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Only one of eight sectors (higher education) in ���������ֳ�’ U.S. public finance (USPF) portfolio has a ‘deteriorating’ sector outlook for 2025, indicating our expectation that credit pressures will worsen this year, given uneven enrollment dynamics and continuing margin pressures. Two sectors (not-for-profit hospitals and life plan communities) have improved to ‘neutral’ this year, from ‘deteriorating’ last year. The outlooks for states and local governments, community development & social lending, public power, water & sewer and transportation continue to be ‘neutral,’ as they were in 2023.