Fitch Ratings downgraded nearly six times more public-finance debt value than it upgraded in 2011. This indicates deterioration in U.S. public finance ratings from 2010, when Fitch downgraded twice as much par value as it upgraded.
Both statistics come from Fitch’s “U.S. Public Finance Rating Actions 2011” report, released Tuesday. The deterioration in ratios measuring rating actions was not as great as it was for par values. While 2010 had a ratio of downgrades to upgrades of 1.6 to 1, 2011 had a ratio of 2.1 to 1.