https://www.spglobal.com/ratings/en/144https://www.spglobal.com/ratings/_division-assets/logos/sp_logo.png1442025Sun, 19 Apr 2026 05:19:00 GMThttps://www.spglobal.com/ratings/en/indexS&P Global Ratings Podcast. Tune in for S&P Global Ratings analysts' opinions on trends and events that affect the global markets and your investment decisions. Download the S&P Global Ratings Podcast to any portable audio device or your desktop. Make the most of your time and stay on top of important business developments around the world. Listen in!Crownpeak RSS Engineen_USSun, 19 Apr 2026 05:19:00 GMTRatings_Content_Management@spglobal.com1440TWed, 25 Mar 2026 13:20:00 GMTenhttps://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2<![CDATA[ 25 Mar, 2026 Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related articles: Scenario And Sensitivity Analysis: Credit Implications Of The Middle East War Credit Conditions Special Update: Conflict In Middle East Casts New Light On Established Risks ]]>Leveraged Finance & High Yield, Leveraged FinanceWed, 25 Mar 2026 13:20:00 GMThttps://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e200:01:00<![CDATA[ Private Markets Solutions ]]><![CDATA[ Bring transparency and clarity to private markets with S&P Global Ratings’ independent credit opinions supporting investors, funds and capital providers. ]]>Solution Page<![CDATA[ Private Markets Solutions Private (Credit) Markets Solutions to encompass ratings of funds, fund finance – fund-level credit facilities, investment vehicles. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview At S&P Global Ratings our independent opinions on creditworthiness take a holistic view of the totality of private market participants – solutions for Private Equity Firms and Multi-strategy Funds, General Partners, and Limited Partners as well as the institutions providing funding solutions for them, including banks, insurance companies, and specialist funds. These can encompass rating the Asset Manager as well as their Subscription Lines, Net Asset Value lines, Feeder Funds plus securitizations, and more esoteric structures. Use Cases Learn more about how S&P Global Ratings Private Markets can benefit you. Ratings required for regulatory reasons: As insurance investors become more active in the private credit space, any solutions targeted to them such as Feeder Funds and NAV Loans will require ratings due to regulatory (NAIC) reasons. Additionally in light of the Basel regime, Banks may need ratings for regulatory capital relief. Ratings support fund raising and investor communication at every level for issuers: As market conditions evolve, greater transparency provided by our ratings can attract a broader investor base, enhance marketability, potentially resulting in a cheaper cost of funds. Investors gain valuable insights on risk from the leading credit rating provider: Expanding participation by new and existing investor groups into the opportunities provided by private markets solutions has increased the need for prudent investor diligence. Our unparalleled coverage across all asset classes and expansive understanding of credit markets could inform investors’ risk management. Arrangers can leverage our ratings and insights to support an efficient funding process: As the private markets continue to grow and innovate, and the regulatory environment evolves, our independent opinions on credit risk may provide necessary clarity to enable broader distribution of debt. Discover Private Markets Solutions Download our private debt markets brochure to discover how S&P Global Ratings' independent creditworthiness opinions can help provide private debt market participants with greater access to capital and potentially lower costs of funds. Download Now Related Products View All Let's Get Started Get in touch with our team to learn more about Private Market solutions. Talk to Us Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Private Markets Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/private-markets<![CDATA[ Private Markets Solutions ]]>00:01:00<![CDATA[ Ratings ]]><![CDATA[ Clarify your creditworthiness and support critical financial decisions with S&P Global Ratings’ independent credit ratings and forward‑looking insights. ]]>Solution Page<![CDATA[ Ratings Clarify your creditworthiness and sharpen your financial strategy. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview In today’s dynamic markets, businesses need to clearly communicate their financial position, navigate uncertainty, and make confident decisions about funding, risk, and strategy. Yet many organizations face challenges in understanding how they are perceived by the market, how strategic moves could affect creditworthiness, or how to access capital efficiently –especially in evolving environments. With S&P Global Ratings, our renowned methodologies and deep sector, sovereign, and local market knowledge help turn complex credit risk questions into clear, actionable insights. Whether you're raising capital, planning a major transaction, or comparing financing options, our consistent, independent assessments enhance transparency, improve comparability, and empower decision making. Use Cases Learn more about how credit ratings solutions can provide insight. Raising Capital: Enhance your ability to access capital by communicating your creditworthiness effectively and appealing to a broader range of investors, whether global or local. An independent assessment of your creditworthiness may help to optimize funding costs, diversify funding mix, and secure better financing terms. Gain broader access to capital markets & improve financing terms with a Credit Rating. Anticipate Credit Impact Before You Act: Gain forward-looking insights into how strategic decisions – such as changes in capital structure or ownership – could impact your creditworthiness before taking action, helping you refine decisions and optimize financial outcomes. Start scenario planning with a Rating Evaluation Service (RES) or a Counterparty Instrument Rating (CIR). Navigate Transaction Funding with Greater Confidence: Gain clarity on your post-transaction creditworthiness with a Preliminary Rating or RES ahead of a transformative event, such as an acquisition or restructuring, helping you to raise capital with confidence and engage investors more effectively. Understanding Credit Risks: Uncover defined credit risks, whether related to local or foreign currency exposure (foreign currency credit rating), specific financial instruments or obligations, or an insurer’s capacity (insurer financial strength rating) to meet claims. Related Products View All Let's get started Speak with our team of experts to learn more about credit ratings solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Credit Ratings solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/ratings<![CDATA[ Ratings ]]>00:01:00<![CDATA[ Assessments ]]><![CDATA[ Evaluate credit, liquidity and sustainability risks with S&P Global Ratings’ independent assessments, supporting informed decisions when ratings are not available. ]]>Solution Page<![CDATA[ Assessments Support critical financial decisions and engage stakeholders with independent assessments of credit, liquidity, and sustainability. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Many businesses face challenges when trying to assess the creditworthiness of their partners, counterparties, and potential investments — especially when they lack formal credit ratings. S&P Global Ratings provides independent, objective assessments that deliver actionable insights into these critical areas, helping businesses make informed decisions. Our suite of assessments offer deep analysis into creditworthiness, liquidity, operational performance measurements, and sustainability, enabling businesses to identify risks and opportunities more effectively. Our assessments span a wide range of needs from evaluating creditworthiness and liquidity, to understanding climate transition progress and asset manager practices. With our broad experience across industries and markets, these assessments can be used to help navigate financial complexities, manage risk, and communicate effectively with investors and stakeholders. Use Cases Learn more about how assessments solutions can benefit you. Evaluate Creditworthiness: Gain a confidential, point in time evaluation of an unrated entity or proposed financing structuring in both public and private markets with a credit estimate, private credit analysis, or a credit assessment. This type of assessment is not considered a credit rating. Liquidity and Financial Stability: Obtain an analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets with a liquidity assessment and respond quickly to changing credit conditions. Climate Transition Planning: Understand and communicate your current position and expected path with a climate transition assessment, helping align internal planning and external stakeholder expectations. Manage Operational Risk: Assess your companies’ ability to handle complex demands, operational practices, and performance in asset management, with either a servicer evaluation, U.S. residential mortgage originator or an asset manager practices classification, highlighting strengths and risks to support better oversight. Related Products View All Let's Get Started Get in touch with our team to learn more about Assessments solutions. Talk to an Expert Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Assessments solutions Please it out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/assessments<![CDATA[ Assessments ]]>00:01:00<![CDATA[ Sustainable Finance ]]><![CDATA[ Demonstrate credibility and transparency in sustainable financing with S&P Global Ratings’ independent opinions, assessments and Shades of Green approach. ]]>Solution Page<![CDATA[ Sustainable Finance Demonstrate your company’s readiness to obtain sustainability or transition financing. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Sustainable finance is not only about financing activities and investments that are already compatible with a low-carbon, climate resilient future, considered "green," and aligned with the Paris Agreement. It is also about financing activities and investments that are not yet compatible with a low-carbon, climate resilient future but contribute to a reduction of greenhouse gas emissions. S&P Global Ratings offers independent, transparent assessments at both entity and financing level, backed by the award- winning Shades of Green approach, which provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Use Cases Alignment to Relevant Market Principles: Demonstrate to stakeholders that your sustainability objectives are aligned to relevant market principles (such as ICMA, LMA, EU Taxonomy, European Green Bond Regulation). Financing – Debt: Navigate access to the public and private sustainable debt markets. Obtaining a Green Designation on Stock Exchanges: Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement: Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications: Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Related Products View All Let's get started Get in touch with our team to learn more about Sustainable Finance solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Sustainable Finance solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/sustainable-finance<![CDATA[ Sustainable Finance ]]>00:01:00<![CDATA[ Digital Assets ]]><![CDATA[ Navigate digital and decentralized finance with confidence using S&P Global Ratings’ independent risk analysis and insights bridging digital assets and traditional markets. ]]>Solution Page<![CDATA[ Digital Assets Foundational insights and risk assessments for digital markets. ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights Contact Us Contact Us Overview As digital assets become more deeply embedded in global financial systems, institutional investors and businesses face new risks tied to innovation. S&P Global Ratings helps bridge the gap with risk assessments built on a legacy of analytical rigor. Our digital asset capabilities support transparency and informed decision-making at the intersection of decentralized innovation and traditional finance. With deep insights and a forward-looking lens, we help clients understand emerging market risks. Recent Digital Assets Ratings Use Cases Risk Analysis: Institutional investors use our insights to evaluate digital asset instruments before allocating capital. Product Development: Financial institutions and issuers consider our methodologies in the context of tokenized products or digital financial infrastructure to enhance transparency. Benchmarking: Asset managers and token issuers use our assessments to benchmark themselves when building tokenized funds, payment rails, or on-chain liquidity programs. Risk Management & Exposure Monitoring: Treasury, risk, and operations teams use our assessments to help identify and track emerging risks in tokenized markets, DeFi protocols, and crypto asset issuers. Third-Party Review: Auditors, consultants, and legal/compliance teams may review our outputs as part of their due diligence processes and in preparing third-party risk documentation. Recent Digital Bond Ratings Related Products View All Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Digital Assets Please fill out the form so we can connect you with the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/digital-assets<![CDATA[ Digital Assets ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Assess the potential credit impact of strategic initiatives before you act with S&P Global Ratings’ Rating Evaluation Service (RES), a confidential scenario‑based assessment. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses RES in Action Videos Related Products ON THIS PAGE Benefits Uses RES in Action Videos Related Products Overview Assess the impact of new initiatives on creditworthiness with a forward-looking, confidential assessment. The decision to take on a major capital program, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. Our Rating Evaluation Service (RES), a tool for rated or unrated entities, provides a forward-looking, confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them. You provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback on each scenario you present. The RES is not a credit rating, nor is it a consulting or advisory service. Benefits One Solution, Many Uses Gain valuable insight before you act. Our Rating Evaluation Service (RES) gives you a confidential, written assessment of the potential credit impact of your hypothetical securitization initiatives. Obtain Useful feedback & Gain Valuable Insight Before You Act Our Rating Evaluation Service gives you a confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them, to identify the planned initiatives that potentially could lead to credit outcomes that you would view as more or less favorable. This can be a particularly valuable benefit whether you are considering only one plan or several alternatives. Understand The Impact of Your Proposed Initiatives on Your Creditworthiness When exploring strategic options, you may want to assess ahead of time how your proposed initiatives may affect your creditworthiness. The decision to take on a major capital program, consider an acquisition, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. That’s where we can help. Analysis Based on Your Scenario Provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback from a Rating Evaluation Committee based on each scenario you presented. Please note that the Rating Evaluation Service process and outcome remains confidential Uses Rating Evaluation Service Rating Evaluation Service has been used to gauge the potential ratings implications of important initiatives such as: Mergers and acquisitions Asset or line-of-business divestitures Capital plan alternatives and/or additional debt being contemplated Funding and liquidity mix restructurings Recapitalizations (including senior and subordinated debt) Creation of new holding and subsidiary company structures Risk-shedding and capital-relief transactions (securitizations, hybrids, derivatives, and reinsurance) New financing techniques, such as a commercial paper program Pre-packaged or pre-emergence bankruptcy alternatives RES in Action Watch our short video to learn how a Rating Evaluation Service is typically used to evaluate the impact of restructurings, mergers & acquisitions, divestitures, or material changes in debt or capital structure. Videos Adjusting to a Variety of New Challenges Could our Rating Evaluation Service help you to adjust to new challenges? Watch our video to learn more. Strategic Decisions Learn how a Rating Evaluation Service can support your strategic decisions providing you with the insights you need, before you act. Portfolio Acquisition Are you looking to sell or acquire a portfolio but you want to understand the cost of funding, learn how a Rating Evaluation Service could assist. Securitization Restructuring Our Rating Evaluation Service could provide you with the insights you need when considering your next securitizations restructuring. Related Products View All Contact Us Learn more about our Rating Evaluation Service (RES) Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm Register for an S&P Global Ratings Account Register now to access exclusive content, events, tools, and more. Register For an Account ]]>https://www.spglobal.com/ratings/en/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ Manage and understand your credit story with S&P Global Ratings’ Ratings360®, a digital platform bringing together ratings, research and scenario insights. ]]>Products<![CDATA[ Ratings360® Intelligence You Can Act On. Login Sign up now The Ratings360® platform is available to rated issuers. Get in touch with us to request access. Request Account Request Account Overview Ratings360® provides rated issuers with a holistic picture of their organization’s credit story – ratings, risk research and critical insights on one personalized dashboard. Features Manage. Compare. Report. All In One Dashboard. Essential Benchmark Ratings View and benchmark ratings data for your organization against peers, suppliers and counterparties. Wealth of Research Insights Stay ahead of the factors moving your industry. Relevant Data Tailor the data in a way that is meaningful for you. Sign In Data & Insights At Your Fingertips Sustainability Preparedness Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. Market Sentiment Propose funding options with confidence when you have access to aggregated investor sentiment across different sectors. Request More Information Intelligence You Can Act On Contact us now: ratings360@spglobal.com Ratings Data Access ratings, rating history and rating articles of your organization, your peers, suppliers and counterparties. Financials Comparisons Compare rating scores, adjusted and pre-adjusted financials and ratios between your organization, peers, suppliers and counterparties. Credit Scenario Builders Create hypothetical ‘what if’ scenarios based on your inputs and our criteria, and gain a better understanding of our rating methodology. View How Sector Research Our latest global economic and sector research, videos and podcasts to help you stay in touch with the risk and economic conditions affecting your sector. Ratings Distribution See the ratings distribution across geographies, sectors and grades covered by S&P Global Ratings. Investor Sentiment Stay on the pulse of investor sentiment with insights from our Analytical and Market Outreach teams’ interactions with your sector’s global investors. Sustainability Intelligence Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. ]]>https://www.spglobal.com/ratings/en/products/ratings360<![CDATA[ Ratings360® ]]>00:01:00<![CDATA[ Credit Estimates ]]><![CDATA[ Obtain a confidential, point‑in‑time Credit Estimate for an unrated entity or obligation for an indicative view of creditworthiness from S&P Global Ratings. ]]>Products<![CDATA[ Credit Estimates Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Expressed in lower case lettering using our traditional credit rating symbols. No rationale report is provided. Credit Estimates are a confidential indication, provided at the request of a third party, of our likely credit rating on an unrated entity. They do not include all of the aspects of a credit rating. These estimates do not involve direct contact with the obligor's management and although they are a point-in-time analysis, they can be updated at your request. Credit Estimates are formulated from an abbreviated analysis that draws on analytical experience and expertise of our analysts. Credit Estimates are: Generally provided in a portfolio context Typically used to support the ratings on collateralized debt obligations (CDOs) An integral part of S&P Global Ratings' rating process for CDOs A Credit Estimate is not a credit rating. It is a confidential indication, provided solely at the request of a third party other than the company or issuer of the obligations at issue, of the likely S&P Global Ratings' credit rating of an unrated company or obligation primarily in the context of CDOs. Credit Estimates are typically created for the purpose of including collateral not rated by us in a CDO or other structured finance obligation that is rated by us. They are formulated from an abbreviated analysis and do not include all of the aspects of a standard ratings analysis. For these reasons, a Credit Estimate is not intended to be a substitute for a credit rating. Credit Estimates do not typically involve the direct participation of the obligor and are typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The estimates are confidential in nature and are not published by S&P Global Ratings. Related Products View All Contact Us Learn more about Credit Estimates Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-estimates<![CDATA[ Credit Estimates ]]>00:01:00<![CDATA[ Fund Ratings ]]><![CDATA[ Evaluate the credit quality and risk of investment funds with S&P Global Ratings’ Fund Ratings, covering money market funds, bond funds, ETFs and more. ]]>Products<![CDATA[ Fund Ratings We provide ratings on various types of funds which offers benefits for asset managers, funds sponsors and fund investors Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Alternative Investment Funds Related Resources ON THIS PAGE Benefits Alternative Investment Funds Related Resources Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings has been rating funds since 1984, with ratings on over 500 funds. We provide ratings on various types of funds, including Money Market Funds Bond Funds Local Government Investment Pools (LGIPs) Exchange Traded Funds (ETFs) Separate Accounts Unit Investment Trusts Our Fund Credit Ratings’ analytical team has the deep knowledge and experience necessary to assess and rate the various fund structures in the market. The team is made up of 21 professionals with nearly 240 cumulative years with S&P Global and approximately 200 years with the Fund Credit Ratings team. Get In Touch Benefits of Our Fund Ratings Credit Ratings Are Opinions About Credit Risk. For Asset Managers/Fund Sponsors: Ongoing credit/liquidity/market risk evaluation Internal and external communication of quality & composition of funds Asset growth/retention For Fund Investors: Fund selection Regulatory/Compliance purposes Periodic credit/liquidity/market risk evaluation Funds Research The funds industry’s continued growth and expansion to an ever increasing number of investors has been met with rising pressures for greater transparency, with many investors taking a progressive interest in the assessment of the risks facing both the funds and their managers. Our dedicated funds research page provides key industry analysis, insights and trends on the factors affecting the market today. Read the Latest Research Alternative Investment Funds We assign global scale counterparty credit ratings to assess the stand-alone creditworthiness of several types of Alternative Investment Funds (AIFs), based on the investments they make, trading strategies they employ, and funding structures they maintain. We also assign issue ratings to debt instruments issued out of AIF structures. Alternative Investment Funds typically include: Private equity funds Hedge funds Credit funds Fund of funds Assets within these funds can include but are not limited to: Commodities Global real estate Leveraged loans Start-up companies Unlisted securities Private equity debt Private debt Derivatives For rated private equity structures, we consider whether the funds are primarily buy and hold with a focus on harvesting investments. We also consider the funds’ maturity attributes (e.g. final maturity within 7–12 years). In our ratings of hedge funds, we consider factors such as trading strategy, whether the portfolio has meaningful turnover, and funds itself with capital that varies in degree of permanence. In cases where AIFs are not structured as private equity funds or hedge funds, we consider whether the fund has characteristics similar to a hedge fund or private equity fund, and executes a strategy that includes elements of both private equity investment and hedge fund trading in order to determine its ratability within the AIF criteria. We rate AIFs on either a private/confidential or public basis. Collateralized Fund Obligations (CFOs) The CFO criteria is designed to rate debt backed by a diversified fund of funds. The criteria and models are limited to assessing funds of funds with the following underlying fund characteristics: Asset Types: the assets backing the debt must be Limited Partnership (LP) interests in diversified funds. They cannot be individual private equity investments themselves, such as debt, equity or co-investments. Fund Types: we can assess diversified venture capital, buyout and mezzanine funds (we are not able to rate concentrated specialty sector funds, such as those invested exclusively in real estate, commodities, infrastructure, etc.) Geographic Scope: investments can be in U.S., European, or Asian assets. Diversification: the funds must be well diversified across fund types, geographies, industries, fund vintages, and fund managers. Related Resources Contact Us Learn more about Fund Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/fund-ratings<![CDATA[ Fund Ratings ]]>00:01:00<![CDATA[ Private Credit Analysis (PCA) ]]><![CDATA[ Gauge the creditworthiness of unrated counterparties with S&P Global Ratings’ Private Credit Analysis (PCA) providing a confidential credit estimate and rationale. ]]>Products<![CDATA[ Private Credit Analysis (PCA) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview You want to assess the creditworthiness of a third-party entity, but the entity is unrated. A tool to assess counterparty risk. Provides a confidential third-party credit opinion on an unrated counterparty. A Private Credit Analysis is not a credit rating. It is a credit estimate accompanied by a written report on the rationale for the credit estimate. A Private Credit Analysis provides a confidential third-party opinion of a target entity's likelihood of default when a public credit rating is not available. Private Credit Analyses are often sought by parties, as one factor amongst others, to help them determine counterparty exposure to an unrated issuer. Our Private Credit Analysis brings you a concise credit analysis of the unrated entities that interest you. You'll receive a report that includes a Credit Estimate, supported by a brief rationale. Although a Private Credit Analysis takes a "point-in-time" snapshot and there is no ongoing surveillance, we can update this analysis at your request. A Private Credit Analysis is typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The Private Credit Analysis helps you: Analyze and report on specific credits that may fall outside your institution's traditional experience; Supplement your internal credit resources; and Review and compare your internal credit process with our analysis. The Private Credit Analysis changes the unknown to the known: Offering an independent and objective tool that senior credit, financial, risk, and investment managers can use for evaluating and managing credit risk; Providing credit analysis of new and existing counterparties, borrowers, lessees, customers, partners, and suppliers, to help you analyze their credit quality; Providing specific industry and company insight from our credit analysts to help improve your understanding of counterparty and industry credit risk; Supplementing the expertise and resources of your internal credit departments; Assisting you in evaluating portfolio or individual acquisitions; and Assisting you in setting credit terms, such as limits and pricing. Deliverables Report including a credit estimate grade, expressed in lower case lettering using our traditional credit rating symbols, and written analysis detailing the target entity's relative strengths and weaknesses and business and financial profile. A Private Credit Analysis is a Credit Estimate accompanied by a written report on the rationale for the Credit Estimate. It does not involve direct contact with the obligor's management and although it is a point-in-time analysis, it can be updated at your request. Related Products View All Contact Us Learn more about Private Credit Analysis Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/private-credit-analysis-pca<![CDATA[ Private Credit Analysis (PCA) ]]>00:01:00<![CDATA[ Liquidity Assessments ]]><![CDATA[ Assess an issuer’s ability to provide liquidity support using its own assets with S&P Global Ratings’ Liquidity Assessments, covering CP and VRDO obligations. ]]>Products<![CDATA[ Liquidity Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Liquidity Assessment Process Related Products ON THIS PAGE Liquidity Assessment Process Related Products Overview In some cases, creditworthy tax-exempt debt issuers with substantial liquidity have found it cost-effective to use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations as an alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. S&P Global Ratings continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding the use of their own assets as a substitute for bank liquidity facilities. Background Liquidity Assessments, which evaluate an issuer's ability to provide liquidity support, were introduced in 2000. Issuers have indicated to S&P Global Ratings that bank liquidity facilities are often expensive and that they can be cumbersome to administer. Since the introduction of liquidity assessments to the tax-exempt market four years ago, S&P Global Ratings has provided liquidity assessments to all types of tax-exempt issuers – providing an independent view of their ability to use their own liquid assets as liquidity support. What is Included in an S&P Global Ratings’ Liquidity Assessment? An S&P Global Ratings’ Liquidity Assessment includes the following: An analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets, An assessment of management’s plans to provide cash, as outlined in its “Liquidation Letter” including a current maximum dollar assessment of the issuer’s ability to raise cash or provide liquidity on its own, and A review of the issuer’s investment policies and risk-management procedures and operations. Liquidity Assessment Process Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment. Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment. The information that S&P Global Ratings evaluates for a Liquidity Assessment includes: Biographies of treasury staff & portfolio management staff, Liquidation procedures letter, Portfolio holdings report, Month-end balances of fixed-income portfolios, and Investment policy related to fixed-income portfolios and other eligible assets. Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. Related Products View All Contact Us Learn more about Liquidity Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/liquidity-assessments<![CDATA[ Liquidity Assessments ]]>00:01:00<![CDATA[ Counterparty Instrument Ratings ]]><![CDATA[ Examine counterparty credit risk in securitization structures with S&P Global Ratings’ Counterparty Instrument Ratings, covering swaps, liquidity facilities and other obligations. ]]>Products<![CDATA[ Counterparty Instrument Ratings Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A forward-looking opinion of an issuer’s creditworthiness An S&P Global Ratings Counterparty Instrument Rating (CIR) is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities) on an ultimate payment basis. It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the financial obligation to a counterparty and takes into account the currency in which the financial obligation is denominated. The opinion reflects S&P Global Ratings' view of the issuer's capacity and willingness to meet its financial commitments as funds become available, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A CIR is specific to the financial obligations that securitization special-purpose entities enter into with banks or any other entity taking on the issuer's credit risk under a contract such as a swap or liquidity facility (a "counterparty"). Capital reserve requirements for high-yield asset classes can constrain insurers’ investment management practices. The CIR addresses an issuer's capacity to meet its financial obligations to a counterparty in a securitization transaction on an ultimate payment basis as funds become available, without regard to any specific repayment date that may be stated in the terms of the contract. Deliverables Each CIR is specific to a particular issuer's financial obligation under a specific counterparty contract in relation to a securitization transaction. For example, we could assign a CIR of 'AAcir' to Issuer ABC's obligations under the interest rate swap with Bank XYZ. The CIR may be either a public, private or confidential rating. The CIR could be assigned with surveillance or could be point-in-time with no surveillance. Furthermore, the CIR may be a local or foreign currency rating, depending on the underlying structure. This opinion does not take into account timeliness of payment. As such, CIRs are long-term ratings only. The CIR is a new rating type with its own ratings definitions. CIRs are identified by the 'cir' suffix to distinguish the CIR from an S&P Global Ratings issue or issuer credit rating. We will assign the 'sf' identifier where necessary. Related Products View All Contact Us Learn more about Counterparty Instrument Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/counterparty-instrument-ratings<![CDATA[ Counterparty Instrument Ratings ]]>00:01:00<![CDATA[ Servicer Evaluations ]]><![CDATA[ Analyze loan and asset servicers with S&P Global Ratings’ Servicer Evaluations providing independent rankings of operational strength and servicing capability. ]]>Products<![CDATA[ Servicer Evaluations Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Our independent view of a company's ability to handle the complex demands of servicing loans and asset portfolios. With the introduction of Servicer Evaluations in 1989, S&P Global Ratings became the first ratings agency to give global market participants an independent, objective view of a company's ability to handle the increasingly complex demands of servicing loans and asset portfolios. Covering a wide range of servicers, including several types of commercial and residential mortgage servicers, Servicer Evaluations are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. A Servicer Evaluation is not a credit rating. Following a comprehensive evaluation process, analysts assess a servicer's operational strengths and risks to derive appropriate sub-rankings and overall rankings. The ranking and supporting analysis are conveyed in a written report that may be made public if a servicer engages for a public ranking. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational and portfolio developments. S&P Global Ratings' Servicer Evaluations provide a consistent, objective analysis of servicer performance. Each evaluation offers an overall ranking - based on sub-rankings covering a servicer's management and organization, and administrative processes, along with a review of the servicer's financial position - that makes it easy to assess a servicer's capabilities and competence. Servicer Evaluations offer benefits to investors, issuers, bankers, and servicers alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key servicer performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing servicers with a resource that they can use to raise their company profile, market themselves to originators, compare themselves with peers, and assess internal performance. Related Products View All Contact Us Learn more about Servicer Evaluations Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/servicer-evaluations<![CDATA[ Servicer Evaluations ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Features Types of Second Party Opinions Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Nordic Investment Bank From the impacts of climate change to the opportunities of sustainable development, every forward-thinking company has a unique journey. See how Nordic Investment Bank achieved its objective of attracting green investment by aligning its framework with recognized market standards and obtaining a Shades of Green Second Party Opinion. Read More Post-Issuance Reviews Overview Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. Learn more about our Shades of Green Approach Watch the Video: Explaining the Shades of Green In the short video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Public Reports View All Public Reports Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/second-party-opinions<![CDATA[ Second Party Opinions ]]>00:01:00<![CDATA[ Stablecoin Stability Assessment ]]><![CDATA[ Assess stablecoin de‑pegging risk with S&P Global Ratings’ Stablecoin Stability Assessment providing independent insight into a stablecoin’s ability to maintain its value. ]]>Products<![CDATA[ Stablecoin Stability Assessment Stablecoin Risk, Quantified Talk to us Get in touch with us to find out more. Contact Sales View Our Brochure Contact Sales ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content What are Stablecoins? Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to a 1:1 relationship with a fiat currency. As a result, absent a depegging, stablecoins do not demonstrate the volatility that is associated with other cryptocurrencies. Because of their stability, stablecoins form a bridge between traditional finance and digital assets capabilities by making it easier for businesses and individuals to conduct transactions and make investments. S&P Global Ratings Stablecoin Stability Assessment is designed to provide market stakeholders with transparency into the stability of various stablecoins and specific insight into their depegging risks. View Interactive Our Approach Our analytic approach begins with the assessment of asset quality risks, including credit, market value, and custody risks. We further analyze to what degree overcollateralization requirements and liquidation mechanisms may mitigate these risks (light gray box). Through a combination of these factors, we determine an asset assessment score that ranges from 1 (very strong) to 5 (weak) (black box). Following the Asset Assessment, our analytic approach considers five additional areas (dark gray boxes): • Governance • Legal and regulatory framework • Redeemability and liquidity • Technology and third-party dependencies, and • Track record The strengths and weaknesses for each of these five areas add to the holistic risk assessment view, which may lead to a negative adjustment to the Asset Assessment score. As a result, the stablecoin stability assessment (red box) can be in line with or lower than the asset assessment. Learn More About Our Analytical Approach Why S&P Global Ratings? Highly Informed The Stablecoin Stability Assessment culminated from essential insights gathered in numerous deep-dive interviews with key market participants in the traditional finance and digital assets sectors. Expertise Our Digital Asset Lab is made up of credit and Cryptofinance analysts and researchers so we have a unique analytical understanding of the intersection of traditional finance and digital assets. Track Record in Assessing Risk With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver essential intelligence to help market participants make informed decisions with conviction. Investor Preference Of the top 20 global institutional investors, 95% reference S&P Global Ratings.* We are an essential source of information for global financial markets. *According to 3rd party investor survey conducted in 2023. Stablecoin Stability Assessment Reports Related Content Contact Us Learn more about Stablecoin Stability Assessment Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/stablecoin-stability-assessment<![CDATA[ Stablecoin Stability Assessment ]]>00:01:00<![CDATA[ Climate Transition Assessment ]]><![CDATA[ Evaluate the credibility of a company’s climate transition plans with S&P Global Ratings’ Climate Transition Assessment (CTAs), analyzing near-term actions and future alignment. ]]>Products<![CDATA[ Climate Transition Assessment Go beyond net zero targets. Demonstrate the credibility of your transition plans. Download Brochure Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research What is the Climate Transition Assessment? The Climate Transition Assessment (CTA) is a qualitative opinion on where a company is on its current transition journey and where we expect it to head into the future, based on an assessment of planned transition activities and implementation drivers. The CTA outcome is a single Future Shade, based on the award-winning Shades of Green approach, which shows the expected alignment of a company’s activities with a low carbon, climate resilient future (and alignment with the Paris Agreement), based on the feasible transition timeline for the company’s sector and its own transition plan/commitments. Our Climate Transition Assessment now includes industry peer comparison, a Transition Progress score, and greater transparency into our Shades of Green shading approach. How Does the Climate Transition Assessment Differ from a Net Zero Target Assessment? The CTA is not a net zero assessment. Whereas many net zero targets are distant, reaching as far as 2050, the Climate Transition Assessment analyzes near-term actions and investments that the company has planned, and their likely implementation, considering potential risks and blockers. The CTA can be applied across sectors and all starting points along the climate transition spectrum, including those earlier in their transition journey, and provides a forward-looking opinion based on a company’s transition plan. We can now offer a Climate Transition Assessment for both non-financial corporates as well as financial institutions. For more detail on how we assess activities for corporates and financial institutions please refer to the Analytical Approach. Our Approach A Climate Transition Assessment is our qualitative opinion of how consistent with a low carbon, climate resilient future we expect an entity's economic activities will be once the entity's planned transition changes are realized and potential material implementation risks are considered. We express our opinion using a single Shade of Green ranging from Dark Green to Red. Our CTA analysis includes: Current Shade (based on the Shades of Green spectrum) Climate Transition Plan Future Shade (based on the Shades of Green spectrum) Transition Progress Optional Add-Ons: In addition, and upon request from the company, we can assess consistency with green and transition equity designations with certain stock exchanges (e.g.: Nasdaq) and other frameworks. Analytical summary of strengths, weaknesses, and areas to watch We have expanded the CTA analysis so that companies can: More easily compare where they are today and where they’re headed on their climate transition journey with the Current and Future Shade, based on the Shades of Green scale. Compare progress to industry peers on key environmental performance KPIs to stay ahead of the curve. Measure progress towards a low-carbon future with our Transition Progress score. Learn More About Our Analytical Approach and the Shades of Green Use Cases for the Climate Transition Assessment Financing: Debt Demonstrate your company’s transition readiness to obtain sustainability or transition financing. Use the CTA either for labeled debt, in combination with a Second Party Opinion, or for unlabeled debt to demonstrate your commitment to transition at entity-level. Obtaining a Green Designation on Stock Exchanges Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Qualitative Climate Transition Risk Analysis Provide a qualitative, deeper dive opinion for investors and banks/financial institutions seeking to understand the climate risk of their portfolio companies, including the transition ambition and plan of a particular company. Green Equity Exchange Designations S&P Global Ratings is currently an approved reviewer for three major stock exchanges' green equity designations: B3 Ações Verdes (BAV), Nasdaq Green Designations, and the SIX Swiss Exchange 1.5°C Climate Equity Flag. S&P Global Ratings assesses alignment with the requirements for the Philippine Green Equity Label set out in the Guidelines on Philippine Green Equity. B3 Ações Verdes (BAV) Green Equity Designation S&P Global Ratings is the first approved reviewer for the B3 Ações Verdes (BAV). In May 2024, B3 The Brazilian Stock Exchange launched a voluntary B3 Green Equities (BAV) designation targeting green companies in Brazilian markets, based on the World Federation of Exchanges Green Equity Principles. The B3 Ações Verdes (BAV) Designation provides transparency to investors on green credentials of a company and offers a way to follow a company’s progress over time. Our Climate Transition Assessment evaluates alignment with the B3 Ações Verdes (BAV) principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of annual gross revenue from activities that contribute to the green economy and continue to invest in a majority share of green activities. Download the Climate Transition Assessment Description for the B3 Ações Verdes (BAV) Designation Nasdaq Green Designations S&P Global Ratings is currently an approved reviewer for Nasdaq Green Equity Designations and has provided stakeholder input to the development of the designation principles. In June 2021 Nasdaq launched voluntary Green Designations targeting green and transition companies on Nasdaq Nordic markets. The Nasdaq Green Designations provide transparency on the green credentials of a company and offer a way to follow a company’s progress over time. Our Climate Transition Assessments evaluate alignment with the Nasdaq Green Equity and Nasdaq Green Equity Transition Designations principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of turnover from green activities and continue to invest in a majority share of green activities, in addition to providing transparency on EU Taxonomy alignment and company-level sustainability targets. Download the Climate Transition Assessment Description for the Nasdaq Green Designations SIX 1.5°C Climate Equity Flag S&P Global Ratings is one of the first approved reviewers for the SIX 1.5°C Climate Equity Flag as of August 2024. In August 2024, the SIX Swiss Exchange launched the SIX 1.5 °C Climate Equity Flag, which helps companies provide additional supporting evidence that its entire value chain contributes towards limiting global warming to 1.5 °C above pre-industrial level. The flag combines recognized requirements on the climate transition plan with additional requirements that arise from the application of the WFE Green Equity Principles (2023) to climate-change mitigation. Our Climate Transition Assessment evaluates alignment with the SIX 1.5°C Climate Equity Flag. To meet the SIX 1.5°C Climate Equity Flag requirement, more than 50 percent of the issuer’s annual revenues must come from 1.5°C aligned activities. Download the Climate Transition Assessment Description for the SIX 1.5°C Climate Equity Flag Public Reports View All Public Reports Related Products & Research Contact Us Learn more about Climate Transition Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/climate-transition-assessment<![CDATA[ Climate Transition Assessment ]]>00:01:00<![CDATA[ Credit Ratings ]]><![CDATA[ Gain a forward-looking, independent opinion of credit risk with S&P Global Ratings’ Credit Ratings covering corporates, financial institutions, governments, and more. ]]>Products<![CDATA[ Credit Ratings We empower people to make informed, confident decisions. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses Related Products ON THIS PAGE Benefits Uses Related Products Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings is a leading provider of Credit Ratings. The world’s financial markets depend on S&P Global Ratings for our accessible insights and valued perspectives that drive clarity and growth in the market. We provide: Public Ratings (issuer/issue): Distributed via our websites and various news media, for issuers of publicly rated securities or private loan transactions of any size. Private Ratings (issuer/issue): Distributed via a secure website for distribution to up to 145 users. Confidential Ratings (generally issuer level): Not distributed. Applicable for use by entities seeking an internal benchmark. Get In Touch By the Numbers Benefits Why use S&P Global Ratings for your credit rating? Increase Your Access to New Markets We work with issuers and investors globally including Corporates, Financial Institutions, Governments, Infrastructure & Utilities, Insurance, Structured Finance and Public Finance. Experience in Credit Markets With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver the essential intelligence market participants need to make informed decisions with conviction. Enhance Your Corporate Transparency The world’s financial markets depend on us for our accessible insights and valued perspectives that drive clarity and growth in the market. Analytical Excellence Leveraging our expansive credit coverage, our analysts and economists provide authoritative, forward-looking insights on prevailing and potential credit risks. Investor Preference Market participants and investors listen to S&P. 95% of top 20 global institutional investors reference S&P Global Ratings¹ making S&P an essential source of information for global financial markets. Uses One Rating, Many Uses Issuers Rated Issuers: Log Into Ratings360® Here Optimize the cost of funding Expand the pool of investors and available capital Lengthen the terms of financing Diversify funding sources Intermediaries Benchmark the relative credit risk of different debt issues Set the initial pricing for individual debt issues they structure Determine the interest rate issues will pay Package assets into securities or structured finance instruments to market to investors Investors Log Into S&P Capital IQ Pro A third-party opinion of credit quality A basis for comparison across asset classes, geographies, and peers Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline Related Products View All Register for an S&P Global Ratings Account Gain access to exclusive content, events, tools, and more. Register Now Contact Us Learn more about Credit Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ¹ References sourced from internal research conducted on global top 20 asset manager websites, fund prospectuses, fund annual reports and/or other related public documents & sourced from IPE data as of 2023. Other data points sourced from internal data from S&P Global Ratings in 2022. ]]>https://www.spglobal.com/ratings/en/products/credit-ratings<![CDATA[ Credit Ratings ]]>00:01:00<![CDATA[ Credit Assessments ]]><![CDATA[ Assess the creditworthiness of an unrated entity or financing structure with a confidential, point‑in‑time Credit Assessment from S&P Global Ratings. ]]>Products<![CDATA[ Credit Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A Credit Assessment provides an indication of creditworthiness on an unrated entity or proposed financing structure. Credit Assessments are not credit ratings. It is an indicator of our opinion of creditworthiness that may be expressed in descriptive terms, a broad rating category or with the addition of a plus (+) or minus (-) sign to indicate relative strength within the category. It reflects our view of the general credit strengths and weaknesses of an issuer, obligor, a proposed financing structure, or elements of such structures. It may also pertain to limited credit matters or carve out certain elements that would ordinarily be taken into account in a credit rating. Companies considering a full, interactive ratings analysis may have reservations about the process involved and whether the ultimate result will meet their needs. Some companies might be concerned over the amount of management time involved in a full ratings analysis, the cost and the likelihood of their achieving a rating grade that they perceive "acceptable". A Credit Assessment gives companies the opportunity to examine their credit particulars without committing to the more resource-intensive full rating analysis. The process may help management identify strategic "issues". Moreover, if the Credit Assessment level is acceptable to management, a more detailed, public ratings analysis can be completed. A Credit Assessment usually represents a point-in-time evaluation (i.e., we generally do not maintain ongoing surveillance or updates of credit assessments), and is confidential. A credit assessment is generally requested by the entity, or the sponsor of an obligation, to be assessed. Credit Assessments are expressed using our traditional credit rating symbols, but in lower case (e.g.,'bbb'). Related Products View All Contact Us Learn more about Credit Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-assessments<![CDATA[ Credit Assessments ]]>00:01:00<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]><![CDATA[ Access S&P Global Ratings’ credit ratings, research and methodologies with RatingsDirect®, the official platform for credit risk analysis and insights. ]]>Products<![CDATA[ RatingsDirect® Already a customer? Log in below. Capital IQ Capital IQ Pro Capital IQ Pro Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview As the official source for S&P Global Ratings credit ratings and research, RatingsDirect® from S&P Global Market Intelligence delivers the credit risk insights you need on a powerful single platform. With a clean and straightforward layout and AI-powered search, Investors, Credit Analysts, Ratings Advisors, Underwriters, Risk Managers, and more can quickly locate this essential intelligence, combined with comprehensive market data, credit risk indicators, and dynamic visualization tools needed to analyze credit performance and trends across industries, companies, and securities worldwide. Learn More Related Products View All Contact Us Learn more about RatingsDirect® Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/ratingsdirect-by-sp-global-market-intelligence<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]>00:01:00<![CDATA[ Preliminary Ratings ]]><![CDATA[ Obtain a forward‑looking credit rating ahead of a transformative transaction with S&P Global Ratings’ Preliminary Ratings, supporting debt issuance before execution. ]]>Products<![CDATA[ Preliminary Ratings Raise capital with confidence. A Preliminary Rating provides a forward-looking credit rating on a transformative transaction before it’s final. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales What is a Preliminary Rating? A Preliminary Rating from S&P Global Ratings provides a forward-looking credit rating on an issuer or obligation based on the proposed, post-transaction capital structure. Assigned by a rating committee and published using our traditional rating scale, it equips issuers with a market-recognized opinion of anticipated creditworthiness to support debt raising ahead of a transformative event - such as an acquisition, restructuring or refinancing - before final documentation and execution are complete. Why S&P Global Ratings? With S&P Global Ratings, you gain a transparent view of how markets may perceive your post-transaction creditworthiness. Our Preliminary Ratings follow the same rigorous methodologies and committee-reviewed process as our final ratings, providing confidence to investors and clarity to issuers navigating complex capital events. Whether you’re raising debt ahead of a refinancing or acquisition, our forward-looking analysis helps you approach the market with transparent and high-quality assessments. Key Features of a Preliminary Credit Rating Forward-Looking Rating Provides a Preliminary Rating based on the expected post-transaction capital structure, supporting funding efforts ahead of a defined event such as a refinancing or acquisition. Transparent Methodologies and Reports Access detailed reports that explain the rationale behind your rating, giving you and your investors confidence in the rigor of our assessment. Aligned to our Globally Recognized Rating Scale Our preliminary ratings are aligned to our clear and consistent alphanumeric rating system (e.g. AAA to D) providing an industry-standard opinion of anticipated creditworthiness, distinguishing between investment-grade and speculative-grade ratings. Comprehensive and Tailored Coverage From corporate bonds to sovereign debt and structured finance, our ratings provide consistent, sector-specific opinions that cater to your unique industry needs. With broad market, we rate: Corporates, Financial Institutions, Funds, Governments, Infrastructure & Utilities, Insurance, Structured Finance and U.S. Public Finance. Flexible Disclosure Options Choose how and when to share your rating - privately, selectively, or publicly - based on your strategic objectives. Frequently Asked Questions What is the difference between preliminary and final ratings? Preliminary ratings represent S&P Global Ratings' opinion regarding the creditworthiness of an issuer or a debt obligation before final documentation and legal details have been completed. They are typically denoted with a 'prelim' suffix and are based on draft documentation and discussions with issuers. The preliminary rating reports serve as crucial reference documents for market participants seeking early insights into potential credit quality. Final ratings, on the other hand, are assigned after all documentation has been finalized and all conditions have been met. They reflect S&P Global Ratings' complete analysis with full information available and represent our definitive opinion on the creditworthiness of the entity or obligation. How are preliminary ratings assigned? Preliminary ratings are assigned through a comprehensive analytical process that begins with a thorough review of draft documentation and term sheets provided by the issuer. S&P Global Ratings analysts examine the issuer's financial condition, business profile, and the proposed debt structure to form an initial assessment of creditworthiness. This process involves detailed discussions with the issuer's management team to understand the transaction's purpose, structure, and expected performance. Following the initial analysis, the rating recommendation undergoes a committee review where S&P Global Ratings analysts debate the merits of the proposed transaction and vote on the appropriate preliminary rating. The findings and rationale are documented in preliminary rating reports that outline key credit considerations and assumptions. Once determined, the preliminary rating is communicated to the issuer along with any conditions that must be satisfied before a final rating can be assigned. When final documentation becomes available and all conditions are met, the preliminary rating may be converted to a final rating, potentially with adjustments if the final terms differ materially from what was initially proposed. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes review of draft documentation, analysis of financial condition and business profile, evaluation of debt structure, assessment of industry factors, and committee review by S&P Global Ratings analysts. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes: 1. Review of draft documentation and term sheets 2. Analysis of the issuer's financial condition and business profile 3. Evaluation of the proposed debt structure and terms 4. Assessment of relevant industry and economic factors 5. Committee review and decision by S&P Global Ratings analysts What factors are considered in the preliminary rating process? The preliminary rating process incorporates a multifaceted analysis of both quantitative and qualitative factors that influence creditworthiness. S&P Global Ratings examines the issuer's financial strength through key metrics such as leverage ratios, interest coverage, and profitability trends to assess financial resilience. Industry dynamics and the issuer's competitive positioning are evaluated to understand the business environment and long-term sustainability of the enterprise. Management strategy and governance practices are scrutinized to determine the quality of leadership and risk management frameworks. The proposed debt structure receives particular attention, with analysts examining terms, covenants, and repayment schedules to assess their impact on credit quality. All these assessments are captured in preliminary rating reports that provide a comprehensive view of the credit profile before final documentation is complete. Cash flow projections are reviewed against debt service requirements to evaluate the issuer's ability to meet financial obligations under various scenarios. Additionally, the broader economic environment, regulatory landscape, and market conditions are considered for their potential effects on the issuer's creditworthiness. Throughout this process, S&P Global Ratings applies established criteria frameworks to ensure consistency and transparency in the preliminary rating assignment. Related Products View All Products Contact Us Learn more about Preliminary Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/preliminary-ratings<![CDATA[ Preliminary Ratings ]]>00:01:00<![CDATA[ Local Government Investment Pools ]]><![CDATA[ Evaluate the principal stability and credit quality of Local Government Investment Pools with S&P Global Ratings’ LGIP ratings including AAAm and fund credit quality opinions. ]]>Products<![CDATA[ Local Government Investment Pools Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Profiles Indices Related Products ON THIS PAGE Profiles Indices Related Products Overview S&P Global Ratings has been rating Local Government Investment Pools (LGIPs) since 1992, and are one of the leading credit rating agencies in this sector within the United States. We are able to analyze LGIPs consisting of both internal and external participants where the management team is an experienced investment team and/or outsourced to an investment advisor. We assign three different types of ratings to LGIPs based on the pool’s investment objective: Principal Stability Fund Ratings are our forward-looking opinion about the ability of a LGIP to maintain stable principal and limit exposure to principal losses due to credit risk. The rating categories for LGIPs ratings based on the PSFR methodology, range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal). PSFRs are identified by the 'm' suffix to distinguish it from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. Credit Quality Ratings address the overall credit quality of a fixed-income investment fund and are derived from our historical default and transition studies that go back more than 35 years. Rating categories range from 'AAAf' (for funds where their portfolio exposure is extremely strong) to 'Df' (for funds that are predominantly exposed to defaulted assets and/or counterparties). Those funds assigned Fund Credit Quality Ratings typically offer a variable net asset value. Fund Credit Quality Ratings typically accompany Fund Volatility Ratings. Fund Volatility Ratings are our forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. Primarily the assessment evaluates the fund's sensitivity to risks that may affect returns such as interest rate risk, credit risk, and liquidity risk along with the use of derivatives, leverage or exposure to foreign currency risk. Fund Volatility Ratings are expressed on a scale from 'S1' (lowest volatility) to 'S5' (highest volatility). We perform weekly surveillance on LGIPs rated pursuant to the PSFR methodology, and monthly on FCQR/FVRs, methodology in order to form a view on whether any changes in the portfolio and management’s operating policies may alter the fund's credit profile and, therefore, the rating. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. During volatile market conditions, we typically enhance our standard surveillance to assess whether LGIPs are maintaining the relevant fund metrics. Enhanced surveillance, which may include daily interactions with the LGIP investment team or investment advisors, is fundamental to our rating process during periods of market volatility. Profiles Indices Related Products View All Contact Us Learn more about Local Government Investment Pools Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/local-government-investment-pools<![CDATA[ Local Government Investment Pools ]]>00:01:00<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]><![CDATA[ Evaluate U.S. residential mortgage originators with S&P Global Ratings’ Mortgage Originator Reviews, providing independent rankings of operational strength and performance. ]]>Products<![CDATA[ U.S. Residential Mortgage Originator Reviews Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview U.S. Residential Mortgage Originator Reviews Our independent view of a company's ability to handle the complex demands of originating U.S. residential mortgage loans. We give market participants an objective view of a company's ability to handle the increasingly complex demands of originating U.S. residential mortgage loans. Mortgage Originator Reviews are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. Deliverables Ranking provided on a scale from Strong to Weak, with published press release and report. Rankings are monitored periodically. Why Obtain a Mortgage Originator Review? S&P Global Ratings Mortgage Originator Reviews provide a consistent, objective analysis of a U.S. residential mortgage originator's operations and performance. Each review offers an overall ranking -based on sub-rankings covering an originator's qualitative (loan underwriting and processing, including the financial position review) and quantitative (historical loan performance) components. A mortgage originator overall ranking helps to assess an originator's operational capabilities and competence. Mortgage Originator Reviews offer benefits to investors, issuers, bankers, and originators alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key originator processes and performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing originators with a resource that they can help to raise its company profile, market themselves to transaction sponsors and servicers, compare themselves with peers, and assess internal performance. Detailed Description A Mortgage Originator Review is not a credit rating. Following a comprehensive evaluation process, analysts assess an originator's operational strengths and risks to derive appropriate sub-rankings and an overall ranking. The ranking and supporting analysis are conveyed in a written report that is published, and which may be included in related U.S. RMBS transaction presale reports. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational developments. Each ranking comprises subrankings for two separate components: a quantitative review (historical performance) and a qualitative review (nine areas of loan origination and underwriting process, including management and organization (including financial position); risk management; third-party management (brokers, correspondents, retail loan officers); underwriting; pre-funding data quality; post-funding quality control; appraisal/valuation management; and regulatory compliance). Related Products View All Contact Us Learn more about U.S. Residential Mortgage Originator Reviews Please fill out the form so we can connect you to the right person. 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Confirm ]]>https://www.spglobal.com/ratings/en/products/u-s-residential-mortgage-originator-reviews<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions for sustainability-linked and use-of-proceeds finance Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Types of Second Party Opinions Overview Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Post-Issuance Reviews What is a Post-Issuance Review? What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. In this video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Learn More About Our Shades Of Green Approach Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Sustainability-Linked Financing Role of Second Party Opinion (SPO) for Sustainability-Linked Finance Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Use-of-Proceeds Financing Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Public Reports View All Public Reports Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/project-cortex/second-party-opinions-revisited<![CDATA[ Second Party Opinions ]]>Wed, 25 Mar 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1N<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>TNAreT6AQP4EiwFaLhmB1N<![CDATA[ As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. ]]>https://play.vidyard.com/TNAreT6AQP4EiwFaLhmB1NPodcastWed, 25 Mar 2026 13:20:00 GMT<![CDATA[ 25 Mar, 2026 Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related articles: Scenario And Sensitivity Analysis: Credit Implications Of The Middle East War Credit Conditions Special Update: Conflict In Middle East Casts New Light On Established Risks ]]>https://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1NFri, 13 Feb 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eR<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>Vi1pyNeN14AHzg66e2j2eR<![CDATA[ In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. ]]>https://play.vidyard.com/Vi1pyNeN14AHzg66e2j2eRPodcastFri, 13 Feb 2026 13:20:00 GMT<![CDATA[ 13 Feb, 2026 Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRThu, 15 Jan 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, ]]>https://play.vidyard.com/euiQcUcYcjyB5d7ZFiRHRvPodcastThu, 15 Jan 2026 13:00:00 GMT<![CDATA[ 15 Jan, 2025 Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving By Tom Schopflocher Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, "valid when made" and "true lender" legal and regulatory risks can arise, which can include effectively asserting that the loan was never valid if a legal challenge was successful. We’re joined by analyst Ronald Burt to discuss how these risks could bring potential negative consequences for securitizations backed by loans originated through these arrangements, including a reduction in the interest rate on the loan, a voiding of the entire contract, or litigation and related costs. We also delve into how we assess them in our rating analysis of U.S. consumer loan ABS transactions. Related: Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvThu, 18 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. ]]>https://play.vidyard.com/e2NTxj5TWwzzwJ3xczEAcxPodcastThu, 18 Dec 2025 13:00:00 GMT<![CDATA[ 18 Dec, 2025 Take Notes: Highlights From The 2025 OPAL CLO Summit By Tom Schopflocher We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. Related: Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) Scenario Analysis: How Resilient Are Middle-Market CLO Ratings (2025 Update)? ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-92<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxTue, 11 Nov 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. ]]>https://play.vidyard.com/uPHMZ2SZXQqmGJuq4H6ubEPodcastTue, 11 Nov 2025 13:00:00 GMT<![CDATA[ 11 November, 2025 Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: How Our Updated Methodology For Rating Covered Bonds Affects Overcollateralization Requirements French Covered Bond Market Insights 2025 ]]>https://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-french-market-insights-and-our-updated-methodology<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubETue, 14 Oct 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. ]]>https://play.vidyard.com/NEUX6eUc1EaX7eGjW1iYc8PodcastTue, 14 Oct 2025 12:20:00 GMT<![CDATA[ 14 Oct, 2025 Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: Presale: Capital Street Master Trust (Series 2025-1) ]]>https://www.spglobal.com/ratings/en/multimedia/25-10-14-clos-and-levfin-podcast-s7e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8Tue, 29 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. ]]>https://play.vidyard.com/Fp8if2ozWD8a3xnFCiu4JrPodcastTue, 29 Jul 2025 12:00:00 GMT<![CDATA[ 29 July, 2025 Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review Featuring Casper Andersen, Andrew South, and Antonio Farina Covered Bonds Midyear Outlook And The EBA’s Harmonization Review In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: Not All Soft Bullets Are Created Equal Covered Bonds Outlook Midyear 2025: Still On Track ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_29-covered-bonds-uncovered-covered-bonds-midyear-outlook<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4JrFri, 18 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastFri, 18 Jul 2025 12:00:00 GMT<![CDATA[ 18 Jul, 2025 Take Notes: Airline Loyalty ABS Have Lift Off Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. Related Article: ABS Frontiers: Airline Loyaly ABS Have Lift Off ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-90<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KWed, 02 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ 2 Jul, 2025 Listen: Take Notes - How ETFs Are Enabling The Transformation Of Capital Markets By Thomas Schopflocher, Evan Gunter, and Maya Beyhan, Ph.D. Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. Related Article: ABS Frontiers: How The Burgeoning CLO ETF Sector Could Impact The Broader CLO Market ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-89<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KTue, 08 Apr 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://play.vidyard.com/SgWjBK5hLyWnoNFLd7iXd7PodcastTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ 8 April, 2025 Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: The Top Trends Shaping European Bank Ratings In 2025: Solid Positions, Growing Ambitions Covered Bonds In New Markets: Issuance Holds Up In 2024 European Banks: Covered Bonds Are A Cheap, Stable Funding Source With Limited Side Effects ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_20-covered-bonds-uncovered<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Fri, 21 Mar 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVu<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>uzFQYayufSLk8wYbP8CKVu<![CDATA[ Hina and Sandeep discuss Infragroup’s strong operating performance with Christopher Ewert, our current expectations for the company's performance, and the areas we are closely monitoring. ]]>https://play.vidyard.com/uzFQYayufSLk8wYbP8CKVuPodcastFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ 21 Mar, 2025 Leveraged Finance & CLOs Uncovered Podcast: Infragroup Featuring Hina Shoeb, Sandeep Chana, and Marta Stojanova Series 7, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup’s positive outlook. Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup’s strong operating performance, our current outlook for the company, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_21-clos-and-levfin-podcast-s7e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuFri, 06 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCe<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>Was776bzphmnbfiEwsuTCe<![CDATA[ We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. ]]>https://play.vidyard.com/Was776bzphmnbfiEwsuTCePodcastFri, 06 Dec 2024 12:00:00 GMT<![CDATA[ 6 Dec, 2024 Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. Related Articles: TGIF Funding LLC Series 2017-1 Class A-2 Rating Lowered; Removed From CreditWatch ]]>https://www.spglobal.com/ratings/en/multimedia/2024-12-06-take-notes-ep-84<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCeFri, 15 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>XgUbyDMES3MBQgffzRri33<![CDATA[ After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. ]]>https://play.vidyard.com/XgUbyDMES3MBQgffzRri33PodcastFri, 15 Nov 2024 12:00:00 GMT<![CDATA[ 15 Nov, 2024 Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. Leveraged Finance Sector Lead Minesh Patel also joins us to discuss the factors driving our generally positive view of Corporate credit performance over the next 6-12 months (e.g., policy interest rate normalization to help stick a soft landing, generally healthy balance sheets, etc.). Related Articles: U.S. BSL CLO And Leveraged Finance Quarterly: Cautious Optimism, But Still A Credit Pickers’ Market CLO Spotlight: Will Market Volatility Reset CLO Reset/Refi Volume Expectations For Second-Half 2024? ]]>https://www.spglobal.com/ratings/en/multimedia/2024-11-15-take-notes-ep-83<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33Fri, 04 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance. ]]>https://play.vidyard.com/ZMQkT1qDD1Ydg34zXj97LpPodcastFri, 04 Oct 2024 12:00:00 GMT<![CDATA[ 4 Oct, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 6: What’s new for CLOs? After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/04_10_24-clos-podcast-s6-e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97LpWed, 04 Sep 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>s8R2rgogRGLeijLDZPejW2<![CDATA[ In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings ]]>https://play.vidyard.com/s8R2rgogRGLeijLDZPejW2PodcastWed, 04 Sep 2024 12:00:00 GMT<![CDATA[ 4 Sep, 2024 Listen: Ep50: Mohamed El-Erian on how AI is changing investing Featuring Joseph Cass and Sudeep Kesh In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. Topics discussed included the potential impact of AI on investing and portfolio management, how Mohamed incorporates data into his views, Sudeep on AI in movies and music and Mohamed’s relationship with the Gen Z students at Queens'. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Mohamed El Erian, President of Queens College Cambridge, and Adviser to Allianz and Gramercy; and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. So, a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Mohamed, welcome back. You wrote a piece in the FT about six months ago now, and it was called 'how Gen AI will change asset management'. What are your current thoughts on this really broad-ranging topic? Mohamed El-Erain 00:00:38 So I'm a believer that AI is a transformative innovation that will impact a lot of what we do. I think asset management is among the sectors that will be significantly influenced by AI. There is low-hanging fruit that is already being taken advantage of, but it is the higher up fruit that is really exciting. And that is to go from reporting to actually enhance analysts and enhance portfolio managers in achieving their missions. Joe Cass 00:01:18 Perfect. Thanks, Mohamed. Sandeep, your research lab at S&P is primarily concerned with things like AI adoption, governance and risk in a whole heap of industries really. What are some standout examples that you're seeing in your own research? Sudeep Kesh 00:01:35 Yes. I think it's a mix of actually exactly what Mohamed described. I think about two-thirds of companies, publicly traded companies now tend to be just kind of early in their adoption. So, they're really thinking about how do I use AI to teach me about AI. And what I mean by that is a lot of industries are basically looking like in banking or asset management, things like fraud detection and any kinds of aberrations for risk management and things like that, where we've actually had quite a history of using machine learning in these spaces. So now it's basically taking existing processes and looking to AI to lend some level of automation. Now I think similar to what Mohamad articulated is I think there's great potential if you really think about what your goal is and focus on that goal and see AI is basically kind of a transformative agent to mobilize your assets into something as of value or something of value to your stakeholders. So one of the standout examples is really actually at Louis Vuitton Moet Hennessey, one of the things I was reading that they're doing is they're actually looking at leveraging AI, not necessarily Gen AI, but AI more broadly on mimicking human old factory senses. So basically, the human senses smell and then looking early on in the supply chain, if one of these ingredients for a perfume is about $100,000 for a drop. If you're able to detect aberrations in your production early on, you could actually save millions and millions in products, not waste resources and really be able to get at this level of customizing products for distinct customers. Similarly, there are companies that are basically going -- and that's what I call back to front, by the way. So there's also companies looking front to back, and that becomes an intelligence gathering phase where you're basically able to say, okay, if I was to have an artificial beauty consultant, for example, I'm clearly not their target market. But if you were to create this kind of thing, you would start to get lots and lots of informatics around customer preferences, different sort of skin tone pallets, all of these other kinds of things. And that becomes another thing that unlocks the value of the existing assets. And I think that's the real benefit. So I think a lot of companies aren't there yet. They're really early in the journey, and that's okay. But I think where you're really going to see the rubber hit the road is those more novel use cases of doing things that haven't been able to be done before as opposed to just doing them faster, doing them. Mohamed El-Erain 00:04:05 Sandeep, I'm really interested in what you just said because I get a sense that the majority of companies understand the what and the why of AI. but the majority also struggles with the how. And there is a whole range of views from let's educate ourselves, let's have an add-on to let's bring in someone who will disrupt us from inside to let's rethink the whole company as if it was AI native. What would you tell companies in terms of the how? Sudeep Kesh 00:04:40 Yes, how -- so the way I think about it, and I should warn that I'm prohibited from giving advice. So, this doesn't constitute advice. But the way I think about it is that every business has assets. So, they could be the employees and the talent networks and things that they have access to. It could be data, it could be processes to unlock these things. Every company has customers, right? And then the secret sauce, their business model is actually a scientific hypothesis. -- on how they can unlock value from those assets to those customers. And the reason I say scientific hypothesis is because it's testable, right? So my advice, not advice would really think about the scientific method to say, okay, how do I treat all of these different processes as essentially science experiments and be able to kind of have this counterfactual and kinds of things. And then I think that sort of unlocks, a, what you're thinking and then how to think about basically meta cognitively, how to think about what you're not thinking about because I think that's the part of the how that's really difficult with AI is it's very cold and calculated. It's essentially sort of a pair of a Bayesian tree with a bunch of sorts of decision science applied on everything you could sort of think of, but it doesn't have feelings, it doesn't have emotions. Humans, I think, sometimes take for granted how intuitive decision-making can be when you're basically -- you're trusting your gut, these kinds of things. You can't -- unless -- I mean, we can sort of go down a rabbit hole on that with this branch of AI called causal AI that gets into that. But Gen AI and things like that doesn't really have any sense of causality, doesn't have any feeling. So that's why we kind of have to take this very sort of cold-hearted perspective and then I think you can unlock the how that way. That was a long-winded answer to your question. Joe Cass 00:06:32 Great. Thank you. That's great. Mohamed, I've heard generative AI described as a combination of technologies and capabilities that help drive innovation in business. Do you mind sharing a few examples of what types of innovation Gen AI could help drive in the asset management space? Mohamed El-Erain 00:06:52 So, we've already seen it impacting attribution analysis. So, your clients would like to know where did the returns come from, be they overperformance or underperformance. That is actually quite a labor-intensive exercise, and there's lots of shortcuts that are done. I've seen AI enhance this attribution analysis. They've made reporting a lot easier. For portfolio managers who have to go through a vast number of documents looking for particular things. So think of a basket of mortgages or think of when you're trying to assess how correlated are the risks in there, AI can really enhance your ability to analyze lots and lots of data and focus on a few things. So we've already seen these application happen. Where I haven't seen yet AI utilized is in secular asset allocations and in doing a better job at optimizing that combination of returns, volatility and correlation. And that every long-term investor will tell you that they start with these very ambitious plans to have an optimization program. And by the time they force all the constraints, they end up with something really arbitrary. And the hope is that AI will help you deal with some of these situations. I'm pretty hopeful that this will be the case, but it's still very early on in the process. Joe Cass 00:08:30 Great. Thanks, Mohamed. Sudeep, I know you think a lot about AI, not just what it means to S&P or a particular industry, but more broadly, what advice would you give people when thinking about AI or Gen AI to help them use these tools to improve their lives? Sudeep Kesh 00:08:49 Yes. I think there's a lot of directions you can kind of take. I think it's one of those things that be who you are, right? I think that's the main thing. So, if you're afraid of these tools, that's okay. But I would start to learn about these things and basically kind of revisit that fear. I think fear is healthy. Fear keeps us alive, right? But it's one of these things that we need to be sort of educated about what are the material issues and things like that. But I think one of the bits in the debate in terms of sort of humanity versus humanity plus AI is actually kind of AI in the arts and things like that. And it's one of these things that Ironically, that's how I got my start in AI twenty-five years ago was in music, like using AI to kind of be able to bring in this physicality in terms of emulating different spaces and sound design and things like that. That's how I came into AI. I recently met a friend; his stage name is King Willonius. He's an AI music artist. And he basically writes these comedy songs essentially, using AI, he does a prompt engineering technique to start the track. And then he's basically interacting, he's playing AI like an instrument. And I think that is really hugely illustrative of human creativity of drawing inspiration from anything that is of earth whether that's a traditional music instrument or AI. So, I don't think that these things are substitutes for each other. I think it's one of those things that we just have to treat the world with all of these technologies in it and then operate within their boundaries. Now I think with the fear thing, going back to the fear thing, like these things can be dangerous, right, in the wrong hands and so on. And that's fine like to recognize that, that fear is there, but we still need to do something about it. And I think that the key is education and being able to really be disciplined about it. Mohamed, I don't know what your advice would be. I think that would be really valuable for the audience as well. Mohamed El-Erain 00:11:00 So, I would just quote a couple of situations. One was when someone from industry came to speak to our students and made a wonderful presentation. And then, of course, the first question was, how can I enhance the probability of getting a good job? And that's what the student asked. And the answer was to learn to speak to AI, learn to interact with AI. And I thought that's really interesting. And I didn't think twice about it. And then a few weeks later, I was in a meeting where someone from OpenAI was presenting. And then someone who was around the table, said, "Look, I just asked ChatGPT. -- what questions should I ask you? And they gave me this banal question to ask you. And the person from OpenAI said, that's because he didn't provide the context. So put in these four things. And they put in -- I am in a meeting with so and so and so and so. I'm listening to presentations with so and so who's back on and so on and so put in four little prompts, if you like, and then ask the question. Got a completely different answer and much more -- so I think this notion of experimenting, like you say, not be afraid of it, learn to interact with it because the more you interact with it, the more you realize like any other tool, you have to understand where its competitive advantage is. I also think, as Sudeep said, it's very important to understand this is an eighty-twenty proposition. 80% is good, 20% is bad. I go back from the U.S. to Europe quite often. The U.S. embraces the 80%, loves the 80%, wants to run with the 80% and tends to ignore the 20%. Europe's obsessed by the 20%, and they tend to ignore the 80%. I think the truth is, like Sudeep said, you have to embrace the eighty-twenty, embrace the whole distribution and try to manage the whole distribution because that's what you're getting. Joe Cass 00:13:00 Fantastic. Thank you both. Mohamed, you spoke about it there briefly in terms of the risk. I mean, there's a whole host of risks associated with Gen AI from hallucination to data privacy or other considerations. What kind of risks keep you up at night about Gen AI or AI in general? Mohamed El-Erain 00:13:21 So, hallucination doesn't keep me up because I think that as AI evolves, that risk will come down. It will always be there. I think what keeps me up at night is exactly what Sudeep said, which is a very powerful tool in the wrong hands. That's what keeps me up at night. And I can tell you, it's complex and it's making people think. I'll give you another example from education. People discovered that when they interviewed online, it leveled the playing field, that socioeconomically, you were having a much more inclusive platform. However, now there are tools that literally you put under your camera that listens to the question that's being asked and prompts answers for you. And if you're on the other end of an interview, you don't see that. So, you've got to evolve how you do things, understanding that the technology in the wrong hands can be used in a way that is counterproductive to ultimately what you're trying to do. Joe Cass 00:14:27 Perfect. Thanks. So now we'll move on to some kind of off-topic questions. So, one thing I did in the last episode, which is kind of interesting, I'm going to replicate it here. So, it's quick-fire questions. So, it's basically the first thing that comes into your head when I say these words. And it's all about your favorite. So, what is your favorite X favorite Y. So, Mohamed, I'll go with you first, and then Sudeep will do your round second. So, Mohamed, what's your favorite movie? Mohamed El-Erain 00:14:57 My cousin Vinny. Joe Cass 00:14:59 What's your favorite season? Mohamed El-Erain 00:15:02 Spring. Joe Cass 00:15:03 What's your favorite drink? Mohamed El-Erain 00:15:06 Sparking water. Joe Cass 00:15:09 And what's your favorite restaurant? Mohamed El-Erain 00:15:12 Chinese restaurants. Joe Cass 00:15:14 Favorite gadget Mohamed El-Erain 00:15:15 My computer. Joe Cass 00:15:19 Favorite time of the day. Mohamed El-Erain 00:15:21 Early morning. Joe Cass 00:15:23 And last one, what's the profession other than your own that you would like to attempt? Mohamed El-Erain 00:15:30 Being a lawyer. Joe Cass 00:15:33 Interesting. Interesting. Okay. Sudeep, you're up now. So Sudeep, what's your favorite movie? Sudeep Kesh 00:15:38 The Big Lebowski Joe Cass 00:15:41 what's your favorite season? Sudeep Kesh 00:15:42 Autumn Joe Cass 00:15:45 What's your favorite drink? Sudeep Kesh 00:15:48 Coffee. Joe Cass 00:15:50 What's your favorite restaurant? Sudeep Kesh 00:15:51 Pizza place down that way Joe Cass 00:15:56 What's your favorite gadget... Sudeep Kesh 00:16:00 It's a tough one. AeroPress, I'll stick with the coffee Joe Cass 00:16:04 What's your favorite time of day? Sudeep Kesh 00:16:08 Late afternoon. Joe Cass 00:16:10 And lastly, what profession other than your own, would you like to attempt? Sudeep Kesh 00:16:15 Time machine mechanic. Mohamed El-Erain 00:16:20 May I point out Joe, that Sudeep had an unfair advantage. Sudeep Kesh 00:16:25 I did have an unfair advantage, yes. Mohamed El-Erain 00:16:26 He had an unfair advantage. May I also point out that his answers are all consistent because obviously, his love affair with coffee means that he needs a lot of it in the morning, which raises the one question. How many cups of coffee do you have before noon? Sudeep Kesh 00:16:40 Three, which is too much. Mohamed El-Erain 00:16:46 That's all? Sudeep Kesh 00:16:46 Well, yes, it could be worse, but it's three and then one in the afternoon. Mohamed El-Erain 00:16:51 So, I'm at five before noon. Sudeep Kesh 00:16:54 I'm not sure who has to adjust. Joe Cass 00:16:58 Mohamed, I wanted to talk to you just briefly about your newest book, Permacrisis, which I was actually reading on holiday a few weeks ago. Can you talk about the book, but also tell us about how your co-author, Gordon Brown, initially reached out to you in California and how that evolved into a weekly call during the pandemic between you, Gordon, and the Nobel Prize winner Michael Spence. Mohamed El-Erain 00:17:21 So, I think it was back in 2016 or 2017, I got an e-mail from Gordon Brown saying, I've read your article. I'm coming to California. I'd love to get together and discuss. So, I showed it to my wife. I said, okay, someone's pulling my leg here. Who do you think it is? And she said, well, just respond and take it seriously. So I respond to that, of course, I'd be happy to meet. And then we organized it that he would come to the house for brunch. It lasted six hours. He had come actually to discuss the article, which was a bit of a because I hadn't read what I had written weeks ago. But we had this incredible discussion. And then we followed up two weeks later with another long session. Gordon is this incredible sponge really interested in public policy, really cares about economic well-being, about inclusiveness, and we just connected. Come the pandemic, early on, he and I were sharing concerns about this notion that people thought that when you restart an economy, it's like flicking a switch. That's not what happens. We are worried about what would happen to vaccine distribution. So, we decided to have a regular call. And then he started asking questions that I could not answer. So, I said, do you mind if we bring a third person in, a friend of mine, who is the nicest person in the world, but he also is the smartest person I know. And that is Michael Spence, who I had co-authored a couple of articles with a few years earlier. And he said, yes. And then we evolved where you had Mike being the precise content person, Gordon being the visionary policy person and I being the supplier of the Zoom links every week. And we did this for a year where we were talking about our concerns. And then there was a really important pivot where we came across three factors that we believed explained most of this notion of cascading crises. At that point, the conversation became really positive, and someone said, we should write this down. And that was an oh, no moment because no one had taken any notes for a year because this was more like a social event than anything else. And then that was the idea for the book. And then we brought in Reid Lidow, who is incredible, and he helped 3 very different ways of writing seem like seamless and one person. So, it was a wonderful cooperative effort among the four of us. Great. Joe Cass 00:20:11 Thanks, Mohamed. Sudeep, high-level question for you now. If you could give your teenage self-advice, what would it be? And, if he could see you now, what would he be most impressed by? Sudeep Kesh 00:20:26 I think I'm still a teenager, so it's a relative thing. I would say to my teenage self, yes, just kind of respect the fact that things happen. You can control yourself, but you don't control the outcomes of situations. It's like you just got to let stuff be. And related, I think it's one of these things that I'm starting to learn that actually through my children. I'm starting to learn that now. So, I think it would be like my teenage self in the future to the present. You might be impressed that you eventually got to figure that out because it's just like we don't hold all the cards. We actually hold very few of sort of changing the outcomes of things like that. So, I think it's just one of those things, be yourself, just get up, do it, stay focused. Joe Cass 00:21:22 Yes, very cool. Mohammad, in business in corporations, in investing, - it's often spoken about the importance kind of the criticality of data. What's your view of the role of data in decision-making in 2024? Mohamed El-Erain 00:21:39 Critical, absolutely critical. But it should inform your judgment. It shouldn't completely take over your judgment. Data is a critical input, but it does tend to capture the past and there are all sorts of structural changes that go on. So, you should also have an open mindset to what is changing. The mistakes that are made in policy is by sometimes not supplementing backward-looking data with forward-looking hypothesis. And that's the mix that needs to be done. So, data is really, really critical. And I think evidence-based policymaking, evidence-based decision-making in business is critical. I joked about the lawyers because I was told a joke when I was young. My father was a lawyer. I would have been a lawyer if I didn't want to come across as simply following my father's footsteps, so I chose something completely different economics. And I always -- I was once told the big difference between a lawyer and an economist is a lawyer can argue with 100% conviction and 10% foundation because that's their job. an economist needs 90% foundation to argue with 90% conviction. And the reason why I said law because I often wondered whether lawyers can't do a better job in getting the balance right between conviction and foundation. And I think data helps you get some of the way on conviction, not all the way, but some of the way. Joe Cass 00:23:24 Great. Thanks, Mohamed. Mohamed, it really wouldn't be an episode with you as a guest if we didn't talk a bit about football/soccer. So, a reminder to Sudeep and also the viewers and the listeners that in the 1979 to '80 season, Mohamed was a captain of the football first team at Queen's College of Cambridge. And I've got the picture as proof. So, Mohammad, now you're the President of the University. Do you get to watch much football or just generally sports on campus? Mohamed El-Erain 00:23:59 Yes. So, my biggest dilemma every weekend is how to watch four different teams that are playing on Saturday and Sunday and are playing in different places often at the same time. So, we have the two male football soccer teams. We have the female soccer team, and we have the one male rugby team. And I try to go out and see them. And they're normally playing different places. But absolutely, I mean, I love going out, I love cheering. And Joe, as you would know, you often do this in Cambridge when it's windy and rainy and everything else. The one thing I really worry about is there's a very high correlation between me turning up and the team losing. So, I have to figure out what is the right approach to that. Maybe AI can help me minimize that correlation because it's really way too positive. Sudeep Kesh 00:24:56 You need more data. Joe Cass 00:24:59 Excellent. And Sudeep, we spoke about this briefly before, and you also said you had some experience in this. But in your view, how could AI impact other sectors? So will we be watching AI movies in the future, listening to AI music artists, watching augmented reality, AI-infused football games? Sudeep Kesh 00:25:21 Yes. I mean I think we already are, right? So, it's part of the answer to the question. And I would go back to what Mohamed said, not necessarily 80-20, but just treat these as a continuum. So, like 100%. What I fear is that if you were to watch a movie or listen to a music that was 100% AI, I worry about the implicit nature of data forming sort of this average and like you're not going to get exceptional music, but you'll just kind of get like 'meh' and maybe that's fine, I don't know. I call it - I don't mean it, but it's basically if you take an asymptotic relationship of as X approaches Fleetwood Mac, it's kind of like it's all right. That's all right. But it's just like it's not necessarily exceptional. So, it's just kind of like that's some of the stuff I worry about. With sports, I know in football, English football, when you started introducing cameras and replays and things like that, like everyone just went nuts. And I think it's one of those things I really enjoy the beauty of like watching like Messi in action where he just kind of has a slow start in terms of the physicality, but he's immediately studying everything about the pitch and having this calculation. That's kind of how AI works. So, it's one of those things that like if you do too much of it, it becomes less beautiful. So, I think it's one of those things that like it's happening now, like in terms of special effects, in terms of things with convolutional processing and music to allow some pure sonic space sound like it's from something different or create a lot of things that you can't even emulate on earth. This is some of the stuff that I was doing of trying to imagine what a guitar string made of glass would sound like. So basically, taking the physical properties of glass and the reverberations and things like that and then applying that using sort of computational techniques. And then that kind of influences my own imagination. But it's just like I, as a human have to do the hard work of imagining things. And when I'm consuming, I'm also viewing this thing through sort of my own sort of lenses of experience and preferences and everything else. So, nothing is ever devoid of the human, so I don't worry about that too much. But I think in the dialogue, we tend to overbias towards some of the stuff around AI. Hopefully, that made any sense whatsoever. I'm not sure that did. Mohamed El-Erain 00:27:37 So Sudeep, let me push into this. Suppose you are the coach of a team of a football team, whether it's American football or soccer. And the other team has fully utilized AI to put in every data point about your players, strength and weaknesses, has observed your formations and everything else. And you're a coach of the team that's playing against the AI-enhanced team. What would you do? Sudeep Kesh 00:28:06 I think it's that during Game Day, and we have this thing all the time. The analogy is funny to me because I'm the least athletic person like not in just this room, but like maybe on earth. But I think it's one of those things, come game day, you got what you got, right? So you got to play. And I think that you practiced time and time again using sort of your human intuition using the sort of communication channels on the field. That's one of the things I always loved about like the Xavi's and Andre Iniesta's of the world of like basically reading the field and then using all of that information as sort of a communication strategy. It's almost like a dance. And I think that would still allow a lot of things that haven't been assessed or analyzed by the AI bot on the other team. like that sort of communication and teamwork as an art form, I think, would still hold true. Now I don't know how that's going to play out. But I mean, that would be an interesting match, right? Like if you say like if people knew that, and then you can kind of say, who's reading for the AI-assisted team, who is reading for sort of the analog team, like it would be interesting. I don't know who would win. Mohamed El-Erain 00:29:11 So, I thought you'd answer differently. I would have thought you'd say on T minus-one, you would change your formation and you would take the risk of a suboptimal formation rather than an optimal formation that the other side has analyzed fully. Sudeep Kesh 00:29:28 Yes. I mean, because I think in American football, they do this all the time, right? Like they analyze like every nuance of everything. And I don't know that it always generates an advantage because you always have - this is like all of the psychology and the computer science games of your two or chess. I mean this is chess, right? Like you have all of these probabilistic and deterministic kinds of things that could sort of happen. But ultimately, you have to make a choice. And that choice is unknown until you've made it. So I think that it's still the same sort of dialogue in a different context. Mohamed El-Erain 00:30:07 Essentially because I grew up at university playing the game of risk every single day. And the game of risk is completely probabilistic led. But when people start understanding your biases, you have to act irrationally once in a while. Joe Cass 00:30:21 Right. Mohamed, as President of Queens College at Cambridge, you must engage. In fact, I know you engage with the students regularly. In fact, as part of the research for this question, I did some mining online. And I think it's a Facebook group, which is called 'Mo's bros', where there's a group of people at Cambridge, guys and girls who are part of this group and just value just speak to each other about what kind of insights you shared. So I know this happens. So I'm interested to know what kind of things have you learned from the students and also kind of the Gen Z generation more broadly? Mohamed El-Erain 00:31:04 So let me just say this is the best job I've ever had. And one of the reasons why this is the best job I've ever had is interaction with students. They come to us from very different backgrounds, and they are wicked smart, as you would say, in Boston. They really, really are smart. And for me, it's just incredible talking to them and asking them questions and seeing how they think. And when you are with them for three years, you literally see them being transformed by the environment. You see the intellectual curiosity being satisfied and pushed. And in the process, they teach you a lot. So I try to spend as much time with students as I can. That includes not just meals. It also includes stopping and talking to them, having them over. And I think it's absolutely transformational for me as much as it is for them, this experience. Now I get the added advantage that I get to sit with professors and whenever we get someone who comes from a U.S. university who comes to Queens, the thing they love most is lunch because what happens in lunch, which is self-service, is you sit at the next available seat. You don't go sit on your own, you don't go sit in a group, you sit at the next available seat. So one day, you'll be talking to a physicist. The other day, you'll be talking to a humanist. I mean you get just incredible experiences from people who are at the top of their field. And it's just incredible interaction between the students and the professors there. That's awesome. Joe Cass 00:32:45 Fantastic. Mohamed, I know you're a Board member at Under Armour, and I think - you can correct me if I'm wrong here - I think I saw an interview where you had an Oura ring on. I thought it looked like an Oura ring. But interested to know, there we go. So with that kind of in mind, interested to know how you integrate kind of health, fitness, wellness into your daily routine. Mohamed El-Erain 00:33:09 Not well enough, okay. So you asked me earlier about data. I love data. I love evidence-based. And I never understood my sleep. And then someone introduced me to the Oura ring. And the Oura ring has had two massive impacts in our lives. One is individually, which is every morning, the very first thing I do, even before I check the markets, the very first thing I do is look at my sleep. In fact, when my wife and I wake up and we said, how did you sleep? We said, I can't tell you, I need to look at my Oura score first. And I've noticed that it has changed my behavior that I've done things differently in order to try to promote a higher score of sleep. And importantly, when I do miss out because I fly to a red eye, I understand what it is that I have to make up for. So that's number one, it has changed my approach to sleep. Number two is like other things, you can compare and contrast. So we have a family group, and I have two daughters, and it's wonderful to me that we compete on the amount of sleep because every night we want to know who has the highest score. And I remember when I was in my 20s, which were where my daughters are right now, sleep wasn't a priority at all. I wish it had been, but it wasn't. Well, the fact that we are all competing for a high score has made it a priority. Sudeep Kesh 00:34:39 Is that recursive then? Meaning that it's just kind of like, okay, like I wake up in the morning and I didn't get enough sleep. So I know I'm ill-equipped to make good decisions in certain context. So I'm going to refrain from doing that, but it also creates an incentive to say, look, today was a less than optimal day because I hijack myself by not sleeping. So I want to get more sleep in order for tomorrow to be a better day. Is that more or less how the thought process works? Mohamed El-Erain 00:35:08 I wish it was. That's why you're the Innovation Officer because you think that way. No, mine is very simple is there are different metrics. They measure different metrics of sleep, your REM sleep, your deep sleep, your restfulness. So I look at what didn't happen. And then I try to figure out why is it that I was so restless during the night. What is it? And it's often because I read an e-mail before going to sleep or something like that, that my mind kept on thinking about. Is it because I didn't get enough hours sleep? Is it because it took me too long to get to sleep? So what I try to do is incorporate the data and try to change my behavior so that the next day, the next night, I'm better. But no, I don't do the advanced science that you do. Sudeep Kesh 00:35:59 That I wish for. I don't do it either. Joe Cass 00:36:02 It's interesting. I've got a similar one, again not an endorsement of the company, but I've got this thing called a whoop and it's very similar to the Oura ring in terms of sending the data of the sleep and recovery and if you can push yourself or not. And the one interesting thing, you're right in the fact that it changes your behavior. And the one example I have personally is that I found that if I don't eat or drink anything after 7:00 p.m., it incredibly improves my sleep score. So I did it kind of one just randomly kind of by mistake, I guess. And then it had such an impact that I just repeated it. And now whenever I can, let's say, five days out of seven, I've made that change in my life just because of the data based off the loop, which is kind of scary the power that it has. Mohamed El-Erain 00:36:53 So will you not accept a dinner invitation at 8:30 at night? Joe Cass 00:36:58 No, that's the thing that I try and kind of keep the kind of 70% to 80% rule with kind of health and fitness. So I think, okay, I'll be good in these areas, but I don't want to kind of sacrifice to an extreme. But it is crazy how kind of just tracking the data and being visible and popping up every morning on your phone, it changes your behavior as a human. So it's so powerful. Mohamed El-Erain 00:37:25 It is. Absolutely. Joe Cass 00:37:29 Sudeep, we've spoken about Gen AI throughout the podcast so far. I'm interested to know how you're using Gen AI in your personal and professional life at the moment? Sudeep Kesh 00:37:40 Sure. Yes. So Gen AI, I use less admittedly than what they call discriminative AI and things like that in terms of machine learning for work. For Gen AI, so when my son was small, I mean, he's still small, but when he's smaller, He would always ask me to read him the story before bed and then we turn out the light and then he wants to hear another story. So I would make up a story. And I would try to incorporate different elements from his day. Now I think as he kind of ages, then things get more complicated. So I said, let me try asking ChatGPT to come up with a story using certain variables. And it will be like electric cars, bunny rabbits and the band Paramore. And then it was like, okay, what do you come up with? And what I found, I've tried this like again and again with a bunch of different variables. The thing is the stories could be pretty good, like in terms of like little plot twists and stuff like that. So like in personal life, I'll use it for that. Sometimes you could start to see a pattern pretty quickly after like you have about three. It's inspired me to kind of just try again just naturally of just kind of coming up with stuff. So that's kind of some of the personal life stuff. In terms of professional life, I think it's really good for summarization. Like so for example, if you have regulation, going back to Mohamed's issue about attorneys, for some reason, they can always generate these six hundred, seven hundred-page papers that it's like really, really difficult to read. So I think in terms of document summarization and things like that, a lot of the algorithms now are really good at getting to the heart of the material and give you enough of a flavor of it that you can essentially kind of use your sort of manual research processes to then fine-tune what I want to learn more about and things like that. So I think like that's a really good use. I think we have to be mindful of the biases and things like that, that are sort of brought about. But like Mohamed was alluding to, if you're not using this, then you're truly going to be behind. So I think it's learned how to use them well and use them. And it takes some practice. So I would also just kind of think about just what are the stakes of the outcome for doing it this way and so on and then build some governance processes around things that are going to abate something bad from happening. So that's on the professional life on the personal, it's glorified mad libs. Joe Cass 00:40:14 Great, Thanks Sudeep. Mohamed, the last question goes to you. Over the course of your career, what's the best piece of advice you've been given? And who gave it to you? Mohamed El-Erain 00:40:25 I think the best piece of advice I got was from my father. I was thirteen years old. We moved a lot when I was young. And I remember that we had arrived in Paris, and we got four newspapers every morning. My father expected me to read the four newspapers. I had no interest in reading one, let alone four. And I remember trying to strike a deal with him. I said, 'look dad the news is same across the board, so I don't need to read four newspapers. I'll read one. You tell me which one you want me to read and I'll read one'. And he said, 'no, you don't understand. The interpretation of the news differs. And in front of you, you have four newspapers that go across the political spectrum. And unless you understand how different people interpret things, you will struggle in life'. And that, for me, was an incredible insight in terms of, you do need to keep an open mind. It's really important to have this cognitive diversity almost hardwired inside of you because it's hard, it's really hard. And I'm glad that my father was so insistent when I was thirteen. I can't imagine that my goal is now to read newspaper, let alone four. But for me, it was really important advice. Sudeep Kesh 00:41:50 Do you find when you're talking to students, are they seeing the level that you do in terms of the need for cognitive diversity and just being able to just experience life with just different friends and different people from different walks of life. Are you finding that with the students? Mohamed El-Erain 00:42:09 I find that you have to structure it. You have to let structure do the heavy lifting because in the world we live in today, you will tend to go to one point of view because social media, as we know, is a big driver of this. And it's understandable. They're just trying to curate for you what you're seeing. So they reinforce whatever it is. So you have to use structure to do the heavy lifting on this. And that's why we stress cognitive diversity so much. Joe Cass 00:42:44 Fantastic. Well, listen, that's it. Thank you so much, Mohamed and Sudeep, for your time today. Everybody watching everyone listening, see you next time on FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep50-mohamed-el-erian<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2Wed, 15 May 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdf<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>7mrh2MCetxK3xe254RgVdf<![CDATA[ We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. ]]>https://play.vidyard.com/7mrh2MCetxK3xe254RgVdfPodcastWed, 15 May 2024 12:00:00 GMT<![CDATA[ 15 May, 2024 Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. We also discuss issuance demand and trends in the Dutch covered bond market and revisions to certain jurisdictional support assessments in our criteria (specifically Iceland). Related Articles: Covered Bonds In New Markets: Issuance Holds Up In 2024 Global Covered Bond Insights Q2 2024: Strong Start To The Year For Issuance Covered Bonds Primer Norwegian And Finnish Covered Bond Market Insights 2024 ]]>https://www.spglobal.com/ratings/en/multimedia/2024-05-15-take-notes-ep-82<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdfTue, 14 Apr 2026 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]> 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. ]]>https://play.vidyard.com/ 9mSqqCJS1BL3P1KPvYhcZ7PodcastTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ 14 April, 2026 Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination Featuring Casper Andersen and Alastair Bigley Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Dutch Covered Bond Market Insights 2026 Agentic AI Adoption In EMEA Mortgage Origination: A Long Road Ahead ]]>https://www.spglobal.com/ratings/en/multimedia/26_04_14-covered-bonds-uncovered-dutch-market-dynamics-and-ai-in-mortgage-origination<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]>https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7Mon, 02 Mar 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]> tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. ]]>https://play.vidyard.com/ tNKeTWxxf2iHNofKwiU4XnPodcastMon, 02 Mar 2026 13:00:00 GMT<![CDATA[ 2 March, 2026 Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends Featuring Casper Andersen and Andrew South Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Danish Covered Bond Market Insights 2025 Swedish Covered Bond Market Insights 2025 Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://www.spglobal.com/ratings/en/multimedia/26_03_02-covered-bonds-uncovered-danish-and-swedish-covered-bond-market-dynamics-and-rating-trends<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]>https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4XnFri, 30 Jan 2026 00:00:00 GMT00:01:00https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXa<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>oef7UvoFiAtPyz2hMTozXa<![CDATA[ S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Mr. Andersen is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. ]]>https://play.vidyard.com/oef7UvoFiAtPyz2hMTozXaPodcastFri, 30 Jan 2026 00:00:00 GMT<![CDATA[ 30 January, 2026 Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends Featuring Casper Andersen Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Casper is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Spanish Covered Bond Market Insights 2025 Spanish Banking Outlook 2026: The Momentum Is Set To Continue Covered Bonds Outlook 2026: Rating Trends Broadly Balanced ]]>https://www.spglobal.com/ratings/en/multimedia/26_01_30-covered-bonds-uncovered-outlook-spanish-market-dynamics-and-rating-trends1<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXaFri, 19 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shknge<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>Zv88vxT8baNMfaw7shknge<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. ]]>https://play.vidyard.com/Zv88vxT8baNMfaw7shkngePodcastFri, 19 Dec 2025 13:00:00 GMT<![CDATA[ 19 December, 2025 Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends Featuring Casper Andersen and Frank Gill Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance German Covered Bond Market Insights 2025 Request For Comment: Methodology For Rating Structured Finance Securities Above The Sovereign Ratings On French Covered Bonds Unaffected By Sovereign Downgrade Scenario Analysis: How Sovereign Rating Actions Affect Covered Bonds ]]>https://www.spglobal.com/ratings/en/multimedia/25_12_19-covered-bonds-uncovered-german-market-dynamics-and-sovereign-rating-trends<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngeTue, 16 Dec 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ In this episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: • Nearly $250 billion in issuance in 2025 • Key trends in credit estimates • Shifts in the average EBITDA size of issuers • What these developments mean for mid-market CLOs going into 2026 ]]>https://play.vidyard.com/Pxn5fWFtSbG8dp7WhYow9aPodcastTue, 16 Dec 2025 13:20:00 GMT<![CDATA[ 16 Dec, 2025 Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 9: Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: Nearly $250 billion in issuance in 2025 Key trends in credit estimates Shifts in the average EBITDA size of issuers What these developments mean for mid-market CLOs going into 2026 Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25-12-16-clos-and-levfin-podcast-s7e9<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9aThu, 27 Nov 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfx<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>Heyhc2ieLJcDN8HUN35xfx<![CDATA[ In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. ]]>https://play.vidyard.com/Heyhc2ieLJcDN8HUN35xfxPodcastThu, 27 Nov 2025 13:20:00 GMT<![CDATA[ 27 Nov, 2025 Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 8: Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-11-27-clos-and-levfin-podcast-s7e8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxFri, 12 Sep 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QF<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>RM5NgbVzWNWkpvBBpz22QF<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. ]]>https://play.vidyard.com/RM5NgbVzWNWkpvBBpz22QFPodcastFri, 12 Sep 2025 12:00:00 GMT<![CDATA[ 12 September, 2025 Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise Featuring Casper Andersen Commercial Real Estate Recovery and Housing Prices Up In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: European Covered Bonds Eye Commercial Real Estate Recovery European CMBS Break Through The Refinance Wall Sector Review: Global Office Market Regains Its Footing House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets Credit FAQ: How House Price Changes Affect Our EMEA Residential Mortgage Loans Analysis ]]>https://www.spglobal.com/ratings/en/multimedia/25_09_12-covered-bonds-uncovered-commercial-real-estate-recovery-and-housing-prices-on-the-rise<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFTue, 22 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>q9uHseFM8cepnH5kZDH8t1<![CDATA[ In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. ]]>https://play.vidyard.com/q9uHseFM8cepnH5kZDH8t1PodcastTue, 22 Jul 2025 12:20:00 GMT<![CDATA[ 22 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 6: Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related article: Colisee Group S.A.S. Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_22-clos-and-levfin-podcast-s7e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1Thu, 17 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ In this episode Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. ]]>https://play.vidyard.com/xKjcSRvrQvhbMkhQZm6hPVPodcastThu, 17 Jul 2025 12:20:00 GMT<![CDATA[ 17 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 5: Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. Our goal is to equip market participants with deeper, forward-looking insight into multi-asset class -Corporate Credits, CLOs, Leveraged Finance Deals through our regular podcast series. Each episode explores key credit features, sector-specific risks, and evolving trends we’re seeing across the deals we cover. Related Article: Babilou Family SAS Downgraded To 'CCC+' On Operating Performance Deterioration And Strained Liquidity; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-07-17-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVTue, 27 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nU<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>t356URbskpq8s8xQ4Uo2nU<![CDATA[ In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. ]]>https://play.vidyard.com/t356URbskpq8s8xQ4Uo2nUPodcastTue, 27 May 2025 12:20:00 GMT<![CDATA[ 27 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia Featuring Hina Shoeb, Sandeep Chana, Mohamed Damak, and Matthew Mitchell Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_27-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nUTue, 20 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. ]]>https://play.vidyard.com/VigsWbveUG8j5Ya5Ve4gy4PodcastTue, 20 May 2025 12:20:00 GMT<![CDATA[ 20 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related Research: Merlin Entertainments' Proposed $500 Million Senior Secured Notes Assigned 'B+' Issue Rating And '2' Recovery Rating Merlin Entertainments' Proposed $410 Million Senior Secured Notes Rated 'B' With '2' Recovery Rating ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_20-clos-and-levfin-podcast-s7e3<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4Wed, 23 Apr 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. ]]>https://play.vidyard.com/ZWGfe94gS3EkVLu4uL65YPPodcastWed, 23 Apr 2025 12:20:00 GMT<![CDATA[ 23 Apr, 2025 Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Featuring Hina Shoeb, Sandeep Chana, and Solene Van Eetvelde Series 7, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_04_23-clos-and-levfin-podcast-s7e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPMon, 07 Apr 2025 20:55:00 GMT00:01:00https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDX<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>NJgpNEg7trHhm76nLBzmDX<![CDATA[ In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. ]]>https://play.vidyard.com/NJgpNEg7trHhm76nLBzmDXPodcastMon, 07 Apr 2025 20:55:00 GMT<![CDATA[ 08 April, 2025 Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: Covered Bonds Outlook 2025: Lower Rates, Higher Uncertainty Danish Covered Bond Market Insights 2024 The Danish Covered Bond Legal Framework: A Closer Look ]]>https://www.spglobal.com/ratings/en/multimedia/25_02_07-covered-bonds-uncovered-ep-2<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXWed, 22 Jan 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. ]]>https://play.vidyard.com/G7YvdDJhPDnhA2EB6ZFfVJPodcastWed, 22 Jan 2025 12:00:00 GMT<![CDATA[ 22 Jan, 2025 Take Notes: 2025 Structured Finance Outlook Featuring Tom Schopflocher and James Manzi Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. Collateralized loan obligations should once again have a record year. We’re seeing some collateral performance deterioration in consumer loans and commercial mortgage-backed securities. A re-emergence of inflation and the resulting impact on rate cuts is the biggest risk to our base case expectations. Related Research: 2025 U.S. And Canada Structured Finance Outlook ]]>https://www.spglobal.com/ratings/en/multimedia/25_1_22-take-notes-2025-outlook<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e712<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e711<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQTue, 29 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, J ]]>https://play.vidyard.com/JuBqPDnYuWqyiKCi2Zzds5PodcastTue, 29 Oct 2024 12:00:00 GMT<![CDATA[ 29 Oct, 2024 Listen: Ep52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn Featuring Joseph Cass In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, Jon on the future of private markets and infrastructure, Doug on GenAI and Jon on his viral jogging videos on Linkedin. This episode was recorded and published prior to Doug's retirement as CEO & President, he is now Special Advisor at S&P Global. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director of S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jon Gray, President and Chief Operating Officer at Blackstone; and Doug Peterson, CEO and President of S&P Global. So a quick reminder before we start that the views of the external guests are their views alone and they do not represent the views of S&P Global. Okay. Thank you so much, John and Doug, for joining me today. Jon Gray 00:00:25 Great to be here. Doug Peterson 00:00:26 Thank you so much. Joe Cass 00:00:28 Jon, we'll start with you. Now a lot of our viewers will already be familiar with Blackstone as the largest alternative asset manager with around $1.1 trillion in AUM. How do you explain what you do overall? And really, what's the firm's approach to investing? Jon Gray 00:00:47 Well, I think what we do is pretty simple. We raise capital from all different types of investors, pension funds, sovereign wealth funds, endowments, individual investors, insurance companies. And then we deploy that capital mostly in alternative assets or private assets, private equity, real estate, credit, infrastructure, life sciences growth, hedge funds. And then the goal, of course, is to generate really good returns. And a bit like a restaurant, if you deliver great food, if you deliver great returns for your customers, they will come back, order more, try different things on the menu. And so our focus every day is how can we deliver for those customers, how can we use our scale, how can we use the data and insights and our high conviction investing to deliver better returns. That's the focus for us. Joe Cass 00:01:45 Cool. Thanks, Jon. Doug, welcome back. Would you be able to give us an overview of, say, the past 12 months at S&P Global, including any highlights or interesting milestones? Doug Peterson 00:01:59 Great. Joe, it's great to be back. Thank you so much for having me. We've had a fantastic last 12 months. As you know, 3 years ago, we undertook the acquisition of IHS Markit, and we started a really robust integration process, and that's paid off now in the last 12 months. We've been able to deliver over $600 million of expense synergies. We're well on track for $350 million of revenue synergies. And all of the themes that we've been looking at, including what Jon just talked about related to private markets and private credit, private capital playing a whole new role in the markets energy, energy transition, what we're seeing there, the way artificial intelligence is now being used. We've been able to take all of that and build it into our business. And with a strong issuance market with strong IPOs, what we're seeing with other capital movements, we're having a really good year. In the second quarter, we had revenue growth of 14% and an EPS of over 30%. So we've had a pretty good last 12 months. Joe Cass 00:02:56 Great. Thanks Doug. Jon, can you talk us through the current macro environment, so including rates, inflation and also what they mean for you as an investor? Jon Gray 00:03:09 Sure. I start with the positive, which is the U.S. economy and really the global economy have been much more resilient than most people would have expected, given central banks tightening rates now for more than 2 years. The Fed took interest rates up 550 basis points. They shrunk their balance sheet pretty significantly, and that was a real headwind. And yet companies continue to grow, and we've seen that in our companies. Revenue growth last quarter was still mid-single digits. We see very low default rates in our private credit portfolio. So a pretty good sign of resilience. We have begun to see a bit of a slowdown in terms of hiring at our companies. Revenue growth sequentially has been lower -- and in the consumer segment, in particular, we've seen some weakness. So think about theme parks or water parks or some of the consumer goods companies we have. So there is some slowing out there. Fortunately, what we're also seeing is inflation come down. So input costs at our company is flat, apartment rents very modestly growing, well below the government data. We're seeing wage growth. When we survey our CEOs, they're saying they think when they look out a year, it will be back down around 3% -- and so that is going to give the Fed air cover to do what I think is necessary to give us a softer landing, which is lower rates. We saw that this week. They cut rates by 50 basis points. I think that's the beginning of a process. So I think we're shifting out of a rising cost of capital environment and moving into a declining cost of capital environment, both base rates and spreads tightening. And as investors, that should be good for assets. What we've been trying to do is get ahead of that, deploy more capital. The second quarter, we had our busiest deployment quarter in 2-plus years. And we've been really focusing on investing before that all clear sign. And we still think it's a good time now to put out capital across real estate and private equity and infrastructure, credit and so forth. So overall, I think the risk here is that things slow too much, but I think the fact that the Fed is moving to become more accommodative and other central banks are doing the same, that should be really helpful. And as a result, it's leaning us more towards investing. Joe Cass 00:05:39 Great. Thanks, Jon. Doug, you recently announced your upcoming retirement as Group CEO and President of S&P Global with Martina Cheung announced as a next leader. Can you talk to us about this decision itself, but also the succession process, too? Doug Peterson 00:05:58 S&P Global, in addition to having really good businesses, we also have great governance. And our Board is well known for strong governance. Last year, we were ranked in a Fortune profile as #3 of 25 modern boards. We took a step back. And as I talked about earlier with the integration of IHS Markit, we knew at some point, we're going to have to have a new strategy that the integration would shift from being integration to then consolidation and then looking forward. And that was a perfect time to start a succession plan. We've been looking at succession for many, many years, at least 8 years, where we spend at least one Board meeting a year talking about succession for the CEO and other executives. And so we put in place a very robust process looking at external potential candidates. We looked internally. We did ways that we brought all of the potential candidates to meet with the Board of Directors. So it's a very robust process. And Martina herself has been the Head of Strategy. She worked in the Ratings business. Recently, she was the President of Ratings before that, the President of Market Intelligence, our 2 largest businesses. And we know her well, and she's a phenomenal leader and is going to take S&P Global to a whole new level. Joe Cass 00:07:08 Yes, agreed. Jon Gray 00:07:10 I'd just say kudos, Joe, to Doug for making this kind of seamless transition with a great internal candidate. It's the model of what a great leader does. So congratulations. Doug Peterson 00:07:24 Thank you. Joe Cass 00:07:25 Great. Jon, private market popularity has grown significantly over the past, kind of, 5 years. What has driven that growth? And does it create an increased need for transparency and liquidity in private markets today? Jon Gray 00:07:42 So the driver of this has really been following the financial crisis, investors started becoming much more open to private assets. They used to only invest in private equity, real estate private equity, opportunistic credit, trying to get the highest returns. And it was a small number of customers. After rates came down following the financial crisis, there became more openness to doing private investing in things like infrastructure, more stabilized core plus real estate and in all forms of performing credit, private credit, both non-investment grade and investment grade. And the potential customer base expanded into individual investors, insurance companies and more institutions. And so you've seen a business that operated in a very small space start to really expand what we do and who we do it for. In terms of your specific question, and obviously, Blackstone is the largest player has really led this. But in terms of your specific question, I think on the liquidity side, no, I don't think there's a need for greater liquidity because ultimately, you're making the trade for giving up some of your liquidity for higher returns. And so that's sort of the benefit of the bargain. Now some of these vehicles are semi-liquid in nature, so they have to provide some liquidity. But I don't think you're striving to match what you see in the liquid markets. On the transparency side, because you're not selling a public security to every potential buyer in the world, -- the key is to have transparency to those who are looking to invest, those who are looking to invest in a closed-end drawdown fund or in an open-ended fund and you're providing them enough information to buy into that to invest in that vehicle. There, I think it's really important and to provide regular updates on performance, what's driving good and bad parts of performance. So it's a more targeted form where you're delivering those investors different than when we take a company public or we Blackstone or S&P is public. But I think there, the standard of care in terms of the transparency you give to your investors, yes, I think that's very important and trying to operate at the highest standard, I think it's so important to give investors confidence. And so I think the whole industry continues to mature I think you'll see companies move to higher standards. But I think this mega trend we've been seeing, particularly in areas like private credit will grow quite a bit. I think you'll see individual investors continue to migrate into this space. And net-net, private assets will be a bigger and bigger part of the investable universe. Joe Cass 00:10:30 Great. Thanks, Jon. Doug, as CEO, you get to see the impact of major trends across all 5 divisions of S&P Global. How have private markets impacted our businesses? And where do you see client demand in this area? Doug Peterson 00:10:46 Well, it's sort of the corollary of what we just heard from Jon. And on the other side of it, we have been serving private markets and private credit for a long time, but we never really thought about it like that. We had pockets or if you want to call it kind of fragmentation of relationships and products and services that we were providing information, data, benchmarks, analytics, ratings, et cetera, to different players in the private credit and private market value chain. But we hadn't thought about it as a business, and we hadn't really connected the dots. And so about 5 years ago, we started thinking about it. The real inflection point was in 2022 when interest rates started spiking. They really went up fast. And when they went up that fast, the bond markets closed, a lot of IPOs stopped. There was not a lot of traditional public market activities. And the private market activities really started blossoming and they started ballooning. And what we heard in addition to the private market players like a Blackstone that we're having a lot more activity and wanted some support in data analytics, the LPs were also coming to us and saying, we would like to understand more about our portfolios and what's in them across all of our asset classes from our public assets to our private assets. And we already had the tools in place through ratings, through securitization ratings. We have a product called iLEVEL, which provides information. In fact, Blackstone used to be involved in that, iLEVEL, which is used for LPs and GPs for information. We also have indices. And what we started doing was linking all of those activities together and getting a whole new view of the private credit and private markets. And this for us right now is probably our most important growth area, and we really appreciate having relationships with Jon, so we can learn from what they're seeing and enhance and improve what we're doing all along the way. Jon Gray 00:12:34 I would make to that point, Doug, I do think it's really important. If you think of a company like S&P who really puts a stamp of approval on financial products, rates them, says these are safe or appropriate at this risk waiting for them to provide some of those valuable services that have been done in the public markets now in the private markets, also tracking performance, I think that's a natural synergy between these businesses. So as we in the private market grows, I think a business like S&P gives a lot of confidence to third-party participants. And I think both sides of us are going to benefit and grow in this private sector. Joe Cass 00:13:16 Fantastic. Thank you both. Jon, I wanted to get your take on two important areas: energy transition and infrastructure. How are you approaching these sectors? And what kind of challenges or opportunities do you see? Jon Gray 00:13:31 Well, I would say on energy transition first, we are huge believers that there's two powerful trends underway. One is there is this movement towards green energy, de-emphasis of hydrocarbons, particularly coal, movement to renewables. And secondarily, there's also a surge in demand for power, particularly coming from digital infrastructure and data centers, but also re-shoring electric vehicles. And so all of that means that a pretty -- what people thought of as a boring industry in energy has this surge of activity today, and it needs a lot of capital. And so what we're trying to do is focus with our infrastructure business on building generation assets, particularly renewables, building transmission because the wind and solar come from different parts of the country than where the population centers may be. We're thinking about in private equity, all sorts of services, utility services, backup power generation, consultancies, software businesses. There's just a massive amount of transition that's happening in the energy space. And so that's, I think, a super dynamic area, and our investors are very interested as well. Other categories of infrastructure, digital, as I mentioned, as you have cloud migration, data storage, but particularly now AI, there's real importance in the growth of data centers, and we've been probably the leading investor in the world. We just bought $16 billion Asian data center business called AirTrunk a few weeks ago. I think this is going to grow pretty aggressively. Cell tower is also an important part of the infrastructure world. And then I would say transportation, human beings continue to move roads, ports, airports, that's an area we like. And our investors really appreciate investing in these long-term inflation-protected assets. So one of the great things we can do for them is assemble this large amount of capital and go buy these big assets, try to improve the operations and drive good reasonable returns. Obviously, the expectations in infrastructure are different than something like private equity. And so I think these big capital-intensive areas, infrastructure, in particular for us, has had tremendous momentum. We've delivered for the customers. I think that will continue to be the space. And there's just an enormous amount of capital needs, particularly in power, particularly in digital infrastructure. So this is, I would say, perhaps the most exciting areas at our firm. Doug Peterson 00:16:23 Joe, let me just add that I can't have a conversation with any organization where we don't talk about energy transition. And then depending on who they are as well, infrastructure. In addition to what we've already discussed for our organization of things like ratings and indices, -- we also have our business of Commodity Insights, and we're taking all of the information that we can gather from the energy complex, whether that's oil and gas, it's renewables, it's also the metals that you're going to need for the energy transition for grids, et cetera. And so we're taking all of that information and marrying it with the financial benchmarks and the financial data to support the energy transition and the infrastructure needs around the world. So it's a really exciting area for us as well. Joe Cass 00:17:05 Fantastic. Thank you both. Doug, we just kind of touched upon it there. I'd be interested to know how S&P Global is approaching Gen AI? And what could the future hold for integrating AI technologies into our business? Doug Peterson 00:17:22 Again, it's another topic that I can barely go anywhere where we're not talking about it. And as you know, 6 years ago, we purchased a company called Kensho in Cambridge, Massachusetts that has a large set of very specialized artificial intelligence engineers and mathematicians and computer scientists, et cetera. And they've been a captive for us for the last 6 years, and they built a lot of really interesting applications, especially for productivity, data management, data linking, visual and voice tools, et cetera. And about 2 years ago, we started using the information and the knowledge we had from Kensho to apply the Gen AI models, the large language models that have started coming out. And so we have a framework where we have a vision that started with Kensho about how we think about the future is not going to replace people. It's going to enhance them. It's going to give analysts better tools and give them -- allow them to move up the value chain and how they use their time. We put in place a governance structure. We have a Chief AI Officer in the company. We brought tools in place through our governance where we're locking down our data. So we bring the models inside of our firewalls instead of letting our data leave the firewalls. We're training 100% of our people in the company on large language models and Gen AI. We have this new model garden called Spark that we use that we have a set of power users. And so this is something for us that we believe that it's going to be necessary as a data company, and analytics company. We've got to be at the leading edge on this. And we do have some products in the market now. We have some products in Cap IQ Pro. We have a tool on top of Cap IQ Pro that allows you to chat and gather information, same for Platts Connect. It's another tool on top of that called Chat AI. We have a lot of tools that you can use now for transcripts to get summary of transcripts. We have a market sentiment tool. So we've started actually piloting and delivering to the market some new tools that are based off of large language models. But it's a really exciting area for us, but we think we need to stay ahead. But one thing I'll tell you is we're not going to build large language models. We're leaving that to somebody else. That's billions of dollars. Our team wanted to build them 2 years ago, everyone is coming to me and saying, we want to build a model. We're going to do the same thing as Google and Chat AI. And I looked at it quickly and said, no, we're not. We're going to become experts in using models and layering models and building tools that extract the information so you can use it and visualize it better. We're going to train our people, but we're not going to build the large language models, but we're going to be experts in what they are, how they work and how you can use them. Joe Cass 00:20:00 And Jon, at a high level, what do you think the impact of AI could have on companies and also specifically companies Blackstone invests in? Jon Gray 00:20:09 Yes. I'm with Doug. I think it's pretty significant. And I also agree with Doug. I mean, I think these models are incredibly powerful. I think the real question is how do you go from what these models can do to real-time applications in your businesses. And I think of it a little bit like translational medicine, basic science, but you need somebody to take that to the hospital and the patient. And I think that's what's just starting to happen at companies. And so we're very focused on this. In terms of where I think the impact shows up first, I think it's in customer engagement, certainly. When people think about your phone company or cable company, over time, obviously, these machines should be powerful tools in customer engagement. If you think about 2-dimensional when we think about searching for a product, a company may have a website as opposed to being able to communicate and say, I like this kind of clothing and I live in this area and so forth and the machine hears you and gives you something that works for you. And you say, well, actually, that's a little too long. I think the dynamism and improvement in customer engagement is going to go way up. I think for creative tools, really powerful. If you think about software developers, content and media, these will be really sort of copilots, using the Microsoft term, to help people expand their capabilities here. I think over time, robotics will gain a bunch of momentum. As we've seen with driverless cars, things in the physical world probably tend to take longer. But I do think you'll have machines that can do a lot of things powered by AI. And so for our companies, what we're trying to do is what are the use cases here. We've done a good job for a pretty long time with what we think of as predictive AI, putting numbers in a -- taking numbers about when demand for the product is to think about pricing or staffing, so sort of numbers in, numbers out. Now with the generative AI, when you're taking in video and words and all of this, and that's coming out the other side, those tools to translate that are just starting. And so we've hired a number of senior people. We're trying to implement it at our companies, trying to do it at the Blackstone level. I think hoping the world isn't going to change is a great strategy. I think you've got to believe this is coming. And then as investors, back to what we've been trying to do is let's own the super highway that all this is going to happen, let's own the digital infrastructure, let's own a bunch of support services around this, recognizing what's coming. So I think for everybody in their conference rooms, this focus on the future, which is moving very quickly towards us and then incorporating it in our various businesses is an absolute top priority. I would not want to say, hey, we have the -- we figured this out and as a result, we're the best in the world at doing this. But I would say our level of focus and the talent we're putting against it is pretty significant. And I'm hopeful we'll have a pretty big impact with some of our companies. Joe Cass 00:23:26 So Jon, I follow you on LinkedIn, and it doesn't look like you're going to be slowing down anytime soon. So I've seen some of your LinkedIn posts where you're taking a jog, taking a run around basically everywhere in the world. So Montreal, Michigan, San Francisco, Beijing, Tokyo, Sydney. What's your day-to-day like during travel to meet clients and investors? Jon Gray 00:23:53 Well, I will say the LinkedIn, which sort of happened completely organically, I used to, when I was traveling around the world, take little videos and send it to my wife and 4 daughters just so they remembered I existed like, hey, here's your dad. He's in Sydney, jogging at the opera house. And I sort of took that and said, "Hey, why don't we throw that on to LinkedIn. And people, I think, really appreciate the human element because they see you're struggling with the same thing. You're out there running. You're excited about seeing a new place. I would say travel for me is it's a full contact sport. I do try to get up early and run. But then after that, breakfast through dinner, I'm generally working hard and then maybe traveling late at night. It involves, of course, seeing our clients because I often say this, there's no replacement for being in person. Zoom is an effective tool, but it's not the same thing as going to see your client in their offices, having a face-to-face, grabbing a meal. We have offices around the globe. I'm often seeing our people and having town halls. Again, it's a great way to talk to your teams in person, maybe have some one-on-ones with the senior leaders in those offices, hear what's on their minds. And then we have companies and infrastructure and real estate assets or potential investments, and there's an opportunity to meet with the management team, hear about what's happening in their business. And so when the day ends, particularly when you're on a different time zone, then you're trying to catch up with the e-mails. And it's a bit exhausting and Doug knows the feeling, but it's exhausting when it's over, but there's a real sense of, I think, satisfaction. And as much as I love being in the office and being here and it's easier, I just feel like I learn more, I do more, I accomplish more when I'm out there. So I'm constantly pushing myself to be on the road. And it's something that I've actually enjoyed. And of course, the food and the people, all that is sort of the gravy. So I think oftentimes, people have a negative attitude towards business travel and so forth. I think if you sort of embrace it and say, "Hey, I'm going to have a bunch of new experiences. This is going to be great. That change in attitude can make it a much more positive experience. Joe Cass 00:26:09 Great. Thanks, Jon. Doug, as you transition from CEO into a new chapter, -- what could feature more on your professional, your personal agenda, more theater, more Jazz maybe? I'm guessing maybe a portfolio of professional interest. Doug Peterson 00:26:30 Well, first of all, this is a completely new thing for me. The last time I didn't know what I was going to do, I think I was 5 years old. And that was when I go to kindergarten, I went to grade school, junior high, high school, college, I worked, I went to business school. I worked in the city. I came to S&P Global. So I've known what I was going to do in my entire life. And so this is the first time that I have an opportunity to take a step back and field all kinds of interesting opportunities. I'm so excited about all of the possibilities. I know I'm going to stay busy. I know I'm also going to add some more time for some travel, some Jazz, some Opera, some archaeology things that I really enjoy a lot. I don't run. I'm a powerwalker. I do the same thing John does. Every time I go to a new city, I find some place to go walk to go see a museum. -- and I'd love to travel. So I'll probably do a little bit more of that. But the criteria that I'm using, there's 2 key criteria for what I'm going to do next professionally. The first is I want to work with people I like. That's number one. And the second is I want to continue to learn and do something that's exciting. So I will stay busy, but I don't know what it is yet, but I'm going to take my time and make sure I do the right thing. Joe Cass 00:27:38 Great. Jon, what opinion or view on investing do you have that few others would agree with you on? Jon Gray 00:27:47 I guess I always think of myself as a high conviction investor that I know many people think about investing through the lens of diversification. And obviously, it's prudent to have a mix of stocks and bonds in some different geographies and asset classes. So I'm not advocating against that. But I think one of the reasons at Blackstone that we've had a high degree of success is that when we found one of these thematic areas where we have real conviction, goods are moving from physical retail, online, therefore, global logistics are going to have an incredible run. Or India is really moving from a collectivist place to more capitalistic society, a lot of highly educated people and entrepreneurs, and we should really lean in there larger than other firms. When we've had these high conviction views and we put a lot of capital behind it, that's when we produce the highest returns. And we also develop a lot of domain expertise in an area in the process. And when we sprinkle money around in a bunch of different areas where we don't have as much conviction, we say, well, maybe it's cheap or so forth, we haven't had the same kind of success. So I think for me, it's the idea of going all in, being focused when you really have high conviction. And when you do that, you can generate outsized returns. Joe Cass 00:29:18 Doug, as you reflect on your pretty stellar career spanning 40 years, what pointers would you have for people who are at the earlier stages or midpoint in their careers? Doug Peterson 00:29:31 Well, I only have one message, and that's to always keep learning. So I'd say learn, learn, learn. And one of the ways is to ask lots of questions to be curious, to explore, to discover. The second is to take advantage of mentors. I benefited tremendously in my career from mentors and learning from people who have been there before, asking questions, the mentorship. And then the third is to take a risk on yourself, take really hard jobs. I took some of the hardest jobs that people never wanted and I always benefit from those. I had to roll up my sleeves, I had to learn new things. I had to do some really tough jobs in my career. And every single time when I did those, I came out better. So take risk on yourself. Joe Cass 00:30:16 Great. And Jon, final question goes to you. What's the best piece of advice you've been give them? And who gave it to you? Jon Gray 00:30:25 Well, Doug's advice on learning is very good advice, and it's something Charlie Munger was always advocating. For the best piece of advice I've gotten, I think I'd say my father-in-law on 9/11, he was -- he had served -- he'd grown up in a boy's orphanage home during the Great Depression. He had served in World War II in the South Pacific and then in Korea. And I remember that day in 9/11, we had -- my wife and I had 3 small children at that point. And obviously, it was a chaotic day. And I'll never forget him saying to me, John, our country has been through a lot. We'll get through this, too. And one, it was about the U.S., and it's something I firmly believe in the U.S., but it also was an attitude about maintaining calm looking beyond the moment you're dealing with right now and also an underlying sense of optimism that we're going to get to the other side. And it doesn't matter if it's a very obviously tragic day like that or a personal challenge you have or a business challenge, this idea that we've been through difficult times before, we can get through this, too. And I think that makes a huge difference if you can bring that attitude, if you can stay calm and think about how you're going to get to the other side. So that was a valuable gift. He unfortunately passed last year at 105 years old. But I think his positive attitude was super helpful in his life, and it's definitely been a legacy for me. Joe Cass 00:31:59 Yes. Fantastic advice. Listen, that's it. Thank you so much to Jon and Doug for your time today, for everybody watching, everyone listening. See you next time on Fixed Income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep52-jon-gray<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5Wed, 09 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsC<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>44KvMALGujS5UyPfJdUGsC<![CDATA[ In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard ]]>https://play.vidyard.com/44KvMALGujS5UyPfJdUGsCPodcastWed, 09 Oct 2024 12:00:00 GMT<![CDATA[ 9 Oct, 2024 Listen: Ep51: Richard Attias on FII8 & Networking With Super VIPs Featuring Joseph Cass In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard’s relationship with H.E Yasir Al-Rumayyan, how to successfully build senior relationships and Richard’s networking tips to progress your career. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 Podcast. On this episode, we have Richard Attias, Founder and Chairman of Richard Attias & Associates and CEO of the FII Institute. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Richard, thank you so much for joining us today. Richard Attias 00:00:24 Thank you for having me, Joe. Joe Cass 00:00:26 So I thought we might start with an overview of the FII Institute. Could you share what the FII stands for, its main objectives, the kind of events it hosts and also how you became involved as CEO? Richard Attias 00:00:42 The FII Institute is a not-for-profit foundation, and I would describe it as a new generation of such foundations. It was established almost five years ago in the Kingdom of Saudi Arabia. The idea behind the FII Institute was to become a vehicle for multiple initiatives that would have a significant impact on humanity. The ambition is very high—when we talk about humanity, we are referring to billions of people and ways to help them lead better lives. Why did we set this ambition? Before the creation of the FII Institute, the Kingdom launched the FII, the Future Investment Initiative. This platform, a conference that started in 2017, quickly became one of the largest global conferences on investment. From its inception, it served as a gathering point for investors from across the world—north, south, east, and west. Over three days, participants explored where investments should flow in terms of geographies and sectors. This initiative was spearheaded by PIF, the Public Investment Fund, Saudi Arabia's sovereign wealth fund. After the success of three consecutive editions of the FII conference, we concluded that it should become independent, owned by an autonomous entity both financially and in terms of governance. This would ensure the creation of a sustainable movement. This is how the FII Institute was born. We have a Board of Trustees chaired by the Governor of PIF, who was the initiator, but it also includes notable figures such as the former Prime Minister of Italy, Matteo Renzi; Peter Diamandis, the founder of XPRIZE; Noel Quinn, the former CEO of HSBC; and many others. I have the privilege of being one of the board members and was also asked to serve as CEO. In all humility, I was the driving force behind the FII conference itself, drawing on my 30-plus years of experience in creating international conferences around the world. As you may know, I served as the Executive Producer of the World Economic Forum Annual Meeting in Davos for 15 years and also helped launch the Clinton Global Initiative, among others. What we do at the FII Institute extends beyond hosting and creating conferences. Every year in Riyadh, we host FII as a flagship event in October, attracting almost 4,000 to 5,000 CEOs alongside prominent public figures. We also hold an edition in Miami every February, focusing on AI and new technologies, reflecting Miami's current growth as a tech hub. Additionally, we have expanded to Latin America, hosting our first edition in Brazil a few weeks ago, and plan to continue expanding in Asia. The FII Institute is distinct as a foundation because it operates with two additional pillars beyond hosting events. One pillar is called “Think,” a lab of ideas. Every year, we publish indexes to challenge world leaders. For example, in the coming weeks, we will release the "Priority Compass," which identifies citizens' priorities globally. When we first launched the Priority Compass three years ago, many believed climate change was the top concern. However, after COVID, priorities shifted. The Priority Compass revealed that the number one concern was the cost of living, followed by healthcare, security, and immigration, with climate change ranking fifth. We also produce indexes focused on healthcare, analyzing how governments manage their healthcare systems, and on the future of work, examining how countries are addressing evolving employment trends. The second distinctive pillar is our “Do” tank, called “ACT.” We invest the financial contributions we receive from our 35 strategic partners—leading corporations such as HSBC, Aramco, Visa, and Reliance—into impactful initiatives and startups. This allows us to remain financially independent. Through our ACT department, we support startups that can make a difference in humanity’s key sectors: AI and robotics, healthcare, education, and sustainability. I apologize for the lengthy explanation, but I wanted to provide a comprehensive overview of what the FII Institute is about and the breadth of its activities. Joe Cass 00:06:39 Fantastic. Thanks, Richard. Richard, can you talk a bit more about the upcoming FII conference in Riyadh, the flagship event, as you said. What can attendees expect? And what will be areas of focus be at the conference? Richard Attias 00:06:53 For the past seven years, with this being the eighth edition, we have, in total humility, been shaping the path for investors. In 2017, the main topic was "The Big Shift." We understood that the shift between West and East, North and South, was happening. While it’s obvious now, at the time, people didn’t fully realize that it wouldn’t just be a trend, but a long-term, sustainable direction. The East was growing, emerging economies were booming in that part of the world, and the global South was beginning to assert itself more strongly. So, in 2017, we started helping investors and CEOs understand these trends. We’ve continued doing that every year since, even during the height of COVID. We were the only international conference to still take place in 2020 and 2021. This wasn’t because we were geniuses—not at all. It was because we have an amazing observatory team and are extremely well connected with global CEOs and world leaders. We understood that the world wasn’t entirely in danger or at risk. Instead, we chose to focus on the half-full glass, rather than the half-empty one. That’s why, at the time, the theme of FII was "The Neo Renaissance." We believed that in certain sectors, the world would emerge stronger, bigger, and more resilient. This led to significant investment in new health initiatives because COVID exposed how broken healthcare systems were. Looking ahead to 2024, which is just a few weeks away, we are sending a strong message: "Infinite Horizons." If you truly want to invest for good, for humanity, and with a new compass to guide you in the right direction, we are extremely optimistic. We see infinite horizons. Yes, many challenges exist today. Technology is booming, and people are understandably concerned about the new AI revolution—questions about ethics, job displacement, and the limits of AI abound. But we need to focus on the infinite possibilities AI offers in many sectors. We are also exploring renewable energy horizons and the new energy equation, driven by solar energy, wind energy, and hydrogen. There will be multiple conversations about energy, entertainment, sports, the future of industries, technology, AI, and the new Africa. Africa, with its 1+ billion people, must be included in the global economy. To address this, we are hosting a mini-summit on Africa to better understand the continent. Africa is not just one country; it’s 54 countries, each with its own specific challenges and opportunities. While corruption and governance issues remain, Africa is also a reservoir of natural resources. We need to explore ways to transform those resources into local jobs and help Africa become a new emerging market. We’ll also be discussing the future of ESG. At the FII Institute, we believe the current ESG framework is not inclusive enough. That’s why we’ve proposed ESG 2.0, which, if adopted, could unlock nearly $5 trillion of new investments in Asia alone. In addition, we’ll address broken supply chains, logistics, and the future of these sectors. We’ll delve into other areas like infrastructure, venture capital, asset management, real estate, and the future of retail, which is currently facing significant challenges. At FII, you’ll spend four days engaging in unexpected conversations that help you understand what is happening and what will happen across multiple sectors. This year, FII takes place just days before the U.S. election, making it an opportune moment to discuss what experts believe will be the economic and geopolitical consequences of the election results, which, as you know, are very tight. Joe Cass 00:12:42 Richard, you mentioned it there. Can you go into a bit more detail about the FII Institute's partnership with PIF? How do you incorporate their objectives into your events? And what's really been your broader experience with working alongside them? Richard Attias 00:12:59 PIF is the founding partner of the FII Institute, and it is one of the most important sovereign wealth funds in the world. Their agenda is to invest globally in multiple sectors to support the diversification of the economy of the Kingdom of Saudi Arabia. At the FII Institute, we are strong believers in the fact that you will not improve any economy, create jobs, or build inclusive economies unless you encourage foreign direct investment and diversification of the economy, which, by the way, are two of the mandates of PIF. Our horizons and objectives are almost quite similar. We are extremely happy and proud to have the PIF entity on our side because they also have access to multiple international corporations. We are totally autonomous at the FII Institute in the way we build the program and in the way we recruit speakers; in terms of editorial and management, we are totally independent. The beauty is that our Chairman is also the Governor of PIF. When we meet every two or three months, he inspires us a lot with insights on the trends happening globally because, as the governor of a sovereign wealth fund, he knows very well what is happening in multiple sectors worldwide. This is why we always start our FII conferences with an amazing session, which has now become a benchmark for many conferences. We call it the "Board of Game Changers." This 90-minute opening session is a debate where we usually have people like Jamie Dimon from JPMorgan, Larry Fink from BlackRock, Stephen Schwarzman from Blackstone, Jane Fraser from Citi, and Yasir Al-Rumayyan, of course, Chairman of the Board. We also have many other big players from Asia, India, and Africa, such as Patrice Motsepe from Rainbow Capital in South Africa. For 90 minutes, we hear from them about their vision and where they see the main trends and challenges that we need to consider. This is also an illustration of what PIF brings to us because they are part of these conversations more than once a year. Working with PIF is great chemistry. We know each other very well because we started FII together almost eight years ago. They are not just a partner; they are friends, and we are extremely complementary. We use a lot of their expertise and experience to expand and also stay in touch with global CEOs who are working with PIF or partnering with PIF. Of course, the Governor of PIF has multiple mandates; he's also the Chairman of Aramco and a member of the board of multiple international corporations. This is a great plus for us, as it allows us to stay connected with the global economy. Joe Cass 00:16:56 Perfect. Thanks, Richard. Richard, you mentioned then you work very closely with the governor of the PIF, his excellency Yasir Al-Rumayyan and he also serves as the Chairman on the FII Institute. I've seen him interview a few times, as you mentioned. What's it like working with the governor? And what kind of things have you learned from him? Richard Attias 00:17:20 He's a very inspiring leader because he has the privilege of working closely with Crown Prince Mohammed Bin Salman of Saudi Arabia, who is another visionary leader. It's amazing because, at the end of the day, FII was his idea. We are benefiting a lot from this leadership. His Excellency, Yasir Al-Rumayyan, is the one who taught me a few years ago the importance of data, and this was before all these trends with AI. It’s thanks to him and his vision that the FII Institute is becoming a data-driven organization. You will see at FII8 that almost all debates and conversations are supported by data. As a civil engineer, I know how important data is because I am a man of facts and figures. So, for me, it’s extremely stimulating and refreshing. He always raises the bar, so nothing is taken for granted. We are always trying to be more ambitious in what we do, and we share the same conviction: the key to success is content, content, content. We must always be obsessed with the quality of the content. It’s very stimulating, as I said, to work with His Excellency and to hear from him, because he's traveling so much, about the trends in Asia, China, Latin America, and Europe. He’s part of all these global conversations, which is very, very stimulating. Joe Cass 00:19:26 Great. Richard, putting your hat on as Founder and Chairman of Richard Attias & Associates, in such a packed calendar for CEOs, for decision-makers, how do you go about creating an event that really stands out, something that attracts individuals? Essentially, how do you create this perfect event? Richard Attias 00:19:48 Oh my God, this is a $1 billion question. But as you perfectly say, Joe, so many conferences exist in the world. The beauty of our conferences really is that we are obsessed with the quality of the content, as I just said. To be sure that you will have the right people, to be sure that you will be one of the top three choices of the conference to attend, the conference to come back to, the conference to support—these are definitely three parameters. Number one, content, content, content. The content has to be absolutely accurate. You should be extremely transparent, and the content needs to be supported by unexpected conversations. You need to put the right people on stage and not host conversations that you can watch on TV every day or read about in any newspaper. So unexpected conversations, the format itself of the conferences, this is one of our special, I would say, chemistries, which is extremely important. Then, to really attract global CEOs, it's not just about the quantity of sessions; it's about quality. We put a lot of effort into having our conferences very well organized, where you don’t lose time, where the logistics are perfect—even if perfection doesn't exist, at least excellence—where time is money for all these people. So it's extremely important to be sure that they will not lose time between sessions for logistics, accreditation, or anything related to their comfort. Also, what they like about our conferences, I think, is that they are extremely inclusive. The media, which are an extremely important part of our conferences because, thanks to the media, what is discussed is shared with everyone, and we produce a lot of content, so knowledge is shared. The media are always at the heart of my conferences. I never put the media on the side, like, "Oh, let's have a media center on the other side of the street." No, the media are literally in the center of my conference center. Why? Because I want the media to have access to everyone and everything. This year at FII, we have more than 40 media partners and more than 400 journalists, who will be part of our community. Last but not least, which is extremely important, is inclusion in terms of generations. You will see the old guard, the global CEOs who are in their seventies, and you will find some young entrepreneurs and start-ups who are in their twenties. This combination, this mix of people, is extremely refreshing, and both are extremely demanding when it comes to having access to the others. The old guard, as I say, is very interested in understanding the new generation. This is how you will even reinvent your own company—by understanding the new consumers, the trends in terms of technology, etc. The opposite is true for the young entrepreneurs—they want to learn lessons from the elders who developed great success and also potential investors in their start-ups or projects. So we're extremely inclusive. The demography of our conferences is unique. And the geographies—people from China, Japan, Korea, Africa, Europe, Latin America—we are probably, in total humanity, the most global conference in terms of citizenship and representation of what humanity is about. Last but not least, we invite a lot of NGOs because it's extremely important also to give a voice to the people who are on the ground, trying every day to have an impact by giving access to education, access to clean water. We are supporting many of these NGOs and foundations on the ground. Joe Cass 00:24:34 Great. Thanks, Richard. Richard, prior to the FII Institute, you founded the New York Forum and you cofounded the Global Clinton Initiative. And as you said, for 13 years, you were the Executive Producer of the World Economic Forum in the Annual Meeting at Davos. Given this expertise, what tips would you give to anyone watching anyone listening who wants to improve or grow their own professional network? Richard Attias 00:25:02 Networking is extremely important. Today, we are living in an era where we are spending too much time totally isolated with the type of devices, okay? We spend almost, I don't know how many hours on social media, on emails. We think we are connected. No, we are totally disconnected. The real connection is meeting people in person, looking into your eyes, and feeling the chemistry. This starts when you take the metro or the bus every morning—just say hi to the people around you. Just have empathy. Don't be just in your bubble. Forget your device for a few minutes. You need to be connected to real people. You can do that by going to a sports club where you practice sport and see real people with you. You become friends with some of them or, at least, you will learn about people. My advice: love people. As a civil engineer, I was supposed to build bridges. I decided not to go in that direction. I decided to build bridges between people to create platforms of dialogue to be sure that people will be connected. Trust me, I’m not trying to be a humanist, but it’s so refreshing to know who the people around you are. When I go to any city, the first thing I do is take a taxi, and I speak a lot with the taxi driver. I love taxi drivers because they are the pulse of any city, of any country. You learn a lot from them. So this is how you not only get knowledge, but also by talking to people. When you are in a restaurant, just try to connect for two minutes with the people next to you. And this is how you will build the network. And, of course, multiply the opportunity of networking with people. This is why conferences, the right conferences, are a great plus. When you attend these conferences, of course, it should not be a full-time job. You need to pick the right conferences that will help you to be connected to the business community, maybe the media, and specific communities to help your network grow, to guide you, and to inspire you. Don’t just be opportunistic and say, "Oh my God, how can I make more money?" No. Meeting people is not just about making money. It makes you richer inside, okay, which is extremely important. So this is a humble advice I will give to all the next young generations who are obsessed with TikTok, Meta, Facebook, etc. No, please, it’s good to be connected that way, but also be connected in the real traditional manner, which is in person. You need to be real, okay? This is extremely important. Joe Cass 00:28:38 Great. And Richard, after decades of engaging with world leaders, CEOs, change makers, are there any shared characteristics or traits that stand out to you within that group? Richard Attias 00:28:56 World leaders and CEO leaders have the range to achieve their goals and their ambitions. You cannot become a leader unless you have a vision, passion, and range. They all share this common denominator—that's point number one. Point number two, some leaders know how to be surrounded by the right people, and some make the mistake of not doing so. This is what distinguishes the winners from the losers. You need to have a team, and there is no way you can succeed as a leader unless you have a team. It’s extremely important to have a good team. So, I see this common denominator between some leaders based on their success or failure. Last but not least, I would say that they usually have another common denominator: they are very inspiring people. I will not mention any current leaders, but I will mention some leaders who have passed away and who truly are the definition of leadership and have something unique. Nelson Mandela—I had the privilege to meet him in Davos, and I will share with you a short anecdote. Two minutes before he was going on stage, he told me, "Oh, Richard, sorry, I have to go to the restroom." So we were obliged to walk for a few minutes because they were not so close by. I was walking with Nelson Mandela, an icon, and while he was doing what he had to do, he told me, "You know, Richard, the most important thing in the world is the youth." This was years ago, so he already understood after so many years in jail and becoming the President of South Africa that there is nothing we can do great in the world unless we include the youth, we hear from the youth, and we work with young people. Joe Cass 00:31:39 Great. Thanks, Richard. So Richard, last question now. Over the course of your career, what's the best piece of advice you've been given and who gave it to you? Richard Attias 00:31:57 I had the privilege to become a very young CEO at the age of 29. It was in Paris. I just left IBM, and we created with some friends, a computer leasing company. And the major shareholder decided after one year to appoint me as a global CEO of the company. And I was managing people who were all in their 40s and 50s. So it was a big challenge. It taught me two things. One day came, he told me, listen, Richard. Less is more. By trying to do everything, you will do everything bad. So just focus on your priorities, less is more. And he is absolutely right. We see so many people who are trying to achieve many things at the same time and then the day you don't achieve anything. So you need to be focus, focus, focus, extremely important. So this was my ex boss, the first boss I had. The second is an advice I got from my late father, who was always inspiring me on everything I do. I'm trying to share that with many of my staff, my colleagues, the kids, the grandkids, complicated to be adopted. I'm calling that the rule of the three H. Number one, humility. There is nothing you can achieve in the world if you don't have humility with you. You need to always be humble. Even if you become extremely successful, you need to be humble. Humility as a H number one. Humanism, H number two, you need to love people. You need to love people. You need to have a certain part of humanity with you to be sure that you carry empathy, you carry compassion, extremely important. Don't be selfish. And number three, always keep your sense of humor because you need to relativize everything. You need to keep your sense of humor. So with humanism, humanity and humor, you can achieve great things and you can enjoy life, which is the most important. Joe Cass 00:34:27 Brilliant. Well, that was fantastic. Thank you so much, Richard, for your time today. And for everyone watching and everyone listening, see you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep51-richard-attias<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsCWed, 14 Aug 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwy<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>yAFgV5fUTmxzw7euwv9kwy<![CDATA[ In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. ]]>https://play.vidyard.com/yAFgV5fUTmxzw7euwv9kwyPodcastWed, 14 Aug 2024 12:00:00 GMT<![CDATA[ 14 Aug, 2024 Listen: Ep49: SKKY Partners Jay Sammons on Private Equity & Working with Kim Kardashian Featuring Joseph Cass and Raam Ratnam In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay’s experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam’s takeaways from his career as an accountant. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Director, S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jay Sammons, Co-Founder and Managing Partner of Sky Partners; and Raam Ratnam, Managing Director, S&P Global Ratings. Just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Jay, we'll kick off with you. Can you share with us a brief overview of your career thus far, including how you originally connected with Kim Kardashian and really the origin story of SKKY Partners? Jay Sammons 00:00:33 Sure. Well, first, thanks again for having me today. It's nice to be with you both. I started in the finance business about twenty-six years ago, and I started investing twenty-four years ago. I spent the majority of that time at the Carlyle Group, where I helped build and then ultimately had the opportunity to lead the firm's global consumer investing practice based in New York the entire time. Our strategy was really focused on backing disruptive high-growth consumer brands, which we did successfully in a number of instances and generated great returns for our investors. But most importantly, I learned a lot about entrepreneurship, how founders build brands, how founders disrupt markets with new ideas in a really authentic way that ultimately delivers a great deal of value to consumers. And I have a great deal of passion for finding those opportunities to invest behind those great ideas. Through the course of my time at Carlyle, I had the opportunity to meet Kim. We were introduced by a mutual friend nearly a decade ago. And we were introduced by that friend because the friend saw an opportunity for Kim, hopefully, to benefit from knowing someone like me as she began to build further her entrepreneurial endeavors and evolve her career in the direction that she's now shown she's very capable of doing. At the same time, our mutual friend thought that I could benefit from having the opportunity to learn from Kim as we were investing behind great brands and helping them grow and win. And over the course of the next many years, she and I got to know each other, built a lot of trust in one another, built a lot of mutual respect for each other and ultimately had the opportunity to partner together to build what we hope will be the leading next-generation consumer investing platform called SKKY Partners. Joe Cass 00:02:08 Fantastic. Thanks, Jay. Raam, could you give us an overview of your role at S&P Global Ratings and maybe also some kind of high-level perspectives on the global retail and consumer sectors. Raam Ratnam 00:02:20 Thanks, Joe, and great to be here with Jay. Our sector leader in EMEA, consumer goods and retail practice, I'm responsible for sort of overseeing the analytical aspects of ratings in EMEA in the retail and consumer goods sector. And importantly, there's also an element where I lead the sector research and communication with the wider market and investors. So, in course of my work, I'm really fortunate to interact with a range of companies in the retail and consumer sector across the value chain. They are both big and small companies. They are multinational corporations, but they're also private sponsor-owned companies and across a wide range of subsectors. I mean we cover food, beverage, staples, but also apparel, personal luxury and also durables. So, a range of companies, range of subsectors. And again, going back to the sector outlook, the sector has seen a range of challenges, disruptions. We know since the pandemic, supply chain disruptions, geopolitical conflicts, and a period of slow economic growth and now quite recently a very high inflation, which is since now falling at varying speeds across different geographies. Now given the scale of challenges, the sector has been generally very resilient. The consumer has been pretty robust, although some cracks appearing in some segments. And the focus really for the company is to build back volumes. There's the cumulative effect of high prices, which are holding back some of the spending we've seen. And generally, there's greater pressure on discretionary retail, mainly apparel. Joe Cass 00:04:01 Fantastic. Thanks, Ram. Jay, as managing partners, what do you and Kim really prioritize when evaluating potential investments? Jay Sammons 00:04:12 Well, first and foremost, our strategy is very focused on backing great consumer brands. It's where we feel like we have an opportunity to win, leveraging what we believe is a highly complementary set of experiences that she and I bring as managing partners of the firm, her experiences as an entrepreneur, brand builder, cultural leader as an individual who knows what's happening in culture around the world as well as just about anybody in the consumer landscape and me bringing my experiences touching and helping win a number of great consumer brands over my experience over the last couple of decades. And that's precisely what we're trying to bring together for the benefit of our portfolio companies. When we think about what a great consumer brand is, we really focus on finding brands that have a balance between delivering consumers something that they really need, but also finding brands that have developed really deep emotional connectivity with their consumers, brands that make consumers feel good when they're using them. And the reason that's important is that, obviously, a brand or a product needs to deliver on a real consumer need state. That's the functional side of things and brands need to deliver really well there. But if they can also connect emotionally with their consumers, make their consumers feel great when they're using those products, and this is different in every category. That's what drives loyalty. That's what drives long lifetime value. That's what drives resilience during tough economic times. That's what causes consumers to prioritize those brands over others as they seek to deploy their scarce resources into the things that they care about the most. And we studied brands with this approach for many, many years, many of the great brands that I've had the opportunity to invest in, we've looked through that lens. And as Kim has built her brands, most notably Skims, it's exactly that approach. If you look at Skims, it's a phenomenally high-quality product that has expanded quite dramatically over the last five years, but it also has connected very emotionally with consumers in the way that it's delivered a highly inclusive brand, a brand that captures the needs and the emotional likes of consumers over many years. So that's really the lens that we look through and our first investment that we made earlier this year is precisely that. It's a company called Truff that is a high-growth flavor enhancement business that focuses on hot sauces and salts and oils, all with black and white truffle oil. It's making food taste great, but it also makes consumers feel really good when they gather together around the table and enjoy a great meal together. And that is why Truff will continue to be successful in the same way the brands that we've worked with in the past have been. Joe Cass 00:06:40 Raam, we continue to hear about the ongoing disruption of online to the retail and consumer sectors. Now in 2024, what's the current view of how online is really making headway into these areas? Raam Ratnam 00:06:53 So yes, I mean, e-commerce is indispensable now for global retail. I mean, we are looking at retail e-commerce sales exceeding USD Six trillion in terms of retail sales this year in '24. And, roughly worldwide, this should be about 20% of all retail purchases, so a significant component of the global retail landscape. Now, while this takes place, I mean, digitization has opened new markets for retailers and consumer goods companies. But on one hand, while this is great, the competition has significantly increased. And this goes back to what Jay was saying: we have companies that are able to glean deeper customer insights through retail media, looking at digital footprints we all leave, et cetera. So, there’s a lot of data and analysis behind this, and much greater visibility of the consumer now than ever before. So, again, this has caused a lot of changes in the landscape. And again, while companies are clearly investing in their digital capabilities, there’s also this link to how this all connects to the physical retail value chain. So, you're seeing a mix of strategies. Clearly, we see omnichannel models slightly outperforming pure-play, either pure-play brick-and-mortar or pure-play e-commerce. I think consumers value a range of things; they value experience, especially when it comes to luxury premium purchases, the emotional connection Jay was talking about, but also the flexibility and convenience, which are key factors. So, essentially, retailers and consumer goods companies are looking to rationalize their store footprint to get the maximum value out of the brick-and-mortar real estate, at the same time investing a lot into the digital capabilities to stay competitive and get to know the customers better, really. Joe Cass 00:08:54 Great. Thanks, Raam. Jay, can you share examples of how SKKY Partners leverages its networks, its partnerships to add value to your portfolio companies beyond capital investment? Jay Sammons 00:09:08 That's a great question, Joe, because capital is obviously very plentiful. And if we only are seeking to differentiate ourselves with our capital, that's a fairly limited strategy. We need to find businesses and brands that we can add a tremendous amount of value to in partnership with our founder and executive partners that we work with who run these portfolio companies every single day. This is why we started and I were highly aligned on this when we started building this firm, which was to start with building a great team that brings experiences from the world's best private equity firms investing in consumer brands over time, and we assembled a phenomenal team that brings collectively many decades of experience touching the consumer landscape, seeing how value can be added in a very, very customized way. And it's different in every set of circumstances. There is no one-size-fits-all approach given the unique nature of what these founders are trying to do in their unique marketplaces. And so, our goal is to listen and learn and understand what our portfolio company partners need, figure out what we know and what we don't know. And if we don't know something, how do we find someone who can help us. And it's a combination of our investment team, our operating team internally, operating advisers like Angela Ahrendts, who we brought on board, leveraging her decades of experience running companies like Burberry and a very large part of Apple, bringing all of that together for the benefit of our portfolio companies to help them solve problems, help them capture opportunities in their own unique ways is really the way we seek to add value the most. Joe Cass 00:10:36 Great. Thanks, Jay. Raam, as part of your role, you spend a lot of time speaking to C-suite leadership in the retail and consumer companies. What's their sentiment right now? And what's on their mind? Raam Ratnam 00:10:49 Yes. I mean it's a time when companies are sort of going back to basics in some ways and looking to build back volumes really. I think that's been the biggest sort of focus for most of the companies we're speaking to. And if you look at branded players in the CPP space, and they're investing in innovation. And I think to regain some of the grounds, they lost the private label products, which has seen some of the growth as consumers are more value focused on the last few months. But we also expect more promotions this year compared to previous years because there are issues around working capital in some parts of the consumer goods space and especially if you look at apparel or footwear and those kinds of categories, a lot of companies still have a huge amount of inventory on the balance sheet, which they need to liquidate. Now I think the bigger aspect we're looking at is as competition is quite intense, there will be some gross margin gains nevertheless in the sector because clearly, input costs are much lower now than before. There will be some cost efficiencies as companies are reprofiling, looking at their operational processes. And more importantly, there have also been some carryover pricing gains from previous price increases we've seen over the last Eighteen months. So essentially, we're looking at an uptick in gross margins across the sector. Now equally, when you look at the net sort of level effect, I mean, you will probably see most of these gross margin gains being deployed into strengthening brand equity to fight against competition. And this will mean more advertising, more promotions, more investment in the digital space that we talked about. So, from a capital allocation perspective, we expect most companies to have a relatively well-balanced financial policy there. I mean, as Jay was talking about it, capital has been quite easily available to most of the industry players in the sector. And I mean, we've seen spec-grade companies as well have come to market recently to push out maturities. There have been a lot of repricing’s and add on debt to essentially invest across their operational elements of the business. Now widely, again, looking at the sector at large, we expect there to be a significant number of reshaping portfolios as companies are looking at the environment. So, we expect disposals actually, a few disposals for big multinationals on noncore assets. There will also be bolt-on acquisitions now. Again, notably, I think close to sectors Jay was talking about in the food and ingredients sector. We've seen a lot of companies have recovered the credit metrics essentially through strong pricing gains. So, they may end up doing some acquisitions to realign their product portfolio. So, watch the space. Joe Cass 00:13:42 Great. Thanks, Raam. Jay, how does SKKY Partners kind of stay on top of consumer culture, future trends and the growth of these potential new brands or even new sectors? Jay Sammons 00:13:56 Yes. It's one of the most important things that we do. And I think it really starts with prioritizing building a great culture internally at our firm. Our firm is built with a high level of prioritization on diversity and inclusion. We've built a team that is a majority women, including at every level of our organization. We are focused on not only having a diverse team, but tapping into all those diverse perspectives by making sure that our culture is highly, highly inclusive. As leaders, Kim and I not only allow for every voice to be heard, but we also require that every voice is heard in the room because if not, then we, as leaders of the firm, will miss things that we can't afford to miss. And so that's really the first thing is creating a really, really inclusive culture. And then making sure that everybody on our team is as passionate as we are about understanding everything that's going on in the consumer marketplace and what's coming around the corner and what are the trends that are driving consumptive behavior across markets. It's one of the reasons why I believe a sector specialized firm in consumer is really, really important, and it's why we have chosen to focus in many ways, so narrowly on what we do. It's about being really great at a very specific investing strategy, and it's driven by having highly passionate people who want to be out in the world, seeing every brand that's being developed, not just the ones that we're going to invest in next month or next quarter, but over the next five to ten years, getting to know those founders, watching those companies grow and take market share and then being their partner of choice when they come. In terms of the big macro trends, Joe, they actually haven't changed that much over my career. They've evolved and we like to swim with the current rather than against the current. Many of the macro currents are things like health and wellness, things like the bifurcation of the consumer, things like the impact of technology, as Raam was talking about earlier. Twenty years ago, when I first started in this sector, it was about the threat of technology. Now it's about the opportunity of technology and how technology, digital communication, social platforms can all help brands build community and loyalty over long periods of time. And so, we study and watch those all really closely. But in terms of the day-to-day, it's about having a highly passionate team that's all very, very motivated to see the next thing that's coming. Joe Cass 00:16:11 Great. Thanks, Jay. Jay, over the course of your career, you've personally worked on some real kind of mega deals. So, Dr Dre's Beat's sale to Apple, Vogue International sale to Johnson & Johnson. Are there any deals or just specific moments in your career that have been particularly memorable? Jay Sammons 00:16:32 Yes. Joe, that's like asking someone to name their favorite child. We spend a lot of time with these companies. Over the course of a long period of time, you actually don't make a lot of investments. You make a few investments in brands and businesses that you believe very passionately in, and you see a real opportunity to partner with. And so, while there's no favorite, what I would say the common theme across some of those you mentioned is really what I had the opportunity to learn as an investor from these extraordinary entrepreneurs that I had the opportunity to partner with. And Jimmy Iovine and Dr. Dre, who started Beats by Dr. Dre and ultimately, as you noted, sold the company to Apple are very different entrepreneurs than Todd Christopher, who is a multigenerational hairdresser who started Vogue International. And together, we sold that company to Johnson & Johnson for $3.3 billion. That's very different from James Jebbia, who's the founder of Supreme that we had the privilege of partnering with for a few years before selling that company. All those founders are very different. They approach their value creation and their brand story in a very different way, and I had the opportunity to learn from all of them. And that's a real privilege for a person like me to be in the room with some of the biggest innovators in the consumer space, have the opportunity to learn from them and then hopefully contribute that knowledge and experience to the success of the next one. Joe Cass 00:17:47 Great. Great stuff. Jay, throughout your career, you've fostered personal relationships that have been really critical in building brands, companies and partnerships. What kind of advice would you give to others when trying to build a relationship from scratch? Jay Sammons 00:18:06 Yes. It's a tough question because it really comes down to personality and style and approach. But I think the way to build great partnerships and relationships is to be authentic, be transparent, be trustworthy, be honest, all the sort of human basics. I think a lot of people in business as they seek to accomplish business goals, they will do things that maybe protect some of those aspects of who they are, what their objectives are. And that only leads to bad partnerships because you've not put everything on the table. The best way to create a great partnership is when both sides of that partnership are putting everything on the table, being their true authentic selves, sharing what their objectives are, sharing what their fears and concerns are so that in the event that there's a conflict between those, you don't get into a bad partnership that goes the wrong way very quickly. But if you are straightforward and you are transparent and you're really authentic about who you are and what you're trying to accomplish, that leads to great things because like-minded people who share those objectives can partner together and go win together. So, I know it sounds quite basic, but that would be my most important suggestion. Joe Cass 00:19:11 Great. Thanks. Raam, you're a trained accountant, and I recently came to know that you're also the Chairperson of your local tennis club, which is news to me. So how does an early accountancy career shape your role in credit analysis, but also your life outside of work? Raam Ratnam 00:19:31 Yes. I mean accounting can be seen as slightly less glamorous. But again, but I think it laid a great foundation for critical thinking and these days where we're bombarded by data and financial transactions can be structured can be more complex than ever before. So having a firm grasp of accounting to me, cuts through complexity in a large part. And it helps us look at underlying economic reality, which is I think really an important trait when it comes to credit analysis, and then we train our analysts globally on looking at complicated accounting structures and capturing the key economic reality and reflect that into ratings. I think it's a really important trade. So that's helped me a lot in my career at S&P as well. I joined S&P many years ago as an accounting specialist really, and I was quite incredibly privileged to have had a role in shaping the ratios and adjustments criteria over many years and building the financial and forecasting models used by S&P analysts, corporate analysts globally. So that's been a great privilege. But again, as you say, outside work, I've been able to contribute and address some challenges in the community. Again, this focus in my case has been around tennis and some local sports organizations. But look, organizations these days are required to do more with less and more so than before. And the core principles of financial prudence, budgeting, sort of forward planning with those sorts of key cornerstones can add value at many levels. Joe Cass 00:21:13 Jay, what opinion or view on investing do you have that may be considered unconventional? Jay Sammons 00:21:22 Yes. I think the word unconventional is an important one because if you look at the types of businesses that we invest in and the founders who have created them, and I was referencing this earlier, they are almost by definition, unconventional. You need to be unconventional to disrupt markets because to come up with an idea and turn it into a great business, it requires a great deal of foresight and hard work and tenacity and often doing things differently than the incumbents are doing them in order to capture consumers' imagination and grow and win. And so having respect for their being unconventional is a cornerstone of what we do. I think the private equity industry broadly has sought to build playbooks and approaches that they take to leverage scale and leverage their capabilities. And I think those playbooks and that scale, and those resources work really well in certain sectors. But when you're trying to back disruptive high-growth consumer founders, they're actually quite fearful of playbooks. They're quite fearful of conventional approaches to their businesses because their success has come from being unconventional. So our approach to doing this is, as I was referencing earlier, spend a lot of time listening rather than a lot of time talking in the early stages of building a relationship, learning a lot about what our partners want and what they do not want, thinking a lot about what we can contribute and what we cannot contribute and simply not having a one-size-fits-all approach to every investment because if we come to companies with a one-size-fits-all approach, it's a very quick way to be dismissed from the room. And our job is instead to build trust and long-term relationships that show the respect that we have for what these founders and executives have done in such a unique and unconventional way to grow and win and take on the giants of the industry to take market share and create a lot of equity value. Joe Cass 00:23:11 Great. Thanks, Jay. Jay, final question to you. What lessons have you learned from working alongside Kim? And how has she influenced your perspective on business and investing? Jay Sammons 00:23:24 Yes. So, she is one of the most extraordinary entrepreneurs of our generation. And a lot of people in the world, certainly, she's a very well-known individual, but I think when you take a look deeper into what her business and entrepreneurial accomplishments are, particularly over the last decade or so, it is remarkable. And that has come from a tremendous amount of vision and a tremendous amount of understanding of the modern consumer, the modern platforms that are activating consumers. But I would say if I had to put my finger on one or two things that make Kim such an extraordinary entrepreneur and such a successful individual that I learn from every day are some of the things that I saw behind the scenes getting to know her over the last decade. Really, Kim is exceptionally good at knowing what she's good at, but also exceptionally good at knowing what she's not good at. And there are a lot of people with her level of success across industries who begin to believe that they're great at everything they do. And as we know, there's no human being who's great at everything that she does or that he does. And her success in many ways, has come from her recognition of where she needs help. And I think a lot of people in the finance world believe asking for help as a sign of weakness. I believe asking for help is a sign of strength. and it's a sign of confidence and conviction on what you're good at. And I think Kim is exceptionally good at that. And I think we're trying to continue to infuse our culture and our team and the executives that run the companies that we invest in that you don't have to be great at everything you do. You don't have to try to be good at the things you don't know how to do. In fact, when you try to do things that you don't know how to do without asking for help, it often creates risk and creates problems rather than amplifying the opportunities to be successful. And Kim, I think, is world-class in that, and I'm lucky to have learned a lot about that from her over a long period of time, and we're hoping that, that is a key part of how we continue to build SKKY Partners in the portfolio of companies that we invest in. Joe Cass 00:25:11 Fantastic. Well, that's it. Thank you very much to Jay. Thank you to Raam for your time today, everyone watching, everyone listening. See you next time in FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep49-jay-sammons<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyWed, 31 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas ]]>https://play.vidyard.com/GFr6MEpkHjWDk8CYz6a4TZPodcastWed, 31 Jul 2024 12:00:00 GMT<![CDATA[ 31 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring. View related research: Ardagh Group S.A. And Glass-Packaging Subsidiaries Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_31-clo-podcast-s6-e5<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZMon, 08 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. ]]>https://play.vidyard.com/MhDpXWKeSq3iznyiwdpsj8PodcastMon, 08 Jul 2024 12:00:00 GMT<![CDATA[ 8 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 4: Leveraged Finance & CLOs Uncovered Podcast: How ASDA’s Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape. Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. View related article here > ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_08-clos-podcast-s6-e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8Wed, 03 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. T ]]>https://play.vidyard.com/KqcvyyVqmrTq4Qjzcgmz39PodcastWed, 03 Jul 2024 12:00:00 GMT<![CDATA[ 3 Jul, 2024 Listen: Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following Featuring Joseph Cass and Alexandra Dimitrijevic Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. Topics included both guests views on global mega trends, the future glide path of interest rates and inflation, Sebastien’s experience building a 40,000+ following on Linkedin and a new quick fire round. Sign-up here to be notified as soon as future episode are published. View the series so far here. View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and a host and the creator of the FI15 podcast. On this episode, we have Sebastian Page, Head of Global Multi Asset and Chief Investment Officer at T. Rowe Price; and Alexandra Dimitrijevic, Global Head of Analytical Research and Development at S&P Global Ratings. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Alexandra, I was wondering if we could kick off with you by talking a bit about megatrends. So, what do we identify as megatrends? And how are they taken into consideration within S&P's credit ratings? Alexandra Dimitrijevic 00:00:40 Thank you, Joe. Indeed, let's start by what we mean with megatrends. These are trends that we think have the potential to transform our economies and our society. And, where we have maybe sometimes more open questions and answers, so a degree of unpredictability on how they going to unfold. So, they include, for instance, climate change, geopolitical fragmentation, aging of population, energy transition, AI, all of this. They have in common that a lot of them have a longer-term time horizon, like climate change, for instance. But yet some of them also are evolving at an exponential pace, if you take the case of Gen AI which could impact credit here and now with, for instance, cybercrime or war or some of the more extreme physical risk, climate risk events. So, S&P just published a few weeks ago, a white paper called path to credit materiality, which provides a framework to explain how we assess the implications of these megatrends on credit. And the two key questions here are how they might impact on credit and when they might impact on credit. So, there are five steps to this framework. The first step is to assess the magnitude of the impact of the megatrend. And here, it's a combination of the severity of the impact and the likelihood - that's the first step. The second step is then to assess the channels of transmission of the impact of this megatrend on to credit. So that's through revenues, costs, CapEx, for instance. And then if we assess that either the magnitude of the impact is significant and/or channel of transmission is clear, then that's where we use our scenario analysis. We use a plausible scenario to do sensitivity analysis or stress test to help us assess the potential impact at an industry level or geography level. So that's the first step is the analysis. And the last step is really look at the implication at credit-specific level, and it can really vary. It can be here and now, or it can be in five years, ten years or maybe never. And what's important here is also to understand how different entities manage or mitigate this megatrend that might happen in the future. So, the first one we're going to assess is on climate, climate transition and climate physical risk. And maybe that would be a good topic to come back on fixed income in 15 once we've published that first part on climate. Joe Cass 00:04:02 Sebastian, welcome to the show. I'd be interested to hear how T. Rowe Price factors global megatrends into your own analysis and portfolio construction. Sebastian Page 00:04:11 To me, when you think about megatrends, it's all about looking forward, not backward. And this has massive implications for asset allocators, for example, and for portfolio construction. Joe, let me tell you a story that is actually in my book, but it speaks to looking forward and how important it is for portfolio construction. So, if you think of megatrends, we just had 10 years of 0 interest rates, and now we don't. So, what does this mean for strategic asset allocation? The story takes place a few years ago. I'm attending a boring quantitative research conference. Everybody is half asleep. The presenter is Bern Scherer. He's a very well-respected academic and investor. He's done both in his career. And he's presenting a portfolio construction model that focuses on optimization. Someone in the room raises their hand and goes, we should not be using optimizers for portfolio construction because of the GIGO critique. Joe, have you ever heard the GIGO critique, garbage in, garbage out. And if you're doing strategic asset allocation and you understand megatrends, then you know that the long-term expected returns on the different asset classes should change if, for example, now interest rates are higher. But I'll always remember what Bern Scherer answered because he was clearly jet lagged in a bit cranky, but it speaks to looking forward, not backward. He looked at the person asking the question and said, if you don't think you can come up with reasonable expectations about the future, you should not be in the investment business. So, Joe, that's what we do. There are at least three ways to adjust to megatrends. As asset allocators, we need to recognize that they can create value traps. Technology, and Alexandra mentioned AI, has created a value trap where growth stocks have gotten more and more and more expensive relative to value stocks, yet those that have bought value stocks have been caught in a value trap. Second, for stock pickers, it's really important to be on the right side of change. So being able to use proprietary research to understand what to pick Alexandra's example, AI is going to do in terms of disruption in the economy. And if you look at our firm, we have over 300 stock analysts and credit analysts, and that's a lot of what they do. What's different about our asset allocation process is what I'm responsible for, we actually take inputs from stock analysts in our process, especially when it comes to understanding megatrends like AI. And the third point about megatrends is it should influence or drive your process. As investors, we need to show openness to new ideas. And Joe, what I'll say about this is or AI, we think it's real. We think it is an important megatrend that's going to lead to increased productivity, not only in technology companies, Clearly, you can reduce your coding time by almost 30% right away. So this is productivity for tech-heavy companies, but also for traditional companies. And just to illustrate the power, did you know, Joe, that I just came across this paper recently that AI can essentially read your mind. And I'm talking about scientific papers out of University of Texas, out of a university in Japan, out of Sydney. They take an MRI of the brain activity as you read something, and the large language model maps your brain activity to whatever you're reading. Okay, that's kind of cool. Then they take away the text. The AI then doesn't know what you're reading, just looks at your brain activity and can roughly infer what you're thinking. Now it's a cute example. All I want to say is when I think about megatrends and what AI is going to do, who knows? It's the power of openness and imagination and then positioning portfolios on the right side of change. Joe Cass 00:08:53 Great. Fantastic. Sebastian, you mentioned it there briefly, but I'd be interested to know your, say, three-to-five-year view of things like interest rates, inflation and maybe even the potential future glide path of major central banks, such as the Fed, the ECB and also the Bank of England. Sebastian Page 00:05:05 Joe, I think inflation could be closer to 3% than 2% for the next three to five years due to supply issues, deglobalization, energy transition, demographics with an aging population, less labor supply. All these forces could push inflation above the Fed, the ECB, and the Bank of England's targets. Add to that pedal to the metal fiscal spending, who knows when that stops, but that's the environment we're in. Add to that geopolitical risk which can create spikes in oil prices, which are highly inflationary. Add to that money printing, right? I could use the wonky term excess liquidity. I've been calling it the blob of money. You ever see the movie, the blob. It's like an old movie where this creature just eats everything. Well, the blob of money, the $7 trillion in money market funds, the excess $3 trillion that's been added into checking accounts, this is not distributed equally, and the lower wage earners are absolutely out of liquidity. But in aggregate, the blob of money is alive, and it has been eating all the negative headlines. So, I think that, that excess liquidity means people want to buy goods, want to buy services, want to buy financial assets. So, it will be hard to get to that sort of last mile and bring inflation to 2%, whether it's the ECB, the Bank of England, or the Fed. Joe Cass 00:10:51 Thanks, Sebastian. Alexandra, what is, say, the top two or top three risks that we are monitoring, which could impact credit rating trajectories over the next, say, twelve months? Alexandra Dimitrijevic 00:11:04 I'll get to the risks, and I think looking back to what Sebastian was saying. But just maybe I want to take the opportunity to speak about the way we monitor this risk at S&P Global Ratings. So, we have an analytical governance framework called the Credit Conditions Committee. And every quarter, we meet with our senior expert across different sectors and economies. On the one hand, we define the house base case which is what our 1,700 rating analysts used to underpin their forecast, but we also monitor the key risk that could derail this base case, and that's a key part of the analysis. The first one, as Sebastian was alluding to, is interest rates and the second top risk are geopolitical risk. And if we come back to interest rates, here, the risk that could derail the base case would be that interest rates stay higher for an extended period, and that would be on the back of a stubbornly high inflation with the U.S. economy still running hot. That could delay or derail some of the central bank's pace to cut interest rate. At this stage, our economists forecast for the first Fed cut rate in December and then a bit more acceleration in '25 towards 4% at the end of '25. In Europe, after this first cut, our economists expect another two cuts for this year and on the back of inflation coming down. I have to say, I share some of Sebastian's views that inflation, core inflation might stay structurally higher than in the past decade. And so maybe as rates come down from the high where they are now, they might not come down to 0 or we might have ended this period or this decade of free money that Sebastian was describing. So, one of the impacts, obviously, if you have interest rates staying higher for longer than in our base case, this could have a negative impact on the lower rated credit, particularly those rated B- and below, which tend to be highly levered, and we have to refinance in a higher rate environment. And as well for emerging markets, either the direct impact of higher rates or indirect impact through unfavorable exchange rates, particularly for those that have a lot of non-domestic debt in U.S. dollars. So, at this stage, we expect default rates to remain elevated through '24 at 4%, 4.5% in the U.S., so above long-term average in Europe as well and start trending down as we get into next year in the base case. The second key risk that we're monitoring is the geopolitical risk. Since Russia's invasion of Ukraine, geopolitical risks have clearly come back on the front stage for any credit analyst and we've really ended an era of the Washington consensus, an era of relative geopolitical stability, globalization focused on low-cost supply chain. We've entered a new era now of geopolitical fragmentation, a lot more prone to event risk instability. It's hard to see the end to this period of fragmentation. There are multiple risks at the moment. You have obviously the war between Russia and Ukraine on European territory. You have the escalation of the situation in the Middle East, especially since Iran's attack on Israel and you have the ever tension between the U.S. and China. All these risks could escalate either voluntary or involuntary and then have some impact on global trade and businesses and commodity prices, as Sebastian was saying or potential volatility in the market. Added to that, in '24, we have over seventy elections in forty countries, including big ones. We just had Mexico, India. Here in Europe, we have the U.K. and now France, (and that was a plan), then the U.S. coming. And all of this creates an environment where there is also more focus on more protectionist attitude, more focus on security in the current environment. So a lot of potential event risk stemming from this geopolitical environment, but also potential more structural implications on global trade, fiscal cost, Sebastian mentioned security expenditures. So these are the two key risks that we're monitoring. We're just running our Q3 credit committee, and we'll be releasing our updated conclusions later this month. Joe Cass 00:16:50 Fantastic. Thanks, Alexandra. Sebastian, I wanted to talk a bit about your book. It's called, 'Beyond Diversification: What Every Investor Needs to Know About Asset Allocation'. Interested to know why did you decide to write a book originally? What are some of the key takeaways? And lastly, what is the process of writing a book actually like? Sebastian Page 00:17:14 Thanks for asking. Two reasons why I wrote the book. One is obvious, the other one isn't. The obvious reason is I wanted to share my knowledge that I had accumulated on asset allocation. That's why we all write books. The second that's less obvious, but that I think anybody who writes will agree with. Alexandra, I don't know if you write a lot of articles and so on. But when you write, you learn. So, it's actually for me to consolidate my knowledge and learn really more deeply what I do in asset allocation. So, to share and to learn myself. Writing is the best way to learn. I see Alexandra smiling. She looks like she's agreeing. Let me give you an example of what I mean by beyond diversification. We'll talk about the stock bond correlation and how it completely broke down in '22. Stocks went down and bonds went down, massive, massive bear market in bonds, like the worst bear market in bonds in history. So, people start asking about the stock bond correlation. I have a chapter in there about it. It's very difficult to forecast or understand the stock bond correlation. If you go back eighty years and you look at the 12-month stock bond correlation, it actually flipped sign twenty-nine times from positive to negative, negative to positive. It's been as low as minus 80% and as high as plus 80% so when you're looking at the average and you diversify your portfolio according to the average correlation between stocks and bond, Joe, the analogy I like to use is like saying I have my head in the freezer and my feet in the oven, and I can still statistically claim that I'm very comfortable in that my average body temperature is fine. Well, that's the premise behind beyond diversification. There are three sections in the book, forecasting returns, forecasting risk, and constructing portfolios. Now on how to write a book or why to write a book, I have a day job. It's a pretty stressful day job. I oversee all our global multi-asset business. I'm a Chief Investment Officer. Look, -- the best way is a little bit at a time consistently. It's the power of habits. To me, it's Saturday mornings, I sit down, and I would write. And we were talking offline, Joe, about time-of-day effects. Most of us are much more productive in the morning. If you do that, like, I don't know, two, three hours a week, one morning, but you keep doing it every week little by little, hey, within a year, two years, you have a book. It's actually not that hard if you just unleash the power of habit and make it a discipline, give you a small reward, fill your spreadsheet with how many words you did this week. It's just that simple. It seems daunting when you look at how comprehensive a body of research you want to put together, but just a little bit of time. You know what, Joe, I'm going to get philosophical. This also applies to a bunch of stuff in life. There's this great book titled Atomic Habits about how whatever your small habits are, they add up to big changes in your life and big accomplishments. I'll just leave it at that. Joe Cass 00:21:03 That's James Clear? Sebastian Page 00:21:06 Yes. Joe Cass 00:21:07 No, it's excellent. I agree. I love that book. And Sebastian, kind of a different type of question for you now. You've got now, I think, over 40,000 followers on your LinkedIn profile. How do you view kind of the role of social media as a Chief Investment Officer? And how does it help you? Sebastian Page 00:21:28 I don't know if 40,000 is impressive or not. I see people with a lot more. So, I don't know. Maybe our listeners' viewers will be impressed by 40,000. Look, I've never been on Facebook or Instagram. I'm just generally skeptical of social media. I see people I love around me get completely addicted. But you know what, for me, LinkedIn is kind of a special place there where people are looking for jobs. It's not anonymous, which means it's much more civilized. And for our firm, this digital marketing is really important. This is how you do marketing now. This is why you have a podcast, Joe. Like digital marketing is important to build our firm's brand. You're based in EMEA. We're kind of like over there, the largest asset manager you've never heard of because we're just so humble as a brand. But asset management is competitive. LinkedIn is a global platform. So, our clients want to know what we're thinking and what we're doing. So, t's an important part of building the firm’s brand. And Joe, if you've noticed, I'm also writing about psychology and leadership and self-improvement, which is, I think, again, really a good match for the LinkedIn environment. So, will I get on X or Twitter or start doing YouTube? I don't know, probably not, personally. But this is the right platform for me personally. Joe Cass 00:23:12 Great. Thanks, Sebastian. Alexandra, how do you view the role of social media in projecting to the market our research, publications and ultimately, our ratings? Alexandra Dimitrijevic 00:23:25 I have a lot in common with Sebastian here. I also use LinkedIn. We do, as an organization, use LinkedIn. You won't see me on the other social media. But I agree that LinkedIn in particular, had a pivotal impact on the distribution of the research. It used to be traditionally through media release and the to the website, but then you expect for people to come on to your website to find the research. While with LinkedIn, you have a much, much broader reach also from a population that is well beyond the more traditional institutional investor population. You have a more immediate way to share some information, some research. And what's also really useful is the engagement. So, you have people's reaction on the topic, the comments, the feedback loop, which also helps understand what investors' sentiment or trends in the market. Now we do use LinkedIn a lot for the thought leadership, the ideas, topical research, but we do not use it for ratings distribution or rating news. For that, we use our traditional channel. And what's really important in our approach of social media in general is to keep the same rigor, quality, integrity in the information that we put out on social media in day and age of tech news is really important for the brand to have the same integrity approach. We have a formidable team within the research and marketing that really help us build this engagement on LinkedIn. And maybe if you're interested to follow what we publish, I will share with you three newsletters that you can follow on LinkedIn. One is from my profile, it is called CreditWeek. It used to be an old S&P publication a long time ago. And every week, we pick a topic that is relevant for the market. We interview our in-house experts and share in a three-minute piece, the S&P view on this topic. We also have a newsletter from my colleague, Ros Lang, who's the Head of Private Market Analytics, which is focusing trends on the private market. And our esteemed global Chief Economist, Paul Grunvat, also has a weekly newsletter on LinkedIn. And I think these are really great way for the market more generally to follow what's happening at S&P. Joe Cass 00:26:28 Perfect. Thanks, Alexandra. So, I've got something new. Let's see how well it works. So, I've decided to put together kind of a short quick-fire round for both of you. And it's kind of -- I'll do kind of -- I'll start with maybe Sebastian and then go to Alexandra. And it’s basically kind of the first thing that comes into your head, and it's kind of based around favorites. So, Sebastian, I'll start with this with you. So, what's your favorite dessert? Sebastian Page 00:26:53 This is the most unexpected question I've ever gotten on a podcast. Key lime pie . Joe Cass 00:27:00 What's your favorite season? Sebastian Page 00:27:03 Fall, because it's the best running weather on the East Coast in the U.S. Joe Cass 00:27:10 What's your favorite restaurant? Sebastian Page 00:27:13 Okay. I don't need a lot of meat, but as a splurge, as a treat, I love going to a steakhouse. Joe Cass 00:27:22 What's your favorite gadget? Sebastian Page 00:27:25 Oh my Garmin watch. It rules my life. yes. Joe Cass 00:27:31 And what's your favorite time of day? Sebastian Page 00:27:36 We were just talking about that. Definitely the morning, just more productive, especially with coffee you just get more done. Joe Cass 00:27:43 And I know you're in the U.S., but who do you think is going to win the Euro football Championship? Sebastian Page 00:27:49 Okay. The answer is I have absolutely no idea, but Joe, you're based in England, right? Joe Cass 00:27:56 Yes. Sebastian Page 00:27:56 So, I think England is going to win. Joe Cass 00:27:58 Perfect. That's the right answer. Alexandra, I'll do the same for you now. Okay, what's your favorite dessert? What's your favorite season? Alexandra Dimitrijevic 00:28:10 That's summer, I need warm and sun. Joe Cass 00:28:13 What's your favorite restaurant? Alexandra Dimitrijevic 00:28:16 Well, I'm just back from Sao Paulo, and I have to say Brazilian, it was fantastic, fantastic food there. Joe Cass 00:28:24 What's your favorite gadget? Alexandra Dimitrijevic 00:28:26 It's my watch as well. Keep me on track with my activity. Joe Cass 00:28:30 And what's your favorite time of day? Alexandra Dimitrijevic 00:28:33 I'm more evening, after the hard work during the day when you can relax and spend time with the family. Joe Cass 00:28:41 And last one, Alexandra. Who is going to win the Euro football championships? Alexandra Dimitrijevic 00:28:45 It has to be France. Joe Cass 00:28:46 I knew you would say that. Unfortunately, I think you're right. So just a few more questions. Sebastian, what opinion or view on leadership do you have that few others would agree with you on? Sebastian Page 00:29:03 I've thought a lot about this, and I've been writing on leadership. I'll give you three where I go against conventional wisdom. So conventional wisdom would be that leaders need to be great talkers, great communicators. They should not give up in the face of setbacks and show resilience. And they should be decisive and take action. So that's conventional -- I don't think anybody will disagree with that. I will disagree with each of them. I will say that in my experience, the number one leadership skill I've had to develop over the years is not talking, it's listening. I would say that this idea of never giving up, leaders are horrible at quitting. We get enamored with projects. And then when things don't work, we keep pouring resources into them. There's a great book by Annie Duke titled 'Quit' that shows that actually one of the most important leadership skills is not never giving up is actually knowing when to quit. And the last one on this idea that as a leader, you need to take action, you need to be decisive. You know what I've learned is if you have time to decide, there's no reason to rush the decision. You should take advantage of the optionality that you have, which as hyperactive leaders, we tend to forget. So, there you go, Joe. Everyone thinks leaders need to be great talkers, never give up, take action. No. They need to listen, not when to quit and exercise strategic patience. Joe Cass 00:30:45 Great. Thanks, Sebastian. Alexandra, we're living through a rapidly changing work environment with hybrid working, Gen AI and the rise of video calls and conversations like these. How are you adapting to these changes? And what kind of advice would you have for others to ensure that they are working as efficiently as possible? Alexandra Dimitrijevic 00:31:07 First, I want to say Sebastian, might be a great listener, but you're a very good speaker as well and a very good storyteller. We started the discussion on megatrends and Sebastian was talking a lot about AI as well. So, I'd like to really come back on this. So yes, I mean, the pandemic has definitely accelerated the digitalization of the economy and now we have everything online when it works, video calls and podcast webinars, payments online, hybrid working. So there's been a first phase of transformation of the way people work of the economy, which can have long-lasting implication on certain sectors of the economy. But right now, what I'm really excited about is this new Gen AI revolution. And I think here, we were discussing the pace of change. We're on an exponential pace of change since the release of ChatGPT with something new almost every week. And this is going to have some transformational impact not only in technology as Sebastian was saying, but really on the entire economy and on our society. If you look at NVIDIA, Apple, Microsoft, they account together for 10% of the global market cap. I mean this is massive. And I think we're just at the beginning of trying to understand how this is going to impact us on an everyday life. I just read a really interesting book last week, it’s called 'Co-Intelligence' by Ethan Mollick from The Wharton School of Management. I am still learning a lot on AI, so I found that really fascinating to understand how Gen AI is very different from a software, which does what it's been programmed to do. It's more this general-purpose technology. There's no manual to use it. You really have to experiment it, and it really interacts in many ways more as a person. It does things that we didn't think machine could do like being creative, analytical, having conversation. And obviously, they don't have any knowledge, right? What it does is just predicting the next word in the sentence without knowing if it's right or wrong. So, we know that there are hallucinations, that AI can lie, but at the same time, it has a huge potential to augment our capabilities as a human being. What I really loved in the book, Mollick is speaking about how we would evolve as 'Centaurs' and 'Cyborgs'. So, the Centaur essentially is when you have a clear repetition of task between the human and the machine. And to a certain degree, that's what we are already like if I want to go to a meeting at the other end of the city, I'm going to take my app and check what's the quickest way to get there, and I delegate that task to the machine and then here I go. The Cyborg here is a different concept where it's not a delegation, it's a constant iteration and a process of co-creation and co-development between the machine and the human, which is maybe where we're heading now. And what's really important, and that's one of the key advice from the book is, well, invite AI to your table, but be the human at the table because it's going to be increasingly important to be able to control what these Gen AI machines are doing, understand the limitation, understand the risk, making sure that this AI remains in line with our human values, ethical standards and our social norms. So, there's going to be a lot of change here. It's going to transform high-value jobs. It's going to transform sectors of the economy and how we interact as individuals. It's very exciting. It's very scary at the same time. And I'm very excited that S&P had launched our own LLM within leveraging our proprietary data in a safe environment with the protection of the IP confidential information but giving us the opportunity to start experimenting and using LLMs in our job. And also, I just want to mention that we have some really interesting research on our website on the impact of AI on different industries. So, if you type S&P AI Insights, you'll find some really interesting report there. Joe Cass 00:36:30 Great. Thanks, Alexandra. Sebastian, I know we're kind of squeezed for time. If we could just get one last question in. Over the course of your career, what's kind of the best piece of advice you've been given and who gave it to you? Sebastian Page 00:36:46 In the early years of my career, I was a bit anxious about the progress I was making. I wasn't getting the promotion fast enough. I wasn't getting the recognition. And I went to my mentors, name is Mark Kritzman. I worked with him for the first ten years of my career. And I was complaining, and he was tired of hearing me complain. So, he looked at me in the eye and he said, Sebastian, do you know the secret to happiness in life? I was at the edge of my seat. And he looked at me and he said, lower your expectations, which, you can take as a cynical comment or a very powerful philosophical comment. Your happiness, your satisfaction is what really happens, the reality minus your expectations. And this is not about not being ambitious. It's about setting goals that are stretched enough that you can achieve. And then thinking long term, ignoring the noise along the way, and just managing your own expectations of things. Joe Cass 00:38:03 Thank you very much, Sebastian and Alexandra, for your time today. It was absolutely fantastic for everyone watching and listening. See you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/03-07-24-e48-fixed-income-in-15<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39Wed, 24 Apr 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ryan Serhant, Founder of SERHANT., and Gregg Lemos-Stein, Chief Analytical Officer - Corporates at S&P Global Ratings, discuss the global real estate market and leveraging social media and AI. ]]>https://play.vidyard.com/3QDcSPPC2Uf6HFX8N7p98xPodcastWed, 24 Apr 2024 12:00:00 GMT<![CDATA[ 24 Apr, 2024 Listen: Ep46: Ryan Serhant on Real Estate, AI and Building A Personal Brand Featuring Joseph Cass and Gregg Lemos-Stein In this episode of FI15, Joe is joined by Real Estate mogul Ryan Serhant, Founder of SERHANT. and Gregg Lemos-Stein, Chief Analytical Officer – Corporates at S&P Global Ratings. The guests discuss the global real estate market, with Ryan sharing his expertise on leveraging social media and AI to drive success in the industry, and Gregg provides his experience of how large multi-national corporations are currently utilizing AI to unlock new opportunities. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass. I'm a Senior Director here at S&P Global Ratings. I'm the host and the creator of the FI15 podcast. On this episode, we have Ryan Serhant, Founder and CEO of SERHANT, and Gregg Lemos-Stein, Chief Analytical Officer, Corporate Ratings at S&P Global Ratings. A very quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Ryan, can you just kick us off with an overview of your career to date in real estate, from entering the business as a novice to what you're looking to achieve right now with SERHANT? Ryan Serhant 00:00:33 Of course. I entered the business on the day that Lehman Brothers filed for bankruptcy on September 15, 2008, mostly because I had run out of money, and I didn’t want to move home to Colorado. I wanted to stay in New York, and a friend told me, “Get your real estate license, you can help people rent apartments. Over 70% of the homes in New York City are rental apartments, and it’s better than being a bartender or a waiter. You can control your schedule, sort of.” And I fell in love with the business. I fell in love with real estate. I fell in love with brokerage, working with customers looking to do lots of different types of things. I got on to a TV show that most people know me from, called Million Dollar Listing New York on Bravo, in 2010. I did that for 10 years, alongside multiple other TV shows, and started writing books. I’ve written three books now, and we have an education business that teaches sales training to salespeople and to sales enterprises around the world. We also have a production company that does real estate production. So, I built a large sales team through 2020. In 2020, I started my own company—not timed with COVID. That just sort of all happened by coincidence. And we’ve now expanded from the end of 2020 until now into eight different states. We have well over 500 agents working with us now, kind of across those states, and have done just over $10 billion in residential real estate sales. We have nearly 30,000 enrollees in our education platform in 128 countries. I left Bravo and Million Dollar Listing New York two years ago and have a new TV show that comes out on Netflix relatively soon. Joe Cass 00:02:28 Fantastic. Thanks, Ryan. Greg, can you give us an overview of what you're doing right now at S&P Global Ratings and maybe also some kind of high-level perspectives on the U.S. real estate sector. Gregg Lemos-Stein 00:02:42 Sure, Joe. It's, of course, a big issue. It's been an issue for a while. It will be an issue for quite some time. It's sometimes described as a slow-motion car wreck, particularly within U.S. real estate. We're talking mainly about office, where we've had a seismic change in the way people work, particularly in the U.S. So, it's not really real estate overall. Other sectors, like industrial, logistics, and warehouses, are faring quite well. Multifamily, I understand, has had some weakness lately. All of them are affected by interest rates, but there's a double whammy when valuations are declining and interest rates are rising, and maybe a triple whammy for office because utilization of office space is still creeping up, but still very, very low. So, what we're doing at S&P Global Ratings is we're making sure we're coordinating across the many, many different asset classes that are affected by real estate. It really cuts across many, many, many areas we do, not just corporates, which is an area where I focus on. We rate a lot of REITs that are publicly traded, and those are corporate ratings. But, of course, we also have commercial mortgage-backed securities, and our structured finance colleagues cover that. We also have mortgage REITs. But, of course, there's an impact also on the banking sector. So, our bank analysts, there are varying degrees of real estate exposure among the banks. So, it really calls for coordination among all those senior analysts in those asset classes, and they've been doing that more or less for the last three years, really since these changes became very apparent. Joe Cass 00:04:25 Ryan, your career, as you mentioned, it started in 2008. So you've seen some ups, you've seen some downs in U.S. and also global real estate markets. What's your forecast or even your expectation for real estate in 2024 and beyond? Ryan Serhant 00:04:43 We are in a historic low inventory environment that has been written about and reported about ad nauseam. In the United States alone, 90% of all home loans are under 5% rates. So, when rates are still above 5%, it creates a locked-in effect, which is what we saw in 2023. There were fewer home sales in 2023 in the United States than there were in 2009. 2009, I think, if you asked most people pre-2023, they would say, yes, that was probably one of the worst housing markets we've ever seen in recent memory. And 2023 also turned out to be one of the slowest housing markets in over thirty years—nearly thirty years. This year, what we've already started to experience is a little bit of an unlocked effect. If 2023 was locked in, this is a little unlocked. And it's because you can actually predict roughly six months into the future. That was hard in 2022 and 2023. It was difficult to predict what anything would cost over the next six months. Now, inflation seems a little stickier than I think we'd like it to be. But you know, within relative certainty, roughly what interest rates are going to look like over the next couple of months. So, you're either going to move or you're not going to move. And eventually, people need to move. Eventually, the baby boomer generation needs to downsize, which they haven't done since 2020. That's a significant amount of inventory that is only now just starting to come to market. And that will help fuel the inventory issues that we're seeing amongst other kinds of demographics. And I think the moment we see interest rates start to get closer to, and hopefully they do, kind of that 5% marker, you're going to see home prices really escalate. So, what we're telling people now is, if you're a seller, we can't predict the future. Could pricing go up? It seems like it will. But could it go down drastically? Sure. We don't know. And if you're a buyer, could prices go up? Absolutely. Could they go down drastically? We don't know, but there are clear market indications that things are going to get much more expensive should rates come down because there is so much pent-up demand and not nearly enough inventory. So, I think we're going to see a far stronger year for absorption and volume in the housing market than we saw in 2023. And I think we'll end the year with higher pricing, probably somewhere in the 5% to 6% range. Joe Cass 00:07:30 Thanks, Ryan. Greg, we're speaking, you're speaking to kind of the largest investors, especially on the buy side globally. Interested to know what are the kind of the top three concerns these large global investors are coming to us with on the topic of global real estate. Gregg Lemos-Stein 00:07:47 Yes, absolutely. It is focused on office. So, Ryan makes some good points about housing more broadly, and I'd be interested also in his take, maybe later on, about the change in the commission structures that may be coming and what impact that might have on pricing. But in terms of what investors are asking us, it is focused on office. And the first question they ask is, "How bad will it get?" because it's still evolving, right? We still have this big gap between utilization of office space and vacancies, which would be actually what tenants are paying in terms of rent. And there's a long tail before lease renewals happen. They tend to be ten-year leases. So, the implication is, if utilization of space is much, much lower, then the vacancy rate would indicate that when lease renewals come up, they're going to take less space. So, there's still some pain to be felt. So, the number one question is, "How bad can it get?" And then the next question, logically, is, "Will that have a big impact crossing over to the banking sector?" And then the next question that logically stems from that is, "Is there more of a systemic risk that would emanate from that, that might have an impact on the broader economy?" Those are the top three questions that we're getting. To answer somewhat, to give a little bit of color, Joe, not just leave that as a question, we have had a number of rating actions on some regional banks. We've had a larger number of rating actions, even dating back two years ago, on the REIT sector, those most exposed to office. So, we've been adjusting our ratings. We've been adjusting our base case for quite some time now. And again, I'm not a banking analyst, but what our banking analysts will tell you is that the commercial real estate exposure, largely for banks, is manageable, but there's a big difference in levels of exposure to CRE. And so, some of the largest banks actually have the smallest amount of exposure as a percentage of their overall assets. It's the smaller regional players that have larger exposures, and those are where we've taken some actions already over the last year or two. Sometimes commercial real estate is not all office, and it may not be office in the most exposed geographies. It might be areas where office space wasn't so absurdly expensive, and CFOs aren't eager to get out of that space. So, you really have to go bank by bank, really area by area. Again, real estate is all about location, right? So, that applies here, too. Ryan Serhant 00:10:31 I'll also add to that, you make a good point. I read a lot and hear a lot about the fall of office, right? And you see a lot of the big institutional players giving keys back because they don't want to chase good money after bad. And Starwood, Brookfield—you see these major players, so more and more people are doing that. But there's also a big difference between occupancy and vacancy. So, I hear about it in New York all the time. Go to Midtown, all these lights are off. Occupancy must be down, right? There's no one's here, no one's going to the office. The spaces may be vacant, but the leases are fully occupied. There's a lot of office that is fully leased, but people just aren't coming. And so, I think what people are trying and what a lot of these big institutional owners and even just these offices themselves are trying to do, is try to get to three days a week of office. If you can get to three days a week of office, you can fund your facilities, you can get these buildings moving relatively productively. But if you're just at two days a week or one day a week, you have a really, really hard time. And I heard somebody say recently that this is now all because a lot of our nouns have become verbs. It used to be that you'd go to the shop. Now you shop on your phone. It used to be that I got to go to work. Now you just work, work. I've worked. And so, I think it's an important thing because I think, in terms of occupancy in New York office, I think it's over 90%. A lot of the spaces look vacant, but those leases are occupied. Joe Cass 00:12:25 Fantastic. Thank you both. And Ryan, just to kind of pick up on something Gregg said, do you have any kind of comment or view on the recent commission change announcement? I'm quite kind of uneducated on this side. If you could provide kind of an overview of what happened and maybe your take on it. Ryan Serhant 00:12:44 Sure. So, there was a class action lawsuit that was filed in the state of Missouri years ago that was basically saying that the National Association of Realtors, the largest kind of trade union for real estate agents, was colluding with the largest brokerages and local MLSs to price-fix commission payments to buyers' agents. And what was happening was that if an agent was going to a seller, they'd say the best way to sell your home would be to put it on the MLS. But to put it on the MLS, we have to offer compensation to the buyer's agent. Those are the National Association of Realtor rules. That's what you have to do. And so, if you're going to pay a 6% commission, it's 3% and 3%. That way, the buyer's agent is also protected. That way, you never have to have commission conversations with buyers. The seller pays it, and it's what's happened for decades. It's how it's always been. And it's not that the seller is unfairly paying a buyer's agent who didn't do any work. Just that fee has always been in the United States on the seller. So, when you're a buyer, you don't pay it, but when you're a seller, you pay it. And usually, most people buy a home and don't live there for the next eighty years. They buy it, and they don't pay that fee. When they go to sell it, they do pay the fee. So, the fee just gets passed on. So, that's what the class action lawsuit was about. The National Association of Realtors and the big brokerages did not succeed in explaining the reasons why that would be a good thing for the marketplace, and so they lost. What happened on Friday was that the National Association of Realtors basically came out and said they would not appeal the verdict. They're going to settle for something over $400 million to be paid out over the course of the next four years and will be changing the rules. The rules will change to where a seller no longer is obligated to pay the buyer's agent should the buyer have an agent. You don't have to advertise that you'll pay. You can pay 0% if you want. Now, that's kind of always the way it's been. I mean, in New York, we don't have an MLS. We're also not a part of the National Association of Realtors in New York. So, New York City is very different. We have customers who will pay 10% to get something sold. We also have customers who will pay 0%. But around the country, it's always a different case. So, what's going to change now is that buyers' agents, if you're working with a buyer and you're a real estate agent, will get a buyer's representation agreement that states how you are compensated. If you are showing homes where the seller is not willing to compensate a buyer's agent, you will go to the buyer for your compensation. And so, you'll be just very clear and very transparent as to where fees come from, which is the way it's always been before. This will create a little extra paperwork, and it will be interesting to see what it does to the marketplace. My prediction is that fees will get higher and more properties will start to trade off-market. That's because that's what happens around the world outside of the United States. So, as much as we want to think that these new rules will be better for the consumer, what happens around the world is that off-market transactions end up becoming more of the norm. And when you do that, then there's no transparency because people just set whatever fees they want. So, I think you'll see more of that, but it remains to be seen. The settlement was announced last week. A judge still has to approve it. That will take a couple of months, probably sometime into the summer. But it doesn't change that commissions are paid out. It doesn't change that a seller is allowed to pay whatever they want to whomever they want. They're free to do that. It just creates a document of transparency, which I think is actually probably good and the right thing for the market. Joe Cass 00:16:53 Great. Thanks, Ryan. Ryan, you've got a really significant online presence with over 6 million followers across all the platforms. Do you believe that other players in the real estate industry, such as developers, investors, companies, are they effectively utilizing their own online presence? Ryan Serhant 00:17:16 I think they try to. I don't think other players really look at their digital presence as one of their value propositions because it never had to be previously. I think there are two types of real estate firms right now. I think there are those that are defending where we've been, and I think there are those who are building where we're going. I'm an active real estate agent all day, every day. I'm also a CEO of a firm, and I understand what it means to be every single agent that works with me. When I was looking to start my own company and we started SERHANT in 2020, I spent a year interviewing with other firms—all of them. All the big names and small names, national franchises, everybody. And what I realized was that all of the other real estate firms that I interviewed with are licensing housing firms that hold your license, and that's about it. Their number one pitch is: "If you come to us and hang your license with us, we're going to make you better." And I, as an actual agent, always felt that a real estate firm's job shouldn't be to make my agents better, but it should be to be better for my agents. Because that's the pitch that I always give to every customer I work with—every buyer, every seller, every developer. I don't sit with them and say, "Hey, work with me. I'm going to make you a better seller. Work with me. I want to make you a better developer." But that's the pitch that real estate brokerages give. At SERHANT, we are the most-followed real estate brokerage in the world. We use television, streaming, every social media platform, books, speaking engagements, and our own production company to amplify our brand to the benefit of our customers' brands and our agents' brands. If you were to audit our business, you would probably say that we are a media company that sells real estate. I learned a long time ago that if you can build a strong content-to-commerce business for makeup, you can do it for real estate. But you have to understand that there is a new "C" in between content and commerce: content to community to commerce. No one had ever done that for real estate before. When we started SERHANT, that was one of our immediate value propositions, outside of the technology and everything that we're building now. We had first-mover advantage to be able to use our online presence to the benefit of our agents and their ability to lead generate, build their own brands, and create their own "SERHANT effect," as they call it, in a way that other firms probably are not going to realize as a true value add until it's too late. Joe Cass 00:20:20 Great. Thanks, Ryan. Greg, in what parts of the globe is real estate really growing at present? And conversely, what parts of the world is real estate sector kind of slowing or maybe decline? Gregg Lemos-Stein 00:20:31 Yes, it's a great question because we've been talking about the U.S. and the dynamics are very different in other areas of the globe. I'd say all real estate is affected by the precipitous rise in base interest rates. It is an interest rate-sensitive industry for sure. But the office dynamic we talked about is not quite as acute in other markets. And those of our listeners who are tuning in from, let's say, Hong Kong or other areas, they're like scratching their head at the three-day-a-week model because they're in the office a lot more. So office, I think, is comparatively less severe in other areas, and that's borne out in the valuation data we're having. The declines are much less, but it's a factor. But I think development has been under severe pressure in China, as many of our listeners know about, and many developers have defaulted or entered credit stress. Retail is still an issue. Maybe it's been around for us long enough that we realize that the e-commerce effect on retail is just sort of part of the fabric of what we do. We're not adjusting to that. Areas that it's growing—I'd be hard-pressed to say where real estate is going gangbusters. But of course, there are markets that are expanding. I'll just mention one. This is not comprehensive, but I'm aware that there is a lot of activity going on in the Gulf and particularly in Saudi Arabia, which is opening up and modernizing its markets. And Riyadh, as I understand it, is a bit of a boom town right now, with lots of ambitious development going on there. So that would be one I would point to. Joe Cass 00:22:10 Great. Thanks, Gregg. Ryan, how has AI impacted the real estate industry thus far? And how are you hoping to utilize AI in your own business at SERHANT? Ryan Serhant 00:22:23 Great question. There have been many paradigm shifts in the world, right? You had the printing press initially, which really democratized information, democratized knowledge. Before that, it was hard to get information around, hard to write, and hard to copy. The printing press helped that. There was the combustible engine, which didn’t look exciting at first because cattle or oxen could go up hills and around corners, while tractors couldn’t. But then people realized, oh, maybe we’ll just create farms that are flat and straight. And then this tractor never needs a nap, perfect. And so I think what we’re seeing now is much like the Internet—AI is creating a paradigm shift, and it’s incredibly exciting because it allows you to redefine the way that you work. As AI started to get more and more popular over the past couple of years, we at SERHANT, our development team, and our technical team really looked around and said, I think everyone is going to embrace AI the wrong way. Everyone is going to focus on wrapping large language models (LLMs) and creating chatbots and more screens, which ironically creates more work. And I think the whole goal of having AI and resources like ChatGPT is to help you redefine the way that you work and save significant time. So we’ve been far more focused on what we would call a large action model. Not focused on large language models like most of these new dot-AIs and dot-IOs, which are like the new dot-coms, where technology changes every single day and you’re constantly playing catch-up. Instead, we’re focused on what a large action model could look like. Whereas a large language model is focused on the next best token, we’re focused on the next best action. How do we scale human support to create not just another tool for us to use? We created something called 'SERHANT Simple,' which at its core revolutionizes the approach with AI by focusing on human support. It’s proprietary technology, yes, it utilizes AI, yes, but we have real humans, and we’re scaling their ability to support our customers faster and more precisely than ever before. Our agents are completely redefining the way they work without having to do more work to learn how to redefine their work, creating the most frictionless process. Right now, Simple is in beta in four states, and I looked at it on Friday—97% repeat usage. I’ve never had that in anything we’ve ever built before. It’s exciting to see the product-market fit because now all salespeople only have to focus on what they are uniquely qualified to do. They no longer have to do work that another person, system, or process could do for them. And they can also do it on the go—it’s completely mobile. That’s where we’re embracing AI and taking a counterintuitive approach. Joe Cass 00:26:27 Great. Thanks, Ryan. Gregg, you've got oversight over a number of corporate sectors from pharma to autos and real estate, which you've mentioned already. What practical Gen AI or AI uses are companies sharing with us? And what benefits are they expecting to receive from the technology? Gregg Lemos-Stein 00:26:45 Yes. Ryan's description of it as a paradigm shift is an act one. It's gigantic, and it cuts across so many different sectors. The impact is going to be massive in the way we work. It’s a little more difficult to ascertain the credit implications, but this is really our calling. What we have to stay focused on is whether it will create disruption in certain sectors, or augment the ability of other sectors to do what they do and be helpful, potentially credit positive. Time will tell. We've already had some rating actions, notably in the media space. But in terms of what companies are doing, broadly speaking, you could bucket it into improving customer service and interfaces with customers, but also cutting costs. These are not mutually exclusive, because if you're able to replace part or all of your call center with AI (which is not happening immediately—it will take time), that's a cost savings and potentially improves the way you reach your customers. But even though it's growing rapidly, you might also see some hype. Some sectors may say it will change things faster than it actually will. We’re cognizant of that. Some examples: in pharma, I understand that AI is a huge part of potentially shortening the research and development cycle for pharmaceutical companies, which is enormously expensive and increasingly time-consuming. Think about the implications for defense. We’ve already seen defense budgets increasing. And by the way, IT budgets—this seems like a secular change in spending on chips and software, reflected in some stock prices, which I won’t comment on in terms of rationality—that’s another big impact. The list goes on: utilities are benefiting too, with AI predicting potential weather events or wildfires. This is a huge boon to them in a growing area of concern to mitigate risk. I could go on and on, but we’re having many conversations with our analysts. We try to embed these ideas and directions in our forward-looking outlooks. We just published industry credit outlooks on every sector in corporates, and you’ll see a lot of mentions of Gen AI and regular AI throughout those reports. Joe Cass 00:29:25 Ryan, we've spoken about the power of social media in building a business and also a brand. Have you got any stories about how social media has directly translated into revenue or just opportunities for you or your business? Ryan Serhant 00:29:39 Sure. But before I forget, something that was just mentioned was so interesting to me. The paradigm shift is so real, but I look at companies that are embracing "AI" and those that are not, or those that are embracing the wrong part of "AI". They’re not embracing the paradigm shift because they’re too distracted by the technology. That’s a really key point to make. I liken it almost to the bird and the bug analogy. There’s a car racing down the highway, and a bird sees the car coming and can shift, right? It can fly higher, let’s say. But a bug can’t, because it can’t perceive that rate of change. Those are the firms that are embracing the paradigm shift and building on top of "AI". Then you have other firms that are distracted by the technology today. It might sound a bit aggressive, but I do see those firms as the bug. They’re still flying, everything is okay, until that car comes through and they hit the windshield. To go back to your question about social, we use "Simple", for example, to do immediate social audits for all of our agents and to create social calendars and content. "Simple will do anything for our agents." It’s wild to see it in action. So now we have agents who are creating video walkthrough tours, posting them across platforms, and selling properties sight unseen—properties worth $3 million, $7 million, $10 million. These deals aren’t transacted directly through DM; you still need attorneys, there’s still a lot of email. But that point of first substantive contact is happening through a different device or platform. It’s often not us creating the content to reach the consumer directly, but to reach their circle of trust, which sometimes is their kids. We created a property tour in the middle of COVID for a townhouse priced at $15 million at 357 West 17th Street. Real estate agents weren’t considered essential workers in New York City; we weren’t allowed to go outside. The Department of State was actually trying to get people in trouble for trying to still work and make a living, which is a whole separate conversation. But we created a property tour, and a thirteen-year-old girl saw it because she wasn’t in school and was on her phone all day. She showed it to her parents, and the parents bought it, sight unseen. So the deal was done—there were attorneys involved, it was a traditional transaction, not on the blockchain—but the customer was created, the market was created, the urgency was created, and the deal only existed through social. Joe Cass 00:32:53 Fantastic. Thanks, Ryan. Ryan, we've got lots of viewers, lots of listeners interested in advancing their own career. what kind of tips would you offer to build a personal brand that maybe would open doors to, I don't know, a more fulfilling or exciting career opportunity in the future? Ryan Serhant 00:33:17 Sure. I saw a statistic at the end of 2017, early 2018 from the U.S. Department of Labor that said just over 20% of U.S. taxpayers are also filing a 1099 tax return. Now, some of them are also filing W-2 tax returns and so on, but over 20% were filing a 1099. And the U.S. Department of Labor said by 2027, they expect that number to be over 50%, which means that over 50% of taxpayers, that’s just in this country, are going to be filing a 1099 in just a couple of years. That’s an interesting stat. And that means that those people are selling something. Maybe they’re selling their podcasting services, writing T-shirts online, real estate, cars, whatever they might be selling, whether they consider themselves salespeople or not. And the only way to build your career as a 1099 independent contractor in the United States who has to make a living for themselves every day or make residual side hustle income on weekends and evenings, etc., is to create awareness for either your products, brand, or your personal brand. And today, you can do that from your phone. You don’t have to have the right connection to get you into the right newspaper on the right television show or kind of know the who’s who. Social media has really kind of brought about the democratization of talent more than anything. And so, brand is broken down into a math equation, right? It starts with the core identity of the person or the product. That core identity translates into perception the world now has of that core identity, either in the digital space or in people-to-people interactions. That perception, then, when you leave the room or your product leaves the website, let’s say, turns into reputation. And then over time, that reputation becomes the brand. It’s what you’re known for. It’s what's clear, concise, and memorable. And you can build it by building a core identity. If you’re building a personal brand, you’re focused on your "and." So, I am real estate and media. That’s what I’m known for. That is my brand. I wish I could be real estate and I don’t know, fighter jets. That would be cool. But that wouldn’t really help me with it. So, real estate and media. I’m going to build my brand on that. Now, I’m going to make consistent content. That’s kind of Phase two. And I can do that through video. I can do that through static images. I can do that through LinkedIn. You can be a thought leader. You don’t have to dance on the Internet. I can do that through in-person events. Maybe you don’t have a smartphone, maybe social is not your thing. That’s totally fine. But maybe twice a month, you do an in-person networking event of some kind, and you’re building that way. And then lastly is amplification. The way I like to say it is really shouting from the mountain top because success begets success. And no one is going to know that you sell amazing T-shirts, or that you sell investment services, or that you sell real estate if you don’t tell them about it. And you can build that process now easier and clearer than ever before. Joe Cass 00:36:44 Thanks, Ryan. Gregg, I do my research. I checked out on LinkedIn that you actually started your career as a reporter for associated press for nine years, which I didn't know. So interested to know what your experience was like and what kind of news or stories were you covering at the time? Gregg Lemos-Stein 00:37:03 Excellent research, Joe. First off, I’ll say that I’ve only worked for three organizations since graduating college many, many years ago: The Associated Press, Mellon Bank (which is now part of Bank of New York), and now S&P for the last twenty-one years. All three organizations were founded somewhere between 1860 and 1880. So, what this will tell you is I’m a long way off from Ryan’s entrepreneurial spirit. I like stability. I like organizations that have been around for a long time and will be around for a long time to come. But that was an exciting and wonderful learning experience, those years as a reporter for the Associated Press. I spent the first few years covering sports, which is a dream job. It was crazy hours, working nights and weekends, which was also kind of a dream because, way back when, I was concerned about working normal hours or, more specifically, getting up early in the morning. I’m very, very different now. I’m an early riser. But I covered sports for a number of years. And then I covered business news, financial news, and I really credit that for being part of the transition to what I do today. I got to cover a lot of stock market stories, Wall Street stories, big mergers at the time, but we’re talking a while back. We’re talking about the 1990s. And I remember two stories in particular. There were shorter stories, but one was about Frito-Lay entering China for the first time, and the other one was about the first Russian company listing on the New York Stock Exchange. So, this is a very different time, right? Because this is sort of like the acceleration of globalization. And now we have a different context where there’s some evidence that that’s being rethought. But the -- I remember the first paragraph of the Frito-Lay story. They were launching Cheetos in China, but they had very, very different flavors. It was like cuttlefish and prawns or something. So, the first paragraph was, "A Cheeto isn’t a Cheeto in China." So, I remember that one. It was a short and succinct headline. And then the Russian stock market story is about a Russian wireless company, and it doubled on the IPO or something like that. It did a very successful IPO, and the lead paragraph was, "Even the Russians couldn’t bring a bear to Wall Street." So, we had a little bit of fun with those stories. You can groan all you want, but it was a great training ground, by the way, and it really resonates with Ryan’s comments about media and communication and nouns and verbs. This has applications no matter what you’re doing. It’s more applicable to credit ratings than you might think because being able to communicate your opinions is really vital to what we do, and doing so clearly and succinctly is really critical. Joe Cass 00:40:02 Great. Thanks, Greg. Ryan, what opinion or view on real estate do you have that few others would agree with you on? Ryan Serhant 00:40:14 I mean, topically right now, I think people are assuming that given the National Association of Realtors’ commission lawsuit settlement, buying a home is going to get less expensive and that real estate agents are going to become more and more obsolete. That is what most people think. Everyone has been forwarding me all the articles. I am obviously biased, but I also remember having to sell real estate door-to-door. And when the Internet really took over on real estate and websites like StreetEasy, Zillow, et cetera, came about, everyone said the same thing: "Salespeople are gone. Real estate is now going to be less expensive because you’re going to have the democratization of information. People can see comparable sales now. You pesky salespeople aren’t going to be able to drive up pricing anymore." And that didn’t happen either, right? The same way certain financial websites didn’t take down certain investment banks. The banks only got stronger. And so, I am very much of the mind that there will be greater transparency now with fees and commissions. The way we’ve always operated with our firm and in New York City, which is very, very different from the rest of the country, commissions are always transparent. They had to be. But now I think nationally, I think the old guard, which is the National Association of Realtors and these big brokerages, are in for either a world of change or a world of hurt. I think the rules are changing. I think there are new rules. And I think what we’re going to experience now is an evolution — just like I was talking about with AI and the farmers and the tractors, right? They didn’t throw out the tractors. They just created different farms and a different way to farm. And so, I don’t think that what we’re going to experience now is going to get rid of real estate agents. I think it’s going to separate the agents from the brokerages who are not open to change because what got you here won’t get you there. I think old rules pave the way for new rules. And I think that as interest rates stabilize or continue to come down, pricing is only going to go up, and consumers are still going to want great representation, buy side or sell side, because you don’t know what’s real anymore when you log in online. So that’s, I think, a unique opinion of my own. Gregg Lemos-Stein 00:42:58 I'll confess, Ryan, that I thought that until about 7.5 minutes ago when you started talking about it. It's more complicated that commissions actually may go up in some cases. So... Ryan Serhant 00:43:07 Listen, listen. So, I know we all have to jump here, but in New York City and in most of the United States, total compensation for real estate agents — because there’s typically two agents on the deal, sell side and buy side — is between 5% and 6%, right? It’s the way it’s always been. Very rare is it much lower than that; very rare is it much, much higher than that. And I see a lot of, "Oh, well, this is the highest commissions ever. The rest of the world is this. The rest of the world is that." Well, I’ve been around the rest of the world, and I’ve sold property around the rest of the world. And what I’ll tell you is that is not true. You have markets where you have salaried salespeople who are not incentivized to get the highest price for their seller or to get the best deal for their buyer because there is no incentive. And so what ends up happening is a lot trades off-market, which is not in the best interest of the consumer. And then you have other markets where you have a mixture of on- and off-market property. And so you could work with an agent, and they’ll tell you, “Hey, so I have a fixed fee for anything that’s on market. But anything you’re going to want to buy is actually off-market, and my fee is 10%.” So, I don’t know what everyone thinks we’re going to. But if going back to the Wild, Wild West is what everybody else wanted and what they wanted to bring about through these lawsuits, I mean, I don’t know what to say. Joe Cass 00:44:36 Okay. Great. And lastly, just before we go, Ryan, do you want to share any kind of upcoming project goals, ambitions that you're looking to do either kind of this year or next year? Ryan Serhant 00:44:50 I'm incredibly excited for "SERHANT Simple" as we continue to roll it out to our agents. Right now, it is just within SERHANT at our own brokerage. Because what makes it so exciting is that it's a full stack platform. So we have agents who use it who never want to touch e-mail again. They don't have to now. We have agents who use it who just want to create marketing plans for a year, and they don't have to do that anywhere else. So I'm really excited to see that take off and continue to improving the lives while also saving significant amounts of time for our salespeople. Joe Cass 00:45:29 Perfect. Well, thank you so much to Ryan. Thank you to Gregg for your time today. For everyone watching and listening, see you next time in fixed income at 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q2_fixed-income-in-15_ep46-ryan-serhant<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 19:06:19 GMT00:01:00<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]><![CDATA[ This report does not constitute a rating action. Servicer Evaluation Spotlight Report™ is a registered trademark of S&P Global Ratings. As with many industries, loan servicers are exploring artificial intelligence (AI), including generative AI, technology to assist with or perform complex processes in ways that have been impossible with deterministic, rule-based technology. Loan servicing is complex and interconnected with multiple outside participants, such as regulatory bodies, investors, and borrowers, so orchestrating the multitude of requirements and frequent changes make it challenging to implement technology--especially automation. AI has the potential to change that, and it is a major focus for most servicers in 2026 and beyond. Insight into how AI is being or will be incorporated into operations can inform our ]]>ArticlesThu, 16 Apr 2026 19:06:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/servicer-evaluation-spotlight-report-modest-ai-adoption-by-loan-servicers-so-far-s101674558<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 16:28:34 GMT00:01:00<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]><![CDATA[   Technological innovation (and the innovative use of existing technologies) can give rise to sudden, fundamental shifts—with ramifications for the entire cyber landscape . As digital assets integrate further into mainstream finance, AI accelerates both attack and defense capabilities, and quantum computing threatens modern cryptography. Cyber risks can increasingly compromise the security and stability of credit instruments and markets, as well as the creditworthiness of issuers. Cyberattacks on their own have generally had limited effects on credit quality where proactive and robust risk management, adequate preparedness, and well-tested recovery plans are in place. However, S&P Global Ratings has taken negative rating actions linked to cybersecurity incidents where core business processes and operations underwent significant disruption, recovery proved slow due to ]]>ArticlesThu, 16 Apr 2026 16:28:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-crypto-quantum-and-ai-redefining-cyber-risks-s101678916<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 14:24:10 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 16 Apr 2026 14:24:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-15-2026-s101680695<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 12:36:05 GMT00:01:00<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]><![CDATA[ This report does not constitute a rating action. 2023 marked the end of a decade of exceptionally low interest costs. Since then, German housing companies have faced higher funding costs and increased need for optimizing their balance sheets. Amplified by recent geopolitical developments, especially the Middle East war, 10-year German bund yields exceeded 3% at the end of March 2026, temporarily reaching their highest levels since the sovereign debt crisis in 2011. The gradual adjustment to higher rates is still ongoing. Since many German issuers entered the tightening cycle with long-dated, fixed-rate debt and substantial hedging, the effect on earnings was delayed and issuers had more time to adjust their capital structures. However, refinancing the debt at higher rates impairs ]]>ArticlesThu, 16 Apr 2026 12:36:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/bund-yields-peak-german-homes-are-resilient-balance-sheets-arent-s101680172<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 09:16:14 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. During Q1 2026, rating activity was limited and below historical levels. Actions declined year-on-year, 84 versus 144. Overall, rating actions affected 16 transactions, representing only about 3% of our rated ABS and RMBS universe. Downgrades remained scarce, two versus nine during Q1 2025. We reviewed 11 ABS and 77 RMBS transactions—representing about 19% of our total rated ABS and RMBS universe—through rating actions and annual surveillance reviews. The number of new transactions we rated was significantly down quarter-on-quarter, 17 versus 32. We rated seven new ABS (Q4 2025: 16) and 10 new RMBS (Q4 2025: 16) transactions. Notably, a U.K. equipment lease transaction and two Israeli RMBS transactions. Our rating actions mainly ]]>ArticlesThu, 16 Apr 2026 09:16:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q1-2026-s101680394<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 07:38:51 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was six in March 2026, after the following defaults in the month: Brazil-based integrated energy company Raízen S.A. Ireland-based plastic and latex products manufacturer Trinseo PLC Germany-based global auxiliary power equipment provider Arvos Holdco S.A.R.L. U.S.-based media company Cumulus Media Inc. U.S.-based health care equipment manufacturer Carestream Health, Inc. One confidential issuer Six companies defaulted in March, down from eight in February. The year-to-date default count now stands at 24, slightly below the 26 recorded in 2025 and well below the five-year average of 28. The lower monthly total results from a decline in defaults in the U.S., which recorded only two defaults, down from ]]>ArticlesThu, 16 Apr 2026 07:38:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-cyclical-sectors-record-most-defaults-in-the-first-quarter-s101679680<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 03:01:39 GMT00:01:00<![CDATA[ Climate Transition Assessment: Ecoener ]]><![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Dark green to Ecoener. Ecoener is a renewable energy company headquartered in Spain. It has solar, wind, and hydropower assets in 12 countries, including in Latin America. ]]>ArticlesThu, 16 Apr 2026 03:01:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-ecoener-s101680475<![CDATA[ Climate Transition Assessment: Ecoener ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 21:05:53 GMT00:01:00<![CDATA[ The Ratings View: Apr. 15, 2026 ]]><![CDATA[ In this week's summary of ratings views: Data centers offer a major opportunity for the insurance industry. We have raised our oil price assumptions for 2026 and 2027 further. Sovereign ratings in Southeast Asia are under risk due to the Middle East conflict. ]]>ArticlesWed, 15 Apr 2026 21:05:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-15-2026-s101680584<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 17:25:06 GMT00:01:00<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]><![CDATA[ First quarter 2026 rating performance data reveals a mix of positive and negative insights, reflecting an outlook that has become decidedly more uncertain. Downgrades marginally outpaced upgrades over the quarter. The chemicals, packaging and environmental services (CP&ES), consumer products, and media and entertainment sectors again led downgrades, collectively representing 45% of the total. On an upbeat note, positive outlook and CreditWatch revisions continued to outnumber negative ones, largely driven by financial institutions and sovereigns. Defaults fell 14% from the previous quarter to 24 at the end of the first quarter. However, the Middle East war has increased downside risks and could undermine positive trends and threaten baseline default projections in Europe and the U.S. ]]>ArticlesWed, 15 Apr 2026 17:25:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-q1-2026-downside-risks-persist-s101680509<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 16:51:19 GMT00:01:00<![CDATA[ European CMBS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. All information is as of March 31, 2026, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the first quarter of 2026, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q1 2026 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article Sirius Logistics 2026-1 UK DAC 526.3 Bank of America, Standard Chartered and Wells Fargo 1 126 Blackstone Logistics U.K. N/A Sage AR Funding 2026 No.1 Plc* 546.5 Morgan Stanley, Deutsche Bank 2 3885 Blackstone Social Housing U.K. Sage AR Funding 2026 No.1 Plc Aesir (European Loan Conduit No. 41) DAC* 285.1 Morgan ]]>ArticlesWed, 15 Apr 2026 16:51:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q1-2026-s101679660<![CDATA[ European CMBS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 14:17:35 GMT00:01:00<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has published its proposed methodology for rating public-purpose entities (PPEs) outside of the U.S. (see " Request for Comment: Methodology For Rating Public-Purpose Entities Outside Of The U.S. ," April 15, 2026). Here, we outline the rationale underpinning the changes proposed in the RFC, and answer questions about the RFC process and how we propose to implement the proposed criteria should they be approved. The credit ratings affected will be assigned and surveilled by the global international public finance (IPF) team. The entities that fall within the scope of the proposed criteria operate outside of the U.S. and provide a wide range of nonfinancial public services, including social housing, ]]>ArticlesWed, 15 Apr 2026 14:17:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-whats-behind-our-proposed-criteria-for-rating-public-purpose-entities-outside-of-the-us-s101675409<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 12:57:28 GMT00:01:00<![CDATA[ New Issue: Bridgegate Funding PLC ]]><![CDATA[ Transaction profile Issuer Bridgegate Funding PLC Collateral type RMBS buy-to-let (53%) and nonconforming (47%) Domicile of assets U.K. Original seller The Mortgage Business PLC Servicer The Mortgage Business PLC Dependent counterparty Bank of Scotland PLC as issuer bank account provider Capital structure Class Rating* Class size (mil. £) Initial credit enhancement (%)§ Interest (%) Step-up margin Step-up date Legal final maturity A AAA (sf) 1,098.774 17.00 Compounded daily SONIA plus 1.00% Compounded daily SONIA plus 1.50% November 2029 May 2080 B-Dfrd AA (sf) 56.263 12.75 Compounded daily SONIA plus 1.50% Compounded daily SONIA plus 2.25% November 2029 May 2080 C-Dfrd A+ (sf) 29.786 10.50 Compounded daily SONIA plus 1.90% Compounded daily SONIA plus 2.85% November 2029 May 2080 D-Dfrd BBB+ ]]>ArticlesWed, 15 Apr 2026 12:57:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bridgegate-funding-plc-s101678787<![CDATA[ New Issue: Bridgegate Funding PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:52:34 GMT00:01:00<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]><![CDATA[ This report does not constitute a rating action. Central and Eastern Europe’s (CEE) information and communication technology (ICT) sector has emerged as one of the world’s most dynamic technology hubs in the past 15 years. Lower labor costs and a deep pool of local talent have enabled CEE economies to expand services exports, particularly in IT and financial services. These services are now the backbone of many economies in the region, especially in Baltics, where they account for over a quarter of total exports. The emergence of AI poses both risks and opportunities for CEE’s IT sector. Recent data points to a slowdown in ICT job creation, and the region appears to lag Western Europe and the U.S in AI ]]>ArticlesWed, 15 Apr 2026 10:52:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-ai-leaves-central-and-eastern-europes-it-success-at-a-crossroads-s101678600<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:03:39 GMT00:01:00<![CDATA[ Credit FAQ: Markets Financing 101 ]]><![CDATA[ This report does not constitute a rating action. A small network of global banks has underpinned nonbank trading firms' ascent to the center of the financial ecosystem. Through operations we describe as markets financing, these banks build inventories, provide leverage, and manage post-trade clearing. Our ratings on major global markets financing providers are resilient. Our ratings acknowledge the risks in this business, but also banks' sound management of them. Large events, such as the collapse of Archegos, are rare. However, Archegos' collapse shows the significant, inherent tail risks for markets financing providers in periods of stress. A significant amount of markets financing originates from banks, but a small group of nonbanks are also active in this space. We focus on ]]>ArticlesWed, 15 Apr 2026 10:03:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-markets-financing-101-s101678601<![CDATA[ Credit FAQ: Markets Financing 101 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 09:58:15 GMT00:01:00<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]><![CDATA[ This report does not constitute a rating action. The ecosystem of proprietary trading firms, hedge funds, and other market participants has expanded rapidly over the past five years. As of third-quarter 2025, global hedge fund assets under management had surpassed $5 trillion, while rated proprietary trading firms--including market leaders Jane Street, Citadel Securities, Hudson River, and IMC--generated about $40 billion in revenues in 2024. Growth accelerated further in 2025 and nonbank trading firms now play a significant role in markets ranging from sovereign debt to equity options. These banks help finance inventories, provide leverage, and manage post-trade clearing through markets financing. Prime brokerage lending to hedge funds approached $2.5 trillion in 2024 in the U.S. alone, doubling over a four-year ]]>ArticlesWed, 15 Apr 2026 09:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/systemic-risk-trading-firms-expansion-affects-selected-ratings-s101674386<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 03:39:56 GMT00:01:00<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]><![CDATA[ This report does not constitute a rating action. A protracted war in the Middle East would be acutely painful for Asia-Pacific banks. Under our downside scenario test, the sector's credit losses could rise by about US$180 billion over the next two years as indirect risks start to bite. Under our base case, the impact of the war on banks is more muted. Direct exposures of banks to the Middle East are low, and indirect exposures are manageable considering our most recent base case economic forecasts (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March. 24, 2026.) These forecasts show most banks have sufficient capacity to absorb Middle East war pressures at current rating levels. Banks ]]>ArticlesWed, 15 Apr 2026 03:39:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-banks-the-us180-billion-downside-scenario-s101679418<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 20:45:18 GMT00:01:00<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower transactions as of first-quarter 2026. The overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 6.2% as of first-quarter 2026--a 15 basis points (bps) increase quarter over quarter. The office DQ rate remained flat at 9.7% quarter over quarter but was down from the 10.6% peak in January 2026. Meanwhile, the DQ rate for lodging ticked back up to 5.9% due to several portfolio delinquencies; retail declined 10 bps to 5.9%; multifamily continued its 1.5-year upward trend, increasing 60 bps to 4.8%; ]]>ArticlesTue, 14 Apr 2026 20:45:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-cmbs-update-q1-2026-downgrades-abate-as-headwinds-persist-s101679698<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 16:12:44 GMT00:01:00<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings welcomes the October 2025 release of more granular default and recovery statistics from the GEMs Consortium. These new datasets continue to enhance transparency of the historical credit performance in EMDEs, particularly within sectors where MLIs and DFIs have been active. The update constitutes meaningful progress in addressing earlier limitations of the GEMs datasets, notably increasing granularity of default and recovery metrics across private, public, and sovereign exposures. We believe the enhancements in data quality made since the initial GEMs release increase risk insights we can extract from the datasets and could inform calibration of recovery assumptions for certain MLI and DFI exposures in EMDEs, where supported by originator-specific data. ]]>ArticlesTue, 14 Apr 2026 16:12:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gems-data-highlight-strong-recoveries-in-emerging-markets-s101679461<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 14:51:08 GMT00:01:00<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that all European CMBS loans maturing in the next 12 months are well-positioned for successful refinancing. However, the loan default risk in European CMBS in the next 12 months will highly depend on macroeconomic headwinds that may arise from the Middle East war. A decline in consumer spending can affect multiple property types and a yield widening would likely lower commercial real estate (CRE) values across all markets. Despite this current uncertainty, we notice significant activity in the new issuance of CMBS. Four European CMBS deals have been announced to date, three of which are closed. We are also working through a very busy pipeline and currently expect ]]>ArticlesTue, 14 Apr 2026 14:51:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-sustains-momentum-beyond-the-refinance-wall-s101674202<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 12:34:46 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of April 14, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesTue, 14 Apr 2026 12:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-april-2026-s101679547<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:42:26 GMT00:01:00<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]><![CDATA[ This report does not constitute a rating action. Amid heightened geopolitical tensions in the Middle East and incidents affecting critical infrastructure assets, S&P Global Ratings believes Abu Dhabi-linked water and power projects--including independent water and power producers and solar photovoltaic--benefit from strong structural protections that support their credit resilience, even under potential disruption scenarios. The four projects we rate-- Ruwais Power Co. PJSC , Emirates Sembcorp Water & Power Co. PJSC , Sweihan PV Power Co. PJSC , and Dhafra PV2 Energy Co. LLC --remain operationally stable and continue to demonstrate strong credit resilience, with no reported physical damage or disruption to generation or availability. We anticipate that some disruptions will likely persist for months but don't expect the current ]]>ArticlesTue, 14 Apr 2026 11:42:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/contractual-cash-flow-protection-supports-abu-dhabi-linked-utilities-projects-amid-war-s101679641<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:12:15 GMT00:01:00<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]><![CDATA[ This report does not constitute a rating action. Amid the fragile ceasefire in the Middle East, several factors might pressure the financial metrics of European local and regional governments (LRGs). These include higher inflation and interest rates, as well as slower economic growth stemming from rising energy prices. In our severe oil price shock scenario for 2026-2028, European LRGs’ financial performance will weaken marginally, but will not likely lead to downgrades. The effects of the war in the Middle East are weighing on Europe’s economic growth prospects more than in other regions as inflation also heats up (see “ Global Economic Outlook Q2 2026: Middle East War Dents The Forecast ,” March 31, 2026). The current ceasefire is fragile, and ]]>ArticlesTue, 14 Apr 2026 11:12:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-subnational-governments-brief-lrg-ratings-would-be-resilient-to-an-oil-price-shock-s101679453<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 02:17:10 GMT00:01:00<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]><![CDATA[ This report does not constitute a rating action. India isn't immune to the shocks reverberating from the Middle East war. The pain of higher energy prices and supply disruptions may persist for months, crimping economic activity across households, corporations, and banks. Our stress tests under a moderate to severe scenario consider supply-chain disruption and price increases for energy. This is regardless of the April 7, 2026, announcement of a two-week ceasefire. India is equipped to handle some strain, in our view. Robust corporate balance sheets provide a cushion against higher energy prices. Banks, meanwhile, have strong capital and profitability. India's robust external position gives it buffers to absorb some shocks from a higher import bill. We, therefore, don't expect any ]]>ArticlesTue, 14 Apr 2026 02:17:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-indias-strong-fundamentals-would-cushion-the-blow-of-an-oil-shock-s101678305<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 17:48:11 GMT00:01:00<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]><![CDATA[ This report does not constitute a rating action. The Mexican government has recently published guidelines for private sector, in collaboration with the state-owned utility Comisión Federal de Electricidad (CFE; foreign currency: BBB/Stable/--, local currency: BBB+/Stable/--), to participate in the power sector. The guidelines are primarily for electricity generation, and the following are key features: Project structure: Investments will be channeled through special purpose vehicles or entities, with a defined payment waterfall to ensure a base level of return for private investors. Ownership and responsibilities: CFE (54%): The utility will contribute to permits, access to land, buy at least 70% of each project's entry output through a long-term power purchase agreement (PPA), and participate in plant operations and management. Private entities ]]>ArticlesMon, 13 Apr 2026 17:48:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexicos-electricity-sector-eyes-private-sector-investment-s101674456<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 13:53:03 GMT00:01:00<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East presents the global auto industry with three major challenges: softer demand, supply chain disruptions, and rising costs. Our base case assumes the war’s intensity will peak and the Strait of Hormuz’s effective closure will ease during April, but some disruptions are likely to persist for months. Economic uncertainty and reduced disposable incomes may dampen demand, while disrupted shipping routes and logistics could lead to shortages of key materials and components. The Middle East supplies meaningful volumes of aluminum to the U.S., for a start; the United Arab Emirates and Bahrain together account for 20%-25% of U.S. unwrought aluminum imports. This means an extended disruption to shipping ]]>ArticlesMon, 13 Apr 2026 13:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-auto-industrys-2026-hangover-high-costs-stretched-consumers-slowing-sales-s101679197<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 01:14:14 GMT00:01:00<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]><![CDATA[ This report does not constitute a rating action. Asian technology companies differ in their ability to absorb higher costs related to the Middle East conflict. High-end chipmakers are best positioned to raise prices, given favorable demand and strong investment in AI data centers. Consumer electronics companies are the least able. In a prolonged war, electronics makers would also become more vulnerable to demand destruction. Nearly all of the sensitives are indirect, though still potentially weighty. Direct revenue exposure to the Middle East is limited for most rated tech companies. The rated firms generally possess the financial strength to absorb the initial impacts under our base-case scenario, which is that the Strait of Hormuz's effective closure will ease during April. Our ]]>ArticlesMon, 13 Apr 2026 01:14:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-tech-hardware-middle-east-risks-will-weigh-on-supply-and-demand-s101676539<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 12 Apr 2026 23:16:11 GMT00:01:00<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]><![CDATA[ This report does not constitute a rating action. Chinese miners are stepping up their global expansion. We think the current wave of outbound investment signals a structural shift in the sector. Financially stronger, more commercially driven companies are moving quickly to ensure resources overseas while metals markets remain supportive. This approach suggests a more pragmatic and execution-focused phase of international growth for China's mining industry. Balance sheet strength and ample financing should allow the main players to pursue this strategy without weakening their credit profiles. Over the past three years, China has boosted its overseas investment in the metals sector. This trend represents another wave of capital outflow since 2013, highlighting China's strategy to secure resources and expand its influence ]]>ArticlesSun, 12 Apr 2026 23:16:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-commodities-in-charts-strong-balance-sheets-support-miners-global-expansion-s101671542<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 18:56:49 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating actions by security type and by issues year-to-date can be downloaded here . Additional contacts Name Contact type Location Email address Deegant Pandya Research contributor New York deegant.pandya@spglobal.com Sahay Senathikagu Research contributor New York sahayajayaseelan.sen@spglobal.com Bushra Dawawala Research contributor Mumbai bushra.dawawala@spglobal.com Heather McArdle Investor contact New York heather.mcardle@spglobal.com Jeff Sexton Media contact New York jeff.sexton@spglobal.com It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States , March 31, 2026 Credit FAQ: Navigating A Rise In Variable-Rate Demand Bonds ]]>ArticlesFri, 10 Apr 2026 18:56:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-march-2026-s101679520<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 09:46:18 GMT00:01:00<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses BKS Bank AG's Sustainable Bond Framework as aligned with the Social Bond Principles, ICMA, 2025 and the Green Bond Principles, ICMA, 2025. BKS Bank is a regional bank headquartered in Klagenfurt, Austria, with international operations across Central and Eastern Europe. ]]>ArticlesFri, 10 Apr 2026 09:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bks-bank-ag-sustainable-bond-framework-s101679648<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 08:12:57 GMT00:01:00<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]><![CDATA[ (Editor’s Note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly.) This report does not constitute a rating action. Asia-Pacific insurers have limited direct exposure to the Middle East. They are feeling indirect pain, however, mostly through financial market volatility. Protracted supply-chain disruptions could dampen growth, raise inflation and exacerbate insurer operating expenses. S&P Global Ratings believes the risks are manageable under our base-case ]]>ArticlesFri, 10 Apr 2026 08:12:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-insurers-market-volatility-is-the-largest-war-related-impact-s101677786<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 16:06:18 GMT00:01:00<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]><![CDATA[ This report does not constitute a rating action. Europe is increasing defense spending at a pace not seen since the Cold War. NATO's more ambitious spending commitments, Russia's war in Ukraine, and a more fragmented geopolitical environment--including the Middle East war--are forcing many EU member states to raise military budgets. Under our baseline of a coordinated rise in defense spending of about 0.2% of GDP annually through 2033--which would increase European NATO members' median defense spending above 3.5% of GDP by 2033 from 2.1% of GDP in 2025--we expect limited macro disruption, modest credit impacts for most sovereigns, and broadly stable credit quality across the defense sector. The key to turning strategic necessity into durable economic and credit strength will ]]>ArticlesThu, 09 Apr 2026 16:06:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-does-europes-defense-push-mean-for-sovereign-and-corporate-credit-s101677939<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:36:46 GMT00:01:00<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings views the market and credit impact of payment shock affecting EMEA RMBS--driven by inflationary pressures related to the Middle East war--as consistent with recent market precedent, despite being negative. There are, however, nuances that will affect borrowers and therefore RMBS transactions that differ by collateral type and by country. Since the start of the Middle East war, the two-year GBP swap rate has increased to 4.20% from 3.35%, and the equivalent EURIBOR swap rate to 2.82% from 2.15%, with both experiencing volatility (see chart 1). Market forecasts for base rate rises over the next 12-18 months vary. The current and expected scale of rate rises are moderate, compared with ]]>ArticlesThu, 09 Apr 2026 13:36:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-can-withstand-middle-east-conflict-payment-shock-s101677900<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:08:33 GMT00:01:00<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]><![CDATA[ This report does not constitute a rating action. Supply chain disruptions are increasingly shaping the credit landscape of USPF issuers, as labor market dynamics, evolving federal policy and regulatory frameworks, and geopolitical instability result in persistent vulnerabilities including increased project costs and delays; revenue shortfalls stemming from constrained economic activity; and heightened operating expenses due to rising input costs and potential service delivery disruptions. Rising costs, particularly related to construction, can necessitate additional debt issuance, deepen financial burdens, and potentially divert funds from other essential services issuers provide. In our view, issuers demonstrating inadequate risk assessment and limited ability to absorb cost increases or implement mitigation strategies could face rating pressure, particularly if supply chain disruptions lead to significant revenue ]]>ArticlesThu, 09 Apr 2026 13:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-supply-chain-risk-affects-credit-quality-across-us-public-finance-sectors-s101678175<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 06:19:36 GMT00:01:00<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has led to limited shipping activity passing through the Strait of Hormuz since the end of February. Some export-oriented chemical plants in the Persian Gulf have also announced closures. Because about 20% of global crude flow and about 20% of global liquefied natural gas (LNG) passes through the Strait daily, the disruption has directly affected oil and gas flows worldwide. In our view, the prolonged closure will also disrupt global downstream products, including fertilizers, sulfur, and petrochemicals. The conflict also exposes assets to risk of physical damage, either along the supply chains or directly on the manufacturing facilities. S&P Global Energy estimates the share of global ]]>ArticlesThu, 09 Apr 2026 06:19:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-conflict-gcc-downstream-sectors-brace-for-broader-impact-s101678714<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:59 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-february-2026-s101679415<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:08 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-february-2026-s101679413<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 01:41:54 GMT00:01:00<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific faces a growing energy shock that reserves can only partly absorb. Heavy reliance on Middle East imports and tight regional linkages are amplifying risks. Disruptions in crude and refined fuels could hit manufacturing and trade hard. End-user prices will likely climb, compounding inflationary pressures. Weaker currencies and high costs will fuel higher inflation, strain growth, and force difficult policy trade-offs across unevenly exposed economies. Efforts to diversify energy supply sources will make Asia-Pacific's trade landscape costlier and less productive. The Middle East supplies about 40% of Asia-Pacific energy imports, and about 90% of the crude oil shipped through the Strait of Hormuz is destined for Asia. However, the region's import patterns ]]>ArticlesThu, 09 Apr 2026 01:41:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asiapacifics-energy-flows-and-gaps-in-10-charts-s101678160<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 20:21:09 GMT00:01:00<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]><![CDATA[ This report does not constitute a rating action. Issue 43 After insurers had a temporary relief in 2026, with a rate increase of 5.06%, the highest in a decade, the 2027 rate will revert to a low level. Early indications point to the MA medical cost trend remaining elevated in 2026 and likely in 2027. Consequently, health insurers will still face some margin pressure in 2027 due to the mismatch between a modest payment rate increase and a persistently high medical cost trend. S&P Global Ratings thinks MA margin pressure will be a major industry obstacle in 2027, alongside broader challenges such as shifts in the Affordable Care Act (ACA) marketplace enrollment and the implementation of Medicaid work requirements. Historically, ]]>ArticlesWed, 08 Apr 2026 20:21:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-2027-medicare-advantage-rates-insurers-and-acute-providers-navigate-a-modest-increase-amid-rising-costs-s101676190<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 19:58:36 GMT00:01:00<![CDATA[ The Ratings View: Apr. 8, 2026 ]]><![CDATA[ In this week's summary of ratings views: Developments at the frontiers of cyber risk could pose challenges for credit. Chemicals and airlines are the European sectors most immediately vulnerable to a prolonged Middle East war. An energy shock could challenge U.S. consumer resilience and consumer-facing sectors. ]]>ArticlesWed, 08 Apr 2026 19:58:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-8-2026-s101679372<![CDATA[ The Ratings View: Apr. 8, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 14:49:18 GMT00:01:00<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]><![CDATA[ S&P Global Ratings has reviewed the Preliminary Offering Circular dated March 26, 2026, for Trinity Rail Leasing 2025 LLC’s Secured Green Standard Railcar Notes, Series 2026-1. We believe the notes are consistent with the eligible green projects outlined in Trinity Industries’ Green Financing Framework, dated June 25, 2025. In our Second Party Opinion for Trinity Industries’ green framework, which we published March 23, 2026, we expressed our view that the framework aligns with the Green Bond Principles, ICMA, 2025. ]]>ArticlesWed, 08 Apr 2026 14:49:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pre-issuance-alignment-letter-trinity-rail-leasing-2025-llc-secured-green-standard-railcar-notes-series-2026-1-s101679356<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 13:27:59 GMT00:01:00<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]><![CDATA[ This report does not constitute a rating action. This Credit FAQ addresses questions S&P Global Ratings has received from market participants about its use of agreed-upon procedures (AUP) reports--also known as pool audits--when analyzing EMEA residential mortgage-backed (RMBS) and asset-backed securities (ABS) transactions. We outline why AUP reports are relevant for evaluating the reliability, quality, and accuracy of data used in our credit analysis; how we incorporate the information they provide; and the practical considerations for their use. An AUP engagement is where a provider (usually independent, recognized accountancy firms or firms specializing in assurance-related work) performs a pool audit by following specific procedures agreed with the requesting party--typically the issuer or asset originator in an RMBS or ABS transaction. ]]>ArticlesWed, 08 Apr 2026 13:27:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-consider-pool-audits-in-our-emea-rmbs-and-abs-rating-process-s101676677<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 10:50:20 GMT00:01:00<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]><![CDATA[ S&P Global Ratings assesses Nacional Financiera's allocations as consistent with pre-issuance commitments. ]]>ArticlesWed, 08 Apr 2026 10:50:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-nacional-financieras-allocation-and-impact-report-2025-s101679306<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 07:14:22 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]><![CDATA[ This report does not constitute a rating action. Key Takeaways Recent regulatory changes in Taiwan will reshape how life insurers manage foreign exchange risk. Short-term hedging is decreasing. Long-term capital fortification is increasing. This should lead to more stable reported earnings figures. New frameworks and treatment for foreign exchange (forex) accounting, introduced in 2026, are boosting levels of related valuation reserves. The changes, particularly one in the new reserve mechanism, aim to internalize hedging expenditures and enhance capital and earnings buffers against adverse currency movements. We believe, however, the sector's forex valuation reserves remain insufficient to withstand severe currency shocks. The new forex accounting treatment, while smoothing earnings, also introduces complexity. Credit divergence among life insurers from here is likely. ]]>ArticlesTue, 07 Apr 2026 07:14:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-taiwan-life-insurers-after-forex-rules-shakeup-risk-will-linger-s101676058<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 02:42:14 GMT00:01:00<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]><![CDATA[ This report does not constitute a rating action. The Iran war-induced spike in oil and gas prices is denting our Australian growth forecasts. Australia (AAA/Stable/A-1+), which imports most of its refined fuel, faces supply-chain disruptions as trading partners may seek to hoard fuel. Higher spending could exacerbate inflation and cause ratings pressure for state governments. The effective closure of the Strait of Hormuz and subsequent fuel shock have triggered political pressure in Australia. Inflation, already above target, will worsen. Governments face voter calls for support. Victoria and Tasmania have already offered free public transport. Australia, with spending close to record highs relative to GDP, is facing pressure to step in. . Promised fiscal consolidation following the pandemic hasn't materialized across ]]>ArticlesTue, 07 Apr 2026 02:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-australian-governments-in-brief-oil-crisis-to-test-resolve-s101678326<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 19:47:33 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was soft with a roughly 0.5% increase nationally as of fourth-quarter 2025, synonymous with the 0.5% increase as of the third quarter. Meanwhile, total disposable income growth was roughly 0.7%, outpacing HPI for the quarter. Our current assessment shows that about 79% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 12% are neutral (0% over/undervaluation) and about 10% are undervalued. In addition, home prices have decreased in four states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation ]]>ArticlesMon, 06 Apr 2026 19:47:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-steady-at-10-s101676127<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 15:33:08 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of April 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of April 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit spglobal.com/ratings. Organization State Rating Outlook CreditWatch Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California ]]>ArticlesMon, 06 Apr 2026 15:33:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101678478<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 03 Apr 2026 20:46:18 GMT00:01:00<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]><![CDATA[ This report does not constitute a rating action. Payrolls rose by 178,000 in March, well above the consensus forecast, while the unemployment rate edged down to 4.3%. But the decline in the unemployment rate was driven by a decline in labor force participation--not a rise in employment. Both the participation rate and the employment-to-population ratio remained meaningfully below levels from a year before, pointing to the gradual erosion of labor supply rather than renewed labor demand. A key measure of labor underutilization--the U-6 unemployment rate, which is now at 8%--is slightly higher than where it was in February and where it was 12 months ago. Also, wage growth continues to slow. Average hourly earnings rose just 0.2% month on month ]]>ArticlesFri, 03 Apr 2026 20:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-solid-jobs-numbers-for-march-overstate-the-us-labor-markets-momentum-s101678793<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 17:09:21 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. In 2025, seven financial services entities defaulted, with six publicly rated by S&P Global Ratings and one confidential. Of the six publicly rated entities, four were incorporated in Europe and two in the U.S. The global financial services default rate was slightly below 2024 levels, reaching 0.33% in 2025 (with a long-term average of 0.52%), compared with 0.34% a year earlier. The financial services default rate finished materially below that of the global corporate default rate, which was 3.1% as of year-end 2025. Of the six financial services entities that were rated at the start of 2025 and defaulted over the course of the year, all six were at 'CC' prior to ]]>ArticlesThu, 02 Apr 2026 17:09:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-global-financial-services-default-and-rating-transition-study-s101676096<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 14:11:33 GMT00:01:00<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]><![CDATA[ This report does not constitute a rating action. Global asset-backed commercial paper (ABCP) continued its upward path in 2025, with outstandings increasing to $559.1 billion as of December 2025 from $454.4 billion as of the prior year end. In this article, S&P Global Ratings provides a recap of 2025 ABCP issuance and credit trends, as well as looks ahead at credit factors that could affect 2026 issuance. Issuances from all ABCP program types increased in 2025 (see chart 1). Traditional multiseller programs dominated the ABCP space in 2025, with global outstandings growing 6% to $284.0 billion from $267 billion in 2024. Multiseller programs are bank sponsored and benefit from liquidity support from the banks and typically fund consumer (e.g., autos, ]]>ArticlesThu, 02 Apr 2026 14:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/inside-global-abcp-2026-market-expected-to-remain-stable-but-geopolitical-events-may-slow-issuance-s101676671<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 18:43:48 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]><![CDATA[ This report does not constitute a rating action. U.S. consumers have been resilient to economic pressures so far, however, S&P Global Ratings thinks this resilience may be tested in the near term. For now, the backdrop appears robust on paper, with multi-decade strong aggregate household balance sheets, solid corporate earnings, and higher upcoming tax refunds supporting spending. Close to $335 billion in refunds will be issued between Jan. 26 and June 30 this year, up 11.2% from 2025, according to the S&P Global Market Intelligence Tax Refund Tracker. However, a thinner savings buffer, real income stress, along with a softening job market and lower population growth, could weigh on credit conditions, especially in sectors like retail and media/entertainment. Reduced spending ]]>ArticlesWed, 01 Apr 2026 18:43:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-consumers-resilience-could-be-tested-across-sectors-s101675447<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 15:46:02 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from February 2012 through February 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 01 Apr 2026 15:46:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-february-2026-performance-s101677773<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 13:26:07 GMT00:01:00<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]><![CDATA[ This report does not constitute a rating action. Cyber risk is never static. Changes in technology and tactics ensure that threats, defenses, and the cyber battlefield itself are in a constant state of flux. These changes can be incremental, when driven by existing factors, but technological innovation--and the innovative use of existing technologies--at the frontiers of cyber risk can give rise to sudden, fundamental shifts with ramifications for the entire cyber landscape. S&P Global Ratings considers quantum computing, AI, and the growing role of decentralized finance and cryptocurrencies to be catalysts for this sort of radical change. Individually and in combination they threaten new cyber vulnerabilities that could compromise the security and stability of credit instruments, markets, and the creditworthiness ]]>ArticlesWed, 01 Apr 2026 13:26:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101671336<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 08:04:05 GMT00:01:00<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]><![CDATA[ S&P Global Ratings assesses Redeia's EuGB Factsheet as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Redeia is a global operator of essential infrastructure that manages the Spanish electricity system. Subsidiary REE owns and operates Spanish electricity transmission assets, comprising more than 45,500 kilometers of high-voltage electricity lines and representing about 80% of Redeia's €1.3 billion reported EBITDA in 2025. ]]>ArticlesWed, 01 Apr 2026 08:04:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spo-and-eugb-pre-issuance-review-redeia-eugb-factsheet-s101678377<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:34:02 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]><![CDATA[ This report does not constitute a rating action. Loan prices continued to face headwinds in March, remaining depressed amidst ongoing concerns surrounding artificial intelligence (AI) disruption, energy prices, and geopolitical risks. Collateralized loan obligation (CLO) collateral pools have seen only modest corporate rating downgrades this month, but recent negative rating actions on widely held issuers--like Advantage Sales and Rackspace--have contributed to a slight increase in 'CCC' exposure within broadly syndicated loan (BSL) CLOs. Further, a few issuers--including widely held Tempo Acquisition and LBM Acquisition--have had their rating outlooks revised to negative, pushing overall BSL CLO exposure to negative outlooks to over 13%, the highest level seen in more than a year (although still low compared to longer-term averages). Our CLO ]]>ArticlesTue, 31 Mar 2026 15:34:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-metrics-remain-stable-despite-uptick-in-negative-outlooks-a-look-at-bsl-clo-senior-and-junior-aaa-and-bbb-notes-s101678026<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:23:31 GMT00:01:00<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]><![CDATA[ This report does not constitute a rating action. The oil price shock in response to the ongoing conflict in the Middle East has somewhat abated, but S&P Global Ratings views the lingering uncertainty--both in the war’s magnitude and duration--as weighing on markets and economic growth prospects in the U.S. For now, S&P Global Ratings Economics forecasts continued positive GDP growth of about 2.2% for 2026 (largely spurred by better-than-expected year-end 2025 strength), although the balance of risk leans squarely to the downside. (For additional information, see “ Economic Outlook U.S. Q2 2026: Curb Your Enthusiasm ,” March 25, 2026.) Within that context, it’s premature to believe that oil producers would ramp up production in the U.S. and it would depend ]]>ArticlesTue, 31 Mar 2026 15:23:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/its-too-soon-for-a-boom-though-a-bust-could-sting-mineral-producing-us-states-s101677727<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 13:46:14 GMT00:01:00<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]><![CDATA[ This report does not constitute a rating action. How strong is the documentation underpinning a European CLO transaction, and how can investors tell when documentation practices are beginning to change? Are differences in documentation between transactions simply stylistic, or do they reflect meaningful variations in investor protection and flexibility? CLO documentation can be seen as a qualitative transaction feature: A complex set of definitions, tests, and carve-outs that collectively shape the balance between investor safeguards, manager discretion, and equity returns. Yet over time, market participants have developed tools to bring greater structure to documentation. One way to systematically track these developments is through S&P Global Ratings’ document review score (DRS). This scorecard aims to quantify the strength of a CLO's ]]>ArticlesTue, 31 Mar 2026 13:46:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/reading-the-fine-print-evaluating-shifts-in-european-clo-documentation-s101676337<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 12:43:57 GMT00:01:00<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]><![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses Extensive central government control and oversight Limited discretion over revenue-raising capability Comprehensive system of fiscal equalization and central government grant funding Risk of delayed response to financial imbalances in the sector Well-tested and formalized procedures for identifying and remediating local governments with financial imbalances or in financial distress Automatic revenue stabilizers in the central government's grant framework and a far-reaching fiscal equalization system support the LRG sector's key responsibilities. We regard the balanced budget requirement as a strength as it steers the LRGs toward operating surpluses. The central government grants and far-reaching fiscal equalization system balance the LRGs' otherwise weak financial flexibility. We also view as positive the central ]]>ArticlesTue, 31 Mar 2026 12:43:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessment-weak-safeguards-could-leave-norwegian-lrgs-imbalances-unchecked-s101667523<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 07:35:24 GMT00:01:00<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]><![CDATA[ This report does not constitute a rating action. On Oct. 7, 2025, S&P Global Ratings published a request for comment (RFC) on proposed new criteria provisions, " Request For Comment: Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ." We finalized and incorporated these new provisions in our criteria, "Recovery Rating Criteria For Corporate Issuers," published on March 31, 2026. We'd like to thank those who took an interest in our RFC. We did not receive any market comments. We published the final criteria without making any significant analytical changes. We made no significant analytical changes to the proposed provisions. We indicated that the security package required to qualify for a debt rating that is ]]>ArticlesTue, 31 Mar 2026 07:35:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rfc-process-summary-rfc-results-for-proposed-notching-for-issue-ratings-of-senior-secured-debt-of-asset-intensive-investment-grade-issuers-s101672338<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 05:36:12 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]><![CDATA[ The Middle East conflict could lead to an energy supply crunch that may derail activity in Asia-Pacific. Spillovers could ripple across other sectors through higher inflation and weaker demand. ]]>ArticlesTue, 31 Mar 2026 05:36:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q2-2026-energy-supply-hit-is-the-bigger-test-s101678093<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 02:20:41 GMT00:01:00<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]><![CDATA[ This report does not constitute a rating action. Many smaller borrowers in emerging Asia (ex-China) are hungry for consumer loans, and the region's fincos are happy to serve them. S&P Global Ratings anticipates these lenders will expand considerably faster than banks over the next few years. It's a growth opportunity that comes with higher margins but larger downside risks. The region's fincos have extensive physical networks and are strengthening digital platforms to reach underserved populations in India, Philippines, Indonesia, Vietnam, Thailand and Malaysia. The dynamics and risks vary considerably across these markets. Our credit assessments reflect the diversity, with ratings ranging from low speculative grade to solid 'BBB'. Macroeconomic conditions are also generally conducive in South and Southeast Asia, with ]]>ArticlesTue, 31 Mar 2026 02:20:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-asia-fincos-fast-times-will-test-funding-and-asset-quality-s101675088<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 19:46:06 GMT00:01:00<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]><![CDATA[ This report does not constitute a rating action. More than 10,000 energy executives and policymakers from over 80 countries attended the 2026 CERAWeek conference to discuss geopolitics, AI, electrification, and the increasing convergence and tension between policy ambitions and real-world constraints. In this commentary, we present power sector CEO insights. For our views on the broader themes at the conference, please see “ CERAWeek Sheds Light On Six Energy Infrastructure Trends ,” published March 30, 2026, on RatingsDirect. Another article will present views from the LNG sector. The first wish--and this was unanimous--was the need for greater consistency in rulemaking. It is difficult to underwrite investment decisions if one administration impedes interstate pipelines and suspends LNG permits, while another presents ]]>ArticlesMon, 30 Mar 2026 19:46:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/executive-comment-sector-update-insights-from-power-sector-ceos-at-ceraweek-s101677919<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 15:19:21 GMT00:01:00<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]><![CDATA[ Transaction profile Issuer Together Asset Backed Securitisation 15 2026-1ST1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Sellers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Servicers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Counterparties Natixis S.A., U.S. Bank Europe DAC, U.K. branch, Wells Fargo Bank, N.A., London branch, and National Westminster Bank PLC Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 475.015 10 Daily compounded SONIA +0.90 Daily compounded SONIA +1.90 Jan. 12, 2030 March 12, 2067 B-Dfrd* AA (sf) 30.085 4.30 Daily compounded SONIA +1.15 Daily compounded SONIA +2.15 Jan. 12, 2030 March 12, 2067 C-Dfrd* A (sf) 12.667 ]]>ArticlesMon, 30 Mar 2026 15:19:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-together-asset-backed-securitisation-15-2026-1st1-plc-s101675433<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 18:24:20 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 26 Mar 2026 18:24:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-march-25-2026-s101677472<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:54:58 GMT00:01:00<![CDATA[ The Ratings View: Mar. 26, 2026 ]]><![CDATA[ In this week's summary of ratings views: War in the Middle East could stall global economic growth and push up inflation. Global credit conditions clouded by energy, growth, inflation, and supply chain risks. Weaker demand, supply-chain risks, and higher costs could damage global autos. ]]>ArticlesThu, 26 Mar 2026 17:54:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-26-2026-s101677591<![CDATA[ The Ratings View: Mar. 26, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:38:25 GMT00:01:00<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]><![CDATA[ This report does not constitute a rating action. The Metropolitan Transportation Authority (MTA), N.Y.’s Congestion Relief Zone (CRZ) tolling program launched Jan. 5, 2025, marking a pivotal moment in urban transportation finance and a bold attempt to address chronic congestion. After decades of debate and planning, the controversial program aims to reduce traffic in Manhattan’s central business district, generate dedicated funding for MTA's transit system capital needs, and improve air quality. This report by S&P Global Ratings assesses the program’s initial performance in 2025, outlining revenue generation, traffic effects, future rate adjustments, and the implications for the MTA’s credit profile, as well as explores potential risks and opportunities as the program matures. Chart 1 MTA's congestion pricing program, the first ]]>ArticlesThu, 26 Mar 2026 17:38:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/metropolitan-transportation-authority-nys-congestion-pricing-one-year-later-successes-risks-opportunities-and-credit-implications-s101667385<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:58:15 GMT00:01:00<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]><![CDATA[ This report does not constitute a rating action. The increasing penetration of solar energy in Spain is transforming the country's electricity system. Rapid growth in solar production has led to excess electricity generation and low solar prices. S&P Global Ratings expects this trend to only intensify. Even if the Middle East war eases the downward pressure on Spanish solar capture prices in 2026, the market will remain fundamentally oversupplied. We anticipate low solar capture prices of close to €25/MWh in 2027 and €20/MWh in 2028, along with increased curtailment. Prices below €30/MWh could weaken the credit quality of some Spanish solar power producers that don't have robust hedging strategies, such as well-designed power purchase agreements (PPAs) or subsidies. Producers with ]]>ArticlesThu, 26 Mar 2026 16:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spains-solar-boom-some-producers-at-risk-utilities-protected-s101627699<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:28:07 GMT00:01:00<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]><![CDATA[ Downgrades increased to 31 in February, outnumbering upgrades by more than one third. Chemicals, packaging, and environmental services and consumer products accounted for more than 50% of the downgrades. ]]>ArticlesThu, 26 Mar 2026 16:28:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-rising-strains-amid-market-volatility-s101677541<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:41:37 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks the transportation infrastructure companies it rates in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. We rank the companies by rating, outlook, stand-alone credit profile (SACP), business and financial risk profiles, and liquidity assessment. Investment-grade companies (rated 'BBB-' or above) are ranked by business risk profile, then financial risk profile. Speculative-grade companies (rated 'BB+' and below) are ordered by financial risk profile, then business risk profile. We then list companies in alphabetical order if they are not distinguished by these factors. In line with our corporate rating methodology, the rating may differ from the SACP, where government, group, or rating above the ]]>ArticlesThu, 26 Mar 2026 14:41:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-transportation-infrastructure-companies-s101673105<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:33:04 GMT00:01:00<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]><![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) March 26, 2026--The path of favorable North American credit conditions is narrowing, as the prospect of a drawn-out or wider war in the Middle East threatens further energy and supply-chain disruptions, reigniting inflation and dampening growth, S&P Global Ratings said today in a report titled “ Credit Conditions North America Q2 2026: War Compounds Pressures ”. The Middle East conflict underscores the instability of geopolitical dynamics and, depending on the duration and scale, could have long-lasting effects on macro and credit conditions. It is also compounding the risks around trade policy uncertainty, AI-related investment and disruptions, as well as increasing strains in private credit. With material disruptions ]]>ArticlesThu, 26 Mar 2026 14:33:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-credit-conditions-for-q2-2026-are-on-a-narrow-path-report-says-s101677506<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 09:50:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sveaskog's green bond framework as Dark green: Activities that correspond to the long-term vision of a low-carbon climate resilient future. Sveaskog AB (publ) owns and manages forest properties in Sweden. It engages in cultivating forests, as well as supplying timber, pulpwood and wood chips, biofuels, biochemicals, seedlings, and forestry services. ]]>ArticlesThu, 26 Mar 2026 09:50:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sveaskog-green-bond-framework-s101676928<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 08:49:15 GMT00:01:00<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]><![CDATA[ Geopolitical risks cloud the European macro-credit outlook, which started the year fairly positively. ]]>ArticlesThu, 26 Mar 2026 08:49:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q2-2026-supply-strains-credit-pains-s101677429<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 06:57:33 GMT00:01:00<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]><![CDATA[ This report does not constitute a rating action. Japan's power industry has favorable momentum. Future power policy will center on stable electricity supply, prices, and decarbonization. In tandem, institutional treatments and support are likely to increase. Regulatory changes are afoot that could impact the industry. April 2026 marks 10 years since Japan's full retail market liberalization, one of the key facets of its regulatory framework reform. In December 2025, the government presented its vision for the future of the electric power regulatory framework. This followed cabinet approval for the Seventh Strategic Energy Plan in February 2025 and a comprehensive examination of electric power regulatory framework reform in March. We believe the policy framework, which emphasizes securing generation supply capacity, will ]]>ArticlesThu, 26 Mar 2026 06:57:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japans-power-industry-recovers-momentum-10-years-after-liberalization-s101672328<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 04:28:37 GMT00:01:00<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]><![CDATA[ While Asia-Pacific's growth and financing conditions entered 2026 on a strong footing, three factors may reverse that narrative: 1. A widening Middle East conflict is turning into an energy shock and supply-chain crisis with a largely closed Strait of Hormuz; 2. U.S. trade policy uncertainty still complicates the export environment for Asia-Pacific's businesses; and 3. AI-driven disruptions may displace traditional industries. ]]>ArticlesThu, 26 Mar 2026 04:28:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-asia-pacific-q2-2026-choke-point-to-stress-points-s101677398<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 19:55:42 GMT00:01:00<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]><![CDATA[ This report does not constitute a rating action. The Canadian economy’s growth will remain limited in the near term by trade uncertainty, slower population growth, and cautious household and business spending. We forecast 1.4% annual average growth in 2026, down from 1.7% in 2025 (see chart 1 and table 1). But annual averages can be deceptive. On a fourth quarter-over-fourth quarter basis, our forecast translates to a much improved 2.0% real GDP growth in 2026, compared with 0.7% in 2025. Chart 1 There is limited relief for interest rates. While short‑term policy rates have eased meaningfully, longer‑term borrowing costs remain a material constraint on housing and real estate investment. The Bank of Canada (BoC) has cut aggressively, bringing the policy ]]>ArticlesWed, 25 Mar 2026 19:55:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q2-2026-trade-uncertainty-cautious-spending-constrain-growth-s101677093<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 17:25:02 GMT00:01:00<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]><![CDATA[ Ratings Class Rating* Class size (mil.£) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 152.611 20.00 Compounded daily SONIA plus 0.90% March 2036 B-Dfrd AA (sf) 10.015 14.80 Compounded daily SONIA plus 1.25% March 2036 C-Dfrd A (sf) 8.584 10.30 Compounded daily SONIA plus 1.55% March 2036 D-Dfrd BBB+ (sf) 7.154 6.50 Compounded daily SONIA plus 1.95% March 2036 E-Dfrd BB (sf) 6.676 3.00 Compounded daily SONIA plus 3.30% March 2036 F-Dfrd B (sf) 2.862 1.50 Compounded daily SONIA plus 4.24% March 2036 G-Dfrd B- (sf) 2.861 0.0 Compounded daily SONIA plus 6.25% March 2036 X-Dfrd† B- (sf) 8.107 N/A Compounded daily SONIA plus 3.45% March 2036 S Certificates NR N/A N/A N/A March 2036 Y ]]>ArticlesWed, 25 Mar 2026 17:25:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-montgomery-square-consumer-funding-1-plc-s101676555<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 15:26:20 GMT00:01:00<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]><![CDATA[ This report does not constitute a rating action. Credit spreads have widened but remain very low. Exchange rates have weakened, but gradually. Energy prices have risen substantially. However, in our baseline scenario, we assume the increase in prices will soon moderate. We expect the price of Brent crude oil to average $80 per barrel this year and $65 per barrel in 2027. Before the conflict started, economic activity in most EMs was stronger than we anticipated, thanks to strong demand for tech goods and robust domestic demand. As a result, we have made only small GDP growth revisions for most of the major EMs, and we project only moderately slower GDP growth in 2026 compared with 2025 in most EMs ]]>ArticlesWed, 25 Mar 2026 15:26:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q2-2026-inflation-risks-reemerge-s101675942<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 11:57:25 GMT00:01:00<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]><![CDATA[ This report does not constitute a rating action. At the start of 2026, the European economy was on the verge of fully rebalancing from the two major shocks of recent years: the COVID-19 pandemic and the 2022 energy price surge. Our 2026 outlook was for growth to remain broadly stable across the region, with prospects for acceleration over the medium term. We expected core inflation to decline, even in the U.K., paving the way for further rate cuts by the Bank of England (BoE), while the European Central Bank (ECB) could have waited until 2027 before considering rate hikes. Yet in light of recent events, we now expect growth in 2026 to be weaker and inflation to be higher. We ]]>ArticlesWed, 25 Mar 2026 11:57:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-economic-outlook-europe-q2-2026-global-shock-leaves-recovery-uncertain-s101675412<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 07:52:31 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebanken Øst's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Sparebanken Øst is one of the largest non-affiliated and independent local savings banks in Norway. ]]>ArticlesWed, 25 Mar 2026 07:52:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebanken-st-green-finance-framework-s101677130<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:17:48 GMT00:01:00<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across Asia-Pacific structured finance sectors, including the latest trends in RMBS and ABS. ]]>ArticlesTue, 24 Mar 2026 17:17:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/apac-structured-finance-chart-book-march-2026-s101676975<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:15:17 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesTue, 24 Mar 2026 17:15:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-march-2026-s101676967<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 13:12:03 GMT00:01:00<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]><![CDATA[ This report does not constitute a rating action. Data centers are increasingly being viewed as catalysts for economic growth, promising job creation during construction and increasing tax revenues once built. U.S. states and local governments (LGs) have recently courted these developments through tax incentives and streamlined permitting processes. S&P Global Ratings believes that the long-term credit impact of data center development for LGs is predicated on the economic and financial benefits and risks they incur, which would be heavily influenced by the financial arrangements between developers and governments. Therefore, LGs’ own financial and risk management decisions will be paramount as they contemplate the use of related revenue, adding debt for infrastructure, and deploying local resources to expand their economies. Building ]]>ArticlesTue, 24 Mar 2026 13:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/everywhere-all-at-once-how-the-growth-of-data-centers-could-carry-risks-for-us-local-governments-s101673051<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 10:45:15 GMT00:01:00<![CDATA[ Ericsson Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Ericsson's green financing framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Ericsson, headquartered in Stockholm, is one of the world's largest providers of wireless telecom network equipment and related software and services, with net sales of Swedish krona 237 billion (about €20.5 billion) in 2025. ]]>ArticlesTue, 24 Mar 2026 10:45:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ericsson-green-financing-framework-s101676879<![CDATA[ Ericsson Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 14:53:18 GMT00:01:00<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Trinity Industries Inc.'s Green Financing Framework as Medium green, aligned. Incorporated in 1933 and headquartered in Dallas, Trinity Industries provides railcar products and services under the TrinityRail trade name in North America. The company operates in two segments, Railcar Leasing and Services Group and Rail Products Group. ]]>ArticlesMon, 23 Mar 2026 14:53:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-trinity-industries-green-financing-framework-s101676728<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 13:34:40 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. 2025 saw emerging and frontier markets (EMFM) corporate defaults fall to nine, down from 12 in 2024. It marks the third year in a row that defaults decreased. This led the annual speculative-grade EMFM default rate to 1.09%, which is considerably below its average figure of 3.01% (1997-2025; table 1) and below the global average of 3.66% (1997-2025, table 2). All defaults in 2025 took place within our emerging market portfolio. If we exclude FM countries from the total population of emerging and frontier markets, the speculative-grade corporate default rate for EMs alone would be 1.17% (average 2.98% 1997-2025, chart 2). Chart 1 Chart 2 Table 1 Emerging and frontier markets corporate ]]>ArticlesMon, 23 Mar 2026 13:34:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-emerging-and-frontier-markets-corporate-default-and-rating-transition-study-s101669762<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 22 Mar 2026 22:42:14 GMT00:01:00<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]><![CDATA[ This report does not constitute a rating action. An expanded Australian government scheme for first-time buyers of homes could distort the housing market. Sovereign support, which gives buyers a partial guarantee on their loans, is crowding out the lenders' mortgage insurance market. Further, such aid could price out the first-home buyers it aims to help. The Australian Government 5% Deposit Scheme effectively undercuts insurers and gives away credit protection. It shifts mortgage credit risk from private insurers to the sovereign. Since the scheme was introduced in 2020, the government has guaranteed over 230,000 loans. The scheme allows first-home buyers to purchase property with a minimum 5% deposit and no insurance. This brings forward buyer demand and will further fuel house ]]>ArticlesSun, 22 Mar 2026 22:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australias-expanded-support-for-homebuyers-could-backfire-s101664310<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 16:10:51 GMT00:01:00<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]><![CDATA[   New artificial intelligence products capable of automating complex workflows and executing tasks across diverse job functions have escalated uncertainty over whether AI will augment existing software offerings or simply replace them. Markets have reacted with sharp declines in software companies' loans and stock prices, made more notable by the sector's historically high starting valuations. This pressure is expanding to private credit, where many funds hold substantial exposures to software entities--and where the key transmission channels are valuation marks, earnings pressure at lender vehicles, and refinancing risk rather than an immediate surge in defaults. Exposure to the software sector accounted for about 20% of total loan assets managed by business development companies (BDCs) and interval funds as of third-quarter 2025, ]]>ArticlesThu, 19 Mar 2026 16:10:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-to-what-extent-will-ai-disruption-hit-private-credit-s101667613<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:35:41 GMT00:01:00<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The seven Colorado River basin states ( Arizona , California , Colorado , Nevada , New Mexico , Utah , and Wyoming ) missed an important Feb. 14, 2026, deadline to agree on new water-sharing rules, jeopardizing the required Oct. 1, 2026, finalization of a replacement framework for expiring guidelines this year. Given declining anticipated snowpack throughout the western U.S. and ongoing efforts to mitigate the effects of drought and aridification, longer-term prospects for the Colorado River remain dire, in our view. Actions taken to date have been insufficient to turn the tide, prompting the United States Bureau of Reclamation (USBR) to release a draft Environmental Impact Statement (EIS) on ]]>ArticlesThu, 19 Mar 2026 14:35:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/dry-run-the-high-stakes-race-redefining-the-colorado-rivers-downstream-credit-challenges-s101674755<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:24:53 GMT00:01:00<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides insights on Norway and Finland’s local covered bond markets, their relevant legal frameworks, and the local mortgage markets. We also compare key characteristics of our rated programs in these jurisdictions. Both Norway and Finland have well-established covered bond markets, with the Norwegian market being the 10th largest and the Finnish market being the 14th largest considering outstanding covered bond volume. According to the European Covered Bond Council (ECBC), these two countries represent about 6% of the outstanding European covered bond market. Together, 2025 issuance comprised about 14% of the total European investor-placed benchmark issuance, up from 11% in 2024. Large Norwegian covered bond issuers have ]]>ArticlesThu, 19 Mar 2026 14:24:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/norwegian-and-finnish-covered-bond-market-insights-2026-s101668935<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 09:41:46 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]><![CDATA[ This report does not constitute a rating action. Increasing geopolitical fragmentation and uncertainty about the reliability of long-standing alliances, exacerbated by ongoing global conflicts, have raised new questions from investors and other stakeholders about how to navigate investments in defense and defense-related sectors in light of their commitments to responsible investment practices. This tension is particularly acute in Europe, where the demands of sustainability regulations and voluntary responsible or sustainable investment policies adopted by investors are being tested by heightened regional defense concerns following Russia’s 2022 invasion of Ukraine and, more recently, fluctuating security guarantees from the U.S. In a statement linked to the March 2025 release of the EU’s ReArm Europe plan, which enables new defense spending of over ]]>ArticlesThu, 19 Mar 2026 09:41:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-finance-faq-how-views-on-responsible-investment-and-defense-are-evolving-s101673980<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 07:38:31 GMT00:01:00<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]><![CDATA[ This report does not constitute a rating action. Japanese companies we rate can weather energy supply and price risk related to the Middle East, at least for now. Oil and LNG supply disruptions can be somewhat cushioned, in our view. Japan, which imports nearly 100% of its fossil fuels, has stockpiles and diversified imports. It's a different story if the energy supply shock lasts beyond our base case. Our base case for the Middle East war assumes that elevated hostilities will persist into early April, with the Strait of Hormuz facing material disruptions. We continue to recognize the risk of spillovers and security incidents continuing beyond this period. Supply chains disruption will broaden across industries and elevated energy costs will ]]>ArticlesThu, 19 Mar 2026 07:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-japanese-companies-will-handle-middle-east-risk-varies-across-sectors-s101675576<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 06:34:18 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]><![CDATA[ War in the Middle East is emerging as a key credit risk for Asia-Pacific corporates. The largest disruption to global oil supply on record is overshadowing tariffs that dominated the credit story in 2025. Restricted passage through the Strait of Hormuz, and increasing damage to Gulf countries' oil and gas assets, is curbing supply to Asia-Pacific. Energy costs volatility will likely remain high. ]]>ArticlesThu, 19 Mar 2026 06:34:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-asia-pacific-energy-shock-will-test-credit-resilience-s101676062<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 05:25:40 GMT00:01:00<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Volvo Car AB's green financing framework as Dark green. Headquartered in Gothenburg, Sweden, Volvo Car AB manufactured and sold 710,000 cars in 2025, of which 46% were electrified. Of these electrified cars, 21% were fully electric. Volvo Cars' key markets are Europe (47% of 2025 sales), China (21%), and the U.S. (17%). ]]>ArticlesThu, 19 Mar 2026 05:25:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-volvo-car-ab-green-financing-framework-s101676079<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 03:03:55 GMT00:01:00<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]><![CDATA[ This report does not constitute a rating action. The effective closure of the Strait of Hormuz and the resulting spike in oil and gas prices underscore how important supply-chain characteristics can be to operating performance and corporate credit quality. S&P Global Ratings indicates the relative strengths or weaknesses of an entity's supply-chain characteristics in several areas of our corporate ratings analysis when they influence our view of creditworthiness. Drivers Of Supply-Chain Risk Are Becoming More Complex An essential aspect of our credit analysis is to understand what could impede production processes (and hence cash flow). In an interconnected economy, several factors influence the availability and pricing of goods and supply-chain risks. Chart 1 Recent supply-chain shocks stemmed from transportation bottlenecks ]]>ArticlesThu, 19 Mar 2026 03:03:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-we-factor-in-supply-chain-risks-to-corporate-ratings-analysis-s101675067<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 18:15:50 GMT00:01:00<![CDATA[ New Issue: Velocity 2026-1 PLC ]]><![CDATA[ Ratings Class Ratings* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 240.682 22.57 Compounded daily SONIA plus 0.88% Feb. 20, 2037 B-Dfrd AA (sf) 21.002 14.65 Compounded daily SONIA plus 1.15% Feb. 20, 2037 C-Dfrd A (sf) 14.564 9.90 Compounded daily SONIA plus 1.55% Feb. 20, 2037 D-Dfrd BBB+ (sf) 12.264 5.90 Compounded daily SONIA plus 1.80% Feb. 20, 2037 E-Dfrd BBB- (sf) 8.585 3.10 Compounded daily SONIA plus 3.20% Feb. 20, 2037 F-Dfrd BB (sf) 6.899 0.85 Compounded daily SONIA plus 4.04% Feb. 20, 2037 G NR 2.606 N/A N/A Feb. 20, 2037 X-Dfrd B+ (sf) 7.665 N/A Compounded daily SONIA plus 4.00% Feb. 20, 2037 *Our rating on the class A notes ]]>ArticlesWed, 18 Mar 2026 18:15:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-velocity-2026-1-plc-s101675456<![CDATA[ New Issue: Velocity 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 09:01:19 GMT00:01:00<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]><![CDATA[ This report does not constitute a rating action. Macroeconomic uncertainty, upcoming debt maturities, and merger and acquisition (M&A) execution and integration challenges pose heightened risks to companies in the 'B-' rating category. Elevated macroeconomic and geopolitical risks--including the impact of the conflict in the Middle East and the resulting market volatility--could put additional pressure on companies facing depressed demand and subdued consumer confidence. At the same time, a significant amount of debt matures in 2027 and 2028, with refinancing risk particularly acute for companies such as Flamingo Lux II GP S.a.r.l. (Emeria), Winterfell Financing Sarl (Stark Group), and Ammega Group B.V. (Ammega), which are already on a negative outlook. In addition, M&A-related execution and integration risk remain key for some ]]>ArticlesWed, 18 Mar 2026 09:01:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clos-top-30-b-rated-issuers-chemicals-and-building-materials-pose-most-risk-s101670022<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 14:29:55 GMT00:01:00<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Republic of Chile's Sustainable Bond Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Chile is a geographically diverse country in South America, covering approximately 760,000 square kilometers with a population of around 19.6 million. ]]>ArticlesTue, 17 Mar 2026 14:29:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-republic-of-chile-sustainable-bond-framework-s101675751<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 04:29:54 GMT00:01:00<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]><![CDATA[ This report does not constitute a rating action. China is reducing government distortion in banks' risk pricing. Beijing's latest fiscal package has shifted to a market-based approach for channeling bank funding to policy-supported sectors. Previously, it relied more on window guidance. This could ease downside pressure on bank profitability and support credit growth. During its recent Two Sessions, the government announced a Chinese renminbi (RMB) 100 billion special fiscal fund to cover spending for six policy instruments: Four loan interest subsidy programs targeting (1) personal consumption; (2) the service sector; (3) micro, small and midsize enterprises; and (4) equipment renewal; A financing guarantee scheme; and A private enterprise bond risk-sharing mechanism. It contains larger fiscal funding, broader sectoral coverage, more ]]>ArticlesTue, 17 Mar 2026 04:29:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banking-brief-policy-support-for-priority-sectors-has-become-less-distortive-s101674706<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 17:11:05 GMT00:01:00<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has reviewed its hydrocarbon price deck and raised its WTI and Brent oil price assumptions by $15/bbl for the remainder of 2026 while leaving its assumptions for 2027-2029 unchanged. Our Henry Hub, AECO, and TTF natural gas price assumptions for 2026-2029 are also unchanged. S&P Global Ratings' oil and natural gas price assumptions --New prices-- --Old prices-- WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) Remaining 2026 75 80 3.75 1.50 13 60 65 3.75 1.50 13 2027 60 65 3.75 1.75 9 60 65 3.75 1.75 9 2028 60 65 3.5 1.75 8 60 ]]>ArticlesMon, 16 Mar 2026 17:11:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-raises-2026-oil-price-assumptions-on-longerthanexpected-oil-flows-disruption-s101675235<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 15:20:04 GMT00:01:00<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Since the outbreak of the Middle East war, Gulf Cooperation Council (GCC) banks have been inevitably affected, facing both physical risk to operations and financial risk to balance sheets. Yet S&P Global Ratings’ analysis suggests that continuity plans have maintained effective operations and that potential fund outflows remain manageable for now, though longer-term effects on asset quality remain uncertain. The banks’ resilience could yet face sterner tests, depending on both the duration and scope of events. Our base-case scenario is that the most intense part of the conflict will last around two-to-four weeks although we recognize that broader spillovers and intermittent security incidents could extend beyond this period. The full extent of ]]>ArticlesMon, 16 Mar 2026 15:20:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/resilient-gulf-banks-still-face-uncertainty-s101674982<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:31:26 GMT00:01:00<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has a range of implications for S&P Global Ratings’ portfolio of rated infrastructure assets around the world. The effects on an entity’s credit standing will vary according to where assets are located, the contractual and regulatory framework under which the entity operates, and on the duration, scope, and severity of the war. The war in the Middle East has increased the level of risk for critical GCC infrastructure assets. Although some facilities have been targeted, we have not seen significant operational disruptions to rated projects at this stage. Most large-scale assets incorporate considerable in-built redundancy and resilience and continue to operate normally. Operators have also implemented ]]>ArticlesMon, 16 Mar 2026 14:31:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/war-in-the-middle-east-risks-and-opportunities-for-global-infrastructure-s101674866<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:26:23 GMT00:01:00<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]><![CDATA[ This report does not constitute a rating action. The degree of disruption depends on the mission-critical nature of applications, their complexity, the domain expertise they require, and the sensitivity of the underlying data. Some software segments in the region benefit from strict regulations, high barriers to entry, and the critical nature of the services they provide. For software companies that focus on these segments, AI is not an existential threat but a tool that can enhance capabilities, improve efficiency, and accelerate growth. These systems are deeply integrated into clinical decision-making and patient safety, and errors can have serious regulatory and legal consequences. The health care sector in Europe is shielded from rapid AI disruption due to a robust regulatory framework. ]]>ArticlesMon, 16 Mar 2026 14:26:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-can-add-an-edge-to-several-european-software-subsegments-s101675369<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 02:03:17 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 16 Mar 2026 02:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-january-2026-s101675335<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 08:40:15 GMT00:01:00<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Skue Sparebank's Green Bond Framework as Light green, indicating activities that represent transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. Skue Sparebank is a Norwegian savings bank that has 15 offices in the regions of Buskerud and Telemark. ]]>ArticlesFri, 13 Mar 2026 08:40:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-skue-sparebanks-green-bond-framework-s101675116<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 04:58:17 GMT00:01:00<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. The Middle East conflict will push up costs and likely squeeze the profitability of many Asia-Pacific chemicals producers. It will also disrupt access to some major raw materials and intermediate chemicals. If the disruption persists beyond the S&P Global Ratings base case of about four weeks, global ]]>ArticlesFri, 13 Mar 2026 04:58:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-the-middle-east-conflict-means-for-the-asia-pacific-chemicals-industry-s101673918<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 13:57:56 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]><![CDATA[ This report does not constitute a rating action. The Energy Information Administration (EIA) reports that the Brent crude oil spot price settled at $94 per barrel (/bbl) on March 9, 2026, compared with an average of $71/bbl on Feb. 27. EIA expects that average oil prices will remain at $91/bbl through the second quarter of 2026. Given oil's extremely limited role in producing U.S. electricity, the financial performance of public power and electric cooperative NFP utilities should be relatively insulated from the surging oil prices stemming from the Middle East conflict. However, a protracted conflict could trigger inflationary impacts on the U.S. consumer that could erode NFP utilities’ financial flexibility. As a result, affordability pressures that S&P Global Ratings already ]]>ArticlesThu, 12 Mar 2026 13:57:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-electric-utilities-ratemaking-flexibility-could-worsen-from-indirect-exposure-to-middle-east-conflict-s101674219<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 12:03:17 GMT00:01:00<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]><![CDATA[ This report does not constitute a rating action. The Middle East war, coupled with broader global geopolitical tensions, has increased the volume of sovereign-sponsored cyberattacks (including by proxies) targeting critical infrastructure. These attacks typically seek to dislocate essential services including communications, infrastructure, and trade, with the aim of disrupting societies and destabilizing governments. A major cyber incident and/or the increased frequency of cyberattacks due to the conflict could affect supply chains, commodity prices, economies, and global credit conditions. The U.S. and Israel have used cyberattacks in conjunction with kinetic strikes against Iran’s military and infrastructure. Reports indicate that Iran’s cyber warfare headquarters was disabled early in the conflict, but cyber and military experts warn that Iran and its proxies retain ]]>ArticlesThu, 12 Mar 2026 12:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cyber-brief-the-middle-east-conflict-is-also-a-cyberwar-that-has-increased-digital-risk-s101673945<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 06:11:58 GMT00:01:00<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]><![CDATA[ S&P Global Ratings assesses Just Group's allocation of sustainability bond proceeds as consistent with pre-issuance commitments under its sustainability bond framework. Just Group provides retirement income products and services to individual, homeowners, and corporate clients in the U.K. In 2025, it recorded underlying operating profit of £305 million. ]]>ArticlesThu, 12 Mar 2026 06:11:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-just-group-sustainability-allocation-report-s101674884<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 03:45:29 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]><![CDATA[ Rising energy costs, U.S. policy shifts, and Japan-China ties are increasing uncertainty for the outlook for Japanese corporates. Aggressive growth investment, large acquisitions and returns to shareholders will test credit quality resilience. Expanding funding sources, such as cross-border debt issuance, could enhance financial stability; central bank interest rate rises are manageable for most. ]]>ArticlesThu, 12 Mar 2026 03:45:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-japan-an-appetite-for-investment-amid-geopolitical-risk-s101674849<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 21:37:05 GMT00:01:00<![CDATA[ The Ratings View: Mar. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: The Middle East war underscores fragile geopolitical stability and resulting credit risks. We raised our oil price assumptions for 2026. We look at industry implications from the conflict for chemicals, air travel, and shipping. ]]>ArticlesWed, 11 Mar 2026 21:37:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-11-2026-s101674809<![CDATA[ The Ratings View: Mar. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 20:22:42 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]><![CDATA[ This report does not constitute a rating action. In February 2026, S&P Global Ratings maintained 18 ratings without revising the outlooks, and took three negative rating actions and two positive rating actions in the U.S. not-for-profit health care sector. In addition, we revised four outlooks favorably without changing the ratings. Included in the month's activity were ratings assigned to seven new debt issuances for currently rated organizations, all of which were affirmed. We also assigned a rating to one new issuer, Springfield Sustainable Energy Partners LLC, Del. (an entity whose rating is based on that of Memorial Health System, Ill.). The nine rating actions and outlook revisions consisted of the following: Upgrades on two stand-alone hospitals, one in the 'BBB' ]]>ArticlesWed, 11 Mar 2026 20:22:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-february-2026-s101674728<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 19:10:57 GMT00:01:00<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]><![CDATA[ The Middle East war has already pushed Brent crude to about $90 per barrel, underscoring that the Strait of Hormuz is a key global risk point. Credit implications will depend critically on how long and how widely the Middle East war spreads. ]]>ArticlesWed, 11 Mar 2026 19:10:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-monthly-highlights-the-wars-scope-and-duration-shape-risks-s101674769<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:19:00 GMT00:01:00<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]><![CDATA[ This report does not constitute a rating action. Relatively strong and stable returns make these funds attractive, but financial institutions' exposures to these require significant regulatory capital. RNFs offer an efficient, less capital-intensive route for these regulated investors to allocate capital into private market strategies. Our ratings analysis of these structures considers key factors, including liquidity management, funding structure, and leverage. They are crucial vehicles to channel investor capital into master funds across several investment strategies, such as private equity, private debt, or hedge funds. They split investors' contributions to feeders into debt and equity components. The typical debt-to-equity ratio is 70/30 or 80/20. Investors may opt for: A "vertical strip," where each LP's investment into the feeder is divided ]]>ArticlesWed, 11 Mar 2026 16:19:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sector-review-fund-finance-trends-rated-note-feeders-support-private-credit-fundraising-s101667999<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:12:13 GMT00:01:00<![CDATA[ Pension Spotlight: Illinois ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Contributions are increasing but have remained a consistent percentage of the budget for the past five years. While this consistency helps with budget planning, costs are high and still significantly short of meaningful funding progress. The state has taken some steps to address its unfunded liability, including $700 million in total supplemental contributions across fiscal years 2022 and 2023 (roughly 0.5% of the state’s total fiscal 2025 net pension liability) and an ongoing pension buyout program that the state estimates has reduced liabilities by $2.9 billion (1.9%). Some uncertainty will remain regarding the liabilities until the state determines how it will modify Tier 2 to adhere to federal safe harbor ]]>ArticlesWed, 11 Mar 2026 16:12:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pension-spotlight-illinois-s101669203<![CDATA[ Pension Spotlight: Illinois ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 14:10:06 GMT00:01:00<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has received questions about the credit risks of AI-driven market movements in North America. In this FAQ, we answer the most frequently asked questions, emphasizing rating implications, sector vulnerabilities, and potential triggers of credit deterioration. For software and services issuers exposed to AI substitution, key downgrade triggers will likely center multiple forward‑looking signals that competitive position has weakened and revenue durability has eroded. Triggers could include declining net revenue retention, weaker new‑logo wins, rising price concessions, and shorter contract durations, all of which indicate customer insourcing or displacement by lower‑cost AI‑native alternatives well before financials weaken. These early signs, when paired with margin compression, delayed monetization of AI investments, ]]>ArticlesWed, 11 Mar 2026 14:10:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-could-ai-risks-weaken-ratings-s101673779<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:39:11 GMT00:01:00<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]><![CDATA[ This report does not constitute a rating action. The Middle East conflict is geographically distant from Asia‑Pacific--its economic and credit repercussions are not. The region is the major recipient of imports ferried across the Strait of Hormuz. That makes it vulnerable to disruptions in this important waterway. Given Asia's net energy importing status, prolonged disruptions to energy supply and persistent high prices will affect households, corporates, banks and governments. Many economies maintain strategic crude oil stockpiles to manage disruption over the short term. Any prolonged supply shortages pose a severe strain to the region's macro-credit conditions. Inflationary pressure could escalate, complicating monetary easing paths in the region, while market volatility could upend the current supportive financing conditions. Current accounts will ]]>ArticlesWed, 11 Mar 2026 05:39:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-watchpoints-for-asia-pacific-if-energy-supply-disruptions-persist-s101674437<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:25:21 GMT00:01:00<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]><![CDATA[ Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. Oil and gas markets across Asia Pacific have a variety of defenses against disruptions in supply caused by the effective closure of the Strait of Hormuz. However, if such disruptions persist, these defenses will run thin. In a prolonged-war scenario, oil and gas majors in ]]>ArticlesWed, 11 Mar 2026 05:25:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/prolonged-iran-conflict-can-breach-asian-oil-and-gas-defenses-s101673298<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 04:24:51 GMT00:01:00<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]><![CDATA[ This report does not constitute a rating action. . In our view, these institutions' tight risk management, foreign-currency liquidity buffers and adequate capitalization should carry them through this turbulent period. The government's financial market stabilization measures will also help. . The Korea Composite Stock Price Index dropped nearly 20% over a few days in early March from its historical peak amid volatility flowing from the Middle East war. The index has somewhat recovered but it continues to trade with a high degree of volatility, with the benchmark moving around 5% up or down each day. The Korean won is also around its lowest level since the global financial crisis. A weaker won would increase the risk-weighted assets of financial institutions ]]>ArticlesWed, 11 Mar 2026 04:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-financials-brief-middle-east-war-induced-volatility-to-test-resilience-s101674143<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 22:16:06 GMT00:01:00<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]><![CDATA[ Bank SMBC Indonesia Tbk. PT (SMBC Indonesia) was founded in 1958 and is headquartered in Jakarta, Indonesia. The bank operates in wholesale, corporate, business, and retail banking. ]]>ArticlesTue, 10 Mar 2026 22:16:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bank-smbc-indonesia-tbk-pt-esg-deposit-framework-s101674585<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 13:36:55 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks rated health care services companies in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. Our rankings consider rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked first by business risk profile, then by financial risk profile. Speculative-grade companies are first ordered by financial risk profile, then by business risk profile. If companies are not distinguished by these factors, we list them alphabetically. In line with our corporate rating methodology (see Related Criteria), the final ratings on health care services companies are in line with the SACP due to the absence of factors such ]]>ArticlesTue, 10 Mar 2026 13:36:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-health-care-services-companies-strongest-to-weakest-s101669085<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 06:24:09 GMT00:01:00<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]><![CDATA[ This report does not constitute a rating action. High-quality growth and technological innovation have emerged as the top themes of China's Two Sessions meetings. Amid heightened geopolitical and trade tensions, the major economic and fiscal policies unveiled aim to meet these objectives. The budget and funding align with that. S&P Global Ratings believes Beijing continues to use policy levers to contain systemic risks from areas, such as local debt (including local government and state-owned enterprises) and the property market. The fiscal stance generally aligns with our expectations. We believe the government will retain policy room to dial up support if needed. We answer questions about the credit implications of the recent announcements for the governments in China. This year's budget ]]>ArticlesTue, 10 Mar 2026 06:24:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-chinas-two-sessions-beyond-the-headline-numbers-s101674117<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:31:47 GMT00:01:00<![CDATA[ Sovereign Ratings Score Snapshot ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month. Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' " Sovereign Rating Methodology ," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating. Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a ]]>ArticlesMon, 09 Mar 2026 16:31:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-ratings-score-snapshot-s101673957<![CDATA[ Sovereign Ratings Score Snapshot ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:07:08 GMT00:01:00<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that, although composed in accordance with the city’s balanced-budget requirements, the New York City mayor’s preliminary budget and five-year financial plan for fiscal years 2026-2030 introduce a combination of structural, one-time, and temporary solutions that could make it difficult to sustain budgetary balance beyond fiscal years 2026 and 2027. We believe the city has previously demonstrated resilience to weather fiscal challenges without deterioration of its credit quality. Furthermore, despite potential macroeconomic and policy uncertainties, New York City's dynamic and diverse economic base remains supportive of the 2026-2030 financial plan’s revenue growth expectations, and it has a well embedded governance framework and structural protections. These include robust policies; multiyear ]]>ArticlesMon, 09 Mar 2026 16:07:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/what-were-watching-as-new-york-citys-fiscal-realities-bite-into-the-big-apples-preliminary-fiscal-2027-budget-s101673550<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 03:37:50 GMT00:01:00<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]><![CDATA[ Science City (GZ) Investment Group Co. Ltd. is a state-owned enterprise in China and a key infrastructure investment and financing company in the Guangzhou Economic and Technological Development Zone (GETDZ). It operates a diversified business portfolio that includes municipal construction, urban services, copper processing, commodities trading. It focuses on new-generation information technology, urban construction and renewal, environmental protection, and the financial industry. ]]>ArticlesMon, 09 Mar 2026 03:37:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-science-city-gz-investment-group-co-ltd-sustainable-finance-framework-s101674153<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 01:15:27 GMT00:01:00<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]><![CDATA[ This report does not constitute a rating action. Excluding Japanese government bonds held for policy reserve matching from impairment calculations would be neutral for Japanese life insurers. We evaluate such bonds using an economic value-based-capital model, so the proposed revisions would not affect our capital assessments. However, portfolio management will be less constrained and operational flexibility enhanced. The Japanese Institute of Certified Public Accountants made the proposal on Feb. 17, 2026. It argues policy reserve matching bonds--mostly Japanese government bonds--should be treated under the credit loss model as they are similar to held-to-maturity bonds. Under current accounting standards, policy reserve matching bonds and held-to-maturity securities are treated using the amortized cost method. Expected credit losses for held-to-maturity securities may not ]]>ArticlesMon, 09 Mar 2026 01:15:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-life-insurance-brief-accounting-shift-improves-investment-flexibility-s101671555<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Mar 2026 14:27:08 GMT00:01:00<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]><![CDATA[ S&P Global Ratings believes that BRK Ambiental Participações S.A.'s future shade of Medium green reflects that its services will continue to deliver significant environmental benefits to Brazil's population. ]]>ArticlesFri, 06 Mar 2026 14:27:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-brk-ambiental-participacoes-sa-s101674049<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 17:09:55 GMT00:01:00<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]><![CDATA[ This report does not constitute a rating action. Recent developments in artificial intelligence (AI) have intensified investor focus on the potential implications for software companies, particularly amid increased market volatility and a broader reassessment of competitive durability across the sector. These discussions have extended into the European collateralized loan obligation (CLO) market, where software represents a significant allocation within underlying portfolios and a meaningful component of the leveraged loan universe. S&P Global Ratings examined European CLO software exposure across sector concentration, rating and outlook distribution, and maturity profiles to assess whether recent technological developments are reflected in observable credit risks materializing within European CLOs that we rate. While portfolio-level metrics provide an important starting point, software exposure is not homogeneous. ]]>ArticlesThu, 05 Mar 2026 17:09:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-risk-in-european-clos-software-exposure-beyond-the-headlines-s101673132<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 14:29:35 GMT00:01:00<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]><![CDATA[ This report does not constitute a rating action. The broader implications for the airline industry are still unfolding. How rising fuel prices, operational disruptions, and shifts in consumer demand develop will be critical in determining the credit quality of rated airlines. Even though the resilience of the airline industry will be tested, historical trends suggest that consumer travel typically rebounds after initial disruptions. However, if hostilities persist or become even more severe, travel patterns could change and challenge the sector's resilience. The crisis has also disrupted key trade routes--including through the Strait of Hormuz--which are leading to sharp increases in fuel prices. Although our rated airlines typically have a good track record of passing on elevated fuel prices to customers, ]]>ArticlesThu, 05 Mar 2026 14:29:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-war-could-affect-global-airline-ratings-if-fuel-prices-remain-higher-for-longer-s101673321<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 13:56:22 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 05 Mar 2026 13:56:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-mar-4-2026-br--s101673745<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 10:03:26 GMT00:01:00<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]><![CDATA[ This report does not constitute a rating action. India's securitization and private credit are attracting strong market interest, setting the stage for healthy expansion. We expect increased inquiries for these sectors over the next year. Securitization issuance increased about 5.1% year on year to Indian rupee (INR) 1.87 trillion (about US$21 billion) in the first nine months of fiscal 2026 (year ending March 31). Volumes have grown steadily over the past few years amid healthy expansion in retail credit, consistent originations by nonbank finance companies, and rising participation from foreign banks and mutual funds. In fiscal 2025, issuance hit a record INR2.35 trillion (about US$27 billion), up about 23.7% over fiscal 2020, equivalent to a compound annual growth rate of ]]>ArticlesThu, 05 Mar 2026 10:03:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-indias-securitization-and-private-credit-markets-primed-to-expand-s101670719<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 01:50:42 GMT00:01:00<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]><![CDATA[ The overall credit trend in South Korea is modestly negative, with growing sector divergence. This is an improvement from last year, when our negative rating bias was deeper due to U.S. policy uncertainty or supply-demand imbalance. ]]>ArticlesThu, 05 Mar 2026 01:50:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-korea-increasing-sector-divergence-post-trough-s101673687<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 00:34:05 GMT00:01:00<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]><![CDATA[ Solid domestic and regional economic conditions should shield Australian and New Zealand corporates from risks arising from geopolitical uncertainties, including short-term spikes in energy prices. ]]>ArticlesThu, 05 Mar 2026 00:34:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australia-and-new-zealand-issuers-show-strength-in-a-volatile-world-s101673681<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 20:55:55 GMT00:01:00<![CDATA[ The Ratings View: Mar. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: What military conflict with Iran could mean for energy markets and reinsurance. The sovereign bond glut continues. AI poses risks for business and technology services, but health care software may be resilient. ]]>ArticlesWed, 04 Mar 2026 20:55:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-4-2026-s101673647<![CDATA[ The Ratings View: Mar. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 19:14:36 GMT00:01:00<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]><![CDATA[ This report does not constitute a rating action. The digital transformation of major economies is in full swing. While the construction of AI-related infrastructure is the most visible driver, the process goes far beyond that, spanning a wide range of manufacturing and service activities. It is also unfolding differently across economies. In some, it is predominantly capitalintensive; in others, it is more laborintensive. This transformation differs in the U.S. and the EU through the lens of the information and communications technology (ICT) sector. This sector comprises both tech manufacturing (electronic components and boards, computers and peripheral equipment, communications equipment, consumer electronics, and magnetic and optical media) and tech services (wholesale of information and communications equipment, software publishing, telecommunications, computer programming, ]]>ArticlesWed, 04 Mar 2026 19:14:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-the-contrasting-digital-transformation-of-the-us-and-european-economies-s101673352<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:47:53 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from January 2012 through January 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 04 Mar 2026 16:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-january-2026-performance-s101673208<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:00:18 GMT00:01:00<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ biannual report card on global light and heavy-duty vehicle original equipment manufacturers (OEMs) offers a clear, side-by-side view of issuers’ credit metrics against the target thresholds. The tables in the report card offer readers links to S&P Global Ratings’ most recent issuer specific analysis from RatingsDirect. Table 1 Light-vehicle OEM issuers rated by S&P Global Ratings Company Credit rating/ Outlook Rating driver Target value* 2026e 2027e Rating driver Target value* 2026e 2027e BMW AG A/Negative EBITDA Margin 11% 9.8% 11.5% FOCF to sales 3% 3-4% 4-5% Ford Motor Co. BBB-/Negative EBITDA Margin 8% 5.0%-5.5% 7%-8% FOCF to sales 1-2% Negative >1% General Motors Co. BBB/Stable EBITDA Margin 8% 9-10% ]]>ArticlesWed, 04 Mar 2026 16:00:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-autos-and-trucks-original-equipment-makers-report-card-s101668939<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 21:57:46 GMT00:01:00<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]><![CDATA[ This report does not constitute a rating action. We believe that the main development banks in Mexico-- Banco Nacional de Comercio Exterior S.N.C. (Bancomext; BBB/Stable/A-2) and Nacional Financiera S.N.C. (Nafin; BBB/Stable/A-2)--are resuming their roles as active financing vehicles for implementing the government's economic policy and counteracting ongoing internal and external challenges. The banks will do so by promoting investment in physical infrastructure, strengthening domestic supply chains, and providing funding to small and medium enterprises. Bancomext and Nafin are showing a sustained recovery in their financing portfolios (loans and guarantees), after subdued growth since the pandemic. In addition, Banco Nacional de Obras y Servicios Públicos S.N.C (Banobras; BBB/Stable/A-2) has maintained more stable growth over the years, driven by transactions related to ]]>ArticlesTue, 03 Mar 2026 21:57:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexican-development-banks-to-ramp-up-lending-as-a-tool-of-economic-policy-s101671645<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 18:11:33 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Monetary flexibility, relatively low debt burden, and institutional strengths. Lower income of individuals and somewhat higher corporate leverage in Chile than in global BICRA peers. Strong track record of fostering financial stability, and a credible and effective central bank. Moderate vulnerability in the country's current account and external debt position. Resilient and profitable banking system. Policy implementation bottlenecks could weaken economic growth. Banks in Chile benefit from consistent economic policies, monetary flexibility, and an independent central bank. Chile's robust institutional framework, which remains stronger than that of most regional peers, and a well-established fiscal and monetary policy have helped maintain economic stability through periods of economic shocks. ]]>ArticlesTue, 03 Mar 2026 18:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-chile-s101667592<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 16:57:41 GMT00:01:00<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]><![CDATA[ This report does not constitute a rating action. As of January 2026, the number of North American issuers rated 'CCC+' and below decreased to 141, down from 144 in October 2025. Associated with this, the rated debt volume fell to $280 billion as of end-January 2026, compared with $296 billion as of end-October 2025. The top four sectors--consumer products, media and entertainment, health care, and high technology--accounted for 59% of the total risky credits as of January 2026, compared with 58% a year ago. Trends during the three‑month period ending January 2026 were consistent with the prior three months ending October 2025. Defaults and ratings withdrawals accounted for 77% of total removals for the period ending January 2026, compared with ]]>ArticlesTue, 03 Mar 2026 16:57:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-risky-credits-sectoral-strains-persist-s101673118<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 15:56:02 GMT00:01:00<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]><![CDATA[ This report does not constitute a rating action. The rise of AI, with its insatiable need for power and energy infrastructure, is spurring growth across the regulated and unregulated power industry. It is also providing new opportunities for natural gas-focused midstream companies to expand their asset base. Whether a midstream company decides to provide a connection to a regulated downstream utility or perhaps bypass the power grid and fund a pipeline expansion directly to a data center or hyperscaler for a behind-the-meter solution, assessing counterparty risk is an important consideration for the transaction. Given this backdrop, S&P Global Ratings thinks it’s a good time to revisit how it assesses counterparty risk for midstream energy companies in an FAQ. Midstream companies ]]>ArticlesTue, 03 Mar 2026 15:56:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-assess-the-effect-of-counterparty-risk-on-midstream-companies-credit-quality-s101668276<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 11:01:01 GMT00:01:00<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific sovereign borrowing growth is decelerating. S&P Global Ratings projects such borrowing will increase by less than 5% in 2026, much slower than recent trends such as the 38% growth in 2023. This is due mostly to the waning impact of China's fiscal stimulus, and Japan's reduced borrowing. We estimate that total long-term commercial borrowing for the region will reach US$5 trillion in 2026, up from US$4.8 trillion in 2025. China and Japan will continue to dominate borrowing, accounting for over 80% of the region's long-term commercial debt. By our projections, overall outstanding sovereign commercial debt will reach US$23.8 trillion by year-end 2026, a US$2 trillion increase from 2025. China and Japan ]]>ArticlesTue, 03 Mar 2026 11:01:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-sovereign-debt-2026-asia-pacific-borrowing-growth-will-decelerate-s101666196<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 16:31:20 GMT00:01:00<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]><![CDATA[ This report does not constitute a rating action. Investor concern has increased around the potential for AI-driven solutions, especially from AI-native companies, to disrupt software vendors. This includes companies in the health care sector, such as those providing electronic health record (EHR) and revenue cycle management (RCM) platforms and services. More specifically, AI solutions could shift market share, compress pricing, and enable health care providers to automate certain functions internally. At the same time, incumbent software companies are investing heavily in AI-based tools to enhance their products and lower operating costs. These companies benefit from entrenched customer relationships with health systems, deep domain expertise, and large proprietary datasets to train models. Although uncertainty has increased, we expect the health care ]]>ArticlesMon, 02 Mar 2026 16:31:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/health-care-software-companies-are-more-insulated-from-ai-disruption-than-those-in-other-sectors-s101671977<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 12:02:41 GMT00:01:00<![CDATA[ European Annual CMBS Monitor 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, we took rating actions on 29 CMBS transactions, primarily to resolve under criteria observation (UCO) placements following the publication of our updated global CMBS criteria in August 2025. Six credit tenant-linked tranches were upgraded by one notch to reflect our upgrade of Tesco PLC. Of the 29 transactions we reviewed as part of our annual surveillance and UCO resolution process, rating actions were mainly affirmations (54.8% of tranches reviewed), followed by downgrades (8.7%), and upgrades (36.5%). No ‘AAA’-rated tranches were downgraded between Jan. 1, 2025, and Dec. 31, 2025. The highest-rated tranche downgraded was 'AA (sf)'. Following the application of our updated criteria, two tranches were downgraded to 'A+ (sf)’ ]]>ArticlesMon, 02 Mar 2026 12:02:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-annual-cmbs-monitor-2025-s101672088<![CDATA[ European Annual CMBS Monitor 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 05:16:53 GMT00:01:00<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]><![CDATA[ Rating as of March 2, 2026 Rating Amount (bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 29.0 2.08% March 10, 2061 24.7 §We define the overcollateralization ratio as: 1-(A+B)/(C-D-E); A: the rated obligations and equally ranked obligations; B: prior obligations to the rated obligations; C: underlying assets (including cash); D: liquidity reserves; E: obligations, except for senior, mezzanine, or subordinate obligations (seller's interest, etc.). The ratio in this report represents the transaction structure's minimum maintenance ratio for the overcollateralization of pro rata pay. Profile Expected closing date March 2, 2026 Collateral An entrusted pool of residential mortgage loans Originator/Servicer Japan Housing Finance Agency Collateral trustee Sumitomo Mitsui Trust Bank Ltd. Beneficiary representative Sumitomo Mitsui ]]>ArticlesMon, 02 Mar 2026 05:16:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-japan-housing-finance-agency-series-e55-3-s101670700<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 19:48:10 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $4.9 billion month over month to $670.6 billion as of February 2026. All data in this report reflects activity as of the subsequent February’s payment date. The overall U.S. CMBS delinquency (DQ) rate decreased 42 basis points (bps) month over month to 5.8% in February and rose 49 bps year over year. By dollar amount, total delinquencies were $39.1 billion, a net month-over-month decrease of $2.5 billion (6.1%) and a net year-over-year increase of $3.8 billion (10.8%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 14 ]]>ArticlesFri, 27 Feb 2026 19:48:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-decreased-42-basis-points-to-58-in-february-2026-s101672413<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 17:37:45 GMT00:01:00<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]><![CDATA[ Net outlook bias (the percentage of issuers with a positive outlook or on CreditWatch positive minus the percentage with negative outlook) increased in January for the fourth month in a row to -5.2%. ]]>ArticlesFri, 27 Feb 2026 17:37:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-outlook-bias-improves-amid-lingering-risks-february-2026-s101672931<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 15:01:30 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]><![CDATA[ This report does not constitute a rating action. Despite the relentless focus on software names, credit quality across the BSL CLO Insights Index has remained fairly stable year to date, with S&P Global Ratings' weighted average rating factor (SPWARF) values well below 2600 and 'B-' exposure and ‘CCC’ buckets hovering around 20% and 5%, respectively. Corporate ratings saw fewer downgrades into the ‘CCC’ category in February, particularly across issuers widely held in U.S. broadly syndicated loan (BSL) collateralized loan obligations (CLOs). Not all of the news was good. There has been a slight uptick in exposure to defaulted assets this month, partially due to PMHC II Inc., a metals and mining issuer widely held across BSL CLOs that saw its ]]>ArticlesFri, 27 Feb 2026 15:01:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-loan-prices-drag-on-otherwise-stable-clo-metrics-oc-test-cushion-scenarios-s101672774<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 11:16:28 GMT00:01:00<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]><![CDATA[ Transaction profile Issuer Beckett Mortgages 2026-1 DAC Collateral type RMBS prime Domicile of assets Ireland Seller Barclays Bank Ireland PLC Servicer Nua Money Ltd. Counterparties Barclays Bank PLC, US Bank Trustees Ltd., and Pepper Finance Corporation (Ireland) DAC Capital structure Class Rating* Class size (%) Credit enhancement (%)§ Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 88.00 12.80 Three-month EURIBOR + 0.65% Three-month EURIBOR + 1.00% July 2029 July 2071 B-Dfrd AA (sf) 4.25 8.55 Three-month EURIBOR + 0.95% Three-month EURIBOR + 1.43% July 2029 July 2071 C-Dfrd A-(sf) 3.75 4.34 Three-month EURIBOR + 1.20% Three-month EURIBOR + 1.80% July 2029 July 2071 D-Dfrd BBB- (sf) 2.00 2.34 Three-month EURIBOR + 1.45% Three-month EURIBOR + ]]>ArticlesFri, 27 Feb 2026 11:16:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-beckett-mortgages-2026-1-dac-s101670203<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 16:52:09 GMT00:01:00<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]><![CDATA[   The bankruptcy of Saks Global Enterprises LLC isn't a bellwether for department stores or luxury retailers more broadly. We also don't expect a material credit impact from the Saks bankruptcy for rated mall-operating REITs in the U.S. Instead, the broader ratings implications will most likely relate to stand-alone, single-borrower commercial mortgage-backed securities (CMBS). While we expect the U.S. consumer to continue to spend in 2026, we still believe the retail sector is facing challenges from a tough labor market, sticky inflation, and pressures on consumer spending. Higher-income households will likely continue spending—while middle- and lower-income consumers struggle, funding purchases with credit. We then expect consumer spending to hit a cycle low in 2027, which could further weigh on ratings ]]>ArticlesThu, 26 Feb 2026 16:52:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-broader-credit-implications-of-saks-bankruptcy-s101672653<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 08:04:15 GMT00:01:00<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]><![CDATA[ This report does not constitute a rating action. More collateral pain is likely this year for Hong Kong banks. S&P Global Ratings expects the value of properties backing Hong Kong commercial real estate loans to continue trending downward in 2026, as rents keep sliding. This mounting pressure on collateral buffers raises a critical question: how much additional stress can banks absorb? Our scenario analysis indicates the capitalization of the banking system as a whole would remain resilient even under severe valuation shocks, including hypothetical haircuts of up to 50% on the collateral value of commercial properties. This is likely because many banks have cut exposure to Hong Kong commercial real estate in the past five years, thus limiting the impact ]]>ArticlesThu, 26 Feb 2026 08:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-hong-kong-banks-could-withstand-deep-haircuts-in-commercial-property-collateral-s101664327<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 03:59:02 GMT00:01:00<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]><![CDATA[ S&P Global Ratings assesses Iberdrola’s bond-specific European Green Bond Factsheet dated Feb. 26, 2026 as aligned with European Green Bond Regulation and Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1). We expect the share of financing and refinancing to be 62% and 38%, respectively. ]]>ArticlesThu, 26 Feb 2026 03:59:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/update-european-green-bond-pre-issuance-review-iberdrola-eugb-specific-factsheet-feb-26-s101672607<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 21:40:11 GMT00:01:00<![CDATA[ The Ratings View: Feb. 25, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into the growing concerns around private credit and AI-led disruption. The U.S. tariff ruling is unlikely to substantially affect our ratings outlook. The global chemical slump could last through 2027 and beyond. ]]>ArticlesWed, 25 Feb 2026 21:40:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-25-2026-s101672519<![CDATA[ The Ratings View: Feb. 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 16:41:56 GMT00:01:00<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ eighth annual analysis of EBITDA addbacks continues to demonstrate that these adjustments – representing claimed future earnings or cost roll-offs – contribute significantly to management-adjusted EBITDA at deal inception (averaging 29% on a median basis across the study's history) and marketing projections have consistently proven overly optimistic. This reinforces our observation that a majority of U.S. speculative-grade corporate issuers present unrealistic earnings, debt, and leverage projections in their marketing materials at deal inception. Our study supports this, revealing a median leverage miss of 2.3x in the first year following deal inception and 2.7x in the second. These two factors – the magnitude of addbacks and the severity of projection ]]>ArticlesWed, 25 Feb 2026 16:41:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ebitda-addback-study-shows-increased-debt-projection-and-leverage-misses-s101670186<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 15:31:09 GMT00:01:00<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Class size (%) Available credit enhancement (%)§ Pre-amortization interest (%)† Post-amortization interest (%)‡ Legal final maturity A AAA (sf) 681.6 85.2 14.8 One-month EURIBOR plus 0.70, floored at 0 One-month EURIBOR plus 1.05, floored at 0 Feb. 23, 2041 B-Dfrd AA+ (sf) 86.4 10.8 4.0 One-month EURIBOR plus 0.90, floored at 0 One-month EURIBOR plus 1.35, floored at 0 Feb. 23, 2041 C-Dfrd A+ (sf) 16.0 2.0 2.0 One-month EURIBOR plus 1.20, floored at 0 One-month EURIBOR plus 1.80, floored at 0 Feb. 23, 2041 D-Dfrd NR 16.0 2.0 0.0 5.00 5.00 Feb. 23, 2041 *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, and the ]]>ArticlesWed, 25 Feb 2026 15:31:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-ginkgo-revolving-loans-2026-s101665040<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 14:50:56 GMT00:01:00<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]><![CDATA[ This report does not constitute a rating action. The Nebraska local government (LG) portfolio is characterized by stable credit fundamentals, supported by steady tax bases, favorable labor-market conditions, and strong economic output on a per-capita basis. Credit quality is further supported by generally healthy reserve and liquidity positions, along with the state’s economic growth, which is spurred in part by economic activity sourced from its major population centers, Omaha and Lincoln. However, S&P Global Ratings recognizes emerging risks tied to federal trade, immigration, and fiscal policy, all of which could introduce downside risk to an economy with meaningful exposure to agricultural markets and rural health care systems. Agriculture continues to serve as the foundational pillar of Nebraska's economy, providing an ]]>ArticlesWed, 25 Feb 2026 14:50:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-credit-brief-nebraska-counties-and-municipalities-means-and-medians-br--s101671710<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 05:12:31 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]><![CDATA[ This report does not constitute a rating action. About $180 billion of sustainable bonds issued in Asia-Pacific during the 2020-2021 boom are set to mature in 2026. This could create a natural pipeline for labeled issuance. Issuers, however, could opt to refinance these instruments with conventional bonds. Other factors are also on our radar for 2026. The release of International Capital Market Assn. (ICMA) guidelines for transition-related instruments in late 2025 and ongoing enhancements to regional taxonomies may support greater use of transition labels in 2026. Clearer guidance on eligible transition activities could catalyze first time issuance from hard‑to‑abate sectors and encourage alignment with local taxonomies. AI expansion and rising power needs, including growing data center development across Southeast Asia, ]]>ArticlesWed, 25 Feb 2026 05:12:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bonds-outlook-2026-asia-pacific-maturities-offer-opportunities-s101670229<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:29:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:29:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-arrears-and-prepayment-statistics-incl-noncapital-market-issuance-q4-2025-s101672292<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:24:28 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:24:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-nonconforming-arrears-and-prepayment-statistics-q4-2025-s101672298<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:20:32 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:20:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-2-q4-2025-s101672297<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:19:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:19:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-1-q4-2025-s101672296<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 20:30:58 GMT00:01:00<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]><![CDATA[ This report does not constitute a rating action. Market perception of private credit has undergone a noticeable shift since S&P Global Ratings’ last review of systemic risk (see “ Systemic Risk: Private Credit’s Characteristics Can Both Exacerbate And Mitigate Challenges Amid Market Evolution ”, Feb. 18, 2025). In addition to the dislocation in software and other services caused by the emergence of new integrated AI tools, the latter half of 2025 was characterized by heightened scrutiny of the asset class due to concerns--some substantiated, others not--relating to underwriting practices, defaults, compressed loan spreads, and frequency of interest deferrals. This heightened attention has been amplified by negative headlines involving business development companies (BDCs) and underperformance of a few middle-market collateralized loan ]]>ArticlesTue, 24 Feb 2026 20:30:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/beyond-the-golden-age-private-credit-confronts-growing-pains-s101670594<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 17:01:47 GMT00:01:00<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]><![CDATA[ LONDON (S&P Global Ratings) Feb. 24, 2026—Currently, five institutional framework (IF) assessments are on a weakening trend and one IF assessment is on an improving trend. All other IF assessments are on a stable trend (see “ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S.”). To date, we assess 56 IFs in 35 countries worldwide. The IF is the set of formal rules and laws, as well as practices, customs, and precedents, that shapes local and regional governments' institutional arrangements and influences their policies in public finance. Reports are available to RatingsDirect subscribers at www.capitaliq.com. If you are not a subscriber, you may purchase a copy of a report by emailing research_request@spglobal.com. Ratings information can also ]]>ArticlesTue, 24 Feb 2026 17:01:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessments-for-local-and-regional-governments-outside-of-the-us-published-s101672113<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 09:02:20 GMT00:01:00<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]><![CDATA[ S&P Global Ratings considers Deutsche Pfandbriefbank AG (pbb)'s allocations to be consistent with pre-issuance commitments. As of Jan. 15, 2026, allocations consist of a portfolio of loans for 129 commercial and residential buildings. Allocations have been made according to eligibility criteria considered Light green at the time of each framework. The report meets the requirements for reporting contained in the Green Bond Principles and firm commitments in the green bond frameworks related to reporting. ]]>ArticlesTue, 24 Feb 2026 09:02:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-pbb-green-bond-impact-report-s101672097<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 08:34:32 GMT00:01:00<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]><![CDATA[ This report does not constitute a rating action. Europe will need to import more gas for longer, and that gas will increasingly come in the form of U.S. liquified natural gas (LNG) after Europe pivoted away from Russian pipeline imports from 2022 to 2026. Investor interest in how the EU’s ban on Russian imports and the region’s higher-for-longer gas demand could affect rated gas utilities and midstream operators is strong, as evidenced by questions at a recent webinar (see “ European Utilities Outlook 2026 Webinar ”, Feb. 11, 2026). Here, S&P Global Ratings presents key questions on the changing landscape for European gas imports and its implications for utilities. We expect Europe will consume more fossil gas for longer, as ]]>ArticlesTue, 24 Feb 2026 08:34:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-european-utilities-will-benefit-from-stronger-for-longer-gas-demand-despite-ban-on-russian-imports-s101670005<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 07:17:33 GMT00:01:00<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Development Bank of Rwanda's sustainability-linked bond framework as aligned with Sustainability-Linked Bond Principles, ICMA, 2024. The bank, majority owned by the Rwandan government, provides long-term finance to support private sector growth. As of Dec. 31, 2024, the bank had total assets of Rwanda franc 783 billion (equivalent to $568 million). ]]>ArticlesTue, 24 Feb 2026 07:17:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-development-bank-of-rwanda-sustainability-linked-bond-framework-s101672094<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 18:30:46 GMT00:01:00<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]><![CDATA[ This report does not constitute a rating action. The U.S. Supreme Court’s ruling on the sweeping tariffs President Trump implemented through his use of certain emergency powers doesn't end the uncertainty about the ultimate contour of tariffs, as the administration pivots to other options. We don’t expect the ruling to have a substantial impact on our ratings outlook. Broader policy uncertainty still represents a key risk to the global credit outlook and a potential trigger for market volatility. Hours after the Feb. 20 ruling, Trump signed an executive order rescinding the tariffs he imposed last year under the International Emergency Economic Powers Act (IEEPA) and then applied global tariffs of 10% for 150 days under Section 122 of the Trade ]]>ArticlesMon, 23 Feb 2026 18:30:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-credit-conditions-special-update-policy-risk-remains-after-us-tariff-ruling-s101671924<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 11:09:28 GMT00:01:00<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]><![CDATA[ Downgrades increased to 11 last week, outnumbering the four upgrades. Seven of the downgrades were entities in the chemicals sector, including a new fallen angel, Alpek S.A.B. de C.V. This brings the year-to-date total of fallen angels to three, exceeding the count at this time last year (zero). Negative outlook changes more than doubled, outnumbering positive ones for the first time in six weeks. These changes spanned 11 sectors, with the chemicals, packaging, and environmental services sector recording the most negative changes (five). There was just one default involving U.S.-based restaurant franchisee, GPS Hospitality Holding Co. LLC, due to a missed payment. ]]>ArticlesMon, 23 Feb 2026 11:09:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-chemicals-sector-leads-downgrades-feb-23-2026-s101671856<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 22:48:13 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts issuance volume for U.S. non-agency, second-lien residential mortgage-backed securities (RMBS) will reach $40 billion in 2026, up from roughly $30 billion in 2025, about $15 billion in 2024, less than $5 billion in 2023, and only about $1 billion in 2022. While we expect mortgage rates to decline this year, we doubt this will significantly increase existing and new home sales, given ongoing affordability dynamics (see " 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ," Dec. 16, 2025). Since many homeowners are "locked-in" with low fixed interest rate mortgages, they will likely stay put instead of moving and, in many cases, ]]>ArticlesFri, 20 Feb 2026 22:48:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-second-lien-rmbs-growth-expected-amid-locked-in-first-liens-and-strong-home-equity-s101670619<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 19:06:15 GMT00:01:00<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]><![CDATA[ This report does not constitute a rating action. Artificial intelligence (AI) disruption has been the key theme across credit markets this year, including for U.S. collateralized loan obligation (CLO) transactions. Software companies are the largest sector within both broadly syndicated loan (BSL) and middle market (MM) CLOs, comprising about 14.7% of total assets for the former and 19.2% for the latter--and this is before adding loans to companies from other potentially affected industry categories. AI concerns have emerged as a potential refinancing risk for speculative-grade companies in these sectors. Recent conversations S&P Global Ratings has had with investors and others have been dominated by discussion around the outlook for these companies in CLO portfolios, and the impact of potential scenarios ]]>ArticlesFri, 20 Feb 2026 19:06:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-first-look-at-how-ai-disruption-could-affect-us-clo-ratings-br--s101671343<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 18:33:54 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesFri, 20 Feb 2026 18:33:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-february-2026-s101671671<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 21:40:00 GMT00:01:00<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]><![CDATA[ This report does not constitute a rating action. ​The global data center sector is experiencing significant growth, driven by escalating computing needs, particularly for artificial intelligence (AI) deployments. S&P Global Ratings expects the elevated technology investments in data centers and related infrastructure buildout to continue through the remainder of this decade. The magnitude of the forecasted growth, at over $1 trillion according to S&P Global 451 Research (see chart 1), has sparked interest in various types of data center financing, including for capital-intensive equipment. ​Chart 1 The substantial need for financing solutions includes not only land and power for data center facilities, but also capital-intensive equipment. Types of equipment include the graphics processing units (GPUs)/central processing units (CPUs), servers, power ]]>ArticlesThu, 19 Feb 2026 21:40:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-equipping-data-centers-through-securitization-s101645975<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 20:56:16 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Stable and predictable economic policies and political institutions. High exposure to cyclical sectors and commodity prices could hamper asset quality. A prudent risk appetite, resulting in sustainable private-sector credit growth. Still high dollarization constrains monetary policy flexibility and exposes banks to foreign exchange volatility. An ample and stable deposit base. Market distortions such as the significant presence of government-owned banks affect competitive dynamics. Meager investment and slow population growth will weigh on economic performance somewhat in 2026-2027, with GDP growth moderating to 1.9%, on average, from 2.2% in 2025. Domestic demand will continue to fuel growth because of the recovery in real wages and employment, coupled with ]]>ArticlesThu, 19 Feb 2026 20:56:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-uruguay-s101670152<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 18:47:10 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]><![CDATA[ This report does not constitute a rating action. Demand for marine cargo containers is primarily driven by global trade volumes. Leasing demand is further influenced by shipping lines’ operational requirements (as the primary users of containers), container supply and pricing, and the economic trade-off between purchasing and leasing. Container asset-backed securities (ABS) are primarily supported by lease cash flows from marine shipping containers, with performance dependent on container utilization, lease rates, lessee credit quality, and the servicer’s ability to re-lease, manage, and dispose of containers over their useful lives. The sector faces several headwinds heading into 2026, as rising isolationism and elevated policy uncertainty are expected to weigh on global trade volumes and reduce container lease demand. We conducted a ]]>ArticlesThu, 19 Feb 2026 18:47:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-container-abs-buoyancy-testing-through-rough-tides-s101663900<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 15:46:11 GMT00:01:00<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]><![CDATA[   Tariffs didn’t break global trade--they reshaped it. Trade volumes are holding up, despite initial concerns. And an undeniable surge in South-South commerce signals a fundamental shift away from traditional East-West trade corridors--demanding a fresh look at global supply chains and the evolving balance of power. China’s trade relationship with the Global South is expanding significantly. Chinese exports to developing markets presently surpass those to the U.S. and Europe, backed by strategic infrastructure investments. This dynamic is fueling more than just sales: it’s creating lasting dependencies and reshaping the competitive landscape for European companies, with potential negative credit implications for key manufacturing sectors (including motor vehicles, machinery, and equipment) where EU trade flows have reversed to favor China. The European ]]>ArticlesThu, 19 Feb 2026 15:46:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-the-shifting-tides-of-global-trade-challenging-europe-s101671348<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 14:15:35 GMT00:01:00<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]><![CDATA[ This report does not constitute a rating action. Fundamental to U.S. NFP public power and electric cooperative utilities maintaining credit quality is their flexibility to increase retail rates to offset rising operating and capital costs. However, the substantial utility infrastructure investment cycle is coinciding with a prolonged inflationary environment and could diminish cost recovery prospects. The sensitivity of rate-setting bodies--whether utility boards, city council members, or state regulators--to affordability considerations can reduce willingness to raise retail rates to support ballooning operating and capital costs and maintain credit quality. In addition, sizable rate increases that reduce affordability can impair cash flows by elevating accounts receivable, doubtful accounts, and the number of customers on payment plans. Because U.S. consumers are facing a ]]>ArticlesThu, 19 Feb 2026 14:15:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/for-us-not-for-profit-electric-utilities-capex-affordability-and-performance-can-diverge-s101669830<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 07:43:25 GMT00:01:00<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses The Housing Bank for Trade and Finance's green bond framework as Medium green: Activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to belong-term low-carbon climate resilient solutions. HBTF was established in 1973 as a specialized housing finance provider, based in Amman, Jordan. Over the years, it has expanded its operations and become the second-largest full-service commercial bank in Jordan in terms of assets, and is listed on the Amman Stock Exchange. ]]>ArticlesThu, 19 Feb 2026 07:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-housing-bank-for-trade-and-finance-green-bond-framework-s101671085<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 22:22:47 GMT00:01:00<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]><![CDATA[ This report does not constitute a rating action. Revolving structures are in focus across residential mortgage-backed securities (RMBS) markets. A growing number of investors and funders are providing capital to non-bank originators. At the same time, originators are seeking to maximize funding volumes while margins remain attractive. These dynamics are driving interest in revolving features in RMBS structures--be it through warehouses or in term transactions pools seeking to maximize tenor. Here, S&P Global Ratings answers frequently asked questions from investors about these features. The ability to add assets to a special purpose entity structure raises the possibility of the pool composition changing and potentially increases credit risk and credit loss. In the rated context, this can undermine rating stability if ]]>ArticlesWed, 18 Feb 2026 22:22:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-rmbs-pools-are-revolving-and-why-it-matters-s101669726<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 21:00:19 GMT00:01:00<![CDATA[ The Ratings View: Feb. 18, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into AI’s impact on markets, credit conditions, and sectors. We expect the U.S. trailing-12-month speculative-grade corporate default rate to edge up to 3.75% by December 2026, and Europe’s rate to fall to 3.25%. January’s corporate defaults were almost entirely U.S.-based. ]]>ArticlesWed, 18 Feb 2026 21:00:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-18-2026-s101671222<![CDATA[ The Ratings View: Feb. 18, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:31:02 GMT00:01:00<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]><![CDATA[ This report does not constitute a rating action. Our outlook on the U.S. health services sector remains stable, with risks that vary by subsector. We expect sector rating actions this year to be relatively balanced, with downside ratings risk concentrated among the lowest-rated issuers. The most significant rating differentiator in the sector is capital-structure sustainability. While we believe the risk of credit default and distressed exchanges is lower than in recent years, it will likely again be the predominant factor for most adverse rating actions given over 20% of ratings are in the ‘CCC’ category. Still, overall operating performance for the portfolio of health services companies is modestly improving, supported by good patient revenue, slight margin gains, and a modest ]]>ArticlesWed, 18 Feb 2026 16:31:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-us-health-services-outlook-remains-stable-with-downside-risk-concentrated-among-the-lowest-rated-issuers-s101668272<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:27:04 GMT00:01:00<![CDATA[ Charter School Brief: California ]]><![CDATA[ This report does not constitute a rating action. California remains the state with the most S&P Global Ratings rated charter schools, with 45 ratings as of Feb. 17, 2026. As of the 2024-2025 school year, 728,000 students (11% of total California transitional kindergarten-through-grade 12 [TK-12] enrollment) attended one of California's 1,278 charter schools and charter enrollment continues to increase as a proportion of the state's total TK-12 enrollment. Chart 1 The credit profiles for our rated charter schools in California are generally weaker than those across the sector, with one-third of California charter schools having investment-grade ratings, compared with 42% of the sector as a whole. (See “ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling ]]>ArticlesWed, 18 Feb 2026 16:27:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/charter-school-brief-california-s101670424<![CDATA[ Charter School Brief: California ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 14:30:44 GMT00:01:00<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]><![CDATA[ AI has moved center stage in this year’s Q4 results season, as anxiety around last year’s dominant topic of tariffs has faded. We have used AI to analyze comments made in earnings calls by rated nonfinancial corporates so far in 2026. We look at five key AI themes that emerge from management comments, four emerging AI themes to watch, a sector ranking of AI-keyword intensity in earnings transcripts, a summary of AI-related capital expenditure comments, and core AI themes per industry with illustrative company comments. ]]>ArticlesWed, 18 Feb 2026 14:30:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-corporate-earnings-themes-ai-takes-hold-s101671082<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Feb 2026 16:34:46 GMT00:01:00<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]><![CDATA[ Transaction profile Issuer Dilosk RMBS No. 11 DAC Collateral type RMBS Prime Domicile of assets Ireland Seller Dilosk DAC Servicer Dilosk DAC Counterparties BNP Paribas Ireland Branch, Deutsche Bank AG London Branch, and Natixis S.A. Ratings Class Rating* Balance (mil. €) Credit enhancement (%)§ Interest Step-up margin Step-up date Legal final maturity A AAA (sf) 202.40 8.25 3m EURIBOR plus 0.62% 3m EURIBOR plus 0.93% October 2029 October 2064 B-Dfrd AA+ (sf) 11.00 3.25 3m EURIBOR plus 0.85% 3m EURIBOR plus 1.275% October 2029 October 2064 C-Dfrd A (sf) 3.85 1.50 3m EURIBOR plus 1.10% 3m EURIBOR plus 1.65% October 2029 October 2064 D-Dfrd BBB+ (sf) 2.75 0.25 3m EURIBOR plus 1.55% 3m EURIBOR plus 2.325% October 2029 October 2064 ]]>ArticlesTue, 17 Feb 2026 16:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-dilosk-rmbs-no11-dac-s101669314<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 13:51:53 GMT00:01:00<![CDATA[ European RMBS Index Report Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European RMBS Index Dashboard here . The dashboard tracks the collateral performance of all our rated European RMBS transactions and enables the filtering of data to identify key metrics and trends. It also includes a peer comparison tool, issuance and rating actions data, as well as macroeconomic forecasts. Table 1 Total delinquencies (%) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 All countries - index 2.8 3.1 3.1 3.1 3.2 France and Belgium 0.4 0.4 0.4 0.4 0.3 Italy 2.0 2.0 2.1 2.3 2.1 Ireland prime 0.5 0.5 0.6 0.5 0.5 ]]>ArticlesMon, 16 Feb 2026 13:51:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-rmbs-index-report-q4-2025-s101669373<![CDATA[ European RMBS Index Report Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 11:35:19 GMT00:01:00<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]><![CDATA[ There were three upgrades last week, spread across three sectors, including one new rising star--Vertiv Group Corp--bringing the year-to-date total to four. Meanwhile, positive outlooks and CreditWatch placements outnumbered negative ones for the fifth consecutive week, implying that upgrades could increase. There were five downgrades last week, three of which were to issuers in the 'BBB' categories, including the second fallen angel of 2026--Raizen S.A.--and a new potential fallen angel--Stellantis N.V. There were two defaults last week, bringing the year-to-date total as of Feb. 12 to 15, ahead of the 11 defaults recorded at this point in 2025. The public default was to cyber security software vendor Redstone Buyer LLC, due to distressed exchange. ]]>ArticlesMon, 16 Feb 2026 11:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-positive-outlook-changes-remain-elevated-feb-16-2026-s101670745<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 13:43:26 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in January 2026, after the following defaults in the month: Ukraine-based public railway transport administration services provider Ukrainian Railways JSC U.S.-based specialty retailer Saks Global Enterprises LLC U.S.-based outpatient rehabilitation services provider Upstream Newco Inc. U.S.-based logistics services provider Reception Purchaser LLC U.S.-based printing and packaging solutions services provider LABL Inc. U.S.-based apparel manufacturer and supplier YS Garments LLC U.S.-based customized packaging designer and manufacturer Poseidon Investment Intermediate L.P. U.S.-based chemical logistics services provider Rinchem Co. LLC U.S.-based housing laundry services provider Spin Holdco Inc. Nine companies defaulted in January 2026, unchanged from the previous month. Eight defaults occurred in the U.S. and ]]>ArticlesFri, 13 Feb 2026 13:43:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-january-corporate-defaults-almost-entirely-us-based-s101670056<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 10:33:34 GMT00:01:00<![CDATA[ New Issue: Domi 2026-1 B.V. ]]><![CDATA[ Transaction profile Issuer Domi 2026-1 B.V. Collateral type RMBS buy-to-let Domicile of assets The Netherlands Originator, seller, and master servicer Domivest B.V. Sub-servicer and stand-by primary servicer Stater Nederland B.V. Special servicer Hypocasso B.V. Counterparties Citibank Europe PLC, Netherlands branch, ABN AMRO Bank N.V., and Crédit Agricole Corporate and Investment Bank Capital structure Class Rating* Amount (mil. €) Class size (%) Credit enhancement (%)§ Interest (%) Step-up interest (%) Step-up date Legal final maturity A AAA (sf) 493.3 93.0 7.7 3M EURIBOR + 0.64 3M EURIBOR + 0.96 February 2031 February 2057 B-Dfrd AA- (sf) 23.9 4.5 3.2 3M EURIBOR +0.90 3M EURIBOR plus + 1.35 February 2031 February 2057 C-Dfrd A- (sf) 8.0 1.5 1.7 3M EURIBOR + 1.10 ]]>ArticlesFri, 13 Feb 2026 10:33:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-domi-2026-1-bv-s101669327<![CDATA[ New Issue: Domi 2026-1 B.V. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 22:14:59 GMT00:01:00<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings assigned its first sovereign rating in the Caribbean region in 1996, to Trinidad and Tobago (a 'BB+' long-term foreign currency rating). As of January 2026, we rate 11 Caribbean sovereigns, and six of them are investment-grade ('BBB-' or higher). The sovereign ratings in the region range from 'A-' to 'CCC+' (see table 1). Despite common challenges facing the region (such as managing a narrow economy vulnerable to external shocks and climate events), several countries have sustained high ratings or seen ratings improve from low levels. Those countries' success stems from, among other things, good financial management, the creation of fiscal buffers (including by funding social welfare and domestic pension ]]>ArticlesThu, 12 Feb 2026 22:14:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/caribbean-sovereigns-exhibit-wide-credit-variation-s101669668<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 20:19:43 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' 2025 U.S. not-for-profit acute health care total rating and outlook actions were nearly identical to the number of actions in 2024. However, there were far more upgrades and fewer downgrades in 2025 compared with 2024. This year caps a three-year trend of increasingly fewer downgrades, although the absolute number remains meaningful and reflects sector pressures. The number of outlook revisions were generally comparable year over year with favorable outlook revisions (stable to positive, negative to stable, or negative to positive) accelerating throughout the year and outpacing unfavorable revisions (stable to negative, positive to stable, or positive to negative) in both 2024 and 2025. While we upgraded more organizations in ]]>ArticlesThu, 12 Feb 2026 20:19:43 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-rating-actions-2025-year-end-review-s101668908<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 17:52:29 GMT00:01:00<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]><![CDATA[ This report does not constitute a rating action. In both Trump administrations, the federal government reduced, or threatened to reduce, revenue to LGs, frequently focusing on sanctuary cities. Proposals announced already in 2026 would cut federal funding to this cohort as well as the U.S. states where the cities are located that resist federal immigration enforcement. S&P Global Ratings does not expect this issue will lead to rating changes--in isolation. This is due partly to the limited amount of federal revenues that make up LG budgets: on average, LGs receive less than 5% of their revenues from the federal government. However, a smaller magnitude does not necessarily preclude disruption to operations, especially if there are reductions to U.S. states’ federal ]]>ArticlesThu, 12 Feb 2026 17:52:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-are-mostly-insulated-from-federal-funding-reductions-amid-ongoing-operating-stress-s101669937<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 16:51:38 GMT00:01:00<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]><![CDATA[ This report does not constitute a rating action. In the last year or so, capital markets have contemplated the potential for generative AI to significantly disrupt portions of the software market. Recently launched autonomous and powerful versions of AI tools have accelerated these concerns, contributing significantly to the volatility and negative investor sentiment in the public software equity markets. The headwinds have spilled beyond equities into credit markets including public, syndicated loan, and private credit, given the high representation of software in these spaces. With a lack of real time pricing and the general opacity in the private credit market, investor concerns have been amplified, and an assessment of pronounced pessimism appears to have taken hold. However, S&P Global Ratings ]]>ArticlesThu, 12 Feb 2026 16:51:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-disruption-worries-spill-over-to-private-credit-markets-s101670132<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 15:07:38 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 12 Feb 2026 15:07:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-11-2026-br--s101670295<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 11:10:27 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: USDG ]]><![CDATA[ S&P Global Ratings assesses the ability of Global Dollar (USDG) to maintain its peg to the U.S. dollar at 2 (strong). USDG is a fiat-collateralized stablecoin launched in November 2024, issued by Paxos Digital Singapore Pte. Ltd. (Paxos Digital) and Paxos Issuance Europe Oy (Paxos EU). ]]>ArticlesThu, 12 Feb 2026 11:10:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-usdg-s101670110<![CDATA[ Stablecoin Stability Assessment: USDG ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 09:31:23 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Bonds Global Outlook 2026: Consolidation, Not Expansion ]]><![CDATA[ This report does not constitute a rating action. Outstanding debt in the global sustainable bond market should hit a new high in 2026. In 2025, issuance fell 19% to $866 billion. We expect issuance of a similar level this year. This would bring outstanding sustainable bonds to about $5.5 trillion, given 2026 maturities slightly exceeding $500 billion. However, we note sustainable bond issuance is decoupling from the overall bond market, which increased nearly 11% in 2025 and surpassed $10 trillion in total issuance. This means forecasts for sustainable bond issuance are subject to increasing uncertainty, in S&P Global Ratings' view. : There was a significant decline in sustainable bond issuance in 2025. Sustainability was not front of mind among many ]]>ArticlesThu, 12 Feb 2026 09:31:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bonds-global-outlook-2026-consolidation-not-expansion-s101668325<![CDATA[ Sustainability Insights: Sustainable Bonds Global Outlook 2026: Consolidation, Not Expansion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 22:28:15 GMT00:01:00<![CDATA[ The Ratings View: Feb. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: We look at whether AI will support or replace existing software offerings. Despite record issuance, a steep maturity wall lies ahead for corporate borrowers. The earnings cycle is accelerating and broadening beyond technology entities. ]]>ArticlesWed, 11 Feb 2026 22:28:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-11-2026-s101670200<![CDATA[ The Ratings View: Feb. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 16:45:06 GMT00:01:00<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]><![CDATA[ This report gives a detailed summary of what's expected for the U.S. broadly syndicated collateralized loan obligation and leveraged finance space in first-quarter 2026. ]]>ArticlesWed, 11 Feb 2026 16:45:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-and-bsl-clo-quarterly-tail-risks-persist-q1-2026-s101670100<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 14:18:15 GMT00:01:00<![CDATA[ New Issue: Polaris 2026-1 PLC ]]><![CDATA[ Transaction profile Issuer Polaris 2026-1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller UK Residential Mortgages Ltd. Servicer Pepper (UK) Ltd. Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 338.93 13.35 Daily compounded SONIA + 0.730 Daily compounded SONIA + 1.095 Feb. 27, 2030 June 27, 2070 B-Dfrd* AA (sf) 20.93 8.00 Daily compounded SONIA + 0.900 Daily compounded SONIA + 1.350 Feb. 27, 2030 June 27, 2070 C-Dfrd* A- (sf) 17.21 3.60 Daily compounded SONIA + 1.200 Daily compounded SONIA + 1.800 Feb. 27, 2030 June 27, 2070 D-Dfrd* BBB- (sf) 7.04 1.80 Daily compounded SONIA + 1.550 Daily compounded SONIA + ]]>ArticlesWed, 11 Feb 2026 14:18:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-polaris-2026-1-plc-s101668204<![CDATA[ New Issue: Polaris 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 19:39:04 GMT00:01:00<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. The Americas midstream energy industry benefited from favorable conditions in 2025: rising natural gas demand, financial discipline, and conservative growth funding that we expect to continue in 2026. Integrated, natural gas-focused companies particularly felt lift from liquefied natural gas capacity expansion along the U.S. Gulf Coast. Additionally, increased demand for power generation from AI and data centers may spur further liquids infrastructure development in Canada and the Midwest. While geopolitical and macroeconomic uncertainties could pose challenges, companies are well-positioned financially to manage potential headwinds. Currently, outlooks on 85% of midstream energy companies rated by S&P Global Ratings are stable, 3% positive, and 6% negative. Ratings for both investment-grade and speculative-grade firms have ]]>ArticlesTue, 10 Feb 2026 19:39:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-midstream-energy-companies-in-the-americas-strongest-to-weakest-s101668211<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 14:43:51 GMT00:01:00<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]><![CDATA[ This report does not constitute a rating action. New products by AI-native companies are adding uncertainty about whether AI will support existing software offerings or replace them. This has triggered a market reevaluation and destabilized the financial outlooks for software companies lacking business moats--a set of characteristics that provide a competitive advantage. The software industry’s longstanding advantages--high barriers to entry, recurring revenue, established pricing, and strong profitability--are now being challenged by the integration of AI into software offerings and workflows. We consider established platform leaders with deep domain expertise and proprietary data to be best positioned to navigate disruption from AI-native entrants, while less differentiated, rule-based, point-solutions software providers will likely face margin pressure and displacement risks. While AI-driven disruption ]]>ArticlesTue, 10 Feb 2026 14:43:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/recalibrating-the-competitive-moat-assessing-durability-in-an-ai-infused-software-landscape-s101669629<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 13:42:10 GMT00:01:00<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]><![CDATA[ This report does not constitute a rating action. Switzerland has experienced recent incidents--including the landslide in the village of Blatten and similar risks identified in Brienz--that reveal vulnerability to significant physical climate risks, despite not being typically associated with extreme weather events. These risks have direct and measurable financial implications and offer valuable insights into how climate-related hazards can affect a region's public finances and infrastructure. Extreme weather events could drive higher and more volatile public spending and, over time, affect regional economic conditions. Single events are generally manageable in Swiss cantons, in S&P Global Ratings' view, but compounding or spatially widespread shocks could increase infrastructure needs, strain operating budgets, and weaken tax bases, particularly where economic activity or the ]]>ArticlesTue, 10 Feb 2026 13:42:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-when-nature-sends-the-bill-the-impact-of-extreme-weather-events-on-swiss-canton-ratings-s101665689<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 05:18:07 GMT00:01:00<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]><![CDATA[ This report does not constitute a rating action. On Jan. 26, 2026, the EU gave approval to completely cut Russian liquefied natural gas (LNG) by end-2026 and pipeline gas by 2027. According to the European Commission, this supply amounts to 35 billion cubic meters per year (bcmpa), or roughly 10% of the EU's gas consumption annually. Much of this gas may come to Asia. Investors are asking us where in Asia could this gas go, how the added supply may affect Asian gas markets, and how this may shape the spending choices of energy majors. We answer their main queries below. It's likely, as Asia currently imports gas from Russia. China, India and Japan, for example, are major buyers of ]]>ArticlesTue, 10 Feb 2026 05:18:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-diverted-russian-gas-could-affect-asian-energy-markets-br--s101669097<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 03:22:13 GMT00:01:00<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]><![CDATA[ This report does not constitute a rating action. A major debt overhang persists for two of China's wealthiest provinces. Nationally, Jiangsu and Zhejiang have amassed the highest level of debt at their local government financing vehicles (LGFVs). And the burden is still growing, albeit at a slower rate. Tackling the risks won't be quick or easy. Jiangsu and Zhejiang are among China's most economically dynamic provinces. S&P Global Ratings believes they have therefore shouldered more responsibility to support the Chinese economy in recent years by pumping money into infrastructure projects. The provinces channeled some of this investment through their LGFVs, accelerating debt levels. Zhejiang's LGFV debts grew at a compound annual of 23% over the five years to 2024, and ]]>ArticlesTue, 10 Feb 2026 03:22:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-lgfv-in-transition-lgfvs-at-economic-powerhouses-jiangsu-and-zhejiang-are-only-gradually-commercializing-s101665801<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 20:47:53 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was muted with a roughly 0.4% increase nationally as of third-quarter 2025, compared with about 1.5% as of the second quarter. Meanwhile, per capita income growth remained subdued at roughly 0.7% versus 1.2%. Our current assessment shows that about 82% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 10% are neutral (0% over/undervaluation) and about 8% are undervalued. In addition, home prices have decreased in 10 states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation assessment and ]]>ArticlesMon, 09 Feb 2026 20:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-at-10-hpa-muted-s101663586<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 17:06:54 GMT00:01:00<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]><![CDATA[ This report does not constitute a rating action. The global animal health product industry has many of the same favorable characteristics as the branded pharmaceutical industry: 1) Patents and the need for pharmacological expertise are substantial barriers to new competitors. 2) A significant portion of revenue is naturally recurring. 3) Demand tends to be stable through the business cycle. 4) High industry consolidation limits price-based competition. The market for companion animal (pets, as opposed to livestock for food supply) health products offers particularly attractive growth prospects, supported by strong brand loyalty from vets and pet owners, which contributes to high margins and limited volatility even after patent expirations. Our ratings on industry-leading companies Zoetis, Elanco, and Merck & Co.--as well ]]>ArticlesMon, 09 Feb 2026 17:06:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/peer-comparison-favorable-industry-dynamics-support-business-prospects-for-leading-animal-health-product-companies-s101664089<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 11:28:09 GMT00:01:00<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]><![CDATA[ This report does not constitute a rating action. Sweden’s securitization market may benefit from changing EU regulations and a growing appreciation of risk transfer benefits. The Swedish financial regulator (Finansinspektionen; FSA) has historically approached securitization with caution, which may have kept public issuance negligible for the past decade. However, a legislative effort at the EU level could soon bring significant changes to how the bloc's member states regulate securitization activity. We understand that the FSA has been concerned about so-called flowback risk, the possibility of credit risk transferred through a securitization returning to the originator's balance sheet. While the EU securitization regulations do not explicitly address this risk, greater standardization, transparency, and deepening securitization markets could mitigate the concern. In ]]>ArticlesMon, 09 Feb 2026 11:28:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-brief-eu-regulatory-changes-could-unlock-swedish-securitization-growth-s101668008<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 04:08:33 GMT00:01:00<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific's chemical glut persists. The sector will remain under earnings strain in 2026. S&P Global Ratings thinks ongoing overcapacity will keep utilization and products spreads weak, which means there will likely be no meaningful recovery by 2027 at least. Although Asia's ethylene producers plan to cut less than 5% of regional capacity over the next two to three years, downside risks remain elevated. Weakness in China's property sector and domestic consumption, alongside global trade tensions, could further dampen demand. We anticipate capacity rationalization will pick up pace. Producers outside China will curb output amid rising competition and import displacement tied to China's push for self-sufficiency. In China, producers are likely to accelerate ]]>ArticlesMon, 09 Feb 2026 04:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-asia-pacific-chemical-sector-2026-oversupply-prolongs-the-strain-s101668158<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 03:48:38 GMT00:01:00<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 09 Feb 2026 03:48:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-trends-rmbs-arrears-statistics-australia-including-noncapital-market-issuance-december-2025-s101669517<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 02:16:52 GMT00:01:00<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]><![CDATA[ This report does not constitute a rating action. China's glut of primary housing is keeping a property market recovery out of reach. Completed primary inventory rose in 2025 for the sixth year in a row. The supply overhang likely weighs on prices, and falling prices erode homebuyers' confidence. It's a vicious cycle with no easy escape. Without major nationwide policies to address excess inventory, primary home sales will likely keep falling in 2026. We expect nationwide primary property sales to drop 10%-14% to renminbi (RMB) 7.2 trillion-RMB7.6 trillion in 2026 (see table 1). This is down from our original expectation of a 5%-8% sales decline in 2026 (see " China Property Watch: The Chilling Effects Of Polarization ," Oct. 9, ]]>ArticlesMon, 09 Feb 2026 02:16:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-property-watch-supply-glut-to-impede-recovery-s101667227<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 18:35:19 GMT00:01:00<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]><![CDATA[ ESG-related rating actions rose 11% in 2025 to 182, reversing the decline seen in 2024. This increase was driven almost exclusively by governance factors, which accounted for 80% of all ESG-related rating activity (up from 77% in 2024). Physical climate risks drove 29 rating actions in 2025, up 32% from 2024, with the increase pointing to rising near-term credit sensitivity to acute weather events. ]]>ArticlesFri, 06 Feb 2026 18:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/esg-in-credit-ratings-2025-in-review-physical-risk-driven-rating-actions-increased-s101669418<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 15:12:33 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 06 Feb 2026 15:12:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-4-2026-s101669350<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 14:45:51 GMT00:01:00<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]><![CDATA[ This report does not constitute a rating action. The PPIF, held in Miami from Jan. 27-29, 2026, is one of the largest gatherings of market participants in the global and growing private placements market. Data centers held the spotlight, with discussions around size of pipeline, execution risk, and pursuit of new pools of capital to fund the growth. This report summarizes key observations and themes from the conference, focusing on the challenges and opportunities facing data center financing. These will finance ever-growing data center buildouts in the U.S. In 2025, about $237 billion was spent to build global data center facility shell, power and cooling infrastructure, and a further $283 billion is expected in 2026. Discussion with PPIF participants indicates ]]>ArticlesFri, 06 Feb 2026 14:45:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-and-project-finance-key-data-center-financing-takeaways-from-ppif-2026-s101668747<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 18:02:19 GMT00:01:00<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 19 rating actions, made 32 outlook revisions, and placed three ratings on CreditWatch within the U.S. municipal water and sewer utilities sector in fourth-quarter 2025. We also affirmed 88 ratings with no outlook revisions. U.S. municipal water and sewer utilities rating actions, 2025 and fourth-quarter 2024 2024 2025 Fourth quarter First quarter Second quarter Third quarter Fourth quarter Upgrades 6 6 8 12 5 Downgrades 35 31 18 16 14 Favorable outlook revisions 3 4 12 11 12 Unfavorable outlook revisions 23 9 16 17 20 Removed from CreditWatch 5 4 12 5 1 CreditWatch with negative implications 5 23 4 2 3 Maintained ratings with no outlook ]]>ArticlesThu, 05 Feb 2026 18:02:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-municipal-water-and-sewer-utilities-rating-actions-fourth-quarter-2025-s101668706<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 06:18:25 GMT00:01:00<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]><![CDATA[ This report does not constitute a rating action. Any crash of a titan in South and Southeast Asia's corporate sector could have deep repercussions for banks. Concentration risks are significant for a few banks but manageable for most others. Table 1 Our scenario analysis, focused on loan concentration at banks in the region, found Brunei and the Philippines are at the highest risk. This is because of high single-name concentration in those countries. Rated Cambodian banks, meanwhile, face little concentration risk, because banks there are generally not heavily exposed to large corporations. In the case of a blockbuster default, S&P Global Ratings' assessment of risk-adjusted capital levels could decline sharply for certain banks. This could lead to negative rating actions. That ]]>ArticlesThu, 05 Feb 2026 06:18:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-and-southeast-asia-stress-tests-show-loan-concentration-could-blindside-banks-s101666982<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 05:23:22 GMT00:01:00<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]><![CDATA[ This report does not constitute a rating action. Japan's large companies will generally withstand the pressure of higher interest rates, in our view. The yield on 10-year Japanese government bonds, a benchmark long-term interest rate, exceeded 2% at the end of 2025 for the first time in 26 years and was 2.25% at the end of January 2026. While policy interest rates in major countries globally are being cut, further moderate rate hikes are likely in Japan. However, we surveyed the companies on the Nikkei Stock Average (Nikkei 225) and see little risk of them being hit hard by higher rates. Business performance and indicators related to cash flow at these companies should be relatively unscathed. Highter interest rates will ]]>ArticlesThu, 05 Feb 2026 05:23:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-japan-can-withstand-rising-interest-rates-s101667270<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 20:10:03 GMT00:01:00<![CDATA[ The Ratings View: Feb. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: Geopolitical risks could destabilize sovereign debt credit-quality dynamics. Global bond issuance to increase 4.8% in 2026. We address six key questions regarding liquidity and volatility in credit markets. ]]>ArticlesWed, 04 Feb 2026 20:10:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-4-2026-s101668997<![CDATA[ The Ratings View: Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:44:33 GMT00:01:00<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]><![CDATA[ An annual review of the U.S. and Canada credit card ABS trusts we rate. ]]>ArticlesWed, 04 Feb 2026 18:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-and-canada-credit-card-abs-review-s101668938<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:40:44 GMT00:01:00<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]><![CDATA[ This report does not constitute a rating action. Medical device manufacturers are reshaping their portfolios through mergers, acquisitions, and spin-offs to improve positioning in high-growth markets. In recent years, supply chain disruptions, high interest rates, regulatory and legislative uncertainty, and high valuations curtailed large-scale M&A. Instead, companies focused on smaller tuck-in acquisitions and strategic spin-offs to adjust their portfolios. This allowed them to innovate within segments, expand product portfolios, and leverage established research and development and commercial platforms to increase revenue, with minimal impact to credit metrics. At the same time, divestitures of segments with weaker growth prospects, lower margin profiles, or older technologies (sometimes requiring significant investment) helped improve financial performance but reduced diversification. The environment for medical device ]]>ArticlesWed, 04 Feb 2026 18:40:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-thoughts-on-portfolio-reshaping-wave-in-medtech-s101666410<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:57:44 GMT00:01:00<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]><![CDATA[ This report does not constitute a rating action. Regulated electric and gas utilities entered 2026 with approximately $14 billion of rate case increase requests pending across several U.S. jurisdictions, reflecting the need for timely cost recovery. At the same time, these utilities continue to operate in an environment defined by high capital spending, in large part driven by datacenter growth, grid hardening, and energy transformation. Specifically, 56 regulated electric and gas utilities have rate case decisions pending in 2026, representing 34 utility holding companies. In addition, these regulated utilities are requesting an authorized rate of return that averages about 10.4% and an authorized equity capitalization that averages about 51.3%. Furthermore, these utilities’ holding companies incurred capital expenditures (capex) totaling approximately ]]>ArticlesWed, 04 Feb 2026 17:57:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/select-us-investor-owned-electric-and-gas-utilities-enter-2026-with-14-billion-in-pending-rate-cases-modestly-lower-than-2025-requests-s101665495<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:43:25 GMT00:01:00<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]><![CDATA[ This report does not constitute a rating action. Although global debt issuance in 2025 reached a record high amid robust investor demand, supporting refinancing efforts, borrowers continue to face substantial maturing debt in the coming years. Corporate issuers in 2025 took advantage of favorable financing conditions and rate cuts by the Federal Reserve and other major central banks. Global financial and nonfinancial corporate borrowers reduced debt maturing in 2026 by 11.5% to $2.32 trillion over 2025, with nonfinancial speculative-grade (rated 'BB+' or lower) debt maturing in 2026 down by 43%. These reductions would have been even deeper if not for the weakening of the U.S. dollar last year, which lifted the relative amount of debt outstanding in U.S. dollars. Despite ]]>ArticlesWed, 04 Feb 2026 17:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-refinancing-steep-maturities-lie-ahead-despite-recent-record-issuance-s101667681<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 16:33:29 GMT00:01:00<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]><![CDATA[ Generally healthy broker performance in 2026 despite limited market lift. Non-brokers to largely perform well despite lingering headwinds. Inorganic activity remains central in the race for scale. ]]>ArticlesWed, 04 Feb 2026 16:33:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/insurance-brokers-and-servicers-sector-view-2026-resilience-amid-a-transitioning-market-s101668918<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 15:22:34 GMT00:01:00<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]><![CDATA[ U.S. property/casualty (P/C) insurance remains a highly rated sector with strong capital, which is further bolstered by solid operating performance and investment income. ]]>ArticlesWed, 04 Feb 2026 15:22:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-propertycasualty-insurance-sector-view-2026-resilience-in-the-face-of-uncertainty-s101668740<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:56:53 GMT00:01:00<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]><![CDATA[ S&P Global Ratings expects annual average real GDP growth for Canada to come in at 1.7% in 2025 and 1.5% in 2026, reflecting Statistics Canada's significant upward revisions to GDP data in December. ]]>ArticlesWed, 04 Feb 2026 14:56:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-canada-macroeconomic-snapshot-growth-slows-pockets-of-resilience-remain-s101668902<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:11:04 GMT00:01:00<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]><![CDATA[ This report does not constitute a rating action. Before the 2008 financial crisis, pro rata amortization structures were relatively common in EMEA asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions. Following the financial crisis, the market largely shifted toward sequential amortization, prioritizing the repayment of senior notes. However, ABS pro rata amortization structures (often incorporating a full capital stack) have experienced a revival since 2018-2019. This shift is reflected in our November 2022 to December 2025 ratings data, where the number of overall ABS pro rata transactions we rate increased to 43 (from 26) and pro rata day one transactions increased to 19 (from eight). We anticipate this trend to continue. Although this resurgence is more pronounced in ABS ]]>ArticlesWed, 04 Feb 2026 14:11:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-a-deeper-dive-into-european-abs-and-rmbs-pro-rata-amortization-structures-s101660258<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 12:43:55 GMT00:01:00<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Kelag's Green Financing Framework as Dark green, indicating activities that correspond to the long-term vision of a low-carbon climate resilient future. Kelag is one of Austria’s major integrated energy companies. Its activities span renewable power generation, electricity and gas network operation, district heating, energy trading, and telecommunications. ]]>ArticlesTue, 03 Feb 2026 12:43:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kelag-green-financing-framework-s101668726<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 08:54:33 GMT00:01:00<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]><![CDATA[ This report does not constitute a rating action. Stablecoins are poised to enter the mainstream of European finance in 2026. The digital tokens, which are often pegged one-to-one to currencies, promise greater stability than unbacked crypto assets yet retain many of the same benefits--speed, low costs, and traceability. That makes them a potentially useful instrument for both investment (via tokenized assets) and business transactions, especially across national borders. S&P Global Ratings expects European stablecoin issuance and use to grow rapidly, beginning this year and continuing over our forecast horizon. By 2030 we forecast the total value of euro-pegged stablecoins will be between €25 billion and €1,100 billion (equivalent to 0.1% to 4.2% of eurozone banks’ overnight deposits), up from a ]]>ArticlesTue, 03 Feb 2026 08:54:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-banks-are-embracing-stablecoins-with-an-eye-on-the-future-br--s101654757<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 07:27:16 GMT00:01:00<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]><![CDATA[ This report does not constitute a rating action. A new year, a new push to reform Indian banks. In its recent budget, the government said it would comprehensively review lenders. The reforms could emphasize consolidation to achieve scale, coupled with structural efficiency gains. If reforms miss on efficiency, we believe they won't likely meet state objectives of becoming world leading. Only two Indian banks rank among the top 100 globally by assets: State Bank of India (SBI) and HDFC Bank. In our view, the current economic climate presents an opportunity for structural reforms. The balance sheets of Indian banks are healthy and we believe their asset-quality pressures are manageable. India's public sector banks (PSBs) are inefficient not just in comparison ]]>ArticlesTue, 03 Feb 2026 07:27:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/will-indias-latest-reform-push-make-public-sector-banks-more-efficient-s101665998<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 19:28:24 GMT00:01:00<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]><![CDATA[ This report does not constitute a rating action. We forecast average growth to accelerate to 3.4% in 2026 from 3% last year, driven by increased hydrocarbon production and strong nonoil activity, particularly in the UAE and Saudi Arabia. Notably, Qatar’s new liquefied natural gas production is due to come on stream this year. Chart 1 Our forecasts are underpinned by the assumption that public sector initiatives focused on maximizing oil and gas revenues--including infrastructure investments to increase capacity--will maintain growth in tandem with efforts to develop sustainable nonoil private sectors, most visibly in Saudi Arabia. However, these diversification efforts carry significant fiscal costs, which are amplified by lower oil prices. We assume a $60/bbl oil price in 2026. Chart 2 ]]>ArticlesMon, 02 Feb 2026 19:28:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-sovereign-rating-outlook-2026-stable-through-geopolitical-and-oil-price-volatility-s101667024<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:50:01 GMT00:01:00<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]><![CDATA[ This report does not constitute a rating action. The average African sovereign rating has reached its highest level since late 2020--with a slightly positive outlook bias--reflecting recent reforms and improved growth, though the full impact on credit metrics will take time to materialize. Stable growth, lower inflation, and prospects for higher commodity prices (excluding oil) and a weaker U.S. dollar should reduce financing costs and support continued reform implementation. Structurally high debt and low, concentrated revenue bases will continue to pose key risks and, with government external debt repayments likely to exceed $90 billion this year, external vulnerabilities have also increased. Security risks, including rising Islamist activity (particularly in West Africa) present a challenge, while factors such as civil unrest--reflecting ]]>ArticlesMon, 02 Feb 2026 17:50:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/african-sovereign-ratings-outlook-2026-positive-momentum-stabilizing-s101667563<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:46:55 GMT00:01:00<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that the recovery in U.K.-based providers’ performance will be more prolonged than we previously projected. U.K.-based providers will continue to increase their spending on existing stock, albeit at a slower pace than in previous years (see chart 1). Growing repair costs reflect efforts to improve the quality of the sector’s housing stock and meet energy efficiency, building safety, and other enhanced regulatory requirements. In addition, the sector continues to face high demand for repair services. We consider that U.K. providers now have more certainty about their financial plans thanks to a better understanding of their stock, together with visibility on grants for investments in existing homes, access to ]]>ArticlesMon, 02 Feb 2026 17:46:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/non-us-social-housing-sector-outlook-2026-headwinds-ease-s101662744<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 15:27:17 GMT00:01:00<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]><![CDATA[ This report does not constitute a rating action. Laura Fernandez, the candidate from official Pueblo Soberano party won the February 1 presidential election in Costa Rica with 48.3% of the votes. The incumbent political party won 31 seats in the 57-seat National Assembly, achieving a simple majority. This is a significant increase from the nine seats it had during last president Chaves' term and marks a reduction in legislative fragmentation. President-elect Fernandez is likely to keep policy continuity with the outgoing Chaves administration. Implementation of her policy agenda depends upon her ability to advance on key legislation that requires simple majorities, and work with the National Assembly on more structural reforms that requires a two-third majority. On Feb. 1, 2026, ]]>ArticlesMon, 02 Feb 2026 15:27:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/costa-rica-brief-president-elect-laura-fernandez-secures-legislative-majority-s101668376<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 14:53:01 GMT00:01:00<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]><![CDATA[ This report does not constitute a rating action. As 2026 gets underway, the macroeconomic outlook remains uncertain, and volatility persists. Given the resultant unpredictability, S&P Global Ratings has addressed six questions on the key issues that could affect liquidity and volatility in global credit markets in 2026. Leverage is likely to continue building among some nonbank financial institutions (NBFIs) in 2026, fueled by easing monetary policy and bank capital requirements. NBFIs with elevated leverage could exacerbate financial fragilities and put pressure on central banks, again. Some NBFIs engage in credit and liquidity transformation, using financial leverage (borrowings) or synthetic leverage (derivatives exposures) (see chart 1). Unlike banks, NBFIs typically have limited reporting and disclosure requirements, even in jurisdictions with developed ]]>ArticlesMon, 02 Feb 2026 14:53:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/liquidity-outlook-2026-six-questions-six-answers-s101666994<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 12:28:40 GMT00:01:00<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]><![CDATA[ This report does not constitute a rating action. Eroding FX reserves are highlighting CEMAC‘s external financial vulnerabilities. Balance-of-payments pressures are stemming mainly from the region’s heavy reliance on oil, which still dominates exports and fiscal revenues (see chart 1). We assume international oil prices will stay subdued, averaging $60 per barrel this year, while output remains constrained by aging fields and technical challenges. At the same time, large infrastructure projects, ongoing investment in oil and gas, and limited domestic production of essential goods are keeping import demand high. Balance-of-payments support from donors is also lower; most IMF programs have expired and have not been renewed--except in Chad and the Central African Republic. CEMAC heads of states--the only authorities able to ]]>ArticlesMon, 02 Feb 2026 12:28:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cemac-devaluation-is-currently-unlikely-despite-growing-external-pressures-on-member-states-s101666845<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 11:11:26 GMT00:01:00<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]><![CDATA[ This report does not constitute a rating action. The growth of private credit has fueled an expansion of investment vehicles offering a range of objectives with different liquidity and risk profiles. One such vehicle is collateralized fund obligations, or CFOs. In this article, S&P Global Ratings does a deep dive on CFOs by detailing their history and how the product and sector are evolving. During the 2015-2025 period, some $15 billion in 47 such transactions backed by structured products, or hedge fund or private-equity fund shares, priced in the 144A market, per Green Street data. However, as the sector evolves, newer transactions may bear less resemblance to prior-generation deals, as they may feature more varied and complex underlying assets, structural ]]>ArticlesMon, 02 Feb 2026 11:11:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-the-evolution-of-collateralized-fund-obligations-s101667662<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:16:55 GMT00:01:00<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]><![CDATA[ This report does not constitute a rating action. The end of regulatory forbearance will challenge asset quality, while increased capital requirements come due and net interest margins come under pressure because of expected interest rate cuts. Despite this, we anticipate Nigerian banks will prove resilient and capable to preserve their profitability. This is due growth in NII (driven by transaction fees and commission growth) and declining but still high cost of risk. The latter will remain elevated as the Central Bank of Nigeria (CBN) removed regulatory forbearance measures and the creditworthiness of some restructured exposures remains weak. These could weigh on banks' asset quality in 2026 and beyond, particularly if the oil price drops significantly below our expectations. Banks have ]]>ArticlesMon, 02 Feb 2026 09:16:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nigerian-banking-outlook-2026-banks-face-regulatory-headwinds-but-will-be-able-to-preserve-positive-profitability-s101663153<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:00:11 GMT00:01:00<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]><![CDATA[ This report does not constitute a rating action. A gradual improvement in economic growth will lead to healthy business prospects and solid credit fundamentals. We expect GDP growth will average 1.5% over 2026-2027, from a subdued 0.6% in 2024. South Africa also benefits from the ongoing rally in precious metals, and we expect strong exports will support headline growth. That said, logistical and tariff-related pressures will persist. We forecast that the improving economic backdrop, coupled with infrastructure investments in logistics and renewables, will lead to robust credit growth of 8%-9% through 2026, supported by falling interest rates. Despite a slightly tighter net interest margin due to rate cuts, we expect South African banks will maintain strong profitability, with return on ]]>ArticlesMon, 02 Feb 2026 09:00:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-african-banking-outlook-2026-stronger-economy-lifts-growth-and-performance-prospects-s101666280<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 20:19:50 GMT00:01:00<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]><![CDATA[ This report does not constitute a rating action. Assuming broadly syndicated loan (BSL) CLO ‘AAA’ spreads remain stable at SOFR plus 125 bps throughout 2026 (our base case scenario), the U.S. CLO market is poised for a third consecutive year of lively reset and refinancing activity, with $375 billion in projected volume and a particularly active first half of the year. Our framework suggests a gradual 15 bps widening of BSL CLO ‘AAA’ spreads could result in $220 billion of CLO resets/refis in 2026 ($155 billion less than our base case), while a gradual 15 bps tightening of BSL CLO ‘AAA’ spreads could lead to $470 billion of resets/refis ($95 billion more than our base case). Based on the current ]]>ArticlesFri, 30 Jan 2026 20:19:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/clo-spotlight-will-strong-us-resetrefi-momentum-continue-in-2026-or-is-the-market-due-for-a-reset-s101667333<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 19:16:41 GMT00:01:00<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]><![CDATA[ We expect that our ratings on U.S. securities firms will be largely steady in 2026, with most of those firms maintaining solid capital and liquidity. ]]>ArticlesFri, 30 Jan 2026 19:16:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-securities-firms-sector-view-2026-markets-influence-earnings-while-capital-and-liquidity-drive-ratings-s101668269<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:40:57 GMT00:01:00<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]><![CDATA[ This report summarizes the main themes emerging from our recently published Industry Credit Outlook 2026 reports. It also provides the main risks and opportunities to our baseline forecasts highlighted by our analysts and the key messages for each industry. ]]>ArticlesFri, 30 Jan 2026 18:40:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-slides-industry-credit-outlook-2026-key-themes-s101668258<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:20:39 GMT00:01:00<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. In fourth-quarter 2025, S&P Global Ratings took a total of 100 rating actions within the U.S. public finance housing sector, consisting of 20 positive rating actions, six negative rating actions, 63 affirmations, and 11 new ratings. Further details are provided in the following paragraphs. Positive rating actions: 15 upgrades and four outlook changes in the rental housing bond (RHB) subsector and one outlook change in the social housing provider (SHP) subsector (see table, “Positive rating actions” below). These are broken down as follows: Seven upgrades and four outlook revisions to military housing credits with ratings ranging from the ‘AA’ category to the ‘A’ category; Three upgrades to mobile home park credits in ]]>ArticlesFri, 30 Jan 2026 18:20:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-rating-actions-fourth-quarter-2025-s101667373<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 16:12:02 GMT00:01:00<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]><![CDATA[ S&P Global Ratings assesses Deutsche Bank Securities Inc.' Public Finance Authority Municipal Certificates as aligned with Social Bond Principles, ICMA, 2025. Deutsche Bank Securities Inc. is an investment bank, broker, and capital markets company. It underwrites and trades debt and equity securities, provides market-making and investment advisory services, and acts as a clearing broker for affiliated and third-party institutional clients. ]]>ArticlesFri, 30 Jan 2026 16:12:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-deutsche-bank-securities-inc-public-finance-authority-municipal-certificates-s101668289<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 13:59:55 GMT00:01:00<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Table 1 Global issuance summary and forecast (Bil. $) Nonfinancials Financial services Structured finance U.S. public finance International public finance Annual total 2020 3,364.3 2,694.4 1,010.3 481.1 1,128.5 8,529.77 2021 2,995.8 3,160.2 1,297.1 477.9 1,203.5 9,145.59 2022 1,953.4 2,716.0 1,170.5 389.3 1,065.2 7,321.41 2023 2,251.0 2,792.1 1,061.9 383.7 1,214.5 7,729.89 2024 2,824.8 3,289.4 1,313.7 512.8 1,350.8 9,290.74 2025 3,307.7 3,556.6 1,452.9 578.6 1,427.2 10,290.23 2026 forecast (YOY % change) 5.0 5.5 5.0 4.0 0.0 0.0 2026 ranges -3% to 13% -2% to 12% -3% to 10% -2% to 10% -7% to 7% -2.8% to 11.6% Data as of Dec. 31, 2025. ¶Includes infrastructure. **Note: Structured finance excludes transactions that were ]]>ArticlesFri, 30 Jan 2026 13:59:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-financing-conditions-issuance-growth-could-slow-in-2026-as-strains-persist-s101666345<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 12:38:10 GMT00:01:00<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]><![CDATA[ Transaction profile Issuer BPCE Master Home Loans FCT Collateral type RMBS prime Domicile of assets France Originators Banques Populaires and Caisses d'Epargne Seller and servicer Banques Populaires and Caisses d'Epargne Counterparty BPCE Capital structure Class ISIN code Rating* Amount (bil. €) Available credit enhancement (%)§ Coupon (%) Expected maturity date Final legal maturity date A-2026-01 FR00140159U3 AAA (sf) 9.0 6 0 Jan. 31, 2031 Dec. 31, 2071 *Our rating addresses timely interest and ultimate principal payments on or before extended legal final maturity. §Available credit enhancement (provided by subordination and excluding the general reserve and excess spread) equals 6.0% at the time of this new issuance, with dynamic credit enhancement throughout the transaction’s life subject to rating agency review and ]]>ArticlesFri, 30 Jan 2026 12:38:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bpce-master-home-loans-fct-a-2026-01-s101664881<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 08:49:45 GMT00:01:00<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]><![CDATA[ Rated financial market infrastructures (FMIs) delivered solid performance in 2025, which we expect to continue into 2026. ]]>ArticlesFri, 30 Jan 2026 08:49:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financial-market-infrastructure-sector-view-2026-monetize-digitize-tokenize-s101668005<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 07:11:39 GMT00:01:00<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]><![CDATA[ Over the three years following the first issuance of the financing, Södertälje expects to allocate 57% of the proceeds to green buildings, 20% to sustainable water and wastewater management, 17% to energy efficiency, and the remaining 6% to other categories.The municipality expects 40% of the proceeds to be allocated to refinancing projects, and 60% to finance new projects.Based on the project categories' Shades of Green, the expected allocation of proceeds, and consideration of environmental ambitions reflected in Södertälje's Green Bond Framework, we assess the framework as Medium green. Södertälje is a municipality in Stockholm County and has approximately 100,000 habitants. The municipality is responsible for ensuring that residents have access to necessary services and resources, such as education, social services, health and welfare, environment and sustainability, urban planning and construction, as well as culture and leisure. ]]>ArticlesFri, 30 Jan 2026 07:11:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-city-of-sodertalje-green-bond-framework-s101668164<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 03:58:11 GMT00:01:00<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]><![CDATA[ This report does not constitute a rating action. Contaminated milk formula could raise costs for global dairy firms and diminish consumer goodwill. Rattled consumers may initially shun entities known to have sold tainted formula, prompting firms to spend more on marketing for reassurance. And authorities could ask entities to spend more to monitor their use of the affected ingredient, increasing compliance costs. Some international brands have recalled infant milk formula over potential contamination with cereulide, a toxin that can cause vomiting and symptoms akin to food poisoning. The issue has been traced to a contaminated arachidonic acid (ARA) oil ingredient from a Chinese supplier: Cabio Biotech (Wuhan) Co. Ltd. In 2008 about 300,000 Chinese children became ill after they consumed ]]>ArticlesFri, 30 Jan 2026 03:58:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-supplier-contamination-may-increase-costs-reduce-goodwill-for-dairy-firms-s101667491<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 01:12:09 GMT00:01:00<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]><![CDATA[ JD Group's retail businesses offer a better customer experience thanks to robust supplier relationships, wide product offering, and JD Logistics' fast, reliable fulfillment. That strength that helped JD Group become China's largest direct retailer. ]]>ArticlesFri, 30 Jan 2026 01:12:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/jd-group-a-cohesive-business-model-clicks-into-place-s101668149<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 29 Jan 2026 03:23:17 GMT00:01:00<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]><![CDATA[ Regional consumption trends remain divergent. Japan has the weakest consumer outlook. Australia's strong consumer trend remains robust, but growth could moderate amid persistent inflation. China is relatively stable. ]]>ArticlesThu, 29 Jan 2026 03:23:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-consumer-outlook-2026-steady-hands-in-shifting-markets-s101667964<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 22:15:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 28, 2026 ]]><![CDATA[ In this week's summary of ratings views: Corporate defaults declined for a third consecutive year. We expect global bond issuance to increase 5% this year, after rising 11% in 2025. Geopolitics and U.S. trade policies remain the top risks to European credit conditions. ]]>ArticlesWed, 28 Jan 2026 22:15:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-28-2026-s101667924<![CDATA[ The Ratings View: Jan. 28, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 19:26:57 GMT00:01:00<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings lowered almost twice (29) the number of ratings than that it raised (15) across its rated universe of U.S. charter schools. Similarly, the number of charter school issuers for which we revised the outlook to negative (15) outpaced the number of outlook revisions to both stable (11) and positive (10) taken across our rated sector. Table 1 2025 U.S. charter schools--initially assigned new ratings Institution State Rating Outlook Aristoi Classical Academy TX BB Stable AXIS International Academy CO BB Stable Beacon Academy of Nevada NV BB Stable Dove Charter Public School Foundation Inc. OK BB+ Stable Esperanza Elementary UT BB Stable Fort Collins Montessori School CO BB ]]>ArticlesWed, 28 Jan 2026 19:26:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-rating-actions-2025-s101667371<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 15:34:29 GMT00:01:00<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]><![CDATA[ This report does not constitute a rating action. U.S. speculative-grade corporate defaults may be slowing, but the recovery picture is getting more complex, especially as more companies pursue distressed debt exchanges before ever entering a traditional bankruptcy court process. In this report, we take a closer look at what creditors recovered in recent Chapter 11 cases based on ultimate nominal recoveries drawn from bankruptcy documents. First-lien recoveries have weakened, falling well below their long-term average. But once we account for shifts in debt mix, overall entity-level debt recoveries appear much more stable, with cycle averages holding up over time. This report discusses these dynamics in a historical context, with trends reaching back to 2008. We also compare outcomes of loan-only ]]>ArticlesWed, 28 Jan 2026 15:34:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-q4-2025-update-recovery-turbulence-triggered-by-changing-debt-structures-and-restructuring-tactics-s101666426<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 14:15:52 GMT00:01:00<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks its rated global chemical companies from strongest to weakest. We rank companies by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors. In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for more than a quarter ]]>ArticlesWed, 28 Jan 2026 14:15:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-chemical-companies-strongest-to-weakest-s101666531<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 13:08:12 GMT00:01:00<![CDATA[ European CLO Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. Surveillance rating activity for European CLOs was active during Q4 2025, where we reviewed four transactions managed by four collateral managers. Rating transitions--mainly upgrades (52% of classes reviewed) and affirmations (45%)--were positive, reflecting stable credit performance and higher credit enhancement spurred by deleveraging. We lowered our rating on a junior tranche in one transaction to reflect a decline in portfolio credit quality (see “ MAN GLG Euro CLO III DAC Class D And E European Cash Flow Ratings Raised; Class F Notes Downgraded; Other Notes Affirmed ,” Nov. 5, 2025). Rating action severities were 2.3 notches for upgrades, 1.0 for downgrades, and 1.1 for all rating actions during the quarter. We affirmed ]]>ArticlesWed, 28 Jan 2026 13:08:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clo-monitor-q4-2025-s101664529<![CDATA[ European CLO Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 07:06:19 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]><![CDATA[ Supportive financing conditions are helping Asia-Pacific sectors amid economic and geopolitical uncertainty. Tail risks could lash, however. ]]>ArticlesWed, 28 Jan 2026 07:06:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q1-2026-year-of-the-fire-horse-ride-carefully-s101667753<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 18:21:54 GMT00:01:00<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings assigned 11 ratings, raised 12 ratings, and lowered 30 ratings on U.S. colleges and universities. While we revised our 2026 higher education sector outlook to negative from bifurcated, our rating actions during 2025 demonstrated a widening in credit quality for a fourth consecutive year, as the majority of the downgrades occurred at the lower end of the ratings distribution. With threatened cuts to research funding and uncertainty on federal policies, strong institutions maintained their market position, healthy balance sheets, and fundraising, while struggling institutions faced enrollment challenges resulting in operational pressure and liquidity issues. The 12 upgrades occurred across eight public institutions and four private institutions. Most ]]>ArticlesTue, 27 Jan 2026 18:21:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-higher-education-rating-actions-2025-s101666468<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 15:35:20 GMT00:01:00<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. Driven primarily by positive market returns, U.S. public pension funded ratios have reached an average of over 80% as of fiscal 2025--improving every year since fiscal 2022 and increasing nearly 10 percentage points over this period. S&P Global Ratings expects this momentum will continue in fiscal 2026 given market performance over the first half. U.S. pension plans typically assume annual asset returns averaging 7% and actual returns above or below this assumption equate to a "gain" or "loss" compared with planned investment inflows that might affect contributions and credit stress. However, we estimate a sustainable upward trend with pension funded ratios of about 81% due to market gains from an annual return ]]>ArticlesTue, 27 Jan 2026 15:35:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/four-us-public-pension-points-to-watch-in-2026-s101666841<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 14:44:16 GMT00:01:00<![CDATA[ European CMBS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. All information is as of December 31, 2025, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the fourth quarter of 2025, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q4 2025 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article U.K. Logistics 2025-2 DAC 510.0 Natixis/SocGen 1 114 Blackstone Logistics U.K. Vanir Logistics S.à r.l.* 185.3§ Morgan Stanley 1 18 EQT Logistics France, Netherlands, Belgium Vanir Logistics Finance S.à r.l. Pan European CMBS Notes Assigned Ratings DBMS 2025-1 DAC* 443.1 Morgan Stanley 1 64 Blackstone Logistics (89%), Retail (6%), Land (5%) U.K. ]]>ArticlesTue, 27 Jan 2026 14:44:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q4-2025-s101666022<![CDATA[ European CMBS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:50:32 GMT00:01:00<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]><![CDATA[ This report does not constitute a rating action. We see Czechia’s regulatory framework for electricity and gas distribution networks as stable, consistent, and supportive, providing operators with a strong regulatory advantage. The two-year lag in recovering operating costs, like that of European peers such as Germany and Austria, introduces temporary volatility to operators’ credit metrics. Additionally, assets under construction are only included in the regulated asset base (RAB) at the regulator’s discretion, which is a weakness compared with other strong frameworks in Europe. The Energy Regulatory Office (ERO) has set a fixed power and gas rate of return for the sixth regulatory period (RP6) reflecting a nominal, pre-tax weighted average cost of capital (WACC) of 6.9%, subject annually to an ]]>ArticlesTue, 27 Jan 2026 10:50:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/czechias-electricity-and-gas-distribution-regulatory-framework-supportive-s101642276<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:32:53 GMT00:01:00<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]><![CDATA[ Despite early trade volatility in the spring, primary bond markets showed resilience and growth, finishing up nearly 11%. S&P Global Ratings expects this growth to continue in 2026, led by a still strong maturity pipeline, a reawakening M&A market, and the potential for an additional boost to issuance in our optimistic scenario from the growing capex needs for AI/datacenter investment. Economic growth is expected to slow somewhat this year, and interest rates are likely to remain historically elevated. We anticipate issuance growth to slow on a relative basis to roughly 5%, with the potential for contraction given continued reliance on increasingly concentrated economic growth (in tech) and increasing geopolitical strain. ]]>ArticlesTue, 27 Jan 2026 10:32:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-markets-update-q1-2026-broad-stability-amid-rising-sectoral-strains-s101667353<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 05:12:35 GMT00:01:00<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]><![CDATA[ This report does not constitute a rating action. This would be the case if such issues significantly impact business and financial bases. The Japanese insurance industry continues to have problems with insurance sales and claims. This has led to an increase in regulatory action, such as the Financial Services Agency (FSA) issuing business improvement orders, and amendments to the Insurance Business Act. The most recent case to surface involved financial misconduct toward customers at The Prudential Life Insurance Co. Ltd. (Prudential of Japan). Recent Japanese insurer scandals Year Company name Details Regulatory action / Impact S&P Global Ratings governance assessment 2019 Japan Post Insurance Co. Ltd. Improper insurance sales FSA business suspension and business improvement order Revised down 2022 Manulife ]]>ArticlesTue, 27 Jan 2026 05:12:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-insurance-brief-scandals-expose-governance-shortcomings-br--s101667214<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 15:21:44 GMT00:01:00<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]><![CDATA[ Irish banks’ risk-adjusted profitability will remain sound in 2026. We calculate that the banks' return on average common equity will fall into the 11%-12% range, only marginally lower than the 12% we expect in 2025. Irish banks’ focus on strategic initiatives, prudent risk appetite and control, and progress in digitalization will support their profitability amid normalizing interest rates and intensifying competition. ]]>ArticlesMon, 26 Jan 2026 15:21:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/irish-banking-outlook-2026-solid-fundamentals-underpin-rating-resilience-s101667310<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 13:07:41 GMT00:01:00<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]><![CDATA[ Forecast metrics point to a possible positive rating trend overall for investment-grade ratings in 2026, but performance is likely to be increasingly sector- and rating-specific, with potential fallen angels at a 4.5 year high.&nbsp;Investment-grade rating performance remained robust in fourth-quarter 2025, with upgrades outnumbering downgrades for the fourth quarter in a row. The impact of U.S. tariffs on ratings softened further, with only two tariff-driven rating actions (both in the auto sector), compared with seven in the previous quarter. ]]>ArticlesMon, 26 Jan 2026 13:07:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/investment-grade-credit-check-q1-2026-the-outlook-is-positive-despite-increasing-fallen-angel-pressure-s101667268<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 20:41:20 GMT00:01:00<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]><![CDATA[ This report does not constitute a rating action. But weaker demand trends, heightened geopolitical tensions, and inflationary pressures could hurt lessors' profitability and earnings over the longer term. Overall rating activity in 2025 was limited across the sector's rated entities, which include: Aircraft leasing companies, Freight-focused leasing companies (including railcar, truck, container, and chassis leasing), Car rental and fleet management companies, and Other specialty equipment leasing companies. In our view, this stability reflects the sector's substantial proportion of investment-grade issuers--about half of its rated companies (see chart 1). The multiyear, staggered structure of lease contracts further supports stability by providing predictable, resilient cash flow. The outlooks on our ratings in the sector are mostly stable (see chart 2). Negative outlooks ]]>ArticlesFri, 23 Jan 2026 20:41:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/transportation-equipment-leasing-sector-view-2026-steady-through-the-cycle-s101665337<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 06:38:02 GMT00:01:00<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]><![CDATA[ This report does not constitute a rating action. Limited supply of new office and retail space in Singapore will keep occupancies and rents buoyant for the city's major REITs. S&P Global Ratings expects resilient earnings on the domestic portfolios of those we rate in 2026, despite waning economic momentum. We forecast real GDP growth will slow to 2.1% in 2026, from 3.3% in 2025. Further out, demand dynamics and its interactions with the high office and retail space supply in 2028 will be a key watchpoint. Recent improvements in rents and occupancies for high-quality central office should prevail in 2026. A low supply pipeline, sustained flight to quality, and foreign investment inflows are key supportive factors. Limited new space will ]]>ArticlesFri, 23 Jan 2026 06:38:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/limited-new-supply-keeps-rated-singapore-reits-resilient-s101664487<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 17:34:22 GMT00:01:00<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]><![CDATA[ S&P Global Ratings assesses Preservation of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) as aligned with Social Bond Principles, ICMA, 2025 and Social Loan Principles, LMA/LSTA/APLMA, 2025. POAH, established in 1998, is a 501(c)(3) nonprofit organization that preserves, creates and sustains affordable rental homes for low- and moderate-income families, seniors, and individuals. POAH is one of the largest nonprofit affordable housing developers and owners in the nation, with significant presence in key rental markets across the Northeast, Mid-Atlantic, Southeast, and Midwest. ]]>ArticlesThu, 22 Jan 2026 17:34:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-preservation-of-affordable-housing-incs-25-million-taxable-bonds-series-2026-social-bonds-s101666944<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 16:36:51 GMT00:01:00<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]><![CDATA[ S&P Global Ratings expects banks in Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, and Uzbekistan to remain resilient in 2026, in line with the previous two years, with profitability and capital levels supported by moderating (but still strong) average regional lending growth of 15%-20% and stable asset quality. Favourable economic growth prospects across the region, high lending demand (especially in the retail segment), sound funding and liquidity metrics, and stable capital buffers supported by solid profitability could lead to further positive rating actions in 2026. Currently,19% of financial institutions’ ratings in the region have positive outlooks and 81% have stable outlooks. Key risks for financial institutions in the region include elevated geopolitical tensions, aggressive retail lending growth that could increase imbalances, and evolving risks related to digitalization, AI, climate change, and cyber threats. ]]>ArticlesThu, 22 Jan 2026 16:36:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-central-asia-and-the-caucasus-banking-outlook-2026-resilient-performance-amid-elevated-geopolitical-risks-s101666014<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 14:43:14 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 22 Jan 2026 14:43:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-jan-21-2026-s101666811<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 10:06:37 GMT00:01:00<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]><![CDATA[ Declining&nbsp;financing costs, moderate inflation and improving consumer and business confidence should support credit demand and Nordic banks' business prospects in 2026. We forecast banks' profitability will stabilize at robust levels but below the peaks of 2023-2024. A renewed cost focus and growing ancillary income will partly counter declining net interest margins; despite generous capital distributions, healthy capital levels will bolster bank ratings in the region. ]]>ArticlesThu, 22 Jan 2026 10:06:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nordic-banking-outlook-2026-strong-banks-are-poised-for-growth-s101666775<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 08:15:57 GMT00:01:00<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]><![CDATA[ This report does not constitute a rating action. Chinese banks' property-sector risks are not as severe as recent events suggest. Investors are focused on the weak liquidity of China Vanke (SD), and potential contagion should more defaults occur. Investors are also asking if direct sales of foreclosed properties at steep discounts will result in collateral impairments at banks. However, as is our common refrain, Chinese banks are adequately capitalized and losses on property loans are manageable. Moreover, data from the structured finance market indicates that Chinese mortgages are performing normally, with no big spike in bad loans. Indeed, banks' property-sector strains are easing in our base case--albeit from a high level--as we recognize most weak loans before they officially turn ]]>ArticlesThu, 22 Jan 2026 08:15:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banks-can-handle-downside-from-looming-property-strains-s101663347<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 17:00:22 GMT00:01:00<![CDATA[ The Ratings View: Jan. 21, 2026 ]]><![CDATA[ In this week's summary of ratings views: We examine credit risks building with the AI and data center boom. Our credit cycle indicators continue to decline, and tail risks could amplify a correction. We currently expect the credit impact of potential escalation between the U.S. and Iran to be contained. ]]>ArticlesWed, 21 Jan 2026 17:00:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-21-2026-s101666620<![CDATA[ The Ratings View: Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 16:29:09 GMT00:01:00<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]><![CDATA[ This report does not constitute a rating action. U.S. electric utilities are increasingly vulnerable to physical climate risks from wildfires, hurricanes, winter storms, and other severe weather-related events. In California, the frequency and severity of wildfires is rising significantly, with 15 of the 20 most destructive in just the past 10 years (see table 1). S&P Global Ratings continues to monitor the California NFP utilities that are exposed to these events. The January 2025 Eaton (in Altadena) and Palisades (in Pacific Palisades and Malibu) fires rank as the No. 2 and 3 most destructive in the state's recorded history, according to the California Department of Forestry and Fire Protection (Cal Fire). They also demonstrated the increasing risk that wildfires pose ]]>ArticlesWed, 21 Jan 2026 16:29:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/california-public-power-utilities-dampen-wildfire-flames-while-questions-of-long-term-resiliency-smolder-s101664964<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:38:31 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]><![CDATA[ This report does not constitute a rating action. Please note that from 2026 onward we apply a refined regional breakdown. We have removed the category “Other Developed” to better reflect regional default trends. S&P Global Ratings' global corporate default tally was nine in December 2025, after the following defaults in the month: Bermuda-based diamond mining group Petra Diamonds Ltd. Canada-based iron ore mining company Baffinland Iron Mines Corp. China-based real-estate developer China Vanke Co. Ltd. Sweden-based public real estate company Samhallsbyggnadsbolaget i Norden AB (publ) U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based internet domain registration and ancillary web presence services provider Newfold Digital Holdings Group Inc. U.S.-based aluminum wheels manufacturer Superior Industries International Inc. U.S.-based cleaning and sanitation ]]>ArticlesWed, 21 Jan 2026 13:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-leads-2025-drop-in-global-corporate-defaults-s101665652<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:04:15 GMT00:01:00<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]><![CDATA[ This report does not constitute a rating action. While the AI revolution is poised to transform the North American technology sector, the related infrastructure build out is both boosting and pressuring participants in different ways. Some benefit from the circular nature of investments from the past few years, but others face the risk of their investments getting stranded if the gap between funding and monetization stretches too wide. In this article, S&P Global Ratings examines the credit outlooks for participants based on their role in the AI infrastructure build-out. For our analysis on the wider risks of AI spending, see " Where Are AI Investment Risks Hiding? " published Jan. 21, 2025, on RatingsDirect. Despite their promising technology and ability ]]>ArticlesWed, 21 Jan 2026 13:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-infrastructure-buildout-weighs-credit-risks-and-rewards-s101666157<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 10:41:07 GMT00:01:00<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. As we publish our 2026 industry credit outlooks across infrastructure, we are witnessing a complex and dynamic landscape that requires close attention. Following these releases, we are now presenting the key areas of attention that will shape the industry in the year ahead. At the forefront of our analysis is the sector's remarkable resilience in the face of growing geopolitical tensions. Despite these challenges, we see steady demand growth across asset classes, supported by resilient economic performance and local regulatory frameworks. We also anticipate a significant increase in investments across the sector, building on already high historical levels. Data centers are emerging as a key driver of growth, with their expansion also ]]>ArticlesWed, 21 Jan 2026 10:41:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-seven-trends-to-watch-in-2026-s101666059<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 09:59:35 GMT00:01:00<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]><![CDATA[ This report does not constitute a rating action. This report explores the key themes we see for this year for rated European airports, railroads, toll roads, car parks and ports. It complements our Global Industry Outlook 2026: Transportation Infrastructure. The rated European infrastructure portfolio maintains robust operational performance and margins, supported by the underlying demand driving revenue generation. The indexation of tariffs is generally linked to inflation, and the regulatory frameworks across S&P Global Ratings' portfolio are generally solid and supportive. The great majority of companies (88%) have stable outlooks, 9% of the companies have positive outlooks, and 3% have negative outlooks. The chart below reflects the overall direction of creditworthiness changes (positive or negative) across the sector's outlooks. Chart ]]>ArticlesWed, 21 Jan 2026 09:59:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-transportation-infrastructure-europe-2026-outlook-s101663796<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 19:29:48 GMT00:01:00<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]><![CDATA[ This report does not constitute a rating action. We have a stable sector view across all three subsectors of asset management--alternative, traditional, and wealth. The majority (92%) of credits carry stable outlooks, though negative outlooks (8%) outnumber positive outlooks (0%). Our global asset managers' rating dispersion has a mix of investment-grade (52%) and speculative-grade (48%) ratings. Chart 1 Chart 2 Equity markets, though volatile, rose in 2025, benefiting assets under management (AUM) and earnings. Outflows persist for certain traditional strategies (such as active mutual funds), and higher-for-longer funding costs and potential liquidity pressures continue to weigh on a few smaller scale asset managers. Alternative asset managers remain the best positioned, in our view, because we expect growth in private credit, ]]>ArticlesTue, 20 Jan 2026 19:29:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-asset-manager-sector-view-2026-partnerships-propel-growth-while-adding-complexity-s101662130<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:54:00 GMT00:01:00<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]><![CDATA[ Ratings Class Rating Class size (ILS) Credit enhancement (%) Indexation Interest Legal final maturity A AA- (sf) 549,037,509 12.50 Fixed CPI 4.25% June 2058 B NR 38,903,229 6.30 Fixed CPI 5.00% June 2058 C NR 39,530,701 N/A Fixed CPI 21.00% June 2058 ILS--Israeli new shekel. CPI--Consumer Price Index. NR--Not rated. N/A--Not applicable. S&P Global Ratings has assigned its global scale 'AA- (sf)' rating to Credito Issuing 2 Ltd.'s class A notes. At closing, the issuer also issued class B and C notes. This is the fourth Israeli RMBS securitization that we have rated, and the third transaction originated by Credito Ltd. group (Credito) that we have rated. Credito's first transaction closed in August 2024 and its second in November 2025. ]]>ArticlesTue, 20 Jan 2026 15:54:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-credito-issuing-2-ltd-s101665816<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:37:27 GMT00:01:00<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a modest improvement in Turkish banks' profitability in 2026, driven by expanding net interest margins. We expect banks to maintain adequate capital levels despite the termination of key forbearance measures. However, persisting economic imbalances continue to pressure banks' asset quality. On a positive note, external debt rollover rates have increased, and we expect dollarization of deposits to stabilize at current levels. The future direction of monetary policy, as well as domestic political and global geopolitical factors, are key risks to our forecast. Specifically, tensions could escalate along Turkiye's borders with Syria and Iran or the country’s trade dynamics could be affected by the recently announced U.S. sanctions on ]]>ArticlesTue, 20 Jan 2026 15:37:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkiye-banking-outlook-2026-a-rocky-road-to-recovery-s101665211<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:33:30 GMT00:01:00<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]><![CDATA[ Most banks in Central and Eastern Europe will continue to benefit from solid profits, low cost-to-income ratios and cyclically low nonperforming loans. Growth potential is materially higher than in Western Europe, reflecting still-low banking system penetration in the region and growing wealth levels. ]]>ArticlesTue, 20 Jan 2026 15:33:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/central-and-eastern-europe-banking-outlook-2026-economic-expansion-supports-banks-solid-performance-s101666342<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:07:57 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a quieter year ahead for subnational governments outside the U.S. While the sector remains resilient, risks are tilted to the downside, particularly in developed markets (DM) where there are 28 negative outlooks. In emerging markets (EM), positive and negative outlooks are balanced, though most ratings are speculative grade and so subject to greater vulnerability. Ongoing geopolitical tensions, demographic shifts, climate change, and institutional pressures are moderating economic growth and raising demand for public services both in the short and long term. As a response, we expect many governments will contain their capital investment programs. We forecast that debt burdens will grow slowly, up to a moderate 95% of ]]>ArticlesTue, 20 Jan 2026 15:07:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-resilient-but-signs-of-stress-emerge-s101665581<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 12:32:34 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Economic downturn could reverse the trajectory of budgetary and debt metrics. Spanish regions may struggle to sustain investment levels after the EU recovery program ends, without potentially jeopardizing budgetary stability. Political fragmentation could hinder legislation, weakening revenue predictability and limiting the possibility of structural reform. Spending pressures, weak fiscal rule enforcement, and potential risks stemming from the proposed debt absorption could lead to regional spending exceeding our current expectations. Spanish regions have benefited from high revenue growth, mainly supported by Spain’s strong economic performance, which exceeds the EU average. However, we forecast Spain’s economy to slow down in 2026, leading to slower revenue growth in the coming years, absent reforms to the ]]>ArticlesTue, 20 Jan 2026 12:32:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-spanish-regions-maintain-momentum-amid-reform-uncertainty-s101665634<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 08:18:54 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. Stablecoins’ role in the financial ecosystem is growing in lockstep with their rapidly expanding issuance, which reached $318 billion as of Jan. 18, 2026. These digital assets--designed to maintain their value by referencing a fiat currency or asset class--facilitate cross-border payments, power decentralized finance, and bridge traditional and digital finance. That makes them potentially attractive to participants in emerging markets (EMs), and could make rapid adoption, notably of USD stablecoin, a feature in some. The potential effects of that eventuality thus merit analysis, not least because of its theoretical potential to alter the nature of financial markets, bank funding, and the ability of governments to direct economic activity through monetary policy. S&P ]]>ArticlesTue, 20 Jan 2026 08:18:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-what-growing-adoption-of-foreign-currency-stablecoin-means-for-emerging-markets-s101666210<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 19:38:41 GMT00:01:00<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]><![CDATA[ This report does not constitute a rating action. We currently expect the credit impact of a potential escalation between Iran (NR) and the U.S. to remain contained, similar to June 2025 (targeted and limited in scale and duration). At the same time, increased domestic instability in Iran and the potential for more sustained military activity in the region have increased the risk of a more prolonged period of downward pressure to regional credit. Broader regional credit risks would emerge mainly through trade disruption (volatile oil prices), capital outflows, weaker growth, and financial volatility. We note that Middle East sovereign and bank ratings have demonstrated significant resilience to previous episodes of sharp escalations in geopolitical risk and their accumulated financial buffers ]]>ArticlesMon, 19 Jan 2026 19:38:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-eastern-sovereigns-and-banks-should-remain-resilient-to-most-scenarios-of-prolonged-us-iran-tensions-s101665919<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 16:16:23 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Subnational governments in these countries face elevated near-term volatility and concentration risks because of autonomous fiscal decision-making and significant infrastructure investment. Structural factors--such as the absence of binding fiscal rules, strong migration-driven population growth that increases infrastructure needs, and operating margin compression due to service costs outpacing revenue growth--will continue to contribute to sizable funding gaps through 2027. The downgrades of the Australian Capital Territory and Tasmania to 'AA' from 'AA+' widened the gap between the highest-rated and lower-rated regions. Queensland and New South Wales face budgetary pressures from persistent infrastructure needs and migration-driven service expansion that consistently exceed revenue growth. Water reforms and other major reforms that could reduce ]]>ArticlesMon, 19 Jan 2026 16:16:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-limited-upside-potential-in-developed-markets-s101665610<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 12:58:20 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]><![CDATA[ This report does not constitute a rating action. Nordic LRGs are overall relatively stable with sound creditworthiness. Nevertheless, we see four key risks for LRGs in Sweden and Norway, the Nordic countries where we currently rate LRGs: Sweden faces significant investment needs in water and wastewater management. This reflects aging infrastructure, increased capacity needs, and stricter environmental requirements. Consequently, we foresee sizable borrowing needs for municipalities, putting pressure on debt ratios and ultimately credit quality. The aging population will also drive expenditure growth as the need for healthcare and elderly care increases. Furthermore, a weakening of the dependency ratio, combined with slower population growth, could also weaken tax revenue growth and the availability of suitable labor. Possible state measures to ]]>ArticlesMon, 19 Jan 2026 12:58:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-the-nordics-face-credit-tests-with-rising-investment-s101661693<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 10:55:03 GMT00:01:00<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]><![CDATA[ Last week upgrades increased to six, primarily including issuers in the utility sector (three). Upgrades also included the year's first two rising stars; U.S.-based utilities issuer Calpine Corp. and India-based financial institution Shriram Finance Ltd. Meanwhile, all four downgrades were to U.S.-based issuers across four sectors. This included a downgrade to consumer products issuer Torrid LLC, with our ratings on Torrid being lowered to 'CCC+'. There was one default last week (down from two in the previous week); U.S.-based transportation company Reception Purchaser LLC on chapter 11 bankruptcy filing. ]]>ArticlesMon, 19 Jan 2026 10:55:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-rising-stars-of-2026-jan-19-2026-s101666214<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 07:58:22 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]><![CDATA[ This report does not constitute a rating action. Pressure on German LRG budgets is widespread, with municipalities facing greater strain than states. We estimate German municipalities accumulated €27 billion in deficits after capital accounts in their core budgets in 2025. At this level, their deficits are currently about three times larger than those of the state governments, which we assess to have recorded a fiscal shortfall of about €8 billion last year. S&P Global Ratings considers this difference to be a sign of material financial pressure given that the combined budget volume for Germany’s municipalities is only about two-thirds the states' budget size (€342 billion versus €522 billion in 2025). Municipal governments' weaker performance (see chart 1) stems from exposure ]]>ArticlesMon, 19 Jan 2026 07:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-further-deficits-ahead-for-german-lrgs-s101660773<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 16 Jan 2026 11:48:41 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of Jan. 16, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesFri, 16 Jan 2026 11:48:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-january-2026-s101665627<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 15 Jan 2026 17:32:42 GMT00:01:00<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]><![CDATA[   As part of our Global Credit Outlook 2026, S&P Global Ratings answers the questions that will shape the year—including those addressing geopolitics and trade; refinancing and rates; and private credit—collected through our interactions with investors and other market participants. Entering 2026, there has been no shortage of voices warning of an impending credit downturn. Yet several factors point to a more balanced picture ahead —including resilient economies, pushed-out maturities for many issuers, and declining interest rates. Meanwhile, U.S. policy uncertainty (particularly around tariffs) continues to color the global economic landscape. Continuing trade tensions come amid an evolution of the world order more generally. As the Trump administration continues to redefine the U.S.’s role in the world order, global and ]]>ArticlesThu, 15 Jan 2026 17:32:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-questions-that-matter-for-2026-s101665720<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 23:17:58 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]><![CDATA[ This report does not constitute a rating action. The COVID-19 emergency in Australia ended years ago, but some state governments are spending like they're still in lockdown. In line with our predictions last year, we see an ongoing risk that they will further delay post-pandemic fiscal repair. Common obstacles facing the states include combative public-sector wage negotiations, widespread community demands for more entitlement spending, and a broad aversion to tax increases or economic reform. In 2025, we downgraded two smaller states, Australian Capital Territory and Tasmania (both now 'AA'). The states' combined cash deficit ballooned in 2025 to about 16% of revenues, matching the previous nadir in 2021 (chart 1). We project that the stock of state government debt (often ]]>ArticlesWed, 14 Jan 2026 23:17:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-smaller-australian-states-catch-the-borrowing-bug-s101662272<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 19:47:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 14, 2026 ]]><![CDATA[ In this week's summary of ratings views: We published our Industry Credit Outlook 2026. Prospects for Venezuelan oil production remain highly uncertain. China’s commodity sectors face a mixed outlook—positive for upstream subsectors (oil and gas, metals and mining), but challenging for downstream (steel, chemicals). ]]>ArticlesWed, 14 Jan 2026 19:47:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-14-2026-s101665726<![CDATA[ The Ratings View: Jan. 14, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:37 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Aerospace and Defense, we see a strong year ahead, despite supply chain constraints. ]]>ArticlesWed, 14 Jan 2026 11:14:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-aerospace-and-defense-s101665608<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:06 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Autos ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Autos we anticipate less tariff heat, more demand chill, and that the outlook stays cautious. ]]>ArticlesWed, 14 Jan 2026 11:14:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-autos-s101665607<![CDATA[ Industry Credit Outlook 2026: Autos ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:04:14 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Transportation, we see resilient demand in a turbulent trade environment ]]>ArticlesWed, 14 Jan 2026 11:04:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-s101665584<![CDATA[ Industry Credit Outlook 2026: Transportation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:03:04 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For EMEA utilities, the year ahead brings energy addition, not just transition ]]>ArticlesWed, 14 Jan 2026 11:03:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-emea-utilities-s101665582<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:34 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Latin American utilities, curtailment reaches new highs, threatening project viability ]]>ArticlesWed, 14 Jan 2026 11:02:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-latin-america-utilities-s101665580<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:05 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Midstream energy is well positioned for whatever comes next ]]>ArticlesWed, 14 Jan 2026 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-midstream-energy-s101665579<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:01:33 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Rising AI spending is expected to lift the power sector ]]>ArticlesWed, 14 Jan 2026 11:01:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-north-america-competitive-power-s101665578<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:00:02 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. The Transportation Infrastructure sector is building resilience amid geopolitical uncertainty. ]]>ArticlesWed, 14 Jan 2026 11:00:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-infrastructure-s101665576<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 15:55:08 GMT00:01:00<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]><![CDATA[ 2025 was a positive year for rating performance, with net upgrades across corporates, financial services companies, and sovereign issuers. However, the rate of positive actions was markedly lower than 2024, particularly regarding forward-looking indicators, possibly reflecting headwinds including trade tensions, rate divergence, and broader policy uncertainty. For 2026, S&P Global Ratings expects economies to remain resilient, although policy uncertainty remains a key risk to the outlook, and geopolitics may continue to introduce unexpected policy shifts. We expect rating performance across sectors and geographies to continue diverging, with more acute pressure expected at the lower end of the rating spectrum. ]]>ArticlesTue, 13 Jan 2026 15:55:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-2025-in-review-positivity-begins-to-wane-s101665404<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 10:51:11 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. During Q4 2025, rating actions more than doubled compared to the previous quarter, 479 versus 229. This increase was primarily driven by affirmations and upgrades reflecting the resolution of under criteria observation (UCO) placements following the publication of our revised counterparty criteria. Overall, 98 transactions were affected by rating actions, representing 21% of our rated ABS and RMBS universe. Downgrades remained limited, five versus eight in the previous quarter. We reviewed 33 ABS and 122 RMBS transactions--33% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process. The number of new transactions we rated increased quarter-on-quarter, 32 versus 21. We rated 16 new ABS (two out ]]>ArticlesTue, 13 Jan 2026 10:51:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q4-2025-s101664909<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 03:22:17 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]><![CDATA[ This report does not constitute a rating action. China's local and regional governments (LRGs) are benefiting from declining interest rates. S&P Global Ratings believes their interest burdens will stabilize despite a substantial pace of direct debt issuance through 2026-2027 to support key economic and fiscal priorities. This is before longer-term revenue recovery could step in to pare back the risks associated with rising debt. Chart 1 We anticipate Chinese LRGs will issue a similar volume of new debt in 2026-2027 compared to 2025. Their objectives, in our view, are to keep economic growth at a policy-desired level and implement structural adjustments through countercyclical fiscal spending. The country's national policy meetings in December 2025 reiterated the need for more expansive fiscal ]]>ArticlesTue, 13 Jan 2026 03:22:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-lower-interest-rates-provide-breathing-space-for-china-local-governments-s101665010<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 02:26:37 GMT00:01:00<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]><![CDATA[ This report does not constitute a rating action. China's largest dairy producers are feeling the strain. Consumer habits are shifting away from their core products and regional and even smaller competitors are gaining ground. We think overall industry sales will contract over the next 12-18 months. This decline will make it more difficult for the largest companies to recover. The top producers are Bright Dairy & Food Co. Ltd. (a subsidiary of Bright Food (Group) Co. Ltd. ), China Mengniu Dairy Co. Ltd. , and Inner Mongolia Yili Industrial Group Co. Ltd. (Yili). We believe each may struggle to stabilize revenue as demand for UHT milk weakens and smaller players strengthen their positions in faster-growing fresh categories. Each of the ]]>ArticlesTue, 13 Jan 2026 02:26:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-dairy-giants-the-revenue-recovery-is-shaky-s101664644<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 18:06:33 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]><![CDATA[ Data as of Dec. 31, 2025. In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesMon, 12 Jan 2026 18:06:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-december-2025-s101664926<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 16:43:10 GMT00:01:00<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]><![CDATA[ This report does not constitute a rating action. Despite geopolitical uncertainties and tariff concerns that cast a shadow over the tech industry sentiments in early 2025, S&P Global Ratings’ outlook for global IT spending improved throughout the year as CSPs doubled down on their relentless march toward generative AI infrastructure buildouts. According to S&P Global economists, elevated investments in data centers and related high-tech activities contributed about 0.5% to the U.S. GDP in the first three quarters of 2025. We estimate global IT spending grew nearly 12% on a constant-currency basis in 2025, significantly higher than our initial forecast of 9% and far above the estimated real global GDP growth of 3.3% (nominal growth near 6%). According to IDC Corp., ]]>ArticlesMon, 12 Jan 2026 16:43:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-tailwinds-bode-well-for-2026-it-spending-s101664922<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 11:25:11 GMT00:01:00<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]><![CDATA[ • Rating activity was soft at the start of the year. Rating actions were on U.S.-based issuers, spread across nonfinancial sectors, and all but one involved speculative-grade issuers.• Last week's downgrades included the year's first fallen angel: Hologic Inc., a medical device manufacturer. We downgraded Hologic to 'B+' from 'BBB-' following a take-private transaction. • Two U.S.-based defaults were recorded. We downgraded Saks Global Enterprises LLC, a multi-brand luxury retailer, to 'SD' from 'CCC' due to a missed interest payment. Upstream Newco Inc., an outpatient rehabilitation services provider, was downgraded to 'D' from 'CCC' following the completion of a debt restructuring. ]]>ArticlesMon, 12 Jan 2026 11:25:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-fallen-angel-of-2026-jan-12-2026-s101665191<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 16:12:49 GMT00:01:00<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts Mexico's economy to expand just above 1% in 2026 after less than 1% growth last year, a comparatively low growth rate reflecting structural weakness. The consequences of prolonged poor economic performance could spill over into weaker public finances and affect our ratings on the sovereign, absent corrective measures. Here, S&P Global Ratings presents frequently asked questions from investors regarding our sovereign ratings on Mexico (foreign currency: BBB/Stable/A-2; local currency: BBB+/Stable/A-2). The rating strengths are its external and monetary flexibility, thanks to many years of reform that have reduced the country's vulnerability to external shocks and created a flexible exchange rate and a credible monetary policy that could stabilize ]]>ArticlesThu, 08 Jan 2026 16:12:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-could-affect-the-mexico-sovereign-rating-in-2026-s101664571<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 15:45:07 GMT00:01:00<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]><![CDATA[ S&P Global Ratings assesses Connecticut Housing Finance Agency's Sustainability Framework as Light green. CHFA is a quasi-public organization created by the state of Connecticut in 1969. Its mission is to alleviate the shortage of housing for low- to moderate-income families and individuals in the state. ]]>ArticlesThu, 08 Jan 2026 15:45:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-connecticut-housing-finance-agencys-sustainability-framework-s101664948<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 05:07:32 GMT00:01:00<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]><![CDATA[ This report does not constitute a rating action. Robust demand and solid employment will counter stress from rising inflation and interest rates in Japan's generally stable securitization market. S&P Global Ratings expects underlying assets for owner-occupied residential mortgage-backed securities (RMBS), condominium investment RMBS, apartment loan RMBS, consumer loan asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) to perform stably in 2026. Assets backing corporate loan ABS are likely to somewhat underperform, in our view. We consider RMBS, ABS, and CMBS to be the representative asset classes of Japan's securitization market. Table 1 Outlooks by asset class Underlying asset class Performance outlook for asset class Expected rating trend RMBS Owner-occupied housing loan receivables; condominium investment loan receivables Stable Stable Apartment loan ]]>ArticlesThu, 08 Jan 2026 05:07:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-structured-finance-outlook-2026-jobs-strength-offsets-hikes-s101663301<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 02:26:13 GMT00:01:00<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]><![CDATA[ This report does not constitute a rating action. The extension of China's car subsidies into 2026 likely won't stop sales from dropping. Automakers face another tough year, caught between declining demand, an increase in the purchase tax on electric vehicles and the government's anti-involution measures. The government has extended into 2026 its scrappage and trade-in subsidy program for passenger cars. While the subsidy cap remains unchanged for electric and internal-combustion engine vehicles, the program shifted from a fixed subsidy to one based on a percentage of a new vehicle's price. New subsidy scheme to favor mid to high-end vehicles Scrappage and replacement program 2025 subsidy 2026 subsidy 2026 minimum vehicle price to get full subsidy New energy passenger vehicles RMB20,000 ]]>ArticlesThu, 08 Jan 2026 02:26:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-auto-brief-china-subsidy-extension-unlikely-to-stop-2026-sales-drop-s101664458<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 07 Jan 2026 19:20:02 GMT00:01:00<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]><![CDATA[ This report does not constitute a rating action. U.S. telecommunications issuers' wireless service revenue has continued to grow in the low- to mid-single-digit percentage range because of rate increases, greater adoption of premium plans, modest postpaid phone subscriber growth, and increasing penetration of fixed wireless access (FWA) customers. That said, postpaid phone net adds are slowing and handset upgrade rates have been increasing, which could hurt margins over the next year. These companies are also expanding their fiber to the home (FTTH) footprints either with new builds, joint venture (JV) partnerships, or M&A to better compete with cable. Capital expenditures (capex) was elevated for several years to build out mid-band spectrum, but returned to more normal levels in 2024 and ]]>ArticlesWed, 07 Jan 2026 19:20:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-telecom-2026-outlook-performance-will-be-steady-with-ongoing-risks-from-ma-and-shareholder-returns-s101662999<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:37:59 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. school districts rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Mountain Brook Board of Education Alabama AAA Stable Campbell Union High School District California AAA Stable Carmel Unified School District California AAA Stable Cold Spring Elementary School District California AAA Stable Fremont Union High School District California AAA Stable Hillsborough City School District California AAA Stable Kenwood School District California AAA ]]>ArticlesTue, 06 Jan 2026 17:37:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-school-districts-current-list-s101664374<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:36:00 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California AAA ]]>ArticlesTue, 06 Jan 2026 17:36:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101664373<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 11:13:07 GMT00:01:00<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]><![CDATA[ This report does not constitute a rating action. This report updates " Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ," published Aug. 12, 2021. The high ratings on these entities reflect a combination of the entities' close integration with their host governments and their finances; their robust public policy roles; the inability or unwillingness of private-sector financial institutions to provide similar services as efficiently; and their relative financial strength. No, equalization with the sovereign is not automatic. Nevertheless, most of them do have the same rating. Under our government related entity (GRE) criteria, we see most of these entities as having an almost certain likelihood of receiving sufficient and timely extraordinary support from their respective ]]>ArticlesTue, 06 Jan 2026 11:13:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-rate-national-development-entities-and-export-credit-agencies-s101664069<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 03:53:17 GMT00:01:00<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]><![CDATA[ This report does not constitute a rating action. Accounting changes are set to bring gains and challenges for Taiwan's life insurers. Hedging costs could decline significantly as companies deviate from standard exchange rate accounting practices, which is likely to bring down hedging ratios. At the same time, managing asset-liability mismatches will become more complicated and likely push up the sector's forex risk. Taiwan's financial regulator has laid out proposed revisions to accounting standards for life insurers. These aim to better reflect the economic reality for insurers which hold sizable foreign currency investments to help match their long-tenured insurance liabilities The proposed changes could save the industry new Taiwan dollar (NT$) 90 billion (around US$2.86 billion) annually in hedging costs, according ]]>ArticlesTue, 06 Jan 2026 03:53:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/taiwan-life-insurance-brief-forex-risk-ratios-to-rise-under-new-accounting-rules-s101664282<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 20:54:08 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]><![CDATA[ Data as of Nov. 30, 2025 In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesFri, 19 Dec 2025 20:54:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-november-2025-s101663509<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 11:44:00 GMT00:01:00<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Electrolux Group's Green Financing Framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Sweden-based Electrolux Group develops, manufactures, and sells household appliances including refrigerators, freezers, cookers, dryers, washing machines, dishwashers, room air-conditioners, microwave ovens, floor-care products, vacuum cleaners, water heaters, heat pumps, and other small domestic appliances, as well as consumables and accessories. ]]>ArticlesFri, 19 Dec 2025 11:44:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-electrolux-group-green-financing-framework-s101663621<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 09:36:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebank 1 Ringerike Hadeland's Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. The bank offers a range of financial products and services to retail customers and small and medium enterprises in the Norwegian regions of Ringerike, Hadeland, and Nittedal. It is part of the SpareBank 1 Alliance and aims to promote sustainable development in local communities. ]]>ArticlesFri, 19 Dec 2025 09:36:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-ringerike-hadeland-green-bond-framework-s101663600<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:07:24 GMT00:01:00<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]><![CDATA[ Editor's note: Corporate Horizons is a commentary series from S&P Global Ratings that provides transparency into our analytical approach and the application of our methodologies around emerging credit risks and novel financing structures in the corporate and infrastructure space. In the following article, we provide our views on evolving features within structured capital joint-venture transactions between investment-grade issuers and financial investors. This article is a follow-up to “ A Deeper Dive On The Rating Implications Of Structured JV Minority Interest Transactions ,” Dec. 10, 2024. As new features of structured capital JV transactions emerge, we will continue to publish our analytical approach and provide transparency on the application of our criteria. This report does not constitute a rating action. We ]]>ArticlesThu, 18 Dec 2025 17:07:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-corporate-horizons-analyzing-offtake-agreements-and-other-evolving-features-of-structured-capital-joint-venture-transactions-s101657725<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:05:08 GMT00:01:00<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]><![CDATA[ Transaction profile Issuer Setanta Finance 2024 DAC Collateral type RMBS prime Domicile of assets Ireland Originator Allied Irish Banks PLC Servicer Allied Irish Banks PLC Counterparty Allied Irish Banks PLC, Bank of New York Mellon, London branch Capital structure Class Tranche size--CLN and unfunded (mil. €) Class size--unfunded portion (mil. €) Portfolio swap risk rating* Class size--CLN portion (mil. €) Credit rating--CLN§ Credit enhancement (%)† Scheduled maturity date Final maturity date Senior Retained 1,652.1 N/A NR N/A NR 16.250 January 2044 January 2046 Series 2 A 93.7 93.7 AAA (srp) N/A N/A 11.500 January 2044 January 2046 Series 2 B 49.3 49.3 AAA (srp) N/A N/A 9.000 January 2044 January 2046 Series 2 C 83.8 51.8 AA- (srp) 32.00 A+ ]]>ArticlesThu, 18 Dec 2025 17:05:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-setanta-finance-2024-dac-series-2-s101662182<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 15:06:34 GMT00:01:00<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]><![CDATA[ President Trump kept us on our toes in 2025. Despite policy cross currents, the U.S. economy is on pace to expand 2% in 2025 as we forecasted at this time last year. Our baseline forecast for 2026 is one of another middling 2% real GDP growth for the U.S. There is no shortage of things to watch in 2026. ]]>ArticlesThu, 18 Dec 2025 15:06:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-2025-jobless-expansion-in-the-us-2026-humans-in-the-loop-you-say-s101663405<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 12:14:20 GMT00:01:00<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. Yet local market dynamics will likely differ substantially (see table 1). After two years of marked declines, we anticipate European and North American truck markets will contribute to higher global HDT sales in 2026, with expected regional growth of 2% and 6%, respectively. We expect India's HDT deliveries will increase further by about 5.5% after an estimated 3.5% increase in 2025 on healthy market conditions. In contrast, sales in China--the world's largest HDT market--will decline by 7.5%, as subsidy-driven replacement demand will likely lose momentum. We expect HDT sales in South America will continue to decrease in 2026, mostly because of prolonged weak truck demand in Brazil, where GDP growth will likely ]]>ArticlesThu, 18 Dec 2025 12:14:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/heavy-duty-trucks-are-on-a-slow-road-to-recovery-s101662294<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 11:05:33 GMT00:01:00<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Kodar Energomontaža Group's Green Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Kodar is a Serbian engineering, procurement, and construction company focused on energy infrastructure, telecommunications networks, and renewable energy projects. ]]>ArticlesThu, 18 Dec 2025 11:05:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kodar-energomontaa-group-green-bond-framework-s101663404<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 08:41:35 GMT00:01:00<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]><![CDATA[ 2025 Takeaways: Even if Europe ends the year on a strong note, it is premature to view the outlook for 2026 with great optimism. While the better-than-expected absorption of external shocks in 2025 suggests a stronger domestic demand base, it may also signal that the adjustment to a new post-shock equilibrium--shaped by U.S. tariffs, Chinese import penetration, and stronger currencies--is still very much underway. 