Default Study: 2017 U.S. Public Finance Transportation Default Study And Rating Transitions

Source: S&P Global Ratings, November 19, 2018
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Although ratings in the U.S. public finance (USPF) transportation sector tend to be lower than in other areas of U.S. municipal finance, the sector is among the most stable. In addition, transportation ratings are less likely than other USPF ratings to be raised, reflecting economic and competitive pressures.