Average One-Year Rating Transition Rates, 1970-2009, Municipals vs. Corporates
All Municipals
| From/To |
Aaa |
Aa |
A |
Baa |
Ba |
B |
Caa_C |
Default |
WR* |
| Aaa |
95.34% |
1.03% |
0.51% |
0.68% |
0.02% |
0.00% |
0.00% |
0.00% |
2.42 % |
| Aa |
0.59% |
95.28% |
1.85% |
0.15% |
0.02% |
0.00% |
0.00% |
0.00% |
2.12 % |
| A |
0.05% |
1.34% |
94.67% |
0.78% |
0.03% |
0.01% |
0.00% |
0.00% |
3.12% |
| Baa |
0.14% |
0.10% |
2.27% |
92.65% |
0.34% |
0.04% |
0.01% |
0.01% |
4.46% |
| Ba |
0.04% |
0.34% |
0.31% |
5.94% |
83.64% |
2.72% |
0.48% |
0.22% |
6.30% |
| B |
0.00% |
0.22% |
0.30% |
1.82% |
6.88% |
75.31% |
4.50% |
3.51% |
7.44% |
| Caa_C |
0.00% |
0.00% |
0.09% |
0.65% |
2.60% |
3.64% |
76.30% |
6.72% |
10.01% |
Global Corporates
| From/To |
Aaa |
Aa |
A |
Baa |
Ba |
B |
Caa |
Default |
WR* |
| Aaa |
87.65% |
8.48% |
0.61% |
0.01% |
0.03% |
0.00% |
0.00% |
0.00% |
3.22% |
| Aa |
1.01% |
82.26% |
7.82% |
0.34% |
0.05% |
0.02% |
0.01% |
0.02% |
4.47% |
| A |
0.06% |
2.78% |
87.05% |
5.21% |
0.48% |
0.09% |
0.03% |
0.05% |
4.24% |
| Baa |
0.04% |
0.19% |
4.65% |
84.40% |
4.20% |
0.79% |
0.20% |
0.17% |
5.35% |
| Ba |
0.01% |
0.06% |
0.38% |
5.66% |
75.74% |
7.25% |
0.61% |
1.13% |
9.16% |
| B |
0.01% |
0.04% |
0.13% |
0.35% |
4.81% |
73.50% |
6.35% |
4.37% |
10.43% |
| Caa_C |
0.00% |
0.02% |
0.02% |
0.14% |
0.42% |
7.53% |
62.32% |
16.71% |
12.83% |