ||||||||||||||||||||
Jul. 01, 2011 | 94 | 126 | 38 | 53 | 9 | 49 | 28 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1311 | ||||||||||||||||||||
Oct. 01, 2011 | 75 | 110 | 23 | 54 | 3 | 11 | 29 | 18 | 9 | 14 | 9 | 6 | 1 | 3 | 1 | 4 | 11 | 34 | ||||||||||||||||||||
Jan. 01, 2012 | 126 | 91 | 43 | 40 | 24 | 22 | 44 | 12 | 11 | 11 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 59 | ||||||||||||||||||||
Apr. 01, 2012 | 177 | 139 | 79 | 68 | 26 | 39 | 45 | 14 | 13 | 8 | 9 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | ||||||||||||||||||||
Jul. 01, 2012 | 140 | 150 | 66 | 79 | 27 | 39 | 27 | 8 | 14 | 11 | 2 | 7 | 3 | 0 | 1 | 6 | 3 | 40 | ||||||||||||||||||||
Oct. 01, 2012 | 136 | 87 | 72 | 44 | 20 | 12 | 28 | 10 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 3 | 18 | 12 | ||||||||||||||||||||
Jan. 01, 2013 | 200 | 128 | 83 | 88 | 85 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 12 | 12 | ||||||||||||||||||||
Apr. 01, 2013 | 203 | 96 | 110 | 45 | 37 | 19 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 27 | ||||||||||||||||||||
Jul. 01, 2013 | 274 | 119 | 162 | 49 | 71 | 20 | 24 | 16 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 11 | 10 | 12 | ||||||||||||||||||||
Oct. 01, 2013 | 764 | 169 | 543 | 64 | 172 | 60 | 31 | 5 | 5 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 34 | 75 | ||||||||||||||||||||
Jan. 01, 2014 | 680 | 164 | 520 | 80 | 109 | 44 | 17 | 16 | 13 | 10 | 7 | 8 | 12 | 1 | 2 | 5 | 10 | 4 | ||||||||||||||||||||
Apr. 01, 2014 | 588 | 286 | 449 | 89 | 84 | 142 | 32 | 10 | 12 | 18 | 8 | 21 | 3 | 0 | 0 | 6 | 16 | 10 | ||||||||||||||||||||
Jul. 01, 2014 | 738 | 369 | 459 | 94 | 237 | 228 | 28 | 9 | 9 | 14 | 4 | 10 | 1 | 0 | 0 | 14 | 35 | 8 | ||||||||||||||||||||
Oct. 01, 2014 | 279 | 82 | 117 | 40 | 124 | 7 | 22 | 12 | 8 | 8 | 1 | 8 | 7 | 0 | 0 | 7 | 77 | 31 | ||||||||||||||||||||
Jan. 01, 2015 | 235 | 161 | 142 | 69 | 36 | 49 | 27 | 7 | 24 | 18 | 3 | 18 | 2 | 0 | 1 | 0 | 23 | 4 | ||||||||||||||||||||
Apr. 01, 2015 | 272 | 139 | 141 | 61 | 64 | 33 | 34 | 12 | 21 | 15 | 5 | 11 | 5 | 1 | 2 | 5 | 10 | 3 | ||||||||||||||||||||
Jul. 01, 2015 | 318 | 156 | 138 | 52 | 112 | 59 | 34 | 24 | 19 | 3 | 3 | 12 | 11 | 2 | 1 | 4 | 23 | 2 | ||||||||||||||||||||
Oct. 01, 2015 | 229 | 109 | 137 | 52 | 17 | 18 | 37 | 19 | 19 | 10 | 4 | 5 | 14 | 1 | 1 | 4 | 8 | 2 | ||||||||||||||||||||
