Key Takeaways
- U.S. public finance (USPF) credit quality improved in the second quarter of 2024, with 198 upgrades against 82 downgrades.
- There were two defaults in the second quarter, the same number as in the first quarter.
- Finances were the primary reason for rating actions, but it presented a mixed picture as improved finances lead to 116 upgrades, and deteriorating finances led to 42 downgrades.
USPF obligors' credit quality improved in the second quarter of 2024, with upgrades totaling 198 (186 nonhousing and 12 housing), up from 153 (149 nonhousing and four housing) in the prior quarter (see charts 1 and 2). Meanwhile, downgrades totaled 116 (114 nonhousing and two housing), up from 79 (76 nonhousing and three housing). There were 1.6 upgrades for every downgrade for nonhousing, down from two upgrades for every downgrade in the first quarter. Housing had six upgrades for every downgrade, up markedly from the 1.3 upgrades for every downgrade in the first quarter.
Chart 1
Chart 2
Fiscal Performance Drove 30% Of Total Downgrades And 32% Of Total Upgrades
In second-quarter 2024, eroded financial conditions were the most common reason for negative rating actions, totaling 42, while improved financial conditions were the most common reason for positive rating actions, totaling 116 (see chart 3). There was one state level rating action in the second quarter, with Alaska receiving an upgrade in April (see "Alaska" April 30, 2024), because of its financial stability and considerable budgetary surpluses over three consecutive fiscal years.
Chart 3
There were two defaults in the second quarter when two education related obligors defaulted (see "Medaille University, NY Bond Rating Lowered to ‘D’ On Missed Interest Payments," April 16, 2024 and "Beech International LLC, PA Revenue Bond Rating Lowered To 'D' From 'CC' On Event Of Default," June 18 2024"). The two education related defaults, when added to the two housing issuer defaults, brings the year-to-date total to four, one higher than this time last year.
Rating Distributions
Only 1.8% of USPF nonhousing ratings were speculative-grade ('BB+' and below) at the end of the second quarter of 2024, up from the all-time low of 0.99% in 2011 (see table 1), and only 1.3% for housing, down from the all-time high of 3.6% at the start of 2021.
A large majority (nearly 86.7%) 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 June 30, 2024) | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of ratings | ||||||||||||||||||||
USPF ex. Housing | Tax Secured | Appropriation | Utilities | Health Care | Higher Education | Transportation | Charter Schools | Housing | ||||||||||||
AAA | 1,146 | 845 | 64 | 188 | 0 | 46 | 3 | 0 | 416 | |||||||||||
AA | 9,140 | 5,479 | 2,337 | 944 | 108 | 192 | 80 | 0 | 1,725 | |||||||||||
A | 9,347 | 5,963 | 1,742 | 965 | 198 | 315 | 163 | 1 | 169 | |||||||||||
BBB | 1,099 | 416 | 76 | 154 | 91 | 189 | 23 | 150 | 58 | |||||||||||
BB | 341 | 37 | 14 | 14 | 33 | 59 | 1 | 183 | 13 | |||||||||||
B | 30 | 3 | 3 | 1 | 4 | 8 | 0 | 11 | 13 | |||||||||||
CCC/C | 6 | 0 | 1 | 0 | 3 | 1 | 1 | 0 | 6 | |||||||||||
Totals | 21,109 | 12,743 | 4,237 | 2,266 | 437 | 810 | 271 | 345 | 2,400 | |||||||||||
As percentage (%) | ||||||||||||||||||||
AAA | 5.43 | 6.63 | 1.51 | 8.30 | 0.00 | 5.68 | 1.11 | 0.00 | 17.33 | |||||||||||
AA | 43.30 | 43.00 | 55.16 | 41.66 | 24.71 | 23.70 | 29.52 | 0.00 | 71.88 | |||||||||||
A | 44.28 | 46.79 | 41.11 | 42.59 | 45.31 | 38.89 | 60.15 | 0.29 | 7.04 | |||||||||||
BBB | 5.21 | 3.26 | 1.79 | 6.80 | 20.82 | 23.33 | 8.49 | 43.48 | 2.42 | |||||||||||
BB | 1.62 | 0.29 | 0.33 | 0.62 | 7.55 | 7.28 | 0.37 | 53.04 | 0.54 | |||||||||||
B | 0.14 | 0.02 | 0.07 | 0.04 | 0.92 | 0.99 | 0.00 | 3.19 | 0.54 | |||||||||||
CCC/C | 0.03 | 0.00 | 0.02 | 0.00 | 0.69 | 0.12 | 0.37 | 0.00 | 0.25 | |||||||||||
Data as of June 30, 2024. Source: S&P Global Ratings Credit Research & Insights. |
Large Rating Movements Trended Slightly Negative
There were 41 large rating movements (those of two notches or more) in the second quarter, with 17 upgrades and 24 downgrades (see table 2). There were also nine obligors that moved from investment-grade to speculative-grade in the quarter, against only five that moved from speculative-grade to investment-grade (see table 3).
