US Municipal and Corporate Transition Rates

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%

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%