Daily News: July 29, 2013

Moody’s: Q2 Public Finance Downgrades Outpace Upgrades

Moody’s reported that rating downgrades during the second quarter of 2013 continued to make up approximately four fifths of public finance rating changes.

Moody’s said that out of 264 rating changes during the quarter, 219 were downgrades, a percentage essentially unchanged from the previous quarter.

“We expect the high pace of downgrades to continue in 2013 for most sectors,” says Moody’s assistant vice president Eileen Hawes. “Although the U.S. economy overall continues to indicate a trend of slow recovery, there are regional and intra-regional differences in the pace of recovery, and revenue and budgetary challenges remain for many entities.”

To read Moody’s news release click here.