A GeoFacet of Credit Quality

In previous work with Skip Krueger, we conceptualized bond ratings as a multiple rater problem and extracted measure of state level creditworthiness. I had always had it on my list to do something like this and recently ran across a package called geofacet that makes it simply to easy to do. So here goes. The code is below the post.

library(haven)
library(dplyr)
Pew.Data <- read_dta(url("https://github.com/robertwwalker/academic-mymod/raw/master/data/Pew/modeledforprediction.dta"))
library(tidyverse)
load(url("https://github.com/robertwwalker/academic-mymod/raw/master/data/Pew/Scaled-BR-Pew.RData"))
state.ratings <- data.frame(state_name=Pew.Data$state, statefips=Pew.Data$statefips, year=Pew.Data$fyear, BR.Data)
state.ratings.long <- tidyr::gather(state.ratings, sampleno, value, -statefips, -year, -state_name)
state.SE <- state.ratings.long %>% group_by(state_name,year) %>% summarise(Credit.Quality=mean(value), t1=quantile(value, probs=0.025), t2=quantile(value, probs=0.975))
fips <-  data.frame(
stringsAsFactors = FALSE,
state_name = c("Alabama","Alaska","Arizona",
         "Arkansas","California","Colorado","Connecticut",
         "Delaware","Florida","Georgia","Hawaii","Idaho",
         "Illinois","Indiana","Iowa","Kansas","Kentucky","Louisiana",
         "Maine","Maryland","Massachusetts","Michigan",
         "Minnesota","Mississippi","Missouri","Montana","Nebraska",
         "Nevada","New Hampshire","New Jersey","New Mexico",
         "New York","North Carolina","North Dakota","Ohio",
         "Oklahoma","Oregon","Pennsylvania","Rhode Island",
         "South Carolina","South Dakota","Tennessee","Texas","Utah",
         "Vermont","Virginia","Washington","West Virginia",
         "Wisconsin","Wyoming","American Samoa","Guam",
         "Northern Mariana Islands","Puerto Rico","Virgin Islands"),
state = c("AL","AK","AZ","AR","CA",
                "CO","CT","DE","FL","GA","HI","ID","IL","IN","IA",
                "KS","KY","LA","ME","MD","MA","MI","MN","MS",
                "MO","MT","NE","NV","NH","NJ","NM","NY","NC","ND",
                "OH","OK","OR","PA","RI","SC","SD","TN","TX",
                "UT","VT","VA","WA","WV","WI","WY","AS","GU","MP",
                "PR","VI"),
fips = c("01","02","04","05","06",
         "08","09","10","12","13","15","16","17","18","19",
         "20","21","22","23","24","25","26","27","28",
         "29","30","31","32","33","34","35","36","37","38",
         "39","40","41","42","44","45","46","47","48",
         "49","50","51","53","54","55","56","60","66","69",
         "72","78"))  
Res1 <- left_join(state.SE, fips, by=c("state_name" = "state_name"))
Res1 %>% ggplot(., aes(x=year, y=Credit.Quality, group=state)) +
  geom_pointrange(aes(ymin=t1, ymax=t2, colour=state, fill=state), alpha=0.1) + 
  geom_line(aes(colour=state)) +
  guides(color="none", fill="none") +
  facet_geo(~ state) +
  theme_minimal() + 
  theme(axis.text.x = element_text(size=4, angle=45), axis.text.y = element_text(size=6)) + labs(title="Credit Quality in the US States")