US Municipal and Corporate Transition Rates

United States Public Finance Average One-Year Transition Rates (1986-2018) Excluding housing

All Municipals

S&P Rating From/To AAA AA A BBB BB B CCC/C D NR*
AAA 97.14% 1.13% 0.03% 0.01% 0.00% 0.00% 0.01% 0.00% 1.68%
AA 0.69% 93.72% 1.22% 0.03% 0.00% 0.00% 0.00% 0.00% 4.34%
A 0.01% 3.09% 90.82% 0.91% 0.04% 0.02% 0.01% 0.00% 5.09%
BBB 0.00% 0.13% 5.59% 86.36% 1.12% 0.16% 0.11% 0.01% 6.52%
BB 0.00% 0.00% 0.63% 6.53% 78.73% 3.66% 1.54% 0.39% 8.52%
B 0.00% 0.25% 0.51% 2.65% 6.70% 69.91% 7.08% 1.77% 11.13%
CCC/C 0.00% 0.00% 1.01% 0.50% 1.76% 6.55% 55.67% 20.15% 14.36%

One-Year Global Corporate Average Transition Rates (1981-2018)

Global Corporates

S&P Rating From/To AAA AA A BBB BB B CCC/C D NR*
AAA 86.99% 9.12% 0.53% 0.05% 0.08% 0.03% 0.05% 0.00% 3.15%
AA 0.50% 87.06% 7.85% 0.49% 0.05% 0.06% 0.02% 0.02% 3.94%
A 0.03% 1.69% 88.17% 5.16% 0.29% 0.12% 0.02% 0.06% 4.48%
BBB 0.01% 0.09% 3.42% 86.04% 3.62% 0.46% 0.11% 0.17% 6.10%
BB 0.01% 0.03% 0.11% 4.83% 77.50% 6.65% 0.55% 0.65% 9.67%
B 0.00% 0.02% 0.08% 0.17% 4.93% 74.53% 4.42% 3.44% 12.41%
CCC/C 0.00% 0.00% 0.11% 0.20% 0.59% 13.21% 43.51% 26.89% 15.50%