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Muni-Bond Downgrades Top Upgrades for First Time Since 2014

  • Moody’s downgraded 309 municipal borrowers last year
  • New York-related credits made up largest share of rating cuts

Municipal-bond rating downgrades exceeded upgrades last year for the first time since 2014, according to Moody’s Investors Service.

There were 309 downgrades compared with 296 upgrades in 2020, Moody’s said in an emailed report. The cuts affected $215.2 billion, or about 84% of the total debt affected by rating changes last year. About $42.1 billion of debt saw higher ratings, according to the report.