In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions.)
Key Takeaways
- There were more than 1,330 rating actions across USPF through June 30, 2026.
- Upgrades outpaced downgrades in the states, public power, not-for-profit, health care, housing, and transportation sectors.
- Downgrades outpaced upgrades in the local governments, education, charter schools, and utilities sectors.
- Unfavorable outlook revisions exceeded favorable outlook revisions year-to-date.
10-Jul-2026 | 12:15 EDT