Jan. 01, 2016 | 266 | 138 | 143 | 60 | 39 | 32 | 46 | 20 | 8 | 6 | 21 | 15 | 7 | 1 | 2 | 4 | 19 | 18 | ||||||||||||||||||||
Apr. 01, 2016 | 236 | 155 | 117 | 54 | 26 | 43 | 52 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 9 | 20 | 43 | ||||||||||||||||||||
Jul. 01, 2016 | 203 | 156 | 101 | 45 | 49 | 69 | 32 | 14 | 12 | 7 | 6 | 15 | 2 | 1 | 1 | 5 | 11 | 3 | ||||||||||||||||||||
Oct. 01, 2016 | 222 | 268 | 105 | 49 | 29 | 161 | 51 | 28 | 9 | 11 | 19 | 13 | 5 | 1 | 4 | 5 | 14 | 9 | ||||||||||||||||||||
Jan. 01, 2017 | 250 | 273 | 137 | 77 | 41 | 133 | 52 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 3 | 12 | 10 | 24 | ||||||||||||||||||||
Apr. 01, 2017 | 228 | 120 | 99 | 67 | 91 | 21 | 13 | 6 | 11 | 4 | 1 | 19 | 7 | 0 | 6 | 3 | 9 | 9 | ||||||||||||||||||||
Jul. 01, 2017 | 157 | 153 | 90 | 53 | 27 | 60 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 3 | 4 | 12 | 5 | ||||||||||||||||||||
Oct. 01, 2017 | 235 | 115 | 145 | 65 | 45 | 20 | 22 | 6 | 7 | 7 | 8 | 8 | 5 | 2 | 3 | 7 | 7 | 7 | ||||||||||||||||||||
Jan. 01, 2018 | 551 | 97 | 340 | 53 | 176 | 10 | 19 | 8 | 8 | 7 | 3 | 10 | 0 | 2 | 5 | 7 | 3 | 32 | ||||||||||||||||||||
Apr. 01, 2018 | 310 | 168 | 175 | 75 | 78 | 61 | 19 | 13 | 15 | 9 | 2 | 6 | 15 | 0 | 6 | 4 | 6 | 42 | ||||||||||||||||||||
Jul. 01, 2018 | 276 | 145 | 132 | 84 | 88 | 10 | 26 | 21 | 6 | 14 | 3 | 10 | 19 | 2 | 2 | 4 | 29 | 13 | ||||||||||||||||||||
Oct. 01, 2018 | 231 | 156 | 133 | 97 | 54 | 29 | 20 | 13 | 6 | 8 | 1 | 6 | 17 | 0 | 0 | 3 | 21 | 24 | ||||||||||||||||||||
Jan. 01, 2019 | 283 | 108 | 183 | 65 | 52 | 20 | 29 | 10 | 6 | 6 | 5 | 5 | 8 | 0 | 0 | 2 | 0 | 11 | ||||||||||||||||||||
Apr. 01, 2019 | 261 | 115 | 171 | 57 | 42 | 15 | 24 | 22 | 10 | 7 | 6 | 7 | 7 | 5 | 1 | 2 | 8 | 30 | ||||||||||||||||||||
Jul. 01, 2019 | 199 | 107 | 120 | 63 | 38 | 14 | 30 | 11 | 3 | 5 | 7 | 7 | 0 | 0 | 1 | 7 | 2 | 71 | ||||||||||||||||||||
Oct. 01, 2019 | 216 | 114 | 130 | 69 | 38 | 5 | 26 | 17 | 4 | 7 | 4 | 14 | 10 | 0 | 4 | 2 | 5 | 31 | ||||||||||||||||||||
Jan. 01, 2020 | 111 | 106 | 58 | 53 | 21 | 9 | 20 | 17 | 6 | 9 | 3 | 16 | 2 | 1 | 1 | 1 | 21 | 7 | ||||||||||||||||||||
Apr. 01, 2020 | 7 | 171 | 4 | 91 | 0 | 33 | 3 | 9 | 0 | 13 | 0 | 14 | 0 | 7 | 0 | 4 | 2 | 43 | ||||||||||||||||||||
Jul. 01, 2020 | 13 | 247 | 7 | 103 | 2 | 27 | 4 | 15 | 0 | 7 | 0 | 23 | 0 | 71 | 0 | 1 | 15 | 83 | ||||||||||||||||||||
