United States Public Finance Average One-Year Transition Rates (1986-2017) Excluding housing
All Municipals
| S&P Rating From/To | AAA | AA | A | BBB | BB | B | CCC/C | Default | NR* |
|---|---|---|---|---|---|---|---|---|---|
| AAA | 97.31% | 1.04% | 0.03% | 0.01% | 0.00% | 0.00% | 0.01% | 0.00% | 1.60% |
| AA | 0.69% | 93.64% | 1.24% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 4.41% |
| A | 0.01% | 3.09% | 90.79% | 0.92% | 0.04% | 0.02% | 0.01% | 0.00% | 5.11% |
| BBB | 0.00% | 0.10% | 5.51% | 86.46% | 1.10% | 0.16% | 0.11% | 0.01% | 6.55% |
| BB | 0.00% | 0.00% | 0.69% | 6.48% | 78.24% | 3.65% | 1.71% | 0.43% | 8.81% |
| B | 0.00% | 0.27% | 0.54% | 2.82% | 6.97% | 69.84% | 7.24% | 1.88% | 10.46% |
| CCC/C | 0.00% | 0.00% | 1.07% | 0.53% | 1.60% | 6.93% | 26.27% | 21.33% | 12.27% |
Source: Standard & Poors Global Ratings (PDF), May 2018
One-Year Global Corporate Average Transition Rates (1981-2016)
Global Corporates
| S&P Rating From/To | AAA | AA | A | BBB | BB | B | CCC/C | Default | NR* |
|---|---|---|---|---|---|---|---|---|---|
| AAA | 87.05% | 9.03% | 0.53% | 0.05% | 0.08% | 0.03% | 0.05% | 0.00% | 3.17% |
| AA | 0.52% | 86.82% | 8.00% | 0.51% | 0.05% | 0.07% | 0.02% | 0.02% | 3.99% |
| A | 0.03% | 1.77% | 87.79% | 5.33% | 0.32% | 0.13% | 0.02% | 0.06% | 4.55% |
| BBB | 0.01% | 0.10% | 3.51% | 85.56% | 3.79% | 0.51% | 0.12% | 0.18% | 6.23% |
| BB | 0.01% | 0.03% | 0.12% | 4.94% | 76.98% | 6.92% | 0.61% | 0.72% | 9.63% |
| B | 0.00% | 0.03% | 0.09% | 0.19% | 5.15% | 74.26% | 4.46% | 3.76% | 12.06% |
| CCC/C | 0.00% | 0.00% | 0.13% | 0.19% | 0.63% | 12.91% | 43.97% | 26.78% | 15.39% |
Source: Standard & Poor Global Ratings (PDF), April 2017
