...U.S. Economic Conditions Improve: State governments benefitted from revenue growth in 2014 as economic growth, credit conditions, lower energy prices and even job creation improved after a post recession lull. A positive rating drift returned to Fitch U.S. public finance rating activity, reversing the negative rating trend which began following the recession. Downgrades trailed upgrades in 2014, by a margin of 0.7 to 1, compared with the 2 to 1 ratio recorded in 2013. Ratings Stablity: The share of municipal ratings downgraded and upgraded was relatively low at 3.4% and 4.9% in 2014, respectively, with volume similar to 2013 when downgrades (4.9%) exceeded upgrades (2.5%). The overall majority of ratings ¡ 86.9% ¡ remained the same year over year, with 4.8% of security ratings withdrawn. Sector Moves: The tax-supported sector represents the majority - 57% - of Fitch public finance security ratings and thus led rating activity with largely even results ¡ 3.9% downgraded versus 4.1% upgraded....