Table 2
Multiple notch rating changes, 2024Q2 | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Notch change* | Notches | Tax secured | Housing | Utilities | Higher education | Health care | Appropriation | Charter schools | Grand total | |||||||||||
3 | 3 | 1 | 1 | 2 | ||||||||||||||||
2 | 2 | 7 | 6 | 1 | 1 | 15 | ||||||||||||||
-2 | (2) | 3 | 5 | 3 | 2 | 1 | 14 | |||||||||||||
-3 | (3) | 2 | 1 | 2 | 1 | 1 | 1 | 8 | ||||||||||||
-4 | (4) | 1 | 1 | 2 | ||||||||||||||||
Total | Grand total | 14 | 8 | 7 | 6 | 4 | 1 | 1 | 41 | |||||||||||
Data as of June 30, 2024. *Negative numbers indicate downgrades. Q--Quarter. Source: S&P Global Ratings Credit Research & Insights. |
Table 3
Fallen angels and rising stars for Q2 2024 | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fallen Angels | Rising Stars | |||||||||||||||||||||||
Obligor | Sector | New rating | New rating | Rating date | Reason | Obligor | Sector | New rating | New rating | Rating date | Reason | |||||||||||||
Palomar Health |
Health care | BBB | BB+ | 4/2/2024 | Operations | Detroit (A) | Tax secured | BB+ | BBB | 4/10/2024 | Finances | |||||||||||||
Palomar Health |
Health care | BBB | BB+ | 4/2/2024 | Operations |
Detroit Downtown Development Authority |
Tax secured | BB+ | BBB | 6/3/2024 | Economy | |||||||||||||
Conemaugh Township Municipal Authority |
Utilities | BBB | BB+ | 4/22/2024 | Finances |
Chisom Housing Group |
Housing | BB+ | BBB | 6/4/2024 | Debt service coverage | |||||||||||||
Mulga Town |
Utilities | BBB | BB+ | 4/26/2024 | Debt service coverage |
Legacy Traditional Schools |
Charter schools | BB+ | BBB- | 6/12/2024 | Enrollment | |||||||||||||
Banning |
Utilities | BBB | BB | 5/2/2024 | Operations |
CHF Collegiate Housing College Station I LLC |
Higher education | BB+ | BBB- | 6/13/2024 | Operations | |||||||||||||
Albion College |
Higher education | BBB | BB | 5/16/2024 | Liquidity | |||||||||||||||||||
Southwest Public Power Agency Inc. |
Utilities | BBB- | BB | 6/6/2024 | Economy | |||||||||||||||||||
Houghton College | Higher education | BBB- | BB+ | 6/14/2024 | Operations | |||||||||||||||||||
Public Preparatory Charter Schools Academies |
Charter schools | BBB | BB | 6/27/2024 | Debt | |||||||||||||||||||
Q--Quarter. |
Q2 2024 Rating Actions
As a percentage of all ratings by sector on April 1, 2024, transportation had the largest improvement in credit quality (see chart 4), with 4.4% of all transportation ratings raised. Conversely, health care had the largest percentage of ratings lowered, with just over 1.8% (see "U.S. Transportation Infrastructure Airport Update: Air Travel Rides the Jetstream, For Now " June 18, 2024, and "U.S. Not-For-Profit Health Care Covenant Violations Will Continue To Affect Pressured Issuers" April 29, 2024.)
