The second quarter of 2012 had the highest quarterly number of US public finance downgrades of the last 10 years as significant financial pressure was present across all public finance sectors, says Moody"s Investors Service in its quarterly report on rating activity, which also captured rating activity for the first half of the year.

"About half of the downgrades in the quarter affected the debt of cities and school districts with many of these in California and Michigan," said Moody"s AVP-Analyst Dan Steed, author of the report, "US Public Finance Rating Revisions for Q2 2012."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.