Positive rating momentum accelerated in 1Q24 for the U.S. Public Finance (USPF) sector, which saw upgrades strongly outpace downgrades. Fitch Ratings upgraded 45 USPF ratings and downgraded 13 during the quarter, compared to 35 and 20, respectively, in 4Q23. Upgrades represented approximately 4.2% of rating activity in the quarter, while downgrades represented approximately 1.2%. Three of eight USPF 2024 sector outlooks are deteriorating, with the remaining two at neutral relative to 2023.
Wed 17 Apr, 2024