2017 Annual U.S. Public Finance Default Study And Rating Transitions

Source: S&P Global Ratings, May 8, 2018

U.S. public finance (USPF) bonds rated by S&P Global Ratings defaulted at their second-highest rate on record and established a new high for the number of defaults in 2017. The overall default rate of 0.09% resulted largely from 14 defaults in Puerto Rico, compared with just six in other parts of the U.S.