...Stable U.S. economic growth in 2015 supported revenue growth and stability in U.S. Public Finance. For the second time since 2008, annual upgrades exceeded downgrades. For all U.S. public finance sectors in aggregate, the number of upgrades and downgrades decreased in 2015 from 2014. Downgrades: There were 65 downgrades in 2015 versus 142 downgrades in 2014. Downgrades represented 1.9% of all rating actions and the par value totaled $133.9 billion. Upgrades: Upgrades totaled 148 in 2015, down from 183 in 2014. Upgrades represented 4.4% of all rating actions and the par value totaled $140.1 billion. Downgrade-to-Upgrade Ratios Decline: The annual downgrade to upgrade ratio by rating action was 0.4:1, decreased from 0.8:1 in 2014, and was at its lowest level since 2007. The downgrade to upgrade ratio by par was 0.96:1, decreased from 2.1:1 in 2014. Outlooks Shift to Positive: The share of U.S. public finance securities with a Negative Rating Outlook decreased to 3.2% at year-end 2015 from...