2026 Focus: We will be monitoring Germany’s fiscal package execution and regional spillovers; EU and national policy developments; and the sustainability of the ICT investment boom, including the diffusion of AI technologies and their impact on inter-sectoral productivity and jobs. ]]>ArticlesThu, 18 Dec 2025 08:41:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-emea-2025-investment-defies-shocks-2026-policy-moments-of-truth-s101663333<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 11:02:05 GMT00:01:00<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses SpareBank 1 Østfold Akershus' Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. SpareBank 1 Østfold Akershus is a savings bank operating in the southeastern part of Norway. It is part of the SpareBank 1 Alliance. ]]>ArticlesWed, 17 Dec 2025 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-stfold-akershus-green-bond-framework-s101663167<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 09:47:41 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in November 2025, after the following defaults in the month: Canada-based oil and gas company Canacol Energy Ltd. Germany-based chemicals manufacturer SK Mohawk Holdings S.a.r.l. Luxembourg-based packaging solutions provider Ardagh Group S.A. Luxembourg-based packaging solutions provider Kleopatra Holdings 2 S.C.A. Mexico-based chemicals producer Braskem Idesa S.A.P.I. U.S.-based cleaning and sanitation services provider Packers Holding LLC U.S.-based consumer fashion accessories maker Fossil Group Inc. U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based polyurethane foam products and solution provider FXI Holdings Inc. Monthly corporate defaults fell to nine in November, from 10 in October, taking the year-to-date total to 108--broadly in line with the ]]>ArticlesWed, 17 Dec 2025 09:47:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-corporate-defaults-fall-to-the-lowest-level-since-february-s101661849<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 03:54:26 GMT00:01:00<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]><![CDATA[ This report does not constitute a rating action. Japanese companies are set for massive investment in the U.S., but the returns could be extremely low. The initiative will, however, entail risks. For example, lower returns could result in lower profitability, and reduce their ability to repay debt, in our view. Tokyo and Washington signed the Japan-U.S. Strategic Investment Initiative memorandum of understanding (MOU) in September 2025. The agreement stipulates that Japan will invest $550 billion (about ¥82 trillion) in the U.S. by January 2029. This report answers some of the most common questions investors have asked about how the initiative will affect the Japanese corporate sector. Japanese companies can participate in the project either as investors or as vendors and ]]>ArticlesWed, 17 Dec 2025 03:54:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-us-investment-initiative-risks-for-japanese-companies-s101662057<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 21:56:45 GMT00:01:00<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]><![CDATA[ This report does not constitute a rating action. Affordability will likely remain a central theme of the U.S. residential housing and mortgage markets in 2026. Although recent home price trends are below the extreme home price appreciation (HPA) the market underwent over the past five years, home prices are still relatively high and mortgage rates stubbornly remain above 6%. This further elevates the barrier to entry into the housing market, especially for first-time home buyers. S&P Global Ratings' 2026 outlook for U.S. residential mortgage-backed securities (RMBS) comes with some optimism that mortgage rates may begin to decline, tempered by tepid housing activity. General market consensus points to soft price fundamentals, with Fannie Mae's November 2025 forecast for the FHFA House ]]>ArticlesTue, 16 Dec 2025 21:56:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-residential-mortgage-and-housing-outlook-robust-issuance-growth-amid-stagnant-home-prices-s101660033<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 14:12:03 GMT00:01:00<![CDATA[ The European Bank Resolution Story Ten Years On ]]><![CDATA[ This report does not constitute a rating action. For the largest banks, it's likely that extensive liquidity provided by central banks and possibly targeted government guarantees would be needed as part of that process, but taxpayer-funded capital injections should be unnecessary. We consider the resolution of a failed systemic bank to be a more plausible base case than a bail-out. Failed smaller banks are regularly resolved, but no resolution authority has yet proved that it can execute an open bank bail-in of a top-tier bank. In the case of UBS , the Swiss authorities had a willing buyer for a deeply distressed Credit Suisse . Yet the authorities' apparent reluctance to push Credit Suisse into resolution has deepened some observers' ]]>ArticlesTue, 16 Dec 2025 14:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-european-bank-resolution-story-ten-years-on-s101651354<![CDATA[ The European Bank Resolution Story Ten Years On ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 15 Dec 2025 14:54:27 GMT00:01:00<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AA+ (sf) 771.4 9.25 One-month EURIBOR plus 0.69% Dec. 24, 2044 B-Dfrd A+ (sf) 36.1 5.0 One-month EURIBOR plus 1.05% Dec. 24, 2044 C-Dfrd BBB (sf) 34.0 1.0 One-month EURIBOR plus 1.45% Dec. 24, 2044 D NR 8.5 N/A One-month EURIBOR plus 4.96% Dec. 24, 2044 *Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal, while our ratings on the other notes classes address the ultimate payment of interest until they become the most senior class of notes, and timely payment of interest afterward. Payment of principal is no later than the legal final maturity date. ]]>ArticlesMon, 15 Dec 2025 14:54:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-autoflorence-4-srl-s101659329<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Home prices have stabilized slightly, but with inflation outpacing wage gains (particularly for lower-paying jobs), S&P Global Ratings expects that pressure on low-income households will continue to intensify. A growing share of renter households are cost-burdened, where more than 30% of their income is spent on housing, and despite the Federal Reserve’s lowering of interest rates in 2025, homeownership is out of reach for many. In 2025, the Federal Reserve lowered the benchmark interest rate three times, by a total of 75 basis points (bps), following 100 bps of total easing in 2024. S&P Global Economics projects additional easing during the second half of 2026. Mortgage rates have fallen to ]]>ArticlesThu, 11 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-2026-outlook-stable-footing-and-strong-management-withstand-federal-policy-shifts-s101659023<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 15:58:22 GMT00:01:00<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]><![CDATA[ This report does not constitute a rating action. After expected growth of 12% in 2025, we forecast that global issuance growth will slow to roughly 5% in 2026. Investment-grade bond issuance in the technology sector had exceeded $200 billion by mid-November. We expect debt financing will remain a key component in the 2026 funding mix. Cross-border issuance (including reverse Yankee issuance) will likely moderate in 2026, as relative funding cost advantages decrease. By early November, close to $50 billion in broadly syndicated loans (BSL) had been used to refinance direct lending loans. We expect issuers will continue to shift between BSL and private credit markets to refinance debt in 2026. Nearly 30% of loans issued year to date supported M&As ]]>ArticlesThu, 11 Dec 2025 15:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-what-will-drive-primary-market-issuance-in-2026-s101660102<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 14:41:34 GMT00:01:00<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]><![CDATA[ This report does not constitute a rating action. General government deficits in CEE-5 countries will average 5.3% of GDP in 2025, similar to the level in 2020. CEE governments have struggled to consolidate their public finances hit by the dual shocks of the pandemic and the Russia-Ukraine war, and the objective to increase defense spending to 3.5% of GDP by 2035. Our medium-term projections suggest that CEE governments' fiscal consolidation will remain protracted over the next three years and that government debt will continue to increase. Most CEE economies depend on exports, which, on average, account for 65% of GDP. Many of these economies are manufacturing-heavy and closely integrated into German companies' supply chains. Therefore, headwinds to GDP growth from ]]>ArticlesThu, 11 Dec 2025 14:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-will-continued-fiscal-drift-affect-cee-sovereign-ratings-s101661381<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:50:53 GMT00:01:00<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Charter schools have benefited from steady to growing per-pupil revenue in most states, and demand remains generally healthy across the sector, even though competition for students has intensified in some areas of the country and not all charter schools have been able to sustain enrollment. At the same time, general expense pressures tied to salaries and benefits, coupled with elevated construction and facilities costs, will continue to create a budgetary dilemma for many schools. Still, we don't anticipate that operations will be materially stressed sectorwide unless states meaningfully cut per-pupil funding. Although covenant violations have become more common across the sector in the past two years, among schools rated by ]]>ArticlesWed, 10 Dec 2025 19:50:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-2026-outlook-stable-today-while-pressure-points-are-signaling-rising-vulnerabilities-s101661292<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:16:42 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from October 2011 through October 2025. For the full dataset beginning January 2006, see our extended tables: Click here . For an overview of the sector, performance trends, and more detailed information, see our latest quarterly tracker: " U.S. Auto Loan ABS Tracker: September 2025 Performance " (Nov. 10, 2025). Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day DQ ]]>ArticlesWed, 10 Dec 2025 19:16:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-october-2025-performance-s101661031<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 09:03:25 GMT00:01:00<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]><![CDATA[ This report does not constitute a rating action. Cote d’Ivoire investors’ purchases of Senegalese government debt issued on the West African Economic And Monetary Union (WAEMU) market have increased significantly, leaving them with about 42% of total issuance by the end of Q3 2025, up from around 19% in Q4 2024. With Senegal grappling with a significant debt burden, concerns have emerged that Cote d'Ivoire could be caught in the fall out of a financial reset of its neighbor. We note that Cote d'Ivoire's relative exposure to Senegalese debt issued on the regional market remains moderate, at about 7% of national banking sector assets and 3.1% of GDP, up from less than 2.5% and 1.2% in Q4 2024, respectively (see ]]>ArticlesWed, 10 Dec 2025 09:03:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cote-divoires-exposure-to-senegal-is-manageable-at-this-stage-s101660111<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 02:40:28 GMT00:01:00<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]><![CDATA[ We assess Wallenstam's green finance framework as Medium green. Wallenstam builds, develops, and manages properties primarily in Stockholm and Gothenburg. As of year-end 2024, the total value of its properties was about Swedish krona 66 billion and the company had 1,304 apartments in production. ]]>ArticlesWed, 10 Dec 2025 02:40:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-wallenstam-green-financing-framework-s101661935<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 00:39:02 GMT00:01:00<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]><![CDATA[ This report does not constitute a rating action. Overall credit conditions will stay tough next year for Korean corporates. But the worst could be in the rear-view mirror. S&P Global Ratings now has a small number of positive outlooks, compared with none at the end of 2024. Korean companies are still adjusting their business models to confront changing global operating conditions. This often requires higher investments at a time when margins are hurting from tariffs and supply gluts in key industries. Given these strains, we've taken seven negative ratings actions this year on companies in sectors ranging from electric vehicles (EV) battery to chemical to steel. We took only two positive actions--in the semiconductor and tech sectors--making 2025 the worst ]]>ArticlesWed, 10 Dec 2025 00:39:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-corporate-outlook-2026-in-charts-the-worst-may-be-behind-us-s101660216<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:38:06 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Our 2026 sector view is supported by S&P Global Rating’s U.S. economic outlook and GDP forecasts, as overall transportation industry performance measures and infrastructure usage are more broadly linked to economic activity that spurs travel, spending, and demand for goods and services. Our economists forecast real GDP growth of 2.0% in 2026 and 1.9% in 2027. Price inflation remains sticky at about 3% and, with about 10% of the consumer basket of goods affected by tariffs, we expect this pressure will continue and push core CPI inflation above 3% through mid-2026. Statutory tariff rates remain about 15%-20% and the effective tariff rate (duties collected) is a little above 10%. Weaker ]]>ArticlesTue, 09 Dec 2025 17:38:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-transportation-infrastructure-2026-outlook-green-lights-ahead-despite-tariff-ambiguity-and-growing-capital-programs-s101654287<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:24:51 GMT00:01:00<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects activity level growth in the U.S. transportation sector will continue to normalize in 2026, after moderation in 2025 from post-pandemic highs. We estimate average growth rates in 2026-2027 at 1.6% for enplanements, 4.5% for transit ridership, 2.4% for port container traffic, and 3.0% for tolled transactions. Our 2026-2027 activity estimates by transportation infrastructure asset class are below: Growth in U.S. system-wide enplaned passengers is slowing more significantly relative to the immediate post-pandemic years, reflecting a return to more normalized, GDP-linked growth as well as weakening consumer confidence and compressed disposable income amid multiple years of above-target inflation. Transportation Security Administration counts through Nov. 30, 2025, are only 0.2% ]]>ArticlesTue, 09 Dec 2025 17:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-transportation-activity-estimates-steady-but-slower-growth-with-modest-port-decline-br--s101657425<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:14:52 GMT00:01:00<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]><![CDATA[ This report does not constitute a rating action. This article describes S&P Global Ratings' analytical approach for providing an external review of pre- and post-issuance use-of-proceeds commitments referencing the Climate Bonds Initiative's (CBI's) Climate Bonds Standard. In scope for this external review are only instruments and expenditure types that conform to the general eligibility requirements of the applicable Climate Bonds Standard. Our CBI External Review is a point-in-time assessment that relies on the accuracy, timeliness, and completeness of the information provided by the issuer, and reflects our view on whether an entity has demonstrated how it meets the requirements of the applicable Climate Bonds Standard. Our external review does not constitute an assurance opinion. Furthermore, we do not conduct any ]]>ArticlesTue, 09 Dec 2025 17:14:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/analytical-approach-climate-bonds-initiative-external-reviews-s101660515<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 04:59:30 GMT00:01:00<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]><![CDATA[ We assess SYTRAL Mobilités' green finance framework as Dark green. SYTRAL Mobilités is the public transport authority for the Lyon metropolitan area, overseeing the planning and operation of the metropolitan transport network, including metro, tram, bus, funicular, and shuttle services. In 2024 SYTRAL Mobilités reported operating revenues of €991.7 million. ]]>ArticlesTue, 09 Dec 2025 04:59:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sytral-mobilites-green-finance-framework-s101661847<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 20:10:16 GMT00:01:00<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]><![CDATA[ This report does not constitute a rating action. In the past few years, all three countries have enacted significant policy changes that affect international enrollment, and therefore, revenue. Beyond the near-term enrollment volatility, there is a risk of further longer-lasting reputational damage that will affect the ability of institutions in these countries to attract lucrative international students. This will add significant pressure to operating results in the next several years. The public not-for-profit universities that we rate in Australia, Canada, and the U.K. represent a relatively small portion of the institutions in these countries. Although rated universities are exposed to the same convergence of policy uncertainty, funding pressures, and enrollment volatility as their unrated peers, we believe that the generally ]]>ArticlesMon, 08 Dec 2025 20:10:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/public-not-for-profit-higher-education-in-australia-canada-and-the-uk-2026-outlook-pressures-mount-amid-policy-changes-s101659447<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 18:27:49 GMT00:01:00<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Weakening financial metrics that flow from real or perceived ratemaking constraints make power utilities more susceptible to downgrades, which underpins our negative sector outlook. Retail electric customers provide the building blocks for utilities’ recovery of operating and capital costs and represent the pathway for achieving sound financial performance and ratings. Recent years’ sizable retail electric rate increases and projections of additional increases to fund accelerating capital programs and rising operating costs coincide with the non-utility cost pressures facing consumers. CPI increased 16% from August 2022 through September 2025. At the same time, national average retail electric rates rose 28%. These cost pressures tax consumer affordability, limit ratemaking flexibility, and elevate ]]>ArticlesMon, 08 Dec 2025 18:27:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-power-and-electric-cooperative-2026-outlook-rising-inflation-and-capital-spending-stressors-perpetuate-negative-rating-pressures-s101656253<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 12:36:11 GMT00:01:00<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]><![CDATA[ Here S&P Global Ratings describes how it applies its Shades of Green analytical approach in its sustainable finance products to assess adaptation and resilience projects. Our sustainable finance products, such as SPOs, are separate and distinct from credit ratings, do not assess credit quality, and do not factor into credit ratings. This report does not constitute a rating action. Investment in climate adaptation and resilience is crucial due to the intensifying impacts of climate change and is supported by the growing policy focus on adaptation and resilience measures. During the recent United Nations Framework Convention on Climate Change negotiations, governments agreed to triple adaptation finance from public sources by 2035 from the 2025 levels despite this subject historically receiving limited ]]>ArticlesMon, 08 Dec 2025 12:36:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-behind-the-shades-climate-adaptation-and-resilience-s101654633<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:55:07 GMT00:01:00<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]><![CDATA[ Rating activity was net positive last week, on the back of a decline in downgrades. Upgrades included one rising star, U.S.-based power company Vistra Corp. (upgraded to investment-grade from speculative-grade). The rising star count year to date is 26, compared with 34 over the same period last year. Upgrades also included three Uzbekistan-based issuers following the sovereign's upgrade to 'BB' on Nov. 21, 2025. The chemicals, packaging, and environmental services sector continued to face downward pressure, with two downgrades. There was one default recorded last week, the Baffinland Iron Mines Corp., which was downgraded to 'SD' (selective default) from 'CCC-' on Dec. 1, 2025, on a distressed transaction. The company was later upgraded to 'CCC-' on Dec. 3, following a debt maturity extension. Year to date, 109 entities have defaulted, fewer than the 136 that defaulted during the same period last year. ]]>ArticlesMon, 08 Dec 2025 11:55:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-net-positive-rating-activity-with-sector-divergence-dec-8-2025-s101661670<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:43:17 GMT00:01:00<![CDATA[ Climate Transition Assessment: Fabege AB ]]><![CDATA[ S&P Global Ratings' current and future shade of Medium green indicates that 86% of Fabege's revenue comes from its energy-efficient building portfolio, which we expect to be sustained through 2030. In 2024, Fabege, a Sweden-based commercial property company, allocated about 60% of capital expenditure to small investments in the asset management portfolio, including for energy efficiency and tenant adaptations. Other key investments included new construction projects to which we assigned a shade of green. ]]>ArticlesMon, 08 Dec 2025 11:43:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-fabege-ab-s101661730<![CDATA[ Climate Transition Assessment: Fabege AB ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:22:50 GMT00:01:00<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]><![CDATA[ This report does not constitute a rating action. This is due to the wealth of these companies' customer data, especially financial data if they have captive finance arms. In 2024, 60% of cybersecurity incidents in the automotive and smart mobility sectors affected up to millions of mobility assets, including vehicles, charging stations for electric vehicles, smart mobility apps, and connected devices. This is according to Upstream's 2025 global automotive and smart mobility cybersecurity report. Based on the report, large-scale incidents--each affecting millions of vehicles--more than tripled to 19% in 2024 from 5% in 2023. Although the reported number of ransomware attacks we have recorded against rated companies is lower than the number of reported data breaches, the true figure is ]]>ArticlesMon, 08 Dec 2025 11:22:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-sector-when-cyber-risk-becomes-credit-risk-s101653965<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 09:31:12 GMT00:01:00<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]><![CDATA[ This report does not constitute a rating action. Most sovereigns in the WAEMU have relied on the monetary union’s debt market to finance their budgetary deficits in recent years. Subscription rates have remained high despite a strong uptick in debt volumes in 2025 and WAEMU banks’ high exposure to the sovereigns (see chart). This follows the IMF's suspension of Senegal's $1.8 billion extended credit facility and associated financing last year. However, member states outside Senegal are diversifying by tapping external commercial or concessional sources of funding, and we believe that this will partially alleviate the pressure on the WAEMU debt market. Last month, the IMF and Senegal started official negotiations on a new lending program, but visibility on both the ]]>ArticlesMon, 08 Dec 2025 09:31:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/africa-brief-waemu-debt-market-weathers-senegals-imf-financing-suspension-s101660243<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 07 Dec 2025 23:17:23 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesSun, 07 Dec 2025 23:17:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-october-2025-s101661603<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 16:21:59 GMT00:01:00<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]><![CDATA[ This report does not constitute a rating action. The Nov. 3, 2025, collapse of Stream Finance, a decentralized finance (DeFi) protocol, emphasized the importance of understanding DeFi risk exposures and contagion vectors. On Nov. 3, 2025, Stream Finance reported a loss of around $93 million and froze redemptions of its stablecoin, xUSD, triggering a severe devaluation (down over 73% on the first day of the event). This event cascaded through several DeFi protocols exposed to xUSD, ultimately incurring an estimated $248 million in losses across the ecosystem. Withdrawals from the protocol remain frozen as of Dec. 5, 2025. The Stream Finance collapse highlights several critical risks within DeFi. Stream Finance relied on complex, sometimes opaque strategies and off-chain activities that ]]>ArticlesFri, 05 Dec 2025 16:21:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/digital-assets-brief-stream-finances-collapse-highlights-defi-contagion-risks-s101661035<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:43:27 GMT00:01:00<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]><![CDATA[ Asia-Pacific credit conditions will keep steady in 2026 amid continued growth, easy monetary policies and a supportive financing environment ]]>ArticlesFri, 05 Dec 2025 05:43:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/macro-credit-how-will-asia-pacifics-credit-landscape-shape-up-in-2026-s101661357<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:41:13 GMT00:01:00<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]><![CDATA[ We expect policy rates to decline somewhat further. But rates are approaching equilibrium levels. With concerns about higher global interest rates, recent currency weakening and elevated core inflation in some economies, rates are likely to settle well above the exceptionally low levels of the early 2020s. ]]>ArticlesFri, 05 Dec 2025 05:41:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/monetary-policy-how-low-can-interest-rates-go-in-asia-pacific-s101661371<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:37:32 GMT00:01:00<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]><![CDATA[ A weaker U.S. dollar will be credit positive for issuers with a large share of unhedged debt or input costs in U.S. dollars and domestic currency income. Asian issuers dependent on the U.S. export market and those with revenues linked to the dollar but with domestic currency debt or costs are most exposed. ]]>ArticlesFri, 05 Dec 2025 05:37:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financing-a-weaker-dollar-who-are-the-winners-and-losers-in-asia-pacific-credit-s101661358<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:49:09 GMT00:01:00<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]><![CDATA[ Diversification of supply chains and end markets is set to continue, presenting companies with challenges from trade uncertainties, policy shifts, and execution risk. ]]>ArticlesFri, 05 Dec 2025 04:49:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-what-risks-await-asia-pacific-corporates-as-tariffs-drive-market-and-supply-chain-diversification-s101661366<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:45:52 GMT00:01:00<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]><![CDATA[ The sector will need significant levels of investment to advance the region's digital infrastructure demands. We expect risk profiles to diverge between committed and approved projects and those still in early stages, given long lead times and supply constraints. ]]>ArticlesFri, 05 Dec 2025 04:45:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/technology-are-data-centers-in-southeast-asia-set-to-drive-credit-growth-in-2026-s101661365<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:34:57 GMT00:01:00<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]><![CDATA[ Japan's commitment to invest US$550 billion in the U.S. is objectively lopsided, with the Japanese entities only getting half of the initial returns (and thereafter just 10%). Private firms may be induced to participate in the scheme, but with terms unclear, the risk could be much higher. ]]>ArticlesFri, 05 Dec 2025 04:34:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-who-will-bear-the-risk-of-japans-investment-agreement-with-the-us-s101661363<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 03:41:25 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 05 Dec 2025 03:41:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-dec-3-2025-s101661274<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 23:34:55 GMT00:01:00<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]><![CDATA[ "ABS Performance Watch: Australia And New Zealand" provides a comprehensive analysis of the performance of ABS transactions in Australia and New Zealand and gives valuable insight into the performance of the programs' underlying assets and securities. The quarterly report provides comparative data on each program. ]]>ArticlesThu, 04 Dec 2025 23:34:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-performance-watch-australia-and-new-zealand-q3-2025-s101661338<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 16:46:39 GMT00:01:00<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]><![CDATA[ This report does not constitute a rating action. Chart1 Federal policy changes have slowed the national economy, and this has a direct impact on local governments. We expect immigration--a key driver of above-trend GDP growth in 2022-2024--will normalize, weighing on GDP growth and output through 2027. It will also contribute to employee shortages in labor-sensitive sectors where immigrants account for a large share of the workforce, such as construction, hospitality, and agriculture. This will drive up capital and, potentially, operating costs for issuers. Chart 2 As costs continue to outpace sluggish revenue growth, many LGs have healthy reserves to fall back on. Those that don’t could have to make difficult cuts quickly or risk deterioration in credit quality. The depth ]]>ArticlesThu, 04 Dec 2025 16:46:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-2026-outlook-local-governments-show-resilience-k-12-school-districts-are-on-shaky-ground-s101657195<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 15:59:36 GMT00:01:00<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]><![CDATA[ This report does not constitute a rating action. Germany's fiscal shift, allowing for larger public deficits and greater budgetary leeway for local and regional government spending, is prompting speculation about the impact on public sector covered bond issuance. Despite increasing issuance in 2025, higher covered bond spreads driven by rising government bond issuance could limit the scope for continued growth in 2026. Based on German covered bond issuers’ regulatory §28 reporting, cover pool public sector assets increased year-on-year in 2025 for the first time since 2022. This growth likely helped net issuance of public sector covered bonds turn positive for the first time since 2020. The German government’s recently announced investment plans increase the scope for public sector debt and ]]>ArticlesThu, 04 Dec 2025 15:59:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/covered-bonds-brief-german-deficit-may-reignite-public-sector-backed-issuance-s101660251<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 13:30:49 GMT00:01:00<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]><![CDATA[ This report does not constitute a rating action. One of the more unexpected areas of growth for the U.S. life insurance industry over the past several years has been the funding agreement-backed notes (FABN) market. In 2024, the average outstanding amount of FABNs in the U.S. hit $190 billion--a 14% compound annual growth rate over last the 10 years. This year, through Sept. 30, we rated close to $70 billion of U.S. FABNs. An FABN is a debt instrument issued by a special purpose vehicle (SPV), typically a trust, that is collateralized by a matching funding agreement. An insurance company issues a funding agreement to an SPV, which in turn issues the FABN. Funding agreements are deposit-type contracts typically sold ]]>ArticlesThu, 04 Dec 2025 13:30:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/funding-agreement-backed-notes-what-when-how-s101658372<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 11:41:01 GMT00:01:00<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]><![CDATA[ This report does not constitute a rating action. LONDON (S&P Global Ratings) Dec. 4, 2025--S&P Global Ratings today published its " U.K. Second-Lien Monitor Q3 2025 , Dec. 4, 2025." The report tracks the collateral performance of second-lien mortgages in the RMBS transactions we rate. We analyzed over 40,000 loans, with current balance totaling about £2 billion as of Q3 2025, drawn from 13 U.K. RMBS transactions. Our U.K. Second-Lien Monitor presents data on the core characteristics and risk indicators that we assess regularly in our analysis. ]]>ArticlesThu, 04 Dec 2025 11:41:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-second-lien-monitor-q3-2025-published-s101660990<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 01:49:27 GMT00:01:00<![CDATA[ Global Financial Services GRE Ratings List ]]><![CDATA[ This report does not constitute a rating action. As of Nov. 28, 2025, S&P Global Ratings rated 213 financial services government-related entities (GREs) globally. These comprised 92 GREs in Western Europe and North America (WE & NA), 74 in Asia-Pacific (APAC), 25 in Eastern Europe, Middle East and Africa (EEMEA) and 22 in Latin America (LATAM). In this report, financial services GREs refer to GREs that lend, guarantee, or serve other financial intermediary functions, including all policy and commercial banks, insurers, and financing or guarantee agencies. We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be ]]>ArticlesThu, 04 Dec 2025 01:49:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-financial-services-gre-ratings-list-s101659151<![CDATA[ Global Financial Services GRE Ratings List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 00:12:03 GMT00:01:00<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]><![CDATA[ "Auto ABS Arrears Statistics: Australia" provides an analysis of arrears statistics on receivables underlying Australian auto ABS. The report tracks the arrears performance of Australian closed pool auto and mixed auto transactions. We also publish monthly arrears data for auto receivables. These data cover the Australian auto ABS portfolio of receivables. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 04 Dec 2025 00:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-abs-arrears-statistics-australia-october-2025-s101661138<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 20:21:18 GMT00:01:00<![CDATA[ The Ratings View: Dec. 3, 2025 ]]><![CDATA[ In this week's summary of ratings views: Resilient credit conditions look set to continue in 2026. Risky-credit counts declined in North America, but refinancing pressure is building. Japanese corporations are struggling to compete in the global AI market. ]]>ArticlesWed, 03 Dec 2025 20:21:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-dec-3-2025-s101661096<![CDATA[ The Ratings View: Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:49:34 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]><![CDATA[ S&P Global Ratings has revised its assessment of Gemini USD (GUSD)’s ability to maintain its peg to the U.S. dollar to 3 (adequate) from 2 (strong). This revision reflects a shift in the reserve portfolio to 100% cash deposits held at regulated U.S. banking institutions, transitioning from previous holdings in money market funds. ]]>ArticlesWed, 03 Dec 2025 16:49:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-gemini-usd-gusd-s101661038<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:41:34 GMT00:01:00<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. Despite a challenging macroeconomic backdrop, our project finance portfolio has remained broadly stable over the past year, reflecting the resiliency of the infrastructure sector. S&P Global Ratings currently maintains approximately 285 ratings on project finance issuers, including roughly 230 public ratings. The rating distribution continues to lean toward higher-quality credits. Roughly 72% of all project finance ratings fall within the investment-grade category ('BBB–' or higher). Outlook trends also reinforce the stability of the sector. Eighty two percent of ratings have a stable outlook, while about 15% of ratings have a negative outlook or are on CreditWatch with negative implications—often reflecting asset-specific challenges, exposure to construction or ramp-up risks, or evolving regulatory trends. ]]>ArticlesWed, 03 Dec 2025 16:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-project-finance-issuers-strongest-to-weakest-s101658593<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:23:18 GMT00:01:00<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Hyperscalers are placing massive bets on AI ambitions, as data center demand surges against a backdrop of rising but constrained supply, keeping sector fundamentals healthy. Still, risks for owners, operators, and investors vary across types of facilities and financing sources. We expect demand to support AI, and non-AI workloads will remain robust, with supply more constrained by power availability in ]]>ArticlesWed, 03 Dec 2025 14:23:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/data-centers-are-the-winning-odds-less-certain-in-2026-s101659690<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:13:22 GMT00:01:00<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Increased isolationism—largely driven by the U.S.—is shaking the foundations of global trade. Policy uncertainty will likely persist, forcing governments and businesses to strengthen supply-chain resilience even at some cost to efficiency. The Trump administration is using tariffs and bilateral deals as the primary instruments to address both trade and non-trade grievances. The unilateral tariffs applied to imported goods from most ]]>ArticlesWed, 03 Dec 2025 14:13:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-are-global-supply-chains-becoming-a-bargaining-chip-for-strategic-influence-s101659717<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:12:26 GMT00:01:00<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]><![CDATA[ This report does not constitute a rating action. We expect U.S. private consumption growth to hit a cycle low in 2026 amid weaker real disposable incomes and broader structural headwinds, and for consumption growth to remain soft in China, weighing on overall growth. U.S. consumer spending accounts for roughly 70% of its GDP. The health of consumer spending is therefore a closely watched indicator for businesses and policymakers, influencing decisions regarding hiring, investment, and economic policy. The outsized role of consumer spending in the GDP calculation means that minor upticks in unemployment or inflation can threaten economic growth. In China, consumer spending doesn’t factor as greatly into the calculation of GDP. However, robust consumption is seen as key to solid ]]>ArticlesWed, 03 Dec 2025 14:12:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-state-of-the-consumer-will-cracks-worsen-for-economic-giants-china-and-the-us-s101660806<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 13:33:11 GMT00:01:00<![CDATA[ European Infrastructure Update: Airports ]]><![CDATA[ This report does not constitute a rating action. We expect the credit metrics of rated European airports to stay strong despite increased investments and dividends. However, several rated airports, including Royal Schiphol Group N.V. (Schiphol), daa PLC (daa) and Flughafen Zurich AG (FZAG) face declining credit metrics, mainly due to large capital expenditure (capex)--mostly for maintenance and expansion--in the next few years. We have already amply reflected this trend in our ratings on the entities and we believe they have sufficient headroom within the rating to accommodate this. Our rated airports in Europe have performed well this year. Passenger growth, particularly for leisure travel, supported the entities. Despite a challenging macroeconomic climate, consumers have shown strong demand for air travel. ]]>ArticlesWed, 03 Dec 2025 13:33:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-infrastructure-update-airports-s101652362<![CDATA[ European Infrastructure Update: Airports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:51:42 GMT00:01:00<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]><![CDATA[ This report does not constitute a rating action. Emerging Markets (EMs) are set to remain a key driver of global growth in 2026, while capital flows into the region should remain positive. Greater self-reliance and diversification are making EMs more resilient, but lower-rated entities and frontier markets will likely be more vulnerable to potential shifts in external conditions. S&P Global Ratings anticipates the U.S. Federal Reserve (the Fed) will pursue monetary easing in 2026. Barring a sharp market correction in the U.S., this policy, coupled with a weaker U.S. dollar, should maintain an accommodative financing environment for EMs. Some EM central banks, particularly in Latin America and EMEA, have room to cut interest rates further, while those in Asia are ]]>ArticlesWed, 03 Dec 2025 10:51:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-will-the-positive-momentum-continue-s101660710<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:42:05 GMT00:01:00<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]><![CDATA[ This report does not constitute a rating action. Corporates are already adjusting to higher refinancing costs, but unexpected increases could pose challenges for companies at the lower end of the rating scale. Sovereigns appear more resilient to potential significant shocks in financial markets. About $1.35 trillion of nonfinancial corporate debt will mature in 2026, as of Oct. 1, 2025, 10% higher than at the same time in 2025. That said, the weakening dollar during the first half of 2025 increased the value of non-dollar denominated debt, when converted into USD. A significant portion of upcoming maturities were issued in the low-interest rate environment of 2020/2021. Consequently, European and U.S. corporate issuers with fixed-rate 2026 maturities may face higher funding costs, ]]>ArticlesWed, 03 Dec 2025 10:42:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/refinancing-risk-what-if-the-wind-changes-s101660722<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:41:00 GMT00:01:00<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]><![CDATA[ This report does not constitute a rating action. Growing recognition that global warming will surpass 1.5 degrees Celsius is driving increased focus on adaptation and resilience investments to address unavoidable impacts. Global economic losses from natural disasters reached $320 billion in 2024, higher than the inflation-adjusted averages of the past 10 and 30 years, according to reinsurer Munich Re. There could be 40% more natural disasters globally by 2030 than in 2015 if mitigation of greenhouse gas emissions isn't stepped up, according to U.N. data. Global emissions are increasing, and we estimate a 50% likelihood that the global average temperature will reach 2.3 degrees Celsius above the pre-industrial average by 2040. Adaptation and resilience investments can help to reduce the ]]>ArticlesWed, 03 Dec 2025 10:41:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/physical-climate-risks-what-can-we-expect-as-the-need-to-adapt-and-build-resilience-rises-s101660703<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 09:59:48 GMT00:01:00<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]><![CDATA[ The sustained period of resilient global credit conditions looks set to continue in 2026, as economic growth holds up, supported in part by tech investments. Also, active refinancing in 2025 has pushed out maturities for many, rates have decreased or are still doing so, and investor appetite remains healthy. This outlook is not uniform though. Performance across sectors and geographies will diverge, and the evolving geopolitical order may continue to introduce unexpected policy shifts. And as assumptions about AI’s transformative power increasingly drive market valuations and investment volumes, creating a boom in data center construction and adding to economic growth, these outlays may lead to overinvestment and pain later for credit conditions. ]]>ArticlesWed, 03 Dec 2025 09:59:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-outlook-2026-music-playing-noise-rising-s101660911<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 18:45:25 GMT00:01:00<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]><![CDATA[ The BoE's FPC believes that the U.K. banking system is highly resilient to a protracted period of intense volatility after the seven major U.K. banks comfortably passed its most recent capital stress test. The regulator has reduced its Tier 1 capital benchmark for the U.K. banking system to 13% to reflect this resilience--a level materially below the Tier 1 resources in the system today. We expect banks' capital requirements to taper to this level in the short-to-medium term, led by a reduction in the Pillar 2A buffer from January 2027, as per the BoE's previous guidance, and followed by the finetuning of capital and leverage buffers. This represents an incremental rather than material shift in the capital levels in the ]]>ArticlesTue, 02 Dec 2025 18:45:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-banks-trimming-of-regulatory-capital-requirement-does-not-hurt-ratings-s101660397<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) § Class size (%) Available credit enhancement (%)† Interest (%) Legal final maturity A AA (sf) 159.72 80.50 19.50 One-month EURIBOR plus 0.81 Jan. 25, 2036 B-Dfrd A (sf) 11.90 6.00 13.50 One-month EURIBOR plus 1.15 Jan. 25, 2036 C-Dfrd BBB (sf) 9.92 5.00 8.50 One-month EURIBOR plus 1.75 Jan. 25, 2036 D-Dfrd BB (sf) 8.93 4.50 4.00 One-month EURIBOR plus 2.90 Jan. 25, 2036 E-Dfrd BB- (sf) 5.95 3.00 1.00 One-month EURIBOR plus 3.70 Jan. 25, 2036 F NR 1.98 1.00 0.00 Fixed Jan. 25, 2036 X B- (sf) 4.96 2.50 N/A One-month EURIBOR plus 2.75 Jan. 25, 2036 R NR 0.10 0.00 N/A Variable return Jan. 25, 2036 Note: *Our rating on ]]>ArticlesTue, 02 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-youni-italy-2025-2-srl-s101659534<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 15:23:04 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]><![CDATA[ This report does not constitute a rating action. Overall credit quality across our index of U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) portfolios has been stable over the past year, with 'B-' exposures dipping to recent lows at just over 22% and S&P Global Ratings' weighted average rating factor (SPWARF) values hovering around 2600. Between Oct. 1 and Nov. 21, there was only one widely held issuer (top 500) whose rating was either lowered to 'B-', into the 'CCC' range, or to a default level. However, downgrades across the less widely held issuers continue (see " U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of Nov. 21) ," published Nov. 24, 2025). Despite the stable credit ]]>ArticlesTue, 02 Dec 2025 15:23:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2025-us-bsl-index-stable-credit-metrics-paid-for-with-par-scenario-analysis-on-us-bsl-clo-ratings-s101660627<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 14:08:15 GMT00:01:00<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]><![CDATA[ Borrowers in North America will likely enjoy favorable credit conditions in the near term, amid tight spreads and falling policy interest rates. A sudden slowdown in the surge of AI-related spending could have systemic implications for financial markets. Credit quality in segments of the private market is slipping. ]]>ArticlesTue, 02 Dec 2025 14:08:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-north-america-q1-2026-favorable-yet-fragile-s101660465<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 13:10:29 GMT00:01:00<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]><![CDATA[ Supportive financing conditions for emerging markets (EMs) should persist. S&P Global Ratings expects most EMs will remain resilient, albeit with divergent growth trajectories. Markets tolerance for geopolitical uncertainty may mask vulnerabilities that leave EMs susceptible to contagion from external shocks, such as asset price corrections. ]]>ArticlesTue, 02 Dec 2025 13:10:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-emerging-markets-q1-2026-bright-prospects-storm-clouds-s101660712<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 08:58:29 GMT00:01:00<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]><![CDATA[ Modest earnings growth, generally healthy private-sector balance sheets, and favorable financing conditions underpin a resilient rating outlook for most sectors. Concerns still center on U.S. trade policy and adversarial global politics exposing vulnerabilities in Europe's democracies, supply chains, and ability to stabilize public debt. ]]>ArticlesTue, 02 Dec 2025 08:58:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q1-2026-treading-a-narrow-path-s101660553<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 03:40:31 GMT00:01:00<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]><![CDATA[ This report does not constitute a rating action. Claim losses from a devastating fire at a residential complex in Hong Kong will add pressure to the underwriting results of the property/casualty (P/C) insurance sector. S&P Global Ratings also expects insurers will rethink their risk retention and pricing policies in property insurance, where premium rates have declined in recent years amid intense competition. Hong Kong's P/C insurers already face diluted earnings from several extreme weather events earlier in the year, such as Super Typhoon Ragasa and black rainstorms. Claim losses from last week's fire at Wang Fuk Court in Tai Po will further erode the sector's underwriting margins. The impact should be manageable relative to their capital positions, in our view. ]]>ArticlesTue, 02 Dec 2025 03:40:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/hong-kong-fire-tragedy-will-add-to-profitability-pain-for-pc-insurers-s101660143<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 22:01:03 GMT00:01:00<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]><![CDATA[ This report does not constitute a rating action. As we’ve done in previous years, we have generated a series of stress scenarios to see how our broadly syndicated loan (BSL) collateralized loan obligation (CLO) ratings would perform under different levels of collateral stress (see Related Research at the end of this article for some of the previous CLO stress scenario articles). For purposes of this year's exercise, we re-ran the four scenarios that we’ve published since 2020, allowing for comparisons of how BSL CLO ratings have responded to the stresses over time. Each of the four scenarios envisions a proportion of corporate loan issuers experiencing a default and then assumes that a proportion of the remaining (i.e., non-defaulted) obligors end ]]>ArticlesMon, 01 Dec 2025 22:01:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-how-us-bsl-clo-ratings-would-respond-to-another-downturn-2025-update-s101660470<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 20:53:08 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $2.1 billion month over month to $665 billion as of November 2025. The overall U.S. CMBS delinquency (DQ) rate decreased 9 basis points (bps) month over month to 6.0% in November and rose 42 bps year over year. By dollar amount, total delinquencies were $40.2 billion, a net month-over-month decline of $0.5 billion (1.1%) and a net year-over-year increase of $3.5 billion (9.5%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 7 bps to 4.6% in November after a 46 bps increase to 4.7% in October ]]>ArticlesMon, 01 Dec 2025 20:53:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-fell-9-basis-points-to-6-in-november-2025-the-office-rate-nears-10-s101659463<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 18:49:47 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The current operating environment has numerous hurdles, compelling management teams to remain highly focused on operations and strategic initiatives to sustain enterprise strength and provide appropriate services for their communities. Thanks to generally healthy demand and provision of higher acuity services, further supported in some cases by recent reimbursement increases from payers and greater supplemental funds, revenue growth has outpaced rising expenses. This is resulting in margins that, while not back to 2019 levels, have recently stabilized for many providers. Although the median operating performance for the smaller sample size of year-to-date 2025 audits (about 15% of rated entities) shows a slight regression, we expect it could improve, as inclusive ]]>ArticlesMon, 01 Dec 2025 18:49:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-2026-outlook-resilient-for-now-with-increased-credit-risks-on-the-horizon-s101654849<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:53:03 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]><![CDATA[ S&P Global Ratings assesses Paxos USD (USDP)'s ability to maintain a stable price vis-à-vis the U.S. dollar at 2 (strong). This stablecoin was launched in 2018 by Paxos Trust Co., initially as Paxos Standard, before being renamed Paxos USD in August 2021. ]]>ArticlesMon, 01 Dec 2025 15:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-paxos-usd-usdp-s101660486<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:12:41 GMT00:01:00<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]><![CDATA[ Turkish corporates saw their credit quality weaken in 2025, leading to negative rating actions on four higher-rated companies. Reasons for the downgrades include a mix of ongoing economic challenges, alongside some company-specific factors. There is limited further downward rating pressure going into 2026, with only one negative outlook among rated issuers in Turkiye. ]]>ArticlesMon, 01 Dec 2025 15:12:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkish-corporate-outlook-2026-macro-improvements-should-support-credit-quality-s101660471<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 10:44:33 GMT00:01:00<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]><![CDATA[ Rating actions declined last week, primarily because we saw fewer upgrades than the previous week. In the speculative-grade sector, we made six upgrades, including one rising star, Vallourec, bringing total rising stars to 25 in the year to date. Downgrades included the first fallen angel since August: FMC Corp., a U.S.-based issuer in the chemicals, packaging, and environmental services sector. What's more, this sector has the second-largest number of potential fallen angels (five)--issuers rated 'BBB-' with a negative outlook or on CreditWatch negative. Year-to-date total fallen angels number 11, behind 17 at the same point last year. There was one default last week to a U.S.-based issuer in the chemicals, packaging, and environmental services sector, FXI Holdings Inc. Since the beginning of November, this sector has accounted for five of the nine defaults. ]]>ArticlesMon, 01 Dec 2025 10:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-negative-pressure-continues-in-chemicals-and-packaging-dec-1-2025-s101660410<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 28 Nov 2025 08:34:14 GMT00:01:00<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Linja AS' Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Linja develops, constructs, and manages the electric grid for energy transmission in northwestern Norway, serving over 100,000 end users. ]]>ArticlesFri, 28 Nov 2025 08:34:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-linja-as-green-financing-framework-s101660221<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 27 Nov 2025 17:05:17 GMT00:01:00<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]><![CDATA[ This report does not constitute a rating action. , providing a catalyst for potential market consolidation and a widening of the gap between the credit qualities of operators. S&P Global Ratings is assessing the potential credit implications of the new tax regime and the industry's response with reference to the ratings headroom available to different U.K. gambling sector issuers. The stated aim is to contain harm associated with remote gambling while raising an estimated annual £1.1 billion by 2029-2030. Remote gaming duty will increase to 40%, from 21%, starting April 1, 2026, and a new 25% remote betting duty will be imposed starting April 1, 2027, while the general betting duty will remain at 15%. The increase excludes horseracing, self-service ]]>ArticlesThu, 27 Nov 2025 17:05:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-gaming-brief-gambling-tax-hike-will-affect-operators-rating-headroom-differently-s101659902<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 18:03:31 GMT00:01:00<![CDATA[ North American Risky Credits: Tally Dips, Refinancing Pressure Builds ]]><![CDATA[ This report does not constitute a rating action. The number of North American issuers rated by S&P Global Ratings at 'CCC+' or below fell to 144 in October, down from 149 in April 2025. For the six months ended in October, the average monthly addition was six--a decline of two from the average of eight recorded in the same period last year. The proportion of risky credits within the speculative-grade universe was 10%, down from 11% in April 2025. There were 38 removals for the six months ended in October, higher than new additions of 33. Removals were largely driven by 18 defaults and 13 ratings withdrawals, with a smaller number of upgrades (7).The most defaults occurred in customer products ]]>ArticlesWed, 26 Nov 2025 18:03:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-risky-credits-tally-dips-refinancing-pressure-builds-s101659497<![CDATA[ North American Risky Credits: Tally Dips, Refinancing Pressure Builds ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 16:39:57 GMT00:01:00<![CDATA[ This Month In Credit: Potential Fallen Angels Rise (November 2025) ]]><![CDATA[ Downgrades in October outnumbered upgrades for the first time since June, as investment-grade downgrades increased to their highest level since May. Potential fallen angels edged upward for the third month in a row to 39, reaching their highest total since February 2023. ]]>ArticlesWed, 26 Nov 2025 16:39:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-potential-fallen-angels-rise-november-2025-s101659924<![CDATA[ This Month In Credit: Potential Fallen Angels Rise (November 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 16:38:13 GMT00:01:00<![CDATA[ Credit Trends: European Risky Credits: Pressure Intensifies ]]><![CDATA[ This report does not constitute a rating action. Our "Risky Credits" series focuses on European corporate issuers rated 'CCC+' and lower. Because many defaults are of companies in those categories, ratings with negative outlooks or on CreditWatch negative are even more important to monitor. The total number of risky credit issuers reached 58 as of the end of October 2025, up by eight issuers since April 2025 and above the five-year average of 52. This is the highest number of risky credits since April 2022. While the number of risky credits remained relatively stable in the first half of 2025, the second half has seen a clear upward trend. Additionally, the number of risky credits as a proportion of the ]]>ArticlesWed, 26 Nov 2025 16:38:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-european-risky-credits-pressure-intensifies-s101659219<![CDATA[ Credit Trends: European Risky Credits: Pressure Intensifies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 15:45:34 GMT00:01:00<![CDATA[ Credit Trends: Emerging Market Risky Credits: Eyes On Latin America ]]><![CDATA[ This report does not constitute a rating action. Issuers rated 'CCC+' and lower accounted for 3.7% of speculative-grade issuers as of October 2025, below 5.0% in April and the 10-year average of 7.0%. Chart 1 Between April and October, we have taken the following rating actions pertaining to risky credits: We downgraded Indian high-tech company ANI Technologies Private Limited to 'CCC+' from 'B-' on operating losses related to fierce competition in the ride-hailing industry. We upgraded Argentine utility company Edenor to 'B-' from 'CCC+', following the approval of the integral tariff review that should improve its operational performance. We downgraded Brazilian CP&ES company Braskem S.A. to 'CCC-' from 'B+' on the engagement of financial and legal advisors to evaluate financial ]]>ArticlesWed, 26 Nov 2025 15:45:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-emerging-market-risky-credits-eyes-on-latin-america-s101657763<![CDATA[ Credit Trends: Emerging Market Risky Credits: Eyes On Latin America ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 10:49:38 GMT00:01:00<![CDATA[ Second Party Opinion: HM Treasury Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses HM Treasury's Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. The United Kingdom is a high-income country with a GDP per capita of about £40,172 and a population of 69.22 million. The services industry accounts for the majority of the U.K.'s economy (about 80% of total gross value added), followed by the manufacturing industry (18%). ]]>ArticlesWed, 26 Nov 2025 10:49:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-hm-treasury-green-financing-framework-s101659906<![CDATA[ Second Party Opinion: HM Treasury Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 25 Nov 2025 14:43:53 GMT00:01:00<![CDATA[ New Issue: Pavillion Consumer 2025-1 PLC ]]><![CDATA[ Ratings Class Rating* Class amount (mil. £) Class size (%) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 2,765.00 79.00 21.00 Compounded daily SONIA plus 0.7% January 2036 B-Dfrd AA (sf) 262.50 7.50 13.50 Compounded daily SONIA plus 1.2% January 2036 C-Dfrd A (sf) 148.75 4.25 9.25 Compounded daily SONIA plus 1.6% January 2036 D-Dfrd BBB (sf) 105.00 3.00 6.25 Compounded daily SONIA plus 1.9% January 2036 E-Dfrd BB (sf) 52.50 1.50 4.75 Compounded daily SONIA plus 3.4% January 2036 F-Dfrd B (sf) 43.75 1.25 3.50 Compounded daily SONIA plus 4.4% January 2036 Z-Dfrd NR 122.50 3.50 0.00 Compounded daily SONIA plus 5.7% January 2036 X-Dfrd† B- (sf) 61.25 1.75 0.00 Compounded daily SONIA plus 4.0% ]]>ArticlesTue, 25 Nov 2025 14:43:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-pavillion-consumer-2025-1-plc-s101656907<![CDATA[ New Issue: Pavillion Consumer 2025-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 21:43:53 GMT00:01:00<![CDATA[ Economic Outlook Canada Q1 2026: Growth Is Set To Improve ]]><![CDATA[ (Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings ].)  This report does not constitute a rating action. Canadian economic growth is set to expand in the next few years as business conditions improve. S&P Global Ratings Economics maintains its forecast for annual average real GDP growth ]]>ArticlesMon, 24 Nov 2025 21:43:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q1-2026-growth-is-set-to-improve-s101658937<![CDATA[ Economic Outlook Canada Q1 2026: Growth Is Set To Improve ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 21:09:33 GMT00:01:00<![CDATA[ Economic Outlook U.S. Q1 2026: Steady As She Goes But On A Narrow Path ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings projects U.S. economic growth to slow to 2% in 2025 and 2026 on an annual average basis, from 2.8% in 2024. This represents a modest uptick from our September forecast and is slightly above near-term potential growth. Chart 1 we anticipate that this year's U.S. tax and spending bill, also referred to as the One Big Beautiful Bill Act, will support next year’s consumer spending. Nevertheless, we expect consumer spending to hit a cycle low of 1.8% in 2027, conditioned on net immigration growth tracking close to zero. (Since 2012, growth in the working-age population without immigration has fallen below zero, reflecting slowing birth rates and the aging of ]]>ArticlesMon, 24 Nov 2025 21:09:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-us-q1-2026-steady-as-she-goes-but-on-a-narrow-path-s101658550<![CDATA[ Economic Outlook U.S. Q1 2026: Steady As She Goes But On A Narrow Path ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 20:30:39 GMT00:01:00<![CDATA[ Economic Outlook Emerging Markets Q1 2026: AI Will Drive Trade Divergence In 2026 ]]><![CDATA[ This report does not constitute a rating action. Our baseline macroeconomic narrative for EMs has remained broadly unchanged from the previous quarterly update. Growth held better than expected for most EMs in 2025, with most of the revisions to GDP growth throughout the year were upward. In 2026, we expect only modestly slower growth for most EMs. We anticipate AI and tech-related exports to continue to outperform in 2026, benefiting mostly EMs in Asia. The impact of U.S. tariffs, which has so far been small in most EMs, will be more noticeable in non-AI related EM exports in the coming quarters, as the costs associated with those measures are passed on to U.S. consumers. We assume financing conditions for EMs ]]>ArticlesMon, 24 Nov 2025 20:30:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q1-2026-ai-will-drive-trade-divergence-in-2026-s101657542<![CDATA[ Economic Outlook Emerging Markets Q1 2026: AI Will Drive Trade Divergence In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 17:05:37 GMT00:01:00<![CDATA[ Ahead Of The Curve: Consumer Stress Could Spill Over To Buy Now, Pay Later Providers ]]><![CDATA[ This report does not constitute a rating action. "Ahead Of The Curve" is S&P Global Ratings' quarterly outlook on nonbank financial institutions (NBFIs), where we explore the evolving macroeconomic, market, and credit forces shaping the world of NBFIs. The evolution of the financial and retail landscape, along with financial technological innovation, has given consumers alternatives to traditional credit cards such as BNPL services. Historically, credit cards have served as the primary form of consumer credit, offering flexibility, required minimum monthly payments, and interest charges. However, in the past five years, BNPL has been an increasingly used method of financing consumer purchases, given the variety of products offered by the largest lenders and the adoption of retailers looking to grow sales ]]>ArticlesMon, 24 Nov 2025 17:05:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ahead-of-the-curve-consumer-stress-could-spill-over-to-buy-now-pay-later-providers-s101657051<![CDATA[ Ahead Of The Curve: Consumer Stress Could Spill Over To Buy Now, Pay Later Providers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 13:26:16 GMT00:01:00<![CDATA[ This Week In Credit: Chemicals And Packaging Net Bias Weakens ]]><![CDATA[ Last week, upgrades continued to exceed downgrades. Speculative-grade issuers drove this trend. South Africa’s sovereign upgrade contributed to the rise in upgrades, which included the DBSA.   The largest downgrade by debt amount was to Nissan Motor Co., reflecting continued pressure on its profitability. The other downgrades were spread across sectors. The net outlook bias for chemicals, packaging, and environmental services (CP&ES) dropped by 1.5 ppts to -21.3%, the second most negative bias since the start of 2025. Last week’s defaults rose to four, including two CP&ES issuers and two from other sectors due to a distressed exchange and bankruptcy, respectively. So far this year 107 entities have defaulted, down from 129 in the same period last year. ]]>ArticlesMon, 24 Nov 2025 13:26:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-chemicals-and-packaging-net-bias-weakens-s101659220<![CDATA[ This Week In Credit: Chemicals And Packaging Net Bias Weakens ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 12:40:35 GMT00:01:00<![CDATA[ Industry Credit Outlook: GCC Banks Show Stable Credit Fundamentals Despite The Overhang Of Event Risks ]]><![CDATA[ GCC banks' financial profiles will remain stable in 2026, in our view, underpinned by broadly stable profitability, supportive asset quality, and solid capitalization. The two main downside risks to our baseline scenario are adverse geopolitical developments undermining macroeconomic fundamentals and a significant drop in oil prices. The first risk could take the form of a protracted, regional conflict, which is not part of our base case. The second could emanate from a weaker global economy and significant oversupply in the global energy markets. 90% of our ratings on GCC banks carry a stable outlook. We have two ratings on negative outlook for idiosyncratic reasons. For 2026, the financial profiles of rated banks in the Gulf Cooperation Council (GCC) region look ]]>ArticlesMon, 24 Nov 2025 12:40:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-gcc-banks-show-stable-credit-fundamentals-despite-the-overhang-of-event-risks-s101657521<![CDATA[ Industry Credit Outlook: GCC Banks Show Stable Credit Fundamentals Despite The Overhang Of Event Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 05:26:28 GMT00:01:00<![CDATA[ Second Party Opinion: Southeast Asia Commercial Joint Stock Bank Green and Blue Bonds Framework ]]><![CDATA[ S&P Global Ratings assesses Southeast Asia Commercial Joint Stock Bank’s green and blue bonds framework as Medium green. The bank is the 12th largest private sector bank in Vietnam, with total assets reaching Vietnamese Dong 325.7 trillion (US$13.43 billion) in 2024. ]]>ArticlesMon, 24 Nov 2025 05:26:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-southeast-asia-commercial-joint-stock-bank-green-and-blue-bonds-framework-s101659186<![CDATA[ Second Party Opinion: Southeast Asia Commercial Joint Stock Bank Green and Blue Bonds Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 18:24:55 GMT00:01:00<![CDATA[ Credit FAQ: Hybrid Capital Horizons: Why We Upgraded Certain European Bank Hybrids ]]><![CDATA[ This report does not constitute a rating action. Editor's note: Hybrid Capital Horizons is a new commentary series from S&P Global Ratings. Here, we provide transparency into our analytical approach and application of our methodologies around emerging topics in the hybrid capital space. In this article, we explore the rationale behind the recent upgrade of some European banks’ issuance of certain types of hybrid capital instruments, focusing on how we apply our Hybrid Capital: Methodology And Assumptions in the European context (see Annex for a summary of the methodology, published Oct. 13, 2025). The upgrades follow our review of regulatory and supervisory approaches that underlie our issue credit ratings on European bank hybrids--specifically the additional Tier 1 (AT1) and Tier ]]>ArticlesFri, 21 Nov 2025 18:24:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-hybrid-capital-horizons-why-we-upgraded-certain-european-bank-hybrids-s101656960<![CDATA[ Credit FAQ: Hybrid Capital Horizons: Why We Upgraded Certain European Bank Hybrids ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 13:55:35 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Speculative-Grade Default Forecast Creeps Downward To 4% By September 2026 ]]><![CDATA[ This report does not constitute a rating action. The U.S. speculative-grade corporate default rate's very gradual decline has arguably been happening for the better part of two years as long-term interest rates have remained stable but elevated. Ultimately, we think the default rate may land slightly below where it ended September 2025 (see chart 1). The Federal Reserve could provide some relief on interest rates next year, but currently the expectation is for limited rate cuts. Still, any decline could benefit floating-rate debt tied to SOFR, which comprises a majority of the lower-rated debt. And upcoming maturities through 2027 are manageable in the aggregate. Corporate earnings are on track for a roughly two-year unbroken streak of gains. While much can ]]>ArticlesFri, 21 Nov 2025 13:55:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-speculative-grade-default-forecast-creeps-downward-to-4-by-september-2026-s101656481<![CDATA[ Default, Transition, and Recovery: U.S. Speculative-Grade Default Forecast Creeps Downward To 4% By September 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 13:00:04 GMT00:01:00<![CDATA[ European Retail Brief: Weak Consumer Confidence Dampens Festive Spirits ]]><![CDATA[ This report does not constitute a rating action. The so-called "golden quarter" is crucial for retailers. These final three months of the year, which include Black Friday, Cyber Monday, and the Christmas sales, can account for as much as one-third of sales and up to half of the annual profits of retailers selling discretionary products, including electronics, apparel, jewelry, toys, and gifts. S&P Global Ratings sees little evidence of widespread festive cheer heading into the critical holiday trading period, as consumer confidence remains very weak in Europe and the U.K. (see chart). Economic uncertainty and lingering concerns about high prices, especially for food and services, are constraining domestic demand, while tariffs have begun to hit exports to the U.S. In ]]>ArticlesFri, 21 Nov 2025 13:00:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-retail-brief-weak-consumer-confidence-dampens-festive-spirits-s101658262<![CDATA[ European Retail Brief: Weak Consumer Confidence Dampens Festive Spirits ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 12:11:51 GMT00:01:00<![CDATA[ New Issue: HIVE 2025-1 B.V. ]]><![CDATA[ Ratings Class Ratings* Amount (mil. €) Available credit enhancement (%)§ Interest (%) Legal final maturity A AAA (sf) 377.500 25.50 One-month EURIBOR plus 0.80 Nov. 21, 2045 B-Dfrd AA (sf) 37.500 17.00 One-month EURIBOR plus 1.00 Nov. 21, 2045 C-Dfrd A (sf) 29.375 11.13 One-month EURIBOR plus 1.35 Nov. 21, 2045 D-Dfrd BBB+ (sf) 25.625 6.00 One-month EURIBOR plus 1.75 Nov. 21, 2045 E-Dfrd NR 30.000 N/A One-month EURIBOR plus6.50 Nov. 21, 2045 Note: This report does not constitute a recommendation to buy, hold or sell securities. *Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal, while our ratings on the class B-Dfrd, C-Dfrd, and D-Dfrd notes address the potential deferral ]]>ArticlesFri, 21 Nov 2025 12:11:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-hive-2025-1-bv-s101653937<![CDATA[ New Issue: HIVE 2025-1 B.V. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 06:11:35 GMT00:01:00<![CDATA[ Second Party Opinion: SpareBank 1 Nordmore Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses SpareBank 1 Nordmore's Green Bond Framework as Light green, indicating activities that represent transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. SpareBank 1 Nordmore is a Norwegian savings bank headquartered in Kristiansund and Surnadal. It offers a range of financial products and services to retail customers, small and midsize enterprises, and municipalities. ]]>ArticlesFri, 21 Nov 2025 06:11:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-nordmore-green-bond-framework-s101658840<![CDATA[ Second Party Opinion: SpareBank 1 Nordmore Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 17:54:12 GMT00:01:00<![CDATA[ New Issue: Asimi Funding 2025-2 PLC ]]><![CDATA[ Ratings Class Rating* Class size (mil. £) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 153.125 37.50 Compounded daily SONIA plus 0.82% December 2032 B-Dfrd AA (sf) 22.050 28.50 Compounded daily SONIA plus 1.20% December 2032 C-Dfrd A (sf) 17.150 21.50 Compounded daily SONIA plus 1.50% December 2032 D-Dfrd A- (sf) 14.087 15.75 Compounded daily SONIA plus 1.75% December 2032 E-Dfrd BBB (sf) 16.538 9.00 Compounded daily SONIA plus 2.80% December 2032 F-Dfrd BB- (sf) 18.375 1.50 Compounded daily SONIA plus 4.80% December 2032 G-Dfrd B- (sf) 3.675 0.0 Compounded daily SONIA plus 7.20% December 2032 X-Dfrd† B (sf) 15.925 N/A Compounded daily SONIA plus 4.00% December 2032 Y Certificates NR N/A N/A N/A December 2032 ]]>ArticlesThu, 20 Nov 2025 17:54:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-asimi-funding-2025-2-plc-s101657046<![CDATA[ New Issue: Asimi Funding 2025-2 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 16:49:56 GMT00:01:00<![CDATA[ Economic Research: Is There A Greenium In The Bond Market? ]]><![CDATA[ Whether green bonds offer a cheaper cost of capital than conventional bonds is still open for debate. Green bonds finance projects aimed at transitioning to a low-carbon economy, coping with increased impacts of climate change, or other environmental objectives such as water management or pollution control. Conventional bonds, on the other hand, are not earmarked to specific purposes (see " Sustainable Finance Spotlight: Climate Transition Assessments And Second Party Opinions ," published March 25, 2025, on RatingsDirect). S&P Global Ratings believes it is important to understand whether there are differences between the market pricing of bonds to finance environmentally friendly projects and that to fund other types of expenses matters, since sudden shifts in bond prices is one of the ]]>ArticlesThu, 20 Nov 2025 16:49:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-is-there-a-greenium-in-the-bond-market-s101656480<![CDATA[ Economic Research: Is There A Greenium In The Bond Market? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 16:49:02 GMT00:01:00<![CDATA[ Corporate Results Roundup Q3 2025: Positive momentum continues, but still reliant on the technology boom ]]><![CDATA[ The global Q3 2025 results season for rated nonfinancial corporates is in its final stages, with results in for 1,823 companies that report quarterly. Positive earnings momentum continues. Measured at an annual rate, global revenues for companies rated by S&P Global Ratings that report quarterly are up 3.3% (versus 2.9% in Q2) based on current results, and EBITDA has risen 5.7% (versus 4.3%) with a majority of sectors seeing margin improvement. This positive momentum remains heavily reliant on a small number of technology companies. If global tech leaders are excluded, annual global sales and EBITDA growth are a less impressive 2.4% (versus 2.2% in Q2) and 3.0% (versus 1.8%), respectively. However, tech earnings momentum is easing off, even as capex surges. ]]>ArticlesThu, 20 Nov 2025 16:49:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-results-roundup-q3-2025-positive-momentum-continues-but-still-reliant-on-the-technology-boom-s101655621<![CDATA[ Corporate Results Roundup Q3 2025: Positive momentum continues, but still reliant on the technology boom ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 13:12:28 GMT00:01:00<![CDATA[ European REITs’ Interest Coverage: Still Weathering The Rate Hikes ]]><![CDATA[ This report does not constitute a rating action. Recent European Central Bank (ECB) rate increases have put pressure on REITs’ ICRs. Despite generally prudent interest-rate hedging strategies and long debt profiles, REITs’ interest costs have increased by 105% on average over the last three years, while EBITDA grew 34% over the same period. Rent growth has been strong across most segments, peaking at 6.3% on average in 2023 (like-for-like) supported by high inflation of 8.4% (2022) then 5.4% (2023) in the eurozone. This boosted indexation, but it was insufficient to offset the interest rate increase in full and led to numerous downgrades. In fact, weaker ICRs were the second most frequent reason (22%) for the 53 downgrades we have undertaken ]]>ArticlesThu, 20 Nov 2025 13:12:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-reits-interest-coverage-still-weathering-the-rate-hikes-s101657356<![CDATA[ European REITs’ Interest Coverage: Still Weathering The Rate Hikes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 07:56:08 GMT00:01:00<![CDATA[ SLIDES: European Insurance Outlook 2026 ]]><![CDATA[ European Insurance Outlook 2026: Partly Cloudy. ]]>ArticlesThu, 20 Nov 2025 07:56:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-european-insurance-outlook-2026-s101657925<![CDATA[ SLIDES: European Insurance Outlook 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 04:20:44 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q3 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. ]]>ArticlesThu, 20 Nov 2025 04:20:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-2-q3-2025-s101658481<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 22:23:57 GMT00:01:00<![CDATA[ The Ratings View: Nov. 19, 2025 ]]><![CDATA[ In this week's summary of ratings views: Monetary policy and easing tariff tensions will keep APAC credit conditions steady. Global banks outlook for 2026 remains steady, with likely resilience amid uncertainty. Consumer products and chemicals lead corporate default tally. ]]>ArticlesWed, 19 Nov 2025 22:23:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-nov-19-2025-s101658430<![CDATA[ The Ratings View: Nov. 19, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 22:15:36 GMT00:01:00<![CDATA[ Exploring Australia's Burgeoning Auto ABS Market ]]><![CDATA[ This report does not constitute a rating action. Australia's auto asset-backed securities (ABS) sector continues to go from strength to strength. New issuance momentum has been sustained by strong auto financing competition from nonbanks seeking to expand their market share and grow lending volumes. This is leading to increasing product and technological innovation as lenders compete to accelerate loan application processes through seamless online experiences. While electric vehicle (EV) penetration in Australia still lags larger markets, government incentives are supporting increased take-up of EVs, despite lower resale values. More competitive pricing of EVs could lead to shifts in portfolio composition across the auto ABS sector and potentially alter risk profiles. With unemployment forecast to remain low, the outlook for the ]]>ArticlesWed, 19 Nov 2025 22:15:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/exploring-australias-burgeoning-auto-abs-market-s101651825<![CDATA[ Exploring Australia's Burgeoning Auto ABS Market ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 11:27:05 GMT00:01:00<![CDATA[ U.S. Utilities: Key Takeaways From The EEI Conference 2025 ]]><![CDATA[ This report does not constitute a rating action. The Edison Electric Institute (EEI) conference, held in Miami from Nov. 9-11, 2025, provided insights into the evolving landscape of the U.S. power and energy sector. Discussions highlighted a significant paradigm shift resulting from rapid data center buildout and increasing exposure to climate-related risks, particularly wildfires. These factors are fueling record-level investments in power generation and grid infrastructure, raising concerns about pipeline execution, funding, and affordability. This report summarizes key observations and themes from the conference, focusing on the challenges and opportunities facing U.S. investor-owned utilities (see also " SLIDES: North American Regulated Utilities Industry Highlights ," Nov. 14, 2025). The confluence of unprecedented data center growth, escalating climate risks, and substantial ]]>ArticlesWed, 19 Nov 2025 11:27:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-utilities-key-takeaways-from-the-eei-conference-2025-s101658031<![CDATA[ U.S. Utilities: Key Takeaways From The EEI Conference 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 18 Nov 2025 12:01:46 GMT00:01:00<![CDATA[ U.K. Second-Charge Mortgages: Lending Surge Highlights Risks ]]><![CDATA[ This report does not constitute a rating action. The U.K. second-charge mortgage market has seen significant growth so far this year. In the eight months to August 2025, new business volumes were 12% higher than in the same period in 2024. The value of new business in July 2025 was £201 million, the highest level recorded since June 2008 according to the Finance and Leasing Association (FLA). The second-charge market has been recovering since its collapse after the economic downturn in 2008. At this point, the wholesale markets all but closed for specialist lenders, removing their access to the funding they needed to originate. In 2016, second-charge loans started being regulated under the mortgage conduct of business (MCOB) rules, the ]]>ArticlesTue, 18 Nov 2025 12:01:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-second-charge-mortgages-lending-surge-highlights-risks-s101654453<![CDATA[ U.K. Second-Charge Mortgages: Lending Surge Highlights Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 18 Nov 2025 11:53:25 GMT00:01:00<![CDATA[ Second Party Opinion: NCC's Green Finance Framework ]]><![CDATA[ S&P Global Ratings assesses NCC AB's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. NCC is a construction company operating in Sweden, Norway, Denmark, and Finland. It focuses on residential buildings, offices, schools, hospitals, stores, warehouses, and infrastructure. ]]>ArticlesTue, 18 Nov 2025 11:53:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-nccs-green-finance-framework-s101658023<![CDATA[ Second Party Opinion: NCC's Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 15:15:29 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Default Activity Picks Up In October ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally increased to 10 in October 2025, after the following defaults in the month: U.S.-based real estate investment trust Office Properties Income Trust U.S.-based educational technology company Astra Acquisition Corp. U.K.-based fixed-line connectivity service provider TalkTalk Telecom Group Ltd. U.S.-based home health care company BW Homecare Holdings LLC U.S.-based glass container manufacturer Anchor Glass Container LLC U.S.-based health care provider Cano Health LLC U.S.-based specialty food and beverage ingredient manufacturer FFP Holdings Group Inc. U.K.-based finance company AFE S.A. U.S.-based power tool manufacturer Apex Tool Group LLC U.S.-based customer contact center operator Atlas Midco Inc. Monthly corporate defaults rose to 10 in October from eight in ]]>ArticlesMon, 17 Nov 2025 15:15:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-default-activity-picks-up-in-october-s101657016<![CDATA[ Default, Transition, and Recovery: Default Activity Picks Up In October ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 10:47:06 GMT00:01:00<![CDATA[ This Week In Credit: Sector Pressures Emerge In An Otherwise Positive Week (Nov. 17, 2025) ]]><![CDATA[ Total rating actions declined last week and upgrades exceeded downgrades for the second week in a row. All but one of the upgrades were to speculative-grade issuers and included one rising star: MEG Energy Corp. Year-to-date rising stars total 24, below 31 at the same time last year.Most downgrades occurred across three sectors: two each in media and entertainment, utilities, and homebuilders/real estate. A regional breakdown shows most downgrades were to U.S.-based issuers.Defaults increased to three last week, two of which were Europe-based chemicals, packaging, and environmental services issuers: Ardagh Group S.A. and Kleopatra Holdings 2 S.C.A. The third was U.S.-based Fossil Group Inc. due to distressed exchange. ]]>ArticlesMon, 17 Nov 2025 10:47:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-sector-pressures-emerge-in-an-otherwise-positive-week-nov-17-2025-s101657605<![CDATA[ This Week In Credit: Sector Pressures Emerge In An Otherwise Positive Week (Nov. 17, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 08:02:41 GMT00:01:00<![CDATA[ Asia-Pacific Credit Outlook 2026: Same North, Different Stars ]]><![CDATA[ Asia-Pacific's credit conditions will keep steady in 2026 amid continued growth, easy monetary policies, and a supportive financing environment. But divergences could widen due to trade realignments, geopolitical tensions, and uneven domestic fundamentals. ]]>ArticlesMon, 17 Nov 2025 08:02:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-credit-outlook-2026-same-north-different-stars-s101657584<![CDATA[ Asia-Pacific Credit Outlook 2026: Same North, Different Stars ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 05:09:47 GMT00:01:00<![CDATA[ Overview Of Japan Housing Finance Agency's Structured Notes ]]><![CDATA[ This report does not constitute a rating action. Japan Housing Finance Agency (JHF)--an incorporated administrative agency and the sole government-related entity (GRE) in Japan that supports home purchases through securitization support operations with the private sector--was established on April 1, 2007, to inherit the receivables and obligations held by the former Government Housing Loan Corp. (GHLC; see note 1 in the Appendix), as well as GHLC's operations. GHLC began issuing residential mortgage-secured pass-through notes in March 2001, and JHF has issued JHF structured notes since it inherited GHLC's operations in April 2007. In this report, S&P Global Ratings outlines the structural features common to each series of JHF notes. Meanwhile, in our presale reports or new issue reports, which include ]]>ArticlesMon, 17 Nov 2025 05:09:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/overview-of-japan-housing-finance-agencys-structured-notes-s101653509<![CDATA[ Overview Of Japan Housing Finance Agency's Structured Notes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 03:41:51 GMT00:01:00<![CDATA[ Second Party Opinion: DZ Bank AG Green Bond Framework ]]><![CDATA[ DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank) is the central institution of the cooperative financial network in Germany and a parent company of DZ Bank Group. It provides financial products and services in Germany and abroad. We assess DZ Bank's green bond framework, which aims to finance renewable energy projects, as Dark green. ]]>ArticlesMon, 17 Nov 2025 03:41:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-dz-bank-ag-green-bond-framework-s101657591<![CDATA[ Second Party Opinion: DZ Bank AG Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 20:33:17 GMT00:01:00<![CDATA[ SLIDES: North American Regulated Utilities Industry Highlights ]]><![CDATA[ Slide presentation originally given to investors attending the annual Edison Electric Institute Financial Conference in Hollywood, Fla. ]]>ArticlesFri, 14 Nov 2025 20:33:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-north-american-regulated-utilities-industry-highlights-s101657458<![CDATA[ SLIDES: North American Regulated Utilities Industry Highlights ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 20:15:05 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, October 2025 ]]><![CDATA[ This report does not constitute a rating action. In October 2025, S&P Global Ratings maintained 29 ratings without revising the outlooks, took three positive ratings actions and five negative rating actions in the U.S. not for profit health care sector. In addition, we revised three outlooks favorably, and one outlook unfavorably without changing the ratings. We also assigned a rating to two new issuers, Casa Colina Inc. , Calif. and Monroe Sustainable Energy Partners LLC , Ariz. (an entity whose rating is based on that of Rochester Regional Health’s credit quality). Included in the month’s activity were ratings assigned to seven new debt issuances for currently rated organizations, all of which were affirmed except for one downgrade on Craig Hospital ]]>ArticlesFri, 14 Nov 2025 20:15:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-october-2025-s101656867<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 06:30:12 GMT00:01:00<![CDATA[ Second Party Opinion: Å Energi Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Å Energi's Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Å Energi produces and distributes electricity in Norway, where it owns and operates hydropower plants and electricity grids. It also trades electricity in Nordic and European markets. ]]>ArticlesFri, 14 Nov 2025 06:30:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-energi-green-financing-framework-s101657290<![CDATA[ Second Party Opinion: Å Energi Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 04:09:32 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Nov. 12, 2025 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 14 Nov 2025 04:09:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-nov-12-2025-s101657246<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Nov. 12, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 19:59:31 GMT00:01:00<![CDATA[ CreditWeek: Is The Bridge Between Traditional And Decentralized Finance Open? ]]><![CDATA[   2025 has been a pivotal year in the emergence of tokenization in financial markets. A supportive regulatory framework in the U.S. has provided the confidence to major traditional financial market incumbents to engage with stablecoins and public blockchains. As more traditional financial instruments are created on-chain, this creates opportunities to use these assets in decentralized finance (DeFi) applications. This market evolution and innovation is evident in the several new types of digital asset-related instruments that we have rated during the course of 2025--including tokenized money market funds, a decentralized lending protocol, and a digital asset treasury company--alongside our newly-announced partnership with Chainlink to deliver our stablecoin stability assessments on-chain. Available since December 2023, our stablecoin risk analysis will now ]]>ArticlesThu, 13 Nov 2025 19:59:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-is-the-bridge-between-traditional-and-decentralized-finance-open-s101655341<![CDATA[ CreditWeek: Is The Bridge Between Traditional And Decentralized Finance Open? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 09:39:13 GMT00:01:00<![CDATA[ European And U.K. Credit Card ABS Index Report Q3 2025 ]]><![CDATA[ This report does not constitute a rating action. The interactive version of this report is available here . This includes interactive charts to capture data on total delinquencies, payment rates, and charge-off rates for U.K. and European credit cards collateral. This includes interactive charts to capture data on total delinquencies, payment rates, and charge-off rates for U.K. and European credit cards collateral. Table 1 Key performance indicators: U.K. Index (%) Q3 2O25 Q2 2O25 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Total delinquency rate* 1.31 1.32 1.35 1.28 1.26 1.43 1.46 1.38 1.31 1.37 1.38 1.38 1.38 1.50 Charge-off rate* 2.72 2.86 2.57 ]]>ArticlesThu, 13 Nov 2025 09:39:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-and-uk-credit-card-abs-index-report-q3-2025-s101655118<![CDATA[ European And U.K. Credit Card ABS Index Report Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 09:36:51 GMT00:01:00<![CDATA[ European Auto ABS Index Report Q3 2025 ]]><![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European Auto ABS Index Dashboard here . The dashboard tracks the collateral performance of all our rated European auto ABS transactions and enables the filtering of data to identify key metrics and trends. Table 1 Key performance indicators Index Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Total delinquencies (%) 0.74 0.82 0.78 0.78 0.73 0.69 90+ day delinquencies (%) 0.30 0.32 0.29 0.31 0.27 0.25 Net losses (%) 0.07 0.06 0.06 0.04 0.05 0.03 Constant prepayment rate (% annualized) 11.8 12.9 17.5 10.5 13.8 12.1 Effective yield (% ]]>ArticlesThu, 13 Nov 2025 09:36:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-auto-abs-index-report-q3-2025-s101654745<![CDATA[ European Auto ABS Index Report Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 01:37:08 GMT00:01:00<![CDATA[ Iron Ore Majors: Diversification Relies On China <br> ]]><![CDATA[ This report does not constitute a rating action. Iron ore will remain a cash machine for major mining houses exposed to the metal, even if the halcyon days of seemingly bottomless China demand are likely over. S&P Global Ratings expects the major producers will further diversify into other businesses, including energy-transition metals, to widen their growth opportunities. The top three iron ore producers—Vale S.A., Rio Tinto, and BHP Group--are all expanding their already substantial copper assets, while Rio Tinto has added lithium to its portfolio. BHP is also making sizable investments in potash. Meanwhile Fortescue Ltd., the world's fourth largest iron-ore producer, faces large spending needs to decarbonize its production chain to realize its goal of "real zero" scope 1 ]]>ArticlesThu, 13 Nov 2025 01:37:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/iron-ore-majors-diversification-relies-on-china-br--s101627027<![CDATA[ Iron Ore Majors: Diversification Relies On China <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 06:18:16 GMT00:01:00<![CDATA[ Second Party Opinion: Jernhusen AB's Green Financing Framework ]]><![CDATA[ S&P Global Ratings assess Jernhusen AB's Green Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon, climate resilient future. Jernhusen is a Swedish state-owned real estate company that owns, develops, and manages properties connected to the national railway network. ]]>ArticlesWed, 12 Nov 2025 06:18:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-jernhusen-abs-green-financing-framework-s101656652<![CDATA[ Second Party Opinion: Jernhusen AB's Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 03:23:11 GMT00:01:00<![CDATA[ Credit FAQ: A Deeper Dive Into Our Rating On United Energy Group Ltd. ]]><![CDATA[ This report does not constitute a rating action. United Energy Group Ltd. (UEG) is a Hong Kong-listed small-scale oil and gas exploration and production company with geographic concentration in high-risk countries, primarily Iraq and Pakistan. We recently assigned our 'B+' long-term issuer credit rating to UEG and a 'B' long-term issue rating to a U.S. dollar-denominated senior unsecured bond that the company proposes to issue Here, S&P Global Ratings addresses questions from investors regarding UEG's credit profile. This includes the company's financial policy and expansion appetite, and our rationale for the rating being rated above the sovereign ones for the countries in which it operates. We also discuss risks on its management and governance given the previous chairman's violations of ]]>ArticlesWed, 12 Nov 2025 03:23:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-a-deeper-dive-into-our-rating-on-united-energy-group-ltd-s101656096<![CDATA[ Credit FAQ: A Deeper Dive Into Our Rating On United Energy Group Ltd. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 02:16:31 GMT00:01:00<![CDATA[ Japan Telecoms: Risks And Rewards Of Diversification ]]><![CDATA[ This report does not constitute a rating action. Japan's major telecom operators are seeking new pillars of growth, bringing both opportunities and risks from a credit perspective. Revenue from core telecom operations, particularly consumer services at the center of their business, is set to stagnate amid market maturity and population decline. Seeking out new business areas has a strategic significance in complementing overall growth potential. Non-telecom businesses are often less stable than telecom operations. Many are subject to intense competition and can be exposed to technological changes. However, efforts to strengthen the foundations of these businesses can go some way to offsetting pressure on overall competitiveness. In addition, companies may find synergies between telecom and non-telecom segments such as IT ]]>ArticlesWed, 12 Nov 2025 02:16:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-telecoms-risks-and-rewards-of-diversification-s101652106<![CDATA[ Japan Telecoms: Risks And Rewards Of Diversification ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 22:18:37 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) September 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesTue, 11 Nov 2025 22:18:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-september-2025-s101656587<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) September 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 22:17:01 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) September 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesTue, 11 Nov 2025 22:17:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-september-2025-s101656586<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) September 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 05:22:15 GMT00:01:00<![CDATA[ China's Cycle Turns While Tackling Involution And Debt ]]><![CDATA[ This report does not constitute a rating action. China's credit downcycle is ending. Yet, local debt overhangs and intense domestic competition are eroding bank capitalization, threatening corporate sustainability, and raising the risk of a third bubble. This is according to panelists at S&P Global Ratings' recent "China Credit Spotlight" conference. Panelists include senior analysts at S&P Global Ratings and heads of fixed income or economics from Allianz, PingAn, AllianceBernstein, and Natixis. The conference was held on Sept. 17, 2025, in the run-up to the Fourth Plenum of the Chinese Communist Party, where the draft proposal of China's 15th Five Year Plan was approved. The plan tackled key issues discussed by the panelists, including: When will China's credit cycle turn? Will ]]>ArticlesTue, 11 Nov 2025 05:22:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-cycle-turns-while-tackling-involution-and-debt-s101655288<![CDATA[ China's Cycle Turns While Tackling Involution And Debt ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 00:29:56 GMT00:01:00<![CDATA[ Climate Transition Assessment: PSP Swiss Property ]]><![CDATA[ S&P Global Ratings assesses PSP Swiss Property's Climate Transition Assessment Current Shade as Light green, transition assessment score as Strong, and Future Shade as Light green. PSP is a Swiss real estate company that focuses on historical buildings in city centers. ]]>ArticlesTue, 11 Nov 2025 00:29:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-psp-swiss-property-s101656454<![CDATA[ Climate Transition Assessment: PSP Swiss Property ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTWed, 25 Mar 2026 05:00:00 GMTenhttps://www.spglobal.com/ratings/en/multimedia/middle-east-credit-gateway-strait-of-hormuz<![CDATA[ March 25, 2026 Middle East Credit Gateway: How Important Is The Strait Of Hormuz To Global Energy Markets? In this episode, Hina Shoeb and Mohamed Ali connect with Rawan Oueidat, CFA, Director in our Corporate Ratings practice covering the oil and gas sector. Rawan discusses the strategic importance of the Strait of Hormuz to global energy markets and explains the potential implications of disruption to shipping traffic through this critical chokepoint. We examine what such developments could mean for regional exporters, global energy importers, as well as impact to exposed oil and gas sectors. ]]>Corporates, Governments, Islamic Finance, Emerging MarketsWed, 25 Mar 2026 05:00:00 GMThttps://www.spglobal.com/ratings/en/multimedia/middle-east-credit-gateway-strait-of-hormuz00:01:00<![CDATA[ Private Markets Solutions ]]><![CDATA[ Bring transparency and clarity to private markets with S&P Global Ratings’ independent credit opinions supporting investors, funds and capital providers. ]]>Solution Page<![CDATA[ Private Markets Solutions Private (Credit) Markets Solutions to encompass ratings of funds, fund finance – fund-level credit facilities, investment vehicles. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview At S&P Global Ratings our independent opinions on creditworthiness take a holistic view of the totality of private market participants – solutions for Private Equity Firms and Multi-strategy Funds, General Partners, and Limited Partners as well as the institutions providing funding solutions for them, including banks, insurance companies, and specialist funds. These can encompass rating the Asset Manager as well as their Subscription Lines, Net Asset Value lines, Feeder Funds plus securitizations, and more esoteric structures. Use Cases Learn more about how S&P Global Ratings Private Markets can benefit you. Ratings required for regulatory reasons: As insurance investors become more active in the private credit space, any solutions targeted to them such as Feeder Funds and NAV Loans will require ratings due to regulatory (NAIC) reasons. Additionally in light of the Basel regime, Banks may need ratings for regulatory capital relief. Ratings support fund raising and investor communication at every level for issuers: As market conditions evolve, greater transparency provided by our ratings can attract a broader investor base, enhance marketability, potentially resulting in a cheaper cost of funds. Investors gain valuable insights on risk from the leading credit rating provider: Expanding participation by new and existing investor groups into the opportunities provided by private markets solutions has increased the need for prudent investor diligence. Our unparalleled coverage across all asset classes and expansive understanding of credit markets could inform investors’ risk management. Arrangers can leverage our ratings and insights to support an efficient funding process: As the private markets continue to grow and innovate, and the regulatory environment evolves, our independent opinions on credit risk may provide necessary clarity to enable broader distribution of debt. Discover Private Markets Solutions Download our private debt markets brochure to discover how S&P Global Ratings' independent creditworthiness opinions can help provide private debt market participants with greater access to capital and potentially lower costs of funds. Download Now Related Products View All Let's Get Started Get in touch with our team to learn more about Private Market solutions. Talk to Us Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Private Markets Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/private-markets<![CDATA[ Private Markets Solutions ]]>00:01:00<![CDATA[ Fund Ratings ]]><![CDATA[ Enhance transparency and investor confidence with S&P Global Ratings’ fund ratings, offering independent views on credit quality and fund risk. ]]>Solution Page<![CDATA[ Fund Ratings S&P Global Ratings has been rating funds since 1984, with ratings on over 500 funds. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview The funds industry’s continued growth and expansion to an ever-increasing number of investors has been met with rising pressures for greater transparency. Many investors are taking a progressive interest in assessing the risks facing the funds and their managers. S&P Global Ratings' fund ratings, also known as a "bond fund rating," are forward-looking opinions about the overall credit quality of a fixed-income investment fund. They reflect the fund's portfolio investments' credit risks, the fund's counterparty risk level, and the risk of the fund's management ability and willingness to maintain current fund credit quality. Our fund ratings analytical team has the deep knowledge and experience necessary to assess and rate the various fund structures in the market. Use Cases We rate different types of managed funds, using specifically tailored criteria for each type of fund. Fixed-Income Mutual Funds: Enhance your investment strategy with our Fund Credit Quality Ratings. We assign Fund Credit Quality & Fund Volatility Ratings to actively or passively managed fixed-income funds, as well as to other collectively managed pools or segregated mandates holding fixed-income assets. From money market funds to ETFs and short-duration funds, our insights help you make informed decisions. Alternative Investment Funds: Elevate investment confidence with our global counterparty credit ratings. We assign global scale counterparty credit ratings to assess the stand-alone creditworthiness of several types of Alternative Investment Funds (AIFs), based on the investments they make, trading strategies they employ, and funding structures they maintain. We also assign issue ratings to debt instruments issued out of AIF structures. Collateralized Fund Obligations (CFOs): The CFO criteria is designed to rate debt backed by a diversified fund of funds. The criteria and models are limited to assessing funds of funds with the following underlying fund characteristics: asset types, fund types, geographic scope, and diversification. Related Products View All Let's Get Started Get in touch with our team of experts to learn more about Fund Ratings solutions. Talk to an Expert Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Fund Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/fund-ratings<![CDATA[ Fund Ratings ]]>00:01:00<![CDATA[ Ratings ]]><![CDATA[ Clarify your creditworthiness and support critical financial decisions with S&P Global Ratings’ independent credit ratings and forward‑looking insights. ]]>Solution Page<![CDATA[ Ratings Clarify your creditworthiness and sharpen your financial strategy. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview In today’s dynamic markets, businesses need to clearly communicate their financial position, navigate uncertainty, and make confident decisions about funding, risk, and strategy. Yet many organizations face challenges in understanding how they are perceived by the market, how strategic moves could affect creditworthiness, or how to access capital efficiently –especially in evolving environments. With S&P Global Ratings, our renowned methodologies and deep sector, sovereign, and local market knowledge help turn complex credit risk questions into clear, actionable insights. Whether you're raising capital, planning a major transaction, or comparing financing options, our consistent, independent assessments enhance transparency, improve comparability, and empower decision making. Use Cases Learn more about how credit ratings solutions can provide insight. Raising Capital: Enhance your ability to access capital by communicating your creditworthiness effectively and appealing to a broader range of investors, whether global or local. An independent assessment of your creditworthiness may help to optimize funding costs, diversify funding mix, and secure better financing terms. Gain broader access to capital markets & improve financing terms with a Credit Rating. Anticipate Credit Impact Before You Act: Gain forward-looking insights into how strategic decisions – such as changes in capital structure or ownership – could impact your creditworthiness before taking action, helping you refine decisions and optimize financial outcomes. Start scenario planning with a Rating Evaluation Service (RES) or a Counterparty Instrument Rating (CIR). Navigate Transaction Funding with Greater Confidence: Gain clarity on your post-transaction creditworthiness with a Preliminary Rating or RES ahead of a transformative event, such as an acquisition or restructuring, helping you to raise capital with confidence and engage investors more effectively. Understanding Credit Risks: Uncover defined credit risks, whether related to local or foreign currency exposure (foreign currency credit rating), specific financial instruments or obligations, or an insurer’s capacity (insurer financial strength rating) to meet claims. Related Products View All Let's get started Speak with our team of experts to learn more about credit ratings solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Credit Ratings solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/ratings<![CDATA[ Ratings ]]>00:01:00<![CDATA[ Assessments ]]><![CDATA[ Evaluate credit, liquidity and sustainability risks with S&P Global Ratings’ independent assessments, supporting informed decisions when ratings are not available. ]]>Solution Page<![CDATA[ Assessments Support critical financial decisions and engage stakeholders with independent assessments of credit, liquidity, and sustainability. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Many businesses face challenges when trying to assess the creditworthiness of their partners, counterparties, and potential investments — especially when they lack formal credit ratings. S&P Global Ratings provides independent, objective assessments that deliver actionable insights into these critical areas, helping businesses make informed decisions. Our suite of assessments offer deep analysis into creditworthiness, liquidity, operational performance measurements, and sustainability, enabling businesses to identify risks and opportunities more effectively. Our assessments span a wide range of needs from evaluating creditworthiness and liquidity, to understanding climate transition progress and asset manager practices. With our broad experience across industries and markets, these assessments can be used to help navigate financial complexities, manage risk, and communicate effectively with investors and stakeholders. Use Cases Learn more about how assessments solutions can benefit you. Evaluate Creditworthiness: Gain a confidential, point in time evaluation of an unrated entity or proposed financing structuring in both public and private markets with a credit estimate, private credit analysis, or a credit assessment. This type of assessment is not considered a credit rating. Liquidity and Financial Stability: Obtain an analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets with a liquidity assessment and respond quickly to changing credit conditions. Climate Transition Planning: Understand and communicate your current position and expected path with a climate transition assessment, helping align internal planning and external stakeholder expectations. Manage Operational Risk: Assess your companies’ ability to handle complex demands, operational practices, and performance in asset management, with either a servicer evaluation, U.S. residential mortgage originator or an asset manager practices classification, highlighting strengths and risks to support better oversight. Related Products View All Let's Get Started Get in touch with our team to learn more about Assessments solutions. Talk to an Expert Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Assessments solutions Please it out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/assessments<![CDATA[ Assessments ]]>00:01:00<![CDATA[ Sustainable Finance ]]><![CDATA[ Demonstrate credibility and transparency in sustainable financing with S&P Global Ratings’ independent opinions, assessments and Shades of Green approach. ]]>Solution Page<![CDATA[ Sustainable Finance Demonstrate your company’s readiness to obtain sustainability or transition financing. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Sustainable finance is not only about financing activities and investments that are already compatible with a low-carbon, climate resilient future, considered "green," and aligned with the Paris Agreement. It is also about financing activities and investments that are not yet compatible with a low-carbon, climate resilient future but contribute to a reduction of greenhouse gas emissions. S&P Global Ratings offers independent, transparent assessments at both entity and financing level, backed by the award- winning Shades of Green approach, which provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Use Cases Alignment to Relevant Market Principles: Demonstrate to stakeholders that your sustainability objectives are aligned to relevant market principles (such as ICMA, LMA, EU Taxonomy, European Green Bond Regulation). Financing – Debt: Navigate access to the public and private sustainable debt markets. Obtaining a Green Designation on Stock Exchanges: Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement: Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications: Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Related Products View All Let's get started Get in touch with our team to learn more about Sustainable Finance solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Sustainable Finance solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/sustainable-finance<![CDATA[ Sustainable Finance ]]>00:01:00<![CDATA[ Digital Assets ]]><![CDATA[ Navigate digital and decentralized finance with confidence using S&P Global Ratings’ independent risk analysis and insights bridging digital assets and traditional markets. ]]>Solution Page<![CDATA[ Digital Assets Foundational insights and risk assessments for digital markets. ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights Contact Us Contact Us Overview As digital assets become more deeply embedded in global financial systems, institutional investors and businesses face new risks tied to innovation. S&P Global Ratings helps bridge the gap with risk assessments built on a legacy of analytical rigor. Our digital asset capabilities support transparency and informed decision-making at the intersection of decentralized innovation and traditional finance. With deep insights and a forward-looking lens, we help clients understand emerging market risks. Recent Digital Assets Ratings Use Cases Risk Analysis: Institutional investors use our insights to evaluate digital asset instruments before allocating capital. Product Development: Financial institutions and issuers consider our methodologies in the context of tokenized products or digital financial infrastructure to enhance transparency. Benchmarking: Asset managers and token issuers use our assessments to benchmark themselves when building tokenized funds, payment rails, or on-chain liquidity programs. Risk Management & Exposure Monitoring: Treasury, risk, and operations teams use our assessments to help identify and track emerging risks in tokenized markets, DeFi protocols, and crypto asset issuers. Third-Party Review: Auditors, consultants, and legal/compliance teams may review our outputs as part of their due diligence processes and in preparing third-party risk documentation. Recent Digital Bond Ratings Related Products View All Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Digital Assets Please fill out the form so we can connect you with the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/digital-assets<![CDATA[ Digital Assets ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Assess the potential credit impact of strategic initiatives before you act with S&P Global Ratings’ Rating Evaluation Service (RES), a confidential scenario‑based assessment. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses RES in Action Videos Related Products ON THIS PAGE Benefits Uses RES in Action Videos Related Products Overview Assess the impact of new initiatives on creditworthiness with a forward-looking, confidential assessment. The decision to take on a major capital program, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. Our Rating Evaluation Service (RES), a tool for rated or unrated entities, provides a forward-looking, confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them. You provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback on each scenario you present. The RES is not a credit rating, nor is it a consulting or advisory service. Benefits One Solution, Many Uses Gain valuable insight before you act. Our Rating Evaluation Service (RES) gives you a confidential, written assessment of the potential credit impact of your hypothetical securitization initiatives. Obtain Useful feedback & Gain Valuable Insight Before You Act Our Rating Evaluation Service gives you a confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them, to identify the planned initiatives that potentially could lead to credit outcomes that you would view as more or less favorable. This can be a particularly valuable benefit whether you are considering only one plan or several alternatives. Understand The Impact of Your Proposed Initiatives on Your Creditworthiness When exploring strategic options, you may want to assess ahead of time how your proposed initiatives may affect your creditworthiness. The decision to take on a major capital program, consider an acquisition, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. That’s where we can help. Analysis Based on Your Scenario Provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback from a Rating Evaluation Committee based on each scenario you presented. Please note that the Rating Evaluation Service process and outcome remains confidential Uses Rating Evaluation Service Rating Evaluation Service has been used to gauge the potential ratings implications of important initiatives such as: Mergers and acquisitions Asset or line-of-business divestitures Capital plan alternatives and/or additional debt being contemplated Funding and liquidity mix restructurings Recapitalizations (including senior and subordinated debt) Creation of new holding and subsidiary company structures Risk-shedding and capital-relief transactions (securitizations, hybrids, derivatives, and reinsurance) New financing techniques, such as a commercial paper program Pre-packaged or pre-emergence bankruptcy alternatives RES in Action Watch our short video to learn how a Rating Evaluation Service is typically used to evaluate the impact of restructurings, mergers & acquisitions, divestitures, or material changes in debt or capital structure. Videos Adjusting to a Variety of New Challenges Could our Rating Evaluation Service help you to adjust to new challenges? Watch our video to learn more. Strategic Decisions Learn how a Rating Evaluation Service can support your strategic decisions providing you with the insights you need, before you act. Portfolio Acquisition Are you looking to sell or acquire a portfolio but you want to understand the cost of funding, learn how a Rating Evaluation Service could assist. Securitization Restructuring Our Rating Evaluation Service could provide you with the insights you need when considering your next securitizations restructuring. Related Products View All Contact Us Learn more about our Rating Evaluation Service (RES) Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm Register for an S&P Global Ratings Account Register now to access exclusive content, events, tools, and more. Register For an Account ]]>https://www.spglobal.com/ratings/en/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ Manage and understand your credit story with S&P Global Ratings’ Ratings360®, a digital platform bringing together ratings, research and scenario insights. ]]>Products<![CDATA[ Ratings360® Intelligence You Can Act On. Login Sign up now The Ratings360® platform is available to rated issuers. Get in touch with us to request access. Request Account Request Account Overview Ratings360® provides rated issuers with a holistic picture of their organization’s credit story – ratings, risk research and critical insights on one personalized dashboard. Features Manage. Compare. Report. All In One Dashboard. Essential Benchmark Ratings View and benchmark ratings data for your organization against peers, suppliers and counterparties. Wealth of Research Insights Stay ahead of the factors moving your industry. Relevant Data Tailor the data in a way that is meaningful for you. Sign In Data & Insights At Your Fingertips Sustainability Preparedness Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. Market Sentiment Propose funding options with confidence when you have access to aggregated investor sentiment across different sectors. Request More Information Intelligence You Can Act On Contact us now: ratings360@spglobal.com Ratings Data Access ratings, rating history and rating articles of your organization, your peers, suppliers and counterparties. Financials Comparisons Compare rating scores, adjusted and pre-adjusted financials and ratios between your organization, peers, suppliers and counterparties. Credit Scenario Builders Create hypothetical ‘what if’ scenarios based on your inputs and our criteria, and gain a better understanding of our rating methodology. View How Sector Research Our latest global economic and sector research, videos and podcasts to help you stay in touch with the risk and economic conditions affecting your sector. Ratings Distribution See the ratings distribution across geographies, sectors and grades covered by S&P Global Ratings. Investor Sentiment Stay on the pulse of investor sentiment with insights from our Analytical and Market Outreach teams’ interactions with your sector’s global investors. Sustainability Intelligence Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. ]]>https://www.spglobal.com/ratings/en/products/ratings360<![CDATA[ Ratings360® ]]>00:01:00<![CDATA[ Credit Estimates ]]><![CDATA[ Obtain a confidential, point‑in‑time Credit Estimate for an unrated entity or obligation for an indicative view of creditworthiness from S&P Global Ratings. ]]>Products<![CDATA[ Credit Estimates Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Expressed in lower case lettering using our traditional credit rating symbols. No rationale report is provided. Credit Estimates are a confidential indication, provided at the request of a third party, of our likely credit rating on an unrated entity. They do not include all of the aspects of a credit rating. These estimates do not involve direct contact with the obligor's management and although they are a point-in-time analysis, they can be updated at your request. Credit Estimates are formulated from an abbreviated analysis that draws on analytical experience and expertise of our analysts. Credit Estimates are: Generally provided in a portfolio context Typically used to support the ratings on collateralized debt obligations (CDOs) An integral part of S&P Global Ratings' rating process for CDOs A Credit Estimate is not a credit rating. It is a confidential indication, provided solely at the request of a third party other than the company or issuer of the obligations at issue, of the likely S&P Global Ratings' credit rating of an unrated company or obligation primarily in the context of CDOs. Credit Estimates are typically created for the purpose of including collateral not rated by us in a CDO or other structured finance obligation that is rated by us. They are formulated from an abbreviated analysis and do not include all of the aspects of a standard ratings analysis. For these reasons, a Credit Estimate is not intended to be a substitute for a credit rating. Credit Estimates do not typically involve the direct participation of the obligor and are typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The estimates are confidential in nature and are not published by S&P Global Ratings. Related Products View All Contact Us Learn more about Credit Estimates Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-estimates<![CDATA[ Credit Estimates ]]>00:01:00<![CDATA[ Private Credit Analysis (PCA) ]]><![CDATA[ Gauge the creditworthiness of unrated counterparties with S&P Global Ratings’ Private Credit Analysis (PCA) providing a confidential credit estimate and rationale. ]]>Products<![CDATA[ Private Credit Analysis (PCA) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview You want to assess the creditworthiness of a third-party entity, but the entity is unrated. A tool to assess counterparty risk. Provides a confidential third-party credit opinion on an unrated counterparty. A Private Credit Analysis is not a credit rating. It is a credit estimate accompanied by a written report on the rationale for the credit estimate. A Private Credit Analysis provides a confidential third-party opinion of a target entity's likelihood of default when a public credit rating is not available. Private Credit Analyses are often sought by parties, as one factor amongst others, to help them determine counterparty exposure to an unrated issuer. Our Private Credit Analysis brings you a concise credit analysis of the unrated entities that interest you. You'll receive a report that includes a Credit Estimate, supported by a brief rationale. Although a Private Credit Analysis takes a "point-in-time" snapshot and there is no ongoing surveillance, we can update this analysis at your request. A Private Credit Analysis is typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The Private Credit Analysis helps you: Analyze and report on specific credits that may fall outside your institution's traditional experience; Supplement your internal credit resources; and Review and compare your internal credit process with our analysis. The Private Credit Analysis changes the unknown to the known: Offering an independent and objective tool that senior credit, financial, risk, and investment managers can use for evaluating and managing credit risk; Providing credit analysis of new and existing counterparties, borrowers, lessees, customers, partners, and suppliers, to help you analyze their credit quality; Providing specific industry and company insight from our credit analysts to help improve your understanding of counterparty and industry credit risk; Supplementing the expertise and resources of your internal credit departments; Assisting you in evaluating portfolio or individual acquisitions; and Assisting you in setting credit terms, such as limits and pricing. Deliverables Report including a credit estimate grade, expressed in lower case lettering using our traditional credit rating symbols, and written analysis detailing the target entity's relative strengths and weaknesses and business and financial profile. A Private Credit Analysis is a Credit Estimate accompanied by a written report on the rationale for the Credit Estimate. It does not involve direct contact with the obligor's management and although it is a point-in-time analysis, it can be updated at your request. Related Products View All Contact Us Learn more about Private Credit Analysis Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/private-credit-analysis-pca<![CDATA[ Private Credit Analysis (PCA) ]]>00:01:00<![CDATA[ Liquidity Assessments ]]><![CDATA[ Assess an issuer’s ability to provide liquidity support using its own assets with S&P Global Ratings’ Liquidity Assessments, covering CP and VRDO obligations. ]]>Products<![CDATA[ Liquidity Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Liquidity Assessment Process Related Products ON THIS PAGE Liquidity Assessment Process Related Products Overview In some cases, creditworthy tax-exempt debt issuers with substantial liquidity have found it cost-effective to use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations as an alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. S&P Global Ratings continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding the use of their own assets as a substitute for bank liquidity facilities. Background Liquidity Assessments, which evaluate an issuer's ability to provide liquidity support, were introduced in 2000. Issuers have indicated to S&P Global Ratings that bank liquidity facilities are often expensive and that they can be cumbersome to administer. Since the introduction of liquidity assessments to the tax-exempt market four years ago, S&P Global Ratings has provided liquidity assessments to all types of tax-exempt issuers – providing an independent view of their ability to use their own liquid assets as liquidity support. What is Included in an S&P Global Ratings’ Liquidity Assessment? An S&P Global Ratings’ Liquidity Assessment includes the following: An analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets, An assessment of management’s plans to provide cash, as outlined in its “Liquidation Letter” including a current maximum dollar assessment of the issuer’s ability to raise cash or provide liquidity on its own, and A review of the issuer’s investment policies and risk-management procedures and operations. Liquidity Assessment Process Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment. Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment. The information that S&P Global Ratings evaluates for a Liquidity Assessment includes: Biographies of treasury staff & portfolio management staff, Liquidation procedures letter, Portfolio holdings report, Month-end balances of fixed-income portfolios, and Investment policy related to fixed-income portfolios and other eligible assets. Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. Related Products View All Contact Us Learn more about Liquidity Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/liquidity-assessments<![CDATA[ Liquidity Assessments ]]>00:01:00<![CDATA[ Counterparty Instrument Ratings ]]><![CDATA[ Examine counterparty credit risk in securitization structures with S&P Global Ratings’ Counterparty Instrument Ratings, covering swaps, liquidity facilities and other obligations. ]]>Products<![CDATA[ Counterparty Instrument Ratings Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A forward-looking opinion of an issuer’s creditworthiness An S&P Global Ratings Counterparty Instrument Rating (CIR) is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities) on an ultimate payment basis. It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the financial obligation to a counterparty and takes into account the currency in which the financial obligation is denominated. The opinion reflects S&P Global Ratings' view of the issuer's capacity and willingness to meet its financial commitments as funds become available, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A CIR is specific to the financial obligations that securitization special-purpose entities enter into with banks or any other entity taking on the issuer's credit risk under a contract such as a swap or liquidity facility (a "counterparty"). Capital reserve requirements for high-yield asset classes can constrain insurers’ investment management practices. The CIR addresses an issuer's capacity to meet its financial obligations to a counterparty in a securitization transaction on an ultimate payment basis as funds become available, without regard to any specific repayment date that may be stated in the terms of the contract. Deliverables Each CIR is specific to a particular issuer's financial obligation under a specific counterparty contract in relation to a securitization transaction. For example, we could assign a CIR of 'AAcir' to Issuer ABC's obligations under the interest rate swap with Bank XYZ. The CIR may be either a public, private or confidential rating. The CIR could be assigned with surveillance or could be point-in-time with no surveillance. Furthermore, the CIR may be a local or foreign currency rating, depending on the underlying structure. This opinion does not take into account timeliness of payment. As such, CIRs are long-term ratings only. The CIR is a new rating type with its own ratings definitions. CIRs are identified by the 'cir' suffix to distinguish the CIR from an S&P Global Ratings issue or issuer credit rating. We will assign the 'sf' identifier where necessary. Related Products View All Contact Us Learn more about Counterparty Instrument Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/counterparty-instrument-ratings<![CDATA[ Counterparty Instrument Ratings ]]>00:01:00<![CDATA[ Servicer Evaluations ]]><![CDATA[ Analyze loan and asset servicers with S&P Global Ratings’ Servicer Evaluations providing independent rankings of operational strength and servicing capability. ]]>Products<![CDATA[ Servicer Evaluations Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Our independent view of a company's ability to handle the complex demands of servicing loans and asset portfolios. With the introduction of Servicer Evaluations in 1989, S&P Global Ratings became the first ratings agency to give global market participants an independent, objective view of a company's ability to handle the increasingly complex demands of servicing loans and asset portfolios. Covering a wide range of servicers, including several types of commercial and residential mortgage servicers, Servicer Evaluations are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. A Servicer Evaluation is not a credit rating. Following a comprehensive evaluation process, analysts assess a servicer's operational strengths and risks to derive appropriate sub-rankings and overall rankings. The ranking and supporting analysis are conveyed in a written report that may be made public if a servicer engages for a public ranking. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational and portfolio developments. S&P Global Ratings' Servicer Evaluations provide a consistent, objective analysis of servicer performance. Each evaluation offers an overall ranking - based on sub-rankings covering a servicer's management and organization, and administrative processes, along with a review of the servicer's financial position - that makes it easy to assess a servicer's capabilities and competence. Servicer Evaluations offer benefits to investors, issuers, bankers, and servicers alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key servicer performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing servicers with a resource that they can use to raise their company profile, market themselves to originators, compare themselves with peers, and assess internal performance. Related Products View All Contact Us Learn more about Servicer Evaluations Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/servicer-evaluations<![CDATA[ Servicer Evaluations ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Features Types of Second Party Opinions Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Nordic Investment Bank From the impacts of climate change to the opportunities of sustainable development, every forward-thinking company has a unique journey. See how Nordic Investment Bank achieved its objective of attracting green investment by aligning its framework with recognized market standards and obtaining a Shades of Green Second Party Opinion. Read More Post-Issuance Reviews Overview Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. Learn more about our Shades of Green Approach Watch the Video: Explaining the Shades of Green In the short video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Public Reports View All Public Reports Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/second-party-opinions<![CDATA[ Second Party Opinions ]]>00:01:00<![CDATA[ Stablecoin Stability Assessment ]]><![CDATA[ Assess stablecoin de‑pegging risk with S&P Global Ratings’ Stablecoin Stability Assessment providing independent insight into a stablecoin’s ability to maintain its value. ]]>Products<![CDATA[ Stablecoin Stability Assessment Stablecoin Risk, Quantified Talk to us Get in touch with us to find out more. Contact Sales View Our Brochure Contact Sales ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content What are Stablecoins? Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to a 1:1 relationship with a fiat currency. As a result, absent a depegging, stablecoins do not demonstrate the volatility that is associated with other cryptocurrencies. Because of their stability, stablecoins form a bridge between traditional finance and digital assets capabilities by making it easier for businesses and individuals to conduct transactions and make investments. S&P Global Ratings Stablecoin Stability Assessment is designed to provide market stakeholders with transparency into the stability of various stablecoins and specific insight into their depegging risks. View Interactive Our Approach Our analytic approach begins with the assessment of asset quality risks, including credit, market value, and custody risks. We further analyze to what degree overcollateralization requirements and liquidation mechanisms may mitigate these risks (light gray box). Through a combination of these factors, we determine an asset assessment score that ranges from 1 (very strong) to 5 (weak) (black box). Following the Asset Assessment, our analytic approach considers five additional areas (dark gray boxes): • Governance • Legal and regulatory framework • Redeemability and liquidity • Technology and third-party dependencies, and • Track record The strengths and weaknesses for each of these five areas add to the holistic risk assessment view, which may lead to a negative adjustment to the Asset Assessment score. As a result, the stablecoin stability assessment (red box) can be in line with or lower than the asset assessment. Learn More About Our Analytical Approach Why S&P Global Ratings? Highly Informed The Stablecoin Stability Assessment culminated from essential insights gathered in numerous deep-dive interviews with key market participants in the traditional finance and digital assets sectors. Expertise Our Digital Asset Lab is made up of credit and Cryptofinance analysts and researchers so we have a unique analytical understanding of the intersection of traditional finance and digital assets. Track Record in Assessing Risk With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver essential intelligence to help market participants make informed decisions with conviction. Investor Preference Of the top 20 global institutional investors, 95% reference S&P Global Ratings.* We are an essential source of information for global financial markets. *According to 3rd party investor survey conducted in 2023. Stablecoin Stability Assessment Reports Related Content Contact Us Learn more about Stablecoin Stability Assessment Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/stablecoin-stability-assessment<![CDATA[ Stablecoin Stability Assessment ]]>00:01:00<![CDATA[ Climate Transition Assessment ]]><![CDATA[ Evaluate the credibility of a company’s climate transition plans with S&P Global Ratings’ Climate Transition Assessment (CTAs), analyzing near-term actions and future alignment. ]]>Products<![CDATA[ Climate Transition Assessment Go beyond net zero targets. Demonstrate the credibility of your transition plans. Download Brochure Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research What is the Climate Transition Assessment? The Climate Transition Assessment (CTA) is a qualitative opinion on where a company is on its current transition journey and where we expect it to head into the future, based on an assessment of planned transition activities and implementation drivers. The CTA outcome is a single Future Shade, based on the award-winning Shades of Green approach, which shows the expected alignment of a company’s activities with a low carbon, climate resilient future (and alignment with the Paris Agreement), based on the feasible transition timeline for the company’s sector and its own transition plan/commitments. Our Climate Transition Assessment now includes industry peer comparison, a Transition Progress score, and greater transparency into our Shades of Green shading approach. How Does the Climate Transition Assessment Differ from a Net Zero Target Assessment? The CTA is not a net zero assessment. Whereas many net zero targets are distant, reaching as far as 2050, the Climate Transition Assessment analyzes near-term actions and investments that the company has planned, and their likely implementation, considering potential risks and blockers. The CTA can be applied across sectors and all starting points along the climate transition spectrum, including those earlier in their transition journey, and provides a forward-looking opinion based on a company’s transition plan. We can now offer a Climate Transition Assessment for both non-financial corporates as well as financial institutions. For more detail on how we assess activities for corporates and financial institutions please refer to the Analytical Approach. Our Approach A Climate Transition Assessment is our qualitative opinion of how consistent with a low carbon, climate resilient future we expect an entity's economic activities will be once the entity's planned transition changes are realized and potential material implementation risks are considered. We express our opinion using a single Shade of Green ranging from Dark Green to Red. Our CTA analysis includes: Current Shade (based on the Shades of Green spectrum) Climate Transition Plan Future Shade (based on the Shades of Green spectrum) Transition Progress Optional Add-Ons: In addition, and upon request from the company, we can assess consistency with green and transition equity designations with certain stock exchanges (e.g.: Nasdaq) and other frameworks. Analytical summary of strengths, weaknesses, and areas to watch We have expanded the CTA analysis so that companies can: More easily compare where they are today and where they’re headed on their climate transition journey with the Current and Future Shade, based on the Shades of Green scale. Compare progress to industry peers on key environmental performance KPIs to stay ahead of the curve. Measure progress towards a low-carbon future with our Transition Progress score. Learn More About Our Analytical Approach and the Shades of Green Use Cases for the Climate Transition Assessment Financing: Debt Demonstrate your company’s transition readiness to obtain sustainability or transition financing. Use the CTA either for labeled debt, in combination with a Second Party Opinion, or for unlabeled debt to demonstrate your commitment to transition at entity-level. Obtaining a Green Designation on Stock Exchanges Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Qualitative Climate Transition Risk Analysis Provide a qualitative, deeper dive opinion for investors and banks/financial institutions seeking to understand the climate risk of their portfolio companies, including the transition ambition and plan of a particular company. Green Equity Exchange Designations S&P Global Ratings is currently an approved reviewer for three major stock exchanges' green equity designations: B3 Ações Verdes (BAV), Nasdaq Green Designations, and the SIX Swiss Exchange 1.5°C Climate Equity Flag. S&P Global Ratings assesses alignment with the requirements for the Philippine Green Equity Label set out in the Guidelines on Philippine Green Equity. B3 Ações Verdes (BAV) Green Equity Designation S&P Global Ratings is the first approved reviewer for the B3 Ações Verdes (BAV). In May 2024, B3 The Brazilian Stock Exchange launched a voluntary B3 Green Equities (BAV) designation targeting green companies in Brazilian markets, based on the World Federation of Exchanges Green Equity Principles. The B3 Ações Verdes (BAV) Designation provides transparency to investors on green credentials of a company and offers a way to follow a company’s progress over time. Our Climate Transition Assessment evaluates alignment with the B3 Ações Verdes (BAV) principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of annual gross revenue from activities that contribute to the green economy and continue to invest in a majority share of green activities. Download the Climate Transition Assessment Description for the B3 Ações Verdes (BAV) Designation Nasdaq Green Designations S&P Global Ratings is currently an approved reviewer for Nasdaq Green Equity Designations and has provided stakeholder input to the development of the designation principles. In June 2021 Nasdaq launched voluntary Green Designations targeting green and transition companies on Nasdaq Nordic markets. The Nasdaq Green Designations provide transparency on the green credentials of a company and offer a way to follow a company’s progress over time. Our Climate Transition Assessments evaluate alignment with the Nasdaq Green Equity and Nasdaq Green Equity Transition Designations principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of turnover from green activities and continue to invest in a majority share of green activities, in addition to providing transparency on EU Taxonomy alignment and company-level sustainability targets. Download the Climate Transition Assessment Description for the Nasdaq Green Designations SIX 1.5°C Climate Equity Flag S&P Global Ratings is one of the first approved reviewers for the SIX 1.5°C Climate Equity Flag as of August 2024. In August 2024, the SIX Swiss Exchange launched the SIX 1.5 °C Climate Equity Flag, which helps companies provide additional supporting evidence that its entire value chain contributes towards limiting global warming to 1.5 °C above pre-industrial level. The flag combines recognized requirements on the climate transition plan with additional requirements that arise from the application of the WFE Green Equity Principles (2023) to climate-change mitigation. Our Climate Transition Assessment evaluates alignment with the SIX 1.5°C Climate Equity Flag. To meet the SIX 1.5°C Climate Equity Flag requirement, more than 50 percent of the issuer’s annual revenues must come from 1.5°C aligned activities. Download the Climate Transition Assessment Description for the SIX 1.5°C Climate Equity Flag Public Reports View All Public Reports Related Products & Research Contact Us Learn more about Climate Transition Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/climate-transition-assessment<![CDATA[ Climate Transition Assessment ]]>00:01:00<![CDATA[ Credit Ratings ]]><![CDATA[ Gain a forward-looking, independent opinion of credit risk with S&P Global Ratings’ Credit Ratings covering corporates, financial institutions, governments, and more. ]]>Products<![CDATA[ Credit Ratings We empower people to make informed, confident decisions. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses Related Products ON THIS PAGE Benefits Uses Related Products Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings is a leading provider of Credit Ratings. The world’s financial markets depend on S&P Global Ratings for our accessible insights and valued perspectives that drive clarity and growth in the market. We provide: Public Ratings (issuer/issue): Distributed via our websites and various news media, for issuers of publicly rated securities or private loan transactions of any size. Private Ratings (issuer/issue): Distributed via a secure website for distribution to up to 145 users. Confidential Ratings (generally issuer level): Not distributed. Applicable for use by entities seeking an internal benchmark. Get In Touch By the Numbers Benefits Why use S&P Global Ratings for your credit rating? Increase Your Access to New Markets We work with issuers and investors globally including Corporates, Financial Institutions, Governments, Infrastructure & Utilities, Insurance, Structured Finance and Public Finance. Experience in Credit Markets With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver the essential intelligence market participants need to make informed decisions with conviction. Enhance Your Corporate Transparency The world’s financial markets depend on us for our accessible insights and valued perspectives that drive clarity and growth in the market. Analytical Excellence Leveraging our expansive credit coverage, our analysts and economists provide authoritative, forward-looking insights on prevailing and potential credit risks. Investor Preference Market participants and investors listen to S&P. 95% of top 20 global institutional investors reference S&P Global Ratings¹ making S&P an essential source of information for global financial markets. Uses One Rating, Many Uses Issuers Rated Issuers: Log Into Ratings360® Here Optimize the cost of funding Expand the pool of investors and available capital Lengthen the terms of financing Diversify funding sources Intermediaries Benchmark the relative credit risk of different debt issues Set the initial pricing for individual debt issues they structure Determine the interest rate issues will pay Package assets into securities or structured finance instruments to market to investors Investors Log Into S&P Capital IQ Pro A third-party opinion of credit quality A basis for comparison across asset classes, geographies, and peers Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline Related Products View All Register for an S&P Global Ratings Account Gain access to exclusive content, events, tools, and more. Register Now Contact Us Learn more about Credit Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ¹ References sourced from internal research conducted on global top 20 asset manager websites, fund prospectuses, fund annual reports and/or other related public documents & sourced from IPE data as of 2023. Other data points sourced from internal data from S&P Global Ratings in 2022. ]]>https://www.spglobal.com/ratings/en/products/credit-ratings<![CDATA[ Credit Ratings ]]>00:01:00<![CDATA[ Credit Assessments ]]><![CDATA[ Assess the creditworthiness of an unrated entity or financing structure with a confidential, point‑in‑time Credit Assessment from S&P Global Ratings. ]]>Products<![CDATA[ Credit Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A Credit Assessment provides an indication of creditworthiness on an unrated entity or proposed financing structure. Credit Assessments are not credit ratings. It is an indicator of our opinion of creditworthiness that may be expressed in descriptive terms, a broad rating category or with the addition of a plus (+) or minus (-) sign to indicate relative strength within the category. It reflects our view of the general credit strengths and weaknesses of an issuer, obligor, a proposed financing structure, or elements of such structures. It may also pertain to limited credit matters or carve out certain elements that would ordinarily be taken into account in a credit rating. Companies considering a full, interactive ratings analysis may have reservations about the process involved and whether the ultimate result will meet their needs. Some companies might be concerned over the amount of management time involved in a full ratings analysis, the cost and the likelihood of their achieving a rating grade that they perceive "acceptable". A Credit Assessment gives companies the opportunity to examine their credit particulars without committing to the more resource-intensive full rating analysis. The process may help management identify strategic "issues". Moreover, if the Credit Assessment level is acceptable to management, a more detailed, public ratings analysis can be completed. A Credit Assessment usually represents a point-in-time evaluation (i.e., we generally do not maintain ongoing surveillance or updates of credit assessments), and is confidential. A credit assessment is generally requested by the entity, or the sponsor of an obligation, to be assessed. Credit Assessments are expressed using our traditional credit rating symbols, but in lower case (e.g.,'bbb'). Related Products View All Contact Us Learn more about Credit Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-assessments<![CDATA[ Credit Assessments ]]>00:01:00<![CDATA[ National & Regional Scale Credit Ratings ]]><![CDATA[ Assess relative credit risk within a specific country or region using S&P Global Ratings’ National and Regional Scale Credit Ratings tailored to local markets. ]]>Products<![CDATA[ National & Regional Scale Credit Ratings Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Special-purpose credit ratings that only apply to issues/issuers in a specific country or region S&P Global Ratings' National Scale Credit Ratings are an opinion of an obligor's creditworthiness (Issuer, Corporate, or Counterparty Credit Rating) or overall capacity to meet specific financial obligations (Issue Credit Rating), relative to other issuers and issues in a given country. National Scale Credit Ratings provide a rank ordering of credit risk within the country. Given the focus on credit quality within a single country, national scale credit ratings are not comparable between countries. S&P Global Ratings also assigns regional scale credit ratings for certain groups of countries. Regional Scale Credit Ratings have the same attributes as National Scale Credit Ratings in that they are not comparable to other regional or national scales, and are a relative rank order within the region and exclude direct sovereign risks of a general or systemic nature. The Regional Scale Ratings definitions are the same as the National Scale Credit Ratings definitions but with the word "national" replaced with the word "regional”. Both National and Regional Scale Credit Ratings use S&P Global Ratings global rating symbols with the addition of a two-letter prefix to denote the country or region. National & Regional Scale Credit Rating Prefix Scale Name Prefix Countries Canada National Scale no prefix Canada Gulf Cooperation Council Regional Scale gc Gulf Cooperative Council countries Kazakhstan National Scale kz Kazakhstan Maalot (Israel) National Scale Il Israel Nigeria National Scale ng Nigeria Nordic Regional Scale no prefix Denmark, Finland, Sweden Saudi Arabia National Scale ksa Saudi Arabia South Africa National Scale za South Africa Taiwan Ratings National Scale tw Taiwan Turkey National Scale tr Turkey Ukraine National Scale ua Ukraine Saudi Arabia National Scale Ratings S&P Global Ratings has introduced a new credit rating scale--the Kingdom of Saudi Arabia national credit rating scale (KSA scale)--for the assignment of credit ratings to issuers domiciled in Saudi Arabia. The KSA scale is designed for issuers based in Saudi Arabia and for local currency-denominated capital markets debt, bank loans, and shariah-compliant obligations issued in Saudi Arabia. It complements the existing global rating scale and may offer finer credit risk differentiation within Saudi Arabia for issuers, counterparties, intermediaries, investors, and insurers involved in Saudi Arabia's financial markets by providing independent opinions of relative creditworthiness. Read more in our recently published FAQ, where we answer some questions regarding the KSA scale and the rating process, "Credit FAQ: Kingdom of Saudi Arabia National Credit Rating Scale Explained" For further information on our national and regional scale ratings generally, see "Guidance: Methodology For National And Regional Scale Credit Ratings." Related Products View All Contact Us Learn more about National & Regional Scale Credit Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/nat-l-regional-scale-credit-ratings<![CDATA[ National & Regional Scale Credit Ratings ]]>00:01:00<![CDATA[ Insurer Financial Strength Rating ]]><![CDATA[ Assess an insurer’s ability to meet policyholder obligations with S&P Global Ratings’ Financial Strength Ratings, providing a forward‑looking view of financial stability. ]]>Products<![CDATA[ Insurer Financial Strength Rating An Insurer Financial Strength Rating is our forward-looking opinion about an insurance organization's ability to pay its policies and contracts. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview An Insurer Financial Strength Rating is our forward-looking opinion about an insurance organization's ability to pay its policies and contracts. Insurer Financial Strength Ratings may be useful for buyers of insurance, risk managers, and employee benefit administrators. Insurance brokers and agents may also use these ratings to meet due diligence and disclosure requirements. Insurance Financial Strength Ratings have been used in a variety of ways by our clients. An Insurance Financial Strength Rating may assist you in: Communicating your company's strengths to important constituents, including counterparties, investors, policyholders, brokers and agents, risk managers. Attracting and retaining new business from credit-sensitive brokers, agents and other insurance buyers. Lowering financing costs from lenders and other counterparties. Facilitating access to new markets where a rating can help differentiate you from your competitors or where a regulatory regime encourages it. Related Products View All Contact Us Learn more about Insurer Financial Strength Rating Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/financial-strength-rating<![CDATA[ Insurer Financial Strength Rating ]]>00:01:00<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]><![CDATA[ Access S&P Global Ratings’ credit ratings, research and methodologies with RatingsDirect®, the official platform for credit risk analysis and insights. ]]>Products<![CDATA[ RatingsDirect® Already a customer? Log in below. Capital IQ Capital IQ Pro Capital IQ Pro Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview As the official source for S&P Global Ratings credit ratings and research, RatingsDirect® from S&P Global Market Intelligence delivers the credit risk insights you need on a powerful single platform. With a clean and straightforward layout and AI-powered search, Investors, Credit Analysts, Ratings Advisors, Underwriters, Risk Managers, and more can quickly locate this essential intelligence, combined with comprehensive market data, credit risk indicators, and dynamic visualization tools needed to analyze credit performance and trends across industries, companies, and securities worldwide. Learn More Related Products View All Contact Us Learn more about RatingsDirect® Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/ratingsdirect-by-sp-global-market-intelligence<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]>00:01:00<![CDATA[ Preliminary Ratings ]]><![CDATA[ Obtain a forward‑looking credit rating ahead of a transformative transaction with S&P Global Ratings’ Preliminary Ratings, supporting debt issuance before execution. ]]>Products<![CDATA[ Preliminary Ratings Raise capital with confidence. A Preliminary Rating provides a forward-looking credit rating on a transformative transaction before it’s final. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales What is a Preliminary Rating? A Preliminary Rating from S&P Global Ratings provides a forward-looking credit rating on an issuer or obligation based on the proposed, post-transaction capital structure. Assigned by a rating committee and published using our traditional rating scale, it equips issuers with a market-recognized opinion of anticipated creditworthiness to support debt raising ahead of a transformative event - such as an acquisition, restructuring or refinancing - before final documentation and execution are complete. Why S&P Global Ratings? With S&P Global Ratings, you gain a transparent view of how markets may perceive your post-transaction creditworthiness. Our Preliminary Ratings follow the same rigorous methodologies and committee-reviewed process as our final ratings, providing confidence to investors and clarity to issuers navigating complex capital events. Whether you’re raising debt ahead of a refinancing or acquisition, our forward-looking analysis helps you approach the market with transparent and high-quality assessments. Key Features of a Preliminary Credit Rating Forward-Looking Rating Provides a Preliminary Rating based on the expected post-transaction capital structure, supporting funding efforts ahead of a defined event such as a refinancing or acquisition. Transparent Methodologies and Reports Access detailed reports that explain the rationale behind your rating, giving you and your investors confidence in the rigor of our assessment. Aligned to our Globally Recognized Rating Scale Our preliminary ratings are aligned to our clear and consistent alphanumeric rating system (e.g. AAA to D) providing an industry-standard opinion of anticipated creditworthiness, distinguishing between investment-grade and speculative-grade ratings. Comprehensive and Tailored Coverage From corporate bonds to sovereign debt and structured finance, our ratings provide consistent, sector-specific opinions that cater to your unique industry needs. With broad market, we rate: Corporates, Financial Institutions, Funds, Governments, Infrastructure & Utilities, Insurance, Structured Finance and U.S. Public Finance. Flexible Disclosure Options Choose how and when to share your rating - privately, selectively, or publicly - based on your strategic objectives. Frequently Asked Questions What is the difference between preliminary and final ratings? Preliminary ratings represent S&P Global Ratings' opinion regarding the creditworthiness of an issuer or a debt obligation before final documentation and legal details have been completed. They are typically denoted with a 'prelim' suffix and are based on draft documentation and discussions with issuers. The preliminary rating reports serve as crucial reference documents for market participants seeking early insights into potential credit quality. Final ratings, on the other hand, are assigned after all documentation has been finalized and all conditions have been met. They reflect S&P Global Ratings' complete analysis with full information available and represent our definitive opinion on the creditworthiness of the entity or obligation. How are preliminary ratings assigned? Preliminary ratings are assigned through a comprehensive analytical process that begins with a thorough review of draft documentation and term sheets provided by the issuer. S&P Global Ratings analysts examine the issuer's financial condition, business profile, and the proposed debt structure to form an initial assessment of creditworthiness. This process involves detailed discussions with the issuer's management team to understand the transaction's purpose, structure, and expected performance. Following the initial analysis, the rating recommendation undergoes a committee review where S&P Global Ratings analysts debate the merits of the proposed transaction and vote on the appropriate preliminary rating. The findings and rationale are documented in preliminary rating reports that outline key credit considerations and assumptions. Once determined, the preliminary rating is communicated to the issuer along with any conditions that must be satisfied before a final rating can be assigned. When final documentation becomes available and all conditions are met, the preliminary rating may be converted to a final rating, potentially with adjustments if the final terms differ materially from what was initially proposed. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes review of draft documentation, analysis of financial condition and business profile, evaluation of debt structure, assessment of industry factors, and committee review by S&P Global Ratings analysts. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes: 1. Review of draft documentation and term sheets 2. Analysis of the issuer's financial condition and business profile 3. Evaluation of the proposed debt structure and terms 4. Assessment of relevant industry and economic factors 5. Committee review and decision by S&P Global Ratings analysts What factors are considered in the preliminary rating process? The preliminary rating process incorporates a multifaceted analysis of both quantitative and qualitative factors that influence creditworthiness. S&P Global Ratings examines the issuer's financial strength through key metrics such as leverage ratios, interest coverage, and profitability trends to assess financial resilience. Industry dynamics and the issuer's competitive positioning are evaluated to understand the business environment and long-term sustainability of the enterprise. Management strategy and governance practices are scrutinized to determine the quality of leadership and risk management frameworks. The proposed debt structure receives particular attention, with analysts examining terms, covenants, and repayment schedules to assess their impact on credit quality. All these assessments are captured in preliminary rating reports that provide a comprehensive view of the credit profile before final documentation is complete. Cash flow projections are reviewed against debt service requirements to evaluate the issuer's ability to meet financial obligations under various scenarios. Additionally, the broader economic environment, regulatory landscape, and market conditions are considered for their potential effects on the issuer's creditworthiness. Throughout this process, S&P Global Ratings applies established criteria frameworks to ensure consistency and transparency in the preliminary rating assignment. Related Products View All Products Contact Us Learn more about Preliminary Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/preliminary-ratings<![CDATA[ Preliminary Ratings ]]>00:01:00<![CDATA[ Local Government Investment Pools ]]><![CDATA[ Evaluate the principal stability and credit quality of Local Government Investment Pools with S&P Global Ratings’ LGIP ratings including AAAm and fund credit quality opinions. ]]>Products<![CDATA[ Local Government Investment Pools Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Profiles Indices Related Products ON THIS PAGE Profiles Indices Related Products Overview S&P Global Ratings has been rating Local Government Investment Pools (LGIPs) since 1992, and are one of the leading credit rating agencies in this sector within the United States. We are able to analyze LGIPs consisting of both internal and external participants where the management team is an experienced investment team and/or outsourced to an investment advisor. We assign three different types of ratings to LGIPs based on the pool’s investment objective: Principal Stability Fund Ratings are our forward-looking opinion about the ability of a LGIP to maintain stable principal and limit exposure to principal losses due to credit risk. The rating categories for LGIPs ratings based on the PSFR methodology, range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal). PSFRs are identified by the 'm' suffix to distinguish it from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. Credit Quality Ratings address the overall credit quality of a fixed-income investment fund and are derived from our historical default and transition studies that go back more than 35 years. Rating categories range from 'AAAf' (for funds where their portfolio exposure is extremely strong) to 'Df' (for funds that are predominantly exposed to defaulted assets and/or counterparties). Those funds assigned Fund Credit Quality Ratings typically offer a variable net asset value. Fund Credit Quality Ratings typically accompany Fund Volatility Ratings. Fund Volatility Ratings are our forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. Primarily the assessment evaluates the fund's sensitivity to risks that may affect returns such as interest rate risk, credit risk, and liquidity risk along with the use of derivatives, leverage or exposure to foreign currency risk. Fund Volatility Ratings are expressed on a scale from 'S1' (lowest volatility) to 'S5' (highest volatility). We perform weekly surveillance on LGIPs rated pursuant to the PSFR methodology, and monthly on FCQR/FVRs, methodology in order to form a view on whether any changes in the portfolio and management’s operating policies may alter the fund's credit profile and, therefore, the rating. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. During volatile market conditions, we typically enhance our standard surveillance to assess whether LGIPs are maintaining the relevant fund metrics. Enhanced surveillance, which may include daily interactions with the LGIP investment team or investment advisors, is fundamental to our rating process during periods of market volatility. Profiles Indices Related Products View All Contact Us Learn more about Local Government Investment Pools Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/local-government-investment-pools<![CDATA[ Local Government Investment Pools ]]>00:01:00<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]><![CDATA[ Evaluate U.S. residential mortgage originators with S&P Global Ratings’ Mortgage Originator Reviews, providing independent rankings of operational strength and performance. ]]>Products<![CDATA[ U.S. Residential Mortgage Originator Reviews Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview U.S. Residential Mortgage Originator Reviews Our independent view of a company's ability to handle the complex demands of originating U.S. residential mortgage loans. We give market participants an objective view of a company's ability to handle the increasingly complex demands of originating U.S. residential mortgage loans. Mortgage Originator Reviews are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. Deliverables Ranking provided on a scale from Strong to Weak, with published press release and report. Rankings are monitored periodically. Why Obtain a Mortgage Originator Review? S&P Global Ratings Mortgage Originator Reviews provide a consistent, objective analysis of a U.S. residential mortgage originator's operations and performance. Each review offers an overall ranking -based on sub-rankings covering an originator's qualitative (loan underwriting and processing, including the financial position review) and quantitative (historical loan performance) components. A mortgage originator overall ranking helps to assess an originator's operational capabilities and competence. Mortgage Originator Reviews offer benefits to investors, issuers, bankers, and originators alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key originator processes and performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing originators with a resource that they can help to raise its company profile, market themselves to transaction sponsors and servicers, compare themselves with peers, and assess internal performance. Detailed Description A Mortgage Originator Review is not a credit rating. Following a comprehensive evaluation process, analysts assess an originator's operational strengths and risks to derive appropriate sub-rankings and an overall ranking. The ranking and supporting analysis are conveyed in a written report that is published, and which may be included in related U.S. RMBS transaction presale reports. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational developments. Each ranking comprises subrankings for two separate components: a quantitative review (historical performance) and a qualitative review (nine areas of loan origination and underwriting process, including management and organization (including financial position); risk management; third-party management (brokers, correspondents, retail loan officers); underwriting; pre-funding data quality; post-funding quality control; appraisal/valuation management; and regulatory compliance). Related Products View All Contact Us Learn more about U.S. Residential Mortgage Originator Reviews Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/u-s-residential-mortgage-originator-reviews<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions for sustainability-linked and use-of-proceeds finance Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Types of Second Party Opinions Overview Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Post-Issuance Reviews What is a Post-Issuance Review? What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. In this video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Learn More About Our Shades Of Green Approach Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Sustainability-Linked Financing Role of Second Party Opinion (SPO) for Sustainability-Linked Finance Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Use-of-Proceeds Financing Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Public Reports View All Public Reports Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/project-cortex/second-party-opinions-revisited<![CDATA[ Second Party Opinions ]]>Wed, 25 Mar 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1N<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>TNAreT6AQP4EiwFaLhmB1N<![CDATA[ As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. ]]>https://play.vidyard.com/TNAreT6AQP4EiwFaLhmB1NPodcastWed, 25 Mar 2026 13:20:00 GMT<![CDATA[ 25 Mar, 2026 Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related articles: Scenario And Sensitivity Analysis: Credit Implications Of The Middle East War Credit Conditions Special Update: Conflict In Middle East Casts New Light On Established Risks ]]>https://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1NFri, 13 Feb 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eR<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>Vi1pyNeN14AHzg66e2j2eR<![CDATA[ In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. ]]>https://play.vidyard.com/Vi1pyNeN14AHzg66e2j2eRPodcastFri, 13 Feb 2026 13:20:00 GMT<![CDATA[ 13 Feb, 2026 Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRThu, 15 Jan 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, ]]>https://play.vidyard.com/euiQcUcYcjyB5d7ZFiRHRvPodcastThu, 15 Jan 2026 13:00:00 GMT<![CDATA[ 15 Jan, 2025 Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving By Tom Schopflocher Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, "valid when made" and "true lender" legal and regulatory risks can arise, which can include effectively asserting that the loan was never valid if a legal challenge was successful. We’re joined by analyst Ronald Burt to discuss how these risks could bring potential negative consequences for securitizations backed by loans originated through these arrangements, including a reduction in the interest rate on the loan, a voiding of the entire contract, or litigation and related costs. We also delve into how we assess them in our rating analysis of U.S. consumer loan ABS transactions. Related: Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvThu, 18 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. ]]>https://play.vidyard.com/e2NTxj5TWwzzwJ3xczEAcxPodcastThu, 18 Dec 2025 13:00:00 GMT<![CDATA[ 18 Dec, 2025 Take Notes: Highlights From The 2025 OPAL CLO Summit By Tom Schopflocher We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. Related: Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) Scenario Analysis: How Resilient Are Middle-Market CLO Ratings (2025 Update)? ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-92<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxTue, 11 Nov 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. ]]>https://play.vidyard.com/uPHMZ2SZXQqmGJuq4H6ubEPodcastTue, 11 Nov 2025 13:00:00 GMT<![CDATA[ 11 November, 2025 Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: How Our Updated Methodology For Rating Covered Bonds Affects Overcollateralization Requirements French Covered Bond Market Insights 2025 ]]>https://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-french-market-insights-and-our-updated-methodology<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubETue, 14 Oct 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. ]]>https://play.vidyard.com/NEUX6eUc1EaX7eGjW1iYc8PodcastTue, 14 Oct 2025 12:20:00 GMT<![CDATA[ 14 Oct, 2025 Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: Presale: Capital Street Master Trust (Series 2025-1) ]]>https://www.spglobal.com/ratings/en/multimedia/25-10-14-clos-and-levfin-podcast-s7e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8Tue, 29 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. ]]>https://play.vidyard.com/Fp8if2ozWD8a3xnFCiu4JrPodcastTue, 29 Jul 2025 12:00:00 GMT<![CDATA[ 29 July, 2025 Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review Featuring Casper Andersen, Andrew South, and Antonio Farina Covered Bonds Midyear Outlook And The EBA’s Harmonization Review In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: Not All Soft Bullets Are Created Equal Covered Bonds Outlook Midyear 2025: Still On Track ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_29-covered-bonds-uncovered-covered-bonds-midyear-outlook<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4JrFri, 18 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastFri, 18 Jul 2025 12:00:00 GMT<![CDATA[ 18 Jul, 2025 Take Notes: Airline Loyalty ABS Have Lift Off Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. Related Article: ABS Frontiers: Airline Loyaly ABS Have Lift Off ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-90<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KWed, 02 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ 2 Jul, 2025 Listen: Take Notes - How ETFs Are Enabling The Transformation Of Capital Markets By Thomas Schopflocher, Evan Gunter, and Maya Beyhan, Ph.D. Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. Related Article: ABS Frontiers: How The Burgeoning CLO ETF Sector Could Impact The Broader CLO Market ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-89<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KTue, 08 Apr 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://play.vidyard.com/SgWjBK5hLyWnoNFLd7iXd7PodcastTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ 8 April, 2025 Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: The Top Trends Shaping European Bank Ratings In 2025: Solid Positions, Growing Ambitions Covered Bonds In New Markets: Issuance Holds Up In 2024 European Banks: Covered Bonds Are A Cheap, Stable Funding Source With Limited Side Effects ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_20-covered-bonds-uncovered<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Fri, 21 Mar 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVu<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>uzFQYayufSLk8wYbP8CKVu<![CDATA[ Hina and Sandeep discuss Infragroup’s strong operating performance with Christopher Ewert, our current expectations for the company's performance, and the areas we are closely monitoring. ]]>https://play.vidyard.com/uzFQYayufSLk8wYbP8CKVuPodcastFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ 21 Mar, 2025 Leveraged Finance & CLOs Uncovered Podcast: Infragroup Featuring Hina Shoeb, Sandeep Chana, and Marta Stojanova Series 7, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup’s positive outlook. Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup’s strong operating performance, our current outlook for the company, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_21-clos-and-levfin-podcast-s7e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuFri, 06 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCe<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>Was776bzphmnbfiEwsuTCe<![CDATA[ We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. ]]>https://play.vidyard.com/Was776bzphmnbfiEwsuTCePodcastFri, 06 Dec 2024 12:00:00 GMT<![CDATA[ 6 Dec, 2024 Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. Related Articles: TGIF Funding LLC Series 2017-1 Class A-2 Rating Lowered; Removed From CreditWatch ]]>https://www.spglobal.com/ratings/en/multimedia/2024-12-06-take-notes-ep-84<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCeFri, 15 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>XgUbyDMES3MBQgffzRri33<![CDATA[ After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. ]]>https://play.vidyard.com/XgUbyDMES3MBQgffzRri33PodcastFri, 15 Nov 2024 12:00:00 GMT<![CDATA[ 15 Nov, 2024 Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. Leveraged Finance Sector Lead Minesh Patel also joins us to discuss the factors driving our generally positive view of Corporate credit performance over the next 6-12 months (e.g., policy interest rate normalization to help stick a soft landing, generally healthy balance sheets, etc.). Related Articles: U.S. BSL CLO And Leveraged Finance Quarterly: Cautious Optimism, But Still A Credit Pickers’ Market CLO Spotlight: Will Market Volatility Reset CLO Reset/Refi Volume Expectations For Second-Half 2024? ]]>https://www.spglobal.com/ratings/en/multimedia/2024-11-15-take-notes-ep-83<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33Fri, 04 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance. ]]>https://play.vidyard.com/ZMQkT1qDD1Ydg34zXj97LpPodcastFri, 04 Oct 2024 12:00:00 GMT<![CDATA[ 4 Oct, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 6: What’s new for CLOs? After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/04_10_24-clos-podcast-s6-e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97LpWed, 04 Sep 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>s8R2rgogRGLeijLDZPejW2<![CDATA[ In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings ]]>https://play.vidyard.com/s8R2rgogRGLeijLDZPejW2PodcastWed, 04 Sep 2024 12:00:00 GMT<![CDATA[ 4 Sep, 2024 Listen: Ep50: Mohamed El-Erian on how AI is changing investing Featuring Joseph Cass and Sudeep Kesh In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. Topics discussed included the potential impact of AI on investing and portfolio management, how Mohamed incorporates data into his views, Sudeep on AI in movies and music and Mohamed’s relationship with the Gen Z students at Queens'. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Mohamed El Erian, President of Queens College Cambridge, and Adviser to Allianz and Gramercy; and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. So, a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Mohamed, welcome back. You wrote a piece in the FT about six months ago now, and it was called 'how Gen AI will change asset management'. What are your current thoughts on this really broad-ranging topic? Mohamed El-Erain 00:00:38 So I'm a believer that AI is a transformative innovation that will impact a lot of what we do. I think asset management is among the sectors that will be significantly influenced by AI. There is low-hanging fruit that is already being taken advantage of, but it is the higher up fruit that is really exciting. And that is to go from reporting to actually enhance analysts and enhance portfolio managers in achieving their missions. Joe Cass 00:01:18 Perfect. Thanks, Mohamed. Sandeep, your research lab at S&P is primarily concerned with things like AI adoption, governance and risk in a whole heap of industries really. What are some standout examples that you're seeing in your own research? Sudeep Kesh 00:01:35 Yes. I think it's a mix of actually exactly what Mohamed described. I think about two-thirds of companies, publicly traded companies now tend to be just kind of early in their adoption. So, they're really thinking about how do I use AI to teach me about AI. And what I mean by that is a lot of industries are basically looking like in banking or asset management, things like fraud detection and any kinds of aberrations for risk management and things like that, where we've actually had quite a history of using machine learning in these spaces. So now it's basically taking existing processes and looking to AI to lend some level of automation. Now I think similar to what Mohamad articulated is I think there's great potential if you really think about what your goal is and focus on that goal and see AI is basically kind of a transformative agent to mobilize your assets into something as of value or something of value to your stakeholders. So one of the standout examples is really actually at Louis Vuitton Moet Hennessey, one of the things I was reading that they're doing is they're actually looking at leveraging AI, not necessarily Gen AI, but AI more broadly on mimicking human old factory senses. So basically, the human senses smell and then looking early on in the supply chain, if one of these ingredients for a perfume is about $100,000 for a drop. If you're able to detect aberrations in your production early on, you could actually save millions and millions in products, not waste resources and really be able to get at this level of customizing products for distinct customers. Similarly, there are companies that are basically going -- and that's what I call back to front, by the way. So there's also companies looking front to back, and that becomes an intelligence gathering phase where you're basically able to say, okay, if I was to have an artificial beauty consultant, for example, I'm clearly not their target market. But if you were to create this kind of thing, you would start to get lots and lots of informatics around customer preferences, different sort of skin tone pallets, all of these other kinds of things. And that becomes another thing that unlocks the value of the existing assets. And I think that's the real benefit. So I think a lot of companies aren't there yet. They're really early in the journey, and that's okay. But I think where you're really going to see the rubber hit the road is those more novel use cases of doing things that haven't been able to be done before as opposed to just doing them faster, doing them. Mohamed El-Erain 00:04:05 Sandeep, I'm really interested in what you just said because I get a sense that the majority of companies understand the what and the why of AI. but the majority also struggles with the how. And there is a whole range of views from let's educate ourselves, let's have an add-on to let's bring in someone who will disrupt us from inside to let's rethink the whole company as if it was AI native. What would you tell companies in terms of the how? Sudeep Kesh 00:04:40 Yes, how -- so the way I think about it, and I should warn that I'm prohibited from giving advice. So, this doesn't constitute advice. But the way I think about it is that every business has assets. So, they could be the employees and the talent networks and things that they have access to. It could be data, it could be processes to unlock these things. Every company has customers, right? And then the secret sauce, their business model is actually a scientific hypothesis. -- on how they can unlock value from those assets to those customers. And the reason I say scientific hypothesis is because it's testable, right? So my advice, not advice would really think about the scientific method to say, okay, how do I treat all of these different processes as essentially science experiments and be able to kind of have this counterfactual and kinds of things. And then I think that sort of unlocks, a, what you're thinking and then how to think about basically meta cognitively, how to think about what you're not thinking about because I think that's the part of the how that's really difficult with AI is it's very cold and calculated. It's essentially sort of a pair of a Bayesian tree with a bunch of sorts of decision science applied on everything you could sort of think of, but it doesn't have feelings, it doesn't have emotions. Humans, I think, sometimes take for granted how intuitive decision-making can be when you're basically -- you're trusting your gut, these kinds of things. You can't -- unless -- I mean, we can sort of go down a rabbit hole on that with this branch of AI called causal AI that gets into that. But Gen AI and things like that doesn't really have any sense of causality, doesn't have any feeling. So that's why we kind of have to take this very sort of cold-hearted perspective and then I think you can unlock the how that way. That was a long-winded answer to your question. Joe Cass 00:06:32 Great. Thank you. That's great. Mohamed, I've heard generative AI described as a combination of technologies and capabilities that help drive innovation in business. Do you mind sharing a few examples of what types of innovation Gen AI could help drive in the asset management space? Mohamed El-Erain 00:06:52 So, we've already seen it impacting attribution analysis. So, your clients would like to know where did the returns come from, be they overperformance or underperformance. That is actually quite a labor-intensive exercise, and there's lots of shortcuts that are done. I've seen AI enhance this attribution analysis. They've made reporting a lot easier. For portfolio managers who have to go through a vast number of documents looking for particular things. So think of a basket of mortgages or think of when you're trying to assess how correlated are the risks in there, AI can really enhance your ability to analyze lots and lots of data and focus on a few things. So we've already seen these application happen. Where I haven't seen yet AI utilized is in secular asset allocations and in doing a better job at optimizing that combination of returns, volatility and correlation. And that every long-term investor will tell you that they start with these very ambitious plans to have an optimization program. And by the time they force all the constraints, they end up with something really arbitrary. And the hope is that AI will help you deal with some of these situations. I'm pretty hopeful that this will be the case, but it's still very early on in the process. Joe Cass 00:08:30 Great. Thanks, Mohamed. Sudeep, I know you think a lot about AI, not just what it means to S&P or a particular industry, but more broadly, what advice would you give people when thinking about AI or Gen AI to help them use these tools to improve their lives? Sudeep Kesh 00:08:49 Yes. I think there's a lot of directions you can kind of take. I think it's one of those things that be who you are, right? I think that's the main thing. So, if you're afraid of these tools, that's okay. But I would start to learn about these things and basically kind of revisit that fear. I think fear is healthy. Fear keeps us alive, right? But it's one of these things that we need to be sort of educated about what are the material issues and things like that. But I think one of the bits in the debate in terms of sort of humanity versus humanity plus AI is actually kind of AI in the arts and things like that. And it's one of these things that Ironically, that's how I got my start in AI twenty-five years ago was in music, like using AI to kind of be able to bring in this physicality in terms of emulating different spaces and sound design and things like that. That's how I came into AI. I recently met a friend; his stage name is King Willonius. He's an AI music artist. And he basically writes these comedy songs essentially, using AI, he does a prompt engineering technique to start the track. And then he's basically interacting, he's playing AI like an instrument. And I think that is really hugely illustrative of human creativity of drawing inspiration from anything that is of earth whether that's a traditional music instrument or AI. So, I don't think that these things are substitutes for each other. I think it's one of those things that we just have to treat the world with all of these technologies in it and then operate within their boundaries. Now I think with the fear thing, going back to the fear thing, like these things can be dangerous, right, in the wrong hands and so on. And that's fine like to recognize that, that fear is there, but we still need to do something about it. And I think that the key is education and being able to really be disciplined about it. Mohamed, I don't know what your advice would be. I think that would be really valuable for the audience as well. Mohamed El-Erain 00:11:00 So, I would just quote a couple of situations. One was when someone from industry came to speak to our students and made a wonderful presentation. And then, of course, the first question was, how can I enhance the probability of getting a good job? And that's what the student asked. And the answer was to learn to speak to AI, learn to interact with AI. And I thought that's really interesting. And I didn't think twice about it. And then a few weeks later, I was in a meeting where someone from OpenAI was presenting. And then someone who was around the table, said, "Look, I just asked ChatGPT. -- what questions should I ask you? And they gave me this banal question to ask you. And the person from OpenAI said, that's because he didn't provide the context. So put in these four things. And they put in -- I am in a meeting with so and so and so and so. I'm listening to presentations with so and so who's back on and so on and so put in four little prompts, if you like, and then ask the question. Got a completely different answer and much more -- so I think this notion of experimenting, like you say, not be afraid of it, learn to interact with it because the more you interact with it, the more you realize like any other tool, you have to understand where its competitive advantage is. I also think, as Sudeep said, it's very important to understand this is an eighty-twenty proposition. 80% is good, 20% is bad. I go back from the U.S. to Europe quite often. The U.S. embraces the 80%, loves the 80%, wants to run with the 80% and tends to ignore the 20%. Europe's obsessed by the 20%, and they tend to ignore the 80%. I think the truth is, like Sudeep said, you have to embrace the eighty-twenty, embrace the whole distribution and try to manage the whole distribution because that's what you're getting. Joe Cass 00:13:00 Fantastic. Thank you both. Mohamed, you spoke about it there briefly in terms of the risk. I mean, there's a whole host of risks associated with Gen AI from hallucination to data privacy or other considerations. What kind of risks keep you up at night about Gen AI or AI in general? Mohamed El-Erain 00:13:21 So, hallucination doesn't keep me up because I think that as AI evolves, that risk will come down. It will always be there. I think what keeps me up at night is exactly what Sudeep said, which is a very powerful tool in the wrong hands. That's what keeps me up at night. And I can tell you, it's complex and it's making people think. I'll give you another example from education. People discovered that when they interviewed online, it leveled the playing field, that socioeconomically, you were having a much more inclusive platform. However, now there are tools that literally you put under your camera that listens to the question that's being asked and prompts answers for you. And if you're on the other end of an interview, you don't see that. So, you've got to evolve how you do things, understanding that the technology in the wrong hands can be used in a way that is counterproductive to ultimately what you're trying to do. Joe Cass 00:14:27 Perfect. Thanks. So now we'll move on to some kind of off-topic questions. So, one thing I did in the last episode, which is kind of interesting, I'm going to replicate it here. So, it's quick-fire questions. So, it's basically the first thing that comes into your head when I say these words. And it's all about your favorite. So, what is your favorite X favorite Y. So, Mohamed, I'll go with you first, and then Sudeep will do your round second. So, Mohamed, what's your favorite movie? Mohamed El-Erain 00:14:57 My cousin Vinny. Joe Cass 00:14:59 What's your favorite season? Mohamed El-Erain 00:15:02 Spring. Joe Cass 00:15:03 What's your favorite drink? Mohamed El-Erain 00:15:06 Sparking water. Joe Cass 00:15:09 And what's your favorite restaurant? Mohamed El-Erain 00:15:12 Chinese restaurants. Joe Cass 00:15:14 Favorite gadget Mohamed El-Erain 00:15:15 My computer. Joe Cass 00:15:19 Favorite time of the day. Mohamed El-Erain 00:15:21 Early morning. Joe Cass 00:15:23 And last one, what's the profession other than your own that you would like to attempt? Mohamed El-Erain 00:15:30 Being a lawyer. Joe Cass 00:15:33 Interesting. Interesting. Okay. Sudeep, you're up now. So Sudeep, what's your favorite movie? Sudeep Kesh 00:15:38 The Big Lebowski Joe Cass 00:15:41 what's your favorite season? Sudeep Kesh 00:15:42 Autumn Joe Cass 00:15:45 What's your favorite drink? Sudeep Kesh 00:15:48 Coffee. Joe Cass 00:15:50 What's your favorite restaurant? Sudeep Kesh 00:15:51 Pizza place down that way Joe Cass 00:15:56 What's your favorite gadget... Sudeep Kesh 00:16:00 It's a tough one. AeroPress, I'll stick with the coffee Joe Cass 00:16:04 What's your favorite time of day? Sudeep Kesh 00:16:08 Late afternoon. Joe Cass 00:16:10 And lastly, what profession other than your own, would you like to attempt? Sudeep Kesh 00:16:15 Time machine mechanic. Mohamed El-Erain 00:16:20 May I point out Joe, that Sudeep had an unfair advantage. Sudeep Kesh 00:16:25 I did have an unfair advantage, yes. Mohamed El-Erain 00:16:26 He had an unfair advantage. May I also point out that his answers are all consistent because obviously, his love affair with coffee means that he needs a lot of it in the morning, which raises the one question. How many cups of coffee do you have before noon? Sudeep Kesh 00:16:40 Three, which is too much. Mohamed El-Erain 00:16:46 That's all? Sudeep Kesh 00:16:46 Well, yes, it could be worse, but it's three and then one in the afternoon. Mohamed El-Erain 00:16:51 So, I'm at five before noon. Sudeep Kesh 00:16:54 I'm not sure who has to adjust. Joe Cass 00:16:58 Mohamed, I wanted to talk to you just briefly about your newest book, Permacrisis, which I was actually reading on holiday a few weeks ago. Can you talk about the book, but also tell us about how your co-author, Gordon Brown, initially reached out to you in California and how that evolved into a weekly call during the pandemic between you, Gordon, and the Nobel Prize winner Michael Spence. Mohamed El-Erain 00:17:21 So, I think it was back in 2016 or 2017, I got an e-mail from Gordon Brown saying, I've read your article. I'm coming to California. I'd love to get together and discuss. So, I showed it to my wife. I said, okay, someone's pulling my leg here. Who do you think it is? And she said, well, just respond and take it seriously. So I respond to that, of course, I'd be happy to meet. And then we organized it that he would come to the house for brunch. It lasted six hours. He had come actually to discuss the article, which was a bit of a because I hadn't read what I had written weeks ago. But we had this incredible discussion. And then we followed up two weeks later with another long session. Gordon is this incredible sponge really interested in public policy, really cares about economic well-being, about inclusiveness, and we just connected. Come the pandemic, early on, he and I were sharing concerns about this notion that people thought that when you restart an economy, it's like flicking a switch. That's not what happens. We are worried about what would happen to vaccine distribution. So, we decided to have a regular call. And then he started asking questions that I could not answer. So, I said, do you mind if we bring a third person in, a friend of mine, who is the nicest person in the world, but he also is the smartest person I know. And that is Michael Spence, who I had co-authored a couple of articles with a few years earlier. And he said, yes. And then we evolved where you had Mike being the precise content person, Gordon being the visionary policy person and I being the supplier of the Zoom links every week. And we did this for a year where we were talking about our concerns. And then there was a really important pivot where we came across three factors that we believed explained most of this notion of cascading crises. At that point, the conversation became really positive, and someone said, we should write this down. And that was an oh, no moment because no one had taken any notes for a year because this was more like a social event than anything else. And then that was the idea for the book. And then we brought in Reid Lidow, who is incredible, and he helped 3 very different ways of writing seem like seamless and one person. So, it was a wonderful cooperative effort among the four of us. Great. Joe Cass 00:20:11 Thanks, Mohamed. Sudeep, high-level question for you now. If you could give your teenage self-advice, what would it be? And, if he could see you now, what would he be most impressed by? Sudeep Kesh 00:20:26 I think I'm still a teenager, so it's a relative thing. I would say to my teenage self, yes, just kind of respect the fact that things happen. You can control yourself, but you don't control the outcomes of situations. It's like you just got to let stuff be. And related, I think it's one of these things that I'm starting to learn that actually through my children. I'm starting to learn that now. So, I think it would be like my teenage self in the future to the present. You might be impressed that you eventually got to figure that out because it's just like we don't hold all the cards. We actually hold very few of sort of changing the outcomes of things like that. So, I think it's just one of those things, be yourself, just get up, do it, stay focused. Joe Cass 00:21:22 Yes, very cool. Mohammad, in business in corporations, in investing, - it's often spoken about the importance kind of the criticality of data. What's your view of the role of data in decision-making in 2024? Mohamed El-Erain 00:21:39 Critical, absolutely critical. But it should inform your judgment. It shouldn't completely take over your judgment. Data is a critical input, but it does tend to capture the past and there are all sorts of structural changes that go on. So, you should also have an open mindset to what is changing. The mistakes that are made in policy is by sometimes not supplementing backward-looking data with forward-looking hypothesis. And that's the mix that needs to be done. So, data is really, really critical. And I think evidence-based policymaking, evidence-based decision-making in business is critical. I joked about the lawyers because I was told a joke when I was young. My father was a lawyer. I would have been a lawyer if I didn't want to come across as simply following my father's footsteps, so I chose something completely different economics. And I always -- I was once told the big difference between a lawyer and an economist is a lawyer can argue with 100% conviction and 10% foundation because that's their job. an economist needs 90% foundation to argue with 90% conviction. And the reason why I said law because I often wondered whether lawyers can't do a better job in getting the balance right between conviction and foundation. And I think data helps you get some of the way on conviction, not all the way, but some of the way. Joe Cass 00:23:24 Great. Thanks, Mohamed. Mohamed, it really wouldn't be an episode with you as a guest if we didn't talk a bit about football/soccer. So, a reminder to Sudeep and also the viewers and the listeners that in the 1979 to '80 season, Mohamed was a captain of the football first team at Queen's College of Cambridge. And I've got the picture as proof. So, Mohammad, now you're the President of the University. Do you get to watch much football or just generally sports on campus? Mohamed El-Erain 00:23:59 Yes. So, my biggest dilemma every weekend is how to watch four different teams that are playing on Saturday and Sunday and are playing in different places often at the same time. So, we have the two male football soccer teams. We have the female soccer team, and we have the one male rugby team. And I try to go out and see them. And they're normally playing different places. But absolutely, I mean, I love going out, I love cheering. And Joe, as you would know, you often do this in Cambridge when it's windy and rainy and everything else. The one thing I really worry about is there's a very high correlation between me turning up and the team losing. So, I have to figure out what is the right approach to that. Maybe AI can help me minimize that correlation because it's really way too positive. Sudeep Kesh 00:24:56 You need more data. Joe Cass 00:24:59 Excellent. And Sudeep, we spoke about this briefly before, and you also said you had some experience in this. But in your view, how could AI impact other sectors? So will we be watching AI movies in the future, listening to AI music artists, watching augmented reality, AI-infused football games? Sudeep Kesh 00:25:21 Yes. I mean I think we already are, right? So, it's part of the answer to the question. And I would go back to what Mohamed said, not necessarily 80-20, but just treat these as a continuum. So, like 100%. What I fear is that if you were to watch a movie or listen to a music that was 100% AI, I worry about the implicit nature of data forming sort of this average and like you're not going to get exceptional music, but you'll just kind of get like 'meh' and maybe that's fine, I don't know. I call it - I don't mean it, but it's basically if you take an asymptotic relationship of as X approaches Fleetwood Mac, it's kind of like it's all right. That's all right. But it's just like it's not necessarily exceptional. So, it's just kind of like that's some of the stuff I worry about. With sports, I know in football, English football, when you started introducing cameras and replays and things like that, like everyone just went nuts. And I think it's one of those things I really enjoy the beauty of like watching like Messi in action where he just kind of has a slow start in terms of the physicality, but he's immediately studying everything about the pitch and having this calculation. That's kind of how AI works. So, it's one of those things that like if you do too much of it, it becomes less beautiful. So, I think it's one of those things that like it's happening now, like in terms of special effects, in terms of things with convolutional processing and music to allow some pure sonic space sound like it's from something different or create a lot of things that you can't even emulate on earth. This is some of the stuff that I was doing of trying to imagine what a guitar string made of glass would sound like. So basically, taking the physical properties of glass and the reverberations and things like that and then applying that using sort of computational techniques. And then that kind of influences my own imagination. But it's just like I, as a human have to do the hard work of imagining things. And when I'm consuming, I'm also viewing this thing through sort of my own sort of lenses of experience and preferences and everything else. So, nothing is ever devoid of the human, so I don't worry about that too much. But I think in the dialogue, we tend to overbias towards some of the stuff around AI. Hopefully, that made any sense whatsoever. I'm not sure that did. Mohamed El-Erain 00:27:37 So Sudeep, let me push into this. Suppose you are the coach of a team of a football team, whether it's American football or soccer. And the other team has fully utilized AI to put in every data point about your players, strength and weaknesses, has observed your formations and everything else. And you're a coach of the team that's playing against the AI-enhanced team. What would you do? Sudeep Kesh 00:28:06 I think it's that during Game Day, and we have this thing all the time. The analogy is funny to me because I'm the least athletic person like not in just this room, but like maybe on earth. But I think it's one of those things, come game day, you got what you got, right? So you got to play. And I think that you practiced time and time again using sort of your human intuition using the sort of communication channels on the field. That's one of the things I always loved about like the Xavi's and Andre Iniesta's of the world of like basically reading the field and then using all of that information as sort of a communication strategy. It's almost like a dance. And I think that would still allow a lot of things that haven't been assessed or analyzed by the AI bot on the other team. like that sort of communication and teamwork as an art form, I think, would still hold true. Now I don't know how that's going to play out. But I mean, that would be an interesting match, right? Like if you say like if people knew that, and then you can kind of say, who's reading for the AI-assisted team, who is reading for sort of the analog team, like it would be interesting. I don't know who would win. Mohamed El-Erain 00:29:11 So, I thought you'd answer differently. I would have thought you'd say on T minus-one, you would change your formation and you would take the risk of a suboptimal formation rather than an optimal formation that the other side has analyzed fully. Sudeep Kesh 00:29:28 Yes. I mean, because I think in American football, they do this all the time, right? Like they analyze like every nuance of everything. And I don't know that it always generates an advantage because you always have - this is like all of the psychology and the computer science games of your two or chess. I mean this is chess, right? Like you have all of these probabilistic and deterministic kinds of things that could sort of happen. But ultimately, you have to make a choice. And that choice is unknown until you've made it. So I think that it's still the same sort of dialogue in a different context. Mohamed El-Erain 00:30:07 Essentially because I grew up at university playing the game of risk every single day. And the game of risk is completely probabilistic led. But when people start understanding your biases, you have to act irrationally once in a while. Joe Cass 00:30:21 Right. Mohamed, as President of Queens College at Cambridge, you must engage. In fact, I know you engage with the students regularly. In fact, as part of the research for this question, I did some mining online. And I think it's a Facebook group, which is called 'Mo's bros', where there's a group of people at Cambridge, guys and girls who are part of this group and just value just speak to each other about what kind of insights you shared. So I know this happens. So I'm interested to know what kind of things have you learned from the students and also kind of the Gen Z generation more broadly? Mohamed El-Erain 00:31:04 So let me just say this is the best job I've ever had. And one of the reasons why this is the best job I've ever had is interaction with students. They come to us from very different backgrounds, and they are wicked smart, as you would say, in Boston. They really, really are smart. And for me, it's just incredible talking to them and asking them questions and seeing how they think. And when you are with them for three years, you literally see them being transformed by the environment. You see the intellectual curiosity being satisfied and pushed. And in the process, they teach you a lot. So I try to spend as much time with students as I can. That includes not just meals. It also includes stopping and talking to them, having them over. And I think it's absolutely transformational for me as much as it is for them, this experience. Now I get the added advantage that I get to sit with professors and whenever we get someone who comes from a U.S. university who comes to Queens, the thing they love most is lunch because what happens in lunch, which is self-service, is you sit at the next available seat. You don't go sit on your own, you don't go sit in a group, you sit at the next available seat. So one day, you'll be talking to a physicist. The other day, you'll be talking to a humanist. I mean you get just incredible experiences from people who are at the top of their field. And it's just incredible interaction between the students and the professors there. That's awesome. Joe Cass 00:32:45 Fantastic. Mohamed, I know you're a Board member at Under Armour, and I think - you can correct me if I'm wrong here - I think I saw an interview where you had an Oura ring on. I thought it looked like an Oura ring. But interested to know, there we go. So with that kind of in mind, interested to know how you integrate kind of health, fitness, wellness into your daily routine. Mohamed El-Erain 00:33:09 Not well enough, okay. So you asked me earlier about data. I love data. I love evidence-based. And I never understood my sleep. And then someone introduced me to the Oura ring. And the Oura ring has had two massive impacts in our lives. One is individually, which is every morning, the very first thing I do, even before I check the markets, the very first thing I do is look at my sleep. In fact, when my wife and I wake up and we said, how did you sleep? We said, I can't tell you, I need to look at my Oura score first. And I've noticed that it has changed my behavior that I've done things differently in order to try to promote a higher score of sleep. And importantly, when I do miss out because I fly to a red eye, I understand what it is that I have to make up for. So that's number one, it has changed my approach to sleep. Number two is like other things, you can compare and contrast. So we have a family group, and I have two daughters, and it's wonderful to me that we compete on the amount of sleep because every night we want to know who has the highest score. And I remember when I was in my 20s, which were where my daughters are right now, sleep wasn't a priority at all. I wish it had been, but it wasn't. Well, the fact that we are all competing for a high score has made it a priority. Sudeep Kesh 00:34:39 Is that recursive then? Meaning that it's just kind of like, okay, like I wake up in the morning and I didn't get enough sleep. So I know I'm ill-equipped to make good decisions in certain context. So I'm going to refrain from doing that, but it also creates an incentive to say, look, today was a less than optimal day because I hijack myself by not sleeping. So I want to get more sleep in order for tomorrow to be a better day. Is that more or less how the thought process works? Mohamed El-Erain 00:35:08 I wish it was. That's why you're the Innovation Officer because you think that way. No, mine is very simple is there are different metrics. They measure different metrics of sleep, your REM sleep, your deep sleep, your restfulness. So I look at what didn't happen. And then I try to figure out why is it that I was so restless during the night. What is it? And it's often because I read an e-mail before going to sleep or something like that, that my mind kept on thinking about. Is it because I didn't get enough hours sleep? Is it because it took me too long to get to sleep? So what I try to do is incorporate the data and try to change my behavior so that the next day, the next night, I'm better. But no, I don't do the advanced science that you do. Sudeep Kesh 00:35:59 That I wish for. I don't do it either. Joe Cass 00:36:02 It's interesting. I've got a similar one, again not an endorsement of the company, but I've got this thing called a whoop and it's very similar to the Oura ring in terms of sending the data of the sleep and recovery and if you can push yourself or not. And the one interesting thing, you're right in the fact that it changes your behavior. And the one example I have personally is that I found that if I don't eat or drink anything after 7:00 p.m., it incredibly improves my sleep score. So I did it kind of one just randomly kind of by mistake, I guess. And then it had such an impact that I just repeated it. And now whenever I can, let's say, five days out of seven, I've made that change in my life just because of the data based off the loop, which is kind of scary the power that it has. Mohamed El-Erain 00:36:53 So will you not accept a dinner invitation at 8:30 at night? Joe Cass 00:36:58 No, that's the thing that I try and kind of keep the kind of 70% to 80% rule with kind of health and fitness. So I think, okay, I'll be good in these areas, but I don't want to kind of sacrifice to an extreme. But it is crazy how kind of just tracking the data and being visible and popping up every morning on your phone, it changes your behavior as a human. So it's so powerful. Mohamed El-Erain 00:37:25 It is. Absolutely. Joe Cass 00:37:29 Sudeep, we've spoken about Gen AI throughout the podcast so far. I'm interested to know how you're using Gen AI in your personal and professional life at the moment? Sudeep Kesh 00:37:40 Sure. Yes. So Gen AI, I use less admittedly than what they call discriminative AI and things like that in terms of machine learning for work. For Gen AI, so when my son was small, I mean, he's still small, but when he's smaller, He would always ask me to read him the story before bed and then we turn out the light and then he wants to hear another story. So I would make up a story. And I would try to incorporate different elements from his day. Now I think as he kind of ages, then things get more complicated. So I said, let me try asking ChatGPT to come up with a story using certain variables. And it will be like electric cars, bunny rabbits and the band Paramore. And then it was like, okay, what do you come up with? And what I found, I've tried this like again and again with a bunch of different variables. The thing is the stories could be pretty good, like in terms of like little plot twists and stuff like that. So like in personal life, I'll use it for that. Sometimes you could start to see a pattern pretty quickly after like you have about three. It's inspired me to kind of just try again just naturally of just kind of coming up with stuff. So that's kind of some of the personal life stuff. In terms of professional life, I think it's really good for summarization. Like so for example, if you have regulation, going back to Mohamed's issue about attorneys, for some reason, they can always generate these six hundred, seven hundred-page papers that it's like really, really difficult to read. So I think in terms of document summarization and things like that, a lot of the algorithms now are really good at getting to the heart of the material and give you enough of a flavor of it that you can essentially kind of use your sort of manual research processes to then fine-tune what I want to learn more about and things like that. So I think like that's a really good use. I think we have to be mindful of the biases and things like that, that are sort of brought about. But like Mohamed was alluding to, if you're not using this, then you're truly going to be behind. So I think it's learned how to use them well and use them. And it takes some practice. So I would also just kind of think about just what are the stakes of the outcome for doing it this way and so on and then build some governance processes around things that are going to abate something bad from happening. So that's on the professional life on the personal, it's glorified mad libs. Joe Cass 00:40:14 Great, Thanks Sudeep. Mohamed, the last question goes to you. Over the course of your career, what's the best piece of advice you've been given? And who gave it to you? Mohamed El-Erain 00:40:25 I think the best piece of advice I got was from my father. I was thirteen years old. We moved a lot when I was young. And I remember that we had arrived in Paris, and we got four newspapers every morning. My father expected me to read the four newspapers. I had no interest in reading one, let alone four. And I remember trying to strike a deal with him. I said, 'look dad the news is same across the board, so I don't need to read four newspapers. I'll read one. You tell me which one you want me to read and I'll read one'. And he said, 'no, you don't understand. The interpretation of the news differs. And in front of you, you have four newspapers that go across the political spectrum. And unless you understand how different people interpret things, you will struggle in life'. And that, for me, was an incredible insight in terms of, you do need to keep an open mind. It's really important to have this cognitive diversity almost hardwired inside of you because it's hard, it's really hard. And I'm glad that my father was so insistent when I was thirteen. I can't imagine that my goal is now to read newspaper, let alone four. But for me, it was really important advice. Sudeep Kesh 00:41:50 Do you find when you're talking to students, are they seeing the level that you do in terms of the need for cognitive diversity and just being able to just experience life with just different friends and different people from different walks of life. Are you finding that with the students? Mohamed El-Erain 00:42:09 I find that you have to structure it. You have to let structure do the heavy lifting because in the world we live in today, you will tend to go to one point of view because social media, as we know, is a big driver of this. And it's understandable. They're just trying to curate for you what you're seeing. So they reinforce whatever it is. So you have to use structure to do the heavy lifting on this. And that's why we stress cognitive diversity so much. Joe Cass 00:42:44 Fantastic. Well, listen, that's it. Thank you so much, Mohamed and Sudeep, for your time today. Everybody watching everyone listening, see you next time on FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep50-mohamed-el-erian<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2Wed, 15 May 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdf<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>7mrh2MCetxK3xe254RgVdf<![CDATA[ We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. ]]>https://play.vidyard.com/7mrh2MCetxK3xe254RgVdfPodcastWed, 15 May 2024 12:00:00 GMT<![CDATA[ 15 May, 2024 Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. We also discuss issuance demand and trends in the Dutch covered bond market and revisions to certain jurisdictional support assessments in our criteria (specifically Iceland). Related Articles: Covered Bonds In New Markets: Issuance Holds Up In 2024 Global Covered Bond Insights Q2 2024: Strong Start To The Year For Issuance Covered Bonds Primer Norwegian And Finnish Covered Bond Market Insights 2024 ]]>https://www.spglobal.com/ratings/en/multimedia/2024-05-15-take-notes-ep-82<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdfTue, 14 Apr 2026 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]> 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. ]]>https://play.vidyard.com/ 9mSqqCJS1BL3P1KPvYhcZ7PodcastTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ 14 April, 2026 Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination Featuring Casper Andersen and Alastair Bigley Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Dutch Covered Bond Market Insights 2026 Agentic AI Adoption In EMEA Mortgage Origination: A Long Road Ahead ]]>https://www.spglobal.com/ratings/en/multimedia/26_04_14-covered-bonds-uncovered-dutch-market-dynamics-and-ai-in-mortgage-origination<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]>https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7Mon, 02 Mar 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]> tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. ]]>https://play.vidyard.com/ tNKeTWxxf2iHNofKwiU4XnPodcastMon, 02 Mar 2026 13:00:00 GMT<![CDATA[ 2 March, 2026 Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends Featuring Casper Andersen and Andrew South Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Danish Covered Bond Market Insights 2025 Swedish Covered Bond Market Insights 2025 Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://www.spglobal.com/ratings/en/multimedia/26_03_02-covered-bonds-uncovered-danish-and-swedish-covered-bond-market-dynamics-and-rating-trends<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]>https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4XnFri, 30 Jan 2026 00:00:00 GMT00:01:00https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXa<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>oef7UvoFiAtPyz2hMTozXa<![CDATA[ S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Mr. Andersen is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. ]]>https://play.vidyard.com/oef7UvoFiAtPyz2hMTozXaPodcastFri, 30 Jan 2026 00:00:00 GMT<![CDATA[ 30 January, 2026 Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends Featuring Casper Andersen Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Casper is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Spanish Covered Bond Market Insights 2025 Spanish Banking Outlook 2026: The Momentum Is Set To Continue Covered Bonds Outlook 2026: Rating Trends Broadly Balanced ]]>https://www.spglobal.com/ratings/en/multimedia/26_01_30-covered-bonds-uncovered-outlook-spanish-market-dynamics-and-rating-trends1<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXaFri, 19 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shknge<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>Zv88vxT8baNMfaw7shknge<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. ]]>https://play.vidyard.com/Zv88vxT8baNMfaw7shkngePodcastFri, 19 Dec 2025 13:00:00 GMT<![CDATA[ 19 December, 2025 Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends Featuring Casper Andersen and Frank Gill Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance German Covered Bond Market Insights 2025 Request For Comment: Methodology For Rating Structured Finance Securities Above The Sovereign Ratings On French Covered Bonds Unaffected By Sovereign Downgrade Scenario Analysis: How Sovereign Rating Actions Affect Covered Bonds ]]>https://www.spglobal.com/ratings/en/multimedia/25_12_19-covered-bonds-uncovered-german-market-dynamics-and-sovereign-rating-trends<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngeTue, 16 Dec 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ In this episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: • Nearly $250 billion in issuance in 2025 • Key trends in credit estimates • Shifts in the average EBITDA size of issuers • What these developments mean for mid-market CLOs going into 2026 ]]>https://play.vidyard.com/Pxn5fWFtSbG8dp7WhYow9aPodcastTue, 16 Dec 2025 13:20:00 GMT<![CDATA[ 16 Dec, 2025 Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 9: Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: Nearly $250 billion in issuance in 2025 Key trends in credit estimates Shifts in the average EBITDA size of issuers What these developments mean for mid-market CLOs going into 2026 Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25-12-16-clos-and-levfin-podcast-s7e9<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9aThu, 27 Nov 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfx<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>Heyhc2ieLJcDN8HUN35xfx<![CDATA[ In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. ]]>https://play.vidyard.com/Heyhc2ieLJcDN8HUN35xfxPodcastThu, 27 Nov 2025 13:20:00 GMT<![CDATA[ 27 Nov, 2025 Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 8: Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-11-27-clos-and-levfin-podcast-s7e8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxFri, 12 Sep 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QF<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>RM5NgbVzWNWkpvBBpz22QF<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. ]]>https://play.vidyard.com/RM5NgbVzWNWkpvBBpz22QFPodcastFri, 12 Sep 2025 12:00:00 GMT<![CDATA[ 12 September, 2025 Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise Featuring Casper Andersen Commercial Real Estate Recovery and Housing Prices Up In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: European Covered Bonds Eye Commercial Real Estate Recovery European CMBS Break Through The Refinance Wall Sector Review: Global Office Market Regains Its Footing House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets Credit FAQ: How House Price Changes Affect Our EMEA Residential Mortgage Loans Analysis ]]>https://www.spglobal.com/ratings/en/multimedia/25_09_12-covered-bonds-uncovered-commercial-real-estate-recovery-and-housing-prices-on-the-rise<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFTue, 22 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>q9uHseFM8cepnH5kZDH8t1<![CDATA[ In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. ]]>https://play.vidyard.com/q9uHseFM8cepnH5kZDH8t1PodcastTue, 22 Jul 2025 12:20:00 GMT<![CDATA[ 22 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 6: Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related article: Colisee Group S.A.S. Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_22-clos-and-levfin-podcast-s7e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1Thu, 17 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ In this episode Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. ]]>https://play.vidyard.com/xKjcSRvrQvhbMkhQZm6hPVPodcastThu, 17 Jul 2025 12:20:00 GMT<![CDATA[ 17 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 5: Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. Our goal is to equip market participants with deeper, forward-looking insight into multi-asset class -Corporate Credits, CLOs, Leveraged Finance Deals through our regular podcast series. Each episode explores key credit features, sector-specific risks, and evolving trends we’re seeing across the deals we cover. Related Article: Babilou Family SAS Downgraded To 'CCC+' On Operating Performance Deterioration And Strained Liquidity; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-07-17-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVTue, 27 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nU<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>t356URbskpq8s8xQ4Uo2nU<![CDATA[ In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. ]]>https://play.vidyard.com/t356URbskpq8s8xQ4Uo2nUPodcastTue, 27 May 2025 12:20:00 GMT<![CDATA[ 27 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia Featuring Hina Shoeb, Sandeep Chana, Mohamed Damak, and Matthew Mitchell Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_27-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nUTue, 20 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. ]]>https://play.vidyard.com/VigsWbveUG8j5Ya5Ve4gy4PodcastTue, 20 May 2025 12:20:00 GMT<![CDATA[ 20 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related Research: Merlin Entertainments' Proposed $500 Million Senior Secured Notes Assigned 'B+' Issue Rating And '2' Recovery Rating Merlin Entertainments' Proposed $410 Million Senior Secured Notes Rated 'B' With '2' Recovery Rating ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_20-clos-and-levfin-podcast-s7e3<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4Wed, 23 Apr 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. ]]>https://play.vidyard.com/ZWGfe94gS3EkVLu4uL65YPPodcastWed, 23 Apr 2025 12:20:00 GMT<![CDATA[ 23 Apr, 2025 Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Featuring Hina Shoeb, Sandeep Chana, and Solene Van Eetvelde Series 7, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_04_23-clos-and-levfin-podcast-s7e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPMon, 07 Apr 2025 20:55:00 GMT00:01:00https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDX<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>NJgpNEg7trHhm76nLBzmDX<![CDATA[ In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. ]]>https://play.vidyard.com/NJgpNEg7trHhm76nLBzmDXPodcastMon, 07 Apr 2025 20:55:00 GMT<![CDATA[ 08 April, 2025 Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: Covered Bonds Outlook 2025: Lower Rates, Higher Uncertainty Danish Covered Bond Market Insights 2024 The Danish Covered Bond Legal Framework: A Closer Look ]]>https://www.spglobal.com/ratings/en/multimedia/25_02_07-covered-bonds-uncovered-ep-2<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXWed, 22 Jan 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. ]]>https://play.vidyard.com/G7YvdDJhPDnhA2EB6ZFfVJPodcastWed, 22 Jan 2025 12:00:00 GMT<![CDATA[ 22 Jan, 2025 Take Notes: 2025 Structured Finance Outlook Featuring Tom Schopflocher and James Manzi Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. Collateralized loan obligations should once again have a record year. We’re seeing some collateral performance deterioration in consumer loans and commercial mortgage-backed securities. A re-emergence of inflation and the resulting impact on rate cuts is the biggest risk to our base case expectations. Related Research: 2025 U.S. And Canada Structured Finance Outlook ]]>https://www.spglobal.com/ratings/en/multimedia/25_1_22-take-notes-2025-outlook<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e712<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e711<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQTue, 29 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, J ]]>https://play.vidyard.com/JuBqPDnYuWqyiKCi2Zzds5PodcastTue, 29 Oct 2024 12:00:00 GMT<![CDATA[ 29 Oct, 2024 Listen: Ep52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn Featuring Joseph Cass In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, Jon on the future of private markets and infrastructure, Doug on GenAI and Jon on his viral jogging videos on Linkedin. This episode was recorded and published prior to Doug's retirement as CEO & President, he is now Special Advisor at S&P Global. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director of S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jon Gray, President and Chief Operating Officer at Blackstone; and Doug Peterson, CEO and President of S&P Global. So a quick reminder before we start that the views of the external guests are their views alone and they do not represent the views of S&P Global. Okay. Thank you so much, John and Doug, for joining me today. Jon Gray 00:00:25 Great to be here. Doug Peterson 00:00:26 Thank you so much. Joe Cass 00:00:28 Jon, we'll start with you. Now a lot of our viewers will already be familiar with Blackstone as the largest alternative asset manager with around $1.1 trillion in AUM. How do you explain what you do overall? And really, what's the firm's approach to investing? Jon Gray 00:00:47 Well, I think what we do is pretty simple. We raise capital from all different types of investors, pension funds, sovereign wealth funds, endowments, individual investors, insurance companies. And then we deploy that capital mostly in alternative assets or private assets, private equity, real estate, credit, infrastructure, life sciences growth, hedge funds. And then the goal, of course, is to generate really good returns. And a bit like a restaurant, if you deliver great food, if you deliver great returns for your customers, they will come back, order more, try different things on the menu. And so our focus every day is how can we deliver for those customers, how can we use our scale, how can we use the data and insights and our high conviction investing to deliver better returns. That's the focus for us. Joe Cass 00:01:45 Cool. Thanks, Jon. Doug, welcome back. Would you be able to give us an overview of, say, the past 12 months at S&P Global, including any highlights or interesting milestones? Doug Peterson 00:01:59 Great. Joe, it's great to be back. Thank you so much for having me. We've had a fantastic last 12 months. As you know, 3 years ago, we undertook the acquisition of IHS Markit, and we started a really robust integration process, and that's paid off now in the last 12 months. We've been able to deliver over $600 million of expense synergies. We're well on track for $350 million of revenue synergies. And all of the themes that we've been looking at, including what Jon just talked about related to private markets and private credit, private capital playing a whole new role in the markets energy, energy transition, what we're seeing there, the way artificial intelligence is now being used. We've been able to take all of that and build it into our business. And with a strong issuance market with strong IPOs, what we're seeing with other capital movements, we're having a really good year. In the second quarter, we had revenue growth of 14% and an EPS of over 30%. So we've had a pretty good last 12 months. Joe Cass 00:02:56 Great. Thanks Doug. Jon, can you talk us through the current macro environment, so including rates, inflation and also what they mean for you as an investor? Jon Gray 00:03:09 Sure. I start with the positive, which is the U.S. economy and really the global economy have been much more resilient than most people would have expected, given central banks tightening rates now for more than 2 years. The Fed took interest rates up 550 basis points. They shrunk their balance sheet pretty significantly, and that was a real headwind. And yet companies continue to grow, and we've seen that in our companies. Revenue growth last quarter was still mid-single digits. We see very low default rates in our private credit portfolio. So a pretty good sign of resilience. We have begun to see a bit of a slowdown in terms of hiring at our companies. Revenue growth sequentially has been lower -- and in the consumer segment, in particular, we've seen some weakness. So think about theme parks or water parks or some of the consumer goods companies we have. So there is some slowing out there. Fortunately, what we're also seeing is inflation come down. So input costs at our company is flat, apartment rents very modestly growing, well below the government data. We're seeing wage growth. When we survey our CEOs, they're saying they think when they look out a year, it will be back down around 3% -- and so that is going to give the Fed air cover to do what I think is necessary to give us a softer landing, which is lower rates. We saw that this week. They cut rates by 50 basis points. I think that's the beginning of a process. So I think we're shifting out of a rising cost of capital environment and moving into a declining cost of capital environment, both base rates and spreads tightening. And as investors, that should be good for assets. What we've been trying to do is get ahead of that, deploy more capital. The second quarter, we had our busiest deployment quarter in 2-plus years. And we've been really focusing on investing before that all clear sign. And we still think it's a good time now to put out capital across real estate and private equity and infrastructure, credit and so forth. So overall, I think the risk here is that things slow too much, but I think the fact that the Fed is moving to become more accommodative and other central banks are doing the same, that should be really helpful. And as a result, it's leaning us more towards investing. Joe Cass 00:05:39 Great. Thanks, Jon. Doug, you recently announced your upcoming retirement as Group CEO and President of S&P Global with Martina Cheung announced as a next leader. Can you talk to us about this decision itself, but also the succession process, too? Doug Peterson 00:05:58 S&P Global, in addition to having really good businesses, we also have great governance. And our Board is well known for strong governance. Last year, we were ranked in a Fortune profile as #3 of 25 modern boards. We took a step back. And as I talked about earlier with the integration of IHS Markit, we knew at some point, we're going to have to have a new strategy that the integration would shift from being integration to then consolidation and then looking forward. And that was a perfect time to start a succession plan. We've been looking at succession for many, many years, at least 8 years, where we spend at least one Board meeting a year talking about succession for the CEO and other executives. And so we put in place a very robust process looking at external potential candidates. We looked internally. We did ways that we brought all of the potential candidates to meet with the Board of Directors. So it's a very robust process. And Martina herself has been the Head of Strategy. She worked in the Ratings business. Recently, she was the President of Ratings before that, the President of Market Intelligence, our 2 largest businesses. And we know her well, and she's a phenomenal leader and is going to take S&P Global to a whole new level. Joe Cass 00:07:08 Yes, agreed. Jon Gray 00:07:10 I'd just say kudos, Joe, to Doug for making this kind of seamless transition with a great internal candidate. It's the model of what a great leader does. So congratulations. Doug Peterson 00:07:24 Thank you. Joe Cass 00:07:25 Great. Jon, private market popularity has grown significantly over the past, kind of, 5 years. What has driven that growth? And does it create an increased need for transparency and liquidity in private markets today? Jon Gray 00:07:42 So the driver of this has really been following the financial crisis, investors started becoming much more open to private assets. They used to only invest in private equity, real estate private equity, opportunistic credit, trying to get the highest returns. And it was a small number of customers. After rates came down following the financial crisis, there became more openness to doing private investing in things like infrastructure, more stabilized core plus real estate and in all forms of performing credit, private credit, both non-investment grade and investment grade. And the potential customer base expanded into individual investors, insurance companies and more institutions. And so you've seen a business that operated in a very small space start to really expand what we do and who we do it for. In terms of your specific question, and obviously, Blackstone is the largest player has really led this. But in terms of your specific question, I think on the liquidity side, no, I don't think there's a need for greater liquidity because ultimately, you're making the trade for giving up some of your liquidity for higher returns. And so that's sort of the benefit of the bargain. Now some of these vehicles are semi-liquid in nature, so they have to provide some liquidity. But I don't think you're striving to match what you see in the liquid markets. On the transparency side, because you're not selling a public security to every potential buyer in the world, -- the key is to have transparency to those who are looking to invest, those who are looking to invest in a closed-end drawdown fund or in an open-ended fund and you're providing them enough information to buy into that to invest in that vehicle. There, I think it's really important and to provide regular updates on performance, what's driving good and bad parts of performance. So it's a more targeted form where you're delivering those investors different than when we take a company public or we Blackstone or S&P is public. But I think there, the standard of care in terms of the transparency you give to your investors, yes, I think that's very important and trying to operate at the highest standard, I think it's so important to give investors confidence. And so I think the whole industry continues to mature I think you'll see companies move to higher standards. But I think this mega trend we've been seeing, particularly in areas like private credit will grow quite a bit. I think you'll see individual investors continue to migrate into this space. And net-net, private assets will be a bigger and bigger part of the investable universe. Joe Cass 00:10:30 Great. Thanks, Jon. Doug, as CEO, you get to see the impact of major trends across all 5 divisions of S&P Global. How have private markets impacted our businesses? And where do you see client demand in this area? Doug Peterson 00:10:46 Well, it's sort of the corollary of what we just heard from Jon. And on the other side of it, we have been serving private markets and private credit for a long time, but we never really thought about it like that. We had pockets or if you want to call it kind of fragmentation of relationships and products and services that we were providing information, data, benchmarks, analytics, ratings, et cetera, to different players in the private credit and private market value chain. But we hadn't thought about it as a business, and we hadn't really connected the dots. And so about 5 years ago, we started thinking about it. The real inflection point was in 2022 when interest rates started spiking. They really went up fast. And when they went up that fast, the bond markets closed, a lot of IPOs stopped. There was not a lot of traditional public market activities. And the private market activities really started blossoming and they started ballooning. And what we heard in addition to the private market players like a Blackstone that we're having a lot more activity and wanted some support in data analytics, the LPs were also coming to us and saying, we would like to understand more about our portfolios and what's in them across all of our asset classes from our public assets to our private assets. And we already had the tools in place through ratings, through securitization ratings. We have a product called iLEVEL, which provides information. In fact, Blackstone used to be involved in that, iLEVEL, which is used for LPs and GPs for information. We also have indices. And what we started doing was linking all of those activities together and getting a whole new view of the private credit and private markets. And this for us right now is probably our most important growth area, and we really appreciate having relationships with Jon, so we can learn from what they're seeing and enhance and improve what we're doing all along the way. Jon Gray 00:12:34 I would make to that point, Doug, I do think it's really important. If you think of a company like S&P who really puts a stamp of approval on financial products, rates them, says these are safe or appropriate at this risk waiting for them to provide some of those valuable services that have been done in the public markets now in the private markets, also tracking performance, I think that's a natural synergy between these businesses. So as we in the private market grows, I think a business like S&P gives a lot of confidence to third-party participants. And I think both sides of us are going to benefit and grow in this private sector. Joe Cass 00:13:16 Fantastic. Thank you both. Jon, I wanted to get your take on two important areas: energy transition and infrastructure. How are you approaching these sectors? And what kind of challenges or opportunities do you see? Jon Gray 00:13:31 Well, I would say on energy transition first, we are huge believers that there's two powerful trends underway. One is there is this movement towards green energy, de-emphasis of hydrocarbons, particularly coal, movement to renewables. And secondarily, there's also a surge in demand for power, particularly coming from digital infrastructure and data centers, but also re-shoring electric vehicles. And so all of that means that a pretty -- what people thought of as a boring industry in energy has this surge of activity today, and it needs a lot of capital. And so what we're trying to do is focus with our infrastructure business on building generation assets, particularly renewables, building transmission because the wind and solar come from different parts of the country than where the population centers may be. We're thinking about in private equity, all sorts of services, utility services, backup power generation, consultancies, software businesses. There's just a massive amount of transition that's happening in the energy space. And so that's, I think, a super dynamic area, and our investors are very interested as well. Other categories of infrastructure, digital, as I mentioned, as you have cloud migration, data storage, but particularly now AI, there's real importance in the growth of data centers, and we've been probably the leading investor in the world. We just bought $16 billion Asian data center business called AirTrunk a few weeks ago. I think this is going to grow pretty aggressively. Cell tower is also an important part of the infrastructure world. And then I would say transportation, human beings continue to move roads, ports, airports, that's an area we like. And our investors really appreciate investing in these long-term inflation-protected assets. So one of the great things we can do for them is assemble this large amount of capital and go buy these big assets, try to improve the operations and drive good reasonable returns. Obviously, the expectations in infrastructure are different than something like private equity. And so I think these big capital-intensive areas, infrastructure, in particular for us, has had tremendous momentum. We've delivered for the customers. I think that will continue to be the space. And there's just an enormous amount of capital needs, particularly in power, particularly in digital infrastructure. So this is, I would say, perhaps the most exciting areas at our firm. Doug Peterson 00:16:23 Joe, let me just add that I can't have a conversation with any organization where we don't talk about energy transition. And then depending on who they are as well, infrastructure. In addition to what we've already discussed for our organization of things like ratings and indices, -- we also have our business of Commodity Insights, and we're taking all of the information that we can gather from the energy complex, whether that's oil and gas, it's renewables, it's also the metals that you're going to need for the energy transition for grids, et cetera. And so we're taking all of that information and marrying it with the financial benchmarks and the financial data to support the energy transition and the infrastructure needs around the world. So it's a really exciting area for us as well. Joe Cass 00:17:05 Fantastic. Thank you both. Doug, we just kind of touched upon it there. I'd be interested to know how S&P Global is approaching Gen AI? And what could the future hold for integrating AI technologies into our business? Doug Peterson 00:17:22 Again, it's another topic that I can barely go anywhere where we're not talking about it. And as you know, 6 years ago, we purchased a company called Kensho in Cambridge, Massachusetts that has a large set of very specialized artificial intelligence engineers and mathematicians and computer scientists, et cetera. And they've been a captive for us for the last 6 years, and they built a lot of really interesting applications, especially for productivity, data management, data linking, visual and voice tools, et cetera. And about 2 years ago, we started using the information and the knowledge we had from Kensho to apply the Gen AI models, the large language models that have started coming out. And so we have a framework where we have a vision that started with Kensho about how we think about the future is not going to replace people. It's going to enhance them. It's going to give analysts better tools and give them -- allow them to move up the value chain and how they use their time. We put in place a governance structure. We have a Chief AI Officer in the company. We brought tools in place through our governance where we're locking down our data. So we bring the models inside of our firewalls instead of letting our data leave the firewalls. We're training 100% of our people in the company on large language models and Gen AI. We have this new model garden called Spark that we use that we have a set of power users. And so this is something for us that we believe that it's going to be necessary as a data company, and analytics company. We've got to be at the leading edge on this. And we do have some products in the market now. We have some products in Cap IQ Pro. We have a tool on top of Cap IQ Pro that allows you to chat and gather information, same for Platts Connect. It's another tool on top of that called Chat AI. We have a lot of tools that you can use now for transcripts to get summary of transcripts. We have a market sentiment tool. So we've started actually piloting and delivering to the market some new tools that are based off of large language models. But it's a really exciting area for us, but we think we need to stay ahead. But one thing I'll tell you is we're not going to build large language models. We're leaving that to somebody else. That's billions of dollars. Our team wanted to build them 2 years ago, everyone is coming to me and saying, we want to build a model. We're going to do the same thing as Google and Chat AI. And I looked at it quickly and said, no, we're not. We're going to become experts in using models and layering models and building tools that extract the information so you can use it and visualize it better. We're going to train our people, but we're not going to build the large language models, but we're going to be experts in what they are, how they work and how you can use them. Joe Cass 00:20:00 And Jon, at a high level, what do you think the impact of AI could have on companies and also specifically companies Blackstone invests in? Jon Gray 00:20:09 Yes. I'm with Doug. I think it's pretty significant. And I also agree with Doug. I mean, I think these models are incredibly powerful. I think the real question is how do you go from what these models can do to real-time applications in your businesses. And I think of it a little bit like translational medicine, basic science, but you need somebody to take that to the hospital and the patient. And I think that's what's just starting to happen at companies. And so we're very focused on this. In terms of where I think the impact shows up first, I think it's in customer engagement, certainly. When people think about your phone company or cable company, over time, obviously, these machines should be powerful tools in customer engagement. If you think about 2-dimensional when we think about searching for a product, a company may have a website as opposed to being able to communicate and say, I like this kind of clothing and I live in this area and so forth and the machine hears you and gives you something that works for you. And you say, well, actually, that's a little too long. I think the dynamism and improvement in customer engagement is going to go way up. I think for creative tools, really powerful. If you think about software developers, content and media, these will be really sort of copilots, using the Microsoft term, to help people expand their capabilities here. I think over time, robotics will gain a bunch of momentum. As we've seen with driverless cars, things in the physical world probably tend to take longer. But I do think you'll have machines that can do a lot of things powered by AI. And so for our companies, what we're trying to do is what are the use cases here. We've done a good job for a pretty long time with what we think of as predictive AI, putting numbers in a -- taking numbers about when demand for the product is to think about pricing or staffing, so sort of numbers in, numbers out. Now with the generative AI, when you're taking in video and words and all of this, and that's coming out the other side, those tools to translate that are just starting. And so we've hired a number of senior people. We're trying to implement it at our companies, trying to do it at the Blackstone level. I think hoping the world isn't going to change is a great strategy. I think you've got to believe this is coming. And then as investors, back to what we've been trying to do is let's own the super highway that all this is going to happen, let's own the digital infrastructure, let's own a bunch of support services around this, recognizing what's coming. So I think for everybody in their conference rooms, this focus on the future, which is moving very quickly towards us and then incorporating it in our various businesses is an absolute top priority. I would not want to say, hey, we have the -- we figured this out and as a result, we're the best in the world at doing this. But I would say our level of focus and the talent we're putting against it is pretty significant. And I'm hopeful we'll have a pretty big impact with some of our companies. Joe Cass 00:23:26 So Jon, I follow you on LinkedIn, and it doesn't look like you're going to be slowing down anytime soon. So I've seen some of your LinkedIn posts where you're taking a jog, taking a run around basically everywhere in the world. So Montreal, Michigan, San Francisco, Beijing, Tokyo, Sydney. What's your day-to-day like during travel to meet clients and investors? Jon Gray 00:23:53 Well, I will say the LinkedIn, which sort of happened completely organically, I used to, when I was traveling around the world, take little videos and send it to my wife and 4 daughters just so they remembered I existed like, hey, here's your dad. He's in Sydney, jogging at the opera house. And I sort of took that and said, "Hey, why don't we throw that on to LinkedIn. And people, I think, really appreciate the human element because they see you're struggling with the same thing. You're out there running. You're excited about seeing a new place. I would say travel for me is it's a full contact sport. I do try to get up early and run. But then after that, breakfast through dinner, I'm generally working hard and then maybe traveling late at night. It involves, of course, seeing our clients because I often say this, there's no replacement for being in person. Zoom is an effective tool, but it's not the same thing as going to see your client in their offices, having a face-to-face, grabbing a meal. We have offices around the globe. I'm often seeing our people and having town halls. Again, it's a great way to talk to your teams in person, maybe have some one-on-ones with the senior leaders in those offices, hear what's on their minds. And then we have companies and infrastructure and real estate assets or potential investments, and there's an opportunity to meet with the management team, hear about what's happening in their business. And so when the day ends, particularly when you're on a different time zone, then you're trying to catch up with the e-mails. And it's a bit exhausting and Doug knows the feeling, but it's exhausting when it's over, but there's a real sense of, I think, satisfaction. And as much as I love being in the office and being here and it's easier, I just feel like I learn more, I do more, I accomplish more when I'm out there. So I'm constantly pushing myself to be on the road. And it's something that I've actually enjoyed. And of course, the food and the people, all that is sort of the gravy. So I think oftentimes, people have a negative attitude towards business travel and so forth. I think if you sort of embrace it and say, "Hey, I'm going to have a bunch of new experiences. This is going to be great. That change in attitude can make it a much more positive experience. Joe Cass 00:26:09 Great. Thanks, Jon. Doug, as you transition from CEO into a new chapter, -- what could feature more on your professional, your personal agenda, more theater, more Jazz maybe? I'm guessing maybe a portfolio of professional interest. Doug Peterson 00:26:30 Well, first of all, this is a completely new thing for me. The last time I didn't know what I was going to do, I think I was 5 years old. And that was when I go to kindergarten, I went to grade school, junior high, high school, college, I worked, I went to business school. I worked in the city. I came to S&P Global. So I've known what I was going to do in my entire life. And so this is the first time that I have an opportunity to take a step back and field all kinds of interesting opportunities. I'm so excited about all of the possibilities. I know I'm going to stay busy. I know I'm also going to add some more time for some travel, some Jazz, some Opera, some archaeology things that I really enjoy a lot. I don't run. I'm a powerwalker. I do the same thing John does. Every time I go to a new city, I find some place to go walk to go see a museum. -- and I'd love to travel. So I'll probably do a little bit more of that. But the criteria that I'm using, there's 2 key criteria for what I'm going to do next professionally. The first is I want to work with people I like. That's number one. And the second is I want to continue to learn and do something that's exciting. So I will stay busy, but I don't know what it is yet, but I'm going to take my time and make sure I do the right thing. Joe Cass 00:27:38 Great. Jon, what opinion or view on investing do you have that few others would agree with you on? Jon Gray 00:27:47 I guess I always think of myself as a high conviction investor that I know many people think about investing through the lens of diversification. And obviously, it's prudent to have a mix of stocks and bonds in some different geographies and asset classes. So I'm not advocating against that. But I think one of the reasons at Blackstone that we've had a high degree of success is that when we found one of these thematic areas where we have real conviction, goods are moving from physical retail, online, therefore, global logistics are going to have an incredible run. Or India is really moving from a collectivist place to more capitalistic society, a lot of highly educated people and entrepreneurs, and we should really lean in there larger than other firms. When we've had these high conviction views and we put a lot of capital behind it, that's when we produce the highest returns. And we also develop a lot of domain expertise in an area in the process. And when we sprinkle money around in a bunch of different areas where we don't have as much conviction, we say, well, maybe it's cheap or so forth, we haven't had the same kind of success. So I think for me, it's the idea of going all in, being focused when you really have high conviction. And when you do that, you can generate outsized returns. Joe Cass 00:29:18 Doug, as you reflect on your pretty stellar career spanning 40 years, what pointers would you have for people who are at the earlier stages or midpoint in their careers? Doug Peterson 00:29:31 Well, I only have one message, and that's to always keep learning. So I'd say learn, learn, learn. And one of the ways is to ask lots of questions to be curious, to explore, to discover. The second is to take advantage of mentors. I benefited tremendously in my career from mentors and learning from people who have been there before, asking questions, the mentorship. And then the third is to take a risk on yourself, take really hard jobs. I took some of the hardest jobs that people never wanted and I always benefit from those. I had to roll up my sleeves, I had to learn new things. I had to do some really tough jobs in my career. And every single time when I did those, I came out better. So take risk on yourself. Joe Cass 00:30:16 Great. And Jon, final question goes to you. What's the best piece of advice you've been give them? And who gave it to you? Jon Gray 00:30:25 Well, Doug's advice on learning is very good advice, and it's something Charlie Munger was always advocating. For the best piece of advice I've gotten, I think I'd say my father-in-law on 9/11, he was -- he had served -- he'd grown up in a boy's orphanage home during the Great Depression. He had served in World War II in the South Pacific and then in Korea. And I remember that day in 9/11, we had -- my wife and I had 3 small children at that point. And obviously, it was a chaotic day. And I'll never forget him saying to me, John, our country has been through a lot. We'll get through this, too. And one, it was about the U.S., and it's something I firmly believe in the U.S., but it also was an attitude about maintaining calm looking beyond the moment you're dealing with right now and also an underlying sense of optimism that we're going to get to the other side. And it doesn't matter if it's a very obviously tragic day like that or a personal challenge you have or a business challenge, this idea that we've been through difficult times before, we can get through this, too. And I think that makes a huge difference if you can bring that attitude, if you can stay calm and think about how you're going to get to the other side. So that was a valuable gift. He unfortunately passed last year at 105 years old. But I think his positive attitude was super helpful in his life, and it's definitely been a legacy for me. Joe Cass 00:31:59 Yes. Fantastic advice. Listen, that's it. Thank you so much to Jon and Doug for your time today, for everybody watching, everyone listening. See you next time on Fixed Income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep52-jon-gray<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5Wed, 09 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsC<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>44KvMALGujS5UyPfJdUGsC<![CDATA[ In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard ]]>https://play.vidyard.com/44KvMALGujS5UyPfJdUGsCPodcastWed, 09 Oct 2024 12:00:00 GMT<![CDATA[ 9 Oct, 2024 Listen: Ep51: Richard Attias on FII8 & Networking With Super VIPs Featuring Joseph Cass In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard’s relationship with H.E Yasir Al-Rumayyan, how to successfully build senior relationships and Richard’s networking tips to progress your career. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 Podcast. On this episode, we have Richard Attias, Founder and Chairman of Richard Attias & Associates and CEO of the FII Institute. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Richard, thank you so much for joining us today. Richard Attias 00:00:24 Thank you for having me, Joe. Joe Cass 00:00:26 So I thought we might start with an overview of the FII Institute. Could you share what the FII stands for, its main objectives, the kind of events it hosts and also how you became involved as CEO? Richard Attias 00:00:42 The FII Institute is a not-for-profit foundation, and I would describe it as a new generation of such foundations. It was established almost five years ago in the Kingdom of Saudi Arabia. The idea behind the FII Institute was to become a vehicle for multiple initiatives that would have a significant impact on humanity. The ambition is very high—when we talk about humanity, we are referring to billions of people and ways to help them lead better lives. Why did we set this ambition? Before the creation of the FII Institute, the Kingdom launched the FII, the Future Investment Initiative. This platform, a conference that started in 2017, quickly became one of the largest global conferences on investment. From its inception, it served as a gathering point for investors from across the world—north, south, east, and west. Over three days, participants explored where investments should flow in terms of geographies and sectors. This initiative was spearheaded by PIF, the Public Investment Fund, Saudi Arabia's sovereign wealth fund. After the success of three consecutive editions of the FII conference, we concluded that it should become independent, owned by an autonomous entity both financially and in terms of governance. This would ensure the creation of a sustainable movement. This is how the FII Institute was born. We have a Board of Trustees chaired by the Governor of PIF, who was the initiator, but it also includes notable figures such as the former Prime Minister of Italy, Matteo Renzi; Peter Diamandis, the founder of XPRIZE; Noel Quinn, the former CEO of HSBC; and many others. I have the privilege of being one of the board members and was also asked to serve as CEO. In all humility, I was the driving force behind the FII conference itself, drawing on my 30-plus years of experience in creating international conferences around the world. As you may know, I served as the Executive Producer of the World Economic Forum Annual Meeting in Davos for 15 years and also helped launch the Clinton Global Initiative, among others. What we do at the FII Institute extends beyond hosting and creating conferences. Every year in Riyadh, we host FII as a flagship event in October, attracting almost 4,000 to 5,000 CEOs alongside prominent public figures. We also hold an edition in Miami every February, focusing on AI and new technologies, reflecting Miami's current growth as a tech hub. Additionally, we have expanded to Latin America, hosting our first edition in Brazil a few weeks ago, and plan to continue expanding in Asia. The FII Institute is distinct as a foundation because it operates with two additional pillars beyond hosting events. One pillar is called “Think,” a lab of ideas. Every year, we publish indexes to challenge world leaders. For example, in the coming weeks, we will release the "Priority Compass," which identifies citizens' priorities globally. When we first launched the Priority Compass three years ago, many believed climate change was the top concern. However, after COVID, priorities shifted. The Priority Compass revealed that the number one concern was the cost of living, followed by healthcare, security, and immigration, with climate change ranking fifth. We also produce indexes focused on healthcare, analyzing how governments manage their healthcare systems, and on the future of work, examining how countries are addressing evolving employment trends. The second distinctive pillar is our “Do” tank, called “ACT.” We invest the financial contributions we receive from our 35 strategic partners—leading corporations such as HSBC, Aramco, Visa, and Reliance—into impactful initiatives and startups. This allows us to remain financially independent. Through our ACT department, we support startups that can make a difference in humanity’s key sectors: AI and robotics, healthcare, education, and sustainability. I apologize for the lengthy explanation, but I wanted to provide a comprehensive overview of what the FII Institute is about and the breadth of its activities. Joe Cass 00:06:39 Fantastic. Thanks, Richard. Richard, can you talk a bit more about the upcoming FII conference in Riyadh, the flagship event, as you said. What can attendees expect? And what will be areas of focus be at the conference? Richard Attias 00:06:53 For the past seven years, with this being the eighth edition, we have, in total humility, been shaping the path for investors. In 2017, the main topic was "The Big Shift." We understood that the shift between West and East, North and South, was happening. While it’s obvious now, at the time, people didn’t fully realize that it wouldn’t just be a trend, but a long-term, sustainable direction. The East was growing, emerging economies were booming in that part of the world, and the global South was beginning to assert itself more strongly. So, in 2017, we started helping investors and CEOs understand these trends. We’ve continued doing that every year since, even during the height of COVID. We were the only international conference to still take place in 2020 and 2021. This wasn’t because we were geniuses—not at all. It was because we have an amazing observatory team and are extremely well connected with global CEOs and world leaders. We understood that the world wasn’t entirely in danger or at risk. Instead, we chose to focus on the half-full glass, rather than the half-empty one. That’s why, at the time, the theme of FII was "The Neo Renaissance." We believed that in certain sectors, the world would emerge stronger, bigger, and more resilient. This led to significant investment in new health initiatives because COVID exposed how broken healthcare systems were. Looking ahead to 2024, which is just a few weeks away, we are sending a strong message: "Infinite Horizons." If you truly want to invest for good, for humanity, and with a new compass to guide you in the right direction, we are extremely optimistic. We see infinite horizons. Yes, many challenges exist today. Technology is booming, and people are understandably concerned about the new AI revolution—questions about ethics, job displacement, and the limits of AI abound. But we need to focus on the infinite possibilities AI offers in many sectors. We are also exploring renewable energy horizons and the new energy equation, driven by solar energy, wind energy, and hydrogen. There will be multiple conversations about energy, entertainment, sports, the future of industries, technology, AI, and the new Africa. Africa, with its 1+ billion people, must be included in the global economy. To address this, we are hosting a mini-summit on Africa to better understand the continent. Africa is not just one country; it’s 54 countries, each with its own specific challenges and opportunities. While corruption and governance issues remain, Africa is also a reservoir of natural resources. We need to explore ways to transform those resources into local jobs and help Africa become a new emerging market. We’ll also be discussing the future of ESG. At the FII Institute, we believe the current ESG framework is not inclusive enough. That’s why we’ve proposed ESG 2.0, which, if adopted, could unlock nearly $5 trillion of new investments in Asia alone. In addition, we’ll address broken supply chains, logistics, and the future of these sectors. We’ll delve into other areas like infrastructure, venture capital, asset management, real estate, and the future of retail, which is currently facing significant challenges. At FII, you’ll spend four days engaging in unexpected conversations that help you understand what is happening and what will happen across multiple sectors. This year, FII takes place just days before the U.S. election, making it an opportune moment to discuss what experts believe will be the economic and geopolitical consequences of the election results, which, as you know, are very tight. Joe Cass 00:12:42 Richard, you mentioned it there. Can you go into a bit more detail about the FII Institute's partnership with PIF? How do you incorporate their objectives into your events? And what's really been your broader experience with working alongside them? Richard Attias 00:12:59 PIF is the founding partner of the FII Institute, and it is one of the most important sovereign wealth funds in the world. Their agenda is to invest globally in multiple sectors to support the diversification of the economy of the Kingdom of Saudi Arabia. At the FII Institute, we are strong believers in the fact that you will not improve any economy, create jobs, or build inclusive economies unless you encourage foreign direct investment and diversification of the economy, which, by the way, are two of the mandates of PIF. Our horizons and objectives are almost quite similar. We are extremely happy and proud to have the PIF entity on our side because they also have access to multiple international corporations. We are totally autonomous at the FII Institute in the way we build the program and in the way we recruit speakers; in terms of editorial and management, we are totally independent. The beauty is that our Chairman is also the Governor of PIF. When we meet every two or three months, he inspires us a lot with insights on the trends happening globally because, as the governor of a sovereign wealth fund, he knows very well what is happening in multiple sectors worldwide. This is why we always start our FII conferences with an amazing session, which has now become a benchmark for many conferences. We call it the "Board of Game Changers." This 90-minute opening session is a debate where we usually have people like Jamie Dimon from JPMorgan, Larry Fink from BlackRock, Stephen Schwarzman from Blackstone, Jane Fraser from Citi, and Yasir Al-Rumayyan, of course, Chairman of the Board. We also have many other big players from Asia, India, and Africa, such as Patrice Motsepe from Rainbow Capital in South Africa. For 90 minutes, we hear from them about their vision and where they see the main trends and challenges that we need to consider. This is also an illustration of what PIF brings to us because they are part of these conversations more than once a year. Working with PIF is great chemistry. We know each other very well because we started FII together almost eight years ago. They are not just a partner; they are friends, and we are extremely complementary. We use a lot of their expertise and experience to expand and also stay in touch with global CEOs who are working with PIF or partnering with PIF. Of course, the Governor of PIF has multiple mandates; he's also the Chairman of Aramco and a member of the board of multiple international corporations. This is a great plus for us, as it allows us to stay connected with the global economy. Joe Cass 00:16:56 Perfect. Thanks, Richard. Richard, you mentioned then you work very closely with the governor of the PIF, his excellency Yasir Al-Rumayyan and he also serves as the Chairman on the FII Institute. I've seen him interview a few times, as you mentioned. What's it like working with the governor? And what kind of things have you learned from him? Richard Attias 00:17:20 He's a very inspiring leader because he has the privilege of working closely with Crown Prince Mohammed Bin Salman of Saudi Arabia, who is another visionary leader. It's amazing because, at the end of the day, FII was his idea. We are benefiting a lot from this leadership. His Excellency, Yasir Al-Rumayyan, is the one who taught me a few years ago the importance of data, and this was before all these trends with AI. It’s thanks to him and his vision that the FII Institute is becoming a data-driven organization. You will see at FII8 that almost all debates and conversations are supported by data. As a civil engineer, I know how important data is because I am a man of facts and figures. So, for me, it’s extremely stimulating and refreshing. He always raises the bar, so nothing is taken for granted. We are always trying to be more ambitious in what we do, and we share the same conviction: the key to success is content, content, content. We must always be obsessed with the quality of the content. It’s very stimulating, as I said, to work with His Excellency and to hear from him, because he's traveling so much, about the trends in Asia, China, Latin America, and Europe. He’s part of all these global conversations, which is very, very stimulating. Joe Cass 00:19:26 Great. Richard, putting your hat on as Founder and Chairman of Richard Attias & Associates, in such a packed calendar for CEOs, for decision-makers, how do you go about creating an event that really stands out, something that attracts individuals? Essentially, how do you create this perfect event? Richard Attias 00:19:48 Oh my God, this is a $1 billion question. But as you perfectly say, Joe, so many conferences exist in the world. The beauty of our conferences really is that we are obsessed with the quality of the content, as I just said. To be sure that you will have the right people, to be sure that you will be one of the top three choices of the conference to attend, the conference to come back to, the conference to support—these are definitely three parameters. Number one, content, content, content. The content has to be absolutely accurate. You should be extremely transparent, and the content needs to be supported by unexpected conversations. You need to put the right people on stage and not host conversations that you can watch on TV every day or read about in any newspaper. So unexpected conversations, the format itself of the conferences, this is one of our special, I would say, chemistries, which is extremely important. Then, to really attract global CEOs, it's not just about the quantity of sessions; it's about quality. We put a lot of effort into having our conferences very well organized, where you don’t lose time, where the logistics are perfect—even if perfection doesn't exist, at least excellence—where time is money for all these people. So it's extremely important to be sure that they will not lose time between sessions for logistics, accreditation, or anything related to their comfort. Also, what they like about our conferences, I think, is that they are extremely inclusive. The media, which are an extremely important part of our conferences because, thanks to the media, what is discussed is shared with everyone, and we produce a lot of content, so knowledge is shared. The media are always at the heart of my conferences. I never put the media on the side, like, "Oh, let's have a media center on the other side of the street." No, the media are literally in the center of my conference center. Why? Because I want the media to have access to everyone and everything. This year at FII, we have more than 40 media partners and more than 400 journalists, who will be part of our community. Last but not least, which is extremely important, is inclusion in terms of generations. You will see the old guard, the global CEOs who are in their seventies, and you will find some young entrepreneurs and start-ups who are in their twenties. This combination, this mix of people, is extremely refreshing, and both are extremely demanding when it comes to having access to the others. The old guard, as I say, is very interested in understanding the new generation. This is how you will even reinvent your own company—by understanding the new consumers, the trends in terms of technology, etc. The opposite is true for the young entrepreneurs—they want to learn lessons from the elders who developed great success and also potential investors in their start-ups or projects. So we're extremely inclusive. The demography of our conferences is unique. And the geographies—people from China, Japan, Korea, Africa, Europe, Latin America—we are probably, in total humanity, the most global conference in terms of citizenship and representation of what humanity is about. Last but not least, we invite a lot of NGOs because it's extremely important also to give a voice to the people who are on the ground, trying every day to have an impact by giving access to education, access to clean water. We are supporting many of these NGOs and foundations on the ground. Joe Cass 00:24:34 Great. Thanks, Richard. Richard, prior to the FII Institute, you founded the New York Forum and you cofounded the Global Clinton Initiative. And as you said, for 13 years, you were the Executive Producer of the World Economic Forum in the Annual Meeting at Davos. Given this expertise, what tips would you give to anyone watching anyone listening who wants to improve or grow their own professional network? Richard Attias 00:25:02 Networking is extremely important. Today, we are living in an era where we are spending too much time totally isolated with the type of devices, okay? We spend almost, I don't know how many hours on social media, on emails. We think we are connected. No, we are totally disconnected. The real connection is meeting people in person, looking into your eyes, and feeling the chemistry. This starts when you take the metro or the bus every morning—just say hi to the people around you. Just have empathy. Don't be just in your bubble. Forget your device for a few minutes. You need to be connected to real people. You can do that by going to a sports club where you practice sport and see real people with you. You become friends with some of them or, at least, you will learn about people. My advice: love people. As a civil engineer, I was supposed to build bridges. I decided not to go in that direction. I decided to build bridges between people to create platforms of dialogue to be sure that people will be connected. Trust me, I’m not trying to be a humanist, but it’s so refreshing to know who the people around you are. When I go to any city, the first thing I do is take a taxi, and I speak a lot with the taxi driver. I love taxi drivers because they are the pulse of any city, of any country. You learn a lot from them. So this is how you not only get knowledge, but also by talking to people. When you are in a restaurant, just try to connect for two minutes with the people next to you. And this is how you will build the network. And, of course, multiply the opportunity of networking with people. This is why conferences, the right conferences, are a great plus. When you attend these conferences, of course, it should not be a full-time job. You need to pick the right conferences that will help you to be connected to the business community, maybe the media, and specific communities to help your network grow, to guide you, and to inspire you. Don’t just be opportunistic and say, "Oh my God, how can I make more money?" No. Meeting people is not just about making money. It makes you richer inside, okay, which is extremely important. So this is a humble advice I will give to all the next young generations who are obsessed with TikTok, Meta, Facebook, etc. No, please, it’s good to be connected that way, but also be connected in the real traditional manner, which is in person. You need to be real, okay? This is extremely important. Joe Cass 00:28:38 Great. And Richard, after decades of engaging with world leaders, CEOs, change makers, are there any shared characteristics or traits that stand out to you within that group? Richard Attias 00:28:56 World leaders and CEO leaders have the range to achieve their goals and their ambitions. You cannot become a leader unless you have a vision, passion, and range. They all share this common denominator—that's point number one. Point number two, some leaders know how to be surrounded by the right people, and some make the mistake of not doing so. This is what distinguishes the winners from the losers. You need to have a team, and there is no way you can succeed as a leader unless you have a team. It’s extremely important to have a good team. So, I see this common denominator between some leaders based on their success or failure. Last but not least, I would say that they usually have another common denominator: they are very inspiring people. I will not mention any current leaders, but I will mention some leaders who have passed away and who truly are the definition of leadership and have something unique. Nelson Mandela—I had the privilege to meet him in Davos, and I will share with you a short anecdote. Two minutes before he was going on stage, he told me, "Oh, Richard, sorry, I have to go to the restroom." So we were obliged to walk for a few minutes because they were not so close by. I was walking with Nelson Mandela, an icon, and while he was doing what he had to do, he told me, "You know, Richard, the most important thing in the world is the youth." This was years ago, so he already understood after so many years in jail and becoming the President of South Africa that there is nothing we can do great in the world unless we include the youth, we hear from the youth, and we work with young people. Joe Cass 00:31:39 Great. Thanks, Richard. So Richard, last question now. Over the course of your career, what's the best piece of advice you've been given and who gave it to you? Richard Attias 00:31:57 I had the privilege to become a very young CEO at the age of 29. It was in Paris. I just left IBM, and we created with some friends, a computer leasing company. And the major shareholder decided after one year to appoint me as a global CEO of the company. And I was managing people who were all in their 40s and 50s. So it was a big challenge. It taught me two things. One day came, he told me, listen, Richard. Less is more. By trying to do everything, you will do everything bad. So just focus on your priorities, less is more. And he is absolutely right. We see so many people who are trying to achieve many things at the same time and then the day you don't achieve anything. So you need to be focus, focus, focus, extremely important. So this was my ex boss, the first boss I had. The second is an advice I got from my late father, who was always inspiring me on everything I do. I'm trying to share that with many of my staff, my colleagues, the kids, the grandkids, complicated to be adopted. I'm calling that the rule of the three H. Number one, humility. There is nothing you can achieve in the world if you don't have humility with you. You need to always be humble. Even if you become extremely successful, you need to be humble. Humility as a H number one. Humanism, H number two, you need to love people. You need to love people. You need to have a certain part of humanity with you to be sure that you carry empathy, you carry compassion, extremely important. Don't be selfish. And number three, always keep your sense of humor because you need to relativize everything. You need to keep your sense of humor. So with humanism, humanity and humor, you can achieve great things and you can enjoy life, which is the most important. Joe Cass 00:34:27 Brilliant. Well, that was fantastic. Thank you so much, Richard, for your time today. And for everyone watching and everyone listening, see you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep51-richard-attias<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsCWed, 14 Aug 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwy<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>yAFgV5fUTmxzw7euwv9kwy<![CDATA[ In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. ]]>https://play.vidyard.com/yAFgV5fUTmxzw7euwv9kwyPodcastWed, 14 Aug 2024 12:00:00 GMT<![CDATA[ 14 Aug, 2024 Listen: Ep49: SKKY Partners Jay Sammons on Private Equity & Working with Kim Kardashian Featuring Joseph Cass and Raam Ratnam In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay’s experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam’s takeaways from his career as an accountant. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Director, S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jay Sammons, Co-Founder and Managing Partner of Sky Partners; and Raam Ratnam, Managing Director, S&P Global Ratings. Just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Jay, we'll kick off with you. Can you share with us a brief overview of your career thus far, including how you originally connected with Kim Kardashian and really the origin story of SKKY Partners? Jay Sammons 00:00:33 Sure. Well, first, thanks again for having me today. It's nice to be with you both. I started in the finance business about twenty-six years ago, and I started investing twenty-four years ago. I spent the majority of that time at the Carlyle Group, where I helped build and then ultimately had the opportunity to lead the firm's global consumer investing practice based in New York the entire time. Our strategy was really focused on backing disruptive high-growth consumer brands, which we did successfully in a number of instances and generated great returns for our investors. But most importantly, I learned a lot about entrepreneurship, how founders build brands, how founders disrupt markets with new ideas in a really authentic way that ultimately delivers a great deal of value to consumers. And I have a great deal of passion for finding those opportunities to invest behind those great ideas. Through the course of my time at Carlyle, I had the opportunity to meet Kim. We were introduced by a mutual friend nearly a decade ago. And we were introduced by that friend because the friend saw an opportunity for Kim, hopefully, to benefit from knowing someone like me as she began to build further her entrepreneurial endeavors and evolve her career in the direction that she's now shown she's very capable of doing. At the same time, our mutual friend thought that I could benefit from having the opportunity to learn from Kim as we were investing behind great brands and helping them grow and win. And over the course of the next many years, she and I got to know each other, built a lot of trust in one another, built a lot of mutual respect for each other and ultimately had the opportunity to partner together to build what we hope will be the leading next-generation consumer investing platform called SKKY Partners. Joe Cass 00:02:08 Fantastic. Thanks, Jay. Raam, could you give us an overview of your role at S&P Global Ratings and maybe also some kind of high-level perspectives on the global retail and consumer sectors. Raam Ratnam 00:02:20 Thanks, Joe, and great to be here with Jay. Our sector leader in EMEA, consumer goods and retail practice, I'm responsible for sort of overseeing the analytical aspects of ratings in EMEA in the retail and consumer goods sector. And importantly, there's also an element where I lead the sector research and communication with the wider market and investors. So, in course of my work, I'm really fortunate to interact with a range of companies in the retail and consumer sector across the value chain. They are both big and small companies. They are multinational corporations, but they're also private sponsor-owned companies and across a wide range of subsectors. I mean we cover food, beverage, staples, but also apparel, personal luxury and also durables. So, a range of companies, range of subsectors. And again, going back to the sector outlook, the sector has seen a range of challenges, disruptions. We know since the pandemic, supply chain disruptions, geopolitical conflicts, and a period of slow economic growth and now quite recently a very high inflation, which is since now falling at varying speeds across different geographies. Now given the scale of challenges, the sector has been generally very resilient. The consumer has been pretty robust, although some cracks appearing in some segments. And the focus really for the company is to build back volumes. There's the cumulative effect of high prices, which are holding back some of the spending we've seen. And generally, there's greater pressure on discretionary retail, mainly apparel. Joe Cass 00:04:01 Fantastic. Thanks, Ram. Jay, as managing partners, what do you and Kim really prioritize when evaluating potential investments? Jay Sammons 00:04:12 Well, first and foremost, our strategy is very focused on backing great consumer brands. It's where we feel like we have an opportunity to win, leveraging what we believe is a highly complementary set of experiences that she and I bring as managing partners of the firm, her experiences as an entrepreneur, brand builder, cultural leader as an individual who knows what's happening in culture around the world as well as just about anybody in the consumer landscape and me bringing my experiences touching and helping win a number of great consumer brands over my experience over the last couple of decades. And that's precisely what we're trying to bring together for the benefit of our portfolio companies. When we think about what a great consumer brand is, we really focus on finding brands that have a balance between delivering consumers something that they really need, but also finding brands that have developed really deep emotional connectivity with their consumers, brands that make consumers feel good when they're using them. And the reason that's important is that, obviously, a brand or a product needs to deliver on a real consumer need state. That's the functional side of things and brands need to deliver really well there. But if they can also connect emotionally with their consumers, make their consumers feel great when they're using those products, and this is different in every category. That's what drives loyalty. That's what drives long lifetime value. That's what drives resilience during tough economic times. That's what causes consumers to prioritize those brands over others as they seek to deploy their scarce resources into the things that they care about the most. And we studied brands with this approach for many, many years, many of the great brands that I've had the opportunity to invest in, we've looked through that lens. And as Kim has built her brands, most notably Skims, it's exactly that approach. If you look at Skims, it's a phenomenally high-quality product that has expanded quite dramatically over the last five years, but it also has connected very emotionally with consumers in the way that it's delivered a highly inclusive brand, a brand that captures the needs and the emotional likes of consumers over many years. So that's really the lens that we look through and our first investment that we made earlier this year is precisely that. It's a company called Truff that is a high-growth flavor enhancement business that focuses on hot sauces and salts and oils, all with black and white truffle oil. It's making food taste great, but it also makes consumers feel really good when they gather together around the table and enjoy a great meal together. And that is why Truff will continue to be successful in the same way the brands that we've worked with in the past have been. Joe Cass 00:06:40 Raam, we continue to hear about the ongoing disruption of online to the retail and consumer sectors. Now in 2024, what's the current view of how online is really making headway into these areas? Raam Ratnam 00:06:53 So yes, I mean, e-commerce is indispensable now for global retail. I mean, we are looking at retail e-commerce sales exceeding USD Six trillion in terms of retail sales this year in '24. And, roughly worldwide, this should be about 20% of all retail purchases, so a significant component of the global retail landscape. Now, while this takes place, I mean, digitization has opened new markets for retailers and consumer goods companies. But on one hand, while this is great, the competition has significantly increased. And this goes back to what Jay was saying: we have companies that are able to glean deeper customer insights through retail media, looking at digital footprints we all leave, et cetera. So, there’s a lot of data and analysis behind this, and much greater visibility of the consumer now than ever before. So, again, this has caused a lot of changes in the landscape. And again, while companies are clearly investing in their digital capabilities, there’s also this link to how this all connects to the physical retail value chain. So, you're seeing a mix of strategies. Clearly, we see omnichannel models slightly outperforming pure-play, either pure-play brick-and-mortar or pure-play e-commerce. I think consumers value a range of things; they value experience, especially when it comes to luxury premium purchases, the emotional connection Jay was talking about, but also the flexibility and convenience, which are key factors. So, essentially, retailers and consumer goods companies are looking to rationalize their store footprint to get the maximum value out of the brick-and-mortar real estate, at the same time investing a lot into the digital capabilities to stay competitive and get to know the customers better, really. Joe Cass 00:08:54 Great. Thanks, Raam. Jay, can you share examples of how SKKY Partners leverages its networks, its partnerships to add value to your portfolio companies beyond capital investment? Jay Sammons 00:09:08 That's a great question, Joe, because capital is obviously very plentiful. And if we only are seeking to differentiate ourselves with our capital, that's a fairly limited strategy. We need to find businesses and brands that we can add a tremendous amount of value to in partnership with our founder and executive partners that we work with who run these portfolio companies every single day. This is why we started and I were highly aligned on this when we started building this firm, which was to start with building a great team that brings experiences from the world's best private equity firms investing in consumer brands over time, and we assembled a phenomenal team that brings collectively many decades of experience touching the consumer landscape, seeing how value can be added in a very, very customized way. And it's different in every set of circumstances. There is no one-size-fits-all approach given the unique nature of what these founders are trying to do in their unique marketplaces. And so, our goal is to listen and learn and understand what our portfolio company partners need, figure out what we know and what we don't know. And if we don't know something, how do we find someone who can help us. And it's a combination of our investment team, our operating team internally, operating advisers like Angela Ahrendts, who we brought on board, leveraging her decades of experience running companies like Burberry and a very large part of Apple, bringing all of that together for the benefit of our portfolio companies to help them solve problems, help them capture opportunities in their own unique ways is really the way we seek to add value the most. Joe Cass 00:10:36 Great. Thanks, Jay. Raam, as part of your role, you spend a lot of time speaking to C-suite leadership in the retail and consumer companies. What's their sentiment right now? And what's on their mind? Raam Ratnam 00:10:49 Yes. I mean it's a time when companies are sort of going back to basics in some ways and looking to build back volumes really. I think that's been the biggest sort of focus for most of the companies we're speaking to. And if you look at branded players in the CPP space, and they're investing in innovation. And I think to regain some of the grounds, they lost the private label products, which has seen some of the growth as consumers are more value focused on the last few months. But we also expect more promotions this year compared to previous years because there are issues around working capital in some parts of the consumer goods space and especially if you look at apparel or footwear and those kinds of categories, a lot of companies still have a huge amount of inventory on the balance sheet, which they need to liquidate. Now I think the bigger aspect we're looking at is as competition is quite intense, there will be some gross margin gains nevertheless in the sector because clearly, input costs are much lower now than before. There will be some cost efficiencies as companies are reprofiling, looking at their operational processes. And more importantly, there have also been some carryover pricing gains from previous price increases we've seen over the last Eighteen months. So essentially, we're looking at an uptick in gross margins across the sector. Now equally, when you look at the net sort of level effect, I mean, you will probably see most of these gross margin gains being deployed into strengthening brand equity to fight against competition. And this will mean more advertising, more promotions, more investment in the digital space that we talked about. So, from a capital allocation perspective, we expect most companies to have a relatively well-balanced financial policy there. I mean, as Jay was talking about it, capital has been quite easily available to most of the industry players in the sector. And I mean, we've seen spec-grade companies as well have come to market recently to push out maturities. There have been a lot of repricing’s and add on debt to essentially invest across their operational elements of the business. Now widely, again, looking at the sector at large, we expect there to be a significant number of reshaping portfolios as companies are looking at the environment. So, we expect disposals actually, a few disposals for big multinationals on noncore assets. There will also be bolt-on acquisitions now. Again, notably, I think close to sectors Jay was talking about in the food and ingredients sector. We've seen a lot of companies have recovered the credit metrics essentially through strong pricing gains. So, they may end up doing some acquisitions to realign their product portfolio. So, watch the space. Joe Cass 00:13:42 Great. Thanks, Raam. Jay, how does SKKY Partners kind of stay on top of consumer culture, future trends and the growth of these potential new brands or even new sectors? Jay Sammons 00:13:56 Yes. It's one of the most important things that we do. And I think it really starts with prioritizing building a great culture internally at our firm. Our firm is built with a high level of prioritization on diversity and inclusion. We've built a team that is a majority women, including at every level of our organization. We are focused on not only having a diverse team, but tapping into all those diverse perspectives by making sure that our culture is highly, highly inclusive. As leaders, Kim and I not only allow for every voice to be heard, but we also require that every voice is heard in the room because if not, then we, as leaders of the firm, will miss things that we can't afford to miss. And so that's really the first thing is creating a really, really inclusive culture. And then making sure that everybody on our team is as passionate as we are about understanding everything that's going on in the consumer marketplace and what's coming around the corner and what are the trends that are driving consumptive behavior across markets. It's one of the reasons why I believe a sector specialized firm in consumer is really, really important, and it's why we have chosen to focus in many ways, so narrowly on what we do. It's about being really great at a very specific investing strategy, and it's driven by having highly passionate people who want to be out in the world, seeing every brand that's being developed, not just the ones that we're going to invest in next month or next quarter, but over the next five to ten years, getting to know those founders, watching those companies grow and take market share and then being their partner of choice when they come. In terms of the big macro trends, Joe, they actually haven't changed that much over my career. They've evolved and we like to swim with the current rather than against the current. Many of the macro currents are things like health and wellness, things like the bifurcation of the consumer, things like the impact of technology, as Raam was talking about earlier. Twenty years ago, when I first started in this sector, it was about the threat of technology. Now it's about the opportunity of technology and how technology, digital communication, social platforms can all help brands build community and loyalty over long periods of time. And so, we study and watch those all really closely. But in terms of the day-to-day, it's about having a highly passionate team that's all very, very motivated to see the next thing that's coming. Joe Cass 00:16:11 Great. Thanks, Jay. Jay, over the course of your career, you've personally worked on some real kind of mega deals. So, Dr Dre's Beat's sale to Apple, Vogue International sale to Johnson & Johnson. Are there any deals or just specific moments in your career that have been particularly memorable? Jay Sammons 00:16:32 Yes. Joe, that's like asking someone to name their favorite child. We spend a lot of time with these companies. Over the course of a long period of time, you actually don't make a lot of investments. You make a few investments in brands and businesses that you believe very passionately in, and you see a real opportunity to partner with. And so, while there's no favorite, what I would say the common theme across some of those you mentioned is really what I had the opportunity to learn as an investor from these extraordinary entrepreneurs that I had the opportunity to partner with. And Jimmy Iovine and Dr. Dre, who started Beats by Dr. Dre and ultimately, as you noted, sold the company to Apple are very different entrepreneurs than Todd Christopher, who is a multigenerational hairdresser who started Vogue International. And together, we sold that company to Johnson & Johnson for $3.3 billion. That's very different from James Jebbia, who's the founder of Supreme that we had the privilege of partnering with for a few years before selling that company. All those founders are very different. They approach their value creation and their brand story in a very different way, and I had the opportunity to learn from all of them. And that's a real privilege for a person like me to be in the room with some of the biggest innovators in the consumer space, have the opportunity to learn from them and then hopefully contribute that knowledge and experience to the success of the next one. Joe Cass 00:17:47 Great. Great stuff. Jay, throughout your career, you've fostered personal relationships that have been really critical in building brands, companies and partnerships. What kind of advice would you give to others when trying to build a relationship from scratch? Jay Sammons 00:18:06 Yes. It's a tough question because it really comes down to personality and style and approach. But I think the way to build great partnerships and relationships is to be authentic, be transparent, be trustworthy, be honest, all the sort of human basics. I think a lot of people in business as they seek to accomplish business goals, they will do things that maybe protect some of those aspects of who they are, what their objectives are. And that only leads to bad partnerships because you've not put everything on the table. The best way to create a great partnership is when both sides of that partnership are putting everything on the table, being their true authentic selves, sharing what their objectives are, sharing what their fears and concerns are so that in the event that there's a conflict between those, you don't get into a bad partnership that goes the wrong way very quickly. But if you are straightforward and you are transparent and you're really authentic about who you are and what you're trying to accomplish, that leads to great things because like-minded people who share those objectives can partner together and go win together. So, I know it sounds quite basic, but that would be my most important suggestion. Joe Cass 00:19:11 Great. Thanks. Raam, you're a trained accountant, and I recently came to know that you're also the Chairperson of your local tennis club, which is news to me. So how does an early accountancy career shape your role in credit analysis, but also your life outside of work? Raam Ratnam 00:19:31 Yes. I mean accounting can be seen as slightly less glamorous. But again, but I think it laid a great foundation for critical thinking and these days where we're bombarded by data and financial transactions can be structured can be more complex than ever before. So having a firm grasp of accounting to me, cuts through complexity in a large part. And it helps us look at underlying economic reality, which is I think really an important trait when it comes to credit analysis, and then we train our analysts globally on looking at complicated accounting structures and capturing the key economic reality and reflect that into ratings. I think it's a really important trade. So that's helped me a lot in my career at S&P as well. I joined S&P many years ago as an accounting specialist really, and I was quite incredibly privileged to have had a role in shaping the ratios and adjustments criteria over many years and building the financial and forecasting models used by S&P analysts, corporate analysts globally. So that's been a great privilege. But again, as you say, outside work, I've been able to contribute and address some challenges in the community. Again, this focus in my case has been around tennis and some local sports organizations. But look, organizations these days are required to do more with less and more so than before. And the core principles of financial prudence, budgeting, sort of forward planning with those sorts of key cornerstones can add value at many levels. Joe Cass 00:21:13 Jay, what opinion or view on investing do you have that may be considered unconventional? Jay Sammons 00:21:22 Yes. I think the word unconventional is an important one because if you look at the types of businesses that we invest in and the founders who have created them, and I was referencing this earlier, they are almost by definition, unconventional. You need to be unconventional to disrupt markets because to come up with an idea and turn it into a great business, it requires a great deal of foresight and hard work and tenacity and often doing things differently than the incumbents are doing them in order to capture consumers' imagination and grow and win. And so having respect for their being unconventional is a cornerstone of what we do. I think the private equity industry broadly has sought to build playbooks and approaches that they take to leverage scale and leverage their capabilities. And I think those playbooks and that scale, and those resources work really well in certain sectors. But when you're trying to back disruptive high-growth consumer founders, they're actually quite fearful of playbooks. They're quite fearful of conventional approaches to their businesses because their success has come from being unconventional. So our approach to doing this is, as I was referencing earlier, spend a lot of time listening rather than a lot of time talking in the early stages of building a relationship, learning a lot about what our partners want and what they do not want, thinking a lot about what we can contribute and what we cannot contribute and simply not having a one-size-fits-all approach to every investment because if we come to companies with a one-size-fits-all approach, it's a very quick way to be dismissed from the room. And our job is instead to build trust and long-term relationships that show the respect that we have for what these founders and executives have done in such a unique and unconventional way to grow and win and take on the giants of the industry to take market share and create a lot of equity value. Joe Cass 00:23:11 Great. Thanks, Jay. Jay, final question to you. What lessons have you learned from working alongside Kim? And how has she influenced your perspective on business and investing? Jay Sammons 00:23:24 Yes. So, she is one of the most extraordinary entrepreneurs of our generation. And a lot of people in the world, certainly, she's a very well-known individual, but I think when you take a look deeper into what her business and entrepreneurial accomplishments are, particularly over the last decade or so, it is remarkable. And that has come from a tremendous amount of vision and a tremendous amount of understanding of the modern consumer, the modern platforms that are activating consumers. But I would say if I had to put my finger on one or two things that make Kim such an extraordinary entrepreneur and such a successful individual that I learn from every day are some of the things that I saw behind the scenes getting to know her over the last decade. Really, Kim is exceptionally good at knowing what she's good at, but also exceptionally good at knowing what she's not good at. And there are a lot of people with her level of success across industries who begin to believe that they're great at everything they do. And as we know, there's no human being who's great at everything that she does or that he does. And her success in many ways, has come from her recognition of where she needs help. And I think a lot of people in the finance world believe asking for help as a sign of weakness. I believe asking for help is a sign of strength. and it's a sign of confidence and conviction on what you're good at. And I think Kim is exceptionally good at that. And I think we're trying to continue to infuse our culture and our team and the executives that run the companies that we invest in that you don't have to be great at everything you do. You don't have to try to be good at the things you don't know how to do. In fact, when you try to do things that you don't know how to do without asking for help, it often creates risk and creates problems rather than amplifying the opportunities to be successful. And Kim, I think, is world-class in that, and I'm lucky to have learned a lot about that from her over a long period of time, and we're hoping that, that is a key part of how we continue to build SKKY Partners in the portfolio of companies that we invest in. Joe Cass 00:25:11 Fantastic. Well, that's it. Thank you very much to Jay. Thank you to Raam for your time today, everyone watching, everyone listening. See you next time in FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep49-jay-sammons<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyWed, 31 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas ]]>https://play.vidyard.com/GFr6MEpkHjWDk8CYz6a4TZPodcastWed, 31 Jul 2024 12:00:00 GMT<![CDATA[ 31 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring. View related research: Ardagh Group S.A. And Glass-Packaging Subsidiaries Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_31-clo-podcast-s6-e5<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZMon, 08 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. ]]>https://play.vidyard.com/MhDpXWKeSq3iznyiwdpsj8PodcastMon, 08 Jul 2024 12:00:00 GMT<![CDATA[ 8 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 4: Leveraged Finance & CLOs Uncovered Podcast: How ASDA’s Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape. Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. View related article here > ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_08-clos-podcast-s6-e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8Wed, 03 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. T ]]>https://play.vidyard.com/KqcvyyVqmrTq4Qjzcgmz39PodcastWed, 03 Jul 2024 12:00:00 GMT<![CDATA[ 3 Jul, 2024 Listen: Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following Featuring Joseph Cass and Alexandra Dimitrijevic Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. Topics included both guests views on global mega trends, the future glide path of interest rates and inflation, Sebastien’s experience building a 40,000+ following on Linkedin and a new quick fire round. Sign-up here to be notified as soon as future episode are published. View the series so far here. View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and a host and the creator of the FI15 podcast. On this episode, we have Sebastian Page, Head of Global Multi Asset and Chief Investment Officer at T. Rowe Price; and Alexandra Dimitrijevic, Global Head of Analytical Research and Development at S&P Global Ratings. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Alexandra, I was wondering if we could kick off with you by talking a bit about megatrends. So, what do we identify as megatrends? And how are they taken into consideration within S&P's credit ratings? Alexandra Dimitrijevic 00:00:40 Thank you, Joe. Indeed, let's start by what we mean with megatrends. These are trends that we think have the potential to transform our economies and our society. And, where we have maybe sometimes more open questions and answers, so a degree of unpredictability on how they going to unfold. So, they include, for instance, climate change, geopolitical fragmentation, aging of population, energy transition, AI, all of this. They have in common that a lot of them have a longer-term time horizon, like climate change, for instance. But yet some of them also are evolving at an exponential pace, if you take the case of Gen AI which could impact credit here and now with, for instance, cybercrime or war or some of the more extreme physical risk, climate risk events. So, S&P just published a few weeks ago, a white paper called path to credit materiality, which provides a framework to explain how we assess the implications of these megatrends on credit. And the two key questions here are how they might impact on credit and when they might impact on credit. So, there are five steps to this framework. The first step is to assess the magnitude of the impact of the megatrend. And here, it's a combination of the severity of the impact and the likelihood - that's the first step. The second step is then to assess the channels of transmission of the impact of this megatrend on to credit. So that's through revenues, costs, CapEx, for instance. And then if we assess that either the magnitude of the impact is significant and/or channel of transmission is clear, then that's where we use our scenario analysis. We use a plausible scenario to do sensitivity analysis or stress test to help us assess the potential impact at an industry level or geography level. So that's the first step is the analysis. And the last step is really look at the implication at credit-specific level, and it can really vary. It can be here and now, or it can be in five years, ten years or maybe never. And what's important here is also to understand how different entities manage or mitigate this megatrend that might happen in the future. So, the first one we're going to assess is on climate, climate transition and climate physical risk. And maybe that would be a good topic to come back on fixed income in 15 once we've published that first part on climate. Joe Cass 00:04:02 Sebastian, welcome to the show. I'd be interested to hear how T. Rowe Price factors global megatrends into your own analysis and portfolio construction. Sebastian Page 00:04:11 To me, when you think about megatrends, it's all about looking forward, not backward. And this has massive implications for asset allocators, for example, and for portfolio construction. Joe, let me tell you a story that is actually in my book, but it speaks to looking forward and how important it is for portfolio construction. So, if you think of megatrends, we just had 10 years of 0 interest rates, and now we don't. So, what does this mean for strategic asset allocation? The story takes place a few years ago. I'm attending a boring quantitative research conference. Everybody is half asleep. The presenter is Bern Scherer. He's a very well-respected academic and investor. He's done both in his career. And he's presenting a portfolio construction model that focuses on optimization. Someone in the room raises their hand and goes, we should not be using optimizers for portfolio construction because of the GIGO critique. Joe, have you ever heard the GIGO critique, garbage in, garbage out. And if you're doing strategic asset allocation and you understand megatrends, then you know that the long-term expected returns on the different asset classes should change if, for example, now interest rates are higher. But I'll always remember what Bern Scherer answered because he was clearly jet lagged in a bit cranky, but it speaks to looking forward, not backward. He looked at the person asking the question and said, if you don't think you can come up with reasonable expectations about the future, you should not be in the investment business. So, Joe, that's what we do. There are at least three ways to adjust to megatrends. As asset allocators, we need to recognize that they can create value traps. Technology, and Alexandra mentioned AI, has created a value trap where growth stocks have gotten more and more and more expensive relative to value stocks, yet those that have bought value stocks have been caught in a value trap. Second, for stock pickers, it's really important to be on the right side of change. So being able to use proprietary research to understand what to pick Alexandra's example, AI is going to do in terms of disruption in the economy. And if you look at our firm, we have over 300 stock analysts and credit analysts, and that's a lot of what they do. What's different about our asset allocation process is what I'm responsible for, we actually take inputs from stock analysts in our process, especially when it comes to understanding megatrends like AI. And the third point about megatrends is it should influence or drive your process. As investors, we need to show openness to new ideas. And Joe, what I'll say about this is or AI, we think it's real. We think it is an important megatrend that's going to lead to increased productivity, not only in technology companies, Clearly, you can reduce your coding time by almost 30% right away. So this is productivity for tech-heavy companies, but also for traditional companies. And just to illustrate the power, did you know, Joe, that I just came across this paper recently that AI can essentially read your mind. And I'm talking about scientific papers out of University of Texas, out of a university in Japan, out of Sydney. They take an MRI of the brain activity as you read something, and the large language model maps your brain activity to whatever you're reading. Okay, that's kind of cool. Then they take away the text. The AI then doesn't know what you're reading, just looks at your brain activity and can roughly infer what you're thinking. Now it's a cute example. All I want to say is when I think about megatrends and what AI is going to do, who knows? It's the power of openness and imagination and then positioning portfolios on the right side of change. Joe Cass 00:08:53 Great. Fantastic. Sebastian, you mentioned it there briefly, but I'd be interested to know your, say, three-to-five-year view of things like interest rates, inflation and maybe even the potential future glide path of major central banks, such as the Fed, the ECB and also the Bank of England. Sebastian Page 00:05:05 Joe, I think inflation could be closer to 3% than 2% for the next three to five years due to supply issues, deglobalization, energy transition, demographics with an aging population, less labor supply. All these forces could push inflation above the Fed, the ECB, and the Bank of England's targets. Add to that pedal to the metal fiscal spending, who knows when that stops, but that's the environment we're in. Add to that geopolitical risk which can create spikes in oil prices, which are highly inflationary. Add to that money printing, right? I could use the wonky term excess liquidity. I've been calling it the blob of money. You ever see the movie, the blob. It's like an old movie where this creature just eats everything. Well, the blob of money, the $7 trillion in money market funds, the excess $3 trillion that's been added into checking accounts, this is not distributed equally, and the lower wage earners are absolutely out of liquidity. But in aggregate, the blob of money is alive, and it has been eating all the negative headlines. So, I think that, that excess liquidity means people want to buy goods, want to buy services, want to buy financial assets. So, it will be hard to get to that sort of last mile and bring inflation to 2%, whether it's the ECB, the Bank of England, or the Fed. Joe Cass 00:10:51 Thanks, Sebastian. Alexandra, what is, say, the top two or top three risks that we are monitoring, which could impact credit rating trajectories over the next, say, twelve months? Alexandra Dimitrijevic 00:11:04 I'll get to the risks, and I think looking back to what Sebastian was saying. But just maybe I want to take the opportunity to speak about the way we monitor this risk at S&P Global Ratings. So, we have an analytical governance framework called the Credit Conditions Committee. And every quarter, we meet with our senior expert across different sectors and economies. On the one hand, we define the house base case which is what our 1,700 rating analysts used to underpin their forecast, but we also monitor the key risk that could derail this base case, and that's a key part of the analysis. The first one, as Sebastian was alluding to, is interest rates and the second top risk are geopolitical risk. And if we come back to interest rates, here, the risk that could derail the base case would be that interest rates stay higher for an extended period, and that would be on the back of a stubbornly high inflation with the U.S. economy still running hot. That could delay or derail some of the central bank's pace to cut interest rate. At this stage, our economists forecast for the first Fed cut rate in December and then a bit more acceleration in '25 towards 4% at the end of '25. In Europe, after this first cut, our economists expect another two cuts for this year and on the back of inflation coming down. I have to say, I share some of Sebastian's views that inflation, core inflation might stay structurally higher than in the past decade. And so maybe as rates come down from the high where they are now, they might not come down to 0 or we might have ended this period or this decade of free money that Sebastian was describing. So, one of the impacts, obviously, if you have interest rates staying higher for longer than in our base case, this could have a negative impact on the lower rated credit, particularly those rated B- and below, which tend to be highly levered, and we have to refinance in a higher rate environment. And as well for emerging markets, either the direct impact of higher rates or indirect impact through unfavorable exchange rates, particularly for those that have a lot of non-domestic debt in U.S. dollars. So, at this stage, we expect default rates to remain elevated through '24 at 4%, 4.5% in the U.S., so above long-term average in Europe as well and start trending down as we get into next year in the base case. The second key risk that we're monitoring is the geopolitical risk. Since Russia's invasion of Ukraine, geopolitical risks have clearly come back on the front stage for any credit analyst and we've really ended an era of the Washington consensus, an era of relative geopolitical stability, globalization focused on low-cost supply chain. We've entered a new era now of geopolitical fragmentation, a lot more prone to event risk instability. It's hard to see the end to this period of fragmentation. There are multiple risks at the moment. You have obviously the war between Russia and Ukraine on European territory. You have the escalation of the situation in the Middle East, especially since Iran's attack on Israel and you have the ever tension between the U.S. and China. All these risks could escalate either voluntary or involuntary and then have some impact on global trade and businesses and commodity prices, as Sebastian was saying or potential volatility in the market. Added to that, in '24, we have over seventy elections in forty countries, including big ones. We just had Mexico, India. Here in Europe, we have the U.K. and now France, (and that was a plan), then the U.S. coming. And all of this creates an environment where there is also more focus on more protectionist attitude, more focus on security in the current environment. So a lot of potential event risk stemming from this geopolitical environment, but also potential more structural implications on global trade, fiscal cost, Sebastian mentioned security expenditures. So these are the two key risks that we're monitoring. We're just running our Q3 credit committee, and we'll be releasing our updated conclusions later this month. Joe Cass 00:16:50 Fantastic. Thanks, Alexandra. Sebastian, I wanted to talk a bit about your book. It's called, 'Beyond Diversification: What Every Investor Needs to Know About Asset Allocation'. Interested to know why did you decide to write a book originally? What are some of the key takeaways? And lastly, what is the process of writing a book actually like? Sebastian Page 00:17:14 Thanks for asking. Two reasons why I wrote the book. One is obvious, the other one isn't. The obvious reason is I wanted to share my knowledge that I had accumulated on asset allocation. That's why we all write books. The second that's less obvious, but that I think anybody who writes will agree with. Alexandra, I don't know if you write a lot of articles and so on. But when you write, you learn. So, it's actually for me to consolidate my knowledge and learn really more deeply what I do in asset allocation. So, to share and to learn myself. Writing is the best way to learn. I see Alexandra smiling. She looks like she's agreeing. Let me give you an example of what I mean by beyond diversification. We'll talk about the stock bond correlation and how it completely broke down in '22. Stocks went down and bonds went down, massive, massive bear market in bonds, like the worst bear market in bonds in history. So, people start asking about the stock bond correlation. I have a chapter in there about it. It's very difficult to forecast or understand the stock bond correlation. If you go back eighty years and you look at the 12-month stock bond correlation, it actually flipped sign twenty-nine times from positive to negative, negative to positive. It's been as low as minus 80% and as high as plus 80% so when you're looking at the average and you diversify your portfolio according to the average correlation between stocks and bond, Joe, the analogy I like to use is like saying I have my head in the freezer and my feet in the oven, and I can still statistically claim that I'm very comfortable in that my average body temperature is fine. Well, that's the premise behind beyond diversification. There are three sections in the book, forecasting returns, forecasting risk, and constructing portfolios. Now on how to write a book or why to write a book, I have a day job. It's a pretty stressful day job. I oversee all our global multi-asset business. I'm a Chief Investment Officer. Look, -- the best way is a little bit at a time consistently. It's the power of habits. To me, it's Saturday mornings, I sit down, and I would write. And we were talking offline, Joe, about time-of-day effects. Most of us are much more productive in the morning. If you do that, like, I don't know, two, three hours a week, one morning, but you keep doing it every week little by little, hey, within a year, two years, you have a book. It's actually not that hard if you just unleash the power of habit and make it a discipline, give you a small reward, fill your spreadsheet with how many words you did this week. It's just that simple. It seems daunting when you look at how comprehensive a body of research you want to put together, but just a little bit of time. You know what, Joe, I'm going to get philosophical. This also applies to a bunch of stuff in life. There's this great book titled Atomic Habits about how whatever your small habits are, they add up to big changes in your life and big accomplishments. I'll just leave it at that. Joe Cass 00:21:03 That's James Clear? Sebastian Page 00:21:06 Yes. Joe Cass 00:21:07 No, it's excellent. I agree. I love that book. And Sebastian, kind of a different type of question for you now. You've got now, I think, over 40,000 followers on your LinkedIn profile. How do you view kind of the role of social media as a Chief Investment Officer? And how does it help you? Sebastian Page 00:21:28 I don't know if 40,000 is impressive or not. I see people with a lot more. So, I don't know. Maybe our listeners' viewers will be impressed by 40,000. Look, I've never been on Facebook or Instagram. I'm just generally skeptical of social media. I see people I love around me get completely addicted. But you know what, for me, LinkedIn is kind of a special place there where people are looking for jobs. It's not anonymous, which means it's much more civilized. And for our firm, this digital marketing is really important. This is how you do marketing now. This is why you have a podcast, Joe. Like digital marketing is important to build our firm's brand. You're based in EMEA. We're kind of like over there, the largest asset manager you've never heard of because we're just so humble as a brand. But asset management is competitive. LinkedIn is a global platform. So, our clients want to know what we're thinking and what we're doing. So, t's an important part of building the firm’s brand. And Joe, if you've noticed, I'm also writing about psychology and leadership and self-improvement, which is, I think, again, really a good match for the LinkedIn environment. So, will I get on X or Twitter or start doing YouTube? I don't know, probably not, personally. But this is the right platform for me personally. Joe Cass 00:23:12 Great. Thanks, Sebastian. Alexandra, how do you view the role of social media in projecting to the market our research, publications and ultimately, our ratings? Alexandra Dimitrijevic 00:23:25 I have a lot in common with Sebastian here. I also use LinkedIn. We do, as an organization, use LinkedIn. You won't see me on the other social media. But I agree that LinkedIn in particular, had a pivotal impact on the distribution of the research. It used to be traditionally through media release and the to the website, but then you expect for people to come on to your website to find the research. While with LinkedIn, you have a much, much broader reach also from a population that is well beyond the more traditional institutional investor population. You have a more immediate way to share some information, some research. And what's also really useful is the engagement. So, you have people's reaction on the topic, the comments, the feedback loop, which also helps understand what investors' sentiment or trends in the market. Now we do use LinkedIn a lot for the thought leadership, the ideas, topical research, but we do not use it for ratings distribution or rating news. For that, we use our traditional channel. And what's really important in our approach of social media in general is to keep the same rigor, quality, integrity in the information that we put out on social media in day and age of tech news is really important for the brand to have the same integrity approach. We have a formidable team within the research and marketing that really help us build this engagement on LinkedIn. And maybe if you're interested to follow what we publish, I will share with you three newsletters that you can follow on LinkedIn. One is from my profile, it is called CreditWeek. It used to be an old S&P publication a long time ago. And every week, we pick a topic that is relevant for the market. We interview our in-house experts and share in a three-minute piece, the S&P view on this topic. We also have a newsletter from my colleague, Ros Lang, who's the Head of Private Market Analytics, which is focusing trends on the private market. And our esteemed global Chief Economist, Paul Grunvat, also has a weekly newsletter on LinkedIn. And I think these are really great way for the market more generally to follow what's happening at S&P. Joe Cass 00:26:28 Perfect. Thanks, Alexandra. So, I've got something new. Let's see how well it works. So, I've decided to put together kind of a short quick-fire round for both of you. And it's kind of -- I'll do kind of -- I'll start with maybe Sebastian and then go to Alexandra. And it’s basically kind of the first thing that comes into your head, and it's kind of based around favorites. So, Sebastian, I'll start with this with you. So, what's your favorite dessert? Sebastian Page 00:26:53 This is the most unexpected question I've ever gotten on a podcast. Key lime pie . Joe Cass 00:27:00 What's your favorite season? Sebastian Page 00:27:03 Fall, because it's the best running weather on the East Coast in the U.S. Joe Cass 00:27:10 What's your favorite restaurant? Sebastian Page 00:27:13 Okay. I don't need a lot of meat, but as a splurge, as a treat, I love going to a steakhouse. Joe Cass 00:27:22 What's your favorite gadget? Sebastian Page 00:27:25 Oh my Garmin watch. It rules my life. yes. Joe Cass 00:27:31 And what's your favorite time of day? Sebastian Page 00:27:36 We were just talking about that. Definitely the morning, just more productive, especially with coffee you just get more done. Joe Cass 00:27:43 And I know you're in the U.S., but who do you think is going to win the Euro football Championship? Sebastian Page 00:27:49 Okay. The answer is I have absolutely no idea, but Joe, you're based in England, right? Joe Cass 00:27:56 Yes. Sebastian Page 00:27:56 So, I think England is going to win. Joe Cass 00:27:58 Perfect. That's the right answer. Alexandra, I'll do the same for you now. Okay, what's your favorite dessert? What's your favorite season? Alexandra Dimitrijevic 00:28:10 That's summer, I need warm and sun. Joe Cass 00:28:13 What's your favorite restaurant? Alexandra Dimitrijevic 00:28:16 Well, I'm just back from Sao Paulo, and I have to say Brazilian, it was fantastic, fantastic food there. Joe Cass 00:28:24 What's your favorite gadget? Alexandra Dimitrijevic 00:28:26 It's my watch as well. Keep me on track with my activity. Joe Cass 00:28:30 And what's your favorite time of day? Alexandra Dimitrijevic 00:28:33 I'm more evening, after the hard work during the day when you can relax and spend time with the family. Joe Cass 00:28:41 And last one, Alexandra. Who is going to win the Euro football championships? Alexandra Dimitrijevic 00:28:45 It has to be France. Joe Cass 00:28:46 I knew you would say that. Unfortunately, I think you're right. So just a few more questions. Sebastian, what opinion or view on leadership do you have that few others would agree with you on? Sebastian Page 00:29:03 I've thought a lot about this, and I've been writing on leadership. I'll give you three where I go against conventional wisdom. So conventional wisdom would be that leaders need to be great talkers, great communicators. They should not give up in the face of setbacks and show resilience. And they should be decisive and take action. So that's conventional -- I don't think anybody will disagree with that. I will disagree with each of them. I will say that in my experience, the number one leadership skill I've had to develop over the years is not talking, it's listening. I would say that this idea of never giving up, leaders are horrible at quitting. We get enamored with projects. And then when things don't work, we keep pouring resources into them. There's a great book by Annie Duke titled 'Quit' that shows that actually one of the most important leadership skills is not never giving up is actually knowing when to quit. And the last one on this idea that as a leader, you need to take action, you need to be decisive. You know what I've learned is if you have time to decide, there's no reason to rush the decision. You should take advantage of the optionality that you have, which as hyperactive leaders, we tend to forget. So, there you go, Joe. Everyone thinks leaders need to be great talkers, never give up, take action. No. They need to listen, not when to quit and exercise strategic patience. Joe Cass 00:30:45 Great. Thanks, Sebastian. Alexandra, we're living through a rapidly changing work environment with hybrid working, Gen AI and the rise of video calls and conversations like these. How are you adapting to these changes? And what kind of advice would you have for others to ensure that they are working as efficiently as possible? Alexandra Dimitrijevic 00:31:07 First, I want to say Sebastian, might be a great listener, but you're a very good speaker as well and a very good storyteller. We started the discussion on megatrends and Sebastian was talking a lot about AI as well. So, I'd like to really come back on this. So yes, I mean, the pandemic has definitely accelerated the digitalization of the economy and now we have everything online when it works, video calls and podcast webinars, payments online, hybrid working. So there's been a first phase of transformation of the way people work of the economy, which can have long-lasting implication on certain sectors of the economy. But right now, what I'm really excited about is this new Gen AI revolution. And I think here, we were discussing the pace of change. We're on an exponential pace of change since the release of ChatGPT with something new almost every week. And this is going to have some transformational impact not only in technology as Sebastian was saying, but really on the entire economy and on our society. If you look at NVIDIA, Apple, Microsoft, they account together for 10% of the global market cap. I mean this is massive. And I think we're just at the beginning of trying to understand how this is going to impact us on an everyday life. I just read a really interesting book last week, it’s called 'Co-Intelligence' by Ethan Mollick from The Wharton School of Management. I am still learning a lot on AI, so I found that really fascinating to understand how Gen AI is very different from a software, which does what it's been programmed to do. It's more this general-purpose technology. There's no manual to use it. You really have to experiment it, and it really interacts in many ways more as a person. It does things that we didn't think machine could do like being creative, analytical, having conversation. And obviously, they don't have any knowledge, right? What it does is just predicting the next word in the sentence without knowing if it's right or wrong. So, we know that there are hallucinations, that AI can lie, but at the same time, it has a huge potential to augment our capabilities as a human being. What I really loved in the book, Mollick is speaking about how we would evolve as 'Centaurs' and 'Cyborgs'. So, the Centaur essentially is when you have a clear repetition of task between the human and the machine. And to a certain degree, that's what we are already like if I want to go to a meeting at the other end of the city, I'm going to take my app and check what's the quickest way to get there, and I delegate that task to the machine and then here I go. The Cyborg here is a different concept where it's not a delegation, it's a constant iteration and a process of co-creation and co-development between the machine and the human, which is maybe where we're heading now. And what's really important, and that's one of the key advice from the book is, well, invite AI to your table, but be the human at the table because it's going to be increasingly important to be able to control what these Gen AI machines are doing, understand the limitation, understand the risk, making sure that this AI remains in line with our human values, ethical standards and our social norms. So, there's going to be a lot of change here. It's going to transform high-value jobs. It's going to transform sectors of the economy and how we interact as individuals. It's very exciting. It's very scary at the same time. And I'm very excited that S&P had launched our own LLM within leveraging our proprietary data in a safe environment with the protection of the IP confidential information but giving us the opportunity to start experimenting and using LLMs in our job. And also, I just want to mention that we have some really interesting research on our website on the impact of AI on different industries. So, if you type S&P AI Insights, you'll find some really interesting report there. Joe Cass 00:36:30 Great. Thanks, Alexandra. Sebastian, I know we're kind of squeezed for time. If we could just get one last question in. Over the course of your career, what's kind of the best piece of advice you've been given and who gave it to you? Sebastian Page 00:36:46 In the early years of my career, I was a bit anxious about the progress I was making. I wasn't getting the promotion fast enough. I wasn't getting the recognition. And I went to my mentors, name is Mark Kritzman. I worked with him for the first ten years of my career. And I was complaining, and he was tired of hearing me complain. So, he looked at me in the eye and he said, Sebastian, do you know the secret to happiness in life? I was at the edge of my seat. And he looked at me and he said, lower your expectations, which, you can take as a cynical comment or a very powerful philosophical comment. Your happiness, your satisfaction is what really happens, the reality minus your expectations. And this is not about not being ambitious. It's about setting goals that are stretched enough that you can achieve. And then thinking long term, ignoring the noise along the way, and just managing your own expectations of things. Joe Cass 00:38:03 Thank you very much, Sebastian and Alexandra, for your time today. It was absolutely fantastic for everyone watching and listening. See you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/03-07-24-e48-fixed-income-in-15<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39Wed, 24 Apr 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ryan Serhant, Founder of SERHANT., and Gregg Lemos-Stein, Chief Analytical Officer - Corporates at S&P Global Ratings, discuss the global real estate market and leveraging social media and AI. ]]>https://play.vidyard.com/3QDcSPPC2Uf6HFX8N7p98xPodcastWed, 24 Apr 2024 12:00:00 GMT<![CDATA[ 24 Apr, 2024 Listen: Ep46: Ryan Serhant on Real Estate, AI and Building A Personal Brand Featuring Joseph Cass and Gregg Lemos-Stein In this episode of FI15, Joe is joined by Real Estate mogul Ryan Serhant, Founder of SERHANT. and Gregg Lemos-Stein, Chief Analytical Officer – Corporates at S&P Global Ratings. The guests discuss the global real estate market, with Ryan sharing his expertise on leveraging social media and AI to drive success in the industry, and Gregg provides his experience of how large multi-national corporations are currently utilizing AI to unlock new opportunities. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass. I'm a Senior Director here at S&P Global Ratings. I'm the host and the creator of the FI15 podcast. On this episode, we have Ryan Serhant, Founder and CEO of SERHANT, and Gregg Lemos-Stein, Chief Analytical Officer, Corporate Ratings at S&P Global Ratings. A very quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Ryan, can you just kick us off with an overview of your career to date in real estate, from entering the business as a novice to what you're looking to achieve right now with SERHANT? Ryan Serhant 00:00:33 Of course. I entered the business on the day that Lehman Brothers filed for bankruptcy on September 15, 2008, mostly because I had run out of money, and I didn’t want to move home to Colorado. I wanted to stay in New York, and a friend told me, “Get your real estate license, you can help people rent apartments. Over 70% of the homes in New York City are rental apartments, and it’s better than being a bartender or a waiter. You can control your schedule, sort of.” And I fell in love with the business. I fell in love with real estate. I fell in love with brokerage, working with customers looking to do lots of different types of things. I got on to a TV show that most people know me from, called Million Dollar Listing New York on Bravo, in 2010. I did that for 10 years, alongside multiple other TV shows, and started writing books. I’ve written three books now, and we have an education business that teaches sales training to salespeople and to sales enterprises around the world. We also have a production company that does real estate production. So, I built a large sales team through 2020. In 2020, I started my own company—not timed with COVID. That just sort of all happened by coincidence. And we’ve now expanded from the end of 2020 until now into eight different states. We have well over 500 agents working with us now, kind of across those states, and have done just over $10 billion in residential real estate sales. We have nearly 30,000 enrollees in our education platform in 128 countries. I left Bravo and Million Dollar Listing New York two years ago and have a new TV show that comes out on Netflix relatively soon. Joe Cass 00:02:28 Fantastic. Thanks, Ryan. Greg, can you give us an overview of what you're doing right now at S&P Global Ratings and maybe also some kind of high-level perspectives on the U.S. real estate sector. Gregg Lemos-Stein 00:02:42 Sure, Joe. It's, of course, a big issue. It's been an issue for a while. It will be an issue for quite some time. It's sometimes described as a slow-motion car wreck, particularly within U.S. real estate. We're talking mainly about office, where we've had a seismic change in the way people work, particularly in the U.S. So, it's not really real estate overall. Other sectors, like industrial, logistics, and warehouses, are faring quite well. Multifamily, I understand, has had some weakness lately. All of them are affected by interest rates, but there's a double whammy when valuations are declining and interest rates are rising, and maybe a triple whammy for office because utilization of office space is still creeping up, but still very, very low. So, what we're doing at S&P Global Ratings is we're making sure we're coordinating across the many, many different asset classes that are affected by real estate. It really cuts across many, many, many areas we do, not just corporates, which is an area where I focus on. We rate a lot of REITs that are publicly traded, and those are corporate ratings. But, of course, we also have commercial mortgage-backed securities, and our structured finance colleagues cover that. We also have mortgage REITs. But, of course, there's an impact also on the banking sector. So, our bank analysts, there are varying degrees of real estate exposure among the banks. So, it really calls for coordination among all those senior analysts in those asset classes, and they've been doing that more or less for the last three years, really since these changes became very apparent. Joe Cass 00:04:25 Ryan, your career, as you mentioned, it started in 2008. So you've seen some ups, you've seen some downs in U.S. and also global real estate markets. What's your forecast or even your expectation for real estate in 2024 and beyond? Ryan Serhant 00:04:43 We are in a historic low inventory environment that has been written about and reported about ad nauseam. In the United States alone, 90% of all home loans are under 5% rates. So, when rates are still above 5%, it creates a locked-in effect, which is what we saw in 2023. There were fewer home sales in 2023 in the United States than there were in 2009. 