Fitch downgraded 36 credits, which represented approximately 3.8% of all rating actions and
The number of downgrades was less than upgrades by a ratio of 0.8:1. Downgrades exceeded upgrades by 1.8:1 in the prior quarter. The downgrade to upgrade ratio by par value decreased dramatically to 0.9:1, from 25:1 in the prior quarter, when the par amount of downgrades was unusually large.
The number of Negative Rating Outlooks (208) continued to exceed the number of Positive Rating Outlooks (66), resulting in a 3.2:1 ratio at the end of the second quarter. A majority of the rating actions (87%) during the second quarter were affirmations, with no change in Rating Outlook or Rating Watch status. Furthermore, 92% 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 2014' summarizes these rating actions by sector and can be found at 'www.fitchratings.com'.
Additional information is available at 'www.fitchratings.com'.
Source: Fitch Ratings
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