Chart 4
State and local governments
In the second quarter, there were 150 upgrades and 83 downgrades for state and local governments. Finances triggered 93 upgrades and 32 downgrades.
Chart 5
Chart 6
Chart 7
Chart 8
Chart 9
Chart 10
Appendix
Table 4
2024Q2 Upgrades and downgrades | ||||||||
---|---|---|---|---|---|---|---|---|
Sector | Upgrades | Downgrades | Defaulted | |||||
Total USPF ex. Housing | 186 | 112 | 2 | |||||
State and local* | 150 | 53 | 0 | |||||
Tax secured | 103 | 47 | 0 | |||||
Appropriation | 47 | 6 | 0 | |||||
Utilities | 14 | 37 | 0 | |||||
Health care | 3 | 8 | 0 | |||||
Higher education | 6 | 13 | 2 | |||||
Charter schools | 1 | 1 | 0 | |||||
Transportation | 12 | 0 | 0 | |||||
Housing | 12 | 2 | 0 | |||||
Data as of June 30, 2024. *Includes tax-secured and appropriation securities. Q--Quarter. Source: S&P Global Ratings Credit Research & insights. |
Table 5
Upgrade/Downgrade# history | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
USPF ex. Housing | Tax secured | Appropriation | Utilities | Health care | Higher education | Transportation | Charter schools@ | Housing* | ||||||||||||||||||||||||||||||
Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | Up | Down | |||||||||||||||||||||
1/1/2001 | 153 | 38 | 60 | 5 | 65 | 1 | 16 | 9 | 5 | 21 | 5 | 2 | 2 | 0 | 0 | 0 | 6 | 7 | ||||||||||||||||||||
4/1/2001 | 740 | 106 | 84 | 3 | 628 | 67 | 23 | 4 | 1 | 20 | 3 | 12 | 1 | 0 | 0 | 0 | 38 | 11 | ||||||||||||||||||||
7/1/2001 | 126 | 47 | 48 | 4 | 42 | 3 | 14 | 5 | 2 | 22 | 5 | 5 | 15 | 8 | 0 | 0 | 29 | 14 | ||||||||||||||||||||
10/1/2001 | 99 | 14 | 54 | 3 | 21 | 4 | 11 | 2 | 3 | 4 | 7 | 1 | 3 | 0 | 0 | 0 | 25 | 8 | ||||||||||||||||||||
1/1/2002 | 176 | 38 | 103 | 5 | 41 | 1 | 16 | 7 | 4 | 6 | 7 | 5 | 5 | 14 | 0 | 0 | 3 | 7 | ||||||||||||||||||||
4/1/2002 | 108 | 105 | 59 | 9 | 21 | 64 | 20 | 6 | 1 | 11 | 1 | 5 | 6 | 10 | 0 | 0 | 3 | 25 | ||||||||||||||||||||
7/1/2002 | 72 | 38 | 40 | 3 | 9 | 9 | 19 | 3 | 2 | 18 | 1 | 1 | 1 | 4 | 0 | 0 | 0 | 17 | ||||||||||||||||||||
