Overall credit quality remained positive, but upgrades and downgrades were relatively more balanced across USPF last year. S&P Global Ratings raised 743 USPF ratings (42 housing and 701 nonhousing) and lowered 491 (8 housing and 483 nonhousing), compared with 1,157 upgrades and 257 downgrades in 2023. Eight USPF obligors rated by S&P Global Ratings defaulted in 2024, up from four in 2023. For historical context, from 2014 to 2024 average defaults per year were 9.4. This compares to 2004 to 2014 where average defaults per year were 6.7. The overall default rate in 2024 was 0.03%, up very slightly from 0.02% in 2023. In 2024, three sectors had more downgrades than upgrades: health care, utilities, and charter schools (see tables
