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Global credit ratings remain resilient, despite market turmoil fueled by unexpected monetary policy actions. Primary issuance remains subdued, and credit spreads are widening. Upgrades outpaced downgrades last week, aided by strong financial performances from media and entertainment issuers, some which continue to benefit from a post-pandemic bounce. Revlon Inc. filed for Chapter 11 Bankruptcy last week, pushing the global default tally to 34,with year-to-date defaults approximately one-quarter of 2021 levels. No respite for markets this week as the gap between year-to-date 2021 and 2022 global issuance volumes further widened to 22% below last year levels. U.S. and European speculative-grade credit spreads widened to over 500 basis points.
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