Oct. 01, 2020 | 30 | 313 | 11 | 69 | 2 | 168 | 10 | 15 | 1 | 6 | 1 | 20 | 4 | 28 | 1 | 7 | 24 | 39 | ||||||||||||||||||||
Jan. 01, 2021 | 51 | 79 | 25 | 29 | 2 | 16 | 14 | 14 | 0 | 7 | 0 | 11 | 9 | 2 | 1 | 0 | 18 | 9 | ||||||||||||||||||||
Apr. 01, 2021 | 105 | 74 | 59 | 28 | 15 | 19 | 20 | 16 | 1 | 3 | 5 | 5 | 1 | 1 | 4 | 2 | 4 | 6 | ||||||||||||||||||||
Jul. 01, 2021 | 204 | 70 | 117 | 35 | 60 | 9 | 17 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 2 | 1 | 10 | 18 | ||||||||||||||||||||
Oct. 01, 2021 | 156 | 56 | 81 | 25 | 17 | 5 | 16 | 10 | 13 | 5 | 7 | 6 | 21 | 1 | 1 | 4 | 5 | 15 | ||||||||||||||||||||
Jan. 01, 2022 | 305 | 51 | 107 | 22 | 162 | 4 | 14 | 15 | 3 | 4 | 4 | 6 | 14 | 0 | 1 | 0 | 2 | 8 | ||||||||||||||||||||
Apr. 01, 2022 | 183 | 63 | 93 | 38 | 43 | 5 | 15 | 5 | 8 | 8 | 6 | 7 | 12 | 0 | 6 | 0 | 4 | 2 | ||||||||||||||||||||
Jul. 01, 2022 | 169 | 75 | 89 | 34 | 13 | 4 | 32 | 16 | 3 | 11 | 1 | 6 | 29 | 2 | 2 | 2 | 12 | 12 | ||||||||||||||||||||
Oct. 01, 2022 | 166 | 62 | 81 | 24 | 26 | 5 | 22 | 11 | 3 | 10 | 11 | 10 | 23 | 1 | 0 | 1 | 55 | 3 | ||||||||||||||||||||
Jan. 01, 2023 | 133 | 52 | 67 | 18 | 24 | 1 | 5 | 8 | 4 | 14 | 8 | 9 | 19 | 0 | 6 | 2 | 52 | 4 | ||||||||||||||||||||
Apr. 01, 2023 | 403 | 70 | 132 | 28 | 226 | 8 | 21 | 9 | 3 | 8 | 6 | 14 | 14 | 0 | 1 | 3 | 61 | 9 | ||||||||||||||||||||
Jul. 01, 2023 | 166 | 55 | 96 | 25 | 25 | 6 | 18 | 4 | 2 | 16 | 18 | 2 | 5 | 0 | 2 | 2 | 14 | 1 | ||||||||||||||||||||
Oct. 01, 2023 | 347 | 73 | 235 | 31 | 79 | 6 | 17 | 7 | 4 | 21 | 9 | 4 | 2 | 1 | 1 | 3 | 10 | 4 | ||||||||||||||||||||
Jan. 01, 2024 | 149 | 76 | 88 | 31 | 30 | 5 | 11 | 16 | 3 | 10 | 5 | 6 | 9 | 0 | 3 | 8 | 4 | 3 | ||||||||||||||||||||
Data as of March 31, 2024. *Downgrades include defaults . §All active charter school ratings are included in this category. Prior ratings often were categorized as appropriation debt. †Only tracked annually prior to 2006. USPF--U.S. public finance. Source: S&P Global Ratings Credit Research & Insights |
Related Research
This report does not constitute a rating action.
Credit Research & Insights: | Nick W Kraemer, FRM, New York + 1 (212) 438 1698; nick.kraemer@spglobal.com |
Zev R Gurwitz, Albany + 1 (212) 438 7128; zev.gurwitz@spglobal.com | |
Research Contributor: | Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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