10/1/2002 | 103 | 127 | 58 | 13 | 25 | 72 | 12 | 15 | 4 | 19 | 2 | 7 | 2 | 1 | 0 | 0 | 6 | 18 | ||||||||||||||||||||
1/1/2003 | 84 | 66 | 41 | 5 | 18 | 33 | 10 | 2 | 5 | 17 | 7 | 8 | 3 | 1 | 0 | 0 | 6 | 19 | ||||||||||||||||||||
4/1/2003 | 87 | 46 | 52 | 10 | 6 | 1 | 13 | 1 | 5 | 21 | 6 | 7 | 5 | 5 | 0 | 1 | 4 | 24 | ||||||||||||||||||||
7/1/2003 | 80 | 134 | 45 | 7 | 18 | 79 | 12 | 6 | 3 | 11 | 2 | 29 | 0 | 2 | 0 | 0 | 10 | 27 | ||||||||||||||||||||
10/1/2003 | 126 | 92 | 57 | 14 | 25 | 28 | 17 | 7 | 11 | 30 | 16 | 8 | 0 | 5 | 0 | 0 | 24 | 9 | ||||||||||||||||||||
1/1/2004 | 105 | 98 | 63 | 16 | 8 | 58 | 12 | 3 | 14 | 18 | 3 | 3 | 5 | 0 | 0 | 0 | 24 | 6 | ||||||||||||||||||||
4/1/2004 | 97 | 66 | 53 | 11 | 17 | 34 | 16 | 8 | 8 | 9 | 2 | 3 | 1 | 1 | 0 | 0 | 2 | 11 | ||||||||||||||||||||
7/1/2004 | 188 | 130 | 45 | 13 | 102 | 100 | 33 | 1 | 5 | 10 | 1 | 4 | 1 | 2 | 1 | 0 | 25 | 20 | ||||||||||||||||||||
10/1/2004 | 122 | 58 | 65 | 11 | 22 | 21 | 19 | 9 | 9 | 14 | 6 | 3 | 1 | 0 | 0 | 0 | 11 | 10 | ||||||||||||||||||||
1/1/2005 | 153 | 35 | 63 | 11 | 39 | 13 | 15 | 3 | 13 | 7 | 22 | 1 | 1 | 0 | 0 | 0 | 78 | 12 | ||||||||||||||||||||
4/1/2005 | 109 | 66 | 53 | 10 | 25 | 42 | 8 | 2 | 16 | 10 | 4 | 2 | 3 | 0 | 0 | 0 | 5 | 110 | ||||||||||||||||||||
7/1/2005 | 214 | 39 | 52 | 13 | 132 | 7 | 12 | 3 | 12 | 8 | 6 | 4 | 0 | 4 | 0 | 0 | 30 | 11 | ||||||||||||||||||||
10/1/2005 | 153 | 109 | 74 | 42 | 24 | 23 | 23 | 9 | 20 | 18 | 10 | 8 | 2 | 7 | 0 | 2 | 13 | 42 | ||||||||||||||||||||
1/1/2006 | 114 | 47 | 39 | 9 | 46 | 13 | 10 | 3 | 11 | 14 | 7 | 6 | 1 | 1 | 0 | 1 | 12 | 9 | ||||||||||||||||||||
4/1/2006 | 251 | 22 | 67 | 10 | 144 | 1 | 15 | 2 | 13 | 6 | 9 | 3 | 3 | 0 | 0 | 0 | 30 | 8 | ||||||||||||||||||||
7/1/2006 | 405 | 29 | 338 | 8 | 18 | 1 | 25 | 2 | 13 | 18 | 8 | 0 | 3 | 0 | 0 | 0 | 63 | 13 | ||||||||||||||||||||
10/1/2006 | 194 | 38 | 98 | 14 | 37 | 4 | 22 | 6 | 12 | 10 | 13 | 3 | 12 | 0 | 0 | 1 | 34 | 3 | ||||||||||||||||||||
1/1/2007 | 178 | 26 | 97 | 11 | 51 | 0 | 22 | 2 | 4 | 11 | 1 | 1 | 3 | 0 | 0 | 1 | 49 | 1 | ||||||||||||||||||||
