Key Takeaways
- There were more than 2,700 rating actions across USPF through Dec. 31, 2025.
- Upgrades outpaced downgrades in the states, housing, education, transportation, and not-for-profit sectors.
- Downgrades outpaced upgrades in the public power, local governments, charter schools, health care, and utilities sectors.
- While upgrades exceeded downgrades, unfavorable outlook revisions exceeded favorable outlook revisions year-to-date.
12-Jan-2026 | 13:06 EST