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% |
Source: Standard & Poors Global Ratings (PDF), May 2019
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% |
Source: Standard & Poors Global Ratings (PDF), April 2019