4/1/2007 | 178 | 56 | 73 | 27 | 63 | 11 | 24 | 2 | 9 | 9 | 8 | 5 | 1 | 2 | 0 | 0 | 9 | 4 | ||||||||||||||||||||
7/1/2007 | 159 | 24 | 91 | 3 | 39 | 3 | 10 | 2 | 7 | 15 | 6 | 0 | 5 | 1 | 1 | 0 | 26 | 11 | ||||||||||||||||||||
10/1/2007 | 165 | 49 | 76 | 13 | 31 | 8 | 26 | 1 | 10 | 19 | 15 | 4 | 4 | 1 | 3 | 3 | 12 | 10 | ||||||||||||||||||||
1/1/2008 | 237 | 36 | 126 | 10 | 48 | 2 | 41 | 4 | 7 | 18 | 9 | 1 | 6 | 1 | 0 | 0 | 6 | 16 | ||||||||||||||||||||
4/1/2008 | 634 | 31 | 417 | 6 | 104 | 3 | 97 | 1 | 5 | 20 | 9 | 0 | 1 | 1 | 1 | 0 | 7 | 63 | ||||||||||||||||||||
7/1/2008 | 594 | 31 | 298 | 6 | 232 | 1 | 42 | 2 | 5 | 21 | 12 | 0 | 5 | 1 | 0 | 0 | 13 | 36 | ||||||||||||||||||||
10/1/2008 | 668 | 44 | 293 | 7 | 58 | 4 | 298 | 0 | 7 | 28 | 5 | 4 | 6 | 1 | 1 | 0 | 31 | 30 | ||||||||||||||||||||
1/1/2009 | 758 | 213 | 526 | 18 | 139 | 152 | 81 | 5 | 4 | 31 | 1 | 3 | 3 | 4 | 4 | 0 | 23 | 152 | ||||||||||||||||||||
4/1/2009 | 615 | 83 | 335 | 15 | 111 | 42 | 151 | 1 | 5 | 22 | 6 | 3 | 7 | 0 | 0 | 0 | 26 | 77 | ||||||||||||||||||||
7/1/2009 | 403 | 32 | 225 | 4 | 90 | 4 | 68 | 8 | 4 | 11 | 10 | 1 | 6 | 4 | 0 | 0 | 8 | 33 | ||||||||||||||||||||
10/1/2009 | 453 | 60 | 314 | 12 | 77 | 28 | 34 | 1 | 13 | 12 | 12 | 3 | 1 | 4 | 2 | 0 | 9 | 32 | ||||||||||||||||||||
1/1/2010 | 683 | 279 | 525 | 47 | 87 | 209 | 57 | 8 | 8 | 10 | 2 | 2 | 2 | 3 | 2 | 0 | 7 | 85 | ||||||||||||||||||||
4/1/2010 | 577 | 93 | 439 | 54 | 79 | 16 | 42 | 3 | 8 | 16 | 6 | 2 | 1 | 2 | 2 | 0 | 11 | 42 | ||||||||||||||||||||
7/1/2010 | 255 | 40 | 158 | 18 | 34 | 2 | 43 | 4 | 8 | 10 | 10 | 3 | 1 | 3 | 1 | 0 | 8 | 61 | ||||||||||||||||||||
10/1/2010 | 238 | 59 | 150 | 27 | 16 | 16 | 30 | 3 | 19 | 7 | 17 | 1 | 4 | 4 | 2 | 1 | 33 | 72 | ||||||||||||||||||||
1/1/2011 | 444 | 300 | 243 | 69 | 105 | 210 | 55 | 7 | 13 | 2 | 16 | 5 | 6 | 4 | 6 | 3 | 22 | 15 | ||||||||||||||||||||
4/1/2011 | 189 | 96 | 100 | 60 | 33 | 16 | 24 | 6 | 22 | 9 | 2 | 3 | 7 | 1 | 1 | 1 | 5 | 40 | ||||||||||||||||||||
7/1/2011 | 94 | 126 | 37 | 53 | 9 | 49 | 29 | 4 | 16 | 12 | 2 | 5 | 0 | 2 | 1 | 1 | 13 | 1312 | ||||||||||||||||||||