2009, I think, if you asked most people pre-2023, they would say, yes, that was probably one of the worst housing markets we've ever seen in recent memory. And 2023 also turned out to be one of the slowest housing markets in over thirty years—nearly thirty years. This year, what we've already started to experience is a little bit of an unlocked effect. If 2023 was locked in, this is a little unlocked. And it's because you can actually predict roughly six months into the future. That was hard in 2022 and 2023. It was difficult to predict what anything would cost over the next six months. Now, inflation seems a little stickier than I think we'd like it to be. But you know, within relative certainty, roughly what interest rates are going to look like over the next couple of months. So, you're either going to move or you're not going to move. And eventually, people need to move. Eventually, the baby boomer generation needs to downsize, which they haven't done since 2020. That's a significant amount of inventory that is only now just starting to come to market. And that will help fuel the inventory issues that we're seeing amongst other kinds of demographics. And I think the moment we see interest rates start to get closer to, and hopefully they do, kind of that 5% marker, you're going to see home prices really escalate. So, what we're telling people now is, if you're a seller, we can't predict the future. Could pricing go up? It seems like it will. But could it go down drastically? Sure. We don't know. And if you're a buyer, could prices go up? Absolutely. Could they go down drastically? We don't know, but there are clear market indications that things are going to get much more expensive should rates come down because there is so much pent-up demand and not nearly enough inventory. So, I think we're going to see a far stronger year for absorption and volume in the housing market than we saw in 2023. And I think we'll end the year with higher pricing, probably somewhere in the 5% to 6% range. Joe Cass 00:07:30 Thanks, Ryan. Greg, we're speaking, you're speaking to kind of the largest investors, especially on the buy side globally. Interested to know what are the kind of the top three concerns these large global investors are coming to us with on the topic of global real estate. Gregg Lemos-Stein 00:07:47 Yes, absolutely. It is focused on office. So, Ryan makes some good points about housing more broadly, and I'd be interested also in his take, maybe later on, about the change in the commission structures that may be coming and what impact that might have on pricing. But in terms of what investors are asking us, it is focused on office. And the first question they ask is, "How bad will it get?" because it's still evolving, right? We still have this big gap between utilization of office space and vacancies, which would be actually what tenants are paying in terms of rent. And there's a long tail before lease renewals happen. They tend to be ten-year leases. So, the implication is, if utilization of space is much, much lower, then the vacancy rate would indicate that when lease renewals come up, they're going to take less space. So, there's still some pain to be felt. So, the number one question is, "How bad can it get?" And then the next question, logically, is, "Will that have a big impact crossing over to the banking sector?" And then the next question that logically stems from that is, "Is there more of a systemic risk that would emanate from that, that might have an impact on the broader economy?" Those are the top three questions that we're getting. To answer somewhat, to give a little bit of color, Joe, not just leave that as a question, we have had a number of rating actions on some regional banks. We've had a larger number of rating actions, even dating back two years ago, on the REIT sector, those most exposed to office. So, we've been adjusting our ratings. We've been adjusting our base case for quite some time now. And again, I'm not a banking analyst, but what our banking analysts will tell you is that the commercial real estate exposure, largely for banks, is manageable, but there's a big difference in levels of exposure to CRE. And so, some of the largest banks actually have the smallest amount of exposure as a percentage of their overall assets. It's the smaller regional players that have larger exposures, and those are where we've taken some actions already over the last year or two. Sometimes commercial real estate is not all office, and it may not be office in the most exposed geographies. It might be areas where office space wasn't so absurdly expensive, and CFOs aren't eager to get out of that space. So, you really have to go bank by bank, really area by area. Again, real estate is all about location, right? So, that applies here, too. Ryan Serhant 00:10:31 I'll also add to that, you make a good point. I read a lot and hear a lot about the fall of office, right? And you see a lot of the big institutional players giving keys back because they don't want to chase good money after bad. And Starwood, Brookfield—you see these major players, so more and more people are doing that. But there's also a big difference between occupancy and vacancy. So, I hear about it in New York all the time. Go to Midtown, all these lights are off. Occupancy must be down, right? There's no one's here, no one's going to the office. The spaces may be vacant, but the leases are fully occupied. There's a lot of office that is fully leased, but people just aren't coming. And so, I think what people are trying and what a lot of these big institutional owners and even just these offices themselves are trying to do, is try to get to three days a week of office. If you can get to three days a week of office, you can fund your facilities, you can get these buildings moving relatively productively. But if you're just at two days a week or one day a week, you have a really, really hard time. And I heard somebody say recently that this is now all because a lot of our nouns have become verbs. It used to be that you'd go to the shop. Now you shop on your phone. It used to be that I got to go to work. Now you just work, work. I've worked. And so, I think it's an important thing because I think, in terms of occupancy in New York office, I think it's over 90%. A lot of the spaces look vacant, but those leases are occupied. Joe Cass 00:12:25 Fantastic. Thank you both. And Ryan, just to kind of pick up on something Gregg said, do you have any kind of comment or view on the recent commission change announcement? I'm quite kind of uneducated on this side. If you could provide kind of an overview of what happened and maybe your take on it. Ryan Serhant 00:12:44 Sure. So, there was a class action lawsuit that was filed in the state of Missouri years ago that was basically saying that the National Association of Realtors, the largest kind of trade union for real estate agents, was colluding with the largest brokerages and local MLSs to price-fix commission payments to buyers' agents. And what was happening was that if an agent was going to a seller, they'd say the best way to sell your home would be to put it on the MLS. But to put it on the MLS, we have to offer compensation to the buyer's agent. Those are the National Association of Realtor rules. That's what you have to do. And so, if you're going to pay a 6% commission, it's 3% and 3%. That way, the buyer's agent is also protected. That way, you never have to have commission conversations with buyers. The seller pays it, and it's what's happened for decades. It's how it's always been. And it's not that the seller is unfairly paying a buyer's agent who didn't do any work. Just that fee has always been in the United States on the seller. So, when you're a buyer, you don't pay it, but when you're a seller, you pay it. And usually, most people buy a home and don't live there for the next eighty years. They buy it, and they don't pay that fee. When they go to sell it, they do pay the fee. So, the fee just gets passed on. So, that's what the class action lawsuit was about. The National Association of Realtors and the big brokerages did not succeed in explaining the reasons why that would be a good thing for the marketplace, and so they lost. What happened on Friday was that the National Association of Realtors basically came out and said they would not appeal the verdict. They're going to settle for something over $400 million to be paid out over the course of the next four years and will be changing the rules. The rules will change to where a seller no longer is obligated to pay the buyer's agent should the buyer have an agent. You don't have to advertise that you'll pay. You can pay 0% if you want. Now, that's kind of always the way it's been. I mean, in New York, we don't have an MLS. We're also not a part of the National Association of Realtors in New York. So, New York City is very different. We have customers who will pay 10% to get something sold. We also have customers who will pay 0%. But around the country, it's always a different case. So, what's going to change now is that buyers' agents, if you're working with a buyer and you're a real estate agent, will get a buyer's representation agreement that states how you are compensated. If you are showing homes where the seller is not willing to compensate a buyer's agent, you will go to the buyer for your compensation. And so, you'll be just very clear and very transparent as to where fees come from, which is the way it's always been before. This will create a little extra paperwork, and it will be interesting to see what it does to the marketplace. My prediction is that fees will get higher and more properties will start to trade off-market. That's because that's what happens around the world outside of the United States. So, as much as we want to think that these new rules will be better for the consumer, what happens around the world is that off-market transactions end up becoming more of the norm. And when you do that, then there's no transparency because people just set whatever fees they want. So, I think you'll see more of that, but it remains to be seen. The settlement was announced last week. A judge still has to approve it. That will take a couple of months, probably sometime into the summer. But it doesn't change that commissions are paid out. It doesn't change that a seller is allowed to pay whatever they want to whomever they want. They're free to do that. It just creates a document of transparency, which I think is actually probably good and the right thing for the market. Joe Cass 00:16:53 Great. Thanks, Ryan. Ryan, you've got a really significant online presence with over 6 million followers across all the platforms. Do you believe that other players in the real estate industry, such as developers, investors, companies, are they effectively utilizing their own online presence? Ryan Serhant 00:17:16 I think they try to. I don't think other players really look at their digital presence as one of their value propositions because it never had to be previously. I think there are two types of real estate firms right now. I think there are those that are defending where we've been, and I think there are those who are building where we're going. I'm an active real estate agent all day, every day. I'm also a CEO of a firm, and I understand what it means to be every single agent that works with me. When I was looking to start my own company and we started SERHANT in 2020, I spent a year interviewing with other firms—all of them. All the big names and small names, national franchises, everybody. And what I realized was that all of the other real estate firms that I interviewed with are licensing housing firms that hold your license, and that's about it. Their number one pitch is: "If you come to us and hang your license with us, we're going to make you better." And I, as an actual agent, always felt that a real estate firm's job shouldn't be to make my agents better, but it should be to be better for my agents. Because that's the pitch that I always give to every customer I work with—every buyer, every seller, every developer. I don't sit with them and say, "Hey, work with me. I'm going to make you a better seller. Work with me. I want to make you a better developer." But that's the pitch that real estate brokerages give. At SERHANT, we are the most-followed real estate brokerage in the world. We use television, streaming, every social media platform, books, speaking engagements, and our own production company to amplify our brand to the benefit of our customers' brands and our agents' brands. If you were to audit our business, you would probably say that we are a media company that sells real estate. I learned a long time ago that if you can build a strong content-to-commerce business for makeup, you can do it for real estate. But you have to understand that there is a new "C" in between content and commerce: content to community to commerce. No one had ever done that for real estate before. When we started SERHANT, that was one of our immediate value propositions, outside of the technology and everything that we're building now. We had first-mover advantage to be able to use our online presence to the benefit of our agents and their ability to lead generate, build their own brands, and create their own "SERHANT effect," as they call it, in a way that other firms probably are not going to realize as a true value add until it's too late. Joe Cass 00:20:20 Great. Thanks, Ryan. Greg, in what parts of the globe is real estate really growing at present? And conversely, what parts of the world is real estate sector kind of slowing or maybe decline? Gregg Lemos-Stein 00:20:31 Yes, it's a great question because we've been talking about the U.S. and the dynamics are very different in other areas of the globe. I'd say all real estate is affected by the precipitous rise in base interest rates. It is an interest rate-sensitive industry for sure. But the office dynamic we talked about is not quite as acute in other markets. And those of our listeners who are tuning in from, let's say, Hong Kong or other areas, they're like scratching their head at the three-day-a-week model because they're in the office a lot more. So office, I think, is comparatively less severe in other areas, and that's borne out in the valuation data we're having. The declines are much less, but it's a factor. But I think development has been under severe pressure in China, as many of our listeners know about, and many developers have defaulted or entered credit stress. Retail is still an issue. Maybe it's been around for us long enough that we realize that the e-commerce effect on retail is just sort of part of the fabric of what we do. We're not adjusting to that. Areas that it's growing—I'd be hard-pressed to say where real estate is going gangbusters. But of course, there are markets that are expanding. I'll just mention one. This is not comprehensive, but I'm aware that there is a lot of activity going on in the Gulf and particularly in Saudi Arabia, which is opening up and modernizing its markets. And Riyadh, as I understand it, is a bit of a boom town right now, with lots of ambitious development going on there. So that would be one I would point to. Joe Cass 00:22:10 Great. Thanks, Gregg. Ryan, how has AI impacted the real estate industry thus far? And how are you hoping to utilize AI in your own business at SERHANT? Ryan Serhant 00:22:23 Great question. There have been many paradigm shifts in the world, right? You had the printing press initially, which really democratized information, democratized knowledge. Before that, it was hard to get information around, hard to write, and hard to copy. The printing press helped that. There was the combustible engine, which didn’t look exciting at first because cattle or oxen could go up hills and around corners, while tractors couldn’t. But then people realized, oh, maybe we’ll just create farms that are flat and straight. And then this tractor never needs a nap, perfect. And so I think what we’re seeing now is much like the Internet—AI is creating a paradigm shift, and it’s incredibly exciting because it allows you to redefine the way that you work. As AI started to get more and more popular over the past couple of years, we at SERHANT, our development team, and our technical team really looked around and said, I think everyone is going to embrace AI the wrong way. Everyone is going to focus on wrapping large language models (LLMs) and creating chatbots and more screens, which ironically creates more work. And I think the whole goal of having AI and resources like ChatGPT is to help you redefine the way that you work and save significant time. So we’ve been far more focused on what we would call a large action model. Not focused on large language models like most of these new dot-AIs and dot-IOs, which are like the new dot-coms, where technology changes every single day and you’re constantly playing catch-up. Instead, we’re focused on what a large action model could look like. Whereas a large language model is focused on the next best token, we’re focused on the next best action. How do we scale human support to create not just another tool for us to use? We created something called 'SERHANT Simple,' which at its core revolutionizes the approach with AI by focusing on human support. It’s proprietary technology, yes, it utilizes AI, yes, but we have real humans, and we’re scaling their ability to support our customers faster and more precisely than ever before. Our agents are completely redefining the way they work without having to do more work to learn how to redefine their work, creating the most frictionless process. Right now, Simple is in beta in four states, and I looked at it on Friday—97% repeat usage. I’ve never had that in anything we’ve ever built before. It’s exciting to see the product-market fit because now all salespeople only have to focus on what they are uniquely qualified to do. They no longer have to do work that another person, system, or process could do for them. And they can also do it on the go—it’s completely mobile. That’s where we’re embracing AI and taking a counterintuitive approach. Joe Cass 00:26:27 Great. Thanks, Ryan. Gregg, you've got oversight over a number of corporate sectors from pharma to autos and real estate, which you've mentioned already. What practical Gen AI or AI uses are companies sharing with us? And what benefits are they expecting to receive from the technology? Gregg Lemos-Stein 00:26:45 Yes. Ryan's description of it as a paradigm shift is an act one. It's gigantic, and it cuts across so many different sectors. The impact is going to be massive in the way we work. It’s a little more difficult to ascertain the credit implications, but this is really our calling. What we have to stay focused on is whether it will create disruption in certain sectors, or augment the ability of other sectors to do what they do and be helpful, potentially credit positive. Time will tell. We've already had some rating actions, notably in the media space. But in terms of what companies are doing, broadly speaking, you could bucket it into improving customer service and interfaces with customers, but also cutting costs. These are not mutually exclusive, because if you're able to replace part or all of your call center with AI (which is not happening immediately—it will take time), that's a cost savings and potentially improves the way you reach your customers. But even though it's growing rapidly, you might also see some hype. Some sectors may say it will change things faster than it actually will. We’re cognizant of that. Some examples: in pharma, I understand that AI is a huge part of potentially shortening the research and development cycle for pharmaceutical companies, which is enormously expensive and increasingly time-consuming. Think about the implications for defense. We’ve already seen defense budgets increasing. And by the way, IT budgets—this seems like a secular change in spending on chips and software, reflected in some stock prices, which I won’t comment on in terms of rationality—that’s another big impact. The list goes on: utilities are benefiting too, with AI predicting potential weather events or wildfires. This is a huge boon to them in a growing area of concern to mitigate risk. I could go on and on, but we’re having many conversations with our analysts. We try to embed these ideas and directions in our forward-looking outlooks. We just published industry credit outlooks on every sector in corporates, and you’ll see a lot of mentions of Gen AI and regular AI throughout those reports. Joe Cass 00:29:25 Ryan, we've spoken about the power of social media in building a business and also a brand. Have you got any stories about how social media has directly translated into revenue or just opportunities for you or your business? Ryan Serhant 00:29:39 Sure. But before I forget, something that was just mentioned was so interesting to me. The paradigm shift is so real, but I look at companies that are embracing "AI" and those that are not, or those that are embracing the wrong part of "AI". They’re not embracing the paradigm shift because they’re too distracted by the technology. That’s a really key point to make. I liken it almost to the bird and the bug analogy. There’s a car racing down the highway, and a bird sees the car coming and can shift, right? It can fly higher, let’s say. But a bug can’t, because it can’t perceive that rate of change. Those are the firms that are embracing the paradigm shift and building on top of "AI". Then you have other firms that are distracted by the technology today. It might sound a bit aggressive, but I do see those firms as the bug. They’re still flying, everything is okay, until that car comes through and they hit the windshield. To go back to your question about social, we use "Simple", for example, to do immediate social audits for all of our agents and to create social calendars and content. "Simple will do anything for our agents." It’s wild to see it in action. So now we have agents who are creating video walkthrough tours, posting them across platforms, and selling properties sight unseen—properties worth $3 million, $7 million, $10 million. These deals aren’t transacted directly through DM; you still need attorneys, there’s still a lot of email. But that point of first substantive contact is happening through a different device or platform. It’s often not us creating the content to reach the consumer directly, but to reach their circle of trust, which sometimes is their kids. We created a property tour in the middle of COVID for a townhouse priced at $15 million at 357 West 17th Street. Real estate agents weren’t considered essential workers in New York City; we weren’t allowed to go outside. The Department of State was actually trying to get people in trouble for trying to still work and make a living, which is a whole separate conversation. But we created a property tour, and a thirteen-year-old girl saw it because she wasn’t in school and was on her phone all day. She showed it to her parents, and the parents bought it, sight unseen. So the deal was done—there were attorneys involved, it was a traditional transaction, not on the blockchain—but the customer was created, the market was created, the urgency was created, and the deal only existed through social. Joe Cass 00:32:53 Fantastic. Thanks, Ryan. Ryan, we've got lots of viewers, lots of listeners interested in advancing their own career. what kind of tips would you offer to build a personal brand that maybe would open doors to, I don't know, a more fulfilling or exciting career opportunity in the future? Ryan Serhant 00:33:17 Sure. I saw a statistic at the end of 2017, early 2018 from the U.S. Department of Labor that said just over 20% of U.S. taxpayers are also filing a 1099 tax return. Now, some of them are also filing W-2 tax returns and so on, but over 20% were filing a 1099. And the U.S. Department of Labor said by 2027, they expect that number to be over 50%, which means that over 50% of taxpayers, that’s just in this country, are going to be filing a 1099 in just a couple of years. That’s an interesting stat. And that means that those people are selling something. Maybe they’re selling their podcasting services, writing T-shirts online, real estate, cars, whatever they might be selling, whether they consider themselves salespeople or not. And the only way to build your career as a 1099 independent contractor in the United States who has to make a living for themselves every day or make residual side hustle income on weekends and evenings, etc., is to create awareness for either your products, brand, or your personal brand. And today, you can do that from your phone. You don’t have to have the right connection to get you into the right newspaper on the right television show or kind of know the who’s who. Social media has really kind of brought about the democratization of talent more than anything. And so, brand is broken down into a math equation, right? It starts with the core identity of the person or the product. That core identity translates into perception the world now has of that core identity, either in the digital space or in people-to-people interactions. That perception, then, when you leave the room or your product leaves the website, let’s say, turns into reputation. And then over time, that reputation becomes the brand. It’s what you’re known for. It’s what's clear, concise, and memorable. And you can build it by building a core identity. If you’re building a personal brand, you’re focused on your "and." So, I am real estate and media. That’s what I’m known for. That is my brand. I wish I could be real estate and I don’t know, fighter jets. That would be cool. But that wouldn’t really help me with it. So, real estate and media. I’m going to build my brand on that. Now, I’m going to make consistent content. That’s kind of Phase two. And I can do that through video. I can do that through static images. I can do that through LinkedIn. You can be a thought leader. You don’t have to dance on the Internet. I can do that through in-person events. Maybe you don’t have a smartphone, maybe social is not your thing. That’s totally fine. But maybe twice a month, you do an in-person networking event of some kind, and you’re building that way. And then lastly is amplification. The way I like to say it is really shouting from the mountain top because success begets success. And no one is going to know that you sell amazing T-shirts, or that you sell investment services, or that you sell real estate if you don’t tell them about it. And you can build that process now easier and clearer than ever before. Joe Cass 00:36:44 Thanks, Ryan. Gregg, I do my research. I checked out on LinkedIn that you actually started your career as a reporter for associated press for nine years, which I didn't know. So interested to know what your experience was like and what kind of news or stories were you covering at the time? Gregg Lemos-Stein 00:37:03 Excellent research, Joe. First off, I’ll say that I’ve only worked for three organizations since graduating college many, many years ago: The Associated Press, Mellon Bank (which is now part of Bank of New York), and now S&P for the last twenty-one years. All three organizations were founded somewhere between 1860 and 1880. So, what this will tell you is I’m a long way off from Ryan’s entrepreneurial spirit. I like stability. I like organizations that have been around for a long time and will be around for a long time to come. But that was an exciting and wonderful learning experience, those years as a reporter for the Associated Press. I spent the first few years covering sports, which is a dream job. It was crazy hours, working nights and weekends, which was also kind of a dream because, way back when, I was concerned about working normal hours or, more specifically, getting up early in the morning. I’m very, very different now. I’m an early riser. But I covered sports for a number of years. And then I covered business news, financial news, and I really credit that for being part of the transition to what I do today. I got to cover a lot of stock market stories, Wall Street stories, big mergers at the time, but we’re talking a while back. We’re talking about the 1990s. And I remember two stories in particular. There were shorter stories, but one was about Frito-Lay entering China for the first time, and the other one was about the first Russian company listing on the New York Stock Exchange. So, this is a very different time, right? Because this is sort of like the acceleration of globalization. And now we have a different context where there’s some evidence that that’s being rethought. But the -- I remember the first paragraph of the Frito-Lay story. They were launching Cheetos in China, but they had very, very different flavors. It was like cuttlefish and prawns or something. So, the first paragraph was, "A Cheeto isn’t a Cheeto in China." So, I remember that one. It was a short and succinct headline. And then the Russian stock market story is about a Russian wireless company, and it doubled on the IPO or something like that. It did a very successful IPO, and the lead paragraph was, "Even the Russians couldn’t bring a bear to Wall Street." So, we had a little bit of fun with those stories. You can groan all you want, but it was a great training ground, by the way, and it really resonates with Ryan’s comments about media and communication and nouns and verbs. This has applications no matter what you’re doing. It’s more applicable to credit ratings than you might think because being able to communicate your opinions is really vital to what we do, and doing so clearly and succinctly is really critical. Joe Cass 00:40:02 Great. Thanks, Greg. Ryan, what opinion or view on real estate do you have that few others would agree with you on? Ryan Serhant 00:40:14 I mean, topically right now, I think people are assuming that given the National Association of Realtors’ commission lawsuit settlement, buying a home is going to get less expensive and that real estate agents are going to become more and more obsolete. That is what most people think. Everyone has been forwarding me all the articles. I am obviously biased, but I also remember having to sell real estate door-to-door. And when the Internet really took over on real estate and websites like StreetEasy, Zillow, et cetera, came about, everyone said the same thing: "Salespeople are gone. Real estate is now going to be less expensive because you’re going to have the democratization of information. People can see comparable sales now. You pesky salespeople aren’t going to be able to drive up pricing anymore." And that didn’t happen either, right? The same way certain financial websites didn’t take down certain investment banks. The banks only got stronger. And so, I am very much of the mind that there will be greater transparency now with fees and commissions. The way we’ve always operated with our firm and in New York City, which is very, very different from the rest of the country, commissions are always transparent. They had to be. But now I think nationally, I think the old guard, which is the National Association of Realtors and these big brokerages, are in for either a world of change or a world of hurt. I think the rules are changing. I think there are new rules. And I think what we’re going to experience now is an evolution — just like I was talking about with AI and the farmers and the tractors, right? They didn’t throw out the tractors. They just created different farms and a different way to farm. And so, I don’t think that what we’re going to experience now is going to get rid of real estate agents. I think it’s going to separate the agents from the brokerages who are not open to change because what got you here won’t get you there. I think old rules pave the way for new rules. And I think that as interest rates stabilize or continue to come down, pricing is only going to go up, and consumers are still going to want great representation, buy side or sell side, because you don’t know what’s real anymore when you log in online. So that’s, I think, a unique opinion of my own. Gregg Lemos-Stein 00:42:58 I'll confess, Ryan, that I thought that until about 7.5 minutes ago when you started talking about it. It's more complicated that commissions actually may go up in some cases. So... Ryan Serhant 00:43:07 Listen, listen. So, I know we all have to jump here, but in New York City and in most of the United States, total compensation for real estate agents — because there’s typically two agents on the deal, sell side and buy side — is between 5% and 6%, right? It’s the way it’s always been. Very rare is it much lower than that; very rare is it much, much higher than that. And I see a lot of, "Oh, well, this is the highest commissions ever. The rest of the world is this. The rest of the world is that." Well, I’ve been around the rest of the world, and I’ve sold property around the rest of the world. And what I’ll tell you is that is not true. You have markets where you have salaried salespeople who are not incentivized to get the highest price for their seller or to get the best deal for their buyer because there is no incentive. And so what ends up happening is a lot trades off-market, which is not in the best interest of the consumer. And then you have other markets where you have a mixture of on- and off-market property. And so you could work with an agent, and they’ll tell you, “Hey, so I have a fixed fee for anything that’s on market. But anything you’re going to want to buy is actually off-market, and my fee is 10%.” So, I don’t know what everyone thinks we’re going to. But if going back to the Wild, Wild West is what everybody else wanted and what they wanted to bring about through these lawsuits, I mean, I don’t know what to say. Joe Cass 00:44:36 Okay. Great. And lastly, just before we go, Ryan, do you want to share any kind of upcoming project goals, ambitions that you're looking to do either kind of this year or next year? Ryan Serhant 00:44:50 I'm incredibly excited for "SERHANT Simple" as we continue to roll it out to our agents. Right now, it is just within SERHANT at our own brokerage. Because what makes it so exciting is that it's a full stack platform. So we have agents who use it who never want to touch e-mail again. They don't have to now. We have agents who use it who just want to create marketing plans for a year, and they don't have to do that anywhere else. So I'm really excited to see that take off and continue to improving the lives while also saving significant amounts of time for our salespeople. Joe Cass 00:45:29 Perfect. Well, thank you so much to Ryan. Thank you to Gregg for your time today. For everyone watching and listening, see you next time in fixed income at 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q2_fixed-income-in-15_ep46-ryan-serhant<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 19:06:19 GMT00:01:00<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]><![CDATA[ This report does not constitute a rating action. Servicer Evaluation Spotlight Report™ is a registered trademark of S&P Global Ratings. As with many industries, loan servicers are exploring artificial intelligence (AI), including generative AI, technology to assist with or perform complex processes in ways that have been impossible with deterministic, rule-based technology. Loan servicing is complex and interconnected with multiple outside participants, such as regulatory bodies, investors, and borrowers, so orchestrating the multitude of requirements and frequent changes make it challenging to implement technology--especially automation. AI has the potential to change that, and it is a major focus for most servicers in 2026 and beyond. 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Cyber risks can increasingly compromise the security and stability of credit instruments and markets, as well as the creditworthiness of issuers. Cyberattacks on their own have generally had limited effects on credit quality where proactive and robust risk management, adequate preparedness, and well-tested recovery plans are in place. However, S&P Global Ratings has taken negative rating actions linked to cybersecurity incidents where core business processes and operations underwent significant disruption, recovery proved slow due to ]]>ArticlesThu, 16 Apr 2026 16:28:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-crypto-quantum-and-ai-redefining-cyber-risks-s101678916<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 14:24:10 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 16 Apr 2026 14:24:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-15-2026-s101680695<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 12:36:05 GMT00:01:00<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]><![CDATA[ This report does not constitute a rating action. 2023 marked the end of a decade of exceptionally low interest costs. Since then, German housing companies have faced higher funding costs and increased need for optimizing their balance sheets. Amplified by recent geopolitical developments, especially the Middle East war, 10-year German bund yields exceeded 3% at the end of March 2026, temporarily reaching their highest levels since the sovereign debt crisis in 2011. The gradual adjustment to higher rates is still ongoing. Since many German issuers entered the tightening cycle with long-dated, fixed-rate debt and substantial hedging, the effect on earnings was delayed and issuers had more time to adjust their capital structures. However, refinancing the debt at higher rates impairs ]]>ArticlesThu, 16 Apr 2026 12:36:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/bund-yields-peak-german-homes-are-resilient-balance-sheets-arent-s101680172<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 09:16:14 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. During Q1 2026, rating activity was limited and below historical levels. Actions declined year-on-year, 84 versus 144. Overall, rating actions affected 16 transactions, representing only about 3% of our rated ABS and RMBS universe. Downgrades remained scarce, two versus nine during Q1 2025. We reviewed 11 ABS and 77 RMBS transactions—representing about 19% of our total rated ABS and RMBS universe—through rating actions and annual surveillance reviews. The number of new transactions we rated was significantly down quarter-on-quarter, 17 versus 32. We rated seven new ABS (Q4 2025: 16) and 10 new RMBS (Q4 2025: 16) transactions. Notably, a U.K. equipment lease transaction and two Israeli RMBS transactions. Our rating actions mainly ]]>ArticlesThu, 16 Apr 2026 09:16:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q1-2026-s101680394<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 07:38:51 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was six in March 2026, after the following defaults in the month: Brazil-based integrated energy company Raízen S.A. Ireland-based plastic and latex products manufacturer Trinseo PLC Germany-based global auxiliary power equipment provider Arvos Holdco S.A.R.L. U.S.-based media company Cumulus Media Inc. U.S.-based health care equipment manufacturer Carestream Health, Inc. One confidential issuer Six companies defaulted in March, down from eight in February. The year-to-date default count now stands at 24, slightly below the 26 recorded in 2025 and well below the five-year average of 28. The lower monthly total results from a decline in defaults in the U.S., which recorded only two defaults, down from ]]>ArticlesThu, 16 Apr 2026 07:38:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-cyclical-sectors-record-most-defaults-in-the-first-quarter-s101679680<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 03:01:39 GMT00:01:00<![CDATA[ Climate Transition Assessment: Ecoener ]]><![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Dark green to Ecoener. Ecoener is a renewable energy company headquartered in Spain. It has solar, wind, and hydropower assets in 12 countries, including in Latin America. ]]>ArticlesThu, 16 Apr 2026 03:01:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-ecoener-s101680475<![CDATA[ Climate Transition Assessment: Ecoener ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 21:13:23 GMT00:01:00<![CDATA[ Credit Conditions: U.S. Aluminum Supply Chain Takes A Strait Hit ]]><![CDATA[ This report does not constitute a rating action. after the U.S. raised tariffs to 50% in 2025, because significant amounts of Canadian metal found new, tariff-free markets in Europe. Consequently, the U.S. increased imports from the United Arab Emirates by 39% and Oman by 35%, driving a spike in U.S. delivered prices to justify thousands of miles of extra transport costs for this pure commodity. Higher global aluminum prices and the loss of low-cost Middle East material are boosting revenues and earnings for primary producers, mostly in China, Scandinavia, Canada, and even Russia. In the appendix, we provide a rundown of the credit impact on the aluminum companies we rate around the world, from primary commodity producers to aluminum rolled ]]>ArticlesWed, 15 Apr 2026 21:13:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-us-aluminum-supply-chain-takes-a-strait-hit-s101673963<![CDATA[ Credit Conditions: U.S. Aluminum Supply Chain Takes A Strait Hit ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 21:05:53 GMT00:01:00<![CDATA[ The Ratings View: Apr. 15, 2026 ]]><![CDATA[ In this week's summary of ratings views: Data centers offer a major opportunity for the insurance industry. We have raised our oil price assumptions for 2026 and 2027 further. Sovereign ratings in Southeast Asia are under risk due to the Middle East conflict. ]]>ArticlesWed, 15 Apr 2026 21:05:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-15-2026-s101680584<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 17:25:06 GMT00:01:00<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]><![CDATA[ First quarter 2026 rating performance data reveals a mix of positive and negative insights, reflecting an outlook that has become decidedly more uncertain. Downgrades marginally outpaced upgrades over the quarter. The chemicals, packaging and environmental services (CP&ES), consumer products, and media and entertainment sectors again led downgrades, collectively representing 45% of the total. On an upbeat note, positive outlook and CreditWatch revisions continued to outnumber negative ones, largely driven by financial institutions and sovereigns. Defaults fell 14% from the previous quarter to 24 at the end of the first quarter. However, the Middle East war has increased downside risks and could undermine positive trends and threaten baseline default projections in Europe and the U.S. ]]>ArticlesWed, 15 Apr 2026 17:25:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-q1-2026-downside-risks-persist-s101680509<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 16:51:19 GMT00:01:00<![CDATA[ European CMBS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. All information is as of March 31, 2026, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the first quarter of 2026, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q1 2026 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article Sirius Logistics 2026-1 UK DAC 526.3 Bank of America, Standard Chartered and Wells Fargo 1 126 Blackstone Logistics U.K. N/A Sage AR Funding 2026 No.1 Plc* 546.5 Morgan Stanley, Deutsche Bank 2 3885 Blackstone Social Housing U.K. Sage AR Funding 2026 No.1 Plc Aesir (European Loan Conduit No. 41) DAC* 285.1 Morgan ]]>ArticlesWed, 15 Apr 2026 16:51:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q1-2026-s101679660<![CDATA[ European CMBS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 14:17:35 GMT00:01:00<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has published its proposed methodology for rating public-purpose entities (PPEs) outside of the U.S. (see " Request for Comment: Methodology For Rating Public-Purpose Entities Outside Of The U.S. ," April 15, 2026). Here, we outline the rationale underpinning the changes proposed in the RFC, and answer questions about the RFC process and how we propose to implement the proposed criteria should they be approved. The credit ratings affected will be assigned and surveilled by the global international public finance (IPF) team. The entities that fall within the scope of the proposed criteria operate outside of the U.S. and provide a wide range of nonfinancial public services, including social housing, ]]>ArticlesWed, 15 Apr 2026 14:17:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-whats-behind-our-proposed-criteria-for-rating-public-purpose-entities-outside-of-the-us-s101675409<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 12:57:28 GMT00:01:00<![CDATA[ New Issue: Bridgegate Funding PLC ]]><![CDATA[ Transaction profile Issuer Bridgegate Funding PLC Collateral type RMBS buy-to-let (53%) and nonconforming (47%) Domicile of assets U.K. Original seller The Mortgage Business PLC Servicer The Mortgage Business PLC Dependent counterparty Bank of Scotland PLC as issuer bank account provider Capital structure Class Rating* Class size (mil. £) Initial credit enhancement (%)§ Interest (%) Step-up margin Step-up date Legal final maturity A AAA (sf) 1,098.774 17.00 Compounded daily SONIA plus 1.00% Compounded daily SONIA plus 1.50% November 2029 May 2080 B-Dfrd AA (sf) 56.263 12.75 Compounded daily SONIA plus 1.50% Compounded daily SONIA plus 2.25% November 2029 May 2080 C-Dfrd A+ (sf) 29.786 10.50 Compounded daily SONIA plus 1.90% Compounded daily SONIA plus 2.85% November 2029 May 2080 D-Dfrd BBB+ ]]>ArticlesWed, 15 Apr 2026 12:57:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bridgegate-funding-plc-s101678787<![CDATA[ New Issue: Bridgegate Funding PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:52:34 GMT00:01:00<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]><![CDATA[ This report does not constitute a rating action. Central and Eastern Europe’s (CEE) information and communication technology (ICT) sector has emerged as one of the world’s most dynamic technology hubs in the past 15 years. Lower labor costs and a deep pool of local talent have enabled CEE economies to expand services exports, particularly in IT and financial services. These services are now the backbone of many economies in the region, especially in Baltics, where they account for over a quarter of total exports. The emergence of AI poses both risks and opportunities for CEE’s IT sector. Recent data points to a slowdown in ICT job creation, and the region appears to lag Western Europe and the U.S in AI ]]>ArticlesWed, 15 Apr 2026 10:52:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-ai-leaves-central-and-eastern-europes-it-success-at-a-crossroads-s101678600<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:03:39 GMT00:01:00<![CDATA[ Credit FAQ: Markets Financing 101 ]]><![CDATA[ This report does not constitute a rating action. A small network of global banks has underpinned nonbank trading firms' ascent to the center of the financial ecosystem. Through operations we describe as markets financing, these banks build inventories, provide leverage, and manage post-trade clearing. Our ratings on major global markets financing providers are resilient. Our ratings acknowledge the risks in this business, but also banks' sound management of them. Large events, such as the collapse of Archegos, are rare. However, Archegos' collapse shows the significant, inherent tail risks for markets financing providers in periods of stress. A significant amount of markets financing originates from banks, but a small group of nonbanks are also active in this space. We focus on ]]>ArticlesWed, 15 Apr 2026 10:03:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-markets-financing-101-s101678601<![CDATA[ Credit FAQ: Markets Financing 101 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 09:58:15 GMT00:01:00<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]><![CDATA[ This report does not constitute a rating action. The ecosystem of proprietary trading firms, hedge funds, and other market participants has expanded rapidly over the past five years. As of third-quarter 2025, global hedge fund assets under management had surpassed $5 trillion, while rated proprietary trading firms--including market leaders Jane Street, Citadel Securities, Hudson River, and IMC--generated about $40 billion in revenues in 2024. Growth accelerated further in 2025 and nonbank trading firms now play a significant role in markets ranging from sovereign debt to equity options. These banks help finance inventories, provide leverage, and manage post-trade clearing through markets financing. Prime brokerage lending to hedge funds approached $2.5 trillion in 2024 in the U.S. alone, doubling over a four-year ]]>ArticlesWed, 15 Apr 2026 09:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/systemic-risk-trading-firms-expansion-affects-selected-ratings-s101674386<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 03:39:56 GMT00:01:00<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]><![CDATA[ This report does not constitute a rating action. A protracted war in the Middle East would be acutely painful for Asia-Pacific banks. Under our downside scenario test, the sector's credit losses could rise by about US$180 billion over the next two years as indirect risks start to bite. Under our base case, the impact of the war on banks is more muted. Direct exposures of banks to the Middle East are low, and indirect exposures are manageable considering our most recent base case economic forecasts (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March. 24, 2026.) These forecasts show most banks have sufficient capacity to absorb Middle East war pressures at current rating levels. Banks ]]>ArticlesWed, 15 Apr 2026 03:39:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-banks-the-us180-billion-downside-scenario-s101679418<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 20:45:18 GMT00:01:00<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower transactions as of first-quarter 2026. The overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 6.2% as of first-quarter 2026--a 15 basis points (bps) increase quarter over quarter. The office DQ rate remained flat at 9.7% quarter over quarter but was down from the 10.6% peak in January 2026. Meanwhile, the DQ rate for lodging ticked back up to 5.9% due to several portfolio delinquencies; retail declined 10 bps to 5.9%; multifamily continued its 1.5-year upward trend, increasing 60 bps to 4.8%; ]]>ArticlesTue, 14 Apr 2026 20:45:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-cmbs-update-q1-2026-downgrades-abate-as-headwinds-persist-s101679698<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 16:12:44 GMT00:01:00<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings welcomes the October 2025 release of more granular default and recovery statistics from the GEMs Consortium. These new datasets continue to enhance transparency of the historical credit performance in EMDEs, particularly within sectors where MLIs and DFIs have been active. The update constitutes meaningful progress in addressing earlier limitations of the GEMs datasets, notably increasing granularity of default and recovery metrics across private, public, and sovereign exposures. We believe the enhancements in data quality made since the initial GEMs release increase risk insights we can extract from the datasets and could inform calibration of recovery assumptions for certain MLI and DFI exposures in EMDEs, where supported by originator-specific data. ]]>ArticlesTue, 14 Apr 2026 16:12:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gems-data-highlight-strong-recoveries-in-emerging-markets-s101679461<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 14:51:08 GMT00:01:00<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that all European CMBS loans maturing in the next 12 months are well-positioned for successful refinancing. However, the loan default risk in European CMBS in the next 12 months will highly depend on macroeconomic headwinds that may arise from the Middle East war. A decline in consumer spending can affect multiple property types and a yield widening would likely lower commercial real estate (CRE) values across all markets. Despite this current uncertainty, we notice significant activity in the new issuance of CMBS. Four European CMBS deals have been announced to date, three of which are closed. We are also working through a very busy pipeline and currently expect ]]>ArticlesTue, 14 Apr 2026 14:51:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-sustains-momentum-beyond-the-refinance-wall-s101674202<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 12:34:46 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of April 14, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesTue, 14 Apr 2026 12:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-april-2026-s101679547<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:42:26 GMT00:01:00<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]><![CDATA[ This report does not constitute a rating action. Amid heightened geopolitical tensions in the Middle East and incidents affecting critical infrastructure assets, S&P Global Ratings believes Abu Dhabi-linked water and power projects--including independent water and power producers and solar photovoltaic--benefit from strong structural protections that support their credit resilience, even under potential disruption scenarios. The four projects we rate-- Ruwais Power Co. PJSC , Emirates Sembcorp Water & Power Co. PJSC , Sweihan PV Power Co. PJSC , and Dhafra PV2 Energy Co. LLC --remain operationally stable and continue to demonstrate strong credit resilience, with no reported physical damage or disruption to generation or availability. We anticipate that some disruptions will likely persist for months but don't expect the current ]]>ArticlesTue, 14 Apr 2026 11:42:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/contractual-cash-flow-protection-supports-abu-dhabi-linked-utilities-projects-amid-war-s101679641<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:12:15 GMT00:01:00<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]><![CDATA[ This report does not constitute a rating action. Amid the fragile ceasefire in the Middle East, several factors might pressure the financial metrics of European local and regional governments (LRGs). These include higher inflation and interest rates, as well as slower economic growth stemming from rising energy prices. In our severe oil price shock scenario for 2026-2028, European LRGs’ financial performance will weaken marginally, but will not likely lead to downgrades. The effects of the war in the Middle East are weighing on Europe’s economic growth prospects more than in other regions as inflation also heats up (see “ Global Economic Outlook Q2 2026: Middle East War Dents The Forecast ,” March 31, 2026). The current ceasefire is fragile, and ]]>ArticlesTue, 14 Apr 2026 11:12:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-subnational-governments-brief-lrg-ratings-would-be-resilient-to-an-oil-price-shock-s101679453<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 02:17:10 GMT00:01:00<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]><![CDATA[ This report does not constitute a rating action. India isn't immune to the shocks reverberating from the Middle East war. The pain of higher energy prices and supply disruptions may persist for months, crimping economic activity across households, corporations, and banks. Our stress tests under a moderate to severe scenario consider supply-chain disruption and price increases for energy. This is regardless of the April 7, 2026, announcement of a two-week ceasefire. India is equipped to handle some strain, in our view. Robust corporate balance sheets provide a cushion against higher energy prices. Banks, meanwhile, have strong capital and profitability. India's robust external position gives it buffers to absorb some shocks from a higher import bill. We, therefore, don't expect any ]]>ArticlesTue, 14 Apr 2026 02:17:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-indias-strong-fundamentals-would-cushion-the-blow-of-an-oil-shock-s101678305<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 17:48:11 GMT00:01:00<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]><![CDATA[ This report does not constitute a rating action. The Mexican government has recently published guidelines for private sector, in collaboration with the state-owned utility Comisión Federal de Electricidad (CFE; foreign currency: BBB/Stable/--, local currency: BBB+/Stable/--), to participate in the power sector. The guidelines are primarily for electricity generation, and the following are key features: Project structure: Investments will be channeled through special purpose vehicles or entities, with a defined payment waterfall to ensure a base level of return for private investors. Ownership and responsibilities: CFE (54%): The utility will contribute to permits, access to land, buy at least 70% of each project's entry output through a long-term power purchase agreement (PPA), and participate in plant operations and management. Private entities ]]>ArticlesMon, 13 Apr 2026 17:48:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexicos-electricity-sector-eyes-private-sector-investment-s101674456<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 14:25:10 GMT00:01:00<![CDATA[ Data Centers Offer A Hyperscale Pool Of Insurable Risks ]]><![CDATA[ This report does not constitute a rating action. Data centers are not new, but today’s hyperscale campuses dwarf their traditional counterparts. The largest infrastructure construction projects, such as bridges or tunnels, can require large insurance coverage limits of $5 billion-$10 billion. In contrast, S&P Global Ratings expects some hyperscale data centers to represent total insurable values of $10 billion-$30 billion for the construction alone. These projects involve a complex ecosystem of hyperscalers, developers and builders, utility providers, equity investors, and increasingly, public and private lenders, each with their own insurance requirements. This represents a huge growth opportunity for the commercial and specialist re/insurers that participate in these projects. To put this into perspective, we estimate that the global aviation insurance ]]>ArticlesMon, 13 Apr 2026 14:25:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/data-centers-offer-a-hyperscale-pool-of-insurable-risks-s101669146<![CDATA[ Data Centers Offer A Hyperscale Pool Of Insurable Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 13:53:03 GMT00:01:00<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East presents the global auto industry with three major challenges: softer demand, supply chain disruptions, and rising costs. Our base case assumes the war’s intensity will peak and the Strait of Hormuz’s effective closure will ease during April, but some disruptions are likely to persist for months. Economic uncertainty and reduced disposable incomes may dampen demand, while disrupted shipping routes and logistics could lead to shortages of key materials and components. The Middle East supplies meaningful volumes of aluminum to the U.S., for a start; the United Arab Emirates and Bahrain together account for 20%-25% of U.S. unwrought aluminum imports. This means an extended disruption to shipping ]]>ArticlesMon, 13 Apr 2026 13:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-auto-industrys-2026-hangover-high-costs-stretched-consumers-slowing-sales-s101679197<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 01:14:14 GMT00:01:00<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]><![CDATA[ This report does not constitute a rating action. Asian technology companies differ in their ability to absorb higher costs related to the Middle East conflict. High-end chipmakers are best positioned to raise prices, given favorable demand and strong investment in AI data centers. Consumer electronics companies are the least able. In a prolonged war, electronics makers would also become more vulnerable to demand destruction. Nearly all of the sensitives are indirect, though still potentially weighty. Direct revenue exposure to the Middle East is limited for most rated tech companies. The rated firms generally possess the financial strength to absorb the initial impacts under our base-case scenario, which is that the Strait of Hormuz's effective closure will ease during April. Our ]]>ArticlesMon, 13 Apr 2026 01:14:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-tech-hardware-middle-east-risks-will-weigh-on-supply-and-demand-s101676539<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 12 Apr 2026 23:16:11 GMT00:01:00<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]><![CDATA[ This report does not constitute a rating action. Chinese miners are stepping up their global expansion. We think the current wave of outbound investment signals a structural shift in the sector. Financially stronger, more commercially driven companies are moving quickly to ensure resources overseas while metals markets remain supportive. This approach suggests a more pragmatic and execution-focused phase of international growth for China's mining industry. Balance sheet strength and ample financing should allow the main players to pursue this strategy without weakening their credit profiles. Over the past three years, China has boosted its overseas investment in the metals sector. This trend represents another wave of capital outflow since 2013, highlighting China's strategy to secure resources and expand its influence ]]>ArticlesSun, 12 Apr 2026 23:16:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-commodities-in-charts-strong-balance-sheets-support-miners-global-expansion-s101671542<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 18:56:49 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating actions by security type and by issues year-to-date can be downloaded here . Additional contacts Name Contact type Location Email address Deegant Pandya Research contributor New York deegant.pandya@spglobal.com Sahay Senathikagu Research contributor New York sahayajayaseelan.sen@spglobal.com Bushra Dawawala Research contributor Mumbai bushra.dawawala@spglobal.com Heather McArdle Investor contact New York heather.mcardle@spglobal.com Jeff Sexton Media contact New York jeff.sexton@spglobal.com It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States , March 31, 2026 Credit FAQ: Navigating A Rise In Variable-Rate Demand Bonds ]]>ArticlesFri, 10 Apr 2026 18:56:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-march-2026-s101679520<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 09:46:18 GMT00:01:00<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses BKS Bank AG's Sustainable Bond Framework as aligned with the Social Bond Principles, ICMA, 2025 and the Green Bond Principles, ICMA, 2025. BKS Bank is a regional bank headquartered in Klagenfurt, Austria, with international operations across Central and Eastern Europe. ]]>ArticlesFri, 10 Apr 2026 09:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bks-bank-ag-sustainable-bond-framework-s101679648<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 08:12:57 GMT00:01:00<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]><![CDATA[ (Editor’s Note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly.) This report does not constitute a rating action. Asia-Pacific insurers have limited direct exposure to the Middle East. They are feeling indirect pain, however, mostly through financial market volatility. Protracted supply-chain disruptions could dampen growth, raise inflation and exacerbate insurer operating expenses. S&P Global Ratings believes the risks are manageable under our base-case ]]>ArticlesFri, 10 Apr 2026 08:12:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-insurers-market-volatility-is-the-largest-war-related-impact-s101677786<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 16:06:18 GMT00:01:00<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]><![CDATA[ This report does not constitute a rating action. Europe is increasing defense spending at a pace not seen since the Cold War. NATO's more ambitious spending commitments, Russia's war in Ukraine, and a more fragmented geopolitical environment--including the Middle East war--are forcing many EU member states to raise military budgets. Under our baseline of a coordinated rise in defense spending of about 0.2% of GDP annually through 2033--which would increase European NATO members' median defense spending above 3.5% of GDP by 2033 from 2.1% of GDP in 2025--we expect limited macro disruption, modest credit impacts for most sovereigns, and broadly stable credit quality across the defense sector. The key to turning strategic necessity into durable economic and credit strength will ]]>ArticlesThu, 09 Apr 2026 16:06:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-does-europes-defense-push-mean-for-sovereign-and-corporate-credit-s101677939<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:36:46 GMT00:01:00<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings views the market and credit impact of payment shock affecting EMEA RMBS--driven by inflationary pressures related to the Middle East war--as consistent with recent market precedent, despite being negative. There are, however, nuances that will affect borrowers and therefore RMBS transactions that differ by collateral type and by country. Since the start of the Middle East war, the two-year GBP swap rate has increased to 4.20% from 3.35%, and the equivalent EURIBOR swap rate to 2.82% from 2.15%, with both experiencing volatility (see chart 1). Market forecasts for base rate rises over the next 12-18 months vary. The current and expected scale of rate rises are moderate, compared with ]]>ArticlesThu, 09 Apr 2026 13:36:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-can-withstand-middle-east-conflict-payment-shock-s101677900<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:08:33 GMT00:01:00<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]><![CDATA[ This report does not constitute a rating action. Supply chain disruptions are increasingly shaping the credit landscape of USPF issuers, as labor market dynamics, evolving federal policy and regulatory frameworks, and geopolitical instability result in persistent vulnerabilities including increased project costs and delays; revenue shortfalls stemming from constrained economic activity; and heightened operating expenses due to rising input costs and potential service delivery disruptions. Rising costs, particularly related to construction, can necessitate additional debt issuance, deepen financial burdens, and potentially divert funds from other essential services issuers provide. In our view, issuers demonstrating inadequate risk assessment and limited ability to absorb cost increases or implement mitigation strategies could face rating pressure, particularly if supply chain disruptions lead to significant revenue ]]>ArticlesThu, 09 Apr 2026 13:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-supply-chain-risk-affects-credit-quality-across-us-public-finance-sectors-s101678175<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 06:19:36 GMT00:01:00<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has led to limited shipping activity passing through the Strait of Hormuz since the end of February. Some export-oriented chemical plants in the Persian Gulf have also announced closures. Because about 20% of global crude flow and about 20% of global liquefied natural gas (LNG) passes through the Strait daily, the disruption has directly affected oil and gas flows worldwide. In our view, the prolonged closure will also disrupt global downstream products, including fertilizers, sulfur, and petrochemicals. The conflict also exposes assets to risk of physical damage, either along the supply chains or directly on the manufacturing facilities. S&P Global Energy estimates the share of global ]]>ArticlesThu, 09 Apr 2026 06:19:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-conflict-gcc-downstream-sectors-brace-for-broader-impact-s101678714<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:59 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-february-2026-s101679415<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:08 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-february-2026-s101679413<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 01:41:54 GMT00:01:00<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific faces a growing energy shock that reserves can only partly absorb. Heavy reliance on Middle East imports and tight regional linkages are amplifying risks. Disruptions in crude and refined fuels could hit manufacturing and trade hard. End-user prices will likely climb, compounding inflationary pressures. Weaker currencies and high costs will fuel higher inflation, strain growth, and force difficult policy trade-offs across unevenly exposed economies. Efforts to diversify energy supply sources will make Asia-Pacific's trade landscape costlier and less productive. The Middle East supplies about 40% of Asia-Pacific energy imports, and about 90% of the crude oil shipped through the Strait of Hormuz is destined for Asia. However, the region's import patterns ]]>ArticlesThu, 09 Apr 2026 01:41:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asiapacifics-energy-flows-and-gaps-in-10-charts-s101678160<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 20:21:09 GMT00:01:00<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]><![CDATA[ This report does not constitute a rating action. Issue 43 After insurers had a temporary relief in 2026, with a rate increase of 5.06%, the highest in a decade, the 2027 rate will revert to a low level. Early indications point to the MA medical cost trend remaining elevated in 2026 and likely in 2027. Consequently, health insurers will still face some margin pressure in 2027 due to the mismatch between a modest payment rate increase and a persistently high medical cost trend. S&P Global Ratings thinks MA margin pressure will be a major industry obstacle in 2027, alongside broader challenges such as shifts in the Affordable Care Act (ACA) marketplace enrollment and the implementation of Medicaid work requirements. Historically, ]]>ArticlesWed, 08 Apr 2026 20:21:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-2027-medicare-advantage-rates-insurers-and-acute-providers-navigate-a-modest-increase-amid-rising-costs-s101676190<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 19:58:36 GMT00:01:00<![CDATA[ The Ratings View: Apr. 8, 2026 ]]><![CDATA[ In this week's summary of ratings views: Developments at the frontiers of cyber risk could pose challenges for credit. Chemicals and airlines are the European sectors most immediately vulnerable to a prolonged Middle East war. An energy shock could challenge U.S. consumer resilience and consumer-facing sectors. ]]>ArticlesWed, 08 Apr 2026 19:58:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-8-2026-s101679372<![CDATA[ The Ratings View: Apr. 8, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 14:49:18 GMT00:01:00<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]><![CDATA[ S&P Global Ratings has reviewed the Preliminary Offering Circular dated March 26, 2026, for Trinity Rail Leasing 2025 LLC’s Secured Green Standard Railcar Notes, Series 2026-1. We believe the notes are consistent with the eligible green projects outlined in Trinity Industries’ Green Financing Framework, dated June 25, 2025. In our Second Party Opinion for Trinity Industries’ green framework, which we published March 23, 2026, we expressed our view that the framework aligns with the Green Bond Principles, ICMA, 2025. ]]>ArticlesWed, 08 Apr 2026 14:49:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pre-issuance-alignment-letter-trinity-rail-leasing-2025-llc-secured-green-standard-railcar-notes-series-2026-1-s101679356<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 13:27:59 GMT00:01:00<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]><![CDATA[ This report does not constitute a rating action. This Credit FAQ addresses questions S&P Global Ratings has received from market participants about its use of agreed-upon procedures (AUP) reports--also known as pool audits--when analyzing EMEA residential mortgage-backed (RMBS) and asset-backed securities (ABS) transactions. We outline why AUP reports are relevant for evaluating the reliability, quality, and accuracy of data used in our credit analysis; how we incorporate the information they provide; and the practical considerations for their use. An AUP engagement is where a provider (usually independent, recognized accountancy firms or firms specializing in assurance-related work) performs a pool audit by following specific procedures agreed with the requesting party--typically the issuer or asset originator in an RMBS or ABS transaction. ]]>ArticlesWed, 08 Apr 2026 13:27:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-consider-pool-audits-in-our-emea-rmbs-and-abs-rating-process-s101676677<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 10:50:20 GMT00:01:00<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]><![CDATA[ S&P Global Ratings assesses Nacional Financiera's allocations as consistent with pre-issuance commitments. ]]>ArticlesWed, 08 Apr 2026 10:50:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-nacional-financieras-allocation-and-impact-report-2025-s101679306<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 07:14:22 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]><![CDATA[ This report does not constitute a rating action. Key Takeaways Recent regulatory changes in Taiwan will reshape how life insurers manage foreign exchange risk. Short-term hedging is decreasing. Long-term capital fortification is increasing. This should lead to more stable reported earnings figures. New frameworks and treatment for foreign exchange (forex) accounting, introduced in 2026, are boosting levels of related valuation reserves. The changes, particularly one in the new reserve mechanism, aim to internalize hedging expenditures and enhance capital and earnings buffers against adverse currency movements. We believe, however, the sector's forex valuation reserves remain insufficient to withstand severe currency shocks. The new forex accounting treatment, while smoothing earnings, also introduces complexity. Credit divergence among life insurers from here is likely. ]]>ArticlesTue, 07 Apr 2026 07:14:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-taiwan-life-insurers-after-forex-rules-shakeup-risk-will-linger-s101676058<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 02:42:14 GMT00:01:00<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]><![CDATA[ This report does not constitute a rating action. The Iran war-induced spike in oil and gas prices is denting our Australian growth forecasts. Australia (AAA/Stable/A-1+), which imports most of its refined fuel, faces supply-chain disruptions as trading partners may seek to hoard fuel. Higher spending could exacerbate inflation and cause ratings pressure for state governments. The effective closure of the Strait of Hormuz and subsequent fuel shock have triggered political pressure in Australia. Inflation, already above target, will worsen. Governments face voter calls for support. Victoria and Tasmania have already offered free public transport. Australia, with spending close to record highs relative to GDP, is facing pressure to step in. . Promised fiscal consolidation following the pandemic hasn't materialized across ]]>ArticlesTue, 07 Apr 2026 02:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-australian-governments-in-brief-oil-crisis-to-test-resolve-s101678326<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 19:47:33 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was soft with a roughly 0.5% increase nationally as of fourth-quarter 2025, synonymous with the 0.5% increase as of the third quarter. Meanwhile, total disposable income growth was roughly 0.7%, outpacing HPI for the quarter. Our current assessment shows that about 79% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 12% are neutral (0% over/undervaluation) and about 10% are undervalued. In addition, home prices have decreased in four states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation ]]>ArticlesMon, 06 Apr 2026 19:47:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-steady-at-10-s101676127<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 15:33:08 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of April 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of April 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit spglobal.com/ratings. Organization State Rating Outlook CreditWatch Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California ]]>ArticlesMon, 06 Apr 2026 15:33:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101678478<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 03 Apr 2026 20:46:18 GMT00:01:00<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]><![CDATA[ This report does not constitute a rating action. Payrolls rose by 178,000 in March, well above the consensus forecast, while the unemployment rate edged down to 4.3%. But the decline in the unemployment rate was driven by a decline in labor force participation--not a rise in employment. Both the participation rate and the employment-to-population ratio remained meaningfully below levels from a year before, pointing to the gradual erosion of labor supply rather than renewed labor demand. A key measure of labor underutilization--the U-6 unemployment rate, which is now at 8%--is slightly higher than where it was in February and where it was 12 months ago. Also, wage growth continues to slow. Average hourly earnings rose just 0.2% month on month ]]>ArticlesFri, 03 Apr 2026 20:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-solid-jobs-numbers-for-march-overstate-the-us-labor-markets-momentum-s101678793<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 17:09:21 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. In 2025, seven financial services entities defaulted, with six publicly rated by S&P Global Ratings and one confidential. Of the six publicly rated entities, four were incorporated in Europe and two in the U.S. The global financial services default rate was slightly below 2024 levels, reaching 0.33% in 2025 (with a long-term average of 0.52%), compared with 0.34% a year earlier. The financial services default rate finished materially below that of the global corporate default rate, which was 3.1% as of year-end 2025. Of the six financial services entities that were rated at the start of 2025 and defaulted over the course of the year, all six were at 'CC' prior to ]]>ArticlesThu, 02 Apr 2026 17:09:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-global-financial-services-default-and-rating-transition-study-s101676096<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 14:11:33 GMT00:01:00<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]><![CDATA[ This report does not constitute a rating action. Global asset-backed commercial paper (ABCP) continued its upward path in 2025, with outstandings increasing to $559.1 billion as of December 2025 from $454.4 billion as of the prior year end. In this article, S&P Global Ratings provides a recap of 2025 ABCP issuance and credit trends, as well as looks ahead at credit factors that could affect 2026 issuance. Issuances from all ABCP program types increased in 2025 (see chart 1). Traditional multiseller programs dominated the ABCP space in 2025, with global outstandings growing 6% to $284.0 billion from $267 billion in 2024. Multiseller programs are bank sponsored and benefit from liquidity support from the banks and typically fund consumer (e.g., autos, ]]>ArticlesThu, 02 Apr 2026 14:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/inside-global-abcp-2026-market-expected-to-remain-stable-but-geopolitical-events-may-slow-issuance-s101676671<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 13:55:16 GMT00:01:00<![CDATA[ Credit FAQ: LNG Perspectives From Our CERAWeek Meetings ]]><![CDATA[ This report does not constitute a rating action. More than 10,000 energy executives and policymakers from over 80 countries attended the 2026 CERAWeek conference to discuss geopolitics, AI, electrification, and the increasing convergence and tension between policy ambitions and real-world constraints. Here, we present insights from the meetings we had with leadership teams at a few liquefied natural gas (LNG) companies. U.S gas prices and LNG issuers credit quality are largely unaffected by the current geopolitical situation. In fact, while we thought there was growing concentration risk at the U.S. Gulf Coast, we now think that the need to diversify away from LNG concentration in the Middle East will spur more final investment decisions (FIDs) in North America. We also ]]>ArticlesThu, 02 Apr 2026 13:55:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-lng-perspectives-from-our-ceraweek-meetings-s101678404<![CDATA[ Credit FAQ: LNG Perspectives From Our CERAWeek Meetings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 07:59:06 GMT00:01:00<![CDATA[ How Will The Middle East War Affect The Insurance Sector? ]]><![CDATA[ This report does not constitute a rating action. The recent escalation of the Middle East war introduces geopolitical instability with potential long-lasting effects on commodities, financing conditions, global supply chains, and macro-credit conditions, depending on the duration and scale of the war. S&P Global Ratings' base case for the Middle East war assumes that elevated hostilities will persist into early April, with the Strait of Hormuz facing material disruptions. We continue to recognize the risk of spillovers and security incidents continuing beyond this period. While market conditions have historically normalized quickly after geopolitical events, the current war appears distinct and some credit impacts are inevitable. The extent of those will depend on whether the effects remain localized or become more ]]>ArticlesThu, 02 Apr 2026 07:59:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-will-the-middle-east-war-affect-the-insurance-sector-s101675506<![CDATA[ How Will The Middle East War Affect The Insurance Sector? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 18:43:48 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]><![CDATA[ This report does not constitute a rating action. U.S. consumers have been resilient to economic pressures so far, however, S&P Global Ratings thinks this resilience may be tested in the near term. For now, the backdrop appears robust on paper, with multi-decade strong aggregate household balance sheets, solid corporate earnings, and higher upcoming tax refunds supporting spending. Close to $335 billion in refunds will be issued between Jan. 26 and June 30 this year, up 11.2% from 2025, according to the S&P Global Market Intelligence Tax Refund Tracker. However, a thinner savings buffer, real income stress, along with a softening job market and lower population growth, could weigh on credit conditions, especially in sectors like retail and media/entertainment. Reduced spending ]]>ArticlesWed, 01 Apr 2026 18:43:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-consumers-resilience-could-be-tested-across-sectors-s101675447<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 15:46:02 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from February 2012 through February 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 01 Apr 2026 15:46:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-february-2026-performance-s101677773<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 13:58:47 GMT00:01:00<![CDATA[ Challenges At The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]><![CDATA[ Escalating threats at the frontier of cyber risk could undermine the security of critical data and challenge existing safeguards, resulting in heightened operational and reputational risks that ultimately affect issuers’ creditworthiness. Cyberattacks on the crypto-asset ecosystem will increase as it grows and becomes more central to financial systems, raising the risk of an event that has credit implications for both digital assets and issuers across asset classes and sectors. Quantum computing could break the cryptography that underpins much of today’s data security, exposing digital assets and organizations that rely on digital authentication and encrypted communications to significant new cyberthreats. AI will continue to facilitate mass production of cyberattacks and create new attack vectors that target systems to bypass traditional safeguards, exploit cross-modal trust, and manipulate agent reasoning and decision-making. ]]>ArticlesWed, 01 Apr 2026 13:58:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/challenges-at-the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101678143<![CDATA[ Challenges At The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 13:26:07 GMT00:01:00<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]><![CDATA[ This report does not constitute a rating action. Cyber risk is never static. Changes in technology and tactics ensure that threats, defenses, and the cyber battlefield itself are in a constant state of flux. These changes can be incremental, when driven by existing factors, but technological innovation--and the innovative use of existing technologies--at the frontiers of cyber risk can give rise to sudden, fundamental shifts with ramifications for the entire cyber landscape. S&P Global Ratings considers quantum computing, AI, and the growing role of decentralized finance and cryptocurrencies to be catalysts for this sort of radical change. Individually and in combination they threaten new cyber vulnerabilities that could compromise the security and stability of credit instruments, markets, and the creditworthiness ]]>ArticlesWed, 01 Apr 2026 13:26:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101671336<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 12:04:40 GMT00:01:00<![CDATA[ The Frontier Of Cyber Risk: Quantum Computing Is A Threat To Cryptography Today ]]><![CDATA[ This report does not constitute a rating action. Quantum computing’s vastly accelerated problem-solving ability promises huge advances in calculation power by using qubits, which leverage quantum physics principles such as superposition and entanglement. This should deliver significant benefits across business and society, but it also promises to upend many aspects of cybersecurity. Quantum computers, algorithms, and software already exist, though the technology remains nascent and the ecosystem small--composed of advanced technology providers working on specific industry and research applications. In industry, the use is primarily in chemistry, logistics, and risk management applications. In research, it is being used to develop quantum technology itself and to advance research and discovery of natural processes like biology, chemistry, and physics. Yet cyberthreats from ]]>ArticlesWed, 01 Apr 2026 12:04:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-quantum-computing-is-a-threat-to-cryptography-today-s101672434<![CDATA[ The Frontier Of Cyber Risk: Quantum Computing Is A Threat To Cryptography Today ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 12:03:07 GMT00:01:00<![CDATA[ The Frontier Of Cyber Risk: AI Will Multiply Threats And Bolster Defenses ]]><![CDATA[ This report does not constitute a rating action. There is an old adage that change happens slowly, then all at once. Nowhere is this more apparent than at the intersection of AI and cybersecurity, where AI’s speed, scalability, and autonomy is revolutionizing both cyber threats and mitigations. Much of this change stems from AI’s amplification of cyber risks. By reducing the cost of attacks and increasing their speed and power, AI empowers attackers. Simultaneously, it is increasing cyber resilience by improving threat and vulnerability identification and shortening defense response times. The change is not just evolutionary though. Advancements in AI are creating novel cybersecurity challenges. The rise of agentic AI (see “ Beyond automation: Agentic AI and scaling fragmented financial ]]>ArticlesWed, 01 Apr 2026 12:03:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-ai-will-multiply-threats-and-bolster-defenses-s101672778<![CDATA[ The Frontier Of Cyber Risk: AI Will Multiply Threats And Bolster Defenses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 08:04:05 GMT00:01:00<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]><![CDATA[ S&P Global Ratings assesses Redeia's EuGB Factsheet as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Redeia is a global operator of essential infrastructure that manages the Spanish electricity system. Subsidiary REE owns and operates Spanish electricity transmission assets, comprising more than 45,500 kilometers of high-voltage electricity lines and representing about 80% of Redeia's €1.3 billion reported EBITDA in 2025. ]]>ArticlesWed, 01 Apr 2026 08:04:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spo-and-eugb-pre-issuance-review-redeia-eugb-factsheet-s101678377<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 19:50:14 GMT00:01:00<![CDATA[ Global Credit Conditions Q2 2026: Narrow Strait, Broad Implications ]]><![CDATA[ We expect credit conditions to weaken in the next 12 months. We believe the war in the Middle East may be the catalyst that finally pushes the credit cycle--and the prolonged favorable financing conditions--to turn. The duration of the war will determine whether the deterioration is contained or broad. Even if the effective closure of the Strait of Hormuz eases in the coming weeks, the conflict to-date has neutralized expected upside pressures to growth. ]]>ArticlesTue, 31 Mar 2026 19:50:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-conditions-q2-2026-narrow-strait-broad-implications-s101678271<![CDATA[ Global Credit Conditions Q2 2026: Narrow Strait, Broad Implications ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:34:02 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]><![CDATA[ This report does not constitute a rating action. Loan prices continued to face headwinds in March, remaining depressed amidst ongoing concerns surrounding artificial intelligence (AI) disruption, energy prices, and geopolitical risks. Collateralized loan obligation (CLO) collateral pools have seen only modest corporate rating downgrades this month, but recent negative rating actions on widely held issuers--like Advantage Sales and Rackspace--have contributed to a slight increase in 'CCC' exposure within broadly syndicated loan (BSL) CLOs. Further, a few issuers--including widely held Tempo Acquisition and LBM Acquisition--have had their rating outlooks revised to negative, pushing overall BSL CLO exposure to negative outlooks to over 13%, the highest level seen in more than a year (although still low compared to longer-term averages). Our CLO ]]>ArticlesTue, 31 Mar 2026 15:34:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-metrics-remain-stable-despite-uptick-in-negative-outlooks-a-look-at-bsl-clo-senior-and-junior-aaa-and-bbb-notes-s101678026<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:23:31 GMT00:01:00<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]><![CDATA[ This report does not constitute a rating action. The oil price shock in response to the ongoing conflict in the Middle East has somewhat abated, but S&P Global Ratings views the lingering uncertainty--both in the war’s magnitude and duration--as weighing on markets and economic growth prospects in the U.S. For now, S&P Global Ratings Economics forecasts continued positive GDP growth of about 2.2% for 2026 (largely spurred by better-than-expected year-end 2025 strength), although the balance of risk leans squarely to the downside. (For additional information, see “ Economic Outlook U.S. Q2 2026: Curb Your Enthusiasm ,” March 25, 2026.) Within that context, it’s premature to believe that oil producers would ramp up production in the U.S. and it would depend ]]>ArticlesTue, 31 Mar 2026 15:23:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/its-too-soon-for-a-boom-though-a-bust-could-sting-mineral-producing-us-states-s101677727<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 13:46:14 GMT00:01:00<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]><![CDATA[ This report does not constitute a rating action. How strong is the documentation underpinning a European CLO transaction, and how can investors tell when documentation practices are beginning to change? Are differences in documentation between transactions simply stylistic, or do they reflect meaningful variations in investor protection and flexibility? CLO documentation can be seen as a qualitative transaction feature: A complex set of definitions, tests, and carve-outs that collectively shape the balance between investor safeguards, manager discretion, and equity returns. Yet over time, market participants have developed tools to bring greater structure to documentation. One way to systematically track these developments is through S&P Global Ratings’ document review score (DRS). This scorecard aims to quantify the strength of a CLO's ]]>ArticlesTue, 31 Mar 2026 13:46:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/reading-the-fine-print-evaluating-shifts-in-european-clo-documentation-s101676337<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 12:43:57 GMT00:01:00<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]><![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses Extensive central government control and oversight Limited discretion over revenue-raising capability Comprehensive system of fiscal equalization and central government grant funding Risk of delayed response to financial imbalances in the sector Well-tested and formalized procedures for identifying and remediating local governments with financial imbalances or in financial distress Automatic revenue stabilizers in the central government's grant framework and a far-reaching fiscal equalization system support the LRG sector's key responsibilities. We regard the balanced budget requirement as a strength as it steers the LRGs toward operating surpluses. The central government grants and far-reaching fiscal equalization system balance the LRGs' otherwise weak financial flexibility. We also view as positive the central ]]>ArticlesTue, 31 Mar 2026 12:43:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessment-weak-safeguards-could-leave-norwegian-lrgs-imbalances-unchecked-s101667523<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 09:23:53 GMT00:01:00<![CDATA[ Credit Cycle Indicator Q2 2026: The Middle East War Could Accelerate Credit Deterioration ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' Credit Cycle Indicators (CCIs) monitor buildups and corrections in leverage and asset prices over the medium term, as well as financing conditions. They do not directly capture or predict shifts in government policies, geopolitics, or trade, which are heightened risk factors in the global economy today. Nevertheless, we use these tools to gauge developments and turning points in the credit cycle as part of our holistic analysis of economic and credit conditions. For more details about S&P Global Ratings' CCI, see " White Paper: Introducing Our Credit Cycle Indicator ," published June 26, 2022. The global Credit Cycle Indicator (CCI) has slightly decreased and is now close to its ]]>ArticlesTue, 31 Mar 2026 09:23:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-cycle-indicator-q2-2026-the-middle-east-war-could-accelerate-credit-deterioration-s101677494<![CDATA[ Credit Cycle Indicator Q2 2026: The Middle East War Could Accelerate Credit Deterioration ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 07:35:24 GMT00:01:00<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]><![CDATA[ This report does not constitute a rating action. On Oct. 7, 2025, S&P Global Ratings published a request for comment (RFC) on proposed new criteria provisions, " Request For Comment: Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ." We finalized and incorporated these new provisions in our criteria, "Recovery Rating Criteria For Corporate Issuers," published on March 31, 2026. We'd like to thank those who took an interest in our RFC. We did not receive any market comments. We published the final criteria without making any significant analytical changes. We made no significant analytical changes to the proposed provisions. We indicated that the security package required to qualify for a debt rating that is ]]>ArticlesTue, 31 Mar 2026 07:35:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rfc-process-summary-rfc-results-for-proposed-notching-for-issue-ratings-of-senior-secured-debt-of-asset-intensive-investment-grade-issuers-s101672338<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 05:36:12 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]><![CDATA[ The Middle East conflict could lead to an energy supply crunch that may derail activity in Asia-Pacific. Spillovers could ripple across other sectors through higher inflation and weaker demand. ]]>ArticlesTue, 31 Mar 2026 05:36:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q2-2026-energy-supply-hit-is-the-bigger-test-s101678093<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 02:20:41 GMT00:01:00<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]><![CDATA[ This report does not constitute a rating action. Many smaller borrowers in emerging Asia (ex-China) are hungry for consumer loans, and the region's fincos are happy to serve them. S&P Global Ratings anticipates these lenders will expand considerably faster than banks over the next few years. It's a growth opportunity that comes with higher margins but larger downside risks. The region's fincos have extensive physical networks and are strengthening digital platforms to reach underserved populations in India, Philippines, Indonesia, Vietnam, Thailand and Malaysia. The dynamics and risks vary considerably across these markets. Our credit assessments reflect the diversity, with ratings ranging from low speculative grade to solid 'BBB'. Macroeconomic conditions are also generally conducive in South and Southeast Asia, with ]]>ArticlesTue, 31 Mar 2026 02:20:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-asia-fincos-fast-times-will-test-funding-and-asset-quality-s101675088<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 19:46:06 GMT00:01:00<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]><![CDATA[ This report does not constitute a rating action. More than 10,000 energy executives and policymakers from over 80 countries attended the 2026 CERAWeek conference to discuss geopolitics, AI, electrification, and the increasing convergence and tension between policy ambitions and real-world constraints. In this commentary, we present power sector CEO insights. For our views on the broader themes at the conference, please see “ CERAWeek Sheds Light On Six Energy Infrastructure Trends ,” published March 30, 2026, on RatingsDirect. Another article will present views from the LNG sector. The first wish--and this was unanimous--was the need for greater consistency in rulemaking. It is difficult to underwrite investment decisions if one administration impedes interstate pipelines and suspends LNG permits, while another presents ]]>ArticlesMon, 30 Mar 2026 19:46:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/executive-comment-sector-update-insights-from-power-sector-ceos-at-ceraweek-s101677919<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 15:19:21 GMT00:01:00<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]><![CDATA[ Transaction profile Issuer Together Asset Backed Securitisation 15 2026-1ST1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Sellers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Servicers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Counterparties Natixis S.A., U.S. Bank Europe DAC, U.K. branch, Wells Fargo Bank, N.A., London branch, and National Westminster Bank PLC Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 475.015 10 Daily compounded SONIA +0.90 Daily compounded SONIA +1.90 Jan. 12, 2030 March 12, 2067 B-Dfrd* AA (sf) 30.085 4.30 Daily compounded SONIA +1.15 Daily compounded SONIA +2.15 Jan. 12, 2030 March 12, 2067 C-Dfrd* A (sf) 12.667 ]]>ArticlesMon, 30 Mar 2026 15:19:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-together-asset-backed-securitisation-15-2026-1st1-plc-s101675433<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 18:24:20 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 26 Mar 2026 18:24:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-march-25-2026-s101677472<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:54:58 GMT00:01:00<![CDATA[ The Ratings View: Mar. 26, 2026 ]]><![CDATA[ In this week's summary of ratings views: War in the Middle East could stall global economic growth and push up inflation. Global credit conditions clouded by energy, growth, inflation, and supply chain risks. Weaker demand, supply-chain risks, and higher costs could damage global autos. ]]>ArticlesThu, 26 Mar 2026 17:54:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-26-2026-s101677591<![CDATA[ The Ratings View: Mar. 26, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:38:25 GMT00:01:00<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]><![CDATA[ This report does not constitute a rating action. The Metropolitan Transportation Authority (MTA), N.Y.’s Congestion Relief Zone (CRZ) tolling program launched Jan. 5, 2025, marking a pivotal moment in urban transportation finance and a bold attempt to address chronic congestion. After decades of debate and planning, the controversial program aims to reduce traffic in Manhattan’s central business district, generate dedicated funding for MTA's transit system capital needs, and improve air quality. This report by S&P Global Ratings assesses the program’s initial performance in 2025, outlining revenue generation, traffic effects, future rate adjustments, and the implications for the MTA’s credit profile, as well as explores potential risks and opportunities as the program matures. Chart 1 MTA's congestion pricing program, the first ]]>ArticlesThu, 26 Mar 2026 17:38:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/metropolitan-transportation-authority-nys-congestion-pricing-one-year-later-successes-risks-opportunities-and-credit-implications-s101667385<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:58:15 GMT00:01:00<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]><![CDATA[ This report does not constitute a rating action. The increasing penetration of solar energy in Spain is transforming the country's electricity system. Rapid growth in solar production has led to excess electricity generation and low solar prices. S&P Global Ratings expects this trend to only intensify. Even if the Middle East war eases the downward pressure on Spanish solar capture prices in 2026, the market will remain fundamentally oversupplied. We anticipate low solar capture prices of close to €25/MWh in 2027 and €20/MWh in 2028, along with increased curtailment. Prices below €30/MWh could weaken the credit quality of some Spanish solar power producers that don't have robust hedging strategies, such as well-designed power purchase agreements (PPAs) or subsidies. Producers with ]]>ArticlesThu, 26 Mar 2026 16:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spains-solar-boom-some-producers-at-risk-utilities-protected-s101627699<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:28:07 GMT00:01:00<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]><![CDATA[ Downgrades increased to 31 in February, outnumbering upgrades by more than one third. Chemicals, packaging, and environmental services and consumer products accounted for more than 50% of the downgrades. ]]>ArticlesThu, 26 Mar 2026 16:28:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-rising-strains-amid-market-volatility-s101677541<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:06:02 GMT00:01:00<![CDATA[ Regulatory Proposals To Revise Capital Rules Could Increase Risks For U.S. Banks ]]><![CDATA[ This report does not constitute a rating action. On March 19, the U.S. federal bank regulatory agencies jointly released their proposals for revising bank capital requirements to simplify and update the rules, align them better with risk, and remove disincentives for mortgage lending without compromising banks' safety and soundness. The agencies said they expected the amount of overall capital in the banking system would fall modestly as a result of the proposals, with capital levels still substantially higher than they were before the 2007-2009 financial crisis. However, S&P Global Ratings thinks the proposals--coupled with a larger effort to update bank regulation--could weaken the creditworthiness of banks and the banking system, depending on how much the banks respond with more aggressive ]]>ArticlesThu, 26 Mar 2026 16:06:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/regulatory-proposals-to-revise-capital-rules-could-increase-risks-for-us-banks-s101676807<![CDATA[ Regulatory Proposals To Revise Capital Rules Could Increase Risks For U.S. Banks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:41:37 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks the transportation infrastructure companies it rates in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. We rank the companies by rating, outlook, stand-alone credit profile (SACP), business and financial risk profiles, and liquidity assessment. Investment-grade companies (rated 'BBB-' or above) are ranked by business risk profile, then financial risk profile. Speculative-grade companies (rated 'BB+' and below) are ordered by financial risk profile, then business risk profile. We then list companies in alphabetical order if they are not distinguished by these factors. In line with our corporate rating methodology, the rating may differ from the SACP, where government, group, or rating above the ]]>ArticlesThu, 26 Mar 2026 14:41:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-transportation-infrastructure-companies-s101673105<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:33:04 GMT00:01:00<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]><![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) March 26, 2026--The path of favorable North American credit conditions is narrowing, as the prospect of a drawn-out or wider war in the Middle East threatens further energy and supply-chain disruptions, reigniting inflation and dampening growth, S&P Global Ratings said today in a report titled “ Credit Conditions North America Q2 2026: War Compounds Pressures ”. The Middle East conflict underscores the instability of geopolitical dynamics and, depending on the duration and scale, could have long-lasting effects on macro and credit conditions. It is also compounding the risks around trade policy uncertainty, AI-related investment and disruptions, as well as increasing strains in private credit. With material disruptions ]]>ArticlesThu, 26 Mar 2026 14:33:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-credit-conditions-for-q2-2026-are-on-a-narrow-path-report-says-s101677506<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 12:13:21 GMT00:01:00<![CDATA[ Sustainability Insights: Climate Transition Trends: Real Estate Faces Concrete Challenges To Decarbonizing​ ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings applies its CTA approach (see " Analytical Approach: Climate Transition Assessments ," May 29, 2025) to estimate the Shade of Green for a global sample of 63 real estate companies, including REITs, real estate operating and management (REOMs), and diversified real estate. The business activities encompassed by this sample include real estate development and operations. We selected a sample of real estate operators with combined annual revenues of $130 billion and total asset value of $1.3 trillion. Given the highly fragmented nature of the sector and to preserve some balance of intra-regional diversity, company size varies across our sample with the median company having annual revenues ]]>ArticlesThu, 26 Mar 2026 12:13:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-climate-transition-trends-real-estate-faces-concrete-challenges-to-decarbonizing-s101675864<![CDATA[ Sustainability Insights: Climate Transition Trends: Real Estate Faces Concrete Challenges To Decarbonizing​ ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 09:50:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sveaskog's green bond framework as Dark green: Activities that correspond to the long-term vision of a low-carbon climate resilient future. Sveaskog AB (publ) owns and manages forest properties in Sweden. It engages in cultivating forests, as well as supplying timber, pulpwood and wood chips, biofuels, biochemicals, seedlings, and forestry services. ]]>ArticlesThu, 26 Mar 2026 09:50:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sveaskog-green-bond-framework-s101676928<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 08:49:15 GMT00:01:00<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]><![CDATA[ Geopolitical risks cloud the European macro-credit outlook, which started the year fairly positively. ]]>ArticlesThu, 26 Mar 2026 08:49:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q2-2026-supply-strains-credit-pains-s101677429<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 06:57:33 GMT00:01:00<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]><![CDATA[ This report does not constitute a rating action. Japan's power industry has favorable momentum. Future power policy will center on stable electricity supply, prices, and decarbonization. In tandem, institutional treatments and support are likely to increase. Regulatory changes are afoot that could impact the industry. April 2026 marks 10 years since Japan's full retail market liberalization, one of the key facets of its regulatory framework reform. In December 2025, the government presented its vision for the future of the electric power regulatory framework. This followed cabinet approval for the Seventh Strategic Energy Plan in February 2025 and a comprehensive examination of electric power regulatory framework reform in March. We believe the policy framework, which emphasizes securing generation supply capacity, will ]]>ArticlesThu, 26 Mar 2026 06:57:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japans-power-industry-recovers-momentum-10-years-after-liberalization-s101672328<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 04:28:37 GMT00:01:00<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]><![CDATA[ While Asia-Pacific's growth and financing conditions entered 2026 on a strong footing, three factors may reverse that narrative: 1. A widening Middle East conflict is turning into an energy shock and supply-chain crisis with a largely closed Strait of Hormuz; 2. U.S. trade policy uncertainty still complicates the export environment for Asia-Pacific's businesses; and 3. AI-driven disruptions may displace traditional industries. ]]>ArticlesThu, 26 Mar 2026 04:28:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-asia-pacific-q2-2026-choke-point-to-stress-points-s101677398<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 19:55:42 GMT00:01:00<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]><![CDATA[ This report does not constitute a rating action. The Canadian economy’s growth will remain limited in the near term by trade uncertainty, slower population growth, and cautious household and business spending. We forecast 1.4% annual average growth in 2026, down from 1.7% in 2025 (see chart 1 and table 1). But annual averages can be deceptive. On a fourth quarter-over-fourth quarter basis, our forecast translates to a much improved 2.0% real GDP growth in 2026, compared with 0.7% in 2025. Chart 1 There is limited relief for interest rates. While short‑term policy rates have eased meaningfully, longer‑term borrowing costs remain a material constraint on housing and real estate investment. The Bank of Canada (BoC) has cut aggressively, bringing the policy ]]>ArticlesWed, 25 Mar 2026 19:55:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q2-2026-trade-uncertainty-cautious-spending-constrain-growth-s101677093<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 17:25:02 GMT00:01:00<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]><![CDATA[ Ratings Class Rating* Class size (mil.£) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 152.611 20.00 Compounded daily SONIA plus 0.90% March 2036 B-Dfrd AA (sf) 10.015 14.80 Compounded daily SONIA plus 1.25% March 2036 C-Dfrd A (sf) 8.584 10.30 Compounded daily SONIA plus 1.55% March 2036 D-Dfrd BBB+ (sf) 7.154 6.50 Compounded daily SONIA plus 1.95% March 2036 E-Dfrd BB (sf) 6.676 3.00 Compounded daily SONIA plus 3.30% March 2036 F-Dfrd B (sf) 2.862 1.50 Compounded daily SONIA plus 4.24% March 2036 G-Dfrd B- (sf) 2.861 0.0 Compounded daily SONIA plus 6.25% March 2036 X-Dfrd† B- (sf) 8.107 N/A Compounded daily SONIA plus 3.45% March 2036 S Certificates NR N/A N/A N/A March 2036 Y ]]>ArticlesWed, 25 Mar 2026 17:25:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-montgomery-square-consumer-funding-1-plc-s101676555<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 15:26:20 GMT00:01:00<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]><![CDATA[ This report does not constitute a rating action. Credit spreads have widened but remain very low. Exchange rates have weakened, but gradually. Energy prices have risen substantially. However, in our baseline scenario, we assume the increase in prices will soon moderate. We expect the price of Brent crude oil to average $80 per barrel this year and $65 per barrel in 2027. Before the conflict started, economic activity in most EMs was stronger than we anticipated, thanks to strong demand for tech goods and robust domestic demand. As a result, we have made only small GDP growth revisions for most of the major EMs, and we project only moderately slower GDP growth in 2026 compared with 2025 in most EMs ]]>ArticlesWed, 25 Mar 2026 15:26:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q2-2026-inflation-risks-reemerge-s101675942<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 11:57:25 GMT00:01:00<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]><![CDATA[ This report does not constitute a rating action. At the start of 2026, the European economy was on the verge of fully rebalancing from the two major shocks of recent years: the COVID-19 pandemic and the 2022 energy price surge. Our 2026 outlook was for growth to remain broadly stable across the region, with prospects for acceleration over the medium term. We expected core inflation to decline, even in the U.K., paving the way for further rate cuts by the Bank of England (BoE), while the European Central Bank (ECB) could have waited until 2027 before considering rate hikes. Yet in light of recent events, we now expect growth in 2026 to be weaker and inflation to be higher. We ]]>ArticlesWed, 25 Mar 2026 11:57:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-economic-outlook-europe-q2-2026-global-shock-leaves-recovery-uncertain-s101675412<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 07:52:31 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebanken Øst's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Sparebanken Øst is one of the largest non-affiliated and independent local savings banks in Norway. ]]>ArticlesWed, 25 Mar 2026 07:52:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebanken-st-green-finance-framework-s101677130<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 23:23:51 GMT00:01:00<![CDATA[ Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ]]><![CDATA[ This report does not constitute a rating action. Our revised outlook highlights a regional economy balancing solid momentum with emerging obstacles. While tech-driven export demand and resilient domestic activity support growth, the region faces intensifying pressure from the Middle East conflict, higher energy prices, and shifting U.S. tariff policy. We expect global growth will mostly hold up even in the face of war. Global activity has derived support from strong AI-related investment spending on tech products, especially in the U.S., and accommodative fiscal and monetary policy in several major economies. But as the Middle East turmoil continues so too will the negative impact. Our baseline forecast assumes that the Strait of Hormuz will face material disruptions until early April, with ]]>ArticlesTue, 24 Mar 2026 23:23:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-asia-pacific-q2-2026-geopolitical-strife-stalls-the-momentum-s101675873<![CDATA[ Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:59:00 GMT00:01:00<![CDATA[ Mercury Rising: European Entities Show Some Adaptation Gains As Physical Risks Mount ]]><![CDATA[ One of the main findings of this research is that, by midcentury, European corporates will face broadly similar climate hazard exposure as their counterparts in other regions. Among our sample of 70 rated entities, 84% disclose adaptation plans versus the cross-sector average of 40% in Europe (of 1,466 companies) and globally (7,509), according to responses to S&P Global’s 2025 Corporate Sustainability Assessment. However, adaptation planning is nascent for most companies in our sample, regardless of sector. Most companies are at the stage of conducting climate hazard analyses and integrating them into financial plans. But none of these plans demonstrate advanced components, such as adaptation targets, monitoring frameworks, or metrics to track progress. ]]>ArticlesTue, 24 Mar 2026 17:59:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mercury-rising-european-entities-show-some-adaptation-gains-as-physical-risks-mount-s101676992<![CDATA[ Mercury Rising: European Entities Show Some Adaptation Gains As Physical Risks Mount ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:17:48 GMT00:01:00<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across Asia-Pacific structured finance sectors, including the latest trends in RMBS and ABS. ]]>ArticlesTue, 24 Mar 2026 17:17:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/apac-structured-finance-chart-book-march-2026-s101676975<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:15:17 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesTue, 24 Mar 2026 17:15:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-march-2026-s101676967<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 13:12:03 GMT00:01:00<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]><![CDATA[ This report does not constitute a rating action. Data centers are increasingly being viewed as catalysts for economic growth, promising job creation during construction and increasing tax revenues once built. U.S. states and local governments (LGs) have recently courted these developments through tax incentives and streamlined permitting processes. S&P Global Ratings believes that the long-term credit impact of data center development for LGs is predicated on the economic and financial benefits and risks they incur, which would be heavily influenced by the financial arrangements between developers and governments. Therefore, LGs’ own financial and risk management decisions will be paramount as they contemplate the use of related revenue, adding debt for infrastructure, and deploying local resources to expand their economies. Building ]]>ArticlesTue, 24 Mar 2026 13:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/everywhere-all-at-once-how-the-growth-of-data-centers-could-carry-risks-for-us-local-governments-s101673051<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 10:45:15 GMT00:01:00<![CDATA[ Ericsson Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Ericsson's green financing framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Ericsson, headquartered in Stockholm, is one of the world's largest providers of wireless telecom network equipment and related software and services, with net sales of Swedish krona 237 billion (about €20.5 billion) in 2025. ]]>ArticlesTue, 24 Mar 2026 10:45:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ericsson-green-financing-framework-s101676879<![CDATA[ Ericsson Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 14:53:18 GMT00:01:00<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Trinity Industries Inc.'s Green Financing Framework as Medium green, aligned. Incorporated in 1933 and headquartered in Dallas, Trinity Industries provides railcar products and services under the TrinityRail trade name in North America. The company operates in two segments, Railcar Leasing and Services Group and Rail Products Group. ]]>ArticlesMon, 23 Mar 2026 14:53:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-trinity-industries-green-financing-framework-s101676728<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 13:34:40 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. 2025 saw emerging and frontier markets (EMFM) corporate defaults fall to nine, down from 12 in 2024. It marks the third year in a row that defaults decreased. This led the annual speculative-grade EMFM default rate to 1.09%, which is considerably below its average figure of 3.01% (1997-2025; table 1) and below the global average of 3.66% (1997-2025, table 2). All defaults in 2025 took place within our emerging market portfolio. If we exclude FM countries from the total population of emerging and frontier markets, the speculative-grade corporate default rate for EMs alone would be 1.17% (average 2.98% 1997-2025, chart 2). Chart 1 Chart 2 Table 1 Emerging and frontier markets corporate ]]>ArticlesMon, 23 Mar 2026 13:34:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-emerging-and-frontier-markets-corporate-default-and-rating-transition-study-s101669762<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 22 Mar 2026 22:42:14 GMT00:01:00<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]><![CDATA[ This report does not constitute a rating action. An expanded Australian government scheme for first-time buyers of homes could distort the housing market. Sovereign support, which gives buyers a partial guarantee on their loans, is crowding out the lenders' mortgage insurance market. Further, such aid could price out the first-home buyers it aims to help. The Australian Government 5% Deposit Scheme effectively undercuts insurers and gives away credit protection. It shifts mortgage credit risk from private insurers to the sovereign. Since the scheme was introduced in 2020, the government has guaranteed over 230,000 loans. The scheme allows first-home buyers to purchase property with a minimum 5% deposit and no insurance. This brings forward buyer demand and will further fuel house ]]>ArticlesSun, 22 Mar 2026 22:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australias-expanded-support-for-homebuyers-could-backfire-s101664310<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Mar 2026 14:59:02 GMT00:01:00<![CDATA[ U.S. Real-Time Data: Energy-Related Inflation Risks Rise Against Steady Growth Momentum ]]><![CDATA[ This report does not constitute a rating action. The U.S. economy expanded slower in the fourth quarter than initially estimated, with the Bureau of Economic Analysis' revising downward for the second time household spending, government outlays, investment, and exports. Real GDP growth was revised down to 0.7% annualized from 1.4%, after a robust 4.4% expansion in the third quarter, and 3.8% in the second quarter. Part of the weakness was due to the government shutdown, which should have a rebounding effect this quarter. Still, this brought 2025's average growth to 2.1%, well below 2.8% in 2024. The Federal Reserve Bank of Atlanta's GDPNow (a running estimate of GDP for the current quarter) currently points to a 2.3% annualized expansion in ]]>ArticlesFri, 20 Mar 2026 14:59:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-real-time-data-energy-related-inflation-risks-rise-against-steady-growth-momentum-s101672676<![CDATA[ U.S. Real-Time Data: Energy-Related Inflation Risks Rise Against Steady Growth Momentum ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 16:10:51 GMT00:01:00<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]><![CDATA[   New artificial intelligence products capable of automating complex workflows and executing tasks across diverse job functions have escalated uncertainty over whether AI will augment existing software offerings or simply replace them. Markets have reacted with sharp declines in software companies' loans and stock prices, made more notable by the sector's historically high starting valuations. This pressure is expanding to private credit, where many funds hold substantial exposures to software entities--and where the key transmission channels are valuation marks, earnings pressure at lender vehicles, and refinancing risk rather than an immediate surge in defaults. Exposure to the software sector accounted for about 20% of total loan assets managed by business development companies (BDCs) and interval funds as of third-quarter 2025, ]]>ArticlesThu, 19 Mar 2026 16:10:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-to-what-extent-will-ai-disruption-hit-private-credit-s101667613<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:35:41 GMT00:01:00<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The seven Colorado River basin states ( Arizona , California , Colorado , Nevada , New Mexico , Utah , and Wyoming ) missed an important Feb. 14, 2026, deadline to agree on new water-sharing rules, jeopardizing the required Oct. 1, 2026, finalization of a replacement framework for expiring guidelines this year. Given declining anticipated snowpack throughout the western U.S. and ongoing efforts to mitigate the effects of drought and aridification, longer-term prospects for the Colorado River remain dire, in our view. Actions taken to date have been insufficient to turn the tide, prompting the United States Bureau of Reclamation (USBR) to release a draft Environmental Impact Statement (EIS) on ]]>ArticlesThu, 19 Mar 2026 14:35:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/dry-run-the-high-stakes-race-redefining-the-colorado-rivers-downstream-credit-challenges-s101674755<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:24:53 GMT00:01:00<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides insights on Norway and Finland’s local covered bond markets, their relevant legal frameworks, and the local mortgage markets. We also compare key characteristics of our rated programs in these jurisdictions. Both Norway and Finland have well-established covered bond markets, with the Norwegian market being the 10th largest and the Finnish market being the 14th largest considering outstanding covered bond volume. According to the European Covered Bond Council (ECBC), these two countries represent about 6% of the outstanding European covered bond market. Together, 2025 issuance comprised about 14% of the total European investor-placed benchmark issuance, up from 11% in 2024. Large Norwegian covered bond issuers have ]]>ArticlesThu, 19 Mar 2026 14:24:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/norwegian-and-finnish-covered-bond-market-insights-2026-s101668935<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 12:43:35 GMT00:01:00<![CDATA[ The Middle East War Is Adding Uncertainty To An Already Fragile Global Autos Outlook ]]><![CDATA[ This report does not constitute a rating action. With the outbreak of war in the Middle East, the global auto industry now faces a potential triple whammy of reduced demand, supply-chain problems, and cost inflation. Weaker demand could come from economic uncertainty and lower disposable incomes, while disrupted logistics and shipping routes could cause shortages of certain raw materials or components. Inflation, via rising energy, raw materials, and logistics costs, completes the unfavorable picture. This also comes at a time when the global sales outlook for autos was already subdued. The war represents an additional headwind for the industry. Looking first to the Middle East, the region (including Iran) accounts for just over 3 million new light vehicle sales annually ]]>ArticlesThu, 19 Mar 2026 12:43:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-middle-east-war-is-adding-uncertainty-to-an-already-fragile-global-autos-outlook-s101675552<![CDATA[ The Middle East War Is Adding Uncertainty To An Already Fragile Global Autos Outlook ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 09:41:46 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]><![CDATA[ This report does not constitute a rating action. Increasing geopolitical fragmentation and uncertainty about the reliability of long-standing alliances, exacerbated by ongoing global conflicts, have raised new questions from investors and other stakeholders about how to navigate investments in defense and defense-related sectors in light of their commitments to responsible investment practices. This tension is particularly acute in Europe, where the demands of sustainability regulations and voluntary responsible or sustainable investment policies adopted by investors are being tested by heightened regional defense concerns following Russia’s 2022 invasion of Ukraine and, more recently, fluctuating security guarantees from the U.S. In a statement linked to the March 2025 release of the EU’s ReArm Europe plan, which enables new defense spending of over ]]>ArticlesThu, 19 Mar 2026 09:41:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-finance-faq-how-views-on-responsible-investment-and-defense-are-evolving-s101673980<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 07:38:31 GMT00:01:00<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]><![CDATA[ This report does not constitute a rating action. Japanese companies we rate can weather energy supply and price risk related to the Middle East, at least for now. Oil and LNG supply disruptions can be somewhat cushioned, in our view. Japan, which imports nearly 100% of its fossil fuels, has stockpiles and diversified imports. It's a different story if the energy supply shock lasts beyond our base case. Our base case for the Middle East war assumes that elevated hostilities will persist into early April, with the Strait of Hormuz facing material disruptions. We continue to recognize the risk of spillovers and security incidents continuing beyond this period. Supply chains disruption will broaden across industries and elevated energy costs will ]]>ArticlesThu, 19 Mar 2026 07:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-japanese-companies-will-handle-middle-east-risk-varies-across-sectors-s101675576<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 06:34:18 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]><![CDATA[ War in the Middle East is emerging as a key credit risk for Asia-Pacific corporates. The largest disruption to global oil supply on record is overshadowing tariffs that dominated the credit story in 2025. Restricted passage through the Strait of Hormuz, and increasing damage to Gulf countries' oil and gas assets, is curbing supply to Asia-Pacific. Energy costs volatility will likely remain high. ]]>ArticlesThu, 19 Mar 2026 06:34:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-asia-pacific-energy-shock-will-test-credit-resilience-s101676062<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 05:25:40 GMT00:01:00<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Volvo Car AB's green financing framework as Dark green. Headquartered in Gothenburg, Sweden, Volvo Car AB manufactured and sold 710,000 cars in 2025, of which 46% were electrified. Of these electrified cars, 21% were fully electric. Volvo Cars' key markets are Europe (47% of 2025 sales), China (21%), and the U.S. (17%). ]]>ArticlesThu, 19 Mar 2026 05:25:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-volvo-car-ab-green-financing-framework-s101676079<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 03:03:55 GMT00:01:00<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]><![CDATA[ This report does not constitute a rating action. The effective closure of the Strait of Hormuz and the resulting spike in oil and gas prices underscore how important supply-chain characteristics can be to operating performance and corporate credit quality. S&P Global Ratings indicates the relative strengths or weaknesses of an entity's supply-chain characteristics in several areas of our corporate ratings analysis when they influence our view of creditworthiness. Drivers Of Supply-Chain Risk Are Becoming More Complex An essential aspect of our credit analysis is to understand what could impede production processes (and hence cash flow). In an interconnected economy, several factors influence the availability and pricing of goods and supply-chain risks. Chart 1 Recent supply-chain shocks stemmed from transportation bottlenecks ]]>ArticlesThu, 19 Mar 2026 03:03:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-we-factor-in-supply-chain-risks-to-corporate-ratings-analysis-s101675067<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 18:15:50 GMT00:01:00<![CDATA[ New Issue: Velocity 2026-1 PLC ]]><![CDATA[ Ratings Class Ratings* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 240.682 22.57 Compounded daily SONIA plus 0.88% Feb. 20, 2037 B-Dfrd AA (sf) 21.002 14.65 Compounded daily SONIA plus 1.15% Feb. 20, 2037 C-Dfrd A (sf) 14.564 9.90 Compounded daily SONIA plus 1.55% Feb. 20, 2037 D-Dfrd BBB+ (sf) 12.264 5.90 Compounded daily SONIA plus 1.80% Feb. 20, 2037 E-Dfrd BBB- (sf) 8.585 3.10 Compounded daily SONIA plus 3.20% Feb. 20, 2037 F-Dfrd BB (sf) 6.899 0.85 Compounded daily SONIA plus 4.04% Feb. 20, 2037 G NR 2.606 N/A N/A Feb. 20, 2037 X-Dfrd B+ (sf) 7.665 N/A Compounded daily SONIA plus 4.00% Feb. 20, 2037 *Our rating on the class A notes ]]>ArticlesWed, 18 Mar 2026 18:15:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-velocity-2026-1-plc-s101675456<![CDATA[ New Issue: Velocity 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 09:01:19 GMT00:01:00<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]><![CDATA[ This report does not constitute a rating action. Macroeconomic uncertainty, upcoming debt maturities, and merger and acquisition (M&A) execution and integration challenges pose heightened risks to companies in the 'B-' rating category. Elevated macroeconomic and geopolitical risks--including the impact of the conflict in the Middle East and the resulting market volatility--could put additional pressure on companies facing depressed demand and subdued consumer confidence. At the same time, a significant amount of debt matures in 2027 and 2028, with refinancing risk particularly acute for companies such as Flamingo Lux II GP S.a.r.l. (Emeria), Winterfell Financing Sarl (Stark Group), and Ammega Group B.V. (Ammega), which are already on a negative outlook. In addition, M&A-related execution and integration risk remain key for some ]]>ArticlesWed, 18 Mar 2026 09:01:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clos-top-30-b-rated-issuers-chemicals-and-building-materials-pose-most-risk-s101670022<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 16:29:36 GMT00:01:00<![CDATA[ Sovereign Debt 2026: African Sovereigns To Borrow $155 Billion ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings estimates that commercial long-term borrowing by rated African sovereigns will reach $155 billion in 2026, up from $140 billion issued in 2025 and driven roughly equally by maturing debt obligations and ongoing fiscal financing requirements. We estimate this would increase total outstanding African sovereign commercial debt to just over $1.2 trillion, or 45% of GDP (including short-term debt) by end 2026. Although borrowing needs and the cost of debt vary across the region, the annual median borrowing of the 27 rated issuers on the continent is, at about $1.5 billion in absolute terms, notably lower than that of global peers. In part, this reflects the smaller size of many ]]>ArticlesTue, 17 Mar 2026 16:29:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-debt-2026-african-sovereigns-to-borrow-155-billion-s101672058<![CDATA[ Sovereign Debt 2026: African Sovereigns To Borrow $155 Billion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 14:29:55 GMT00:01:00<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Republic of Chile's Sustainable Bond Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Chile is a geographically diverse country in South America, covering approximately 760,000 square kilometers with a population of around 19.6 million. ]]>ArticlesTue, 17 Mar 2026 14:29:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-republic-of-chile-sustainable-bond-framework-s101675751<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 04:29:54 GMT00:01:00<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]><![CDATA[ This report does not constitute a rating action. China is reducing government distortion in banks' risk pricing. Beijing's latest fiscal package has shifted to a market-based approach for channeling bank funding to policy-supported sectors. Previously, it relied more on window guidance. This could ease downside pressure on bank profitability and support credit growth. During its recent Two Sessions, the government announced a Chinese renminbi (RMB) 100 billion special fiscal fund to cover spending for six policy instruments: Four loan interest subsidy programs targeting (1) personal consumption; (2) the service sector; (3) micro, small and midsize enterprises; and (4) equipment renewal; A financing guarantee scheme; and A private enterprise bond risk-sharing mechanism. It contains larger fiscal funding, broader sectoral coverage, more ]]>ArticlesTue, 17 Mar 2026 04:29:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banking-brief-policy-support-for-priority-sectors-has-become-less-distortive-s101674706<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 17:11:05 GMT00:01:00<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has reviewed its hydrocarbon price deck and raised its WTI and Brent oil price assumptions by $15/bbl for the remainder of 2026 while leaving its assumptions for 2027-2029 unchanged. Our Henry Hub, AECO, and TTF natural gas price assumptions for 2026-2029 are also unchanged. S&P Global Ratings' oil and natural gas price assumptions --New prices-- --Old prices-- WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) Remaining 2026 75 80 3.75 1.50 13 60 65 3.75 1.50 13 2027 60 65 3.75 1.75 9 60 65 3.75 1.75 9 2028 60 65 3.5 1.75 8 60 ]]>ArticlesMon, 16 Mar 2026 17:11:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-raises-2026-oil-price-assumptions-on-longerthanexpected-oil-flows-disruption-s101675235<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 15:20:04 GMT00:01:00<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Since the outbreak of the Middle East war, Gulf Cooperation Council (GCC) banks have been inevitably affected, facing both physical risk to operations and financial risk to balance sheets. Yet S&P Global Ratings’ analysis suggests that continuity plans have maintained effective operations and that potential fund outflows remain manageable for now, though longer-term effects on asset quality remain uncertain. The banks’ resilience could yet face sterner tests, depending on both the duration and scope of events. Our base-case scenario is that the most intense part of the conflict will last around two-to-four weeks although we recognize that broader spillovers and intermittent security incidents could extend beyond this period. The full extent of ]]>ArticlesMon, 16 Mar 2026 15:20:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/resilient-gulf-banks-still-face-uncertainty-s101674982<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:31:26 GMT00:01:00<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has a range of implications for S&P Global Ratings’ portfolio of rated infrastructure assets around the world. The effects on an entity’s credit standing will vary according to where assets are located, the contractual and regulatory framework under which the entity operates, and on the duration, scope, and severity of the war. The war in the Middle East has increased the level of risk for critical GCC infrastructure assets. Although some facilities have been targeted, we have not seen significant operational disruptions to rated projects at this stage. Most large-scale assets incorporate considerable in-built redundancy and resilience and continue to operate normally. Operators have also implemented ]]>ArticlesMon, 16 Mar 2026 14:31:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/war-in-the-middle-east-risks-and-opportunities-for-global-infrastructure-s101674866<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:26:23 GMT00:01:00<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]><![CDATA[ This report does not constitute a rating action. The degree of disruption depends on the mission-critical nature of applications, their complexity, the domain expertise they require, and the sensitivity of the underlying data. Some software segments in the region benefit from strict regulations, high barriers to entry, and the critical nature of the services they provide. For software companies that focus on these segments, AI is not an existential threat but a tool that can enhance capabilities, improve efficiency, and accelerate growth. These systems are deeply integrated into clinical decision-making and patient safety, and errors can have serious regulatory and legal consequences. The health care sector in Europe is shielded from rapid AI disruption due to a robust regulatory framework. ]]>ArticlesMon, 16 Mar 2026 14:26:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-can-add-an-edge-to-several-european-software-subsegments-s101675369<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 02:03:17 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 16 Mar 2026 02:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-january-2026-s101675335<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 08:40:15 GMT00:01:00<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Skue Sparebank's Green Bond Framework as Light green, indicating activities that represent transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. Skue Sparebank is a Norwegian savings bank that has 15 offices in the regions of Buskerud and Telemark. ]]>ArticlesFri, 13 Mar 2026 08:40:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-skue-sparebanks-green-bond-framework-s101675116<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 04:58:17 GMT00:01:00<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. The Middle East conflict will push up costs and likely squeeze the profitability of many Asia-Pacific chemicals producers. It will also disrupt access to some major raw materials and intermediate chemicals. If the disruption persists beyond the S&P Global Ratings base case of about four weeks, global ]]>ArticlesFri, 13 Mar 2026 04:58:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-the-middle-east-conflict-means-for-the-asia-pacific-chemicals-industry-s101673918<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 13:57:56 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]><![CDATA[ This report does not constitute a rating action. The Energy Information Administration (EIA) reports that the Brent crude oil spot price settled at $94 per barrel (/bbl) on March 9, 2026, compared with an average of $71/bbl on Feb. 27. EIA expects that average oil prices will remain at $91/bbl through the second quarter of 2026. Given oil's extremely limited role in producing U.S. electricity, the financial performance of public power and electric cooperative NFP utilities should be relatively insulated from the surging oil prices stemming from the Middle East conflict. However, a protracted conflict could trigger inflationary impacts on the U.S. consumer that could erode NFP utilities’ financial flexibility. As a result, affordability pressures that S&P Global Ratings already ]]>ArticlesThu, 12 Mar 2026 13:57:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-electric-utilities-ratemaking-flexibility-could-worsen-from-indirect-exposure-to-middle-east-conflict-s101674219<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 12:03:17 GMT00:01:00<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]><![CDATA[ This report does not constitute a rating action. The Middle East war, coupled with broader global geopolitical tensions, has increased the volume of sovereign-sponsored cyberattacks (including by proxies) targeting critical infrastructure. These attacks typically seek to dislocate essential services including communications, infrastructure, and trade, with the aim of disrupting societies and destabilizing governments. A major cyber incident and/or the increased frequency of cyberattacks due to the conflict could affect supply chains, commodity prices, economies, and global credit conditions. The U.S. and Israel have used cyberattacks in conjunction with kinetic strikes against Iran’s military and infrastructure. Reports indicate that Iran’s cyber warfare headquarters was disabled early in the conflict, but cyber and military experts warn that Iran and its proxies retain ]]>ArticlesThu, 12 Mar 2026 12:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cyber-brief-the-middle-east-conflict-is-also-a-cyberwar-that-has-increased-digital-risk-s101673945<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 06:11:58 GMT00:01:00<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]><![CDATA[ S&P Global Ratings assesses Just Group's allocation of sustainability bond proceeds as consistent with pre-issuance commitments under its sustainability bond framework. Just Group provides retirement income products and services to individual, homeowners, and corporate clients in the U.K. In 2025, it recorded underlying operating profit of £305 million. ]]>ArticlesThu, 12 Mar 2026 06:11:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-just-group-sustainability-allocation-report-s101674884<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 03:45:29 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]><![CDATA[ Rising energy costs, U.S. policy shifts, and Japan-China ties are increasing uncertainty for the outlook for Japanese corporates. Aggressive growth investment, large acquisitions and returns to shareholders will test credit quality resilience. Expanding funding sources, such as cross-border debt issuance, could enhance financial stability; central bank interest rate rises are manageable for most. ]]>ArticlesThu, 12 Mar 2026 03:45:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-japan-an-appetite-for-investment-amid-geopolitical-risk-s101674849<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 21:37:05 GMT00:01:00<![CDATA[ The Ratings View: Mar. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: The Middle East war underscores fragile geopolitical stability and resulting credit risks. We raised our oil price assumptions for 2026. We look at industry implications from the conflict for chemicals, air travel, and shipping. ]]>ArticlesWed, 11 Mar 2026 21:37:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-11-2026-s101674809<![CDATA[ The Ratings View: Mar. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 20:22:42 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]><![CDATA[ This report does not constitute a rating action. In February 2026, S&P Global Ratings maintained 18 ratings without revising the outlooks, and took three negative rating actions and two positive rating actions in the U.S. not-for-profit health care sector. In addition, we revised four outlooks favorably without changing the ratings. Included in the month's activity were ratings assigned to seven new debt issuances for currently rated organizations, all of which were affirmed. We also assigned a rating to one new issuer, Springfield Sustainable Energy Partners LLC, Del. (an entity whose rating is based on that of Memorial Health System, Ill.). The nine rating actions and outlook revisions consisted of the following: Upgrades on two stand-alone hospitals, one in the 'BBB' ]]>ArticlesWed, 11 Mar 2026 20:22:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-february-2026-s101674728<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 19:10:57 GMT00:01:00<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]><![CDATA[ The Middle East war has already pushed Brent crude to about $90 per barrel, underscoring that the Strait of Hormuz is a key global risk point. Credit implications will depend critically on how long and how widely the Middle East war spreads. ]]>ArticlesWed, 11 Mar 2026 19:10:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-monthly-highlights-the-wars-scope-and-duration-shape-risks-s101674769<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:19:00 GMT00:01:00<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]><![CDATA[ This report does not constitute a rating action. Relatively strong and stable returns make these funds attractive, but financial institutions' exposures to these require significant regulatory capital. RNFs offer an efficient, less capital-intensive route for these regulated investors to allocate capital into private market strategies. Our ratings analysis of these structures considers key factors, including liquidity management, funding structure, and leverage. They are crucial vehicles to channel investor capital into master funds across several investment strategies, such as private equity, private debt, or hedge funds. They split investors' contributions to feeders into debt and equity components. The typical debt-to-equity ratio is 70/30 or 80/20. Investors may opt for: A "vertical strip," where each LP's investment into the feeder is divided ]]>ArticlesWed, 11 Mar 2026 16:19:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sector-review-fund-finance-trends-rated-note-feeders-support-private-credit-fundraising-s101667999<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:12:13 GMT00:01:00<![CDATA[ Pension Spotlight: Illinois ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Contributions are increasing but have remained a consistent percentage of the budget for the past five years. While this consistency helps with budget planning, costs are high and still significantly short of meaningful funding progress. The state has taken some steps to address its unfunded liability, including $700 million in total supplemental contributions across fiscal years 2022 and 2023 (roughly 0.5% of the state’s total fiscal 2025 net pension liability) and an ongoing pension buyout program that the state estimates has reduced liabilities by $2.9 billion (1.9%). Some uncertainty will remain regarding the liabilities until the state determines how it will modify Tier 2 to adhere to federal safe harbor ]]>ArticlesWed, 11 Mar 2026 16:12:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pension-spotlight-illinois-s101669203<![CDATA[ Pension Spotlight: Illinois ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 14:10:06 GMT00:01:00<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has received questions about the credit risks of AI-driven market movements in North America. In this FAQ, we answer the most frequently asked questions, emphasizing rating implications, sector vulnerabilities, and potential triggers of credit deterioration. For software and services issuers exposed to AI substitution, key downgrade triggers will likely center multiple forward‑looking signals that competitive position has weakened and revenue durability has eroded. Triggers could include declining net revenue retention, weaker new‑logo wins, rising price concessions, and shorter contract durations, all of which indicate customer insourcing or displacement by lower‑cost AI‑native alternatives well before financials weaken. These early signs, when paired with margin compression, delayed monetization of AI investments, ]]>ArticlesWed, 11 Mar 2026 14:10:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-could-ai-risks-weaken-ratings-s101673779<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:39:11 GMT00:01:00<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]><![CDATA[ This report does not constitute a rating action. The Middle East conflict is geographically distant from Asia‑Pacific--its economic and credit repercussions are not. The region is the major recipient of imports ferried across the Strait of Hormuz. That makes it vulnerable to disruptions in this important waterway. Given Asia's net energy importing status, prolonged disruptions to energy supply and persistent high prices will affect households, corporates, banks and governments. Many economies maintain strategic crude oil stockpiles to manage disruption over the short term. Any prolonged supply shortages pose a severe strain to the region's macro-credit conditions. Inflationary pressure could escalate, complicating monetary easing paths in the region, while market volatility could upend the current supportive financing conditions. Current accounts will ]]>ArticlesWed, 11 Mar 2026 05:39:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-watchpoints-for-asia-pacific-if-energy-supply-disruptions-persist-s101674437<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:25:21 GMT00:01:00<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]><![CDATA[ Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. Oil and gas markets across Asia Pacific have a variety of defenses against disruptions in supply caused by the effective closure of the Strait of Hormuz. However, if such disruptions persist, these defenses will run thin. In a prolonged-war scenario, oil and gas majors in ]]>ArticlesWed, 11 Mar 2026 05:25:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/prolonged-iran-conflict-can-breach-asian-oil-and-gas-defenses-s101673298<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 04:24:51 GMT00:01:00<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]><![CDATA[ This report does not constitute a rating action. . In our view, these institutions' tight risk management, foreign-currency liquidity buffers and adequate capitalization should carry them through this turbulent period. The government's financial market stabilization measures will also help. . The Korea Composite Stock Price Index dropped nearly 20% over a few days in early March from its historical peak amid volatility flowing from the Middle East war. The index has somewhat recovered but it continues to trade with a high degree of volatility, with the benchmark moving around 5% up or down each day. The Korean won is also around its lowest level since the global financial crisis. A weaker won would increase the risk-weighted assets of financial institutions ]]>ArticlesWed, 11 Mar 2026 04:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-financials-brief-middle-east-war-induced-volatility-to-test-resilience-s101674143<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 22:16:06 GMT00:01:00<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]><![CDATA[ Bank SMBC Indonesia Tbk. PT (SMBC Indonesia) was founded in 1958 and is headquartered in Jakarta, Indonesia. The bank operates in wholesale, corporate, business, and retail banking. ]]>ArticlesTue, 10 Mar 2026 22:16:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bank-smbc-indonesia-tbk-pt-esg-deposit-framework-s101674585<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 13:36:55 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks rated health care services companies in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. Our rankings consider rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked first by business risk profile, then by financial risk profile. Speculative-grade companies are first ordered by financial risk profile, then by business risk profile. If companies are not distinguished by these factors, we list them alphabetically. In line with our corporate rating methodology (see Related Criteria), the final ratings on health care services companies are in line with the SACP due to the absence of factors such ]]>ArticlesTue, 10 Mar 2026 13:36:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-health-care-services-companies-strongest-to-weakest-s101669085<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 06:24:09 GMT00:01:00<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]><![CDATA[ This report does not constitute a rating action. High-quality growth and technological innovation have emerged as the top themes of China's Two Sessions meetings. Amid heightened geopolitical and trade tensions, the major economic and fiscal policies unveiled aim to meet these objectives. The budget and funding align with that. S&P Global Ratings believes Beijing continues to use policy levers to contain systemic risks from areas, such as local debt (including local government and state-owned enterprises) and the property market. The fiscal stance generally aligns with our expectations. We believe the government will retain policy room to dial up support if needed. We answer questions about the credit implications of the recent announcements for the governments in China. This year's budget ]]>ArticlesTue, 10 Mar 2026 06:24:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-chinas-two-sessions-beyond-the-headline-numbers-s101674117<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:31:47 GMT00:01:00<![CDATA[ Sovereign Ratings Score Snapshot ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month. Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' " Sovereign Rating Methodology ," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating. Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a ]]>ArticlesMon, 09 Mar 2026 16:31:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-ratings-score-snapshot-s101673957<![CDATA[ Sovereign Ratings Score Snapshot ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:07:08 GMT00:01:00<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that, although composed in accordance with the city’s balanced-budget requirements, the New York City mayor’s preliminary budget and five-year financial plan for fiscal years 2026-2030 introduce a combination of structural, one-time, and temporary solutions that could make it difficult to sustain budgetary balance beyond fiscal years 2026 and 2027. We believe the city has previously demonstrated resilience to weather fiscal challenges without deterioration of its credit quality. Furthermore, despite potential macroeconomic and policy uncertainties, New York City's dynamic and diverse economic base remains supportive of the 2026-2030 financial plan’s revenue growth expectations, and it has a well embedded governance framework and structural protections. These include robust policies; multiyear ]]>ArticlesMon, 09 Mar 2026 16:07:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/what-were-watching-as-new-york-citys-fiscal-realities-bite-into-the-big-apples-preliminary-fiscal-2027-budget-s101673550<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 03:37:50 GMT00:01:00<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]><![CDATA[ Science City (GZ) Investment Group Co. Ltd. is a state-owned enterprise in China and a key infrastructure investment and financing company in the Guangzhou Economic and Technological Development Zone (GETDZ). It operates a diversified business portfolio that includes municipal construction, urban services, copper processing, commodities trading. It focuses on new-generation information technology, urban construction and renewal, environmental protection, and the financial industry. ]]>ArticlesMon, 09 Mar 2026 03:37:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-science-city-gz-investment-group-co-ltd-sustainable-finance-framework-s101674153<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 01:15:27 GMT00:01:00<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]><![CDATA[ This report does not constitute a rating action. Excluding Japanese government bonds held for policy reserve matching from impairment calculations would be neutral for Japanese life insurers. We evaluate such bonds using an economic value-based-capital model, so the proposed revisions would not affect our capital assessments. However, portfolio management will be less constrained and operational flexibility enhanced. The Japanese Institute of Certified Public Accountants made the proposal on Feb. 17, 2026. It argues policy reserve matching bonds--mostly Japanese government bonds--should be treated under the credit loss model as they are similar to held-to-maturity bonds. Under current accounting standards, policy reserve matching bonds and held-to-maturity securities are treated using the amortized cost method. Expected credit losses for held-to-maturity securities may not ]]>ArticlesMon, 09 Mar 2026 01:15:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-life-insurance-brief-accounting-shift-improves-investment-flexibility-s101671555<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Mar 2026 14:27:08 GMT00:01:00<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]><![CDATA[ S&P Global Ratings believes that BRK Ambiental Participações S.A.'s future shade of Medium green reflects that its services will continue to deliver significant environmental benefits to Brazil's population. ]]>ArticlesFri, 06 Mar 2026 14:27:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-brk-ambiental-participacoes-sa-s101674049<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 18:05:04 GMT00:01:00<![CDATA[ S&P Global Ratings Revises Hydrocarbon Price Deck Assumptions ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings reviewed its hydrocarbon price decks and raised our West Texas Intermediate (WTI) and Brent crude oil assumptions for 2026 by $5 per barrel (bbl). Prices for all other years are the same. We also lowered our price assumptions for Henry Hub natural gas by $0.50/mmBtu) for 2026-2028 and $0.25/mmBtu for 2029. We lowered our Alberta Energy Co. price by $0.75/mmBtu for 2026-2028 and by $0.50/mmBtu for 2029, and finally, we raised our Dutch Title Transfer Facility price for 2026 by $2/mmBtu and lowered it by $1 for 2028-2029 (Table 1). This revision supersedes our last oil price update published Nov. 10, 2025. S&P Global Ratings' oil and natural gas ]]>ArticlesThu, 05 Mar 2026 18:05:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-revises-hydrocarbon-price-deck-assumptions-s101673657<![CDATA[ S&P Global Ratings Revises Hydrocarbon Price Deck Assumptions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 17:09:55 GMT00:01:00<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]><![CDATA[ This report does not constitute a rating action. Recent developments in artificial intelligence (AI) have intensified investor focus on the potential implications for software companies, particularly amid increased market volatility and a broader reassessment of competitive durability across the sector. These discussions have extended into the European collateralized loan obligation (CLO) market, where software represents a significant allocation within underlying portfolios and a meaningful component of the leveraged loan universe. S&P Global Ratings examined European CLO software exposure across sector concentration, rating and outlook distribution, and maturity profiles to assess whether recent technological developments are reflected in observable credit risks materializing within European CLOs that we rate. While portfolio-level metrics provide an important starting point, software exposure is not homogeneous. ]]>ArticlesThu, 05 Mar 2026 17:09:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-risk-in-european-clos-software-exposure-beyond-the-headlines-s101673132<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 14:29:35 GMT00:01:00<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]><![CDATA[ This report does not constitute a rating action. The broader implications for the airline industry are still unfolding. How rising fuel prices, operational disruptions, and shifts in consumer demand develop will be critical in determining the credit quality of rated airlines. Even though the resilience of the airline industry will be tested, historical trends suggest that consumer travel typically rebounds after initial disruptions. However, if hostilities persist or become even more severe, travel patterns could change and challenge the sector's resilience. The crisis has also disrupted key trade routes--including through the Strait of Hormuz--which are leading to sharp increases in fuel prices. Although our rated airlines typically have a good track record of passing on elevated fuel prices to customers, ]]>ArticlesThu, 05 Mar 2026 14:29:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-war-could-affect-global-airline-ratings-if-fuel-prices-remain-higher-for-longer-s101673321<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 13:56:22 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 05 Mar 2026 13:56:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-mar-4-2026-br--s101673745<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 10:03:26 GMT00:01:00<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]><![CDATA[ This report does not constitute a rating action. India's securitization and private credit are attracting strong market interest, setting the stage for healthy expansion. We expect increased inquiries for these sectors over the next year. Securitization issuance increased about 5.1% year on year to Indian rupee (INR) 1.87 trillion (about US$21 billion) in the first nine months of fiscal 2026 (year ending March 31). Volumes have grown steadily over the past few years amid healthy expansion in retail credit, consistent originations by nonbank finance companies, and rising participation from foreign banks and mutual funds. In fiscal 2025, issuance hit a record INR2.35 trillion (about US$27 billion), up about 23.7% over fiscal 2020, equivalent to a compound annual growth rate of ]]>ArticlesThu, 05 Mar 2026 10:03:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-indias-securitization-and-private-credit-markets-primed-to-expand-s101670719<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 01:50:42 GMT00:01:00<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]><![CDATA[ The overall credit trend in South Korea is modestly negative, with growing sector divergence. This is an improvement from last year, when our negative rating bias was deeper due to U.S. policy uncertainty or supply-demand imbalance. ]]>ArticlesThu, 05 Mar 2026 01:50:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-korea-increasing-sector-divergence-post-trough-s101673687<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 00:34:05 GMT00:01:00<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]><![CDATA[ Solid domestic and regional economic conditions should shield Australian and New Zealand corporates from risks arising from geopolitical uncertainties, including short-term spikes in energy prices. ]]>ArticlesThu, 05 Mar 2026 00:34:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australia-and-new-zealand-issuers-show-strength-in-a-volatile-world-s101673681<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 20:55:55 GMT00:01:00<![CDATA[ The Ratings View: Mar. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: What military conflict with Iran could mean for energy markets and reinsurance. The sovereign bond glut continues. AI poses risks for business and technology services, but health care software may be resilient. ]]>ArticlesWed, 04 Mar 2026 20:55:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-4-2026-s101673647<![CDATA[ The Ratings View: Mar. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 19:14:36 GMT00:01:00<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]><![CDATA[ This report does not constitute a rating action. The digital transformation of major economies is in full swing. While the construction of AI-related infrastructure is the most visible driver, the process goes far beyond that, spanning a wide range of manufacturing and service activities. It is also unfolding differently across economies. In some, it is predominantly capitalintensive; in others, it is more laborintensive. This transformation differs in the U.S. and the EU through the lens of the information and communications technology (ICT) sector. This sector comprises both tech manufacturing (electronic components and boards, computers and peripheral equipment, communications equipment, consumer electronics, and magnetic and optical media) and tech services (wholesale of information and communications equipment, software publishing, telecommunications, computer programming, ]]>ArticlesWed, 04 Mar 2026 19:14:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-the-contrasting-digital-transformation-of-the-us-and-european-economies-s101673352<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:47:53 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from January 2012 through January 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 04 Mar 2026 16:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-january-2026-performance-s101673208<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:00:18 GMT00:01:00<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ biannual report card on global light and heavy-duty vehicle original equipment manufacturers (OEMs) offers a clear, side-by-side view of issuers’ credit metrics against the target thresholds. The tables in the report card offer readers links to S&P Global Ratings’ most recent issuer specific analysis from RatingsDirect. Table 1 Light-vehicle OEM issuers rated by S&P Global Ratings Company Credit rating/ Outlook Rating driver Target value* 2026e 2027e Rating driver Target value* 2026e 2027e BMW AG A/Negative EBITDA Margin 11% 9.8% 11.5% FOCF to sales 3% 3-4% 4-5% Ford Motor Co. BBB-/Negative EBITDA Margin 8% 5.0%-5.5% 7%-8% FOCF to sales 1-2% Negative >1% General Motors Co. BBB/Stable EBITDA Margin 8% 9-10% ]]>ArticlesWed, 04 Mar 2026 16:00:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-autos-and-trucks-original-equipment-makers-report-card-s101668939<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 21:57:46 GMT00:01:00<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]><![CDATA[ This report does not constitute a rating action. We believe that the main development banks in Mexico-- Banco Nacional de Comercio Exterior S.N.C. (Bancomext; BBB/Stable/A-2) and Nacional Financiera S.N.C. (Nafin; BBB/Stable/A-2)--are resuming their roles as active financing vehicles for implementing the government's economic policy and counteracting ongoing internal and external challenges. The banks will do so by promoting investment in physical infrastructure, strengthening domestic supply chains, and providing funding to small and medium enterprises. Bancomext and Nafin are showing a sustained recovery in their financing portfolios (loans and guarantees), after subdued growth since the pandemic. In addition, Banco Nacional de Obras y Servicios Públicos S.N.C (Banobras; BBB/Stable/A-2) has maintained more stable growth over the years, driven by transactions related to ]]>ArticlesTue, 03 Mar 2026 21:57:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexican-development-banks-to-ramp-up-lending-as-a-tool-of-economic-policy-s101671645<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 18:11:33 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Monetary flexibility, relatively low debt burden, and institutional strengths. Lower income of individuals and somewhat higher corporate leverage in Chile than in global BICRA peers. Strong track record of fostering financial stability, and a credible and effective central bank. Moderate vulnerability in the country's current account and external debt position. Resilient and profitable banking system. Policy implementation bottlenecks could weaken economic growth. Banks in Chile benefit from consistent economic policies, monetary flexibility, and an independent central bank. Chile's robust institutional framework, which remains stronger than that of most regional peers, and a well-established fiscal and monetary policy have helped maintain economic stability through periods of economic shocks. ]]>ArticlesTue, 03 Mar 2026 18:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-chile-s101667592<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 16:57:41 GMT00:01:00<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]><![CDATA[ This report does not constitute a rating action. As of January 2026, the number of North American issuers rated 'CCC+' and below decreased to 141, down from 144 in October 2025. Associated with this, the rated debt volume fell to $280 billion as of end-January 2026, compared with $296 billion as of end-October 2025. The top four sectors--consumer products, media and entertainment, health care, and high technology--accounted for 59% of the total risky credits as of January 2026, compared with 58% a year ago. Trends during the three‑month period ending January 2026 were consistent with the prior three months ending October 2025. Defaults and ratings withdrawals accounted for 77% of total removals for the period ending January 2026, compared with ]]>ArticlesTue, 03 Mar 2026 16:57:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-risky-credits-sectoral-strains-persist-s101673118<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 16:51:05 GMT00:01:00<![CDATA[ Credit Trends: European Risky Credits: Numbers Stabilize But Remain Above Long-Term Averages ]]><![CDATA[ This report does not constitute a rating action. The number of European risky credits remains largely unchanged. The share of risky credits as a percentage of speculative-grade issuers stood at 9.33% as of end-January 2026, compared with 9.59% as of end-October 2026. Even though the share has slightly declined over the past three months, it remains among the highest levels since February 2024, indicating pressure within the risky credit cohort. Chart 1 We added only three new issuers to the risky credit cohort in the three months to end-January 2026, compared with 11 in the three months ending in October 2025. These additions comprised a media and entertainment company facing liquidity pressures amid upcoming maturities, a chemicals company with elevated ]]>ArticlesTue, 03 Mar 2026 16:51:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-european-risky-credits-numbers-stabilize-but-remain-above-long-term-averages-s101672621<![CDATA[ Credit Trends: European Risky Credits: Numbers Stabilize But Remain Above Long-Term Averages ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 15:56:02 GMT00:01:00<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]><![CDATA[ This report does not constitute a rating action. The rise of AI, with its insatiable need for power and energy infrastructure, is spurring growth across the regulated and unregulated power industry. It is also providing new opportunities for natural gas-focused midstream companies to expand their asset base. Whether a midstream company decides to provide a connection to a regulated downstream utility or perhaps bypass the power grid and fund a pipeline expansion directly to a data center or hyperscaler for a behind-the-meter solution, assessing counterparty risk is an important consideration for the transaction. Given this backdrop, S&P Global Ratings thinks it’s a good time to revisit how it assesses counterparty risk for midstream energy companies in an FAQ. Midstream companies ]]>ArticlesTue, 03 Mar 2026 15:56:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-assess-the-effect-of-counterparty-risk-on-midstream-companies-credit-quality-s101668276<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 11:01:01 GMT00:01:00<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific sovereign borrowing growth is decelerating. S&P Global Ratings projects such borrowing will increase by less than 5% in 2026, much slower than recent trends such as the 38% growth in 2023. This is due mostly to the waning impact of China's fiscal stimulus, and Japan's reduced borrowing. We estimate that total long-term commercial borrowing for the region will reach US$5 trillion in 2026, up from US$4.8 trillion in 2025. China and Japan will continue to dominate borrowing, accounting for over 80% of the region's long-term commercial debt. By our projections, overall outstanding sovereign commercial debt will reach US$23.8 trillion by year-end 2026, a US$2 trillion increase from 2025. China and Japan ]]>ArticlesTue, 03 Mar 2026 11:01:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-sovereign-debt-2026-asia-pacific-borrowing-growth-will-decelerate-s101666196<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 16:31:20 GMT00:01:00<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]><![CDATA[ This report does not constitute a rating action. Investor concern has increased around the potential for AI-driven solutions, especially from AI-native companies, to disrupt software vendors. This includes companies in the health care sector, such as those providing electronic health record (EHR) and revenue cycle management (RCM) platforms and services. More specifically, AI solutions could shift market share, compress pricing, and enable health care providers to automate certain functions internally. At the same time, incumbent software companies are investing heavily in AI-based tools to enhance their products and lower operating costs. These companies benefit from entrenched customer relationships with health systems, deep domain expertise, and large proprietary datasets to train models. Although uncertainty has increased, we expect the health care ]]>ArticlesMon, 02 Mar 2026 16:31:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/health-care-software-companies-are-more-insulated-from-ai-disruption-than-those-in-other-sectors-s101671977<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 12:02:41 GMT00:01:00<![CDATA[ European Annual CMBS Monitor 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, we took rating actions on 29 CMBS transactions, primarily to resolve under criteria observation (UCO) placements following the publication of our updated global CMBS criteria in August 2025. Six credit tenant-linked tranches were upgraded by one notch to reflect our upgrade of Tesco PLC. Of the 29 transactions we reviewed as part of our annual surveillance and UCO resolution process, rating actions were mainly affirmations (54.8% of tranches reviewed), followed by downgrades (8.7%), and upgrades (36.5%). No ‘AAA’-rated tranches were downgraded between Jan. 1, 2025, and Dec. 31, 2025. The highest-rated tranche downgraded was 'AA (sf)'. Following the application of our updated criteria, two tranches were downgraded to 'A+ (sf)’ ]]>ArticlesMon, 02 Mar 2026 12:02:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-annual-cmbs-monitor-2025-s101672088<![CDATA[ European Annual CMBS Monitor 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 05:16:53 GMT00:01:00<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]><![CDATA[ Rating as of March 2, 2026 Rating Amount (bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 29.0 2.08% March 10, 2061 24.7 §We define the overcollateralization ratio as: 1-(A+B)/(C-D-E); A: the rated obligations and equally ranked obligations; B: prior obligations to the rated obligations; C: underlying assets (including cash); D: liquidity reserves; E: obligations, except for senior, mezzanine, or subordinate obligations (seller's interest, etc.). The ratio in this report represents the transaction structure's minimum maintenance ratio for the overcollateralization of pro rata pay. Profile Expected closing date March 2, 2026 Collateral An entrusted pool of residential mortgage loans Originator/Servicer Japan Housing Finance Agency Collateral trustee Sumitomo Mitsui Trust Bank Ltd. Beneficiary representative Sumitomo Mitsui ]]>ArticlesMon, 02 Mar 2026 05:16:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-japan-housing-finance-agency-series-e55-3-s101670700<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 19:48:10 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $4.9 billion month over month to $670.6 billion as of February 2026. All data in this report reflects activity as of the subsequent February’s payment date. The overall U.S. CMBS delinquency (DQ) rate decreased 42 basis points (bps) month over month to 5.8% in February and rose 49 bps year over year. By dollar amount, total delinquencies were $39.1 billion, a net month-over-month decrease of $2.5 billion (6.1%) and a net year-over-year increase of $3.8 billion (10.8%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 14 ]]>ArticlesFri, 27 Feb 2026 19:48:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-decreased-42-basis-points-to-58-in-february-2026-s101672413<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 17:37:45 GMT00:01:00<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]><![CDATA[ Net outlook bias (the percentage of issuers with a positive outlook or on CreditWatch positive minus the percentage with negative outlook) increased in January for the fourth month in a row to -5.2%. ]]>ArticlesFri, 27 Feb 2026 17:37:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-outlook-bias-improves-amid-lingering-risks-february-2026-s101672931<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 15:01:30 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]><![CDATA[ This report does not constitute a rating action. Despite the relentless focus on software names, credit quality across the BSL CLO Insights Index has remained fairly stable year to date, with S&P Global Ratings' weighted average rating factor (SPWARF) values well below 2600 and 'B-' exposure and ‘CCC’ buckets hovering around 20% and 5%, respectively. Corporate ratings saw fewer downgrades into the ‘CCC’ category in February, particularly across issuers widely held in U.S. broadly syndicated loan (BSL) collateralized loan obligations (CLOs). Not all of the news was good. There has been a slight uptick in exposure to defaulted assets this month, partially due to PMHC II Inc., a metals and mining issuer widely held across BSL CLOs that saw its ]]>ArticlesFri, 27 Feb 2026 15:01:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-loan-prices-drag-on-otherwise-stable-clo-metrics-oc-test-cushion-scenarios-s101672774<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 11:16:28 GMT00:01:00<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]><![CDATA[ Transaction profile Issuer Beckett Mortgages 2026-1 DAC Collateral type RMBS prime Domicile of assets Ireland Seller Barclays Bank Ireland PLC Servicer Nua Money Ltd. Counterparties Barclays Bank PLC, US Bank Trustees Ltd., and Pepper Finance Corporation (Ireland) DAC Capital structure Class Rating* Class size (%) Credit enhancement (%)§ Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 88.00 12.80 Three-month EURIBOR + 0.65% Three-month EURIBOR + 1.00% July 2029 July 2071 B-Dfrd AA (sf) 4.25 8.55 Three-month EURIBOR + 0.95% Three-month EURIBOR + 1.43% July 2029 July 2071 C-Dfrd A-(sf) 3.75 4.34 Three-month EURIBOR + 1.20% Three-month EURIBOR + 1.80% July 2029 July 2071 D-Dfrd BBB- (sf) 2.00 2.34 Three-month EURIBOR + 1.45% Three-month EURIBOR + ]]>ArticlesFri, 27 Feb 2026 11:16:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-beckett-mortgages-2026-1-dac-s101670203<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 20:30:51 GMT00:01:00<![CDATA[ AI Impact On Business And Technology Services: Disruption Without Dislocation ... Yet ]]><![CDATA[ This report does not constitute a rating action. Artificial intelligence--particularly generative AI and automation tools--has moved from experimentation to early commercialization across enterprise software and outsourced services. This emergence comes amid elevated interest rates, tighter financial conditions, and heavy private equity ownership across the business and technology services sector. McKinsey Global Institute estimates that generative AI could contribute $2.6 trillion-$4.4 trillion annually to global economic output by improving productivity and automating knowledge-based work. Gartner Research estimates that 75% of enterprises will have experimented with generative AI by 2025, materially altering software procurement and service delivery models. S&P Global Ratings believes it is important to monitor long-dated risks because, while megatrends may be slow moving, they can fundamentally transform industries and ]]>ArticlesThu, 26 Feb 2026 20:30:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-impact-on-business-and-technology-services-disruption-without-dislocation-yet-s101669395<![CDATA[ AI Impact On Business And Technology Services: Disruption Without Dislocation ... Yet ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 16:52:09 GMT00:01:00<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]><![CDATA[   The bankruptcy of Saks Global Enterprises LLC isn't a bellwether for department stores or luxury retailers more broadly. We also don't expect a material credit impact from the Saks bankruptcy for rated mall-operating REITs in the U.S. Instead, the broader ratings implications will most likely relate to stand-alone, single-borrower commercial mortgage-backed securities (CMBS). While we expect the U.S. consumer to continue to spend in 2026, we still believe the retail sector is facing challenges from a tough labor market, sticky inflation, and pressures on consumer spending. Higher-income households will likely continue spending—while middle- and lower-income consumers struggle, funding purchases with credit. We then expect consumer spending to hit a cycle low in 2027, which could further weigh on ratings ]]>ArticlesThu, 26 Feb 2026 16:52:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-broader-credit-implications-of-saks-bankruptcy-s101672653<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 08:04:15 GMT00:01:00<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]><![CDATA[ This report does not constitute a rating action. More collateral pain is likely this year for Hong Kong banks. S&P Global Ratings expects the value of properties backing Hong Kong commercial real estate loans to continue trending downward in 2026, as rents keep sliding. This mounting pressure on collateral buffers raises a critical question: how much additional stress can banks absorb? Our scenario analysis indicates the capitalization of the banking system as a whole would remain resilient even under severe valuation shocks, including hypothetical haircuts of up to 50% on the collateral value of commercial properties. This is likely because many banks have cut exposure to Hong Kong commercial real estate in the past five years, thus limiting the impact ]]>ArticlesThu, 26 Feb 2026 08:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-hong-kong-banks-could-withstand-deep-haircuts-in-commercial-property-collateral-s101664327<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 03:59:02 GMT00:01:00<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]><![CDATA[ S&P Global Ratings assesses Iberdrola’s bond-specific European Green Bond Factsheet dated Feb. 26, 2026 as aligned with European Green Bond Regulation and Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1). We expect the share of financing and refinancing to be 62% and 38%, respectively. ]]>ArticlesThu, 26 Feb 2026 03:59:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/update-european-green-bond-pre-issuance-review-iberdrola-eugb-specific-factsheet-feb-26-s101672607<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 21:40:11 GMT00:01:00<![CDATA[ The Ratings View: Feb. 25, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into the growing concerns around private credit and AI-led disruption. The U.S. tariff ruling is unlikely to substantially affect our ratings outlook. The global chemical slump could last through 2027 and beyond. ]]>ArticlesWed, 25 Feb 2026 21:40:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-25-2026-s101672519<![CDATA[ The Ratings View: Feb. 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 16:41:56 GMT00:01:00<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ eighth annual analysis of EBITDA addbacks continues to demonstrate that these adjustments – representing claimed future earnings or cost roll-offs – contribute significantly to management-adjusted EBITDA at deal inception (averaging 29% on a median basis across the study's history) and marketing projections have consistently proven overly optimistic. This reinforces our observation that a majority of U.S. speculative-grade corporate issuers present unrealistic earnings, debt, and leverage projections in their marketing materials at deal inception. Our study supports this, revealing a median leverage miss of 2.3x in the first year following deal inception and 2.7x in the second. These two factors – the magnitude of addbacks and the severity of projection ]]>ArticlesWed, 25 Feb 2026 16:41:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ebitda-addback-study-shows-increased-debt-projection-and-leverage-misses-s101670186<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 15:31:09 GMT00:01:00<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Class size (%) Available credit enhancement (%)§ Pre-amortization interest (%)† Post-amortization interest (%)‡ Legal final maturity A AAA (sf) 681.6 85.2 14.8 One-month EURIBOR plus 0.70, floored at 0 One-month EURIBOR plus 1.05, floored at 0 Feb. 23, 2041 B-Dfrd AA+ (sf) 86.4 10.8 4.0 One-month EURIBOR plus 0.90, floored at 0 One-month EURIBOR plus 1.35, floored at 0 Feb. 23, 2041 C-Dfrd A+ (sf) 16.0 2.0 2.0 One-month EURIBOR plus 1.20, floored at 0 One-month EURIBOR plus 1.80, floored at 0 Feb. 23, 2041 D-Dfrd NR 16.0 2.0 0.0 5.00 5.00 Feb. 23, 2041 *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, and the ]]>ArticlesWed, 25 Feb 2026 15:31:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-ginkgo-revolving-loans-2026-s101665040<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 14:50:56 GMT00:01:00<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]><![CDATA[ This report does not constitute a rating action. The Nebraska local government (LG) portfolio is characterized by stable credit fundamentals, supported by steady tax bases, favorable labor-market conditions, and strong economic output on a per-capita basis. Credit quality is further supported by generally healthy reserve and liquidity positions, along with the state’s economic growth, which is spurred in part by economic activity sourced from its major population centers, Omaha and Lincoln. However, S&P Global Ratings recognizes emerging risks tied to federal trade, immigration, and fiscal policy, all of which could introduce downside risk to an economy with meaningful exposure to agricultural markets and rural health care systems. Agriculture continues to serve as the foundational pillar of Nebraska's economy, providing an ]]>ArticlesWed, 25 Feb 2026 14:50:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-credit-brief-nebraska-counties-and-municipalities-means-and-medians-br--s101671710<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 12:43:55 GMT00:01:00<![CDATA[ GCC Banks' Credit Profiles Are Closely Linked To Their Home Sovereigns ]]><![CDATA[ This report does not constitute a rating action. Our scenario analysis reveals that our ratings on GCC sovereigns and banks are closely linked. If we lowered all our sovereign ratings in the region by one notch, we would likely downgrade 43% of rated domestic banks. We assume that we would remove the additional notch for extraordinary government support that we currently factor into our ratings on a couple of banks, as the ratings would be equal to the sovereign ratings after the downgrade. The effects of the one-notch sovereign downgrade vary by bank and country (chart 1 and table 3). The sovereign cap--on banks that we currently rate at a level linked to the sovereign even though their stand-alone credit ]]>ArticlesWed, 25 Feb 2026 12:43:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gcc-banks-credit-profiles-are-closely-linked-to-their-home-sovereigns-s101671563<![CDATA[ GCC Banks' Credit Profiles Are Closely Linked To Their Home Sovereigns ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 06:04:19 GMT00:01:00<![CDATA[ U.S. Rupture Poses More Tail Risks Than Iran, AI, And Fed, Say Panelists ]]><![CDATA[ This report does not constitute a rating action. Ruptures in the U.S.-centric system of global trade will pose more tail risks to Asia than Iran, AI, and the U.S. Federal Reserve under a new chairman. This is according to speakers on the "Tails, Bubbles, and Distress" panel at S&P Global Ratings' recent Asia-Pacific Corporate Outlook Conference. Panelists include the Chair of International Economics at the Washington D.C.-based Atlantic Council (AC), U.S. Tech Lead at Bloomberg Intelligence (BI), and senior analysts at S&P Global Ratings, including Head of Rating Performance and Head of Emerging Market Research. The conference was held on Feb. 10, 2026, in the wake of major events in Greenland, Davos, Iran, and the U.S. tech sector. Key takeaways ]]>ArticlesWed, 25 Feb 2026 06:04:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-rupture-poses-more-tail-risks-than-iran-ai-and-fed-say-panelists-s101671805<![CDATA[ U.S. Rupture Poses More Tail Risks Than Iran, AI, And Fed, Say Panelists ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 05:12:31 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]><![CDATA[ This report does not constitute a rating action. About $180 billion of sustainable bonds issued in Asia-Pacific during the 2020-2021 boom are set to mature in 2026. This could create a natural pipeline for labeled issuance. Issuers, however, could opt to refinance these instruments with conventional bonds. Other factors are also on our radar for 2026. The release of International Capital Market Assn. (ICMA) guidelines for transition-related instruments in late 2025 and ongoing enhancements to regional taxonomies may support greater use of transition labels in 2026. Clearer guidance on eligible transition activities could catalyze first time issuance from hard‑to‑abate sectors and encourage alignment with local taxonomies. AI expansion and rising power needs, including growing data center development across Southeast Asia, ]]>ArticlesWed, 25 Feb 2026 05:12:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bonds-outlook-2026-asia-pacific-maturities-offer-opportunities-s101670229<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:29:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:29:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-arrears-and-prepayment-statistics-incl-noncapital-market-issuance-q4-2025-s101672292<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:24:28 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:24:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-nonconforming-arrears-and-prepayment-statistics-q4-2025-s101672298<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:20:32 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:20:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-2-q4-2025-s101672297<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:19:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:19:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-1-q4-2025-s101672296<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 20:30:58 GMT00:01:00<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]><![CDATA[ This report does not constitute a rating action. Market perception of private credit has undergone a noticeable shift since S&P Global Ratings’ last review of systemic risk (see “ Systemic Risk: Private Credit’s Characteristics Can Both Exacerbate And Mitigate Challenges Amid Market Evolution ”, Feb. 18, 2025). In addition to the dislocation in software and other services caused by the emergence of new integrated AI tools, the latter half of 2025 was characterized by heightened scrutiny of the asset class due to concerns--some substantiated, others not--relating to underwriting practices, defaults, compressed loan spreads, and frequency of interest deferrals. This heightened attention has been amplified by negative headlines involving business development companies (BDCs) and underperformance of a few middle-market collateralized loan ]]>ArticlesTue, 24 Feb 2026 20:30:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/beyond-the-golden-age-private-credit-confronts-growing-pains-s101670594<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 17:01:47 GMT00:01:00<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]><![CDATA[ LONDON (S&P Global Ratings) Feb. 24, 2026—Currently, five institutional framework (IF) assessments are on a weakening trend and one IF assessment is on an improving trend. All other IF assessments are on a stable trend (see “ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S.”). To date, we assess 56 IFs in 35 countries worldwide. The IF is the set of formal rules and laws, as well as practices, customs, and precedents, that shapes local and regional governments' institutional arrangements and influences their policies in public finance. Reports are available to RatingsDirect subscribers at www.capitaliq.com. If you are not a subscriber, you may purchase a copy of a report by emailing research_request@spglobal.com. Ratings information can also ]]>ArticlesTue, 24 Feb 2026 17:01:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessments-for-local-and-regional-governments-outside-of-the-us-published-s101672113<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 09:02:20 GMT00:01:00<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]><![CDATA[ S&P Global Ratings considers Deutsche Pfandbriefbank AG (pbb)'s allocations to be consistent with pre-issuance commitments. As of Jan. 15, 2026, allocations consist of a portfolio of loans for 129 commercial and residential buildings. Allocations have been made according to eligibility criteria considered Light green at the time of each framework. The report meets the requirements for reporting contained in the Green Bond Principles and firm commitments in the green bond frameworks related to reporting. ]]>ArticlesTue, 24 Feb 2026 09:02:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-pbb-green-bond-impact-report-s101672097<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 08:34:32 GMT00:01:00<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]><![CDATA[ This report does not constitute a rating action. Europe will need to import more gas for longer, and that gas will increasingly come in the form of U.S. liquified natural gas (LNG) after Europe pivoted away from Russian pipeline imports from 2022 to 2026. Investor interest in how the EU’s ban on Russian imports and the region’s higher-for-longer gas demand could affect rated gas utilities and midstream operators is strong, as evidenced by questions at a recent webinar (see “ European Utilities Outlook 2026 Webinar ”, Feb. 11, 2026). Here, S&P Global Ratings presents key questions on the changing landscape for European gas imports and its implications for utilities. We expect Europe will consume more fossil gas for longer, as ]]>ArticlesTue, 24 Feb 2026 08:34:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-european-utilities-will-benefit-from-stronger-for-longer-gas-demand-despite-ban-on-russian-imports-s101670005<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 07:17:33 GMT00:01:00<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Development Bank of Rwanda's sustainability-linked bond framework as aligned with Sustainability-Linked Bond Principles, ICMA, 2024. The bank, majority owned by the Rwandan government, provides long-term finance to support private sector growth. As of Dec. 31, 2024, the bank had total assets of Rwanda franc 783 billion (equivalent to $568 million). ]]>ArticlesTue, 24 Feb 2026 07:17:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-development-bank-of-rwanda-sustainability-linked-bond-framework-s101672094<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 18:30:46 GMT00:01:00<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]><![CDATA[ This report does not constitute a rating action. The U.S. Supreme Court’s ruling on the sweeping tariffs President Trump implemented through his use of certain emergency powers doesn't end the uncertainty about the ultimate contour of tariffs, as the administration pivots to other options. We don’t expect the ruling to have a substantial impact on our ratings outlook. Broader policy uncertainty still represents a key risk to the global credit outlook and a potential trigger for market volatility. Hours after the Feb. 20 ruling, Trump signed an executive order rescinding the tariffs he imposed last year under the International Emergency Economic Powers Act (IEEPA) and then applied global tariffs of 10% for 150 days under Section 122 of the Trade ]]>ArticlesMon, 23 Feb 2026 18:30:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-credit-conditions-special-update-policy-risk-remains-after-us-tariff-ruling-s101671924<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 11:09:28 GMT00:01:00<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]><![CDATA[ Downgrades increased to 11 last week, outnumbering the four upgrades. Seven of the downgrades were entities in the chemicals sector, including a new fallen angel, Alpek S.A.B. de C.V. This brings the year-to-date total of fallen angels to three, exceeding the count at this time last year (zero). Negative outlook changes more than doubled, outnumbering positive ones for the first time in six weeks. These changes spanned 11 sectors, with the chemicals, packaging, and environmental services sector recording the most negative changes (five). There was just one default involving U.S.