Public finance rating downgrades by Fitch Ratings continued to outnumber upgrades during the fourth quarter of 2012.

From October to December Fitch downgraded 41 ratings and upgraded 15 ratings, making it the 16th consecutive quarter where public finance downgrades exceeded upgrades. The total amount of rating actions was down from the prior quarter, when Fitch downgraded 54 credits and upgraded 22 credits.

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