10/1/2011 | 73 | 110 | 20 | 54 | 3 | 11 | 29 | 18 | 10 | 14 | 9 | 6 | 1 | 3 | 1 | 4 | 11 | 37 | ||||||||||||||||||||
1/1/2012 | 126 | 91 | 44 | 39 | 24 | 23 | 43 | 12 | 11 | 11 | 2 | 4 | 2 | 0 | 0 | 2 | 8 | 59 | ||||||||||||||||||||
4/1/2012 | 177 | 139 | 78 | 68 | 27 | 39 | 45 | 14 | 14 | 8 | 8 | 7 | 5 | 0 | 0 | 3 | 9 | 9 | ||||||||||||||||||||
7/1/2012 | 140 | 150 | 65 | 79 | 28 | 39 | 27 | 8 | 14 | 12 | 2 | 6 | 3 | 0 | 1 | 6 | 3 | 40 | ||||||||||||||||||||
10/1/2012 | 136 | 87 | 73 | 45 | 20 | 11 | 27 | 9 | 6 | 11 | 4 | 6 | 6 | 1 | 0 | 4 | 18 | 12 | ||||||||||||||||||||
1/1/2013 | 200 | 128 | 83 | 88 | 85 | 15 | 19 | 11 | 9 | 6 | 4 | 3 | 0 | 1 | 0 | 4 | 12 | 12 | ||||||||||||||||||||
4/1/2013 | 203 | 96 | 111 | 46 | 36 | 18 | 27 | 8 | 18 | 13 | 7 | 6 | 4 | 1 | 0 | 4 | 13 | 27 | ||||||||||||||||||||
7/1/2013 | 274 | 119 | 161 | 49 | 72 | 19 | 24 | 16 | 7 | 10 | 5 | 10 | 5 | 3 | 0 | 12 | 10 | 14 | ||||||||||||||||||||
10/1/2013 | 765 | 169 | 543 | 67 | 174 | 57 | 30 | 5 | 5 | 20 | 9 | 11 | 4 | 1 | 0 | 8 | 34 | 75 | ||||||||||||||||||||
1/1/2014 | 680 | 164 | 518 | 80 | 111 | 40 | 17 | 17 | 13 | 10 | 7 | 8 | 12 | 1 | 2 | 8 | 10 | 4 | ||||||||||||||||||||
4/1/2014 | 588 | 286 | 450 | 89 | 83 | 142 | 32 | 10 | 12 | 18 | 8 | 21 | 3 | 0 | 0 | 6 | 16 | 10 | ||||||||||||||||||||
7/1/2014 | 737 | 369 | 467 | 94 | 231 | 227 | 24 | 9 | 10 | 14 | 4 | 10 | 1 | 0 | 0 | 15 | 35 | 8 | ||||||||||||||||||||
10/1/2014 | 275 | 82 | 116 | 40 | 121 | 7 | 22 | 12 | 8 | 8 | 1 | 8 | 7 | 0 | 0 | 7 | 79 | 31 | ||||||||||||||||||||
1/1/2015 | 234 | 161 | 141 | 70 | 36 | 43 | 27 | 7 | 24 | 18 | 3 | 17 | 2 | 0 | 1 | 6 | 23 | 4 | ||||||||||||||||||||
4/1/2015 | 272 | 139 | 141 | 60 | 64 | 34 | 34 | 12 | 22 | 16 | 4 | 11 | 5 | 1 | 2 | 5 | 10 | 3 | ||||||||||||||||||||
7/1/2015 | 318 | 156 | 137 | 52 | 112 | 56 | 34 | 24 | 20 | 3 | 3 | 12 | 11 | 2 | 1 | 7 | 23 | 2 | ||||||||||||||||||||
10/1/2015 | 229 | 109 | 137 | 52 | 17 | 17 | 37 | 19 | 19 | 10 | 4 | 5 | 13 | 1 | 2 | 5 | 11 | 2 | ||||||||||||||||||||