-based restaurant franchisee, GPS Hospitality Holding Co. LLC, due to a missed payment. ]]>ArticlesMon, 23 Feb 2026 11:09:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-chemicals-sector-leads-downgrades-feb-23-2026-s101671856<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 22:48:13 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts issuance volume for U.S. non-agency, second-lien residential mortgage-backed securities (RMBS) will reach $40 billion in 2026, up from roughly $30 billion in 2025, about $15 billion in 2024, less than $5 billion in 2023, and only about $1 billion in 2022. While we expect mortgage rates to decline this year, we doubt this will significantly increase existing and new home sales, given ongoing affordability dynamics (see " 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ," Dec. 16, 2025). Since many homeowners are "locked-in" with low fixed interest rate mortgages, they will likely stay put instead of moving and, in many cases, ]]>ArticlesFri, 20 Feb 2026 22:48:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-second-lien-rmbs-growth-expected-amid-locked-in-first-liens-and-strong-home-equity-s101670619<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 19:06:15 GMT00:01:00<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]><![CDATA[ This report does not constitute a rating action. Artificial intelligence (AI) disruption has been the key theme across credit markets this year, including for U.S. collateralized loan obligation (CLO) transactions. Software companies are the largest sector within both broadly syndicated loan (BSL) and middle market (MM) CLOs, comprising about 14.7% of total assets for the former and 19.2% for the latter--and this is before adding loans to companies from other potentially affected industry categories. AI concerns have emerged as a potential refinancing risk for speculative-grade companies in these sectors. Recent conversations S&P Global Ratings has had with investors and others have been dominated by discussion around the outlook for these companies in CLO portfolios, and the impact of potential scenarios ]]>ArticlesFri, 20 Feb 2026 19:06:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-first-look-at-how-ai-disruption-could-affect-us-clo-ratings-br--s101671343<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 18:33:54 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesFri, 20 Feb 2026 18:33:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-february-2026-s101671671<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 21:40:00 GMT00:01:00<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]><![CDATA[ This report does not constitute a rating action. ​The global data center sector is experiencing significant growth, driven by escalating computing needs, particularly for artificial intelligence (AI) deployments. S&P Global Ratings expects the elevated technology investments in data centers and related infrastructure buildout to continue through the remainder of this decade. The magnitude of the forecasted growth, at over $1 trillion according to S&P Global 451 Research (see chart 1), has sparked interest in various types of data center financing, including for capital-intensive equipment. ​Chart 1 The substantial need for financing solutions includes not only land and power for data center facilities, but also capital-intensive equipment. Types of equipment include the graphics processing units (GPUs)/central processing units (CPUs), servers, power ]]>ArticlesThu, 19 Feb 2026 21:40:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-equipping-data-centers-through-securitization-s101645975<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 20:56:16 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Stable and predictable economic policies and political institutions. High exposure to cyclical sectors and commodity prices could hamper asset quality. A prudent risk appetite, resulting in sustainable private-sector credit growth. Still high dollarization constrains monetary policy flexibility and exposes banks to foreign exchange volatility. An ample and stable deposit base. Market distortions such as the significant presence of government-owned banks affect competitive dynamics. Meager investment and slow population growth will weigh on economic performance somewhat in 2026-2027, with GDP growth moderating to 1.9%, on average, from 2.2% in 2025. Domestic demand will continue to fuel growth because of the recovery in real wages and employment, coupled with ]]>ArticlesThu, 19 Feb 2026 20:56:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-uruguay-s101670152<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 19:58:52 GMT00:01:00<![CDATA[ AI Training: The Search For Power Extends To Rural America ]]><![CDATA[ This report does not constitute a rating action. In the U.S., one of the most prominent trends to emerge since mid-2025 has been the rise of data center construction in rural markets where power can be more readily available and land is cheap. Demand from a host of global tech companies has fueled the rabid pace of AI-driven new leasing activity to unprecedented levels. Given the inability to quickly access power in primary data center markets, demand is spilling into rural locations where projects can deliver shorter lead-times (one to two years) and offer relatively low power costs. To date, the AI training workloads have not been latency sensitive, giving any parties seeking additional capacity flexibility to move to rural ]]>ArticlesThu, 19 Feb 2026 19:58:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-training-the-search-for-power-extends-to-rural-america-s101669805<![CDATA[ AI Training: The Search For Power Extends To Rural America ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 18:47:10 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]><![CDATA[ This report does not constitute a rating action. Demand for marine cargo containers is primarily driven by global trade volumes. Leasing demand is further influenced by shipping lines’ operational requirements (as the primary users of containers), container supply and pricing, and the economic trade-off between purchasing and leasing. Container asset-backed securities (ABS) are primarily supported by lease cash flows from marine shipping containers, with performance dependent on container utilization, lease rates, lessee credit quality, and the servicer’s ability to re-lease, manage, and dispose of containers over their useful lives. The sector faces several headwinds heading into 2026, as rising isolationism and elevated policy uncertainty are expected to weigh on global trade volumes and reduce container lease demand. We conducted a ]]>ArticlesThu, 19 Feb 2026 18:47:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-container-abs-buoyancy-testing-through-rough-tides-s101663900<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 18:16:13 GMT00:01:00<![CDATA[ Credit FAQ: Sector Update: Data Center Demand Makes Power Delivery Critical Infrastructure; Credit Tailwinds Through 2030 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects investments in data centers to top $2 trillion in the U.S. and upwards of $3 trillion globally by 2030--translating into 55-60 GW of incremental U.S. power demand. These are energy-intensive and demand significant additional power generation capacity and infrastructure. As hyperscalers and other data center promoters spend large amounts, power has become critical infrastructure. We view access to power as the most important variable on whether--and how--this growth in data centers will be shaped. In an already tight power market, additional demand will result in tighter supply and higher power prices through the end of the decade and beyond. We believe this growth provides tailwinds to the power ]]>ArticlesThu, 19 Feb 2026 18:16:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-sector-update-data-center-demand-makes-power-delivery-critical-infrastructure-credit-tailwinds-through-2030-s101669804<![CDATA[ Credit FAQ: Sector Update: Data Center Demand Makes Power Delivery Critical Infrastructure; Credit Tailwinds Through 2030 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 15:46:11 GMT00:01:00<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]><![CDATA[   Tariffs didn’t break global trade--they reshaped it. Trade volumes are holding up, despite initial concerns. And an undeniable surge in South-South commerce signals a fundamental shift away from traditional East-West trade corridors--demanding a fresh look at global supply chains and the evolving balance of power. China’s trade relationship with the Global South is expanding significantly. Chinese exports to developing markets presently surpass those to the U.S. and Europe, backed by strategic infrastructure investments. This dynamic is fueling more than just sales: it’s creating lasting dependencies and reshaping the competitive landscape for European companies, with potential negative credit implications for key manufacturing sectors (including motor vehicles, machinery, and equipment) where EU trade flows have reversed to favor China. The European ]]>ArticlesThu, 19 Feb 2026 15:46:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-the-shifting-tides-of-global-trade-challenging-europe-s101671348<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 14:15:35 GMT00:01:00<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]><![CDATA[ This report does not constitute a rating action. Fundamental to U.S. NFP public power and electric cooperative utilities maintaining credit quality is their flexibility to increase retail rates to offset rising operating and capital costs. However, the substantial utility infrastructure investment cycle is coinciding with a prolonged inflationary environment and could diminish cost recovery prospects. The sensitivity of rate-setting bodies--whether utility boards, city council members, or state regulators--to affordability considerations can reduce willingness to raise retail rates to support ballooning operating and capital costs and maintain credit quality. In addition, sizable rate increases that reduce affordability can impair cash flows by elevating accounts receivable, doubtful accounts, and the number of customers on payment plans. Because U.S. consumers are facing a ]]>ArticlesThu, 19 Feb 2026 14:15:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/for-us-not-for-profit-electric-utilities-capex-affordability-and-performance-can-diverge-s101669830<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 09:19:33 GMT00:01:00<![CDATA[ Africa Credit Rating Trends 2025 In Review: Divergence And Resilience ]]><![CDATA[ This report does not constitute a rating action. Divergent credit narratives emerged in 2025 and led us to take various rating actions on African sovereigns. The main factors supporting our seven upgrades were improving growth prospects and favorable reform momentum. Additionally, fiscal improvements and diminishing liquidity pressures helped enhance credit profiles, and Ghana and Zambia made critical progress with debt restructuring under the G20 framework. The year started with five sovereigns on positive outlooks. Four (Morocco, Egypt, South Africa, and Togo) upgrades followed, with Benin being the exception. The upgrades led directly or indirectly to similar positive rating actions across the financial and corporate sectors we cover in Egypt, Morocco, and South Africa. Similarly, our positive outlook on Nigeria led ]]>ArticlesThu, 19 Feb 2026 09:19:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/africa-credit-rating-trends-2025-in-review-divergence-and-resilience-s101668624<![CDATA[ Africa Credit Rating Trends 2025 In Review: Divergence And Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 07:43:25 GMT00:01:00<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses The Housing Bank for Trade and Finance's green bond framework as Medium green: Activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to belong-term low-carbon climate resilient solutions. HBTF was established in 1973 as a specialized housing finance provider, based in Amman, Jordan. Over the years, it has expanded its operations and become the second-largest full-service commercial bank in Jordan in terms of assets, and is listed on the Amman Stock Exchange. ]]>ArticlesThu, 19 Feb 2026 07:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-housing-bank-for-trade-and-finance-green-bond-framework-s101671085<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 22:22:47 GMT00:01:00<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]><![CDATA[ This report does not constitute a rating action. Revolving structures are in focus across residential mortgage-backed securities (RMBS) markets. A growing number of investors and funders are providing capital to non-bank originators. At the same time, originators are seeking to maximize funding volumes while margins remain attractive. These dynamics are driving interest in revolving features in RMBS structures--be it through warehouses or in term transactions pools seeking to maximize tenor. Here, S&P Global Ratings answers frequently asked questions from investors about these features. The ability to add assets to a special purpose entity structure raises the possibility of the pool composition changing and potentially increases credit risk and credit loss. In the rated context, this can undermine rating stability if ]]>ArticlesWed, 18 Feb 2026 22:22:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-rmbs-pools-are-revolving-and-why-it-matters-s101669726<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 21:00:19 GMT00:01:00<![CDATA[ The Ratings View: Feb. 18, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into AI’s impact on markets, credit conditions, and sectors. We expect the U.S. trailing-12-month speculative-grade corporate default rate to edge up to 3.75% by December 2026, and Europe’s rate to fall to 3.25%. January’s corporate defaults were almost entirely U.S.-based. ]]>ArticlesWed, 18 Feb 2026 21:00:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-18-2026-s101671222<![CDATA[ The Ratings View: Feb. 18, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:31:02 GMT00:01:00<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]><![CDATA[ This report does not constitute a rating action. Our outlook on the U.S. health services sector remains stable, with risks that vary by subsector. We expect sector rating actions this year to be relatively balanced, with downside ratings risk concentrated among the lowest-rated issuers. The most significant rating differentiator in the sector is capital-structure sustainability. While we believe the risk of credit default and distressed exchanges is lower than in recent years, it will likely again be the predominant factor for most adverse rating actions given over 20% of ratings are in the ‘CCC’ category. Still, overall operating performance for the portfolio of health services companies is modestly improving, supported by good patient revenue, slight margin gains, and a modest ]]>ArticlesWed, 18 Feb 2026 16:31:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-us-health-services-outlook-remains-stable-with-downside-risk-concentrated-among-the-lowest-rated-issuers-s101668272<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:27:04 GMT00:01:00<![CDATA[ Charter School Brief: California ]]><![CDATA[ This report does not constitute a rating action. California remains the state with the most S&P Global Ratings rated charter schools, with 45 ratings as of Feb. 17, 2026. As of the 2024-2025 school year, 728,000 students (11% of total California transitional kindergarten-through-grade 12 [TK-12] enrollment) attended one of California's 1,278 charter schools and charter enrollment continues to increase as a proportion of the state's total TK-12 enrollment. Chart 1 The credit profiles for our rated charter schools in California are generally weaker than those across the sector, with one-third of California charter schools having investment-grade ratings, compared with 42% of the sector as a whole. (See “ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling ]]>ArticlesWed, 18 Feb 2026 16:27:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/charter-school-brief-california-s101670424<![CDATA[ Charter School Brief: California ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 14:30:44 GMT00:01:00<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]><![CDATA[ AI has moved center stage in this year’s Q4 results season, as anxiety around last year’s dominant topic of tariffs has faded. We have used AI to analyze comments made in earnings calls by rated nonfinancial corporates so far in 2026. We look at five key AI themes that emerge from management comments, four emerging AI themes to watch, a sector ranking of AI-keyword intensity in earnings transcripts, a summary of AI-related capital expenditure comments, and core AI themes per industry with illustrative company comments. ]]>ArticlesWed, 18 Feb 2026 14:30:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-corporate-earnings-themes-ai-takes-hold-s101671082<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Feb 2026 16:34:46 GMT00:01:00<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]><![CDATA[ Transaction profile Issuer Dilosk RMBS No. 11 DAC Collateral type RMBS Prime Domicile of assets Ireland Seller Dilosk DAC Servicer Dilosk DAC Counterparties BNP Paribas Ireland Branch, Deutsche Bank AG London Branch, and Natixis S.A. Ratings Class Rating* Balance (mil. €) Credit enhancement (%)§ Interest Step-up margin Step-up date Legal final maturity A AAA (sf) 202.40 8.25 3m EURIBOR plus 0.62% 3m EURIBOR plus 0.93% October 2029 October 2064 B-Dfrd AA+ (sf) 11.00 3.25 3m EURIBOR plus 0.85% 3m EURIBOR plus 1.275% October 2029 October 2064 C-Dfrd A (sf) 3.85 1.50 3m EURIBOR plus 1.10% 3m EURIBOR plus 1.65% October 2029 October 2064 D-Dfrd BBB+ (sf) 2.75 0.25 3m EURIBOR plus 1.55% 3m EURIBOR plus 2.325% October 2029 October 2064 ]]>ArticlesTue, 17 Feb 2026 16:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-dilosk-rmbs-no11-dac-s101669314<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 13:51:53 GMT00:01:00<![CDATA[ European RMBS Index Report Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European RMBS Index Dashboard here . The dashboard tracks the collateral performance of all our rated European RMBS transactions and enables the filtering of data to identify key metrics and trends. It also includes a peer comparison tool, issuance and rating actions data, as well as macroeconomic forecasts. Table 1 Total delinquencies (%) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 All countries - index 2.8 3.1 3.1 3.1 3.2 France and Belgium 0.4 0.4 0.4 0.4 0.3 Italy 2.0 2.0 2.1 2.3 2.1 Ireland prime 0.5 0.5 0.6 0.5 0.5 ]]>ArticlesMon, 16 Feb 2026 13:51:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-rmbs-index-report-q4-2025-s101669373<![CDATA[ European RMBS Index Report Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 11:35:19 GMT00:01:00<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]><![CDATA[ There were three upgrades last week, spread across three sectors, including one new rising star--Vertiv Group Corp--bringing the year-to-date total to four. Meanwhile, positive outlooks and CreditWatch placements outnumbered negative ones for the fifth consecutive week, implying that upgrades could increase. There were five downgrades last week, three of which were to issuers in the 'BBB' categories, including the second fallen angel of 2026--Raizen S.A.--and a new potential fallen angel--Stellantis N.V. There were two defaults last week, bringing the year-to-date total as of Feb. 12 to 15, ahead of the 11 defaults recorded at this point in 2025. The public default was to cyber security software vendor Redstone Buyer LLC, due to distressed exchange. ]]>ArticlesMon, 16 Feb 2026 11:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-positive-outlook-changes-remain-elevated-feb-16-2026-s101670745<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 13:43:26 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in January 2026, after the following defaults in the month: Ukraine-based public railway transport administration services provider Ukrainian Railways JSC U.S.-based specialty retailer Saks Global Enterprises LLC U.S.-based outpatient rehabilitation services provider Upstream Newco Inc. U.S.-based logistics services provider Reception Purchaser LLC U.S.-based printing and packaging solutions services provider LABL Inc. U.S.-based apparel manufacturer and supplier YS Garments LLC U.S.-based customized packaging designer and manufacturer Poseidon Investment Intermediate L.P. U.S.-based chemical logistics services provider Rinchem Co. LLC U.S.-based housing laundry services provider Spin Holdco Inc. Nine companies defaulted in January 2026, unchanged from the previous month. Eight defaults occurred in the U.S. and ]]>ArticlesFri, 13 Feb 2026 13:43:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-january-corporate-defaults-almost-entirely-us-based-s101670056<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 10:33:34 GMT00:01:00<![CDATA[ New Issue: Domi 2026-1 B.V. ]]><![CDATA[ Transaction profile Issuer Domi 2026-1 B.V. Collateral type RMBS buy-to-let Domicile of assets The Netherlands Originator, seller, and master servicer Domivest B.V. Sub-servicer and stand-by primary servicer Stater Nederland B.V. Special servicer Hypocasso B.V. Counterparties Citibank Europe PLC, Netherlands branch, ABN AMRO Bank N.V., and Crédit Agricole Corporate and Investment Bank Capital structure Class Rating* Amount (mil. €) Class size (%) Credit enhancement (%)§ Interest (%) Step-up interest (%) Step-up date Legal final maturity A AAA (sf) 493.3 93.0 7.7 3M EURIBOR + 0.64 3M EURIBOR + 0.96 February 2031 February 2057 B-Dfrd AA- (sf) 23.9 4.5 3.2 3M EURIBOR +0.90 3M EURIBOR plus + 1.35 February 2031 February 2057 C-Dfrd A- (sf) 8.0 1.5 1.7 3M EURIBOR + 1.10 ]]>ArticlesFri, 13 Feb 2026 10:33:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-domi-2026-1-bv-s101669327<![CDATA[ New Issue: Domi 2026-1 B.V. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 10:23:51 GMT00:01:00<![CDATA[ Credit FAQ: How Will AI Disrupt Software Sectors, Private Markets, And U.S. Credit Conditions? ]]><![CDATA[ This report does not constitute a rating action. A shift in the market narrative around artificial intelligence--from seeing the technology as a tailwind for software companies to recognizing it a significant disruptor--prompted volatility in both equity and credit markets in February 2026. The resulting broad sell-off reflects investors' concern over whether software companies can justify their valuations as AI evolves from a productivity tool into a competitor. The potential for a risk-off mode continues to loom. And this recent AI-driven volatility could expose more underlying cracks across sectors and markets--given the U.S. macro-credit landscape's continued unevenness, private credit's significant exposure to software, and hyperscalers' stratospheric capital expenditure plans, among other dynamics. In our view, AI disruption of the traditional software ]]>ArticlesFri, 13 Feb 2026 10:23:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-will-ai-disrupt-software-sectors-private-markets-and-us-credit-conditions-s101670497<![CDATA[ Credit FAQ: How Will AI Disrupt Software Sectors, Private Markets, And U.S. Credit Conditions? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 22:14:59 GMT00:01:00<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings assigned its first sovereign rating in the Caribbean region in 1996, to Trinidad and Tobago (a 'BB+' long-term foreign currency rating). As of January 2026, we rate 11 Caribbean sovereigns, and six of them are investment-grade ('BBB-' or higher). The sovereign ratings in the region range from 'A-' to 'CCC+' (see table 1). Despite common challenges facing the region (such as managing a narrow economy vulnerable to external shocks and climate events), several countries have sustained high ratings or seen ratings improve from low levels. Those countries' success stems from, among other things, good financial management, the creation of fiscal buffers (including by funding social welfare and domestic pension ]]>ArticlesThu, 12 Feb 2026 22:14:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/caribbean-sovereigns-exhibit-wide-credit-variation-s101669668<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 20:19:43 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' 2025 U.S. not-for-profit acute health care total rating and outlook actions were nearly identical to the number of actions in 2024. However, there were far more upgrades and fewer downgrades in 2025 compared with 2024. This year caps a three-year trend of increasingly fewer downgrades, although the absolute number remains meaningful and reflects sector pressures. The number of outlook revisions were generally comparable year over year with favorable outlook revisions (stable to positive, negative to stable, or negative to positive) accelerating throughout the year and outpacing unfavorable revisions (stable to negative, positive to stable, or positive to negative) in both 2024 and 2025. While we upgraded more organizations in ]]>ArticlesThu, 12 Feb 2026 20:19:43 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-rating-actions-2025-year-end-review-s101668908<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 17:52:29 GMT00:01:00<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]><![CDATA[ This report does not constitute a rating action. In both Trump administrations, the federal government reduced, or threatened to reduce, revenue to LGs, frequently focusing on sanctuary cities. Proposals announced already in 2026 would cut federal funding to this cohort as well as the U.S. states where the cities are located that resist federal immigration enforcement. S&P Global Ratings does not expect this issue will lead to rating changes--in isolation. This is due partly to the limited amount of federal revenues that make up LG budgets: on average, LGs receive less than 5% of their revenues from the federal government. However, a smaller magnitude does not necessarily preclude disruption to operations, especially if there are reductions to U.S. states’ federal ]]>ArticlesThu, 12 Feb 2026 17:52:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-are-mostly-insulated-from-federal-funding-reductions-amid-ongoing-operating-stress-s101669937<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 17:12:30 GMT00:01:00<![CDATA[ Sector Review: U.S. Tech Earnings: Hyperscalers Again Are Hyperspending ]]><![CDATA[ This report does not constitute a rating action. AI is still driving a tech sector boom, with hyperscalers projecting capital expenditure and semiconductor revenue soaring from this specific demand. Enterprise AI adoption is accelerating and creating new revenue streams. Rising memory prices as a result will likely destroy some demand in other hardware segments such as PCs. The AI trend has driven positive rating actions since October, although they lean to a slight downside bias. Unexpected guidance from Meta, Google, and Amazon contribute to combined capex of more than $700 billion from the top five U.S. hyperscalers in 2026, an increase greater than 60%, up from our prior estimate of 38%. Alphabet could double its capex, and Meta’s growth could ]]>ArticlesThu, 12 Feb 2026 17:12:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sector-review-us-tech-earnings-hyperscalers-again-are-hyperspending-s101669934<![CDATA[ Sector Review: U.S. Tech Earnings: Hyperscalers Again Are Hyperspending ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 16:51:38 GMT00:01:00<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]><![CDATA[ This report does not constitute a rating action. In the last year or so, capital markets have contemplated the potential for generative AI to significantly disrupt portions of the software market. Recently launched autonomous and powerful versions of AI tools have accelerated these concerns, contributing significantly to the volatility and negative investor sentiment in the public software equity markets. The headwinds have spilled beyond equities into credit markets including public, syndicated loan, and private credit, given the high representation of software in these spaces. With a lack of real time pricing and the general opacity in the private credit market, investor concerns have been amplified, and an assessment of pronounced pessimism appears to have taken hold. However, S&P Global Ratings ]]>ArticlesThu, 12 Feb 2026 16:51:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-disruption-worries-spill-over-to-private-credit-markets-s101670132<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 15:07:38 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 12 Feb 2026 15:07:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-11-2026-br--s101670295<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 11:10:27 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: USDG ]]><![CDATA[ S&P Global Ratings assesses the ability of Global Dollar (USDG) to maintain its peg to the U.S. dollar at 2 (strong). USDG is a fiat-collateralized stablecoin launched in November 2024, issued by Paxos Digital Singapore Pte. Ltd. (Paxos Digital) and Paxos Issuance Europe Oy (Paxos EU). ]]>ArticlesThu, 12 Feb 2026 11:10:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-usdg-s101670110<![CDATA[ Stablecoin Stability Assessment: USDG ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 09:12:50 GMT00:01:00<![CDATA[ China Industrials In Charts: How Entities Will Adapt To Faster Payments ]]><![CDATA[ This report does not constitute a rating action. Some Chinese industrials will seek funding for accelerated supplier payments, we believe. Rated entities in carmaking, capital goods and engineering and construction owed suppliers about RMB3.25 trillion as of mid-2025. Recent state guidance advises large firms to cut the time to pay SME suppliers by about two-thirds, pressuring some. We view the measure as part of the government's anti-involution campaign, with an eye on improving firms' profitability and cash flow across supply chains. Accelerated payments to suppliers will constrain larger firms' ability to sustain price wars. It will also ease pricing and payment pressures on smaller firms that supply them. As such, the gradual compression in the timeline for payments will improve ]]>ArticlesThu, 12 Feb 2026 09:12:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-industrials-in-charts-how-entities-will-adapt-to-faster-payments-s101666989<![CDATA[ China Industrials In Charts: How Entities Will Adapt To Faster Payments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 22:28:15 GMT00:01:00<![CDATA[ The Ratings View: Feb. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: We look at whether AI will support or replace existing software offerings. Despite record issuance, a steep maturity wall lies ahead for corporate borrowers. The earnings cycle is accelerating and broadening beyond technology entities. ]]>ArticlesWed, 11 Feb 2026 22:28:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-11-2026-s101670200<![CDATA[ The Ratings View: Feb. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 16:45:06 GMT00:01:00<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]><![CDATA[ This report gives a detailed summary of what's expected for the U.S. broadly syndicated collateralized loan obligation and leveraged finance space in first-quarter 2026. ]]>ArticlesWed, 11 Feb 2026 16:45:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-and-bsl-clo-quarterly-tail-risks-persist-q1-2026-s101670100<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 14:18:15 GMT00:01:00<![CDATA[ New Issue: Polaris 2026-1 PLC ]]><![CDATA[ Transaction profile Issuer Polaris 2026-1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller UK Residential Mortgages Ltd. Servicer Pepper (UK) Ltd. Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 338.93 13.35 Daily compounded SONIA + 0.730 Daily compounded SONIA + 1.095 Feb. 27, 2030 June 27, 2070 B-Dfrd* AA (sf) 20.93 8.00 Daily compounded SONIA + 0.900 Daily compounded SONIA + 1.350 Feb. 27, 2030 June 27, 2070 C-Dfrd* A- (sf) 17.21 3.60 Daily compounded SONIA + 1.200 Daily compounded SONIA + 1.800 Feb. 27, 2030 June 27, 2070 D-Dfrd* BBB- (sf) 7.04 1.80 Daily compounded SONIA + 1.550 Daily compounded SONIA + ]]>ArticlesWed, 11 Feb 2026 14:18:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-polaris-2026-1-plc-s101668204<![CDATA[ New Issue: Polaris 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 19:39:04 GMT00:01:00<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. The Americas midstream energy industry benefited from favorable conditions in 2025: rising natural gas demand, financial discipline, and conservative growth funding that we expect to continue in 2026. Integrated, natural gas-focused companies particularly felt lift from liquefied natural gas capacity expansion along the U.S. Gulf Coast. Additionally, increased demand for power generation from AI and data centers may spur further liquids infrastructure development in Canada and the Midwest. While geopolitical and macroeconomic uncertainties could pose challenges, companies are well-positioned financially to manage potential headwinds. Currently, outlooks on 85% of midstream energy companies rated by S&P Global Ratings are stable, 3% positive, and 6% negative. Ratings for both investment-grade and speculative-grade firms have ]]>ArticlesTue, 10 Feb 2026 19:39:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-midstream-energy-companies-in-the-americas-strongest-to-weakest-s101668211<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 14:43:51 GMT00:01:00<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]><![CDATA[ This report does not constitute a rating action. New products by AI-native companies are adding uncertainty about whether AI will support existing software offerings or replace them. This has triggered a market reevaluation and destabilized the financial outlooks for software companies lacking business moats--a set of characteristics that provide a competitive advantage. The software industry’s longstanding advantages--high barriers to entry, recurring revenue, established pricing, and strong profitability--are now being challenged by the integration of AI into software offerings and workflows. We consider established platform leaders with deep domain expertise and proprietary data to be best positioned to navigate disruption from AI-native entrants, while less differentiated, rule-based, point-solutions software providers will likely face margin pressure and displacement risks. While AI-driven disruption ]]>ArticlesTue, 10 Feb 2026 14:43:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/recalibrating-the-competitive-moat-assessing-durability-in-an-ai-infused-software-landscape-s101669629<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 13:42:10 GMT00:01:00<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]><![CDATA[ This report does not constitute a rating action. Switzerland has experienced recent incidents--including the landslide in the village of Blatten and similar risks identified in Brienz--that reveal vulnerability to significant physical climate risks, despite not being typically associated with extreme weather events. These risks have direct and measurable financial implications and offer valuable insights into how climate-related hazards can affect a region's public finances and infrastructure. Extreme weather events could drive higher and more volatile public spending and, over time, affect regional economic conditions. Single events are generally manageable in Swiss cantons, in S&P Global Ratings' view, but compounding or spatially widespread shocks could increase infrastructure needs, strain operating budgets, and weaken tax bases, particularly where economic activity or the ]]>ArticlesTue, 10 Feb 2026 13:42:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-when-nature-sends-the-bill-the-impact-of-extreme-weather-events-on-swiss-canton-ratings-s101665689<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 05:18:07 GMT00:01:00<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]><![CDATA[ This report does not constitute a rating action. On Jan. 26, 2026, the EU gave approval to completely cut Russian liquefied natural gas (LNG) by end-2026 and pipeline gas by 2027. According to the European Commission, this supply amounts to 35 billion cubic meters per year (bcmpa), or roughly 10% of the EU's gas consumption annually. Much of this gas may come to Asia. Investors are asking us where in Asia could this gas go, how the added supply may affect Asian gas markets, and how this may shape the spending choices of energy majors. We answer their main queries below. It's likely, as Asia currently imports gas from Russia. China, India and Japan, for example, are major buyers of ]]>ArticlesTue, 10 Feb 2026 05:18:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-diverted-russian-gas-could-affect-asian-energy-markets-br--s101669097<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 03:22:13 GMT00:01:00<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]><![CDATA[ This report does not constitute a rating action. A major debt overhang persists for two of China's wealthiest provinces. Nationally, Jiangsu and Zhejiang have amassed the highest level of debt at their local government financing vehicles (LGFVs). And the burden is still growing, albeit at a slower rate. Tackling the risks won't be quick or easy. Jiangsu and Zhejiang are among China's most economically dynamic provinces. S&P Global Ratings believes they have therefore shouldered more responsibility to support the Chinese economy in recent years by pumping money into infrastructure projects. The provinces channeled some of this investment through their LGFVs, accelerating debt levels. Zhejiang's LGFV debts grew at a compound annual of 23% over the five years to 2024, and ]]>ArticlesTue, 10 Feb 2026 03:22:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-lgfv-in-transition-lgfvs-at-economic-powerhouses-jiangsu-and-zhejiang-are-only-gradually-commercializing-s101665801<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 20:47:53 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was muted with a roughly 0.4% increase nationally as of third-quarter 2025, compared with about 1.5% as of the second quarter. Meanwhile, per capita income growth remained subdued at roughly 0.7% versus 1.2%. Our current assessment shows that about 82% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 10% are neutral (0% over/undervaluation) and about 8% are undervalued. In addition, home prices have decreased in 10 states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation assessment and ]]>ArticlesMon, 09 Feb 2026 20:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-at-10-hpa-muted-s101663586<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 17:06:54 GMT00:01:00<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]><![CDATA[ This report does not constitute a rating action. The global animal health product industry has many of the same favorable characteristics as the branded pharmaceutical industry: 1) Patents and the need for pharmacological expertise are substantial barriers to new competitors. 2) A significant portion of revenue is naturally recurring. 3) Demand tends to be stable through the business cycle. 4) High industry consolidation limits price-based competition. The market for companion animal (pets, as opposed to livestock for food supply) health products offers particularly attractive growth prospects, supported by strong brand loyalty from vets and pet owners, which contributes to high margins and limited volatility even after patent expirations. Our ratings on industry-leading companies Zoetis, Elanco, and Merck & Co.--as well ]]>ArticlesMon, 09 Feb 2026 17:06:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/peer-comparison-favorable-industry-dynamics-support-business-prospects-for-leading-animal-health-product-companies-s101664089<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 11:28:09 GMT00:01:00<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]><![CDATA[ This report does not constitute a rating action. Sweden’s securitization market may benefit from changing EU regulations and a growing appreciation of risk transfer benefits. The Swedish financial regulator (Finansinspektionen; FSA) has historically approached securitization with caution, which may have kept public issuance negligible for the past decade. However, a legislative effort at the EU level could soon bring significant changes to how the bloc's member states regulate securitization activity. We understand that the FSA has been concerned about so-called flowback risk, the possibility of credit risk transferred through a securitization returning to the originator's balance sheet. While the EU securitization regulations do not explicitly address this risk, greater standardization, transparency, and deepening securitization markets could mitigate the concern. In ]]>ArticlesMon, 09 Feb 2026 11:28:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-brief-eu-regulatory-changes-could-unlock-swedish-securitization-growth-s101668008<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 04:08:33 GMT00:01:00<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific's chemical glut persists. The sector will remain under earnings strain in 2026. S&P Global Ratings thinks ongoing overcapacity will keep utilization and products spreads weak, which means there will likely be no meaningful recovery by 2027 at least. Although Asia's ethylene producers plan to cut less than 5% of regional capacity over the next two to three years, downside risks remain elevated. Weakness in China's property sector and domestic consumption, alongside global trade tensions, could further dampen demand. We anticipate capacity rationalization will pick up pace. Producers outside China will curb output amid rising competition and import displacement tied to China's push for self-sufficiency. In China, producers are likely to accelerate ]]>ArticlesMon, 09 Feb 2026 04:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-asia-pacific-chemical-sector-2026-oversupply-prolongs-the-strain-s101668158<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 03:48:38 GMT00:01:00<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 09 Feb 2026 03:48:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-trends-rmbs-arrears-statistics-australia-including-noncapital-market-issuance-december-2025-s101669517<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 02:16:52 GMT00:01:00<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]><![CDATA[ This report does not constitute a rating action. China's glut of primary housing is keeping a property market recovery out of reach. Completed primary inventory rose in 2025 for the sixth year in a row. The supply overhang likely weighs on prices, and falling prices erode homebuyers' confidence. It's a vicious cycle with no easy escape. Without major nationwide policies to address excess inventory, primary home sales will likely keep falling in 2026. We expect nationwide primary property sales to drop 10%-14% to renminbi (RMB) 7.2 trillion-RMB7.6 trillion in 2026 (see table 1). This is down from our original expectation of a 5%-8% sales decline in 2026 (see " China Property Watch: The Chilling Effects Of Polarization ," Oct. 9, ]]>ArticlesMon, 09 Feb 2026 02:16:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-property-watch-supply-glut-to-impede-recovery-s101667227<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 18:35:19 GMT00:01:00<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]><![CDATA[ ESG-related rating actions rose 11% in 2025 to 182, reversing the decline seen in 2024. This increase was driven almost exclusively by governance factors, which accounted for 80% of all ESG-related rating activity (up from 77% in 2024). Physical climate risks drove 29 rating actions in 2025, up 32% from 2024, with the increase pointing to rising near-term credit sensitivity to acute weather events. ]]>ArticlesFri, 06 Feb 2026 18:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/esg-in-credit-ratings-2025-in-review-physical-risk-driven-rating-actions-increased-s101669418<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 15:12:33 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 06 Feb 2026 15:12:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-4-2026-s101669350<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 14:45:51 GMT00:01:00<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]><![CDATA[ This report does not constitute a rating action. The PPIF, held in Miami from Jan. 27-29, 2026, is one of the largest gatherings of market participants in the global and growing private placements market. Data centers held the spotlight, with discussions around size of pipeline, execution risk, and pursuit of new pools of capital to fund the growth. This report summarizes key observations and themes from the conference, focusing on the challenges and opportunities facing data center financing. These will finance ever-growing data center buildouts in the U.S. In 2025, about $237 billion was spent to build global data center facility shell, power and cooling infrastructure, and a further $283 billion is expected in 2026. Discussion with PPIF participants indicates ]]>ArticlesFri, 06 Feb 2026 14:45:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-and-project-finance-key-data-center-financing-takeaways-from-ppif-2026-s101668747<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 09:59:58 GMT00:01:00<![CDATA[ European Food Retailers' Operating Models Unpacked ]]><![CDATA[ This report does not constitute a rating action. Although rated European food retailers offer consumers similar products and experiences, they operate different operating models that create important divergences in their business, financial, and governance profiles. S&P Global Ratings believes that European food retailers' profitability and free cash flow generation are primarily a function of their location, competitive position, size, and supply chain efficiency rather than their operating model. However, the operating models that retailers adopt can significantly influence their management of these factors, and this can affect their creditworthiness. This is because the operating models determine the value-sharing arrangements among the different stakeholders. In this report, we look at the three operating models common among our rated European food retailers ]]>ArticlesFri, 06 Feb 2026 09:59:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-food-retailers-operating-models-unpacked-s101666853<![CDATA[ European Food Retailers' Operating Models Unpacked ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 18:02:19 GMT00:01:00<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 19 rating actions, made 32 outlook revisions, and placed three ratings on CreditWatch within the U.S. municipal water and sewer utilities sector in fourth-quarter 2025. We also affirmed 88 ratings with no outlook revisions. U.S. municipal water and sewer utilities rating actions, 2025 and fourth-quarter 2024 2024 2025 Fourth quarter First quarter Second quarter Third quarter Fourth quarter Upgrades 6 6 8 12 5 Downgrades 35 31 18 16 14 Favorable outlook revisions 3 4 12 11 12 Unfavorable outlook revisions 23 9 16 17 20 Removed from CreditWatch 5 4 12 5 1 CreditWatch with negative implications 5 23 4 2 3 Maintained ratings with no outlook ]]>ArticlesThu, 05 Feb 2026 18:02:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-municipal-water-and-sewer-utilities-rating-actions-fourth-quarter-2025-s101668706<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 09:21:14 GMT00:01:00<![CDATA[ Central And Eastern Europe Sovereign Rating Outlook 2026: Geopolitical And Fiscal Risks Loom Large ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings views risks to CEE sovereign ratings in 2026 as increasing. Most CEE governments run large budget deficits and public debt remains considerably higher than pre-pandemic levels. Political fragmentation and a busy electoral calendar have impeded progress on fiscal consolidation. However, we forecast a modest recovery in GDP growth to 2.4% on average in 2026, from 2.2% in 2025, driven by resilient consumption, improving external demand (including from Germany), and stronger investment spurred by EU transfers. These inflows will help CEE economies to fund modest current account deficits and maintain generally strong external stock positions. EU financial flows, which are both large and non-debt-creating, differentiates CEE countries from lower-rated middle-income ]]>ArticlesThu, 05 Feb 2026 09:21:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/central-and-eastern-europe-sovereign-rating-outlook-2026-geopolitical-and-fiscal-risks-loom-large-s101666308<![CDATA[ Central And Eastern Europe Sovereign Rating Outlook 2026: Geopolitical And Fiscal Risks Loom Large ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 06:18:25 GMT00:01:00<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]><![CDATA[ This report does not constitute a rating action. Any crash of a titan in South and Southeast Asia's corporate sector could have deep repercussions for banks. Concentration risks are significant for a few banks but manageable for most others. Table 1 Our scenario analysis, focused on loan concentration at banks in the region, found Brunei and the Philippines are at the highest risk. This is because of high single-name concentration in those countries. Rated Cambodian banks, meanwhile, face little concentration risk, because banks there are generally not heavily exposed to large corporations. In the case of a blockbuster default, S&P Global Ratings' assessment of risk-adjusted capital levels could decline sharply for certain banks. This could lead to negative rating actions. That ]]>ArticlesThu, 05 Feb 2026 06:18:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-and-southeast-asia-stress-tests-show-loan-concentration-could-blindside-banks-s101666982<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 05:23:22 GMT00:01:00<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]><![CDATA[ This report does not constitute a rating action. Japan's large companies will generally withstand the pressure of higher interest rates, in our view. The yield on 10-year Japanese government bonds, a benchmark long-term interest rate, exceeded 2% at the end of 2025 for the first time in 26 years and was 2.25% at the end of January 2026. While policy interest rates in major countries globally are being cut, further moderate rate hikes are likely in Japan. However, we surveyed the companies on the Nikkei Stock Average (Nikkei 225) and see little risk of them being hit hard by higher rates. Business performance and indicators related to cash flow at these companies should be relatively unscathed. Highter interest rates will ]]>ArticlesThu, 05 Feb 2026 05:23:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-japan-can-withstand-rising-interest-rates-s101667270<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 20:10:03 GMT00:01:00<![CDATA[ The Ratings View: Feb. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: Geopolitical risks could destabilize sovereign debt credit-quality dynamics. Global bond issuance to increase 4.8% in 2026. We address six key questions regarding liquidity and volatility in credit markets. ]]>ArticlesWed, 04 Feb 2026 20:10:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-4-2026-s101668997<![CDATA[ The Ratings View: Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:44:33 GMT00:01:00<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]><![CDATA[ An annual review of the U.S. and Canada credit card ABS trusts we rate. ]]>ArticlesWed, 04 Feb 2026 18:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-and-canada-credit-card-abs-review-s101668938<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:40:44 GMT00:01:00<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]><![CDATA[ This report does not constitute a rating action. Medical device manufacturers are reshaping their portfolios through mergers, acquisitions, and spin-offs to improve positioning in high-growth markets. In recent years, supply chain disruptions, high interest rates, regulatory and legislative uncertainty, and high valuations curtailed large-scale M&A. Instead, companies focused on smaller tuck-in acquisitions and strategic spin-offs to adjust their portfolios. This allowed them to innovate within segments, expand product portfolios, and leverage established research and development and commercial platforms to increase revenue, with minimal impact to credit metrics. At the same time, divestitures of segments with weaker growth prospects, lower margin profiles, or older technologies (sometimes requiring significant investment) helped improve financial performance but reduced diversification. The environment for medical device ]]>ArticlesWed, 04 Feb 2026 18:40:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-thoughts-on-portfolio-reshaping-wave-in-medtech-s101666410<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:57:44 GMT00:01:00<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]><![CDATA[ This report does not constitute a rating action. Regulated electric and gas utilities entered 2026 with approximately $14 billion of rate case increase requests pending across several U.S. jurisdictions, reflecting the need for timely cost recovery. At the same time, these utilities continue to operate in an environment defined by high capital spending, in large part driven by datacenter growth, grid hardening, and energy transformation. Specifically, 56 regulated electric and gas utilities have rate case decisions pending in 2026, representing 34 utility holding companies. In addition, these regulated utilities are requesting an authorized rate of return that averages about 10.4% and an authorized equity capitalization that averages about 51.3%. Furthermore, these utilities’ holding companies incurred capital expenditures (capex) totaling approximately ]]>ArticlesWed, 04 Feb 2026 17:57:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/select-us-investor-owned-electric-and-gas-utilities-enter-2026-with-14-billion-in-pending-rate-cases-modestly-lower-than-2025-requests-s101665495<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:43:25 GMT00:01:00<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]><![CDATA[ This report does not constitute a rating action. Although global debt issuance in 2025 reached a record high amid robust investor demand, supporting refinancing efforts, borrowers continue to face substantial maturing debt in the coming years. Corporate issuers in 2025 took advantage of favorable financing conditions and rate cuts by the Federal Reserve and other major central banks. Global financial and nonfinancial corporate borrowers reduced debt maturing in 2026 by 11.5% to $2.32 trillion over 2025, with nonfinancial speculative-grade (rated 'BB+' or lower) debt maturing in 2026 down by 43%. These reductions would have been even deeper if not for the weakening of the U.S. dollar last year, which lifted the relative amount of debt outstanding in U.S. dollars. Despite ]]>ArticlesWed, 04 Feb 2026 17:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-refinancing-steep-maturities-lie-ahead-despite-recent-record-issuance-s101667681<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 16:33:29 GMT00:01:00<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]><![CDATA[ Generally healthy broker performance in 2026 despite limited market lift. Non-brokers to largely perform well despite lingering headwinds. Inorganic activity remains central in the race for scale. ]]>ArticlesWed, 04 Feb 2026 16:33:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/insurance-brokers-and-servicers-sector-view-2026-resilience-amid-a-transitioning-market-s101668918<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 15:22:34 GMT00:01:00<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]><![CDATA[ U.S. property/casualty (P/C) insurance remains a highly rated sector with strong capital, which is further bolstered by solid operating performance and investment income. ]]>ArticlesWed, 04 Feb 2026 15:22:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-propertycasualty-insurance-sector-view-2026-resilience-in-the-face-of-uncertainty-s101668740<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:56:53 GMT00:01:00<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]><![CDATA[ S&P Global Ratings expects annual average real GDP growth for Canada to come in at 1.7% in 2025 and 1.5% in 2026, reflecting Statistics Canada's significant upward revisions to GDP data in December. ]]>ArticlesWed, 04 Feb 2026 14:56:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-canada-macroeconomic-snapshot-growth-slows-pockets-of-resilience-remain-s101668902<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:11:04 GMT00:01:00<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]><![CDATA[ This report does not constitute a rating action. Before the 2008 financial crisis, pro rata amortization structures were relatively common in EMEA asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions. Following the financial crisis, the market largely shifted toward sequential amortization, prioritizing the repayment of senior notes. However, ABS pro rata amortization structures (often incorporating a full capital stack) have experienced a revival since 2018-2019. This shift is reflected in our November 2022 to December 2025 ratings data, where the number of overall ABS pro rata transactions we rate increased to 43 (from 26) and pro rata day one transactions increased to 19 (from eight). We anticipate this trend to continue. Although this resurgence is more pronounced in ABS ]]>ArticlesWed, 04 Feb 2026 14:11:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-a-deeper-dive-into-european-abs-and-rmbs-pro-rata-amortization-structures-s101660258<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 12:43:55 GMT00:01:00<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Kelag's Green Financing Framework as Dark green, indicating activities that correspond to the long-term vision of a low-carbon climate resilient future. Kelag is one of Austria’s major integrated energy companies. Its activities span renewable power generation, electricity and gas network operation, district heating, energy trading, and telecommunications. ]]>ArticlesTue, 03 Feb 2026 12:43:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kelag-green-financing-framework-s101668726<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 08:54:33 GMT00:01:00<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]><![CDATA[ This report does not constitute a rating action. Stablecoins are poised to enter the mainstream of European finance in 2026. The digital tokens, which are often pegged one-to-one to currencies, promise greater stability than unbacked crypto assets yet retain many of the same benefits--speed, low costs, and traceability. That makes them a potentially useful instrument for both investment (via tokenized assets) and business transactions, especially across national borders. S&P Global Ratings expects European stablecoin issuance and use to grow rapidly, beginning this year and continuing over our forecast horizon. By 2030 we forecast the total value of euro-pegged stablecoins will be between €25 billion and €1,100 billion (equivalent to 0.1% to 4.2% of eurozone banks’ overnight deposits), up from a ]]>ArticlesTue, 03 Feb 2026 08:54:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-banks-are-embracing-stablecoins-with-an-eye-on-the-future-br--s101654757<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 07:27:16 GMT00:01:00<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]><![CDATA[ This report does not constitute a rating action. A new year, a new push to reform Indian banks. In its recent budget, the government said it would comprehensively review lenders. The reforms could emphasize consolidation to achieve scale, coupled with structural efficiency gains. If reforms miss on efficiency, we believe they won't likely meet state objectives of becoming world leading. Only two Indian banks rank among the top 100 globally by assets: State Bank of India (SBI) and HDFC Bank. In our view, the current economic climate presents an opportunity for structural reforms. The balance sheets of Indian banks are healthy and we believe their asset-quality pressures are manageable. India's public sector banks (PSBs) are inefficient not just in comparison ]]>ArticlesTue, 03 Feb 2026 07:27:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/will-indias-latest-reform-push-make-public-sector-banks-more-efficient-s101665998<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 19:28:24 GMT00:01:00<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]><![CDATA[ This report does not constitute a rating action. We forecast average growth to accelerate to 3.4% in 2026 from 3% last year, driven by increased hydrocarbon production and strong nonoil activity, particularly in the UAE and Saudi Arabia. Notably, Qatar’s new liquefied natural gas production is due to come on stream this year. Chart 1 Our forecasts are underpinned by the assumption that public sector initiatives focused on maximizing oil and gas revenues--including infrastructure investments to increase capacity--will maintain growth in tandem with efforts to develop sustainable nonoil private sectors, most visibly in Saudi Arabia. However, these diversification efforts carry significant fiscal costs, which are amplified by lower oil prices. We assume a $60/bbl oil price in 2026. Chart 2 ]]>ArticlesMon, 02 Feb 2026 19:28:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-sovereign-rating-outlook-2026-stable-through-geopolitical-and-oil-price-volatility-s101667024<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:50:01 GMT00:01:00<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]><![CDATA[ This report does not constitute a rating action. The average African sovereign rating has reached its highest level since late 2020--with a slightly positive outlook bias--reflecting recent reforms and improved growth, though the full impact on credit metrics will take time to materialize. Stable growth, lower inflation, and prospects for higher commodity prices (excluding oil) and a weaker U.S. dollar should reduce financing costs and support continued reform implementation. Structurally high debt and low, concentrated revenue bases will continue to pose key risks and, with government external debt repayments likely to exceed $90 billion this year, external vulnerabilities have also increased. Security risks, including rising Islamist activity (particularly in West Africa) present a challenge, while factors such as civil unrest--reflecting ]]>ArticlesMon, 02 Feb 2026 17:50:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/african-sovereign-ratings-outlook-2026-positive-momentum-stabilizing-s101667563<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:46:55 GMT00:01:00<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that the recovery in U.K.-based providers’ performance will be more prolonged than we previously projected. U.K.-based providers will continue to increase their spending on existing stock, albeit at a slower pace than in previous years (see chart 1). Growing repair costs reflect efforts to improve the quality of the sector’s housing stock and meet energy efficiency, building safety, and other enhanced regulatory requirements. In addition, the sector continues to face high demand for repair services. We consider that U.K. providers now have more certainty about their financial plans thanks to a better understanding of their stock, together with visibility on grants for investments in existing homes, access to ]]>ArticlesMon, 02 Feb 2026 17:46:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/non-us-social-housing-sector-outlook-2026-headwinds-ease-s101662744<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:29:28 GMT00:01:00<![CDATA[ Americas Sovereign Rating Trends 2026 Predicts Stable Credit Quality Amid Greater Trade Uncertainty, Report Says ]]><![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Feb. 2, 2026--Average credit quality in the Americas has reached its highest level since 2016, S&P Global Ratings said in its report " Americas Sovereign Rating Trends 2026: Recovering Credit Quality Amid Greater Trade Uncertainty ," published today. "Sovereign ratings are now evenly split between investment- and speculative-grade for the first time in almost 10 years," said S&P Global Ratings Managing Director - Sector Lead Joydeep Mukherji. This follows six sovereign upgrades in the region in the second half of 2025: We raised the long-term foreign currency ratings on Argentina, The Bahamas, Barbados, Costa Rica, Jamaica, and Paraguay. However, we don't expect credit quality to strengthen further ]]>ArticlesMon, 02 Feb 2026 17:29:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/americas-sovereign-rating-trends-2026-predicts-stable-credit-quality-amid-greater-trade-uncertainty-report-says-s101668241<![CDATA[ Americas Sovereign Rating Trends 2026 Predicts Stable Credit Quality Amid Greater Trade Uncertainty, Report Says ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 15:27:17 GMT00:01:00<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]><![CDATA[ This report does not constitute a rating action. Laura Fernandez, the candidate from official Pueblo Soberano party won the February 1 presidential election in Costa Rica with 48.3% of the votes. The incumbent political party won 31 seats in the 57-seat National Assembly, achieving a simple majority. This is a significant increase from the nine seats it had during last president Chaves' term and marks a reduction in legislative fragmentation. President-elect Fernandez is likely to keep policy continuity with the outgoing Chaves administration. Implementation of her policy agenda depends upon her ability to advance on key legislation that requires simple majorities, and work with the National Assembly on more structural reforms that requires a two-third majority. On Feb. 1, 2026, ]]>ArticlesMon, 02 Feb 2026 15:27:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/costa-rica-brief-president-elect-laura-fernandez-secures-legislative-majority-s101668376<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 14:53:01 GMT00:01:00<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]><![CDATA[ This report does not constitute a rating action. As 2026 gets underway, the macroeconomic outlook remains uncertain, and volatility persists. Given the resultant unpredictability, S&P Global Ratings has addressed six questions on the key issues that could affect liquidity and volatility in global credit markets in 2026. Leverage is likely to continue building among some nonbank financial institutions (NBFIs) in 2026, fueled by easing monetary policy and bank capital requirements. NBFIs with elevated leverage could exacerbate financial fragilities and put pressure on central banks, again. Some NBFIs engage in credit and liquidity transformation, using financial leverage (borrowings) or synthetic leverage (derivatives exposures) (see chart 1). Unlike banks, NBFIs typically have limited reporting and disclosure requirements, even in jurisdictions with developed ]]>ArticlesMon, 02 Feb 2026 14:53:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/liquidity-outlook-2026-six-questions-six-answers-s101666994<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 12:28:40 GMT00:01:00<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]><![CDATA[ This report does not constitute a rating action. Eroding FX reserves are highlighting CEMAC‘s external financial vulnerabilities. Balance-of-payments pressures are stemming mainly from the region’s heavy reliance on oil, which still dominates exports and fiscal revenues (see chart 1). We assume international oil prices will stay subdued, averaging $60 per barrel this year, while output remains constrained by aging fields and technical challenges. At the same time, large infrastructure projects, ongoing investment in oil and gas, and limited domestic production of essential goods are keeping import demand high. Balance-of-payments support from donors is also lower; most IMF programs have expired and have not been renewed--except in Chad and the Central African Republic. CEMAC heads of states--the only authorities able to ]]>ArticlesMon, 02 Feb 2026 12:28:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cemac-devaluation-is-currently-unlikely-despite-growing-external-pressures-on-member-states-s101666845<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 11:11:26 GMT00:01:00<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]><![CDATA[ This report does not constitute a rating action. The growth of private credit has fueled an expansion of investment vehicles offering a range of objectives with different liquidity and risk profiles. One such vehicle is collateralized fund obligations, or CFOs. In this article, S&P Global Ratings does a deep dive on CFOs by detailing their history and how the product and sector are evolving. During the 2015-2025 period, some $15 billion in 47 such transactions backed by structured products, or hedge fund or private-equity fund shares, priced in the 144A market, per Green Street data. However, as the sector evolves, newer transactions may bear less resemblance to prior-generation deals, as they may feature more varied and complex underlying assets, structural ]]>ArticlesMon, 02 Feb 2026 11:11:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-the-evolution-of-collateralized-fund-obligations-s101667662<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:36:53 GMT00:01:00<![CDATA[ Africa Banking Outlook 2026: Favorable Conditions Support Loan Growth And Asset Quality ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects economic and financing conditions in most African countries to remain broadly supportive in 2026, leading to resilient credit growth and asset quality. While banks' profitability will vary across countries, we anticipate that most banking sectors will mitigate the impact of declining interest rates through volume growth and lower credit losses. Diversified business models will also help stabilize profitability for South African banks. We expect a faster pace of rate reductions in Nigeria and Egypt as inflation subsides, which will affect banks’ profitability in the two countries. Economic prospects being overall benign are essential component of our expectations for the continent. Most emerging markets remain vulnerable to external shocks--for ]]>ArticlesMon, 02 Feb 2026 09:36:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/africa-banking-outlook-2026-favorable-conditions-support-loan-growth-and-asset-quality-s101666540<![CDATA[ Africa Banking Outlook 2026: Favorable Conditions Support Loan Growth And Asset Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:16:55 GMT00:01:00<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]><![CDATA[ This report does not constitute a rating action. The end of regulatory forbearance will challenge asset quality, while increased capital requirements come due and net interest margins come under pressure because of expected interest rate cuts. Despite this, we anticipate Nigerian banks will prove resilient and capable to preserve their profitability. This is due growth in NII (driven by transaction fees and commission growth) and declining but still high cost of risk. The latter will remain elevated as the Central Bank of Nigeria (CBN) removed regulatory forbearance measures and the creditworthiness of some restructured exposures remains weak. These could weigh on banks' asset quality in 2026 and beyond, particularly if the oil price drops significantly below our expectations. Banks have ]]>ArticlesMon, 02 Feb 2026 09:16:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nigerian-banking-outlook-2026-banks-face-regulatory-headwinds-but-will-be-able-to-preserve-positive-profitability-s101663153<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:07:56 GMT00:01:00<![CDATA[ Moroccan Banking Outlook 2026: Economic Growth Fuels Strong Performance ]]><![CDATA[ This report does not constitute a rating action. Moroccan banks are poised to benefit from robust economic growth in 2026, driven by spending on large-scale infrastructure projects and supportive government policies. S&P Global Ratings projects an acceleration in lending activity, improvements in asset quality, and stabilized profitability over 2026. However, elevated non-performing loan (NPL) ratios relative to other emerging markets and exposure to sub-Saharan Africa continue to weigh on banks' credit profiles. The alignment of regulations in Morocco with international standards should strengthen banks' capital buffers and the overall resilience of the banking sector. We project Morocco's economy will maintain robust GDP growth, averaging 4% through 2026. Ambitious infrastructure projects--including preparations for the 2030 FIFA World Cup, transport network expansion, ]]>ArticlesMon, 02 Feb 2026 09:07:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/moroccan-banking-outlook-2026-economic-growth-fuels-strong-performance-s101665643<![CDATA[ Moroccan Banking Outlook 2026: Economic Growth Fuels Strong Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:00:11 GMT00:01:00<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]><![CDATA[ This report does not constitute a rating action. A gradual improvement in economic growth will lead to healthy business prospects and solid credit fundamentals. We expect GDP growth will average 1.5% over 2026-2027, from a subdued 0.6% in 2024. South Africa also benefits from the ongoing rally in precious metals, and we expect strong exports will support headline growth. That said, logistical and tariff-related pressures will persist. We forecast that the improving economic backdrop, coupled with infrastructure investments in logistics and renewables, will lead to robust credit growth of 8%-9% through 2026, supported by falling interest rates. Despite a slightly tighter net interest margin due to rate cuts, we expect South African banks will maintain strong profitability, with return on ]]>ArticlesMon, 02 Feb 2026 09:00:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-african-banking-outlook-2026-stronger-economy-lifts-growth-and-performance-prospects-s101666280<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 20:19:50 GMT00:01:00<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]><![CDATA[ This report does not constitute a rating action. Assuming broadly syndicated loan (BSL) CLO ‘AAA’ spreads remain stable at SOFR plus 125 bps throughout 2026 (our base case scenario), the U.S. CLO market is poised for a third consecutive year of lively reset and refinancing activity, with $375 billion in projected volume and a particularly active first half of the year. Our framework suggests a gradual 15 bps widening of BSL CLO ‘AAA’ spreads could result in $220 billion of CLO resets/refis in 2026 ($155 billion less than our base case), while a gradual 15 bps tightening of BSL CLO ‘AAA’ spreads could lead to $470 billion of resets/refis ($95 billion more than our base case). Based on the current ]]>ArticlesFri, 30 Jan 2026 20:19:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/clo-spotlight-will-strong-us-resetrefi-momentum-continue-in-2026-or-is-the-market-due-for-a-reset-s101667333<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 19:16:41 GMT00:01:00<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]><![CDATA[ We expect that our ratings on U.S. securities firms will be largely steady in 2026, with most of those firms maintaining solid capital and liquidity. ]]>ArticlesFri, 30 Jan 2026 19:16:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-securities-firms-sector-view-2026-markets-influence-earnings-while-capital-and-liquidity-drive-ratings-s101668269<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:40:57 GMT00:01:00<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]><![CDATA[ This report summarizes the main themes emerging from our recently published Industry Credit Outlook 2026 reports. It also provides the main risks and opportunities to our baseline forecasts highlighted by our analysts and the key messages for each industry. ]]>ArticlesFri, 30 Jan 2026 18:40:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-slides-industry-credit-outlook-2026-key-themes-s101668258<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:20:39 GMT00:01:00<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. In fourth-quarter 2025, S&P Global Ratings took a total of 100 rating actions within the U.S. public finance housing sector, consisting of 20 positive rating actions, six negative rating actions, 63 affirmations, and 11 new ratings. Further details are provided in the following paragraphs. Positive rating actions: 15 upgrades and four outlook changes in the rental housing bond (RHB) subsector and one outlook change in the social housing provider (SHP) subsector (see table, “Positive rating actions” below). These are broken down as follows: Seven upgrades and four outlook revisions to military housing credits with ratings ranging from the ‘AA’ category to the ‘A’ category; Three upgrades to mobile home park credits in ]]>ArticlesFri, 30 Jan 2026 18:20:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-rating-actions-fourth-quarter-2025-s101667373<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 16:12:02 GMT00:01:00<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]><![CDATA[ S&P Global Ratings assesses Deutsche Bank Securities Inc.' Public Finance Authority Municipal Certificates as aligned with Social Bond Principles, ICMA, 2025. Deutsche Bank Securities Inc. is an investment bank, broker, and capital markets company. It underwrites and trades debt and equity securities, provides market-making and investment advisory services, and acts as a clearing broker for affiliated and third-party institutional clients. ]]>ArticlesFri, 30 Jan 2026 16:12:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-deutsche-bank-securities-inc-public-finance-authority-municipal-certificates-s101668289<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 13:59:55 GMT00:01:00<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Table 1 Global issuance summary and forecast (Bil. $) Nonfinancials Financial services Structured finance U.S. public finance International public finance Annual total 2020 3,364.3 2,694.4 1,010.3 481.1 1,128.5 8,529.77 2021 2,995.8 3,160.2 1,297.1 477.9 1,203.5 9,145.59 2022 1,953.4 2,716.0 1,170.5 389.3 1,065.2 7,321.41 2023 2,251.0 2,792.1 1,061.9 383.7 1,214.5 7,729.89 2024 2,824.8 3,289.4 1,313.7 512.8 1,350.8 9,290.74 2025 3,307.7 3,556.6 1,452.9 578.6 1,427.2 10,290.23 2026 forecast (YOY % change) 5.0 5.5 5.0 4.0 0.0 0.0 2026 ranges -3% to 13% -2% to 12% -3% to 10% -2% to 10% -7% to 7% -2.8% to 11.6% Data as of Dec. 31, 2025. ¶Includes infrastructure. **Note: Structured finance excludes transactions that were ]]>ArticlesFri, 30 Jan 2026 13:59:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-financing-conditions-issuance-growth-could-slow-in-2026-as-strains-persist-s101666345<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 12:38:10 GMT00:01:00<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]><![CDATA[ Transaction profile Issuer BPCE Master Home Loans FCT Collateral type RMBS prime Domicile of assets France Originators Banques Populaires and Caisses d'Epargne Seller and servicer Banques Populaires and Caisses d'Epargne Counterparty BPCE Capital structure Class ISIN code Rating* Amount (bil. €) Available credit enhancement (%)§ Coupon (%) Expected maturity date Final legal maturity date A-2026-01 FR00140159U3 AAA (sf) 9.0 6 0 Jan. 31, 2031 Dec. 31, 2071 *Our rating addresses timely interest and ultimate principal payments on or before extended legal final maturity. §Available credit enhancement (provided by subordination and excluding the general reserve and excess spread) equals 6.0% at the time of this new issuance, with dynamic credit enhancement throughout the transaction’s life subject to rating agency review and ]]>ArticlesFri, 30 Jan 2026 12:38:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bpce-master-home-loans-fct-a-2026-01-s101664881<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 08:49:45 GMT00:01:00<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]><![CDATA[ Rated financial market infrastructures (FMIs) delivered solid performance in 2025, which we expect to continue into 2026. ]]>ArticlesFri, 30 Jan 2026 08:49:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financial-market-infrastructure-sector-view-2026-monetize-digitize-tokenize-s101668005<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 07:11:39 GMT00:01:00<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]><![CDATA[ Over the three years following the first issuance of the financing, Södertälje expects to allocate 57% of the proceeds to green buildings, 20% to sustainable water and wastewater management, 17% to energy efficiency, and the remaining 6% to other categories.The municipality expects 40% of the proceeds to be allocated to refinancing projects, and 60% to finance new projects.Based on the project categories' Shades of Green, the expected allocation of proceeds, and consideration of environmental ambitions reflected in Södertälje's Green Bond Framework, we assess the framework as Medium green. Södertälje is a municipality in Stockholm County and has approximately 100,000 habitants. The municipality is responsible for ensuring that residents have access to necessary services and resources, such as education, social services, health and welfare, environment and sustainability, urban planning and construction, as well as culture and leisure. ]]>ArticlesFri, 30 Jan 2026 07:11:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-city-of-sodertalje-green-bond-framework-s101668164<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 03:58:11 GMT00:01:00<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]><![CDATA[ This report does not constitute a rating action. Contaminated milk formula could raise costs for global dairy firms and diminish consumer goodwill. Rattled consumers may initially shun entities known to have sold tainted formula, prompting firms to spend more on marketing for reassurance. And authorities could ask entities to spend more to monitor their use of the affected ingredient, increasing compliance costs. Some international brands have recalled infant milk formula over potential contamination with cereulide, a toxin that can cause vomiting and symptoms akin to food poisoning. The issue has been traced to a contaminated arachidonic acid (ARA) oil ingredient from a Chinese supplier: Cabio Biotech (Wuhan) Co. Ltd. In 2008 about 300,000 Chinese children became ill after they consumed ]]>ArticlesFri, 30 Jan 2026 03:58:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-supplier-contamination-may-increase-costs-reduce-goodwill-for-dairy-firms-s101667491<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 01:12:09 GMT00:01:00<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]><![CDATA[ JD Group's retail businesses offer a better customer experience thanks to robust supplier relationships, wide product offering, and JD Logistics' fast, reliable fulfillment. That strength that helped JD Group become China's largest direct retailer. ]]>ArticlesFri, 30 Jan 2026 01:12:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/jd-group-a-cohesive-business-model-clicks-into-place-s101668149<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 29 Jan 2026 03:23:17 GMT00:01:00<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]><![CDATA[ Regional consumption trends remain divergent. Japan has the weakest consumer outlook. Australia's strong consumer trend remains robust, but growth could moderate amid persistent inflation. China is relatively stable. ]]>ArticlesThu, 29 Jan 2026 03:23:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-consumer-outlook-2026-steady-hands-in-shifting-markets-s101667964<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 22:15:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 28, 2026 ]]><![CDATA[ In this week's summary of ratings views: Corporate defaults declined for a third consecutive year. We expect global bond issuance to increase 5% this year, after rising 11% in 2025. Geopolitics and U.S. trade policies remain the top risks to European credit conditions. ]]>ArticlesWed, 28 Jan 2026 22:15:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-28-2026-s101667924<![CDATA[ The Ratings View: Jan. 28, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 19:26:57 GMT00:01:00<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings lowered almost twice (29) the number of ratings than that it raised (15) across its rated universe of U.S. charter schools. Similarly, the number of charter school issuers for which we revised the outlook to negative (15) outpaced the number of outlook revisions to both stable (11) and positive (10) taken across our rated sector. Table 1 2025 U.S. charter schools--initially assigned new ratings Institution State Rating Outlook Aristoi Classical Academy TX BB Stable AXIS International Academy CO BB Stable Beacon Academy of Nevada NV BB Stable Dove Charter Public School Foundation Inc. OK BB+ Stable Esperanza Elementary UT BB Stable Fort Collins Montessori School CO BB ]]>ArticlesWed, 28 Jan 2026 19:26:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-rating-actions-2025-s101667371<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 15:34:29 GMT00:01:00<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]><![CDATA[ This report does not constitute a rating action. U.S. speculative-grade corporate defaults may be slowing, but the recovery picture is getting more complex, especially as more companies pursue distressed debt exchanges before ever entering a traditional bankruptcy court process. In this report, we take a closer look at what creditors recovered in recent Chapter 11 cases based on ultimate nominal recoveries drawn from bankruptcy documents. First-lien recoveries have weakened, falling well below their long-term average. But once we account for shifts in debt mix, overall entity-level debt recoveries appear much more stable, with cycle averages holding up over time. This report discusses these dynamics in a historical context, with trends reaching back to 2008. We also compare outcomes of loan-only ]]>ArticlesWed, 28 Jan 2026 15:34:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-q4-2025-update-recovery-turbulence-triggered-by-changing-debt-structures-and-restructuring-tactics-s101666426<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 14:15:52 GMT00:01:00<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks its rated global chemical companies from strongest to weakest. We rank companies by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors. In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for more than a quarter ]]>ArticlesWed, 28 Jan 2026 14:15:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-chemical-companies-strongest-to-weakest-s101666531<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 13:08:12 GMT00:01:00<![CDATA[ European CLO Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. Surveillance rating activity for European CLOs was active during Q4 2025, where we reviewed four transactions managed by four collateral managers. Rating transitions--mainly upgrades (52% of classes reviewed) and affirmations (45%)--were positive, reflecting stable credit performance and higher credit enhancement spurred by deleveraging. We lowered our rating on a junior tranche in one transaction to reflect a decline in portfolio credit quality (see “ MAN GLG Euro CLO III DAC Class D And E European Cash Flow Ratings Raised; Class F Notes Downgraded; Other Notes Affirmed ,” Nov. 5, 2025). Rating action severities were 2.3 notches for upgrades, 1.0 for downgrades, and 1.1 for all rating actions during the quarter. We affirmed ]]>ArticlesWed, 28 Jan 2026 13:08:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clo-monitor-q4-2025-s101664529<![CDATA[ European CLO Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 07:06:19 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]><![CDATA[ Supportive financing conditions are helping Asia-Pacific sectors amid economic and geopolitical uncertainty. Tail risks could lash, however. ]]>ArticlesWed, 28 Jan 2026 07:06:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q1-2026-year-of-the-fire-horse-ride-carefully-s101667753<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 18:21:54 GMT00:01:00<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings assigned 11 ratings, raised 12 ratings, and lowered 30 ratings on U.S. colleges and universities. While we revised our 2026 higher education sector outlook to negative from bifurcated, our rating actions during 2025 demonstrated a widening in credit quality for a fourth consecutive year, as the majority of the downgrades occurred at the lower end of the ratings distribution. With threatened cuts to research funding and uncertainty on federal policies, strong institutions maintained their market position, healthy balance sheets, and fundraising, while struggling institutions faced enrollment challenges resulting in operational pressure and liquidity issues. The 12 upgrades occurred across eight public institutions and four private institutions. Most ]]>ArticlesTue, 27 Jan 2026 18:21:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-higher-education-rating-actions-2025-s101666468<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 15:35:20 GMT00:01:00<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. Driven primarily by positive market returns, U.S. public pension funded ratios have reached an average of over 80% as of fiscal 2025--improving every year since fiscal 2022 and increasing nearly 10 percentage points over this period. S&P Global Ratings expects this momentum will continue in fiscal 2026 given market performance over the first half. U.S. pension plans typically assume annual asset returns averaging 7% and actual returns above or below this assumption equate to a "gain" or "loss" compared with planned investment inflows that might affect contributions and credit stress. However, we estimate a sustainable upward trend with pension funded ratios of about 81% due to market gains from an annual return ]]>ArticlesTue, 27 Jan 2026 15:35:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/four-us-public-pension-points-to-watch-in-2026-s101666841<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 14:44:16 GMT00:01:00<![CDATA[ European CMBS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. All information is as of December 31, 2025, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the fourth quarter of 2025, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q4 2025 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article U.K. Logistics 2025-2 DAC 510.0 Natixis/SocGen 1 114 Blackstone Logistics U.K. Vanir Logistics S.à r.l.* 185.3§ Morgan Stanley 1 18 EQT Logistics France, Netherlands, Belgium Vanir Logistics Finance S.à r.l. Pan European CMBS Notes Assigned Ratings DBMS 2025-1 DAC* 443.1 Morgan Stanley 1 64 Blackstone Logistics (89%), Retail (6%), Land (5%) U.K. ]]>ArticlesTue, 27 Jan 2026 14:44:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q4-2025-s101666022<![CDATA[ European CMBS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:50:32 GMT00:01:00<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]><![CDATA[ This report does not constitute a rating action. We see Czechia’s regulatory framework for electricity and gas distribution networks as stable, consistent, and supportive, providing operators with a strong regulatory advantage. The two-year lag in recovering operating costs, like that of European peers such as Germany and Austria, introduces temporary volatility to operators’ credit metrics. Additionally, assets under construction are only included in the regulated asset base (RAB) at the regulator’s discretion, which is a weakness compared with other strong frameworks in Europe. The Energy Regulatory Office (ERO) has set a fixed power and gas rate of return for the sixth regulatory period (RP6) reflecting a nominal, pre-tax weighted average cost of capital (WACC) of 6.9%, subject annually to an ]]>ArticlesTue, 27 Jan 2026 10:50:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/czechias-electricity-and-gas-distribution-regulatory-framework-supportive-s101642276<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:32:53 GMT00:01:00<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]><![CDATA[ Despite early trade volatility in the spring, primary bond markets showed resilience and growth, finishing up nearly 11%. S&P Global Ratings expects this growth to continue in 2026, led by a still strong maturity pipeline, a reawakening M&A market, and the potential for an additional boost to issuance in our optimistic scenario from the growing capex needs for AI/datacenter investment. Economic growth is expected to slow somewhat this year, and interest rates are likely to remain historically elevated. We anticipate issuance growth to slow on a relative basis to roughly 5%, with the potential for contraction given continued reliance on increasingly concentrated economic growth (in tech) and increasing geopolitical strain. ]]>ArticlesTue, 27 Jan 2026 10:32:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-markets-update-q1-2026-broad-stability-amid-rising-sectoral-strains-s101667353<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 05:12:35 GMT00:01:00<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]><![CDATA[ This report does not constitute a rating action. This would be the case if such issues significantly impact business and financial bases. The Japanese insurance industry continues to have problems with insurance sales and claims. This has led to an increase in regulatory action, such as the Financial Services Agency (FSA) issuing business improvement orders, and amendments to the Insurance Business Act. The most recent case to surface involved financial misconduct toward customers at The Prudential Life Insurance Co. Ltd. (Prudential of Japan). Recent Japanese insurer scandals Year Company name Details Regulatory action / Impact S&P Global Ratings governance assessment 2019 Japan Post Insurance Co. Ltd. Improper insurance sales FSA business suspension and business improvement order Revised down 2022 Manulife ]]>ArticlesTue, 27 Jan 2026 05:12:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-insurance-brief-scandals-expose-governance-shortcomings-br--s101667214<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 15:21:44 GMT00:01:00<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]><![CDATA[ Irish banks’ risk-adjusted profitability will remain sound in 2026. We calculate that the banks' return on average common equity will fall into the 11%-12% range, only marginally lower than the 12% we expect in 2025. Irish banks’ focus on strategic initiatives, prudent risk appetite and control, and progress in digitalization will support their profitability amid normalizing interest rates and intensifying competition. ]]>ArticlesMon, 26 Jan 2026 15:21:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/irish-banking-outlook-2026-solid-fundamentals-underpin-rating-resilience-s101667310<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 13:07:41 GMT00:01:00<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]><![CDATA[ Forecast metrics point to a possible positive rating trend overall for investment-grade ratings in 2026, but performance is likely to be increasingly sector- and rating-specific, with potential fallen angels at a 4.5 year high.&nbsp;Investment-grade rating performance remained robust in fourth-quarter 2025, with upgrades outnumbering downgrades for the fourth quarter in a row. The impact of U.S. tariffs on ratings softened further, with only two tariff-driven rating actions (both in the auto sector), compared with seven in the previous quarter. ]]>ArticlesMon, 26 Jan 2026 13:07:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/investment-grade-credit-check-q1-2026-the-outlook-is-positive-despite-increasing-fallen-angel-pressure-s101667268<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 20:41:20 GMT00:01:00<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]><![CDATA[ This report does not constitute a rating action. But weaker demand trends, heightened geopolitical tensions, and inflationary pressures could hurt lessors' profitability and earnings over the longer term. Overall rating activity in 2025 was limited across the sector's rated entities, which include: Aircraft leasing companies, Freight-focused leasing companies (including railcar, truck, container, and chassis leasing), Car rental and fleet management companies, and Other specialty equipment leasing companies. In our view, this stability reflects the sector's substantial proportion of investment-grade issuers--about half of its rated companies (see chart 1). The multiyear, staggered structure of lease contracts further supports stability by providing predictable, resilient cash flow. The outlooks on our ratings in the sector are mostly stable (see chart 2). Negative outlooks ]]>ArticlesFri, 23 Jan 2026 20:41:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/transportation-equipment-leasing-sector-view-2026-steady-through-the-cycle-s101665337<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 06:38:02 GMT00:01:00<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]><![CDATA[ This report does not constitute a rating action. Limited supply of new office and retail space in Singapore will keep occupancies and rents buoyant for the city's major REITs. S&P Global Ratings expects resilient earnings on the domestic portfolios of those we rate in 2026, despite waning economic momentum. We forecast real GDP growth will slow to 2.1% in 2026, from 3.3% in 2025. Further out, demand dynamics and its interactions with the high office and retail space supply in 2028 will be a key watchpoint. Recent improvements in rents and occupancies for high-quality central office should prevail in 2026. A low supply pipeline, sustained flight to quality, and foreign investment inflows are key supportive factors. Limited new space will ]]>ArticlesFri, 23 Jan 2026 06:38:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/limited-new-supply-keeps-rated-singapore-reits-resilient-s101664487<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 17:34:22 GMT00:01:00<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]><![CDATA[ S&P Global Ratings assesses Preservation of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) as aligned with Social Bond Principles, ICMA, 2025 and Social Loan Principles, LMA/LSTA/APLMA, 2025. POAH, established in 1998, is a 501(c)(3) nonprofit organization that preserves, creates and sustains affordable rental homes for low- and moderate-income families, seniors, and individuals. POAH is one of the largest nonprofit affordable housing developers and owners in the nation, with significant presence in key rental markets across the Northeast, Mid-Atlantic, Southeast, and Midwest. ]]>ArticlesThu, 22 Jan 2026 17:34:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-preservation-of-affordable-housing-incs-25-million-taxable-bonds-series-2026-social-bonds-s101666944<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 16:36:51 GMT00:01:00<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]><![CDATA[ S&P Global Ratings expects banks in Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, and Uzbekistan to remain resilient in 2026, in line with the previous two years, with profitability and capital levels supported by moderating (but still strong) average regional lending growth of 15%-20% and stable asset quality. Favourable economic growth prospects across the region, high lending demand (especially in the retail segment), sound funding and liquidity metrics, and stable capital buffers supported by solid profitability could lead to further positive rating actions in 2026. Currently,19% of financial institutions’ ratings in the region have positive outlooks and 81% have stable outlooks. Key risks for financial institutions in the region include elevated geopolitical tensions, aggressive retail lending growth that could increase imbalances, and evolving risks related to digitalization, AI, climate change, and cyber threats. ]]>ArticlesThu, 22 Jan 2026 16:36:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-central-asia-and-the-caucasus-banking-outlook-2026-resilient-performance-amid-elevated-geopolitical-risks-s101666014<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 14:43:14 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 22 Jan 2026 14:43:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-jan-21-2026-s101666811<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 10:06:37 GMT00:01:00<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]><![CDATA[ Declining&nbsp;financing costs, moderate inflation and improving consumer and business confidence should support credit demand and Nordic banks' business prospects in 2026. We forecast banks' profitability will stabilize at robust levels but below the peaks of 2023-2024. A renewed cost focus and growing ancillary income will partly counter declining net interest margins; despite generous capital distributions, healthy capital levels will bolster bank ratings in the region. ]]>ArticlesThu, 22 Jan 2026 10:06:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nordic-banking-outlook-2026-strong-banks-are-poised-for-growth-s101666775<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 08:15:57 GMT00:01:00<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]><![CDATA[ This report does not constitute a rating action. Chinese banks' property-sector risks are not as severe as recent events suggest. Investors are focused on the weak liquidity of China Vanke (SD), and potential contagion should more defaults occur. Investors are also asking if direct sales of foreclosed properties at steep discounts will result in collateral impairments at banks. However, as is our common refrain, Chinese banks are adequately capitalized and losses on property loans are manageable. Moreover, data from the structured finance market indicates that Chinese mortgages are performing normally, with no big spike in bad loans. Indeed, banks' property-sector strains are easing in our base case--albeit from a high level--as we recognize most weak loans before they officially turn ]]>ArticlesThu, 22 Jan 2026 08:15:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banks-can-handle-downside-from-looming-property-strains-s101663347<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 17:00:22 GMT00:01:00<![CDATA[ The Ratings View: Jan. 21, 2026 ]]><![CDATA[ In this week's summary of ratings views: We examine credit risks building with the AI and data center boom. Our credit cycle indicators continue to decline, and tail risks could amplify a correction. We currently expect the credit impact of potential escalation between the U.S. and Iran to be contained. ]]>ArticlesWed, 21 Jan 2026 17:00:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-21-2026-s101666620<![CDATA[ The Ratings View: Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 16:29:09 GMT00:01:00<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]><![CDATA[ This report does not constitute a rating action. U.S. electric utilities are increasingly vulnerable to physical climate risks from wildfires, hurricanes, winter storms, and other severe weather-related events. In California, the frequency and severity of wildfires is rising significantly, with 15 of the 20 most destructive in just the past 10 years (see table 1). S&P Global Ratings continues to monitor the California NFP utilities that are exposed to these events. The January 2025 Eaton (in Altadena) and Palisades (in Pacific Palisades and Malibu) fires rank as the No. 2 and 3 most destructive in the state's recorded history, according to the California Department of Forestry and Fire Protection (Cal Fire). They also demonstrated the increasing risk that wildfires pose ]]>ArticlesWed, 21 Jan 2026 16:29:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/california-public-power-utilities-dampen-wildfire-flames-while-questions-of-long-term-resiliency-smolder-s101664964<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:38:31 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]><![CDATA[ This report does not constitute a rating action. Please note that from 2026 onward we apply a refined regional breakdown. We have removed the category “Other Developed” to better reflect regional default trends. S&P Global Ratings' global corporate default tally was nine in December 2025, after the following defaults in the month: Bermuda-based diamond mining group Petra Diamonds Ltd. Canada-based iron ore mining company Baffinland Iron Mines Corp. China-based real-estate developer China Vanke Co. Ltd. Sweden-based public real estate company Samhallsbyggnadsbolaget i Norden AB (publ) U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based internet domain registration and ancillary web presence services provider Newfold Digital Holdings Group Inc. U.S.-based aluminum wheels manufacturer Superior Industries International Inc. U.S.-based cleaning and sanitation ]]>ArticlesWed, 21 Jan 2026 13:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-leads-2025-drop-in-global-corporate-defaults-s101665652<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:04:15 GMT00:01:00<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]><![CDATA[ This report does not constitute a rating action. While the AI revolution is poised to transform the North American technology sector, the related infrastructure build out is both boosting and pressuring participants in different ways. Some benefit from the circular nature of investments from the past few years, but others face the risk of their investments getting stranded if the gap between funding and monetization stretches too wide. In this article, S&P Global Ratings examines the credit outlooks for participants based on their role in the AI infrastructure build-out. For our analysis on the wider risks of AI spending, see " Where Are AI Investment Risks Hiding? " published Jan. 21, 2025, on RatingsDirect. Despite their promising technology and ability ]]>ArticlesWed, 21 Jan 2026 13:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-infrastructure-buildout-weighs-credit-risks-and-rewards-s101666157<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 10:41:07 GMT00:01:00<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. As we publish our 2026 industry credit outlooks across infrastructure, we are witnessing a complex and dynamic landscape that requires close attention. Following these releases, we are now presenting the key areas of attention that will shape the industry in the year ahead. At the forefront of our analysis is the sector's remarkable resilience in the face of growing geopolitical tensions. Despite these challenges, we see steady demand growth across asset classes, supported by resilient economic performance and local regulatory frameworks. We also anticipate a significant increase in investments across the sector, building on already high historical levels. Data centers are emerging as a key driver of growth, with their expansion also ]]>ArticlesWed, 21 Jan 2026 10:41:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-seven-trends-to-watch-in-2026-s101666059<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 09:59:35 GMT00:01:00<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]><![CDATA[ This report does not constitute a rating action. This report explores the key themes we see for this year for rated European airports, railroads, toll roads, car parks and ports. It complements our Global Industry Outlook 2026: Transportation Infrastructure. The rated European infrastructure portfolio maintains robust operational performance and margins, supported by the underlying demand driving revenue generation. The indexation of tariffs is generally linked to inflation, and the regulatory frameworks across S&P Global Ratings' portfolio are generally solid and supportive. The great majority of companies (88%) have stable outlooks, 9% of the companies have positive outlooks, and 3% have negative outlooks. The chart below reflects the overall direction of creditworthiness changes (positive or negative) across the sector's outlooks. Chart ]]>ArticlesWed, 21 Jan 2026 09:59:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-transportation-infrastructure-europe-2026-outlook-s101663796<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 19:51:25 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Peru ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Limited fiscal and external imbalances, a low debt burden, and solid economic institutions. Low per capita income weakens economic resilience and limits debt capacity. A sound regulatory track record of fostering financial stability, and a credible and effective central bank. A complex political landscape could dent short- to medium-term economic growth in Peru, which would affect business conditions somewhat. A well-capitalized and profitable banking system despite fluctuating operating conditions. Banks' exposure to cyclical segments, such as small and midsize enterprises, jeopardizes asset quality. These factors help mitigate the impacts of a prolonged political impasse, social unrest, and extreme climate risks, which hinder growth prospects. However, the low ]]>ArticlesTue, 20 Jan 2026 19:51:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-peru-s101663428<![CDATA[ Banking Industry Country Risk Assessment: Peru ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 19:29:48 GMT00:01:00<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]><![CDATA[ This report does not constitute a rating action. We have a stable sector view across all three subsectors of asset management--alternative, traditional, and wealth. The majority (92%) of credits carry stable outlooks, though negative outlooks (8%) outnumber positive outlooks (0%). Our global asset managers' rating dispersion has a mix of investment-grade (52%) and speculative-grade (48%) ratings. Chart 1 Chart 2 Equity markets, though volatile, rose in 2025, benefiting assets under management (AUM) and earnings. Outflows persist for certain traditional strategies (such as active mutual funds), and higher-for-longer funding costs and potential liquidity pressures continue to weigh on a few smaller scale asset managers. Alternative asset managers remain the best positioned, in our view, because we expect growth in private credit, ]]>ArticlesTue, 20 Jan 2026 19:29:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-asset-manager-sector-view-2026-partnerships-propel-growth-while-adding-complexity-s101662130<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:54:00 GMT00:01:00<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]><![CDATA[ Ratings Class Rating Class size (ILS) Credit enhancement (%) Indexation Interest Legal final maturity A AA- (sf) 549,037,509 12.50 Fixed CPI 4.25% June 2058 B NR 38,903,229 6.30 Fixed CPI 5.00% June 2058 C NR 39,530,701 N/A Fixed CPI 21.00% June 2058 ILS--Israeli new shekel. CPI--Consumer Price Index. NR--Not rated. N/A--Not applicable. S&P Global Ratings has assigned its global scale 'AA- (sf)' rating to Credito Issuing 2 Ltd.'s class A notes. At closing, the issuer also issued class B and C notes. This is the fourth Israeli RMBS securitization that we have rated, and the third transaction originated by Credito Ltd. group (Credito) that we have rated. Credito's first transaction closed in August 2024 and its second in November 2025. ]]>ArticlesTue, 20 Jan 2026 15:54:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-credito-issuing-2-ltd-s101665816<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:37:27 GMT00:01:00<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a modest improvement in Turkish banks' profitability in 2026, driven by expanding net interest margins. We expect banks to maintain adequate capital levels despite the termination of key forbearance measures. However, persisting economic imbalances continue to pressure banks' asset quality. On a positive note, external debt rollover rates have increased, and we expect dollarization of deposits to stabilize at current levels. The future direction of monetary policy, as well as domestic political and global geopolitical factors, are key risks to our forecast. Specifically, tensions could escalate along Turkiye's borders with Syria and Iran or the country’s trade dynamics could be affected by the recently announced U.S. sanctions on ]]>ArticlesTue, 20 Jan 2026 15:37:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkiye-banking-outlook-2026-a-rocky-road-to-recovery-s101665211<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:33:30 GMT00:01:00<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]><![CDATA[ Most banks in Central and Eastern Europe will continue to benefit from solid profits, low cost-to-income ratios and cyclically low nonperforming loans. Growth potential is materially higher than in Western Europe, reflecting still-low banking system penetration in the region and growing wealth levels. ]]>ArticlesTue, 20 Jan 2026 15:33:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/central-and-eastern-europe-banking-outlook-2026-economic-expansion-supports-banks-solid-performance-s101666342<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:07:57 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a quieter year ahead for subnational governments outside the U.S. While the sector remains resilient, risks are tilted to the downside, particularly in developed markets (DM) where there are 28 negative outlooks. In emerging markets (EM), positive and negative outlooks are balanced, though most ratings are speculative grade and so subject to greater vulnerability. Ongoing geopolitical tensions, demographic shifts, climate change, and institutional pressures are moderating economic growth and raising demand for public services both in the short and long term. As a response, we expect many governments will contain their capital investment programs. We forecast that debt burdens will grow slowly, up to a moderate 95% of ]]>ArticlesTue, 20 Jan 2026 15:07:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-resilient-but-signs-of-stress-emerge-s101665581<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 12:32:34 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Economic downturn could reverse the trajectory of budgetary and debt metrics. Spanish regions may struggle to sustain investment levels after the EU recovery program ends, without potentially jeopardizing budgetary stability. Political fragmentation could hinder legislation, weakening revenue predictability and limiting the possibility of structural reform. Spending pressures, weak fiscal rule enforcement, and potential risks stemming from the proposed debt absorption could lead to regional spending exceeding our current expectations. Spanish regions have benefited from high revenue growth, mainly supported by Spain’s strong economic performance, which exceeds the EU average. However, we forecast Spain’s economy to slow down in 2026, leading to slower revenue growth in the coming years, absent reforms to the ]]>ArticlesTue, 20 Jan 2026 12:32:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-spanish-regions-maintain-momentum-amid-reform-uncertainty-s101665634<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 08:18:54 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. Stablecoins’ role in the financial ecosystem is growing in lockstep with their rapidly expanding issuance, which reached $318 billion as of Jan. 18, 2026. These digital assets--designed to maintain their value by referencing a fiat currency or asset class--facilitate cross-border payments, power decentralized finance, and bridge traditional and digital finance. That makes them potentially attractive to participants in emerging markets (EMs), and could make rapid adoption, notably of USD stablecoin, a feature in some. The potential effects of that eventuality thus merit analysis, not least because of its theoretical potential to alter the nature of financial markets, bank funding, and the ability of governments to direct economic activity through monetary policy. S&P ]]>ArticlesTue, 20 Jan 2026 08:18:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-what-growing-adoption-of-foreign-currency-stablecoin-means-for-emerging-markets-s101666210<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 01:31:24 GMT00:01:00<![CDATA[ Beyond The Boom: Macao 2026 Gaming Outlook In Charts ]]><![CDATA[ This report does not constitute a rating action. Macao's gaming boom is fading. The sector will be moving from a post-pandemic rebound to a more maturity driven-phase, as capacity limits and potentially softer mass demand temper growth. We think 2026 revenue growth will slow, but steady operations, selective share gains, and deleveraging still support modest upside. Deleveraging will be especially important for four of the Macao operators we rate: Wynn Resorts Ltd., MGM Resorts International, Melco Resorts (Macau) Ltd and Studio City Co. Ltd.. Efforts on this front will help determine if and when they can return to pre-pandemic rating levels. We project Macao's 2026 GGR to increase 3%-7% year on year, slowing from 9.1% in 2025, given near-full hotel ]]>ArticlesTue, 20 Jan 2026 01:31:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/beyond-the-boom-macao-2026-gaming-outlook-in-charts-s101656102<![CDATA[ Beyond The Boom: Macao 2026 Gaming Outlook In Charts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 19:38:41 GMT00:01:00<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]><![CDATA[ This report does not constitute a rating action. We currently expect the credit impact of a potential escalation between Iran (NR) and the U.S. to remain contained, similar to June 2025 (targeted and limited in scale and duration). At the same time, increased domestic instability in Iran and the potential for more sustained military activity in the region have increased the risk of a more prolonged period of downward pressure to regional credit. Broader regional credit risks would emerge mainly through trade disruption (volatile oil prices), capital outflows, weaker growth, and financial volatility. We note that Middle East sovereign and bank ratings have demonstrated significant resilience to previous episodes of sharp escalations in geopolitical risk and their accumulated financial buffers ]]>ArticlesMon, 19 Jan 2026 19:38:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-eastern-sovereigns-and-banks-should-remain-resilient-to-most-scenarios-of-prolonged-us-iran-tensions-s101665919<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 16:16:23 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Subnational governments in these countries face elevated near-term volatility and concentration risks because of autonomous fiscal decision-making and significant infrastructure investment. Structural factors--such as the absence of binding fiscal rules, strong migration-driven population growth that increases infrastructure needs, and operating margin compression due to service costs outpacing revenue growth--will continue to contribute to sizable funding gaps through 2027. The downgrades of the Australian Capital Territory and Tasmania to 'AA' from 'AA+' widened the gap between the highest-rated and lower-rated regions. Queensland and New South Wales face budgetary pressures from persistent infrastructure needs and migration-driven service expansion that consistently exceed revenue growth. Water reforms and other major reforms that could reduce ]]>ArticlesMon, 19 Jan 2026 16:16:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-limited-upside-potential-in-developed-markets-s101665610<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 12:58:20 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]><![CDATA[ This report does not constitute a rating action. Nordic LRGs are overall relatively stable with sound creditworthiness. Nevertheless, we see four key risks for LRGs in Sweden and Norway, the Nordic countries where we currently rate LRGs: Sweden faces significant investment needs in water and wastewater management. This reflects aging infrastructure, increased capacity needs, and stricter environmental requirements. Consequently, we foresee sizable borrowing needs for municipalities, putting pressure on debt ratios and ultimately credit quality. The aging population will also drive expenditure growth as the need for healthcare and elderly care increases. Furthermore, a weakening of the dependency ratio, combined with slower population growth, could also weaken tax revenue growth and the availability of suitable labor. Possible state measures to ]]>ArticlesMon, 19 Jan 2026 12:58:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-the-nordics-face-credit-tests-with-rising-investment-s101661693<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 10:55:03 GMT00:01:00<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]><![CDATA[ Last week upgrades increased to six, primarily including issuers in the utility sector (three). Upgrades also included the year's first two rising stars; U.S.-based utilities issuer Calpine Corp. and India-based financial institution Shriram Finance Ltd. Meanwhile, all four downgrades were to U.S.-based issuers across four sectors. This included a downgrade to consumer products issuer Torrid LLC, with our ratings on Torrid being lowered to 'CCC+'. There was one default last week (down from two in the previous week); U.S.-based transportation company Reception Purchaser LLC on chapter 11 bankruptcy filing. ]]>ArticlesMon, 19 Jan 2026 10:55:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-rising-stars-of-2026-jan-19-2026-s101666214<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 07:58:22 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]><![CDATA[ This report does not constitute a rating action. Pressure on German LRG budgets is widespread, with municipalities facing greater strain than states. We estimate German municipalities accumulated €27 billion in deficits after capital accounts in their core budgets in 2025. At this level, their deficits are currently about three times larger than those of the state governments, which we assess to have recorded a fiscal shortfall of about €8 billion last year. S&P Global Ratings considers this difference to be a sign of material financial pressure given that the combined budget volume for Germany’s municipalities is only about two-thirds the states' budget size (€342 billion versus €522 billion in 2025). Municipal governments' weaker performance (see chart 1) stems from exposure ]]>ArticlesMon, 19 Jan 2026 07:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-further-deficits-ahead-for-german-lrgs-s101660773<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 04:57:18 GMT00:01:00<![CDATA[ GCC 2026 Energy Outlook: Capex, Capacity, Consolidation ]]><![CDATA[ This report does not constitute a rating action. Investments in production capacity will keep GCC NOCs' capex elevated in the next two-to-three years, despite lower oil prices. However, S&P Global Ratings expects the pace of capex growth to moderate from previous years, as most of the production from mega projects will start to come on stream. At the same time, the GCC NOCs will continue to focus on less carbon-intensive energy sources, such as gas and LNG, in keeping with their sustainability strategies and national transformation agendas. Strong cash flow and relatively low leverage should help the NOCs preserve their creditworthiness despite the additional investment requirements. Even with a more moderate pace of capex growth, GCC NOCs' spending will remain ]]>ArticlesMon, 19 Jan 2026 04:57:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gcc-2026-energy-outlook-capex-capacity-consolidation-s101656414<![CDATA[ GCC 2026 Energy Outlook: Capex, Capacity, Consolidation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 16 Jan 2026 16:12:19 GMT00:01:00<![CDATA[ U.S. Banks Outlook 2026: Regulatory And Technological Change Pose Risks And Opportunities To A System Performing Well ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects rated U.S. banks to perform well in 2026. Banks entered the year generally with solid earnings, good capital and liquidity, and stable asset quality. At the same, this year will be a pivotal period for regulatory and supervisory change with potential long-term implications for balance sheet management, industry consolidation, and, potentially, ratings. We also expect continued evolution and growth in banks’ ties to nonbank financial institutions as well as their strategies for keeping up with technological advancement, including in areas like stablecoins and deposit tokens. We positively revised the outlooks of several banks and raised certain ratings in 2024 and 2025, reflecting in part steps banks took to ]]>ArticlesFri, 16 Jan 2026 16:12:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-banks-outlook-2026-regulatory-and-technological-change-pose-risks-and-opportunities-to-a-system-performing-well-s101664520<![CDATA[ U.S. Banks Outlook 2026: Regulatory And Technological Change Pose Risks And Opportunities To A System Performing Well ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 16 Jan 2026 11:48:41 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of Jan. 16, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesFri, 16 Jan 2026 11:48:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-january-2026-s101665627<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 15 Jan 2026 17:32:42 GMT00:01:00<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]><![CDATA[   As part of our Global Credit Outlook 2026, S&P Global Ratings answers the questions that will shape the year—including those addressing geopolitics and trade; refinancing and rates; and private credit—collected through our interactions with investors and other market participants. Entering 2026, there has been no shortage of voices warning of an impending credit downturn. Yet several factors point to a more balanced picture ahead —including resilient economies, pushed-out maturities for many issuers, and declining interest rates. Meanwhile, U.S. policy uncertainty (particularly around tariffs) continues to color the global economic landscape. Continuing trade tensions come amid an evolution of the world order more generally. As the Trump administration continues to redefine the U.S.’s role in the world order, global and ]]>ArticlesThu, 15 Jan 2026 17:32:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-questions-that-matter-for-2026-s101665720<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 23:17:58 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]><![CDATA[ This report does not constitute a rating action. The COVID-19 emergency in Australia ended years ago, but some state governments are spending like they're still in lockdown. In line with our predictions last year, we see an ongoing risk that they will further delay post-pandemic fiscal repair. Common obstacles facing the states include combative public-sector wage negotiations, widespread community demands for more entitlement spending, and a broad aversion to tax increases or economic reform. In 2025, we downgraded two smaller states, Australian Capital Territory and Tasmania (both now 'AA'). The states' combined cash deficit ballooned in 2025 to about 16% of revenues, matching the previous nadir in 2021 (chart 1). We project that the stock of state government debt (often ]]>ArticlesWed, 14 Jan 2026 23:17:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-smaller-australian-states-catch-the-borrowing-bug-s101662272<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 19:47:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 14, 2026 ]]><![CDATA[ In this week's summary of ratings views: We published our Industry Credit Outlook 2026. Prospects for Venezuelan oil production remain highly uncertain. China’s commodity sectors face a mixed outlook—positive for upstream subsectors (oil and gas, metals and mining), but challenging for downstream (steel, chemicals). ]]>ArticlesWed, 14 Jan 2026 19:47:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-14-2026-s101665726<![CDATA[ The Ratings View: Jan. 14, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 17:00:48 GMT00:01:00<![CDATA[ European REIT 2026 Outlook: The recovery continues amid risks ]]><![CDATA[ Interest coverage ratios will remain under pressure until 2027 for half of the REIT companies we rate in Europe. Issuers are still refinancing debt maturities at higher rates, while low-rate interest hedging decreases and rental growth decelerates. The decline will be softer than over 2022-2024. ]]>ArticlesWed, 14 Jan 2026 17:00:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-reit-2026-outlook-the-recovery-continues-amid-risks-s101665674<![CDATA[ European REIT 2026 Outlook: The recovery continues amid risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:37 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Aerospace and Defense, we see a strong year ahead, despite supply chain constraints. ]]>ArticlesWed, 14 Jan 2026 11:14:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-aerospace-and-defense-s101665608<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:06 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Autos ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Autos we anticipate less tariff heat, more demand chill, and that the outlook stays cautious. ]]>ArticlesWed, 14 Jan 2026 11:14:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-autos-s101665607<![CDATA[ Industry Credit Outlook 2026: Autos ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:10:08 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Homebuilders and Developers ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For they year ahead, we expect poor affordability to slow down demand. ]]>ArticlesWed, 14 Jan 2026 11:10:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-homebuilders-and-developers-s101665599<![CDATA[ Industry Credit Outlook 2026: Homebuilders and Developers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:09:15 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Hotels, Gaming and Leisure ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. We expect travel and entertainment spending to diverge in the year ahead. ]]>ArticlesWed, 14 Jan 2026 11:09:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-hotels-gaming-and-leisure-s101665598<![CDATA[ Industry Credit Outlook 2026: Hotels, Gaming and Leisure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:08:38 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Media and Entertainment ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For the year ahead we see M&A coming soon to a media company near you. ]]>ArticlesWed, 14 Jan 2026 11:08:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-media-and-entertainment-s101665593<![CDATA[ Industry Credit Outlook 2026: Media and Entertainment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:06:44 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Real Estate ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Real Estate, we see a cautiously improving outlook ]]>ArticlesWed, 14 Jan 2026 11:06:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-real-estate-s101665589<![CDATA[ Industry Credit Outlook 2026: Real Estate ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:04:46 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Telecommunications ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. In Telecoms we expect consolidation, better conditions, but disruption in the U.S. ]]>ArticlesWed, 14 Jan 2026 11:04:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-telecommunications-s101665586<![CDATA[ Industry Credit Outlook 2026: Telecommunications ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:04:14 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Transportation, we see resilient demand in a turbulent trade environment ]]>ArticlesWed, 14 Jan 2026 11:04:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-s101665584<![CDATA[ Industry Credit Outlook 2026: Transportation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:03:04 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For EMEA utilities, the year ahead brings energy addition, not just transition ]]>ArticlesWed, 14 Jan 2026 11:03:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-emea-utilities-s101665582<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:34 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Latin American utilities, curtailment reaches new highs, threatening project viability ]]>ArticlesWed, 14 Jan 2026 11:02:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-latin-america-utilities-s101665580<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:05 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Midstream energy is well positioned for whatever comes next ]]>ArticlesWed, 14 Jan 2026 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-midstream-energy-s101665579<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:01:33 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Rising AI spending is expected to lift the power sector ]]>ArticlesWed, 14 Jan 2026 11:01:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-north-america-competitive-power-s101665578<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:00:02 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. The Transportation Infrastructure sector is building resilience amid geopolitical uncertainty. ]]>ArticlesWed, 14 Jan 2026 11:00:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-infrastructure-s101665576<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 15:55:08 GMT00:01:00<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]><![CDATA[ 2025 was a positive year for rating performance, with net upgrades across corporates, financial services companies, and sovereign issuers. However, the rate of positive actions was markedly lower than 2024, particularly regarding forward-looking indicators, possibly reflecting headwinds including trade tensions, rate divergence, and broader policy uncertainty. For 2026, S&P Global Ratings expects economies to remain resilient, although policy uncertainty remains a key risk to the outlook, and geopolitics may continue to introduce unexpected policy shifts. We expect rating performance across sectors and geographies to continue diverging, with more acute pressure expected at the lower end of the rating spectrum. ]]>ArticlesTue, 13 Jan 2026 15:55:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-2025-in-review-positivity-begins-to-wane-s101665404<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 10:51:11 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. During Q4 2025, rating actions more than doubled compared to the previous quarter, 479 versus 229. This increase was primarily driven by affirmations and upgrades reflecting the resolution of under criteria observation (UCO) placements following the publication of our revised counterparty criteria. Overall, 98 transactions were affected by rating actions, representing 21% of our rated ABS and RMBS universe. Downgrades remained limited, five versus eight in the previous quarter. We reviewed 33 ABS and 122 RMBS transactions--33% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process. The number of new transactions we rated increased quarter-on-quarter, 32 versus 21. We rated 16 new ABS (two out ]]>ArticlesTue, 13 Jan 2026 10:51:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q4-2025-s101664909<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 03:22:17 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]><![CDATA[ This report does not constitute a rating action. China's local and regional governments (LRGs) are benefiting from declining interest rates. S&P Global Ratings believes their interest burdens will stabilize despite a substantial pace of direct debt issuance through 2026-2027 to support key economic and fiscal priorities. This is before longer-term revenue recovery could step in to pare back the risks associated with rising debt. Chart 1 We anticipate Chinese LRGs will issue a similar volume of new debt in 2026-2027 compared to 2025. Their objectives, in our view, are to keep economic growth at a policy-desired level and implement structural adjustments through countercyclical fiscal spending. The country's national policy meetings in December 2025 reiterated the need for more expansive fiscal ]]>ArticlesTue, 13 Jan 2026 03:22:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-lower-interest-rates-provide-breathing-space-for-china-local-governments-s101665010<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 02:26:37 GMT00:01:00<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]><![CDATA[ This report does not constitute a rating action. China's largest dairy producers are feeling the strain. Consumer habits are shifting away from their core products and regional and even smaller competitors are gaining ground. We think overall industry sales will contract over the next 12-18 months. This decline will make it more difficult for the largest companies to recover. The top producers are Bright Dairy & Food Co. Ltd. (a subsidiary of Bright Food (Group) Co. Ltd. ), China Mengniu Dairy Co. Ltd. , and Inner Mongolia Yili Industrial Group Co. Ltd. (Yili). We believe each may struggle to stabilize revenue as demand for UHT milk weakens and smaller players strengthen their positions in faster-growing fresh categories. Each of the ]]>ArticlesTue, 13 Jan 2026 02:26:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-dairy-giants-the-revenue-recovery-is-shaky-s101664644<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 18:06:33 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]><![CDATA[ Data as of Dec. 31, 2025. In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesMon, 12 Jan 2026 18:06:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-december-2025-s101664926<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 16:43:10 GMT00:01:00<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]><![CDATA[ This report does not constitute a rating action. Despite geopolitical uncertainties and tariff concerns that cast a shadow over the tech industry sentiments in early 2025, S&P Global Ratings’ outlook for global IT spending improved throughout the year as CSPs doubled down on their relentless march toward generative AI infrastructure buildouts. According to S&P Global economists, elevated investments in data centers and related high-tech activities contributed about 0.5% to the U.S. GDP in the first three quarters of 2025. We estimate global IT spending grew nearly 12% on a constant-currency basis in 2025, significantly higher than our initial forecast of 9% and far above the estimated real global GDP growth of 3.3% (nominal growth near 6%). According to IDC Corp., ]]>ArticlesMon, 12 Jan 2026 16:43:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-tailwinds-bode-well-for-2026-it-spending-s101664922<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 11:25:11 GMT00:01:00<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]><![CDATA[ • Rating activity was soft at the start of the year. Rating actions were on U.S.-based issuers, spread across nonfinancial sectors, and all but one involved speculative-grade issuers.• Last week's downgrades included the year's first fallen angel: Hologic Inc., a medical device manufacturer. We downgraded Hologic to 'B+' from 'BBB-' following a take-private transaction. • Two U.S.-based defaults were recorded. We downgraded Saks Global Enterprises LLC, a multi-brand luxury retailer, to 'SD' from 'CCC' due to a missed interest payment. Upstream Newco Inc., an outpatient rehabilitation services provider, was downgraded to 'D' from 'CCC' following the completion of a debt restructuring. ]]>ArticlesMon, 12 Jan 2026 11:25:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-fallen-angel-of-2026-jan-12-2026-s101665191<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 07:27:28 GMT00:01:00<![CDATA[ 2026 Outlook--China Commodities Watch: Upstream Stays Firm <br> ]]><![CDATA[ This report does not constitute a rating action. Energy transition and AI will be the fundamental bright spots for China's commodities sector this year. S&P Global Ratings expects investments in these segments will drive metals demand. In contrast, oil consumption will track the country's GDP, whose growth rate is likely be stagnant this year. More electric vehicles is also a dampener for oil. The upstream sector will benefit from China's long-term planning and energy security needs. This will keep demand and prices relatively stable, and boost the natural gas segment. S&P Global Energy expects China's oil demand to edge up just 1% in 2026. That is similar to a flat growth in 2025 and lower than the average annual growth ]]>ArticlesMon, 12 Jan 2026 07:27:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-outlook-china-commodities-watch-upstream-stays-firm-br--s101655273<![CDATA[ 2026 Outlook--China Commodities Watch: Upstream Stays Firm <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 16:12:49 GMT00:01:00<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts Mexico's economy to expand just above 1% in 2026 after less than 1% growth last year, a comparatively low growth rate reflecting structural weakness. The consequences of prolonged poor economic performance could spill over into weaker public finances and affect our ratings on the sovereign, absent corrective measures. Here, S&P Global Ratings presents frequently asked questions from investors regarding our sovereign ratings on Mexico (foreign currency: BBB/Stable/A-2; local currency: BBB+/Stable/A-2). The rating strengths are its external and monetary flexibility, thanks to many years of reform that have reduced the country's vulnerability to external shocks and created a flexible exchange rate and a credible monetary policy that could stabilize ]]>ArticlesThu, 08 Jan 2026 16:12:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-could-affect-the-mexico-sovereign-rating-in-2026-s101664571<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 15:45:07 GMT00:01:00<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]><![CDATA[ S&P Global Ratings assesses Connecticut Housing Finance Agency's Sustainability Framework as Light green. CHFA is a quasi-public organization created by the state of Connecticut in 1969. Its mission is to alleviate the shortage of housing for low- to moderate-income families and individuals in the state. ]]>ArticlesThu, 08 Jan 2026 15:45:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-connecticut-housing-finance-agencys-sustainability-framework-s101664948<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 05:07:32 GMT00:01:00<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]><![CDATA[ This report does not constitute a rating action. Robust demand and solid employment will counter stress from rising inflation and interest rates in Japan's generally stable securitization market. S&P Global Ratings expects underlying assets for owner-occupied residential mortgage-backed securities (RMBS), condominium investment RMBS, apartment loan RMBS, consumer loan asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) to perform stably in 2026. Assets backing corporate loan ABS are likely to somewhat underperform, in our view. We consider RMBS, ABS, and CMBS to be the representative asset classes of Japan's securitization market. Table 1 Outlooks by asset class Underlying asset class Performance outlook for asset class Expected rating trend RMBS Owner-occupied housing loan receivables; condominium investment loan receivables Stable Stable Apartment loan ]]>ArticlesThu, 08 Jan 2026 05:07:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-structured-finance-outlook-2026-jobs-strength-offsets-hikes-s101663301<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 02:26:13 GMT00:01:00<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]><![CDATA[ This report does not constitute a rating action. The extension of China's car subsidies into 2026 likely won't stop sales from dropping. Automakers face another tough year, caught between declining demand, an increase in the purchase tax on electric vehicles and the government's anti-involution measures. The government has extended into 2026 its scrappage and trade-in subsidy program for passenger cars. While the subsidy cap remains unchanged for electric and internal-combustion engine vehicles, the program shifted from a fixed subsidy to one based on a percentage of a new vehicle's price. New subsidy scheme to favor mid to high-end vehicles Scrappage and replacement program 2025 subsidy 2026 subsidy 2026 minimum vehicle price to get full subsidy New energy passenger vehicles RMB20,000 ]]>ArticlesThu, 08 Jan 2026 02:26:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-auto-brief-china-subsidy-extension-unlikely-to-stop-2026-sales-drop-s101664458<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 07 Jan 2026 19:20:02 GMT00:01:00<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]><![CDATA[ This report does not constitute a rating action. U.S. telecommunications issuers' wireless service revenue has continued to grow in the low- to mid-single-digit percentage range because of rate increases, greater adoption of premium plans, modest postpaid phone subscriber growth, and increasing penetration of fixed wireless access (FWA) customers. That said, postpaid phone net adds are slowing and handset upgrade rates have been increasing, which could hurt margins over the next year. These companies are also expanding their fiber to the home (FTTH) footprints either with new builds, joint venture (JV) partnerships, or M&A to better compete with cable. Capital expenditures (capex) was elevated for several years to build out mid-band spectrum, but returned to more normal levels in 2024 and ]]>ArticlesWed, 07 Jan 2026 19:20:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-telecom-2026-outlook-performance-will-be-steady-with-ongoing-risks-from-ma-and-shareholder-returns-s101662999<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:37:59 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. school districts rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Mountain Brook Board of Education Alabama AAA Stable Campbell Union High School District California AAA Stable Carmel Unified School District California AAA Stable Cold Spring Elementary School District California AAA Stable Fremont Union High School District California AAA Stable Hillsborough City School District California AAA Stable Kenwood School District California AAA ]]>ArticlesTue, 06 Jan 2026 17:37:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-school-districts-current-list-s101664374<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:36:00 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California AAA ]]>ArticlesTue, 06 Jan 2026 17:36:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101664373<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 11:13:07 GMT00:01:00<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]><![CDATA[ This report does not constitute a rating action. This report updates " Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ," published Aug. 12, 2021. The high ratings on these entities reflect a combination of the entities' close integration with their host governments and their finances; their robust public policy roles; the inability or unwillingness of private-sector financial institutions to provide similar services as efficiently; and their relative financial strength. No, equalization with the sovereign is not automatic. Nevertheless, most of them do have the same rating. Under our government related entity (GRE) criteria, we see most of these entities as having an almost certain likelihood of receiving sufficient and timely extraordinary support from their respective ]]>ArticlesTue, 06 Jan 2026 11:13:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-rate-national-development-entities-and-export-credit-agencies-s101664069<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 03:53:17 GMT00:01:00<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]><![CDATA[ This report does not constitute a rating action. Accounting changes are set to bring gains and challenges for Taiwan's life insurers. Hedging costs could decline significantly as companies deviate from standard exchange rate accounting practices, which is likely to bring down hedging ratios. At the same time, managing asset-liability mismatches will become more complicated and likely push up the sector's forex risk. Taiwan's financial regulator has laid out proposed revisions to accounting standards for life insurers. These aim to better reflect the economic reality for insurers which hold sizable foreign currency investments to help match their long-tenured insurance liabilities The proposed changes could save the industry new Taiwan dollar (NT$) 90 billion (around US$2.86 billion) annually in hedging costs, according ]]>ArticlesTue, 06 Jan 2026 03:53:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/taiwan-life-insurance-brief-forex-risk-ratios-to-rise-under-new-accounting-rules-s101664282<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 01:31:23 GMT00:01:00<![CDATA[ India Steel Brief: Duties Raise The Floor, Demand Sets The Ceiling ]]><![CDATA[ This report does not constitute a rating action. The Indian government's decision to extend safeguard duties on select steel products will set a pricing floor for imports. However, its effectiveness in supporting higher prices ultimately hinges on a recovery in domestic demand. In our view, a sustained improvement in industry credit metrics will require demand-led price support. The Indian government has extended safeguard duties on steel imports until April 2028, starting at 12% and tapering to 11%. This follows a period of significant pricing pressure through much of the fourth quarter of 2025. The safeguard duty will keep a sturdy floor under India's domestic steel prices. Without the duty, domestic prices are close to the import parity level of about ]]>ArticlesTue, 06 Jan 2026 01:31:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/india-steel-brief-duties-raise-the-floor-demand-sets-the-ceiling-s101664281<![CDATA[ India Steel Brief: Duties Raise The Floor, Demand Sets The Ceiling ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 22:22:51 GMT00:01:00<![CDATA[ Private Markets Monthly, December 2025: Private Credit Trends To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. (Editor’s Note: Private Markets Monthly is a research offering from S&P Global Ratings, providing insightful interviews with subject matter experts on what matters most across private markets. Subscribe to receive a new edition every month: https://www.linkedin.com/newsletters/private-markets-monthly-7119712776024928256/ ) The key to unlocking the next stage of growth for private markets lies in advancing transparency and data-driven insights that will serve as the foundation of a more accessible, comparable, and well-understood private-market ecosystem. In the past, investors have been willing to accept illiquidity in exchange for higher returns and diversification benefits, but this is quickly changing. There is a clear push for private markets to strengthen the infrastructure required to expand access responsibly—from pension ]]>ArticlesFri, 19 Dec 2025 22:22:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/private-markets-monthly-december-2025-private-credit-trends-to-watch-in-2026-s101663430<![CDATA[ Private Markets Monthly, December 2025: Private Credit Trends To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 20:54:08 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]><![CDATA[ Data as of Nov. 30, 2025 In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesFri, 19 Dec 2025 20:54:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-november-2025-s101663509<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 11:44:00 GMT00:01:00<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Electrolux Group's Green Financing Framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Sweden-based Electrolux Group develops, manufactures, and sells household appliances including refrigerators, freezers, cookers, dryers, washing machines, dishwashers, room air-conditioners, microwave ovens, floor-care products, vacuum cleaners, water heaters, heat pumps, and other small domestic appliances, as well as consumables and accessories. ]]>ArticlesFri, 19 Dec 2025 11:44:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-electrolux-group-green-financing-framework-s101663621<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 09:36:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebank 1 Ringerike Hadeland's Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. The bank offers a range of financial products and services to retail customers and small and medium enterprises in the Norwegian regions of Ringerike, Hadeland, and Nittedal. It is part of the SpareBank 1 Alliance and aims to promote sustainable development in local communities. ]]>ArticlesFri, 19 Dec 2025 09:36:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-ringerike-hadeland-green-bond-framework-s101663600<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:07:24 GMT00:01:00<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]><![CDATA[ Editor's note: Corporate Horizons is a commentary series from S&P Global Ratings that provides transparency into our analytical approach and the application of our methodologies around emerging credit risks and novel financing structures in the corporate and infrastructure space. In the following article, we provide our views on evolving features within structured capital joint-venture transactions between investment-grade issuers and financial investors. This article is a follow-up to “ A Deeper Dive On The Rating Implications Of Structured JV Minority Interest Transactions ,” Dec. 10, 2024. As new features of structured capital JV transactions emerge, we will continue to publish our analytical approach and provide transparency on the application of our criteria. This report does not constitute a rating action. We ]]>ArticlesThu, 18 Dec 2025 17:07:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-corporate-horizons-analyzing-offtake-agreements-and-other-evolving-features-of-structured-capital-joint-venture-transactions-s101657725<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:05:08 GMT00:01:00<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]><![CDATA[ Transaction profile Issuer Setanta Finance 2024 DAC Collateral type RMBS prime Domicile of assets Ireland Originator Allied Irish Banks PLC Servicer Allied Irish Banks PLC Counterparty Allied Irish Banks PLC, Bank of New York Mellon, London branch Capital structure Class Tranche size--CLN and unfunded (mil. €) Class size--unfunded portion (mil. €) Portfolio swap risk rating* Class size--CLN portion (mil. €) Credit rating--CLN§ Credit enhancement (%)† Scheduled maturity date Final maturity date Senior Retained 1,652.1 N/A NR N/A NR 16.250 January 2044 January 2046 Series 2 A 93.7 93.7 AAA (srp) N/A N/A 11.500 January 2044 January 2046 Series 2 B 49.3 49.3 AAA (srp) N/A N/A 9.000 January 2044 January 2046 Series 2 C 83.8 51.8 AA- (srp) 32.00 A+ ]]>ArticlesThu, 18 Dec 2025 17:05:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-setanta-finance-2024-dac-series-2-s101662182<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 15:06:34 GMT00:01:00<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]><![CDATA[ President Trump kept us on our toes in 2025. Despite policy cross currents, the U.S. economy is on pace to expand 2% in 2025 as we forecasted at this time last year. Our baseline forecast for 2026 is one of another middling 2% real GDP growth for the U.S. There is no shortage of things to watch in 2026. ]]>ArticlesThu, 18 Dec 2025 15:06:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-2025-jobless-expansion-in-the-us-2026-humans-in-the-loop-you-say-s101663405<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 12:14:20 GMT00:01:00<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. Yet local market dynamics will likely differ substantially (see table 1). After two years of marked declines, we anticipate European and North American truck markets will contribute to higher global HDT sales in 2026, with expected regional growth of 2% and 6%, respectively. We expect India's HDT deliveries will increase further by about 5.5% after an estimated 3.5% increase in 2025 on healthy market conditions. In contrast, sales in China--the world's largest HDT market--will decline by 7.5%, as subsidy-driven replacement demand will likely lose momentum. We expect HDT sales in South America will continue to decrease in 2026, mostly because of prolonged weak truck demand in Brazil, where GDP growth will likely ]]>ArticlesThu, 18 Dec 2025 12:14:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/heavy-duty-trucks-are-on-a-slow-road-to-recovery-s101662294<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 11:05:33 GMT00:01:00<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Kodar Energomontaža Group's Green Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Kodar is a Serbian engineering, procurement, and construction company focused on energy infrastructure, telecommunications networks, and renewable energy projects. ]]>ArticlesThu, 18 Dec 2025 11:05:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kodar-energomontaa-group-green-bond-framework-s101663404<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 08:41:35 GMT00:01:00<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]><![CDATA[ 2025 Takeaways: Even if Europe ends the year on a strong note, it is premature to view the outlook for 2026 with great optimism. While the better-than-expected absorption of external shocks in 2025 suggests a stronger domestic demand base, it may also signal that the adjustment to a new post-shock equilibrium--shaped by U.S. tariffs, Chinese import penetration, and stronger currencies--is still very much underway. 2026 Focus: We will be monitoring Germany’s fiscal package execution and regional spillovers; EU and national policy developments; and the sustainability of the ICT investment boom, including the diffusion of AI technologies and their impact on inter-sectoral productivity and jobs. ]]>ArticlesThu, 18 Dec 2025 08:41:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-emea-2025-investment-defies-shocks-2026-policy-moments-of-truth-s101663333<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 11:02:05 GMT00:01:00<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses SpareBank 1 Østfold Akershus' Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. SpareBank 1 Østfold Akershus is a savings bank operating in the southeastern part of Norway. It is part of the SpareBank 1 Alliance. ]]>ArticlesWed, 17 Dec 2025 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-stfold-akershus-green-bond-framework-s101663167<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 09:47:41 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in November 2025, after the following defaults in the month: Canada-based oil and gas company Canacol Energy Ltd. Germany-based chemicals manufacturer SK Mohawk Holdings S.a.r.l. Luxembourg-based packaging solutions provider Ardagh Group S.A. Luxembourg-based packaging solutions provider Kleopatra Holdings 2 S.C.A. Mexico-based chemicals producer Braskem Idesa S.A.P.I. U.S.-based cleaning and sanitation services provider Packers Holding LLC U.S.-based consumer fashion accessories maker Fossil Group Inc. U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based polyurethane foam products and solution provider FXI Holdings Inc. Monthly corporate defaults fell to nine in November, from 10 in October, taking the year-to-date total to 108--broadly in line with the ]]>ArticlesWed, 17 Dec 2025 09:47:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-corporate-defaults-fall-to-the-lowest-level-since-february-s101661849<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 03:54:26 GMT00:01:00<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]><![CDATA[ This report does not constitute a rating action. Japanese companies are set for massive investment in the U.S., but the returns could be extremely low. The initiative will, however, entail risks. For example, lower returns could result in lower profitability, and reduce their ability to repay debt, in our view. Tokyo and Washington signed the Japan-U.S. Strategic Investment Initiative memorandum of understanding (MOU) in September 2025. The agreement stipulates that Japan will invest $550 billion (about ¥82 trillion) in the U.S. by January 2029. This report answers some of the most common questions investors have asked about how the initiative will affect the Japanese corporate sector. Japanese companies can participate in the project either as investors or as vendors and ]]>ArticlesWed, 17 Dec 2025 03:54:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-us-investment-initiative-risks-for-japanese-companies-s101662057<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 21:56:45 GMT00:01:00<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]><![CDATA[ This report does not constitute a rating action. Affordability will likely remain a central theme of the U.S. residential housing and mortgage markets in 2026. Although recent home price trends are below the extreme home price appreciation (HPA) the market underwent over the past five years, home prices are still relatively high and mortgage rates stubbornly remain above 6%. This further elevates the barrier to entry into the housing market, especially for first-time home buyers. S&P Global Ratings' 2026 outlook for U.S. residential mortgage-backed securities (RMBS) comes with some optimism that mortgage rates may begin to decline, tempered by tepid housing activity. General market consensus points to soft price fundamentals, with Fannie Mae's November 2025 forecast for the FHFA House ]]>ArticlesTue, 16 Dec 2025 21:56:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-residential-mortgage-and-housing-outlook-robust-issuance-growth-amid-stagnant-home-prices-s101660033<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 14:12:03 GMT00:01:00<![CDATA[ The European Bank Resolution Story Ten Years On ]]><![CDATA[ This report does not constitute a rating action. For the largest banks, it's likely that extensive liquidity provided by central banks and possibly targeted government guarantees would be needed as part of that process, but taxpayer-funded capital injections should be unnecessary. We consider the resolution of a failed systemic bank to be a more plausible base case than a bail-out. Failed smaller banks are regularly resolved, but no resolution authority has yet proved that it can execute an open bank bail-in of a top-tier bank. In the case of UBS , the Swiss authorities had a willing buyer for a deeply distressed Credit Suisse . Yet the authorities' apparent reluctance to push Credit Suisse into resolution has deepened some observers' ]]>ArticlesTue, 16 Dec 2025 14:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-european-bank-resolution-story-ten-years-on-s101651354<![CDATA[ The European Bank Resolution Story Ten Years On ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 15 Dec 2025 19:35:23 GMT00:01:00<![CDATA[ Industry Credit Outlook: U.S. Cable Industry Bundles Up For Subscriber Losses ]]><![CDATA[ This report does not constitute a rating action. We raised our forecast for FWA subscribers such that we expect the current pace of growth to roughly be sustained through 2028, resulting in FWA subscribers approaching 28 million by 2028 (from about 14 million today). This represents a roughly 16% market share, up from about 8% today. The low-priced service continues to gain traction in the market as speeds are fast enough for consumers, it comes with a strong brand, and it is easy to install. Therefore, we believe consumers will continue to migrate toward it where it is available. FWA is an excess capacity model that rides entirely on existing wireless infrastructure. This provides wireless operators with pricing flexibility given ]]>ArticlesMon, 15 Dec 2025 19:35:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-us-cable-industry-bundles-up-for-subscriber-losses-s101661521<![CDATA[ Industry Credit Outlook: U.S. Cable Industry Bundles Up For Subscriber Losses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 15 Dec 2025 14:54:27 GMT00:01:00<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AA+ (sf) 771.4 9.25 One-month EURIBOR plus 0.69% Dec. 24, 2044 B-Dfrd A+ (sf) 36.1 5.0 One-month EURIBOR plus 1.05% Dec. 24, 2044 C-Dfrd BBB (sf) 34.0 1.0 One-month EURIBOR plus 1.45% Dec. 24, 2044 D NR 8.5 N/A One-month EURIBOR plus 4.96% Dec. 24, 2044 *Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal, while our ratings on the other notes classes address the ultimate payment of interest until they become the most senior class of notes, and timely payment of interest afterward. Payment of principal is no later than the legal final maturity date. ]]>ArticlesMon, 15 Dec 2025 14:54:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-autoflorence-4-srl-s101659329<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Home prices have stabilized slightly, but with inflation outpacing wage gains (particularly for lower-paying jobs), S&P Global Ratings expects that pressure on low-income households will continue to intensify. A growing share of renter households are cost-burdened, where more than 30% of their income is spent on housing, and despite the Federal Reserve’s lowering of interest rates in 2025, homeownership is out of reach for many. In 2025, the Federal Reserve lowered the benchmark interest rate three times, by a total of 75 basis points (bps), following 100 bps of total easing in 2024. S&P Global Economics projects additional easing during the second half of 2026. Mortgage rates have fallen to ]]>ArticlesThu, 11 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-2026-outlook-stable-footing-and-strong-management-withstand-federal-policy-shifts-s101659023<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 15:58:22 GMT00:01:00<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]><![CDATA[ This report does not constitute a rating action. After expected growth of 12% in 2025, we forecast that global issuance growth will slow to roughly 5% in 2026. Investment-grade bond issuance in the technology sector had exceeded $200 billion by mid-November. We expect debt financing will remain a key component in the 2026 funding mix. Cross-border issuance (including reverse Yankee issuance) will likely moderate in 2026, as relative funding cost advantages decrease. By early November, close to $50 billion in broadly syndicated loans (BSL) had been used to refinance direct lending loans. We expect issuers will continue to shift between BSL and private credit markets to refinance debt in 2026. Nearly 30% of loans issued year to date supported M&As ]]>ArticlesThu, 11 Dec 2025 15:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-what-will-drive-primary-market-issuance-in-2026-s101660102<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 14:46:22 GMT00:01:00<![CDATA[ CreditWeek: Will There Be More Pain For China's Insurance Market? ]]><![CDATA[   China’s insurance sector is in for more pain as persistently low interest rates continue to pressure profitability and encourage insurers to invest more in China's domestic equity market. S&P Global Ratings sees China’s economy as one of the top risks to credit conditions in Asia-Pacific. Weak property prices (a consequence of China’s ongoing property market woes ), a dim employment outlook, and cautious households are hindering demand in China—including for insurance. China’s insurance sector, once the fastest growing and the world’s second largest, faces an increasingly challenging outlook as persistent headwinds cloud its future. Moreover, China's insurance market had its first bond default on Sept. 30, 2025, when Tian An P&C Insurance Co. Ltd. defaulted on its Chinese renminbi ]]>ArticlesThu, 11 Dec 2025 14:46:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-will-there-be-more-pain-for-chinas-insurance-market-s101662322<![CDATA[ CreditWeek: Will There Be More Pain For China's Insurance Market? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 14:41:34 GMT00:01:00<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]><![CDATA[ This report does not constitute a rating action. General government deficits in CEE-5 countries will average 5.3% of GDP in 2025, similar to the level in 2020. CEE governments have struggled to consolidate their public finances hit by the dual shocks of the pandemic and the Russia-Ukraine war, and the objective to increase defense spending to 3.5% of GDP by 2035. Our medium-term projections suggest that CEE governments' fiscal consolidation will remain protracted over the next three years and that government debt will continue to increase. Most CEE economies depend on exports, which, on average, account for 65% of GDP. Many of these economies are manufacturing-heavy and closely integrated into German companies' supply chains. Therefore, headwinds to GDP growth from ]]>ArticlesThu, 11 Dec 2025 14:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-will-continued-fiscal-drift-affect-cee-sovereign-ratings-s101661381<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:50:53 GMT00:01:00<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Charter schools have benefited from steady to growing per-pupil revenue in most states, and demand remains generally healthy across the sector, even though competition for students has intensified in some areas of the country and not all charter schools have been able to sustain enrollment. At the same time, general expense pressures tied to salaries and benefits, coupled with elevated construction and facilities costs, will continue to create a budgetary dilemma for many schools. Still, we don't anticipate that operations will be materially stressed sectorwide unless states meaningfully cut per-pupil funding. Although covenant violations have become more common across the sector in the past two years, among schools rated by ]]>ArticlesWed, 10 Dec 2025 19:50:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-2026-outlook-stable-today-while-pressure-points-are-signaling-rising-vulnerabilities-s101661292<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:16:42 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from October 2011 through October 2025. For the full dataset beginning January 2006, see our extended tables: Click here . For an overview of the sector, performance trends, and more detailed information, see our latest quarterly tracker: " U.S. Auto Loan ABS Tracker: September 2025 Performance " (Nov. 10, 2025). Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day DQ ]]>ArticlesWed, 10 Dec 2025 19:16:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-october-2025-performance-s101661031<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 09:03:25 GMT00:01:00<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]><![CDATA[ This report does not constitute a rating action. Cote d’Ivoire investors’ purchases of Senegalese government debt issued on the West African Economic And Monetary Union (WAEMU) market have increased significantly, leaving them with about 42% of total issuance by the end of Q3 2025, up from around 19% in Q4 2024. With Senegal grappling with a significant debt burden, concerns have emerged that Cote d'Ivoire could be caught in the fall out of a financial reset of its neighbor. We note that Cote d'Ivoire's relative exposure to Senegalese debt issued on the regional market remains moderate, at about 7% of national banking sector assets and 3.1% of GDP, up from less than 2.5% and 1.2% in Q4 2024, respectively (see ]]>ArticlesWed, 10 Dec 2025 09:03:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cote-divoires-exposure-to-senegal-is-manageable-at-this-stage-s101660111<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 02:40:28 GMT00:01:00<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]><![CDATA[ We assess Wallenstam's green finance framework as Medium green. Wallenstam builds, develops, and manages properties primarily in Stockholm and Gothenburg. As of year-end 2024, the total value of its properties was about Swedish krona 66 billion and the company had 1,304 apartments in production. ]]>ArticlesWed, 10 Dec 2025 02:40:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-wallenstam-green-financing-framework-s101661935<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 00:39:02 GMT00:01:00<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]><![CDATA[ This report does not constitute a rating action. Overall credit conditions will stay tough next year for Korean corporates. But the worst could be in the rear-view mirror. S&P Global Ratings now has a small number of positive outlooks, compared with none at the end of 2024. Korean companies are still adjusting their business models to confront changing global operating conditions. This often requires higher investments at a time when margins are hurting from tariffs and supply gluts in key industries. Given these strains, we've taken seven negative ratings actions this year on companies in sectors ranging from electric vehicles (EV) battery to chemical to steel. We took only two positive actions--in the semiconductor and tech sectors--making 2025 the worst ]]>ArticlesWed, 10 Dec 2025 00:39:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-corporate-outlook-2026-in-charts-the-worst-may-be-behind-us-s101660216<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:38:06 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Our 2026 sector view is supported by S&P Global Rating’s U.S. economic outlook and GDP forecasts, as overall transportation industry performance measures and infrastructure usage are more broadly linked to economic activity that spurs travel, spending, and demand for goods and services. Our economists forecast real GDP growth of 2.0% in 2026 and 1.9% in 2027. Price inflation remains sticky at about 3% and, with about 10% of the consumer basket of goods affected by tariffs, we expect this pressure will continue and push core CPI inflation above 3% through mid-2026. Statutory tariff rates remain about 15%-20% and the effective tariff rate (duties collected) is a little above 10%. Weaker ]]>ArticlesTue, 09 Dec 2025 17:38:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-transportation-infrastructure-2026-outlook-green-lights-ahead-despite-tariff-ambiguity-and-growing-capital-programs-s101654287<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:24:51 GMT00:01:00<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects activity level growth in the U.S. transportation sector will continue to normalize in 2026, after moderation in 2025 from post-pandemic highs. We estimate average growth rates in 2026-2027 at 1.6% for enplanements, 4.5% for transit ridership, 2.4% for port container traffic, and 3.0% for tolled transactions. Our 2026-2027 activity estimates by transportation infrastructure asset class are below: Growth in U.S. system-wide enplaned passengers is slowing more significantly relative to the immediate post-pandemic years, reflecting a return to more normalized, GDP-linked growth as well as weakening consumer confidence and compressed disposable income amid multiple years of above-target inflation. Transportation Security Administration counts through Nov. 30, 2025, are only 0.2% ]]>ArticlesTue, 09 Dec 2025 17:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-transportation-activity-estimates-steady-but-slower-growth-with-modest-port-decline-br--s101657425<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:14:52 GMT00:01:00<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]><![CDATA[ This report does not constitute a rating action. This article describes S&P Global Ratings' analytical approach for providing an external review of pre- and post-issuance use-of-proceeds commitments referencing the Climate Bonds Initiative's (CBI's) Climate Bonds Standard. In scope for this external review are only instruments and expenditure types that conform to the general eligibility requirements of the applicable Climate Bonds Standard. Our CBI External Review is a point-in-time assessment that relies on the accuracy, timeliness, and completeness of the information provided by the issuer, and reflects our view on whether an entity has demonstrated how it meets the requirements of the applicable Climate Bonds Standard. Our external review does not constitute an assurance opinion. Furthermore, we do not conduct any ]]>ArticlesTue, 09 Dec 2025 17:14:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/analytical-approach-climate-bonds-initiative-external-reviews-s101660515<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 09:41:01 GMT00:01:00<![CDATA[ Cyber Insurance Market Outlook 2026: Resilient Earnings, Tougher Competition, Pockets Of Growth ]]><![CDATA[ This report does not constitute a rating action. Amid the turbulence that typically characterizes the battle between cyber security and cyber threats, insurance and reinsurance are proving an oasis of stability. S&P Global Ratings maintains a stable view on the global cyber insurance and reinsurance industry supported by robust underwriting profitability and our expectation that this solid performance will continue through 2026. Disciplined risk selection and robust reinsurance structures should continue to underpin the industry’s resilience, despite the inevitable increase in cyberattack incidents and costs. That strength is undoubtedly welcome. Cyber risk has emerged as one of the top global business threats and a significant protection gap remains. However, cyber insurance penetration is still low, with premiums at less than ]]>ArticlesTue, 09 Dec 2025 09:41:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cyber-insurance-market-outlook-2026-resilient-earnings-tougher-competition-pockets-of-growth-s101658506<![CDATA[ Cyber Insurance Market Outlook 2026: Resilient Earnings, Tougher Competition, Pockets Of Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 04:59:30 GMT00:01:00<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]><![CDATA[ We assess SYTRAL Mobilités' green finance framework as Dark green. SYTRAL Mobilités is the public transport authority for the Lyon metropolitan area, overseeing the planning and operation of the metropolitan transport network, including metro, tram, bus, funicular, and shuttle services. In 2024 SYTRAL Mobilités reported operating revenues of €991.7 million. ]]>ArticlesTue, 09 Dec 2025 04:59:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sytral-mobilites-green-finance-framework-s101661847<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 20:10:16 GMT00:01:00<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]><![CDATA[ This report does not constitute a rating action. In the past few years, all three countries have enacted significant policy changes that affect international enrollment, and therefore, revenue. Beyond the near-term enrollment volatility, there is a risk of further longer-lasting reputational damage that will affect the ability of institutions in these countries to attract lucrative international students. This will add significant pressure to operating results in the next several years. The public not-for-profit universities that we rate in Australia, Canada, and the U.K. represent a relatively small portion of the institutions in these countries. Although rated universities are exposed to the same convergence of policy uncertainty, funding pressures, and enrollment volatility as their unrated peers, we believe that the generally ]]>ArticlesMon, 08 Dec 2025 20:10:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/public-not-for-profit-higher-education-in-australia-canada-and-the-uk-2026-outlook-pressures-mount-amid-policy-changes-s101659447<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 18:27:49 GMT00:01:00<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Weakening financial metrics that flow from real or perceived ratemaking constraints make power utilities more susceptible to downgrades, which underpins our negative sector outlook. Retail electric customers provide the building blocks for utilities’ recovery of operating and capital costs and represent the pathway for achieving sound financial performance and ratings. Recent years’ sizable retail electric rate increases and projections of additional increases to fund accelerating capital programs and rising operating costs coincide with the non-utility cost pressures facing consumers. CPI increased 16% from August 2022 through September 2025. At the same time, national average retail electric rates rose 28%. These cost pressures tax consumer affordability, limit ratemaking flexibility, and elevate ]]>ArticlesMon, 08 Dec 2025 18:27:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-power-and-electric-cooperative-2026-outlook-rising-inflation-and-capital-spending-stressors-perpetuate-negative-rating-pressures-s101656253<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 12:36:11 GMT00:01:00<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]><![CDATA[ Here S&P Global Ratings describes how it applies its Shades of Green analytical approach in its sustainable finance products to assess adaptation and resilience projects. Our sustainable finance products, such as SPOs, are separate and distinct from credit ratings, do not assess credit quality, and do not factor into credit ratings. This report does not constitute a rating action. Investment in climate adaptation and resilience is crucial due to the intensifying impacts of climate change and is supported by the growing policy focus on adaptation and resilience measures. During the recent United Nations Framework Convention on Climate Change negotiations, governments agreed to triple adaptation finance from public sources by 2035 from the 2025 levels despite this subject historically receiving limited ]]>ArticlesMon, 08 Dec 2025 12:36:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-behind-the-shades-climate-adaptation-and-resilience-s101654633<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:55:07 GMT00:01:00<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]><![CDATA[ Rating activity was net positive last week, on the back of a decline in downgrades. Upgrades included one rising star, U.S.