Summary
- First quarter of 2026 rating actions, via Moody’s look positive on the surface, but the adjusted count is only 96 upgrades to 90 downgrades.
- Credit pressure is concentrated in the K-12 and higher-education sectors, which is why selection and positioning in higher quality issues matter more now.
- Strong credit profiles matter as the cycle turns, separating issuers that can absorb pressure from those that cannot.
advisorhub.com
by Tom Kozlik, HilltopSecurities
May 20, 2026