1/1/2016 | 266 | 138 | 143 | 57 | 39 | 32 | 46 | 22 | 8 | 6 | 21 | 15 | 7 | 1 | 2 | 5 | 19 | 18 | ||||||||||||||||||||
4/1/2016 | 236 | 154 | 117 | 54 | 26 | 40 | 52 | 17 | 9 | 15 | 22 | 15 | 9 | 2 | 1 | 11 | 20 | 43 | ||||||||||||||||||||
7/1/2016 | 204 | 156 | 99 | 44 | 50 | 67 | 33 | 14 | 13 | 7 | 6 | 15 | 2 | 1 | 1 | 8 | 11 | 3 | ||||||||||||||||||||
10/1/2016 | 222 | 268 | 106 | 49 | 26 | 158 | 51 | 28 | 10 | 11 | 18 | 13 | 5 | 1 | 6 | 8 | 14 | 9 | ||||||||||||||||||||
1/1/2017 | 250 | 273 | 137 | 77 | 41 | 129 | 52 | 27 | 8 | 12 | 4 | 12 | 5 | 0 | 3 | 16 | 12 | 24 | ||||||||||||||||||||
4/1/2017 | 226 | 120 | 99 | 67 | 89 | 21 | 13 | 6 | 11 | 4 | 1 | 18 | 7 | 0 | 6 | 4 | 9 | 9 | ||||||||||||||||||||
7/1/2017 | 157 | 153 | 90 | 52 | 25 | 58 | 20 | 16 | 5 | 14 | 8 | 4 | 4 | 2 | 5 | 7 | 12 | 5 | ||||||||||||||||||||
10/1/2017 | 235 | 115 | 143 | 63 | 44 | 19 | 23 | 6 | 7 | 8 | 8 | 8 | 5 | 2 | 5 | 9 | 7 | 7 | ||||||||||||||||||||
1/1/2018 | 551 | 97 | 341 | 53 | 172 | 7 | 21 | 8 | 8 | 8 | 3 | 10 | 0 | 2 | 6 | 9 | 3 | 32 | ||||||||||||||||||||
4/1/2018 | 310 | 168 | 176 | 75 | 75 | 58 | 18 | 13 | 15 | 10 | 2 | 5 | 16 | 0 | 8 | 7 | 8 | 42 | ||||||||||||||||||||
7/1/2018 | 275 | 144 | 132 | 83 | 88 | 9 | 25 | 22 | 5 | 14 | 3 | 10 | 19 | 2 | 3 | 4 | 29 | 13 | ||||||||||||||||||||
10/1/2018 | 231 | 156 | 134 | 96 | 53 | 29 | 20 | 13 | 6 | 9 | 1 | 6 | 17 | 0 | 0 | 3 | 21 | 24 | ||||||||||||||||||||
1/1/2019 | 284 | 106 | 181 | 63 | 52 | 19 | 32 | 10 | 6 | 6 | 5 | 5 | 8 | 0 | 0 | 3 | 0 | 11 | ||||||||||||||||||||
4/1/2019 | 261 | 114 | 171 | 58 | 41 | 10 | 24 | 23 | 10 | 8 | 6 | 6 | 7 | 5 | 2 | 4 | 8 | 30 | ||||||||||||||||||||
7/1/2019 | 199 | 107 | 121 | 62 | 37 | 14 | 29 | 12 | 3 | 5 | 7 | 7 | 0 | 0 | 2 | 7 | 2 | 71 | ||||||||||||||||||||
10/1/2019 | 216 | 114 | 130 | 68 | 37 | 4 | 26 | 17 | 4 | 9 | 4 | 14 | 10 | 0 | 5 | 2 | 5 | 31 | ||||||||||||||||||||
1/1/2020 | 111 | 106 | 58 | 53 | 21 | 8 | 20 | 17 | 6 | 9 | 3 | 16 | 2 | 1 | 1 | 2 | 21 | 7 | ||||||||||||||||||||
4/1/2020 | 7 | 170 | 5 | 89 | 0 | 33 | 2 | 11 | 0 | 12 | 0 | 14 | 0 | 7 | 0 | 4 | 2 | 43 | ||||||||||||||||||||
