S&P

Credit rating agencies have done relatively few credit downgrades.

Associate Director, S&P Global Ratings

Over the last four years, Moody’s and S&P Global have both acquired climate data analysis firms in an effort to provide more depth to the environmental portion of the ESG ratings.

S&P conducted its review of Assured Guaranty and views the firm's approach to writing business in current market conditions as well thought out and measured.

Build America Mutual's underwriting and risk-management guidelines have an insured portfolio that does not reflect the overall U.S. municipal market and may perform better in a stressful economic scenario, S&P said.

The $16 million, small-denomination offering, to finance projects with climate and environmental benefits. is modeled after World War II Series E bonds.

So far this year, the bond insurance industry is on a better pace than it was last year. As of May 9, both Assured Guaranty and Build America Mutual have accounted for $7.30 billion in 563 deals, up from the $5.99 billion spanning 490 transactions as of May 9, 2019.

The historic nature of how ratings for municipal issuers play out in times of severe volatility is under scrutiny from various market participants.

The rating agency delivered the latest coronavirus-related hit to the city's ratings by cutting its outlook. The city's GO bonds were affirmed at AA.

S&P cited the state's growing structural budget gap resulting from an oil price plunge.