DALLAS — Downgrades outnumbered upgrades for the sixth consecutive quarter during the April to June period, according to a report released Thursday by Fitch Ratings.
The downgrade of 44 tax-supported credits in the second quarter matched the record set in the fourth quarter of 2009, the rating agency said. Only 18 tax-supported credits were upgraded in the Fitch scale. Among all sectors, the ratio was 57 downgrades to 36 upgrades. Negative outlooks outnumbered positive ones by 246 to 58, but the total number of negative outlooks was down from 305 in the first quarter.