August 6, 2013 > U.S. Public Finance Rating Changes Showed Increasing Sector Strength
U.S. Public Finance Rating Changes Showed Increasing Sector Strength
Submitted By Standard & Poor's Ratings Services
Standard & Poor's Ratings Services said in a report published July 30, 2013 that, as the economy has continued to expand, albeit at a slow pace by historical standards, the credit quality of U.S. public finance obligors has held up and, in fact, has strengthened as the year has progressed. This strength is reflected in the accelerated rate of upgrades relative to downgrades in the sector.
The report, "Positive Rating Trends In U.S. Public Finance Accelerated During The Second Quarter Of 2013," notes that, while the seven defaults during the quarter were a higher number than normal, five of them were from one obligor, Detroit.
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