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How Did Our Ratings Perform During 2020

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China's Bond Market--The Last Great Frontier

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Credit Trends: The Cost Of A Notch: During COVID-19, The Cost Of Falling To Speculative-Grade Reached A New High

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How Did Our Ratings Perform During 2020

  • During the COVID-19-led global recession, our corporate ratings performed as designed.
  • The number of defaults rose, but all entities that defaulted in 2020 began the year rated speculative grade--and 94% with a rating in the ‘B’ category or lower. 
  • Default and downgrade rates were in line with the rank ordering of our ratings, with higher default and downgrade rates among the lower ratings, and vice versa. 
  • Annual stability rates displayed positive rank ordering in 2020, and most ratings had stability rates above their long-term averages.

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Click here to read a review of how S&P Global Ratings’ credit ratings performed over 2020 >