...Upgrades Outnumbered Downgrades: During 3Q15, and for the sixth straight quarter, U.S. public finance rating upgrades outnumbered downgrades. There were 42 upgrades and 17 downgrades across all U.S. public finance sectors. The number of upgrades increased from 36 in 2Q15. The number of downgrades decreased from 18 in the prior quarter. Upgraded Par Amount Exceeded Downgrades: Fitch Ratings downgraded 17 credits, which represented approximately 2.2% of all rating actions and $11.6 billion in par value. The 42 credit upgrades represented 5.5% of all rating actions and $19.4 billion in par value. Major Downgrades in Illinois: Roughly $9.4 billion of debt was downgraded this quarter between the Chicago Board of Education GO unlimited tax bonds (downgraded to `BB+' from `BBB¡') and Metropolitan Pier and Exposition Authority (MPEA) special tax revenue bonds (downgraded to `BBB+' from `AA¡'). Both credits have a Negative Rating Outlook. Combined, both downgrades represented 81% of all downgrades...
