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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
|---|
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Fitch: U.S. Public Finance Downgrades Up Slightly During 4Q'10; Negative Trends to Persist |
Fitch Ratings - New York - January 31, 2011
Fitch Ratings notes that during the fourth quarter of 2010 (4Q'10) and for the eighth consecutive quarter, U.S. public finance rating downgrades outnumbered upgrades.
This trend in public finance ratings is expected to continue as Negative Rating Outlooks exceeded Positive Rating Outlooks (4.2:1) and Negative Rating Watches still outweighed Positive Rating Watches (5.3:1) in 4Q'10. However, a majority of the actual rating actions during the fourth quarter, or 74.0%, were affirmations, with no change in Rating Outlook or Rating Watch status. Furthermore, 91.0% of ratings had a Stable Rating Outlook at the end of the fourth quarter.
During 4Q'10, Fitch's U.S. public finance group downgraded 46 ratings totaling $29.2 billion in par value while upgrading 20 ratings with a par value of $9.5 billion. The downgrade to upgrade ratio by rating changes was 2.3:1, increased from 1.3 in the prior quarter. On a par value basis, the downgrade to upgrade ratio of 3.07:1 was up from the prior quarter ratio of 1.04:1.
The number of ratings with Negative Outlooks at the end of 4Q'10 decreased to 231 from 251. The number of ratings with Positive Outlooks increased to 55 from 52. There was a decrease in the ratio of Negative Outlooks to Positive Outlooks to 4.2:1 from 4.8:1. There were 16 ratings on Rating Watch Negative versus 25 in the prior quarter, and only three on Rating Watch Positive at the end of 4Q'10, down from five in the prior quarter.
The bulk of the downgrades by par value occurred in the tax-backed sector, the largest of which was the downgrade of Chicago general obligation bonds to 'AA-' from 'AA'. The bulk of the upgrades by par value occurred in the healthcare sector; the largest of these by par value was the upgrade of Clarian Health Obligated Group hospital revenue bonds to 'AA-' from 'A+'.
The full report 'U.S. Public Finance Rating Actions for Fourth Quarter 2010' summarizes these rating actions by sector and can be found at 'www.fitchratings.com'.
Contact:
Sarah Repucci
Senior Director
+1-212-908-0726
Fitch, Inc.
One State Street Plaza
New York, NY 10004
Eric Friedland
Managing Director
+1-212-908-0632
Media Relations: Cindy Stoller, New York, Tel: +1 212 908 0526, Email: cindy.stoller@fitchratings.com.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research: U.S. Public Finance Rating Actions for Fourth-Quarter 2010
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
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