Report title: U.S. Public Finance First-Quarter 2009 Rating Revisions
from Moody's Global Credit Research
29 page (14080 word) report published Apr 22, 2009

Price $550.00 available for immediate download
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...Trends in U.S. municipal ratings remained negative in the first quarter of 2009, extending the weakening that began in the third quarter of 2008, when the building effects of the national recession began putting downward pressure on all public finance sectors. The ratio of municipal scale upgrades to downgrades deteriorated to 0.8 to1, from the fourth quarter's 1.1 to 1. The most recent quarter marked a low point for this ratio, falling below the 1.1 to 1 set in the first quarter of 2003 following the last recession. The ratio of upgrades to downgrades based on affected par value also weakened further, falling to 0.1 to 1 from the fourth quarter's 0.7 to 1. The state of California was the most prominent issuer downgraded during the first quarter and was the primary reason for the substantial increase in the dollar amount of debt downgraded. The state's general obligation rating was lowered on March 19 to A2 from A1. This rating action affected approximately $56 billion of general obligation...

Report Type: Special Comment
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