NEW YORK--(BUSINESS WIRE)-- Fitch Ratings notes that during the second quarter of 2012 and for the 14th consecutive quarter, U.S. public finance rating downgrades outnumbered upgrades. Both the number of upgrades and downgrades increased from first quarter 2012.
Downgrades still account for a small percentage of total public finance rating actions. Fitch downgraded 58 credits, which represented approximately 6% of all rating actions and $13.5 billion in par value. In the first quarter of 2012, Fitch downgraded 45 credits. Fitch upgraded 27 credits, which represented approximately 3% of all rating actions and $3.7 billion in par value. In the first quarter of 2012, Fitch upgraded 23 credits.
The vast majority of rating actions (83%) in the second quarter were affirmations. Furthermore, 88% of ratings had a Stable Rating Outlook at the end of the second quarter.
The full report 'U.S. Public Finance Rating Actions for Second Quarter 2012' summarizes these rating actions by sector and can be found at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research: U.S. Public Finance Rating Actions Second Quarter 2012
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Source: Fitch Ratings