7/1/2020 | 13 | 246 | 6 | 103 | 1 | 24 | 5 | 16 | 0 | 7 | 0 | 23 | 0 | 71 | 1 | 2 | 15 | 83 | ||||||||||||||||||||
10/1/2020 | 30 | 312 | 11 | 68 | 1 | 167 | 10 | 15 | 1 | 6 | 1 | 20 | 4 | 28 | 2 | 8 | 26 | 39 | ||||||||||||||||||||
1/1/2021 | 51 | 79 | 24 | 28 | 2 | 15 | 15 | 14 | 0 | 7 | 0 | 12 | 9 | 3 | 1 | 0 | 18 | 9 | ||||||||||||||||||||
4/1/2021 | 104 | 74 | 58 | 28 | 14 | 19 | 20 | 16 | 1 | 3 | 5 | 5 | 1 | 1 | 5 | 2 | 4 | 6 | ||||||||||||||||||||
7/1/2021 | 204 | 70 | 116 | 35 | 57 | 9 | 18 | 16 | 6 | 7 | 2 | 2 | 0 | 0 | 5 | 1 | 10 | 18 | ||||||||||||||||||||
10/1/2021 | 156 | 56 | 80 | 24 | 16 | 5 | 16 | 11 | 13 | 5 | 7 | 6 | 21 | 1 | 3 | 4 | 5 | 15 | ||||||||||||||||||||
1/1/2022 | 304 | 50 | 105 | 22 | 161 | 4 | 15 | 14 | 3 | 4 | 4 | 6 | 14 | 0 | 2 | 0 | 2 | 8 | ||||||||||||||||||||
4/1/2022 | 183 | 62 | 91 | 35 | 42 | 2 | 16 | 7 | 8 | 8 | 6 | 7 | 12 | 0 | 8 | 3 | 4 | 2 | ||||||||||||||||||||
7/1/2022 | 170 | 75 | 88 | 35 | 12 | 4 | 35 | 16 | 3 | 10 | 1 | 6 | 29 | 2 | 2 | 2 | 12 | 12 | ||||||||||||||||||||
10/1/2022 | 166 | 61 | 82 | 24 | 24 | 2 | 22 | 12 | 3 | 10 | 11 | 11 | 23 | 1 | 1 | 1 | 55 | 3 | ||||||||||||||||||||
1/1/2023 | 133 | 51 | 67 | 18 | 24 | 0 | 5 | 8 | 4 | 13 | 7 | 9 | 20 | 0 | 6 | 3 | 52 | 4 | ||||||||||||||||||||
4/1/2023 | 403 | 70 | 132 | 28 | 226 | 7 | 21 | 9 | 3 | 8 | 6 | 14 | 14 | 0 | 1 | 4 | 61 | 9 | ||||||||||||||||||||
7/1/2023 | 166 | 55 | 96 | 25 | 24 | 6 | 18 | 4 | 2 | 16 | 19 | 2 | 4 | 0 | 3 | 2 | 14 | 1 | ||||||||||||||||||||
10/1/2023 | 348 | 72 | 235 | 31 | 80 | 4 | 17 | 7 | 4 | 20 | 9 | 4 | 2 | 1 | 1 | 5 | 10 | 4 | ||||||||||||||||||||
1/1/2024 | 149 | 76 | 88 | 31 | 30 | 5 | 11 | 16 | 3 | 10 | 5 | 6 | 9 | 0 | 3 | 8 | 4 | 3 | ||||||||||||||||||||
4/1/2024 | 186 | 114 | 103 | 47 | 47 | 6 | 14 | 37 | 3 | 8 | 6 | 15 | 12 | 0 | 1 | 1 | 12 | 2 | ||||||||||||||||||||
Data as of June 30, 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. 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 |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.