-based power company Vistra Corp. (upgraded to investment-grade from speculative-grade). The rising star count year to date is 26, compared with 34 over the same period last year. Upgrades also included three Uzbekistan-based issuers following the sovereign's upgrade to 'BB' on Nov. 21, 2025. The chemicals, packaging, and environmental services sector continued to face downward pressure, with two downgrades. There was one default recorded last week, the Baffinland Iron Mines Corp., which was downgraded to 'SD' (selective default) from 'CCC-' on Dec. 1, 2025, on a distressed transaction. The company was later upgraded to 'CCC-' on Dec. 3, following a debt maturity extension. Year to date, 109 entities have defaulted, fewer than the 136 that defaulted during the same period last year. ]]>ArticlesMon, 08 Dec 2025 11:55:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-net-positive-rating-activity-with-sector-divergence-dec-8-2025-s101661670<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:43:17 GMT00:01:00<![CDATA[ Climate Transition Assessment: Fabege AB ]]><![CDATA[ S&P Global Ratings' current and future shade of Medium green indicates that 86% of Fabege's revenue comes from its energy-efficient building portfolio, which we expect to be sustained through 2030. In 2024, Fabege, a Sweden-based commercial property company, allocated about 60% of capital expenditure to small investments in the asset management portfolio, including for energy efficiency and tenant adaptations. Other key investments included new construction projects to which we assigned a shade of green. ]]>ArticlesMon, 08 Dec 2025 11:43:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-fabege-ab-s101661730<![CDATA[ Climate Transition Assessment: Fabege AB ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:22:50 GMT00:01:00<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]><![CDATA[ This report does not constitute a rating action. This is due to the wealth of these companies' customer data, especially financial data if they have captive finance arms. In 2024, 60% of cybersecurity incidents in the automotive and smart mobility sectors affected up to millions of mobility assets, including vehicles, charging stations for electric vehicles, smart mobility apps, and connected devices. This is according to Upstream's 2025 global automotive and smart mobility cybersecurity report. Based on the report, large-scale incidents--each affecting millions of vehicles--more than tripled to 19% in 2024 from 5% in 2023. Although the reported number of ransomware attacks we have recorded against rated companies is lower than the number of reported data breaches, the true figure is ]]>ArticlesMon, 08 Dec 2025 11:22:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-sector-when-cyber-risk-becomes-credit-risk-s101653965<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 09:31:12 GMT00:01:00<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]><![CDATA[ This report does not constitute a rating action. Most sovereigns in the WAEMU have relied on the monetary union’s debt market to finance their budgetary deficits in recent years. Subscription rates have remained high despite a strong uptick in debt volumes in 2025 and WAEMU banks’ high exposure to the sovereigns (see chart). This follows the IMF's suspension of Senegal's $1.8 billion extended credit facility and associated financing last year. However, member states outside Senegal are diversifying by tapping external commercial or concessional sources of funding, and we believe that this will partially alleviate the pressure on the WAEMU debt market. Last month, the IMF and Senegal started official negotiations on a new lending program, but visibility on both the ]]>ArticlesMon, 08 Dec 2025 09:31:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/africa-brief-waemu-debt-market-weathers-senegals-imf-financing-suspension-s101660243<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 07 Dec 2025 23:17:23 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesSun, 07 Dec 2025 23:17:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-october-2025-s101661603<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 16:21:59 GMT00:01:00<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]><![CDATA[ This report does not constitute a rating action. The Nov. 3, 2025, collapse of Stream Finance, a decentralized finance (DeFi) protocol, emphasized the importance of understanding DeFi risk exposures and contagion vectors. On Nov. 3, 2025, Stream Finance reported a loss of around $93 million and froze redemptions of its stablecoin, xUSD, triggering a severe devaluation (down over 73% on the first day of the event). This event cascaded through several DeFi protocols exposed to xUSD, ultimately incurring an estimated $248 million in losses across the ecosystem. Withdrawals from the protocol remain frozen as of Dec. 5, 2025. The Stream Finance collapse highlights several critical risks within DeFi. Stream Finance relied on complex, sometimes opaque strategies and off-chain activities that ]]>ArticlesFri, 05 Dec 2025 16:21:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/digital-assets-brief-stream-finances-collapse-highlights-defi-contagion-risks-s101661035<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:43:27 GMT00:01:00<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]><![CDATA[ Asia-Pacific credit conditions will keep steady in 2026 amid continued growth, easy monetary policies and a supportive financing environment ]]>ArticlesFri, 05 Dec 2025 05:43:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/macro-credit-how-will-asia-pacifics-credit-landscape-shape-up-in-2026-s101661357<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:41:13 GMT00:01:00<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]><![CDATA[ We expect policy rates to decline somewhat further. But rates are approaching equilibrium levels. With concerns about higher global interest rates, recent currency weakening and elevated core inflation in some economies, rates are likely to settle well above the exceptionally low levels of the early 2020s. ]]>ArticlesFri, 05 Dec 2025 05:41:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/monetary-policy-how-low-can-interest-rates-go-in-asia-pacific-s101661371<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:37:32 GMT00:01:00<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]><![CDATA[ A weaker U.S. dollar will be credit positive for issuers with a large share of unhedged debt or input costs in U.S. dollars and domestic currency income. Asian issuers dependent on the U.S. export market and those with revenues linked to the dollar but with domestic currency debt or costs are most exposed. ]]>ArticlesFri, 05 Dec 2025 05:37:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financing-a-weaker-dollar-who-are-the-winners-and-losers-in-asia-pacific-credit-s101661358<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:49:09 GMT00:01:00<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]><![CDATA[ Diversification of supply chains and end markets is set to continue, presenting companies with challenges from trade uncertainties, policy shifts, and execution risk. ]]>ArticlesFri, 05 Dec 2025 04:49:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-what-risks-await-asia-pacific-corporates-as-tariffs-drive-market-and-supply-chain-diversification-s101661366<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:45:52 GMT00:01:00<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]><![CDATA[ The sector will need significant levels of investment to advance the region's digital infrastructure demands. We expect risk profiles to diverge between committed and approved projects and those still in early stages, given long lead times and supply constraints. ]]>ArticlesFri, 05 Dec 2025 04:45:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/technology-are-data-centers-in-southeast-asia-set-to-drive-credit-growth-in-2026-s101661365<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:34:57 GMT00:01:00<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]><![CDATA[ Japan's commitment to invest US$550 billion in the U.S. is objectively lopsided, with the Japanese entities only getting half of the initial returns (and thereafter just 10%). Private firms may be induced to participate in the scheme, but with terms unclear, the risk could be much higher. ]]>ArticlesFri, 05 Dec 2025 04:34:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-who-will-bear-the-risk-of-japans-investment-agreement-with-the-us-s101661363<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 03:41:25 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 05 Dec 2025 03:41:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-dec-3-2025-s101661274<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 23:34:55 GMT00:01:00<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]><![CDATA[ "ABS Performance Watch: Australia And New Zealand" provides a comprehensive analysis of the performance of ABS transactions in Australia and New Zealand and gives valuable insight into the performance of the programs' underlying assets and securities. The quarterly report provides comparative data on each program. ]]>ArticlesThu, 04 Dec 2025 23:34:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-performance-watch-australia-and-new-zealand-q3-2025-s101661338<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 16:46:39 GMT00:01:00<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]><![CDATA[ This report does not constitute a rating action. Chart1 Federal policy changes have slowed the national economy, and this has a direct impact on local governments. We expect immigration--a key driver of above-trend GDP growth in 2022-2024--will normalize, weighing on GDP growth and output through 2027. It will also contribute to employee shortages in labor-sensitive sectors where immigrants account for a large share of the workforce, such as construction, hospitality, and agriculture. This will drive up capital and, potentially, operating costs for issuers. Chart 2 As costs continue to outpace sluggish revenue growth, many LGs have healthy reserves to fall back on. Those that don’t could have to make difficult cuts quickly or risk deterioration in credit quality. The depth ]]>ArticlesThu, 04 Dec 2025 16:46:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-2026-outlook-local-governments-show-resilience-k-12-school-districts-are-on-shaky-ground-s101657195<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 15:59:36 GMT00:01:00<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]><![CDATA[ This report does not constitute a rating action. Germany's fiscal shift, allowing for larger public deficits and greater budgetary leeway for local and regional government spending, is prompting speculation about the impact on public sector covered bond issuance. Despite increasing issuance in 2025, higher covered bond spreads driven by rising government bond issuance could limit the scope for continued growth in 2026. Based on German covered bond issuers’ regulatory §28 reporting, cover pool public sector assets increased year-on-year in 2025 for the first time since 2022. This growth likely helped net issuance of public sector covered bonds turn positive for the first time since 2020. The German government’s recently announced investment plans increase the scope for public sector debt and ]]>ArticlesThu, 04 Dec 2025 15:59:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/covered-bonds-brief-german-deficit-may-reignite-public-sector-backed-issuance-s101660251<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 13:30:49 GMT00:01:00<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]><![CDATA[ This report does not constitute a rating action. One of the more unexpected areas of growth for the U.S. life insurance industry over the past several years has been the funding agreement-backed notes (FABN) market. In 2024, the average outstanding amount of FABNs in the U.S. hit $190 billion--a 14% compound annual growth rate over last the 10 years. This year, through Sept. 30, we rated close to $70 billion of U.S. FABNs. An FABN is a debt instrument issued by a special purpose vehicle (SPV), typically a trust, that is collateralized by a matching funding agreement. An insurance company issues a funding agreement to an SPV, which in turn issues the FABN. Funding agreements are deposit-type contracts typically sold ]]>ArticlesThu, 04 Dec 2025 13:30:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/funding-agreement-backed-notes-what-when-how-s101658372<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 11:41:01 GMT00:01:00<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]><![CDATA[ This report does not constitute a rating action. LONDON (S&P Global Ratings) Dec. 4, 2025--S&P Global Ratings today published its " U.K. Second-Lien Monitor Q3 2025 , Dec. 4, 2025." The report tracks the collateral performance of second-lien mortgages in the RMBS transactions we rate. We analyzed over 40,000 loans, with current balance totaling about £2 billion as of Q3 2025, drawn from 13 U.K. RMBS transactions. Our U.K. Second-Lien Monitor presents data on the core characteristics and risk indicators that we assess regularly in our analysis. ]]>ArticlesThu, 04 Dec 2025 11:41:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-second-lien-monitor-q3-2025-published-s101660990<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 01:49:27 GMT00:01:00<![CDATA[ Global Financial Services GRE Ratings List ]]><![CDATA[ This report does not constitute a rating action. As of Nov. 28, 2025, S&P Global Ratings rated 213 financial services government-related entities (GREs) globally. These comprised 92 GREs in Western Europe and North America (WE & NA), 74 in Asia-Pacific (APAC), 25 in Eastern Europe, Middle East and Africa (EEMEA) and 22 in Latin America (LATAM). In this report, financial services GREs refer to GREs that lend, guarantee, or serve other financial intermediary functions, including all policy and commercial banks, insurers, and financing or guarantee agencies. We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be ]]>ArticlesThu, 04 Dec 2025 01:49:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-financial-services-gre-ratings-list-s101659151<![CDATA[ Global Financial Services GRE Ratings List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 00:12:03 GMT00:01:00<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]><![CDATA[ "Auto ABS Arrears Statistics: Australia" provides an analysis of arrears statistics on receivables underlying Australian auto ABS. The report tracks the arrears performance of Australian closed pool auto and mixed auto transactions. We also publish monthly arrears data for auto receivables. These data cover the Australian auto ABS portfolio of receivables. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 04 Dec 2025 00:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-abs-arrears-statistics-australia-october-2025-s101661138<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 20:21:18 GMT00:01:00<![CDATA[ The Ratings View: Dec. 3, 2025 ]]><![CDATA[ In this week's summary of ratings views: Resilient credit conditions look set to continue in 2026. Risky-credit counts declined in North America, but refinancing pressure is building. Japanese corporations are struggling to compete in the global AI market. ]]>ArticlesWed, 03 Dec 2025 20:21:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-dec-3-2025-s101661096<![CDATA[ The Ratings View: Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:49:34 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]><![CDATA[ S&P Global Ratings has revised its assessment of Gemini USD (GUSD)’s ability to maintain its peg to the U.S. dollar to 3 (adequate) from 2 (strong). This revision reflects a shift in the reserve portfolio to 100% cash deposits held at regulated U.S. banking institutions, transitioning from previous holdings in money market funds. ]]>ArticlesWed, 03 Dec 2025 16:49:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-gemini-usd-gusd-s101661038<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:41:34 GMT00:01:00<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. Despite a challenging macroeconomic backdrop, our project finance portfolio has remained broadly stable over the past year, reflecting the resiliency of the infrastructure sector. S&P Global Ratings currently maintains approximately 285 ratings on project finance issuers, including roughly 230 public ratings. The rating distribution continues to lean toward higher-quality credits. Roughly 72% of all project finance ratings fall within the investment-grade category ('BBB–' or higher). Outlook trends also reinforce the stability of the sector. Eighty two percent of ratings have a stable outlook, while about 15% of ratings have a negative outlook or are on CreditWatch with negative implications—often reflecting asset-specific challenges, exposure to construction or ramp-up risks, or evolving regulatory trends. ]]>ArticlesWed, 03 Dec 2025 16:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-project-finance-issuers-strongest-to-weakest-s101658593<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:23:18 GMT00:01:00<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Hyperscalers are placing massive bets on AI ambitions, as data center demand surges against a backdrop of rising but constrained supply, keeping sector fundamentals healthy. Still, risks for owners, operators, and investors vary across types of facilities and financing sources. We expect demand to support AI, and non-AI workloads will remain robust, with supply more constrained by power availability in ]]>ArticlesWed, 03 Dec 2025 14:23:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/data-centers-are-the-winning-odds-less-certain-in-2026-s101659690<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:13:22 GMT00:01:00<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Increased isolationism—largely driven by the U.S.—is shaking the foundations of global trade. Policy uncertainty will likely persist, forcing governments and businesses to strengthen supply-chain resilience even at some cost to efficiency. The Trump administration is using tariffs and bilateral deals as the primary instruments to address both trade and non-trade grievances. The unilateral tariffs applied to imported goods from most ]]>ArticlesWed, 03 Dec 2025 14:13:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-are-global-supply-chains-becoming-a-bargaining-chip-for-strategic-influence-s101659717<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:12:26 GMT00:01:00<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]><![CDATA[ This report does not constitute a rating action. We expect U.S. private consumption growth to hit a cycle low in 2026 amid weaker real disposable incomes and broader structural headwinds, and for consumption growth to remain soft in China, weighing on overall growth. U.S. consumer spending accounts for roughly 70% of its GDP. The health of consumer spending is therefore a closely watched indicator for businesses and policymakers, influencing decisions regarding hiring, investment, and economic policy. The outsized role of consumer spending in the GDP calculation means that minor upticks in unemployment or inflation can threaten economic growth. In China, consumer spending doesn’t factor as greatly into the calculation of GDP. However, robust consumption is seen as key to solid ]]>ArticlesWed, 03 Dec 2025 14:12:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-state-of-the-consumer-will-cracks-worsen-for-economic-giants-china-and-the-us-s101660806<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 13:33:11 GMT00:01:00<![CDATA[ European Infrastructure Update: Airports ]]><![CDATA[ This report does not constitute a rating action. We expect the credit metrics of rated European airports to stay strong despite increased investments and dividends. However, several rated airports, including Royal Schiphol Group N.V. (Schiphol), daa PLC (daa) and Flughafen Zurich AG (FZAG) face declining credit metrics, mainly due to large capital expenditure (capex)--mostly for maintenance and expansion--in the next few years. We have already amply reflected this trend in our ratings on the entities and we believe they have sufficient headroom within the rating to accommodate this. Our rated airports in Europe have performed well this year. Passenger growth, particularly for leisure travel, supported the entities. Despite a challenging macroeconomic climate, consumers have shown strong demand for air travel. ]]>ArticlesWed, 03 Dec 2025 13:33:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-infrastructure-update-airports-s101652362<![CDATA[ European Infrastructure Update: Airports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:51:42 GMT00:01:00<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]><![CDATA[ This report does not constitute a rating action. Emerging Markets (EMs) are set to remain a key driver of global growth in 2026, while capital flows into the region should remain positive. Greater self-reliance and diversification are making EMs more resilient, but lower-rated entities and frontier markets will likely be more vulnerable to potential shifts in external conditions. S&P Global Ratings anticipates the U.S. Federal Reserve (the Fed) will pursue monetary easing in 2026. Barring a sharp market correction in the U.S., this policy, coupled with a weaker U.S. dollar, should maintain an accommodative financing environment for EMs. Some EM central banks, particularly in Latin America and EMEA, have room to cut interest rates further, while those in Asia are ]]>ArticlesWed, 03 Dec 2025 10:51:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-will-the-positive-momentum-continue-s101660710<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:42:05 GMT00:01:00<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]><![CDATA[ This report does not constitute a rating action. Corporates are already adjusting to higher refinancing costs, but unexpected increases could pose challenges for companies at the lower end of the rating scale. Sovereigns appear more resilient to potential significant shocks in financial markets. About $1.35 trillion of nonfinancial corporate debt will mature in 2026, as of Oct. 1, 2025, 10% higher than at the same time in 2025. That said, the weakening dollar during the first half of 2025 increased the value of non-dollar denominated debt, when converted into USD. A significant portion of upcoming maturities were issued in the low-interest rate environment of 2020/2021. Consequently, European and U.S. corporate issuers with fixed-rate 2026 maturities may face higher funding costs, ]]>ArticlesWed, 03 Dec 2025 10:42:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/refinancing-risk-what-if-the-wind-changes-s101660722<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:41:00 GMT00:01:00<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]><![CDATA[ This report does not constitute a rating action. Growing recognition that global warming will surpass 1.5 degrees Celsius is driving increased focus on adaptation and resilience investments to address unavoidable impacts. Global economic losses from natural disasters reached $320 billion in 2024, higher than the inflation-adjusted averages of the past 10 and 30 years, according to reinsurer Munich Re. There could be 40% more natural disasters globally by 2030 than in 2015 if mitigation of greenhouse gas emissions isn't stepped up, according to U.N. data. Global emissions are increasing, and we estimate a 50% likelihood that the global average temperature will reach 2.3 degrees Celsius above the pre-industrial average by 2040. Adaptation and resilience investments can help to reduce the ]]>ArticlesWed, 03 Dec 2025 10:41:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/physical-climate-risks-what-can-we-expect-as-the-need-to-adapt-and-build-resilience-rises-s101660703<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 09:59:48 GMT00:01:00<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]><![CDATA[ The sustained period of resilient global credit conditions looks set to continue in 2026, as economic growth holds up, supported in part by tech investments. Also, active refinancing in 2025 has pushed out maturities for many, rates have decreased or are still doing so, and investor appetite remains healthy. This outlook is not uniform though. Performance across sectors and geographies will diverge, and the evolving geopolitical order may continue to introduce unexpected policy shifts. And as assumptions about AI’s transformative power increasingly drive market valuations and investment volumes, creating a boom in data center construction and adding to economic growth, these outlays may lead to overinvestment and pain later for credit conditions. ]]>ArticlesWed, 03 Dec 2025 09:59:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-outlook-2026-music-playing-noise-rising-s101660911<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 18:45:25 GMT00:01:00<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]><![CDATA[ The BoE's FPC believes that the U.K. banking system is highly resilient to a protracted period of intense volatility after the seven major U.K. banks comfortably passed its most recent capital stress test. The regulator has reduced its Tier 1 capital benchmark for the U.K. banking system to 13% to reflect this resilience--a level materially below the Tier 1 resources in the system today. We expect banks' capital requirements to taper to this level in the short-to-medium term, led by a reduction in the Pillar 2A buffer from January 2027, as per the BoE's previous guidance, and followed by the finetuning of capital and leverage buffers. This represents an incremental rather than material shift in the capital levels in the ]]>ArticlesTue, 02 Dec 2025 18:45:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-banks-trimming-of-regulatory-capital-requirement-does-not-hurt-ratings-s101660397<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) § Class size (%) Available credit enhancement (%)† Interest (%) Legal final maturity A AA (sf) 159.72 80.50 19.50 One-month EURIBOR plus 0.81 Jan. 25, 2036 B-Dfrd A (sf) 11.90 6.00 13.50 One-month EURIBOR plus 1.15 Jan. 25, 2036 C-Dfrd BBB (sf) 9.92 5.00 8.50 One-month EURIBOR plus 1.75 Jan. 25, 2036 D-Dfrd BB (sf) 8.93 4.50 4.00 One-month EURIBOR plus 2.90 Jan. 25, 2036 E-Dfrd BB- (sf) 5.95 3.00 1.00 One-month EURIBOR plus 3.70 Jan. 25, 2036 F NR 1.98 1.00 0.00 Fixed Jan. 25, 2036 X B- (sf) 4.96 2.50 N/A One-month EURIBOR plus 2.75 Jan. 25, 2036 R NR 0.10 0.00 N/A Variable return Jan. 25, 2036 Note: *Our rating on ]]>ArticlesTue, 02 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-youni-italy-2025-2-srl-s101659534<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 15:23:04 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]><![CDATA[ This report does not constitute a rating action. Overall credit quality across our index of U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) portfolios has been stable over the past year, with 'B-' exposures dipping to recent lows at just over 22% and S&P Global Ratings' weighted average rating factor (SPWARF) values hovering around 2600. Between Oct. 1 and Nov. 21, there was only one widely held issuer (top 500) whose rating was either lowered to 'B-', into the 'CCC' range, or to a default level. However, downgrades across the less widely held issuers continue (see " U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of Nov. 21) ," published Nov. 24, 2025). Despite the stable credit ]]>ArticlesTue, 02 Dec 2025 15:23:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2025-us-bsl-index-stable-credit-metrics-paid-for-with-par-scenario-analysis-on-us-bsl-clo-ratings-s101660627<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 14:08:15 GMT00:01:00<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]><![CDATA[ Borrowers in North America will likely enjoy favorable credit conditions in the near term, amid tight spreads and falling policy interest rates. A sudden slowdown in the surge of AI-related spending could have systemic implications for financial markets. Credit quality in segments of the private market is slipping. ]]>ArticlesTue, 02 Dec 2025 14:08:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-north-america-q1-2026-favorable-yet-fragile-s101660465<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 13:10:29 GMT00:01:00<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]><![CDATA[ Supportive financing conditions for emerging markets (EMs) should persist. S&P Global Ratings expects most EMs will remain resilient, albeit with divergent growth trajectories. Markets tolerance for geopolitical uncertainty may mask vulnerabilities that leave EMs susceptible to contagion from external shocks, such as asset price corrections. ]]>ArticlesTue, 02 Dec 2025 13:10:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-emerging-markets-q1-2026-bright-prospects-storm-clouds-s101660712<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 08:58:29 GMT00:01:00<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]><![CDATA[ Modest earnings growth, generally healthy private-sector balance sheets, and favorable financing conditions underpin a resilient rating outlook for most sectors. Concerns still center on U.S. trade policy and adversarial global politics exposing vulnerabilities in Europe's democracies, supply chains, and ability to stabilize public debt. ]]>ArticlesTue, 02 Dec 2025 08:58:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q1-2026-treading-a-narrow-path-s101660553<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 03:40:31 GMT00:01:00<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]><![CDATA[ This report does not constitute a rating action. Claim losses from a devastating fire at a residential complex in Hong Kong will add pressure to the underwriting results of the property/casualty (P/C) insurance sector. S&P Global Ratings also expects insurers will rethink their risk retention and pricing policies in property insurance, where premium rates have declined in recent years amid intense competition. Hong Kong's P/C insurers already face diluted earnings from several extreme weather events earlier in the year, such as Super Typhoon Ragasa and black rainstorms. Claim losses from last week's fire at Wang Fuk Court in Tai Po will further erode the sector's underwriting margins. The impact should be manageable relative to their capital positions, in our view. ]]>ArticlesTue, 02 Dec 2025 03:40:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/hong-kong-fire-tragedy-will-add-to-profitability-pain-for-pc-insurers-s101660143<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 22:01:03 GMT00:01:00<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]><![CDATA[ This report does not constitute a rating action. As we’ve done in previous years, we have generated a series of stress scenarios to see how our broadly syndicated loan (BSL) collateralized loan obligation (CLO) ratings would perform under different levels of collateral stress (see Related Research at the end of this article for some of the previous CLO stress scenario articles). For purposes of this year's exercise, we re-ran the four scenarios that we’ve published since 2020, allowing for comparisons of how BSL CLO ratings have responded to the stresses over time. Each of the four scenarios envisions a proportion of corporate loan issuers experiencing a default and then assumes that a proportion of the remaining (i.e., non-defaulted) obligors end ]]>ArticlesMon, 01 Dec 2025 22:01:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-how-us-bsl-clo-ratings-would-respond-to-another-downturn-2025-update-s101660470<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 20:53:08 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $2.1 billion month over month to $665 billion as of November 2025. The overall U.S. CMBS delinquency (DQ) rate decreased 9 basis points (bps) month over month to 6.0% in November and rose 42 bps year over year. By dollar amount, total delinquencies were $40.2 billion, a net month-over-month decline of $0.5 billion (1.1%) and a net year-over-year increase of $3.5 billion (9.5%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 7 bps to 4.6% in November after a 46 bps increase to 4.7% in October ]]>ArticlesMon, 01 Dec 2025 20:53:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-fell-9-basis-points-to-6-in-november-2025-the-office-rate-nears-10-s101659463<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 18:49:47 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The current operating environment has numerous hurdles, compelling management teams to remain highly focused on operations and strategic initiatives to sustain enterprise strength and provide appropriate services for their communities. Thanks to generally healthy demand and provision of higher acuity services, further supported in some cases by recent reimbursement increases from payers and greater supplemental funds, revenue growth has outpaced rising expenses. This is resulting in margins that, while not back to 2019 levels, have recently stabilized for many providers. Although the median operating performance for the smaller sample size of year-to-date 2025 audits (about 15% of rated entities) shows a slight regression, we expect it could improve, as inclusive ]]>ArticlesMon, 01 Dec 2025 18:49:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-2026-outlook-resilient-for-now-with-increased-credit-risks-on-the-horizon-s101654849<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:53:03 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]><![CDATA[ S&P Global Ratings assesses Paxos USD (USDP)'s ability to maintain a stable price vis-à-vis the U.S. dollar at 2 (strong). This stablecoin was launched in 2018 by Paxos Trust Co., initially as Paxos Standard, before being renamed Paxos USD in August 2021. ]]>ArticlesMon, 01 Dec 2025 15:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-paxos-usd-usdp-s101660486<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:12:41 GMT00:01:00<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]><![CDATA[ Turkish corporates saw their credit quality weaken in 2025, leading to negative rating actions on four higher-rated companies. Reasons for the downgrades include a mix of ongoing economic challenges, alongside some company-specific factors. There is limited further downward rating pressure going into 2026, with only one negative outlook among rated issuers in Turkiye. ]]>ArticlesMon, 01 Dec 2025 15:12:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkish-corporate-outlook-2026-macro-improvements-should-support-credit-quality-s101660471<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 10:44:33 GMT00:01:00<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]><![CDATA[ Rating actions declined last week, primarily because we saw fewer upgrades than the previous week. In the speculative-grade sector, we made six upgrades, including one rising star, Vallourec, bringing total rising stars to 25 in the year to date. Downgrades included the first fallen angel since August: FMC Corp., a U.S.-based issuer in the chemicals, packaging, and environmental services sector. What's more, this sector has the second-largest number of potential fallen angels (five)--issuers rated 'BBB-' with a negative outlook or on CreditWatch negative. Year-to-date total fallen angels number 11, behind 17 at the same point last year. There was one default last week to a U.S.-based issuer in the chemicals, packaging, and environmental services sector, FXI Holdings Inc. Since the beginning of November, this sector has accounted for five of the nine defaults. ]]>ArticlesMon, 01 Dec 2025 10:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-negative-pressure-continues-in-chemicals-and-packaging-dec-1-2025-s101660410<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 28 Nov 2025 08:34:14 GMT00:01:00<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Linja AS' Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Linja develops, constructs, and manages the electric grid for energy transmission in northwestern Norway, serving over 100,000 end users. ]]>ArticlesFri, 28 Nov 2025 08:34:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-linja-as-green-financing-framework-s101660221<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 27 Nov 2025 17:05:17 GMT00:01:00<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]><![CDATA[ This report does not constitute a rating action. , providing a catalyst for potential market consolidation and a widening of the gap between the credit qualities of operators. S&P Global Ratings is assessing the potential credit implications of the new tax regime and the industry's response with reference to the ratings headroom available to different U.K. gambling sector issuers. The stated aim is to contain harm associated with remote gambling while raising an estimated annual £1.1 billion by 2029-2030. Remote gaming duty will increase to 40%, from 21%, starting April 1, 2026, and a new 25% remote betting duty will be imposed starting April 1, 2027, while the general betting duty will remain at 15%. The increase excludes horseracing, self-service ]]>ArticlesThu, 27 Nov 2025 17:05:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-gaming-brief-gambling-tax-hike-will-affect-operators-rating-headroom-differently-s101659902<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTFri, 20 Feb 2026 13:28:00 GMTeshttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-tendencias-y-riesgos-en-el-sector-de-materiales-de-construccion-en-america-latina<![CDATA[ 20 de febrero de 2026 Escenario Base Podcast Tendencias y Riesgos en el Sector de Materiales de Construcción en América Latina Por Jose Coballasi En este episodio de Escenario Base, su anfitrión, José Coballasi, Sector Lead para América Latina, junto con Alexandre Michel, Director analítico en el sector Corporativo, ambos expertos en S&P Global Ratings, analizan las tendencias y riesgos en el sector de materiales de construcción en América Latina. Discuten la perspectiva estable del sector, los riesgos geopolíticos y macroeconómicos, y cómo las empresas están abordando la descarbonización y la innovación. ¿Qué oportunidades y desafíos enfrentan las empresas en la región? Descúbrelo en este episodio. Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. Articulo relacionado Panorama del sector corporativo y de infraestructura de América Latina para 2026 - Sector corporativo y de infraestructura de América Latina afronta incertidumbre comercial y política en 2026 ]]>Empresas, InfraestructuraFri, 20 Feb 2026 13:28:00 GMThttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-tendencias-y-riesgos-en-el-sector-de-materiales-de-construccion-en-america-latina00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ Ratings360® ofrece a emisores calificados una visión holística de la historia crediticia de su organización en una única plataforma personalizada. ]]>Products<![CDATA[ Ratings360® Información para la toma de decisiones. Ingrese Contáctenos La plataforma Ratings360® está disponible para los emisores que calificamos. Contáctenos para obtener más información o solicitar acceso. Solicite acceso Solicite acceso EN ESTA PÁGINA Características Hable con un experto. EN ESTA PÁGINA Características Hable con un experto. Resumen Ratings360® ofrece a los emisores que calificamos una visión integral de la historia crediticia de su organización: calificaciones, artículos sobre riesgos y opiniones críticas en un panel personalizado. Solicite una cuenta ahora. Regístrese Características Administre. Compare. Reporte. Todo en una única plataforma. Calificaciones de referencia Vea y compare la información de calificaciones de su organización con la de sus pares, proveedores y contrapartes. Análisis e información Manténgase informado de los factores que mueven su industria. Datos relevantes Adapte los datos de forma que sean significativos para usted. Ingrese Datos e información al alcance de su mano Prepárese en el área de sostenibilidad Diferénciese teniendo a mano nuestro enfoque analítico, reportes y todas las evaluaciones públicas sobre sostenibilidad. Entorno de mercado Proponga con confianza opciones de financiamiento al tener acceso a la percepción agregada de los inversores en diferentes sectores. Solicite mayor información Información para actuar. Contáctenos: ratings360@spglobal.com Información sobre calificaciones Acceda a las calificaciones, su historial y análisis de calificación de su organización, de sus pares, proveedores y contrapartes. Comparaciones financieras Compare las puntuaciones de calificación, los datos financieros ajustados y preajustados y las razones financieras, entre su organización, sus pares, proveedores y contrapartes. Construcción de escenarios crediticios Cree escenarios hipotéticos basados en sus datos y en nuestros criterios y comprenda mejor nuestra metodología de calificación. Vea cómo Análisis de sectores Nuestros más recientes análisis económicos y sectoriales a nivel global, así como videos y podcasts que le ayudarán a mantenerse al tanto de las condiciones económicas y de los riesgos que afectan a su sector. Distribución de Calificaciones Vea la distribución de las calificaciones entre regiones, sectores y niveles cubiertos por S&P Global Ratings. Percepción de inversores Manténgase al tanto de la percepción de los inversores con la información procedente de las interacciones de nuestros equipos Analíticos y de Seguimiento del Mercado con los inversores de su sector en todo el mundo. Información sobre sostenibilidad Conozca más sobre la manera en que nuestra información esencial puede ayudarle a tomar decisiones con convicción. Contáctenos Complete el formulario para que podamos conectarlo con la persona adecuada. Nombre* Apellido* Email* Empresa* Cargo* Experiencia en el sector* Experiencia en el sector Tipo de institución* Tipo de institución Rol/Función* Rol/Función País* País Estado* Estado Ciudad* Comentarios* Sí, me gustaría recibir por email comunicaciones promocionales de S&P Global Ratings, tales como newsletters, eventos e información sobre nuevos productos. Confirmar ]]>https://www.spglobal.com/ratings/es/products/ratings360<![CDATA[ Ratings360® ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Nuestro Rating Evaluation Service (RES [Servicio de Evaluación de Calificación]), una herramienta para entidades calificadas o no calificadas, proporciona una evaluación confidencial y prospectiva del impacto crediticio potencial de sus iniciativas estratégicas propuestas, antes de implementarlas. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Contáctenos Contáctenos para obtener más información Equipo comercial Equipo comercial EN ESTA PÁGINA: Beneficios Usos RES en acción Videos Productos Relacionados EN ESTA PÁGINA: Beneficios Usos RES en acción Videos Productos Relacionados Resumen Evaluar el impacto de nuevas iniciativas sobre la calidad crediticia con una evaluación confidencial y prospectiva. La decisión de emprender un importante programa de capitalización, gestionar la capacidad de endeudamiento, cambiar una estructura operativa o variar la mezcla de tipos de instrumentos emitidos puede tener importantes consecuencias crediticias. Nuestro Rating Evaluation Service (RES [Servicio de Evaluación de Calificación]), una herramienta para entidades calificadas o no calificadas, proporciona una evaluación confidencial y prospectiva del impacto crediticio potencial de sus iniciativas estratégicas propuestas, antes de implementarlas. Usted nos proporciona los escenarios hipotéticos que está considerando y le daremos comentarios puntuales sobre cada escenario que presente. El RES no es una calificación crediticia, ni tampoco es un servicio de consultoría o asesoramiento. Beneficios Una solución, Muchos usos Obtenga información valiosa antes de actuar. Nuestro Rating Evaluation Service (RES) le proporciona una evaluación confidencial por escrito del potencial impacto crediticio de sus iniciativas de titularización hipotéticas. Obtenga comentarios útiles e información valiosa antes de actuar Nuestro Rating Evaluation Service (RES) le brinda una evaluación confidencial del potencial impacto crediticio de sus iniciativas estratégicas propuestas antes de implementarlas, para identificar las iniciativas planificadas que potencialmente podrían traducirse en resultados crediticios que consideraría más o menos favorables. Este puede ser un beneficio particularmente valioso ya sea que esté considerando solo un plan o varias alternativas. Comprenda el impacto de sus iniciativas propuestas sobre su calidad crediticia Al explorar opciones estratégicas, es posible que desee evaluar de antemano cómo las iniciativas propuestas pueden afectar su calidad crediticia. La decisión de emprender un importante programa de capitalización, considerar una adquisición, gestionar la capacidad de endeudamiento, cambiar una estructura operativa o variar la mezcla de tipos de instrumentos emitidos puede tener importantes consecuencias crediticias. Ahí es donde podemos ayudar. Análisis basado en su escenario Proporciónenos los escenarios hipotéticos que está considerando y le daremos comentarios puntuales de un Comité de Evaluación de Calificación con base en cada escenario presentado. Tenga en cuenta que el proceso y el resultado del Rating Evaluation Service son confidenciales. Usos Rating Evaluation Service El Rating Evaluation Service se ha utilizado para medir las posibles implicaciones para las calificaciones derivadas de iniciativas importantes como: Fusiones y adquisiciones Desinversiones de activos o de líneas de negocio Planes de capitalización y/o deuda adicional que se estén considerando Reestructuraciones de la mezcla de fondeo y liquidez Recapitalizaciones (que incluye deuda senior y subordinada) Creación de nuevas estructuras de controladoras (holding) y subsidiarias. Transacciones de reducción de riesgos y alivio de capital (titulizaciones, híbridos, derivados y reaseguros). Nuevas técnicas de financiamiento, como un programa de papel comercial. Alternativas de quiebra preempaquetadas o previas a la salida de la bancarrota. RES en Acción Acerca de RES Vea nuestro breve vídeo (en inglés) para conocer cómo se utiliza normalmente un Rating Evaluation Service para analizar el impacto de reestructuraciones, fusiones y adquisiciones, desinversiones o cambios considerables en la deuda o la estructura de capital. Videos en inglés Productos relacionados Vea todos los productos relacionados (en inglés) Regístrese para obtener una cuenta de S&P Global Ratings Regístrese ahora para acceder a contenido exclusivo, eventos, herramientas y más. Regístrese Contáctenos Complete el formulario para que podamos conectarlo con la persona adecuada. Nombre* Apellido* Email* Empresa* Cargo* Experiencia en el sector* Experiencia en el sector Tipo de institución* Tipo de institución Rol/Función* Rol/Función País* País Estado* Estado Ciudad* Comentarios* Sí, me gustaría recibir por email comunicaciones promocionales de S&P Global Ratings, tales como newsletters, eventos e información sobre nuevos productos. Confirmar ]]>https://www.spglobal.com/ratings/es/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>Fri, 20 Feb 2026 13:28:00 GMT00:01:00https://share.vidyard.com/watch/nGu7gU9cDayCYpVPD8BzAb<![CDATA[ Tendencias y Riesgos en el Sector de Materiales de Construcción en América Latina ]]>nGu7gU9cDayCYpVPD8BzAb<![CDATA[ En este episodio de Escenario Base, José Coballasi, junto con Alexandre Michel, analizan las tendencias y riesgos en el sector de materiales de construcción en América Latina. Discuten la perspectiva estable del sector, los riesgos geopolíticos y macroeconómicos, y cómo las empresas están abordando la descarbonización y la innovación. ¿Qué oportunidades y desafíos enfrentan las empresas en la región? Descúbrelo en este episodio. ]]>https://play.vidyard.com/nGu7gU9cDayCYpVPD8BzAbPodcastFri, 20 Feb 2026 13:28:00 GMT<![CDATA[ 20 de febrero de 2026 Escenario Base Podcast Tendencias y Riesgos en el Sector de Materiales de Construcción en América Latina Por Jose Coballasi En este episodio de Escenario Base, su anfitrión, José Coballasi, Sector Lead para América Latina, junto con Alexandre Michel, Director analítico en el sector Corporativo, ambos expertos en S&P Global Ratings, analizan las tendencias y riesgos en el sector de materiales de construcción en América Latina. Discuten la perspectiva estable del sector, los riesgos geopolíticos y macroeconómicos, y cómo las empresas están abordando la descarbonización y la innovación. ¿Qué oportunidades y desafíos enfrentan las empresas en la región? Descúbrelo en este episodio. Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. Articulo relacionado Panorama del sector corporativo y de infraestructura de América Latina para 2026 - Sector corporativo y de infraestructura de América Latina afronta incertidumbre comercial y política en 2026 ]]>https://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-tendencias-y-riesgos-en-el-sector-de-materiales-de-construccion-en-america-latina<![CDATA[ Tendencias y Riesgos en el Sector de Materiales de Construcción en América Latina ]]>https://share.vidyard.com/watch/nGu7gU9cDayCYpVPD8BzAbMon, 08 Dec 2025 17:53:00 GMT00:01:00https://share.vidyard.com/watch/nJsWtLEDVcSTkd81ht4rmp<![CDATA[ Pemex y su relación con el Gobierno ]]>nJsWtLEDVcSTkd81ht4rmp<![CDATA[ En esta edición de Escenario Base, José Coballasi, Sector Lead para América Latina, analiza junto con Fabiola Ortiz, Directora en el sector Corporativo, y Manuel Orozco, Director en el sector de Soberanos, todos expertos de S&P Global Ratings, exploran los desafíos que enfrenta Petróleos Mexicanos y su relación con el gobierno. Desde la transacción de Eagle Funding, hasta la ecualización de su calificación con la calificación soberana de México, exploramos los temas clave que determinarán el futuro de esta empresa estatal. ]]>https://play.vidyard.com/nJsWtLEDVcSTkd81ht4rmpPodcastMon, 08 Dec 2025 17:53:00 GMT<![CDATA[ 8 de Diciembre de 2025 Escenario Base Podcast Pemex y su relación con el Gobierno En esta edición de "Escenario Base", José Coballasi, Sector Lead para América Latina, analiza junto con Fabiola Ortiz, Directora en el sector Corporativo, y Manuel Orozco, Director en el sector de Soberanos, todos expertos de S&P Global Ratings, exploran los desafíos que enfrenta Petróleos Mexicanos y su relación con el gobierno. Desde la transacción de Eagle Funding, hasta la ecualización de su calificación con la calificación soberana de México, exploramos los temas clave que determinarán el futuro de esta empresa estatal. Artículo Relacionado: México continuará apoyando a Pemex para afrontar sus dificultades financieras, 24 de octubre de 2025 Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. ]]>https://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-pemex-y-su-relacion-con-el-gobierno<![CDATA[ Pemex y su relación con el Gobierno ]]>https://share.vidyard.com/watch/nJsWtLEDVcSTkd81ht4rmpThu, 26 Mar 2026 16:03:00 GMT00:01:00https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQ<![CDATA[ El papel de la Banca de Desarrollo en Proyectos Clave de México ]]>TCnu1qJ1eZJjK7UrKhDewQ<![CDATA[ Descubre cómo la banca de desarrollo –Nafin, Bancomext y Banobras– está retomando su papel clave en el financiamiento de proyectos estratégicos del gobierno y cómo esto podría impactar la economía mexicana. ¡Una mirada en profundidad al financiamiento de la infraestructura nacional! ]]>https://play.vidyard.com/TCnu1qJ1eZJjK7UrKhDewQPodcastThu, 26 Mar 2026 16:03:00 GMT<![CDATA[ 26 de marzo de 2026 Escenario Base Podcast El papel de la Banca de Desarrollo en Proyectos Clave de México Por Jose Coballasi En este episodio de "Escenario Base", el anfitrión José Coballasi, Sector Lead para América Latina, recibe a Juan Jaime Romero, analista de instituciones financieras. Descubre cómo la banca de desarrollo –Nafin, Bancomext y Banobras– está retomando su papel clave en el financiamiento de proyectos estratégicos del gobierno y cómo esto podría impactar la economía mexicana. ¡Una mirada en profundidad al financiamiento de la infraestructura nacional! Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. Articulo relacionado Banca de desarrollo mexicana aumentará otorgamiento de créditos como herramienta de política económica ]]>https://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-el-papel-de-la-banca-de-desarrollo-en-proyectos-clave-de-mexico<![CDATA[ El papel de la Banca de Desarrollo en Proyectos Clave de México ]]>https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 14 Apr 2026 22:37:04 GMT00:01:00<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]><![CDATA[ S&P Global Ratings evalúa el Marco de Financiamiento Sostenible de Bepensa Bebidas como alineado con los Principios de los Bonos Sociales, ICMA, 2025, los Principios de Préstamos para Proyectos Sociales, LMA/LSTA/APLMA, 2025, los Principios de los Bonos Verdes, ICMA, 2025, los Principios de Préstamos para Proyectos Verdes, LMA/LSTA/APLMA, 2025 y con la Guía de los Bonos Sostenibles ICMA, 2021 ]]>ArticlesTue, 14 Apr 2026 22:37:04 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-marco-de-financiamiento-sostenible-de-bepensa-bebidas-s101680378<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]>https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 26 Mar 2026 12:30:24 GMT00:01:00ArticlesThu, 26 Mar 2026 12:30:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677542https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 25 Mar 2026 18:07:12 GMT00:01:00ArticlesWed, 25 Mar 2026 18:07:12 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677348https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 25 Mar 2026 17:01:27 GMT00:01:00ArticlesWed, 25 Mar 2026 17:01:27 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677335https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 17 Mar 2026 15:11:58 GMT00:01:00ArticlesTue, 17 Mar 2026 15:11:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675760https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 16 Mar 2026 11:12:21 GMT00:01:00ArticlesMon, 16 Mar 2026 11:12:21 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675448https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 09 Mar 2026 12:56:41 GMT00:01:00ArticlesMon, 09 Mar 2026 12:56:41 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101674254https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 09 Mar 2026 12:11:43 GMT00:01:00ArticlesMon, 09 Mar 2026 12:11:43 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101674244https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 04 Mar 2026 14:01:49 GMT00:01:00ArticlesWed, 04 Mar 2026 14:01:49 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673617https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 20 Feb 2026 15:08:43 GMT00:01:00ArticlesFri, 20 Feb 2026 15:08:43 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101671706https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 12 Feb 2026 13:46:47 GMT00:01:00ArticlesThu, 12 Feb 2026 13:46:47 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101670380https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 30 Jan 2026 12:46:38 GMT00:01:00ArticlesFri, 30 Jan 2026 12:46:38 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101668246https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 21 Jan 2026 14:06:51 GMT00:01:00ArticlesWed, 21 Jan 2026 14:06:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101666665https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 14 Jan 2026 20:22:22 GMT00:01:00ArticlesWed, 14 Jan 2026 20:22:22 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665794https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 13 Jan 2026 11:23:51 GMT00:01:00ArticlesTue, 13 Jan 2026 11:23:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665451https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 08 Jan 2026 12:49:07 GMT00:01:00ArticlesThu, 08 Jan 2026 12:49:07 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664885https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 17 Dec 2025 19:32:09 GMT00:01:00ArticlesWed, 17 Dec 2025 19:32:09 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101663293https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 01 Dec 2025 13:46:45 GMT00:01:00ArticlesMon, 01 Dec 2025 13:46:45 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101660560https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 26 Nov 2025 12:29:10 GMT00:01:00ArticlesWed, 26 Nov 2025 12:29:10 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101659977https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 19 Nov 2025 11:10:22 GMT00:01:00ArticlesWed, 19 Nov 2025 11:10:22 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101658307https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 28 Oct 2025 15:09:33 GMT00:01:00ArticlesTue, 28 Oct 2025 15:09:33 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101654048https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 22 Oct 2025 15:12:42 GMT00:01:00ArticlesWed, 22 Oct 2025 15:12:42 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652840https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 21 Oct 2025 19:34:58 GMT00:01:00ArticlesTue, 21 Oct 2025 19:34:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652611https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 17 Oct 2025 19:26:51 GMT00:01:00ArticlesFri, 17 Oct 2025 19:26:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652068https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 16 Oct 2025 16:19:57 GMT00:01:00ArticlesThu, 16 Oct 2025 16:19:57 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101651784https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 24 Sep 2025 13:44:35 GMT00:01:00ArticlesWed, 24 Sep 2025 13:44:35 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101647783https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 22 Sep 2025 21:06:59 GMT00:01:00ArticlesMon, 22 Sep 2025 21:06:59 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101647256https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 01 Sep 2025 10:40:45 GMT00:01:00ArticlesMon, 01 Sep 2025 10:40:45 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101643309https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 29 Aug 2025 12:16:40 GMT00:01:00ArticlesFri, 29 Aug 2025 12:16:40 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101643076https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 07 Aug 2025 10:44:48 GMT00:01:00ArticlesThu, 07 Aug 2025 10:44:48 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101639375https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 04 Aug 2025 12:16:54 GMT00:01:00ArticlesMon, 04 Aug 2025 12:16:54 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101638782https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 31 Jul 2025 21:53:06 GMT00:01:00ArticlesThu, 31 Jul 2025 21:53:06 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101638604https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 28 Jul 2025 19:58:20 GMT00:01:00ArticlesMon, 28 Jul 2025 19:58:20 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101637869https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 22 Jul 2025 15:14:24 GMT00:01:00ArticlesTue, 22 Jul 2025 15:14:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101636799https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 17 Jul 2025 16:48:14 GMT00:01:00ArticlesThu, 17 Jul 2025 16:48:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101636134https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 14 Jul 2025 11:42:19 GMT00:01:00ArticlesMon, 14 Jul 2025 11:42:19 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101635220https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 03 Jul 2025 00:00:00 GMT00:01:00ArticlesThu, 03 Jul 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101634613https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 29 May 2025 00:00:00 GMT00:01:00ArticlesThu, 29 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101602212https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 26 May 2025 19:00:00 GMT00:01:00ArticlesMon, 26 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631673https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 15 May 2025 00:00:00 GMT00:01:00ArticlesThu, 15 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631664https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 14 May 2025 00:00:00 GMT00:01:00ArticlesWed, 14 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101632955https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 08 May 2025 19:00:00 GMT00:01:00ArticlesThu, 08 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631652https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 06 May 2025 19:00:00 GMT00:01:00ArticlesTue, 06 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631657https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 25 Mar 2025 00:00:00 GMT00:01:00ArticlesTue, 25 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631619https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 27 Feb 2025 00:00:00 GMT00:01:00ArticlesThu, 27 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631592https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 25 Feb 2025 00:00:00 GMT00:01:00ArticlesTue, 25 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631590https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 24 Feb 2025 00:00:00 GMT00:01:00ArticlesMon, 24 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631589https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQSun, 23 Feb 2025 19:00:00 GMT00:01:00ArticlesSun, 23 Feb 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631588https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 03 Feb 2025 00:00:00 GMT00:01:00ArticlesMon, 03 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631568https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 09 Jan 2025 00:00:00 GMT00:01:00ArticlesThu, 09 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631545https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 18 Dec 2024 00:00:00 GMT00:01:00ArticlesWed, 18 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631537https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 16 Dec 2024 00:00:00 GMT00:01:00ArticlesMon, 16 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631529https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 06 Dec 2024 00:00:00 GMT00:01:00ArticlesFri, 06 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631524https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 05 Dec 2024 00:00:00 GMT00:01:00ArticlesThu, 05 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631548https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631523https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 26 Nov 2024 00:00:00 GMT00:01:00ArticlesTue, 26 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631512https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 19 Nov 2024 00:00:00 GMT00:01:00ArticlesTue, 19 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631503https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 06 Nov 2024 00:00:00 GMT00:01:00ArticlesWed, 06 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631495https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 31 Oct 2024 00:00:00 GMT00:01:00ArticlesThu, 31 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631525https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 11 Oct 2024 00:00:00 GMT00:01:00ArticlesFri, 11 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631477https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 03 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631446https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 03 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631447https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 21 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 21 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631445https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 19 Aug 2024 00:00:00 GMT00:01:00ArticlesMon, 19 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631432https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 14 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 14 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631425https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 13 Aug 2024 00:00:00 GMT00:01:00ArticlesTue, 13 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631431https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 07 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 07 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631422https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631429https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631430https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 29 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 29 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631428https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 26 Jul 2024 00:00:00 GMT00:01:00ArticlesFri, 26 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631416https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631410https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631411https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631405https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 28 Jun 2024 00:00:00 GMT00:01:00ArticlesFri, 28 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631396https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 11 Jun 2024 00:00:00 GMT00:01:00ArticlesTue, 11 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631388https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 10 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 10 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631379https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 03 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 03 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631372https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 30 May 2024 00:00:00 GMT00:01:00ArticlesThu, 30 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631526https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 21 May 2024 00:00:00 GMT00:01:00ArticlesTue, 21 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631364https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 10 May 2024 00:00:00 GMT00:01:00ArticlesFri, 10 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631355https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 16 Apr 2026 16:12:37 GMT00:01:00ArticlesThu, 16 Apr 2026 16:12:37 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101680771https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 08 Apr 2026 12:14:27 GMT00:01:00ArticlesWed, 08 Apr 2026 12:14:27 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101679327https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 27 Mar 2026 13:31:12 GMT00:01:00ArticlesFri, 27 Mar 2026 13:31:12 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677749https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 18 Mar 2026 14:57:20 GMT00:01:00ArticlesWed, 18 Mar 2026 14:57:20 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675993https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 17 Mar 2026 14:45:14 GMT00:01:00ArticlesTue, 17 Mar 2026 14:45:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675757https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 13 Mar 2026 13:11:08 GMT00:01:00<![CDATA[ Segunda Opinión: Financiamiento vinculado a la sostenibilidad de Fibra Danhos ]]><![CDATA[ S&P Global Ratings evalúa el Financiamiento vinculado a la sostenibilidad de Fibra Danhos como alineado con los Principios de los Bonos Vinculados a la Sostenibilidad, ICMA, 2024 y los Principios de Préstamos Vinculados a la Sostenibilidad, LMA/LSTA/APLMA, 2025. ]]>ArticlesFri, 13 Mar 2026 13:11:08 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-financiamiento-vinculado-a-la-sostenibilidad-de-fibra-danhos-s101675204<![CDATA[ Segunda Opinión: Financiamiento vinculado a la sostenibilidad de Fibra Danhos ]]>https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 05 Mar 2026 15:40:09 GMT00:01:00<![CDATA[ Segunda Opinión: Marco de Financiamiento para la Biodiversidad de Banco Bolivariano ]]><![CDATA[ S&P Global Ratings evalúa el Marco de Financiamiento para la Biodiversidad de Banco Bolivariano como alineado con los Principios de los Bonos Verdes, ICMA, 2025 y los Principios de Financiamiento para Proyectos Verdes, LMA/LSTA/APLMA, 2025. ]]>ArticlesThu, 05 Mar 2026 15:40:09 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-marco-de-financiamiento-para-la-biodiversidad-de-banco-bolivariano-s101673850<![CDATA[ Segunda Opinión: Marco de Financiamiento para la Biodiversidad de Banco Bolivariano ]]>https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 05 Mar 2026 12:11:18 GMT00:01:00ArticlesThu, 05 Mar 2026 12:11:18 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673804https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 04 Mar 2026 08:46:28 GMT00:01:00ArticlesWed, 04 Mar 2026 08:46:28 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673475https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 03 Feb 2026 17:56:49 GMT00:01:00ArticlesTue, 03 Feb 2026 17:56:49 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101668803https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 28 Jan 2026 18:11:21 GMT00:01:00ArticlesWed, 28 Jan 2026 18:11:21 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101667946https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 26 Jan 2026 18:13:36 GMT00:01:00ArticlesMon, 26 Jan 2026 18:13:36 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101667472https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 12 Jan 2026 10:41:55 GMT00:01:00ArticlesMon, 12 Jan 2026 10:41:55 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665246https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 08 Jan 2026 14:18:24 GMT00:01:00ArticlesThu, 08 Jan 2026 14:18:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664950https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 07 Jan 2026 12:27:58 GMT00:01:00ArticlesWed, 07 Jan 2026 12:27:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664758https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 02 Dec 2025 14:00:00 GMT00:01:00<![CDATA[ Rápido crecimiento de los centros de datos afronta desafíos de sostenibilidad: Aumento de las emisiones y del estrés hídrico ]]><![CDATA[ Crecimiento acelerado de los centros de datos presiona la sostenibilidad del sector: Desde la posible duplicación de la demanda para 2030 hasta el impacto en el consumo de agua. Conozca las estrategias clave para construir una infraestructura digital más eficiente y responsable. ]]>ArticlesTue, 02 Dec 2025 14:00:00 GMT<![CDATA[ LOOK FORWARD | Cross-division – 2 de diciembre de 2025 Rápido crecimiento de los centros de datos afronta desafíos de sostenibilidad: Aumento de las emisiones y del estrés hídrico Incluso si los operadores de centros de datos reducen su propia huella ambiental, el crecimiento exponencial de la industria aún podría generar mayores emisiones y estrés hídrico en las regiones donde se ubican los centros de datos. Por Dan Thompson, Matt Macfarland, Terry Ellis, and Victor Hazell Laudisio FACTORES CLAVE Se proyecta que la demanda mundial de energía de los centros de datos crecerá casi al doble entre 2024 y 2030. Las empresas de centros de datos están encabezando los esfuerzos de adquisición de energía limpia para cubrir sus necesidades energéticas y sus ambiciones climáticas. Pero el rápido crecimiento apunta a desafíos en el futuro, con impactos más amplios: en Estados Unidos, esperamos que las reducciones de emisiones en la red eléctrica se desaceleren, y las emisiones podrían, en última instancia, aumentar en comparación con las proyecciones previas debido a la rápida expansión de los centros de datos. También estimamos que el 43% de los centros de datos a nivel mundial estarán expuestos a un alto estrés hídrico en la década de 2020. Si bien se están incorporando medidas de adaptación y resiliencia en los diseños de los centros de datos en las áreas más afectadas por el estrés hídrico, los programas de gestión del agua aún no están generalizados en la industria en América del Norte y Europa, según datos de Corporate Sustainability Assessment (CSA) 2024 de S&P Global. Los planes de los operadores de centros de datos deben equilibrar cuidadosamente las altas expectativas de crecimiento y la demanda de energía, con soluciones específicas para cada sitio, como el uso de agua reciclada o aguas residuales tratadas para reducir el uso de agua potable. Los riesgos reputacionales podrían aumentar si las partes interesadas perciben impactos colaterales. 451 Research de S&P Global Market Intelligence proyecta que la demanda de energía a nivel mundial de los centros de datos aumentará casi al doble entre 2024 y 2030. Además, los artículos de S&P Global Ratings y S&P Global Energy muestran que muchos de los centros de datos actuales están en regiones que afrontarán estrés hídrico. Para abordar estos desafíos interconectados (el aumento de las necesidades energéticas, el incremento de las emisiones y la escasez de agua) es necesario un análisis más amplio a nivel de ecosistema. ¿Puede la industria navegar esta compleja interacción de factores y al mismo tiempo sostener un crecimiento rápido? Aceleración de la puesta en marcha de centros de datos aumentará las emisiones de GEI El crecimiento explosivo de la IA en los últimos tres años implica que los centros de datos, y la tecnología de la información en general, representan industrias destacadas donde la demanda de energía (y las emisiones de gases de efecto invernadero relacionadas) están en aumento. Consulte más información en Sustainability Insights: Global Company Emissions Grow. A nivel mundial, el ritmo de la puesta en marcha de centros de datos se está acelerando, desde la capacidad construida de 200 GW en 2024 a una proyección de 382 GW para 2030, de acuerdo con estimaciones de 451 Research de S&P Global Market Intelligence. Se espera que Estados Unidos, que ya es el mercado más grande y representa aproximadamente el 40% de la demanda mundial de energía de los centros de datos, aumente su participación al 45% en 2030. A nivel mundial, el ritmo de la puesta en marcha de centros de datos se está acelerando, desde la capacidad construida de 200 GW en 2024 a una proyección de 382 GW para 2030, de acuerdo con estimaciones de 451 Research de S&P Global Market Intelligence Las empresas tecnológicas más grandes han asumido compromisos de sostenibilidad ambiciosos, pero el panorama no es igual en todo el sector. Las principales empresas tecnológicas han asumido compromisos de cero emisiones netas, incluidas empresas que lideran el avance de la IA, como Microsoft, Alphabet y Meta. Sin embargo, algunas también han reconocido más recientemente que cumplir esos compromisos es cada vez más difícil. En el informe de sostenibilidad 2025 de Google, por ejemplo, la empresa describió su objetivo de cero emisiones netas como un “destino climático ambicioso” y admitió que aumentar la tecnología energética libre de carbono para 2030 (el año para su objetivo de cero emisiones netas) será “muy difícil”. También dijo que el crecimiento de la demanda de energía relacionada con la IA ha hecho que sea difícil proyectar su trayectoria futura de emisiones. En el último informe de sostenibilidad de Microsoft, la empresa reconoció que sus emisiones totales aumentaron alrededor de un 23% con respecto a su valor de referencia en 2020 debido a factores que incluyen la expansión de la IA y dijo que en 2024 logró una mayor eliminación de carbono que en todos los años anteriores juntos. En la industria, los compromisos de sostenibilidad de los centros de datos varían significativamente y las ambiciones de cero emisiones netas no son un hecho. Los datos de CSA 2024 de S&P Global muestran que el 38% de las empresas evaluadas que operan centros de datos no tienen un compromiso de cero emisiones netas. Los datos de Corporate Sustainability Assessment (CSA) 2024 de S&P Global muestran que el 38% de las empresas evaluadas que operan centros de datos no tienen un compromiso de cero emisiones netas. Los hiperescaladores son los más activos al momento de conseguir energía limpia para cubrir las crecientes necesidades, pero afrontan obstáculos. Esas empresas encabezaron los esfuerzos de adquisición de energía limpia en 2024, según datos de S&P Global Energy, con más de 30 GW contratados principalmente a través de contratos directos de compra de energía con terceros. Esto supera significativamente a otras industrias: el sector manufacturero quedó en un lejano segundo lugar con 10 GW de energía limpia contratada, seguido por el sector de servicios con 6 GW. Ese patrón se ha mantenido y cada uno de los hiperescaladores representa la adquisición de al menos 1 GW de energía limpia durante 2025 y hasta la fecha. Pero, como se mencionó anteriormente, otros también han reconocido la creciente dificultad para alcanzar sus objetivos de descarbonización. Para cubrir de manera oportuna la mayor demanda energética de los centros de datos será necesario recurrir a todas las fuentes de energía, lo que podría presionar los objetivos de energía limpia de las empresas tecnológicas. Los cambios en la política estadounidense, incluida la recientemente aprobada One Big Beautiful Bill Act, están empujando a las partes interesadas a iniciar la construcción de proyectos de energía limpia antes de que expiren los créditos fiscales clave. Sin embargo, dados los desafíos para desplegar nueva capacidad, incluidos los permisos y las restricciones de interconexión, esperamos que gran parte del incremento de la demanda de los centros de datos se cubra, en el corto plazo, con un mayor uso de la capacidad térmica existente (tanto de carbón como de gas) junto con nuevas fuentes de gas y recursos renovables. Consulte más información en Navigating the US data center power crunch: On-site solutions offer a faster path to power. Las emisiones podrían aumentar incluso si los hiperescaladores y otras empresas de centros de datos cumplen con sus compromisos. La oferta relativamente limitada de nuevos proyectos de energía renovable implica que es probable que aumenten las emisiones totales del sistema energético general (incluidas otras empresas, comunidades y consumidores). Esto se debe a que los clientes de los centros de datos obtienen estos suministros de energía renovable en lugar de otros potenciales clientes, quienes a su vez seguirán adquiriendo suministro de energía a partir de combustibles fósiles, lo que generará mayores emisiones en general. Esto significa que los informes corporativos de las empresas tecnológicas pueden mostrar un impacto relativamente bajo (incluidas las emisiones de Alcance 2); pero a mayor escala, las emisiones podrían aumentar incluso si otras fuentes de demanda se mantienen constantes. El impacto en cadena también podría complicar aún más que otras partes interesadas, como las empresas de servicios públicos o los gobiernos, logren sus propios objetivos climáticos. Por ello, ahora proyectamos mayores emisiones del sector energético de Estados Unidos en comparación con las proyecciones para 2023, antes del auge de la IA. Las reducciones de emisiones serán menos significativas de lo que se esperaba anteriormente, y las emisiones podrían incluso aumentar en comparación con la actualidad en un escenario de puesta en marcha de centros de datos sin restricciones. El cambio neto en las emisiones entre las proyecciones antes del auge de los centros de datos y nuestros proyecciones más recientes podría ser de hasta 200 a 250 millones de toneladas métricas de CO2 equivalente por año para 2030, según las proyecciones de S&P Global Energy, mientras el despliegue de energías renovables lucha por mantenerse al día con la demanda. En un escenario donde el crecimiento de los centros de datos no esté limitado por la disponibilidad de energía que suministra la red, las emisiones podrían ser hasta 400 mmtCO2 e por año más de lo previsto anteriormente. El cambio neto en las emisiones entre las proyecciones antes del auge de los centros de datos y nuestros proyecciones más recientes podría ser de hasta 200 a 250 millones de toneladas métricas de CO2 equivalente por año para 2030, según las proyecciones de S&P Global Energy, mientras el despliegue de energías renovables lucha por mantenerse al día con la demanda. Energía y agua: un desafío para el consumo Los centros de datos generan calor por el uso de energía y sus operaciones deben incorporar sistemas de refrigeración. La refrigeración por agua es uno de los métodos menos costosos, pero la cantidad de agua que consume es significativa. Si el uso de agua en los centros de datos supera las cantidades disponibles, las zonas sufren estrés hídrico, lo que afecta a las partes interesadas, industriales y agrícolas, locales. Existen alternativas al enfriamiento por agua, pero traen desventajas. Por ejemplo, los sistemas de refrigeración por aire no utilizan agua, pero consumen más energía. No existe una única solución óptima, y las instalaciones deben tener en cuenta factores con base en la ubicación para limitar los impactos en cuanto al agua y las emisiones. Nuestro artículo muestra que el 43% de los centros de datos a nivel mundial están expuestos a un alto estrés hídrico para la década de 2020, aunque esto varía mucho dependiendo de la región. Estados Unidos y China, líderes mundiales en centros de datos por demanda de energía, muestran distintos niveles de exposición al estrés hídrico. Aproximadamente el 60% de los activos de China están expuestos a un alto estrés hídrico en la década de 2020, frente al 38% de los activos estadounidenses. La exposición al estrés hídrico de los centros de datos en Estados Unidos se concentra en el Medio Oeste y el Oeste. Arizona, California, Colorado, Nevada, Nebraska y Wyoming enfrentan mayor estrés. Estos estados representan alrededor del 15.5% de la demanda energética de los centros de datos de Estados Unidos y es probable que sigan siendo los más vulnerables hasta la década de 2050, lo que podría plantear algunas limitaciones al desarrollo a largo plazo. Prácticas de mitigación del estrés hídrico y tendencias de consumo de los centros de datos Dada la magnitud del crecimiento, es probable que Estados Unidos duplique su huella hídrica para refrigeración. Investigadores de la Universidad de California estimaron que el uso de agua de los centros de datos de Estados Unidos probablemente aumente a 150 millones de metros cúbicos para 2028 desde un estimado de 70 millones de metros cúbicos en 2023. La mayor parte es agua dulce, ya que el uso de “aguas grises” recicladas para refrigeración actualmente es limitado. A pesar de este aumento, al comparar el consumo histórico y proyectado de refrigeración por agua de la industria de los centros de datos con el de otras industrias, la huella debería seguir siendo limitada. Dicho esto, la industria podría tener que tomar medidas si continúa operando en las zonas de mayor estrés hídrico. Algunos proyectos de centros de datos, como el Proyecto Blue de Amazon en Tucson, Arizona, han sido rechazados por los ayuntamientos locales debido a problemas relacionados con el agua y otros. La resistencia de las comunidades ante el impacto de los centros de datos en la disponibilidad de agua y los precios de la electricidad podría ser cada vez más común. Investigadores de la Universidad de California estimaron que el uso de agua de los centros de datos de Estados Unidos probablemente aumente a 150 millones de metros cúbicos para 2028 desde un estimado de 70 millones de metros cúbicos en 2023. En áreas sujetas a estrés hídrico, los nuevos diseños de las instalaciones están incorporando medidas de adaptación y resiliencia como parte de las estrategias integrales de sostenibilidad de los centros de datos. Estas medidas incluyen la obtención de agua de fuentes de menor impacto, como agua reciclada o aguas residuales tratadas, lo que puede alejar la demanda del agua potable. Por ejemplo, el centro de datos de Meta en Gallatin, Tennessee, utiliza aguas residuales municipales 100% recuperadas. Los centros de datos existentes han utilizado diversos métodos para adaptarse al alto estrés hídrico, pero reacondicionar sistemas de refrigeración totalmente nuevos resulta operativamente disruptivo y con frecuencia prohibitivo en términos de costos. Los operadores de centros de datos han implementado suministros de agua alternativos, como aguas grises municipales o han adoptado el uso de circuitos de agua reciclada. Otra opción ha sido operar centros de datos a temperaturas ambiente más altas para reducir la demanda de refrigeración o aprovechar software de optimización para disminuir el uso de agua. Algunos operadores están estableciendo programas y objetivos de gestión del agua. Google informó que sus tasas de reabastecimiento de agua se ubicaron en 64% en 2024, y busca alcanzar el 120% para 2030. Si bien las empresas pueden hacer avances de manera individual para mitigar su uso de agua, los programas de gestión del agua aún no están generalizados en la industria de los centros de datos en América del Norte o Europa. Además, los proyectos de reabastecimiento suelen estar lejos de los lugares de consumo, lo que significa que no siempre alivian el estrés hídrico. Según datos de CSA 2024, los programas de gestión de agua están casi omnipresentes en Asia-Pacífico, donde el 84% de los operadores que consideramos en nuestro análisis buscan de manera activa reducir el consumo de agua. Sin embargo, la participación en América del Norte y Europa es significativamente menor: 53% y 38%, respectivamente. Según los datos de CSA 2024, observamos que el aumento en el uso de agua en los centros de datos ocurrió antes del reciente auge de la IA. Nuestra muestra está compuesta por 103 empresas que tienen u operan centros de datos y cuatro años de datos de uso de agua que se evalúan en el CSA 2024. Entre 2020 y 2023, los operadores de Asia-Pacífico experimentaron el aumento más significativo, con un incremento del 50% en el consumo (25 millones de metros cúbicos en 2023, desde 17 millones en 2020), seguido por el aumento del 37% de América del Norte (50 millones de metros cúbicos en 2023, desde 36 millones en 2020). Los operadores europeos mostraron un ligero descenso del 3%. Visión a futuro A medida que la industria de centros de datos experimenta un crecimiento sin precedentes, los operadores afrontan un escrutinio cada vez mayor para mitigar el impacto climático y ambiental de sus operaciones. En Estados Unidos, la industria ha enfrentado algunos obstáculos para conseguir fuentes de energía renovables y algunos estados están significativamente expuestos al estrés hídrico. La industria necesitará mejores prácticas de sostenibilidad en los centros de datos para mitigar el impacto ambiental de su crecimiento. Sin embargo, esperamos que aún surjan efectos sistémicos, incluso si de manera individual las entidades alcanzan sus objetivos de descarbonización y gestión del agua. Colaboradores: Alessandro Badinotti, Patrick Luckow, and Roman Kramarchuk Este artículo fue elaborado por un grupo de representantes de diferentes sectores de S&P Global y, en ciertos casos, por autores externos invitados. Las opiniones expresadas son las de los autores y no reflejan necesariamente las opiniones o posiciones de las entidades que representan y no se reflejan necesariamente en los productos y servicios que ofrecen dichas entidades. Este artículo es una publicación de S&P Global y no comenta calificaciones crediticias vigentes ni futuras, tampoco metodologías de calificación crediticia. ]]>https://www.spglobal.com/ratings/es/articulos/rapido-crecimiento-de-los-centros-de-datos-afronta-desafios-de-sostenibilidad-aumento-de-las-emisiones-y-del-estres-hidrico<![CDATA[ Rápido crecimiento de los centros de datos afronta desafíos de sostenibilidad: Aumento de las emisiones y del estrés hídrico ]]>https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 24 Nov 2025 15:36:02 GMT00:01:00ArticlesMon, 24 Nov 2025 15:36:02 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101659380https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 30 Oct 2025 20:40:06 GMT00:01:00ArticlesThu, 30 Oct 2025 20:40:06 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101654695https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 27 Oct 2025 13:25:05 GMT00:01:00ArticlesMon, 27 Oct 2025 13:25:05 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631443https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 02 Jul 2024 00:00:00 GMT00:01:00ArticlesTue, 02 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631494https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 25 Jun 2024 00:00:00 GMT00:01:00ArticlesTue, 25 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631400https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 24 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 24 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631389https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 17 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 17 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631385https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 14 Jun 2024 00:00:00 GMT00:01:00ArticlesFri, 14 Jun 2024 00:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631361https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 13 May 2024 00:00:00 GMT00:01:00ArticlesMon, 13 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631357https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 30 Apr 2024 00:00:00 GMT00:01:00ArticlesTue, 30 Apr 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631346https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 25 Apr 2024 00:00:00 GMT00:01:00ArticlesThu, 25 Apr 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101596743https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 18 Apr 2024 00:00:00 GMT00:01:00ArticlesThu, 18 Apr 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101596390https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 16 Apr 2024 00:00:00 GMT00:01:00ArticlesTue, 16 Apr 2024 00:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631310https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 15 Mar 2024 00:00:00 GMT00:01:00ArticlesFri, 15 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631302https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 15 Mar 2024 00:00:00 GMT00:01:00ArticlesFri, 15 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101594570https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 13 Mar 2024 00:00:00 GMT00:01:00ArticlesWed, 13 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101594507https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 05 Mar 2024 00:00:00 GMT00:01:00ArticlesTue, 05 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631289https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 05 Mar 2024 00:00:00 GMT00:01:00ArticlesTue, 05 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631309https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 04 Mar 2024 00:00:00 GMT00:01:00ArticlesMon, 04 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631330https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 27 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 27 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631287https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 27 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 27 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631299https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 20 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 20 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631290https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 19 Feb 2024 00:00:00 GMT00:01:00ArticlesMon, 19 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631294https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 16 Feb 2024 00:00:00 GMT00:01:00ArticlesFri, 16 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631285https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 06 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 06 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631282https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 01 Feb 2024 00:00:00 GMT00:01:00ArticlesThu, 01 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592658https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 01 Feb 2024 00:00:00 GMT00:01:00ArticlesThu, 01 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592703https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 24 Jan 2024 00:00:00 GMT00:01:00ArticlesWed, 24 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631270https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 23 Jan 2024 00:00:00 GMT00:01:00ArticlesTue, 23 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631265https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 18 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 18 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592115https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 15 Jan 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631264https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 11 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 11 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101591975https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 09 Jan 2024 00:00:00 GMT00:01:00ArticlesTue, 09 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631305https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 04 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 04 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631269https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 29 Dec 2023 00:00:00 GMT00:01:00ArticlesFri, 29 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631260https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 14 Dec 2023 00:00:00 GMT00:01:00ArticlesThu, 14 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631283https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 12 Dec 2023 00:00:00 GMT00:01:00ArticlesTue, 12 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631255https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 12 Dec 2023 00:00:00 GMT00:01:00ArticlesTue, 12 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631254https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 08 Dec 2023 00:00:00 GMT00:01:00ArticlesFri, 08 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631261https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 06 Dec 2023 00:00:00 GMT00:01:00ArticlesWed, 06 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631250https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 30 Nov 2023 00:00:00 GMT00:01:00ArticlesThu, 30 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631249https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 29 Nov 2023 00:00:00 GMT00:01:00ArticlesWed, 29 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631246https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 27 Nov 2023 00:00:00 GMT00:01:00ArticlesMon, 27 Nov 2023 00:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631241https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 07 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 07 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101589026https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 07 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 07 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101589152https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 31 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 31 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631222https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 31 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 31 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631245https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 27 Oct 2023 00:00:00 GMT00:01:00ArticlesFri, 27 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101588851https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 24 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 24 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631225https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 19 Oct 2023 00:00:00 GMT00:01:00ArticlesThu, 19 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101588003https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 10 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 10 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631207https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 05 Oct 2023 00:00:00 GMT00:01:00ArticlesThu, 05 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631206https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 29 Sep 2023 00:00:00 GMT00:01:00ArticlesFri, 29 Sep 2023 00:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576724https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 09 May 2023 00:00:00 GMT00:01:00ArticlesTue, 09 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631131https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 09 May 2023 00:00:00 GMT00:01:00ArticlesTue, 09 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576668https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 26 Apr 2023 12:00:00 GMT00:01:00ArticlesWed, 26 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576186https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 26 Apr 2023 00:00:00 GMT00:01:00ArticlesWed, 26 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631135https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 24 Apr 2023 12:00:00 GMT00:01:00ArticlesMon, 24 Apr 2023 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631118https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 04 Apr 2023 00:00:00 GMT00:01:00ArticlesTue, 04 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631119https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 29 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 29 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101574762https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 22 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 22 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631113https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 21 Mar 2023 12:00:00 GMT00:01:00ArticlesTue, 21 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631106https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 15 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2023 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631099https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 08 Feb 2023 12:00:00 GMT00:01:00ArticlesWed, 08 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631079https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 31 Jan 2023 12:00:00 GMT00:01:00ArticlesTue, 31 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631075https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 26 Jan 2023 12:00:00 GMT00:01:00ArticlesThu, 26 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631076https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 24 Jan 2023 12:00:00 GMT00:01:00ArticlesTue, 24 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631059https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 23 Jan 2023 12:00:00 GMT00:01:00ArticlesMon, 23 Jan 2023 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630974https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 06 Jul 2022 12:00:00 GMT00:01:00ArticlesWed, 06 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101563214https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 05 Jul 2022 12:00:00 GMT00:01:00ArticlesTue, 05 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630960https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 30 Jun 2022 12:00:00 GMT00:01:00ArticlesThu, 30 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630958https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 27 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 27 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630957https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 21 Jun 2022 12:00:00 GMT00:01:00ArticlesTue, 21 Jun 2022 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630941https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 24 May 2022 12:00:00 GMT00:01:00ArticlesTue, 24 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630937https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 23 May 2022 12:00:00 GMT00:01:00ArticlesMon, 23 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630940https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 18 May 2022 12:00:00 GMT00:01:00ArticlesWed, 18 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101560867https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 06 May 2022 00:00:00 GMT00:01:00ArticlesFri, 06 May 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630933https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 05 May 2022 12:00:00 GMT00:01:00ArticlesThu, 05 May 2022 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630932https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 05 Apr 2022 12:00:00 GMT00:01:00ArticlesTue, 05 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630920https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 28 Mar 2022 12:00:00 GMT00:01:00ArticlesMon, 28 Mar 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630914https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 18 Mar 2022 12:00:00 GMT00:01:00ArticlesFri, 18 Mar 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101365584https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 18 Mar 2022 00:00:00 GMT00:01:00ArticlesFri, 18 Mar 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630913https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 07 Mar 2022 00:00:00 GMT00:01:00ArticlesMon, 07 Mar 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630905https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 24 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 24 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630898https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 17 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 17 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630895https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 15 Feb 2022 12:00:00 GMT00:01:00ArticlesTue, 15 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630891https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 15 Feb 2022 12:00:00 GMT00:01:00ArticlesTue, 15 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101203475https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 03 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 03 Feb 2022 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630880https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 12 Jan 2022 00:00:00 GMT00:01:00ArticlesWed, 12 Jan 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630906https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 21 Dec 2021 12:00:00 GMT00:01:00ArticlesTue, 21 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630877https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 09 Dec 2021 12:00:00 GMT00:01:00ArticlesThu, 09 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630876https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 07 Dec 2021 12:00:00 GMT00:01:00ArticlesTue, 07 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100813922https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 02 Dec 2021 12:00:00 GMT00:01:00ArticlesThu, 02 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100807898https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 29 Nov 2021 12:00:00 GMT00:01:00ArticlesMon, 29 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630871https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 15 Nov 2021 00:00:00 GMT00:01:00ArticlesMon, 15 Nov 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630869https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 11 Nov 2021 12:00:00 GMT00:01:00ArticlesThu, 11 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630864https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 09 Nov 2021 12:00:00 GMT00:01:00ArticlesTue, 09 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100745873https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 08 Nov 2021 12:00:00 GMT00:01:00ArticlesMon, 08 Nov 2021 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630844https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 16 Sep 2021 12:00:00 GMT00:01:00ArticlesThu, 16 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630833https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 13 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 13 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630836https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 26 Aug 2021 12:00:00 GMT00:01:00ArticlesThu, 26 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100447270https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 24 Aug 2021 00:00:00 GMT00:01:00ArticlesTue, 24 Aug 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630819https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 19 Aug 2021 12:00:00 GMT00:01:00ArticlesThu, 19 Aug 2021 12:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630809https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 19 Jul 2021 12:00:00 GMT00:01:00ArticlesMon, 19 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630813https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 19 Jul 2021 12:00:00 GMT00:01:00ArticlesMon, 19 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630811https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 30 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 30 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630816https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 24 Jun 2021 12:00:00 GMT00:01:00ArticlesThu, 24 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630802https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 15 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 15 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100144792https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 15 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 15 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630803https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 09 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 09 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630796https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 03 Jun 2021 12:00:00 GMT00:01:00ArticlesThu, 03 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630793https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100125269https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630791https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 27 May 2021 12:00:00 GMT00:01:00ArticlesThu, 27 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630790https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 27 May 2021 12:00:00 GMT00:01:00ArticlesThu, 27 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630787https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 19 May 2021 12:00:00 GMT00:01:00ArticlesWed, 19 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100089696https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 17 May 2021 12:00:00 GMT00:01:00ArticlesMon, 17 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630783https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 28 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630781https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 28 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630780https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 23 Apr 2021 12:00:00 GMT00:01:00ArticlesFri, 23 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630779https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 22 Apr 2021 12:00:00 GMT00:01:00ArticlesThu, 22 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100052179https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 21 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 21 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630768https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 21 Apr 2021 00:00:00 GMT00:01:00ArticlesWed, 21 Apr 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630838https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 20 Apr 2021 12:00:00 GMT00:01:00ArticlesTue, 20 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100050400https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 12 Apr 2021 12:00:00 GMT00:01:00ArticlesMon, 12 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630762https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 08 Apr 2021 12:00:00 GMT00:01:00ArticlesThu, 08 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100050144https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630775https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630776https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630774https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630777https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630917https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630916https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 29 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 29 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630755https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 25 Mar 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630754https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 25 Mar 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630750https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 24 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630752https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 24 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630751https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 22 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 22 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100049767https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 17 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 17 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630746https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 09 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 09 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630744https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 02 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 02 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630749https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 02 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 02 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630745https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 01 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 01 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630743https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 26 Feb 2021 12:00:00 GMT00:01:00ArticlesFri, 26 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630737https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 25 Feb 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630739https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 24 Feb 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630758https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 17 Feb 2021 12:00:00 GMT00:01:00ArticlesWed, 17 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630732https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 11 Feb 2021 12:00:00 GMT00:01:00ArticlesThu, 11 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630731https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 27 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 27 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630735https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 27 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 27 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630730https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 15 Jan 2021 12:00:00 GMT00:01:00ArticlesFri, 15 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630723https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 13 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 13 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630721https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 06 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 06 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630716https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 28 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 28 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630714https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 21 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 21 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630718https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 17 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 17 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630717https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 15 Dec 2020 12:00:00 GMT00:01:00ArticlesTue, 15 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630712https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 14 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 14 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630720https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 10 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 10 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630713https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 03 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 03 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047837https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 02 Dec 2020 12:00:00 GMT00:01:00ArticlesWed, 02 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047835https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 01 Dec 2020 12:00:00 GMT00:01:00ArticlesTue, 01 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630708https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 23 Nov 2020 12:00:00 GMT00:01:00ArticlesMon, 23 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047604https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 23 Nov 2020 12:00:00 GMT00:01:00ArticlesMon, 23 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630703https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 18 Nov 2020 12:00:00 GMT00:01:00ArticlesWed, 18 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630707https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 18 Nov 2020 12:00:00 GMT00:01:00ArticlesWed, 18 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630699https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 17 Nov 2020 12:00:00 GMT00:01:00ArticlesTue, 17 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630706https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 12 Nov 2020 12:00:00 GMT00:01:00ArticlesThu, 12 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630711https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 28 Oct 2020 12:00:00 GMT00:01:00ArticlesWed, 28 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047198https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 26 Oct 2020 12:00:00 GMT00:01:00ArticlesMon, 26 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630691https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 26 Oct 2020 12:00:00 GMT00:01:00ArticlesMon, 26 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630692https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQWed, 21 Oct 2020 12:00:00 GMT00:01:00ArticlesWed, 21 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630696https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 20 Oct 2020 12:00:00 GMT00:01:00ArticlesTue, 20 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630695https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 24 Sep 2020 12:00:00 GMT00:01:00ArticlesThu, 24 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630672https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 24 Sep 2020 12:00:00 GMT00:01:00ArticlesThu, 24 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630611https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 18 Sep 2020 12:00:00 GMT00:01:00ArticlesFri, 18 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630690https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQFri, 18 Sep 2020 12:00:00 GMT00:01:00ArticlesFri, 18 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630610https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 08 Sep 2020 12:00:00 GMT00:01:00ArticlesTue, 08 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630609https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 07 Sep 2020 12:00:00 GMT00:01:00ArticlesMon, 07 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100046061https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 01 Sep 2020 12:00:00 GMT00:01:00ArticlesTue, 01 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100046020https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 27 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 27 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630606https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 13 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 13 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630602https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 11 Aug 2020 12:00:00 GMT00:01:00ArticlesTue, 11 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630605https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 06 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 06 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630600https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 03 Aug 2020 12:00:00 GMT00:01:00ArticlesMon, 03 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630598https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 03 Aug 2020 12:00:00 GMT00:01:00ArticlesMon, 03 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630599https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 30 Jul 2020 12:00:00 GMT00:01:00ArticlesThu, 30 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630597https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 27 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 27 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630596https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 20 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 20 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630593https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQMon, 13 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 13 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630594https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQThu, 09 Jul 2020 12:00:00 GMT00:01:00ArticlesThu, 09 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630592https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 30 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 30 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630588https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTue, 23 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 23 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630595https://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQTFri, 13 Feb 2026 13:20:00 GMTenhttps://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1<![CDATA[ 13 Feb, 2026 Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>Leveraged Finance & High Yield, Leveraged FinanceFri, 13 Feb 2026 13:20:00 GMThttps://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e100:01:00<![CDATA[ Private Markets Solutions ]]><![CDATA[ Bring transparency and clarity to private markets with S&P Global Ratings’ independent credit opinions supporting investors, funds and capital providers. ]]>Solution Page<![CDATA[ Private Markets Solutions Private (Credit) Markets Solutions to encompass ratings of funds, fund finance – fund-level credit facilities, investment vehicles. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview At S&P Global Ratings our independent opinions on creditworthiness take a holistic view of the totality of private market participants – solutions for Private Equity Firms and Multi-strategy Funds, General Partners, and Limited Partners as well as the institutions providing funding solutions for them, including banks, insurance companies, and specialist funds. These can encompass rating the Asset Manager as well as their Subscription Lines, Net Asset Value lines, Feeder Funds plus securitizations, and more esoteric structures. Use Cases Learn more about how S&P Global Ratings Private Markets can benefit you. Ratings required for regulatory reasons: As insurance investors become more active in the private credit space, any solutions targeted to them such as Feeder Funds and NAV Loans will require ratings due to regulatory (NAIC) reasons. Additionally in light of the Basel regime, Banks may need ratings for regulatory capital relief. Ratings support fund raising and investor communication at every level for issuers: As market conditions evolve, greater transparency provided by our ratings can attract a broader investor base, enhance marketability, potentially resulting in a cheaper cost of funds. Investors gain valuable insights on risk from the leading credit rating provider: Expanding participation by new and existing investor groups into the opportunities provided by private markets solutions has increased the need for prudent investor diligence. Our unparalleled coverage across all asset classes and expansive understanding of credit markets could inform investors’ risk management. Arrangers can leverage our ratings and insights to support an efficient funding process: As the private markets continue to grow and innovate, and the regulatory environment evolves, our independent opinions on credit risk may provide necessary clarity to enable broader distribution of debt. Discover Private Markets Solutions Download our private debt markets brochure to discover how S&P Global Ratings' independent creditworthiness opinions can help provide private debt market participants with greater access to capital and potentially lower costs of funds. Download Now Related Products View All Let's Get Started Get in touch with our team to learn more about Private Market solutions. Talk to Us Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Private Markets Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/private-markets<![CDATA[ Private Markets Solutions ]]>00:01:00<![CDATA[ Ratings ]]><![CDATA[ Clarify your creditworthiness and support critical financial decisions with S&P Global Ratings’ independent credit ratings and forward‑looking insights. ]]>Solution Page<![CDATA[ Ratings Clarify your creditworthiness and sharpen your financial strategy. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview In today’s dynamic markets, businesses need to clearly communicate their financial position, navigate uncertainty, and make confident decisions about funding, risk, and strategy. Yet many organizations face challenges in understanding how they are perceived by the market, how strategic moves could affect creditworthiness, or how to access capital efficiently –especially in evolving environments. With S&P Global Ratings, our renowned methodologies and deep sector, sovereign, and local market knowledge help turn complex credit risk questions into clear, actionable insights. Whether you're raising capital, planning a major transaction, or comparing financing options, our consistent, independent assessments enhance transparency, improve comparability, and empower decision making. Use Cases Learn more about how credit ratings solutions can provide insight. Raising Capital: Enhance your ability to access capital by communicating your creditworthiness effectively and appealing to a broader range of investors, whether global or local. An independent assessment of your creditworthiness may help to optimize funding costs, diversify funding mix, and secure better financing terms. Gain broader access to capital markets & improve financing terms with a Credit Rating. Anticipate Credit Impact Before You Act: Gain forward-looking insights into how strategic decisions – such as changes in capital structure or ownership – could impact your creditworthiness before taking action, helping you refine decisions and optimize financial outcomes. Start scenario planning with a Rating Evaluation Service (RES) or a Counterparty Instrument Rating (CIR). Navigate Transaction Funding with Greater Confidence: Gain clarity on your post-transaction creditworthiness with a Preliminary Rating or RES ahead of a transformative event, such as an acquisition or restructuring, helping you to raise capital with confidence and engage investors more effectively. Understanding Credit Risks: Uncover defined credit risks, whether related to local or foreign currency exposure (foreign currency credit rating), specific financial instruments or obligations, or an insurer’s capacity (insurer financial strength rating) to meet claims. Related Products View All Let's get started Speak with our team of experts to learn more about credit ratings solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Credit Ratings solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/ratings<![CDATA[ Ratings ]]>00:01:00<![CDATA[ Assessments ]]><![CDATA[ Evaluate credit, liquidity and sustainability risks with S&P Global Ratings’ independent assessments, supporting informed decisions when ratings are not available. ]]>Solution Page<![CDATA[ Assessments Support critical financial decisions and engage stakeholders with independent assessments of credit, liquidity, and sustainability. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Many businesses face challenges when trying to assess the creditworthiness of their partners, counterparties, and potential investments — especially when they lack formal credit ratings. S&P Global Ratings provides independent, objective assessments that deliver actionable insights into these critical areas, helping businesses make informed decisions. Our suite of assessments offer deep analysis into creditworthiness, liquidity, operational performance measurements, and sustainability, enabling businesses to identify risks and opportunities more effectively. Our assessments span a wide range of needs from evaluating creditworthiness and liquidity, to understanding climate transition progress and asset manager practices. With our broad experience across industries and markets, these assessments can be used to help navigate financial complexities, manage risk, and communicate effectively with investors and stakeholders. Use Cases Learn more about how assessments solutions can benefit you. Evaluate Creditworthiness: Gain a confidential, point in time evaluation of an unrated entity or proposed financing structuring in both public and private markets with a credit estimate, private credit analysis, or a credit assessment. This type of assessment is not considered a credit rating. Liquidity and Financial Stability: Obtain an analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets with a liquidity assessment and respond quickly to changing credit conditions. Climate Transition Planning: Understand and communicate your current position and expected path with a climate transition assessment, helping align internal planning and external stakeholder expectations. Manage Operational Risk: Assess your companies’ ability to handle complex demands, operational practices, and performance in asset management, with either a servicer evaluation, U.S. residential mortgage originator or an asset manager practices classification, highlighting strengths and risks to support better oversight. Related Products View All Let's Get Started Get in touch with our team to learn more about Assessments solutions. Talk to an Expert Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Assessments solutions Please it out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/assessments<![CDATA[ Assessments ]]>00:01:00<![CDATA[ Sustainable Finance ]]><![CDATA[ Demonstrate credibility and transparency in sustainable financing with S&P Global Ratings’ independent opinions, assessments and Shades of Green approach. ]]>Solution Page<![CDATA[ Sustainable Finance Demonstrate your company’s readiness to obtain sustainability or transition financing. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Sustainable finance is not only about financing activities and investments that are already compatible with a low-carbon, climate resilient future, considered "green," and aligned with the Paris Agreement. It is also about financing activities and investments that are not yet compatible with a low-carbon, climate resilient future but contribute to a reduction of greenhouse gas emissions. S&P Global Ratings offers independent, transparent assessments at both entity and financing level, backed by the award- winning Shades of Green approach, which provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Use Cases Alignment to Relevant Market Principles: Demonstrate to stakeholders that your sustainability objectives are aligned to relevant market principles (such as ICMA, LMA, EU Taxonomy, European Green Bond Regulation). Financing – Debt: Navigate access to the public and private sustainable debt markets. Obtaining a Green Designation on Stock Exchanges: Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement: Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications: Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Related Products View All Let's get started Get in touch with our team to learn more about Sustainable Finance solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Sustainable Finance solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/sustainable-finance<![CDATA[ Sustainable Finance ]]>00:01:00<![CDATA[ Digital Assets ]]><![CDATA[ Navigate digital and decentralized finance with confidence using S&P Global Ratings’ independent risk analysis and insights bridging digital assets and traditional markets. ]]>Solution Page<![CDATA[ Digital Assets Foundational insights and risk assessments for digital markets. ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights Contact Us Contact Us Overview As digital assets become more deeply embedded in global financial systems, institutional investors and businesses face new risks tied to innovation. S&P Global Ratings helps bridge the gap with risk assessments built on a legacy of analytical rigor. Our digital asset capabilities support transparency and informed decision-making at the intersection of decentralized innovation and traditional finance. With deep insights and a forward-looking lens, we help clients understand emerging market risks. Recent Digital Assets Ratings Use Cases Risk Analysis: Institutional investors use our insights to evaluate digital asset instruments before allocating capital. Product Development: Financial institutions and issuers consider our methodologies in the context of tokenized products or digital financial infrastructure to enhance transparency. Benchmarking: Asset managers and token issuers use our assessments to benchmark themselves when building tokenized funds, payment rails, or on-chain liquidity programs. Risk Management & Exposure Monitoring: Treasury, risk, and operations teams use our assessments to help identify and track emerging risks in tokenized markets, DeFi protocols, and crypto asset issuers. Third-Party Review: Auditors, consultants, and legal/compliance teams may review our outputs as part of their due diligence processes and in preparing third-party risk documentation. Recent Digital Bond Ratings Related Products View All Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Digital Assets Please fill out the form so we can connect you with the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/digital-assets<![CDATA[ Digital Assets ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Assess the potential credit impact of strategic initiatives before you act with S&P Global Ratings’ Rating Evaluation Service (RES), a confidential scenario‑based assessment. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses RES in Action Videos Related Products ON THIS PAGE Benefits Uses RES in Action Videos Related Products Overview Assess the impact of new initiatives on creditworthiness with a forward-looking, confidential assessment. The decision to take on a major capital program, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. Our Rating Evaluation Service (RES), a tool for rated or unrated entities, provides a forward-looking, confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them. You provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback on each scenario you present. The RES is not a credit rating, nor is it a consulting or advisory service. Benefits One Solution, Many Uses Gain valuable insight before you act. Our Rating Evaluation Service (RES) gives you a confidential, written assessment of the potential credit impact of your hypothetical securitization initiatives. Obtain Useful feedback & Gain Valuable Insight Before You Act Our Rating Evaluation Service gives you a confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them, to identify the planned initiatives that potentially could lead to credit outcomes that you would view as more or less favorable. This can be a particularly valuable benefit whether you are considering only one plan or several alternatives. Understand The Impact of Your Proposed Initiatives on Your Creditworthiness When exploring strategic options, you may want to assess ahead of time how your proposed initiatives may affect your creditworthiness. The decision to take on a major capital program, consider an acquisition, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. That’s where we can help. Analysis Based on Your Scenario Provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback from a Rating Evaluation Committee based on each scenario you presented. Please note that the Rating Evaluation Service process and outcome remains confidential Uses Rating Evaluation Service Rating Evaluation Service has been used to gauge the potential ratings implications of important initiatives such as: Mergers and acquisitions Asset or line-of-business divestitures Capital plan alternatives and/or additional debt being contemplated Funding and liquidity mix restructurings Recapitalizations (including senior and subordinated debt) Creation of new holding and subsidiary company structures Risk-shedding and capital-relief transactions (securitizations, hybrids, derivatives, and reinsurance) New financing techniques, such as a commercial paper program Pre-packaged or pre-emergence bankruptcy alternatives RES in Action Watch our short video to learn how a Rating Evaluation Service is typically used to evaluate the impact of restructurings, mergers & acquisitions, divestitures, or material changes in debt or capital structure. Videos Adjusting to a Variety of New Challenges Could our Rating Evaluation Service help you to adjust to new challenges? Watch our video to learn more. Strategic Decisions Learn how a Rating Evaluation Service can support your strategic decisions providing you with the insights you need, before you act. Portfolio Acquisition Are you looking to sell or acquire a portfolio but you want to understand the cost of funding, learn how a Rating Evaluation Service could assist. Securitization Restructuring Our Rating Evaluation Service could provide you with the insights you need when considering your next securitizations restructuring. Related Products View All Contact Us Learn more about our Rating Evaluation Service (RES) Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm Register for an S&P Global Ratings Account Register now to access exclusive content, events, tools, and more. Register For an Account ]]>https://www.spglobal.com/ratings/en/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ Manage and understand your credit story with S&P Global Ratings’ Ratings360®, a digital platform bringing together ratings, research and scenario insights. ]]>Products<![CDATA[ Ratings360® Intelligence You Can Act On. Login Sign up now The Ratings360® platform is available to rated issuers. Get in touch with us to request access. Request Account Request Account Overview Ratings360® provides rated issuers with a holistic picture of their organization’s credit story – ratings, risk research and critical insights on one personalized dashboard. Features Manage. Compare. Report. All In One Dashboard. Essential Benchmark Ratings View and benchmark ratings data for your organization against peers, suppliers and counterparties. Wealth of Research Insights Stay ahead of the factors moving your industry. Relevant Data Tailor the data in a way that is meaningful for you. Sign In Data & Insights At Your Fingertips Sustainability Preparedness Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. Market Sentiment Propose funding options with confidence when you have access to aggregated investor sentiment across different sectors. Request More Information Intelligence You Can Act On Contact us now: ratings360@spglobal.com Ratings Data Access ratings, rating history and rating articles of your organization, your peers, suppliers and counterparties. Financials Comparisons Compare rating scores, adjusted and pre-adjusted financials and ratios between your organization, peers, suppliers and counterparties. Credit Scenario Builders Create hypothetical ‘what if’ scenarios based on your inputs and our criteria, and gain a better understanding of our rating methodology. View How Sector Research Our latest global economic and sector research, videos and podcasts to help you stay in touch with the risk and economic conditions affecting your sector. Ratings Distribution See the ratings distribution across geographies, sectors and grades covered by S&P Global Ratings. Investor Sentiment Stay on the pulse of investor sentiment with insights from our Analytical and Market Outreach teams’ interactions with your sector’s global investors. Sustainability Intelligence Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. ]]>https://www.spglobal.com/ratings/en/products/ratings360<![CDATA[ Ratings360® ]]>00:01:00<![CDATA[ Credit Estimates ]]><![CDATA[ Obtain a confidential, point‑in‑time Credit Estimate for an unrated entity or obligation for an indicative view of creditworthiness from S&P Global Ratings. ]]>Products<![CDATA[ Credit Estimates Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Expressed in lower case lettering using our traditional credit rating symbols. No rationale report is provided. Credit Estimates are a confidential indication, provided at the request of a third party, of our likely credit rating on an unrated entity. They do not include all of the aspects of a credit rating. These estimates do not involve direct contact with the obligor's management and although they are a point-in-time analysis, they can be updated at your request. Credit Estimates are formulated from an abbreviated analysis that draws on analytical experience and expertise of our analysts. Credit Estimates are: Generally provided in a portfolio context Typically used to support the ratings on collateralized debt obligations (CDOs) An integral part of S&P Global Ratings' rating process for CDOs A Credit Estimate is not a credit rating. It is a confidential indication, provided solely at the request of a third party other than the company or issuer of the obligations at issue, of the likely S&P Global Ratings' credit rating of an unrated company or obligation primarily in the context of CDOs. Credit Estimates are typically created for the purpose of including collateral not rated by us in a CDO or other structured finance obligation that is rated by us. They are formulated from an abbreviated analysis and do not include all of the aspects of a standard ratings analysis. For these reasons, a Credit Estimate is not intended to be a substitute for a credit rating. Credit Estimates do not typically involve the direct participation of the obligor and are typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The estimates are confidential in nature and are not published by S&P Global Ratings. Related Products View All Contact Us Learn more about Credit Estimates Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-estimates<![CDATA[ Credit Estimates ]]>00:01:00<![CDATA[ Fund Ratings ]]><![CDATA[ Evaluate the credit quality and risk of investment funds with S&P Global Ratings’ Fund Ratings, covering money market funds, bond funds, ETFs and more. ]]>Products<![CDATA[ Fund Ratings We provide ratings on various types of funds which offers benefits for asset managers, funds sponsors and fund investors Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Alternative Investment Funds Related Resources ON THIS PAGE Benefits Alternative Investment Funds Related Resources Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings has been rating funds since 1984, with ratings on over 500 funds. We provide ratings on various types of funds, including Money Market Funds Bond Funds Local Government Investment Pools (LGIPs) Exchange Traded Funds (ETFs) Separate Accounts Unit Investment Trusts Our Fund Credit Ratings’ analytical team has the deep knowledge and experience necessary to assess and rate the various fund structures in the market. The team is made up of 21 professionals with nearly 240 cumulative years with S&P Global and approximately 200 years with the Fund Credit Ratings team. Get In Touch Benefits of Our Fund Ratings Credit Ratings Are Opinions About Credit Risk. For Asset Managers/Fund Sponsors: Ongoing credit/liquidity/market risk evaluation Internal and external communication of quality & composition of funds Asset growth/retention For Fund Investors: Fund selection Regulatory/Compliance purposes Periodic credit/liquidity/market risk evaluation Funds Research The funds industry’s continued growth and expansion to an ever increasing number of investors has been met with rising pressures for greater transparency, with many investors taking a progressive interest in the assessment of the risks facing both the funds and their managers. Our dedicated funds research page provides key industry analysis, insights and trends on the factors affecting the market today. Read the Latest Research Alternative Investment Funds We assign global scale counterparty credit ratings to assess the stand-alone creditworthiness of several types of Alternative Investment Funds (AIFs), based on the investments they make, trading strategies they employ, and funding structures they maintain. We also assign issue ratings to debt instruments issued out of AIF structures. Alternative Investment Funds typically include: Private equity funds Hedge funds Credit funds Fund of funds Assets within these funds can include but are not limited to: Commodities Global real estate Leveraged loans Start-up companies Unlisted securities Private equity debt Private debt Derivatives For rated private equity structures, we consider whether the funds are primarily buy and hold with a focus on harvesting investments. We also consider the funds’ maturity attributes (e.g. final maturity within 7–12 years). In our ratings of hedge funds, we consider factors such as trading strategy, whether the portfolio has meaningful turnover, and funds itself with capital that varies in degree of permanence. In cases where AIFs are not structured as private equity funds or hedge funds, we consider whether the fund has characteristics similar to a hedge fund or private equity fund, and executes a strategy that includes elements of both private equity investment and hedge fund trading in order to determine its ratability within the AIF criteria. We rate AIFs on either a private/confidential or public basis. Collateralized Fund Obligations (CFOs) The CFO criteria is designed to rate debt backed by a diversified fund of funds. The criteria and models are limited to assessing funds of funds with the following underlying fund characteristics: Asset Types: the assets backing the debt must be Limited Partnership (LP) interests in diversified funds. They cannot be individual private equity investments themselves, such as debt, equity or co-investments. Fund Types: we can assess diversified venture capital, buyout and mezzanine funds (we are not able to rate concentrated specialty sector funds, such as those invested exclusively in real estate, commodities, infrastructure, etc.) Geographic Scope: investments can be in U.S., European, or Asian assets. Diversification: the funds must be well diversified across fund types, geographies, industries, fund vintages, and fund managers. Related Resources Contact Us Learn more about Fund Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/fund-ratings<![CDATA[ Fund Ratings ]]>00:01:00<![CDATA[ Private Credit Analysis (PCA) ]]><![CDATA[ Gauge the creditworthiness of unrated counterparties with S&P Global Ratings’ Private Credit Analysis (PCA) providing a confidential credit estimate and rationale. ]]>Products<![CDATA[ Private Credit Analysis (PCA) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview You want to assess the creditworthiness of a third-party entity, but the entity is unrated. A tool to assess counterparty risk. Provides a confidential third-party credit opinion on an unrated counterparty. A Private Credit Analysis is not a credit rating. It is a credit estimate accompanied by a written report on the rationale for the credit estimate. A Private Credit Analysis provides a confidential third-party opinion of a target entity's likelihood of default when a public credit rating is not available. Private Credit Analyses are often sought by parties, as one factor amongst others, to help them determine counterparty exposure to an unrated issuer. Our Private Credit Analysis brings you a concise credit analysis of the unrated entities that interest you. You'll receive a report that includes a Credit Estimate, supported by a brief rationale. Although a Private Credit Analysis takes a "point-in-time" snapshot and there is no ongoing surveillance, we can update this analysis at your request. A Private Credit Analysis is typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The Private Credit Analysis helps you: Analyze and report on specific credits that may fall outside your institution's traditional experience; Supplement your internal credit resources; and Review and compare your internal credit process with our analysis. The Private Credit Analysis changes the unknown to the known: Offering an independent and objective tool that senior credit, financial, risk, and investment managers can use for evaluating and managing credit risk; Providing credit analysis of new and existing counterparties, borrowers, lessees, customers, partners, and suppliers, to help you analyze their credit quality; Providing specific industry and company insight from our credit analysts to help improve your understanding of counterparty and industry credit risk; Supplementing the expertise and resources of your internal credit departments; Assisting you in evaluating portfolio or individual acquisitions; and Assisting you in setting credit terms, such as limits and pricing. Deliverables Report including a credit estimate grade, expressed in lower case lettering using our traditional credit rating symbols, and written analysis detailing the target entity's relative strengths and weaknesses and business and financial profile. A Private Credit Analysis is a Credit Estimate accompanied by a written report on the rationale for the Credit Estimate. It does not involve direct contact with the obligor's management and although it is a point-in-time analysis, it can be updated at your request. Related Products View All Contact Us Learn more about Private Credit Analysis Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/private-credit-analysis-pca<![CDATA[ Private Credit Analysis (PCA) ]]>00:01:00<![CDATA[ Liquidity Assessments ]]><![CDATA[ Assess an issuer’s ability to provide liquidity support using its own assets with S&P Global Ratings’ Liquidity Assessments, covering CP and VRDO obligations. ]]>Products<![CDATA[ Liquidity Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Liquidity Assessment Process Related Products ON THIS PAGE Liquidity Assessment Process Related Products Overview In some cases, creditworthy tax-exempt debt issuers with substantial liquidity have found it cost-effective to use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations as an alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. S&P Global Ratings continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding the use of their own assets as a substitute for bank liquidity facilities. Background Liquidity Assessments, which evaluate an issuer's ability to provide liquidity support, were introduced in 2000. Issuers have indicated to S&P Global Ratings that bank liquidity facilities are often expensive and that they can be cumbersome to administer. Since the introduction of liquidity assessments to the tax-exempt market four years ago, S&P Global Ratings has provided liquidity assessments to all types of tax-exempt issuers – providing an independent view of their ability to use their own liquid assets as liquidity support. What is Included in an S&P Global Ratings’ Liquidity Assessment? An S&P Global Ratings’ Liquidity Assessment includes the following: An analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets, An assessment of management’s plans to provide cash, as outlined in its “Liquidation Letter” including a current maximum dollar assessment of the issuer’s ability to raise cash or provide liquidity on its own, and A review of the issuer’s investment policies and risk-management procedures and operations. Liquidity Assessment Process Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment. Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment. The information that S&P Global Ratings evaluates for a Liquidity Assessment includes: Biographies of treasury staff & portfolio management staff, Liquidation procedures letter, Portfolio holdings report, Month-end balances of fixed-income portfolios, and Investment policy related to fixed-income portfolios and other eligible assets. Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. Related Products View All Contact Us Learn more about Liquidity Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/liquidity-assessments<![CDATA[ Liquidity Assessments ]]>00:01:00<![CDATA[ Counterparty Instrument Ratings ]]><![CDATA[ Examine counterparty credit risk in securitization structures with S&P Global Ratings’ Counterparty Instrument Ratings, covering swaps, liquidity facilities and other obligations. ]]>Products<![CDATA[ Counterparty Instrument Ratings Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A forward-looking opinion of an issuer’s creditworthiness An S&P Global Ratings Counterparty Instrument Rating (CIR) is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities) on an ultimate payment basis. It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the financial obligation to a counterparty and takes into account the currency in which the financial obligation is denominated. The opinion reflects S&P Global Ratings' view of the issuer's capacity and willingness to meet its financial commitments as funds become available, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A CIR is specific to the financial obligations that securitization special-purpose entities enter into with banks or any other entity taking on the issuer's credit risk under a contract such as a swap or liquidity facility (a "counterparty"). Capital reserve requirements for high-yield asset classes can constrain insurers’ investment management practices. The CIR addresses an issuer's capacity to meet its financial obligations to a counterparty in a securitization transaction on an ultimate payment basis as funds become available, without regard to any specific repayment date that may be stated in the terms of the contract. Deliverables Each CIR is specific to a particular issuer's financial obligation under a specific counterparty contract in relation to a securitization transaction. For example, we could assign a CIR of 'AAcir' to Issuer ABC's obligations under the interest rate swap with Bank XYZ. The CIR may be either a public, private or confidential rating. The CIR could be assigned with surveillance or could be point-in-time with no surveillance. Furthermore, the CIR may be a local or foreign currency rating, depending on the underlying structure. This opinion does not take into account timeliness of payment. As such, CIRs are long-term ratings only. The CIR is a new rating type with its own ratings definitions. CIRs are identified by the 'cir' suffix to distinguish the CIR from an S&P Global Ratings issue or issuer credit rating. We will assign the 'sf' identifier where necessary. Related Products View All Contact Us Learn more about Counterparty Instrument Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/counterparty-instrument-ratings<![CDATA[ Counterparty Instrument Ratings ]]>00:01:00<![CDATA[ Servicer Evaluations ]]><![CDATA[ Analyze loan and asset servicers with S&P Global Ratings’ Servicer Evaluations providing independent rankings of operational strength and servicing capability. ]]>Products<![CDATA[ Servicer Evaluations Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Our independent view of a company's ability to handle the complex demands of servicing loans and asset portfolios. With the introduction of Servicer Evaluations in 1989, S&P Global Ratings became the first ratings agency to give global market participants an independent, objective view of a company's ability to handle the increasingly complex demands of servicing loans and asset portfolios. Covering a wide range of servicers, including several types of commercial and residential mortgage servicers, Servicer Evaluations are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. A Servicer Evaluation is not a credit rating. Following a comprehensive evaluation process, analysts assess a servicer's operational strengths and risks to derive appropriate sub-rankings and overall rankings. The ranking and supporting analysis are conveyed in a written report that may be made public if a servicer engages for a public ranking. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational and portfolio developments. S&P Global Ratings' Servicer Evaluations provide a consistent, objective analysis of servicer performance. Each evaluation offers an overall ranking - based on sub-rankings covering a servicer's management and organization, and administrative processes, along with a review of the servicer's financial position - that makes it easy to assess a servicer's capabilities and competence. Servicer Evaluations offer benefits to investors, issuers, bankers, and servicers alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key servicer performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing servicers with a resource that they can use to raise their company profile, market themselves to originators, compare themselves with peers, and assess internal performance. Related Products View All Contact Us Learn more about Servicer Evaluations Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/servicer-evaluations<![CDATA[ Servicer Evaluations ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Features Types of Second Party Opinions Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Nordic Investment Bank From the impacts of climate change to the opportunities of sustainable development, every forward-thinking company has a unique journey. See how Nordic Investment Bank achieved its objective of attracting green investment by aligning its framework with recognized market standards and obtaining a Shades of Green Second Party Opinion. Read More Post-Issuance Reviews Overview Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. Learn more about our Shades of Green Approach Watch the Video: Explaining the Shades of Green In the short video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Public Reports View All Public Reports Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/second-party-opinions<![CDATA[ Second Party Opinions ]]>00:01:00<![CDATA[ Stablecoin Stability Assessment ]]><![CDATA[ Assess stablecoin de‑pegging risk with S&P Global Ratings’ Stablecoin Stability Assessment providing independent insight into a stablecoin’s ability to maintain its value. ]]>Products<![CDATA[ Stablecoin Stability Assessment Stablecoin Risk, Quantified Talk to us Get in touch with us to find out more. Contact Sales View Our Brochure Contact Sales ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content What are Stablecoins? Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to a 1:1 relationship with a fiat currency. As a result, absent a depegging, stablecoins do not demonstrate the volatility that is associated with other cryptocurrencies. Because of their stability, stablecoins form a bridge between traditional finance and digital assets capabilities by making it easier for businesses and individuals to conduct transactions and make investments. S&P Global Ratings Stablecoin Stability Assessment is designed to provide market stakeholders with transparency into the stability of various stablecoins and specific insight into their depegging risks. View Interactive Our Approach Our analytic approach begins with the assessment of asset quality risks, including credit, market value, and custody risks. We further analyze to what degree overcollateralization requirements and liquidation mechanisms may mitigate these risks (light gray box). Through a combination of these factors, we determine an asset assessment score that ranges from 1 (very strong) to 5 (weak) (black box). Following the Asset Assessment, our analytic approach considers five additional areas (dark gray boxes): • Governance • Legal and regulatory framework • Redeemability and liquidity • Technology and third-party dependencies, and • Track record The strengths and weaknesses for each of these five areas add to the holistic risk assessment view, which may lead to a negative adjustment to the Asset Assessment score. As a result, the stablecoin stability assessment (red box) can be in line with or lower than the asset assessment. Learn More About Our Analytical Approach Why S&P Global Ratings? Highly Informed The Stablecoin Stability Assessment culminated from essential insights gathered in numerous deep-dive interviews with key market participants in the traditional finance and digital assets sectors. Expertise Our Digital Asset Lab is made up of credit and Cryptofinance analysts and researchers so we have a unique analytical understanding of the intersection of traditional finance and digital assets. Track Record in Assessing Risk With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver essential intelligence to help market participants make informed decisions with conviction. Investor Preference Of the top 20 global institutional investors, 95% reference S&P Global Ratings.* We are an essential source of information for global financial markets. *According to 3rd party investor survey conducted in 2023. Stablecoin Stability Assessment Reports Related Content Contact Us Learn more about Stablecoin Stability Assessment Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/stablecoin-stability-assessment<![CDATA[ Stablecoin Stability Assessment ]]>00:01:00<![CDATA[ Climate Transition Assessment ]]><![CDATA[ Evaluate the credibility of a company’s climate transition plans with S&P Global Ratings’ Climate Transition Assessment (CTAs), analyzing near-term actions and future alignment. ]]>Products<![CDATA[ Climate Transition Assessment Go beyond net zero targets. Demonstrate the credibility of your transition plans. Download Brochure Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research What is the Climate Transition Assessment? The Climate Transition Assessment (CTA) is a qualitative opinion on where a company is on its current transition journey and where we expect it to head into the future, based on an assessment of planned transition activities and implementation drivers. The CTA outcome is a single Future Shade, based on the award-winning Shades of Green approach, which shows the expected alignment of a company’s activities with a low carbon, climate resilient future (and alignment with the Paris Agreement), based on the feasible transition timeline for the company’s sector and its own transition plan/commitments. Our Climate Transition Assessment now includes industry peer comparison, a Transition Progress score, and greater transparency into our Shades of Green shading approach. How Does the Climate Transition Assessment Differ from a Net Zero Target Assessment? The CTA is not a net zero assessment. Whereas many net zero targets are distant, reaching as far as 2050, the Climate Transition Assessment analyzes near-term actions and investments that the company has planned, and their likely implementation, considering potential risks and blockers. The CTA can be applied across sectors and all starting points along the climate transition spectrum, including those earlier in their transition journey, and provides a forward-looking opinion based on a company’s transition plan. We can now offer a Climate Transition Assessment for both non-financial corporates as well as financial institutions. For more detail on how we assess activities for corporates and financial institutions please refer to the Analytical Approach. Our Approach A Climate Transition Assessment is our qualitative opinion of how consistent with a low carbon, climate resilient future we expect an entity's economic activities will be once the entity's planned transition changes are realized and potential material implementation risks are considered. We express our opinion using a single Shade of Green ranging from Dark Green to Red. Our CTA analysis includes: Current Shade (based on the Shades of Green spectrum) Climate Transition Plan Future Shade (based on the Shades of Green spectrum) Transition Progress Optional Add-Ons: In addition, and upon request from the company, we can assess consistency with green and transition equity designations with certain stock exchanges (e.g.: Nasdaq) and other frameworks. Analytical summary of strengths, weaknesses, and areas to watch We have expanded the CTA analysis so that companies can: More easily compare where they are today and where they’re headed on their climate transition journey with the Current and Future Shade, based on the Shades of Green scale. Compare progress to industry peers on key environmental performance KPIs to stay ahead of the curve. Measure progress towards a low-carbon future with our Transition Progress score. Learn More About Our Analytical Approach and the Shades of Green Use Cases for the Climate Transition Assessment Financing: Debt Demonstrate your company’s transition readiness to obtain sustainability or transition financing. Use the CTA either for labeled debt, in combination with a Second Party Opinion, or for unlabeled debt to demonstrate your commitment to transition at entity-level. Obtaining a Green Designation on Stock Exchanges Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Qualitative Climate Transition Risk Analysis Provide a qualitative, deeper dive opinion for investors and banks/financial institutions seeking to understand the climate risk of their portfolio companies, including the transition ambition and plan of a particular company. Green Equity Exchange Designations S&P Global Ratings is currently an approved reviewer for three major stock exchanges' green equity designations: B3 Ações Verdes (BAV), Nasdaq Green Designations, and the SIX Swiss Exchange 1.5°C Climate Equity Flag. S&P Global Ratings assesses alignment with the requirements for the Philippine Green Equity Label set out in the Guidelines on Philippine Green Equity. B3 Ações Verdes (BAV) Green Equity Designation S&P Global Ratings is the first approved reviewer for the B3 Ações Verdes (BAV). In May 2024, B3 The Brazilian Stock Exchange launched a voluntary B3 Green Equities (BAV) designation targeting green companies in Brazilian markets, based on the World Federation of Exchanges Green Equity Principles. The B3 Ações Verdes (BAV) Designation provides transparency to investors on green credentials of a company and offers a way to follow a company’s progress over time. Our Climate Transition Assessment evaluates alignment with the B3 Ações Verdes (BAV) principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of annual gross revenue from activities that contribute to the green economy and continue to invest in a majority share of green activities. Download the Climate Transition Assessment Description for the B3 Ações Verdes (BAV) Designation Nasdaq Green Designations S&P Global Ratings is currently an approved reviewer for Nasdaq Green Equity Designations and has provided stakeholder input to the development of the designation principles. In June 2021 Nasdaq launched voluntary Green Designations targeting green and transition companies on Nasdaq Nordic markets. The Nasdaq Green Designations provide transparency on the green credentials of a company and offer a way to follow a company’s progress over time. Our Climate Transition Assessments evaluate alignment with the Nasdaq Green Equity and Nasdaq Green Equity Transition Designations principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of turnover from green activities and continue to invest in a majority share of green activities, in addition to providing transparency on EU Taxonomy alignment and company-level sustainability targets. Download the Climate Transition Assessment Description for the Nasdaq Green Designations SIX 1.5°C Climate Equity Flag S&P Global Ratings is one of the first approved reviewers for the SIX 1.5°C Climate Equity Flag as of August 2024. In August 2024, the SIX Swiss Exchange launched the SIX 1.5 °C Climate Equity Flag, which helps companies provide additional supporting evidence that its entire value chain contributes towards limiting global warming to 1.5 °C above pre-industrial level. The flag combines recognized requirements on the climate transition plan with additional requirements that arise from the application of the WFE Green Equity Principles (2023) to climate-change mitigation. Our Climate Transition Assessment evaluates alignment with the SIX 1.5°C Climate Equity Flag. To meet the SIX 1.5°C Climate Equity Flag requirement, more than 50 percent of the issuer’s annual revenues must come from 1.5°C aligned activities. Download the Climate Transition Assessment Description for the SIX 1.5°C Climate Equity Flag Public Reports View All Public Reports Related Products & Research Contact Us Learn more about Climate Transition Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/climate-transition-assessment<![CDATA[ Climate Transition Assessment ]]>00:01:00<![CDATA[ Credit Ratings ]]><![CDATA[ Gain a forward-looking, independent opinion of credit risk with S&P Global Ratings’ Credit Ratings covering corporates, financial institutions, governments, and more. ]]>Products<![CDATA[ Credit Ratings We empower people to make informed, confident decisions. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses Related Products ON THIS PAGE Benefits Uses Related Products Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings is a leading provider of Credit Ratings. The world’s financial markets depend on S&P Global Ratings for our accessible insights and valued perspectives that drive clarity and growth in the market. We provide: Public Ratings (issuer/issue): Distributed via our websites and various news media, for issuers of publicly rated securities or private loan transactions of any size. Private Ratings (issuer/issue): Distributed via a secure website for distribution to up to 145 users. Confidential Ratings (generally issuer level): Not distributed. Applicable for use by entities seeking an internal benchmark. Get In Touch By the Numbers Benefits Why use S&P Global Ratings for your credit rating? Increase Your Access to New Markets We work with issuers and investors globally including Corporates, Financial Institutions, Governments, Infrastructure & Utilities, Insurance, Structured Finance and Public Finance. Experience in Credit Markets With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver the essential intelligence market participants need to make informed decisions with conviction. Enhance Your Corporate Transparency The world’s financial markets depend on us for our accessible insights and valued perspectives that drive clarity and growth in the market. Analytical Excellence Leveraging our expansive credit coverage, our analysts and economists provide authoritative, forward-looking insights on prevailing and potential credit risks. Investor Preference Market participants and investors listen to S&P. 95% of top 20 global institutional investors reference S&P Global Ratings¹ making S&P an essential source of information for global financial markets. Uses One Rating, Many Uses Issuers Rated Issuers: Log Into Ratings360® Here Optimize the cost of funding Expand the pool of investors and available capital Lengthen the terms of financing Diversify funding sources Intermediaries Benchmark the relative credit risk of different debt issues Set the initial pricing for individual debt issues they structure Determine the interest rate issues will pay Package assets into securities or structured finance instruments to market to investors Investors Log Into S&P Capital IQ Pro A third-party opinion of credit quality A basis for comparison across asset classes, geographies, and peers Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline Related Products View All Register for an S&P Global Ratings Account Gain access to exclusive content, events, tools, and more. Register Now Contact Us Learn more about Credit Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ¹ References sourced from internal research conducted on global top 20 asset manager websites, fund prospectuses, fund annual reports and/or other related public documents & sourced from IPE data as of 2023. Other data points sourced from internal data from S&P Global Ratings in 2022. ]]>https://www.spglobal.com/ratings/en/products/credit-ratings<![CDATA[ Credit Ratings ]]>00:01:00<![CDATA[ Credit Assessments ]]><![CDATA[ Assess the creditworthiness of an unrated entity or financing structure with a confidential, point‑in‑time Credit Assessment from S&P Global Ratings. ]]>Products<![CDATA[ Credit Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A Credit Assessment provides an indication of creditworthiness on an unrated entity or proposed financing structure. Credit Assessments are not credit ratings. It is an indicator of our opinion of creditworthiness that may be expressed in descriptive terms, a broad rating category or with the addition of a plus (+) or minus (-) sign to indicate relative strength within the category. It reflects our view of the general credit strengths and weaknesses of an issuer, obligor, a proposed financing structure, or elements of such structures. It may also pertain to limited credit matters or carve out certain elements that would ordinarily be taken into account in a credit rating. Companies considering a full, interactive ratings analysis may have reservations about the process involved and whether the ultimate result will meet their needs. Some companies might be concerned over the amount of management time involved in a full ratings analysis, the cost and the likelihood of their achieving a rating grade that they perceive "acceptable". A Credit Assessment gives companies the opportunity to examine their credit particulars without committing to the more resource-intensive full rating analysis. The process may help management identify strategic "issues". Moreover, if the Credit Assessment level is acceptable to management, a more detailed, public ratings analysis can be completed. A Credit Assessment usually represents a point-in-time evaluation (i.e., we generally do not maintain ongoing surveillance or updates of credit assessments), and is confidential. A credit assessment is generally requested by the entity, or the sponsor of an obligation, to be assessed. Credit Assessments are expressed using our traditional credit rating symbols, but in lower case (e.g.,'bbb'). Related Products View All Contact Us Learn more about Credit Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-assessments<![CDATA[ Credit Assessments ]]>00:01:00<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]><![CDATA[ Access S&P Global Ratings’ credit ratings, research and methodologies with RatingsDirect®, the official platform for credit risk analysis and insights. ]]>Products<![CDATA[ RatingsDirect® Already a customer? Log in below. Capital IQ Capital IQ Pro Capital IQ Pro Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview As the official source for S&P Global Ratings credit ratings and research, RatingsDirect® from S&P Global Market Intelligence delivers the credit risk insights you need on a powerful single platform. With a clean and straightforward layout and AI-powered search, Investors, Credit Analysts, Ratings Advisors, Underwriters, Risk Managers, and more can quickly locate this essential intelligence, combined with comprehensive market data, credit risk indicators, and dynamic visualization tools needed to analyze credit performance and trends across industries, companies, and securities worldwide. Learn More Related Products View All Contact Us Learn more about RatingsDirect® Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/ratingsdirect-by-sp-global-market-intelligence<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]>00:01:00<![CDATA[ Preliminary Ratings ]]><![CDATA[ Obtain a forward‑looking credit rating ahead of a transformative transaction with S&P Global Ratings’ Preliminary Ratings, supporting debt issuance before execution. ]]>Products<![CDATA[ Preliminary Ratings Raise capital with confidence. A Preliminary Rating provides a forward-looking credit rating on a transformative transaction before it’s final. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales What is a Preliminary Rating? A Preliminary Rating from S&P Global Ratings provides a forward-looking credit rating on an issuer or obligation based on the proposed, post-transaction capital structure. Assigned by a rating committee and published using our traditional rating scale, it equips issuers with a market-recognized opinion of anticipated creditworthiness to support debt raising ahead of a transformative event - such as an acquisition, restructuring or refinancing - before final documentation and execution are complete. Why S&P Global Ratings? With S&P Global Ratings, you gain a transparent view of how markets may perceive your post-transaction creditworthiness. Our Preliminary Ratings follow the same rigorous methodologies and committee-reviewed process as our final ratings, providing confidence to investors and clarity to issuers navigating complex capital events. Whether you’re raising debt ahead of a refinancing or acquisition, our forward-looking analysis helps you approach the market with transparent and high-quality assessments. Key Features of a Preliminary Credit Rating Forward-Looking Rating Provides a Preliminary Rating based on the expected post-transaction capital structure, supporting funding efforts ahead of a defined event such as a refinancing or acquisition. Transparent Methodologies and Reports Access detailed reports that explain the rationale behind your rating, giving you and your investors confidence in the rigor of our assessment. Aligned to our Globally Recognized Rating Scale Our preliminary ratings are aligned to our clear and consistent alphanumeric rating system (e.g. AAA to D) providing an industry-standard opinion of anticipated creditworthiness, distinguishing between investment-grade and speculative-grade ratings. Comprehensive and Tailored Coverage From corporate bonds to sovereign debt and structured finance, our ratings provide consistent, sector-specific opinions that cater to your unique industry needs. With broad market, we rate: Corporates, Financial Institutions, Funds, Governments, Infrastructure & Utilities, Insurance, Structured Finance and U.S. Public Finance. Flexible Disclosure Options Choose how and when to share your rating - privately, selectively, or publicly - based on your strategic objectives. Frequently Asked Questions What is the difference between preliminary and final ratings? Preliminary ratings represent S&P Global Ratings' opinion regarding the creditworthiness of an issuer or a debt obligation before final documentation and legal details have been completed. They are typically denoted with a 'prelim' suffix and are based on draft documentation and discussions with issuers. The preliminary rating reports serve as crucial reference documents for market participants seeking early insights into potential credit quality. Final ratings, on the other hand, are assigned after all documentation has been finalized and all conditions have been met. They reflect S&P Global Ratings' complete analysis with full information available and represent our definitive opinion on the creditworthiness of the entity or obligation. How are preliminary ratings assigned? Preliminary ratings are assigned through a comprehensive analytical process that begins with a thorough review of draft documentation and term sheets provided by the issuer. S&P Global Ratings analysts examine the issuer's financial condition, business profile, and the proposed debt structure to form an initial assessment of creditworthiness. This process involves detailed discussions with the issuer's management team to understand the transaction's purpose, structure, and expected performance. Following the initial analysis, the rating recommendation undergoes a committee review where S&P Global Ratings analysts debate the merits of the proposed transaction and vote on the appropriate preliminary rating. The findings and rationale are documented in preliminary rating reports that outline key credit considerations and assumptions. Once determined, the preliminary rating is communicated to the issuer along with any conditions that must be satisfied before a final rating can be assigned. When final documentation becomes available and all conditions are met, the preliminary rating may be converted to a final rating, potentially with adjustments if the final terms differ materially from what was initially proposed. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes review of draft documentation, analysis of financial condition and business profile, evaluation of debt structure, assessment of industry factors, and committee review by S&P Global Ratings analysts. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes: 1. Review of draft documentation and term sheets 2. Analysis of the issuer's financial condition and business profile 3. Evaluation of the proposed debt structure and terms 4. Assessment of relevant industry and economic factors 5. Committee review and decision by S&P Global Ratings analysts What factors are considered in the preliminary rating process? The preliminary rating process incorporates a multifaceted analysis of both quantitative and qualitative factors that influence creditworthiness. S&P Global Ratings examines the issuer's financial strength through key metrics such as leverage ratios, interest coverage, and profitability trends to assess financial resilience. Industry dynamics and the issuer's competitive positioning are evaluated to understand the business environment and long-term sustainability of the enterprise. Management strategy and governance practices are scrutinized to determine the quality of leadership and risk management frameworks. The proposed debt structure receives particular attention, with analysts examining terms, covenants, and repayment schedules to assess their impact on credit quality. All these assessments are captured in preliminary rating reports that provide a comprehensive view of the credit profile before final documentation is complete. Cash flow projections are reviewed against debt service requirements to evaluate the issuer's ability to meet financial obligations under various scenarios. Additionally, the broader economic environment, regulatory landscape, and market conditions are considered for their potential effects on the issuer's creditworthiness. Throughout this process, S&P Global Ratings applies established criteria frameworks to ensure consistency and transparency in the preliminary rating assignment. Related Products View All Products Contact Us Learn more about Preliminary Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/preliminary-ratings<![CDATA[ Preliminary Ratings ]]>00:01:00<![CDATA[ Local Government Investment Pools ]]><![CDATA[ Evaluate the principal stability and credit quality of Local Government Investment Pools with S&P Global Ratings’ LGIP ratings including AAAm and fund credit quality opinions. ]]>Products<![CDATA[ Local Government Investment Pools Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Profiles Indices Related Products ON THIS PAGE Profiles Indices Related Products Overview S&P Global Ratings has been rating Local Government Investment Pools (LGIPs) since 1992, and are one of the leading credit rating agencies in this sector within the United States. We are able to analyze LGIPs consisting of both internal and external participants where the management team is an experienced investment team and/or outsourced to an investment advisor. We assign three different types of ratings to LGIPs based on the pool’s investment objective: Principal Stability Fund Ratings are our forward-looking opinion about the ability of a LGIP to maintain stable principal and limit exposure to principal losses due to credit risk. The rating categories for LGIPs ratings based on the PSFR methodology, range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal). PSFRs are identified by the 'm' suffix to distinguish it from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. Credit Quality Ratings address the overall credit quality of a fixed-income investment fund and are derived from our historical default and transition studies that go back more than 35 years. Rating categories range from 'AAAf' (for funds where their portfolio exposure is extremely strong) to 'Df' (for funds that are predominantly exposed to defaulted assets and/or counterparties). Those funds assigned Fund Credit Quality Ratings typically offer a variable net asset value. Fund Credit Quality Ratings typically accompany Fund Volatility Ratings. Fund Volatility Ratings are our forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. Primarily the assessment evaluates the fund's sensitivity to risks that may affect returns such as interest rate risk, credit risk, and liquidity risk along with the use of derivatives, leverage or exposure to foreign currency risk. Fund Volatility Ratings are expressed on a scale from 'S1' (lowest volatility) to 'S5' (highest volatility). We perform weekly surveillance on LGIPs rated pursuant to the PSFR methodology, and monthly on FCQR/FVRs, methodology in order to form a view on whether any changes in the portfolio and management’s operating policies may alter the fund's credit profile and, therefore, the rating. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. During volatile market conditions, we typically enhance our standard surveillance to assess whether LGIPs are maintaining the relevant fund metrics. Enhanced surveillance, which may include daily interactions with the LGIP investment team or investment advisors, is fundamental to our rating process during periods of market volatility. Profiles Indices Related Products View All Contact Us Learn more about Local Government Investment Pools Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/local-government-investment-pools<![CDATA[ Local Government Investment Pools ]]>00:01:00<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]><![CDATA[ Evaluate U.S. residential mortgage originators with S&P Global Ratings’ Mortgage Originator Reviews, providing independent rankings of operational strength and performance. ]]>Products<![CDATA[ U.S. Residential Mortgage Originator Reviews Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview U.S. Residential Mortgage Originator Reviews Our independent view of a company's ability to handle the complex demands of originating U.S. residential mortgage loans. We give market participants an objective view of a company's ability to handle the increasingly complex demands of originating U.S. residential mortgage loans. Mortgage Originator Reviews are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. Deliverables Ranking provided on a scale from Strong to Weak, with published press release and report. Rankings are monitored periodically. Why Obtain a Mortgage Originator Review? S&P Global Ratings Mortgage Originator Reviews provide a consistent, objective analysis of a U.S. residential mortgage originator's operations and performance. Each review offers an overall ranking -based on sub-rankings covering an originator's qualitative (loan underwriting and processing, including the financial position review) and quantitative (historical loan performance) components. A mortgage originator overall ranking helps to assess an originator's operational capabilities and competence. Mortgage Originator Reviews offer benefits to investors, issuers, bankers, and originators alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key originator processes and performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing originators with a resource that they can help to raise its company profile, market themselves to transaction sponsors and servicers, compare themselves with peers, and assess internal performance. Detailed Description A Mortgage Originator Review is not a credit rating. Following a comprehensive evaluation process, analysts assess an originator's operational strengths and risks to derive appropriate sub-rankings and an overall ranking. The ranking and supporting analysis are conveyed in a written report that is published, and which may be included in related U.S. RMBS transaction presale reports. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational developments. Each ranking comprises subrankings for two separate components: a quantitative review (historical performance) and a qualitative review (nine areas of loan origination and underwriting process, including management and organization (including financial position); risk management; third-party management (brokers, correspondents, retail loan officers); underwriting; pre-funding data quality; post-funding quality control; appraisal/valuation management; and regulatory compliance). Related Products View All Contact Us Learn more about U.S. Residential Mortgage Originator Reviews Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/u-s-residential-mortgage-originator-reviews<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions for sustainability-linked and use-of-proceeds finance Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Types of Second Party Opinions Overview Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Post-Issuance Reviews What is a Post-Issuance Review? What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. In this video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Learn More About Our Shades Of Green Approach Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Sustainability-Linked Financing Role of Second Party Opinion (SPO) for Sustainability-Linked Finance Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Use-of-Proceeds Financing Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Public Reports View All Public Reports Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/project-cortex/second-party-opinions-revisited<![CDATA[ Second Party Opinions ]]>Wed, 25 Mar 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1N<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>TNAreT6AQP4EiwFaLhmB1N<![CDATA[ As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. ]]>https://play.vidyard.com/TNAreT6AQP4EiwFaLhmB1NPodcastWed, 25 Mar 2026 13:20:00 GMT<![CDATA[ 25 Mar, 2026 Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related articles: Scenario And Sensitivity Analysis: Credit Implications Of The Middle East War Credit Conditions Special Update: Conflict In Middle East Casts New Light On Established Risks ]]>https://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1NFri, 13 Feb 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eR<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>Vi1pyNeN14AHzg66e2j2eR<![CDATA[ In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. ]]>https://play.vidyard.com/Vi1pyNeN14AHzg66e2j2eRPodcastFri, 13 Feb 2026 13:20:00 GMT<![CDATA[ 13 Feb, 2026 Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRThu, 15 Jan 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, ]]>https://play.vidyard.com/euiQcUcYcjyB5d7ZFiRHRvPodcastThu, 15 Jan 2026 13:00:00 GMT<![CDATA[ 15 Jan, 2025 Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving By Tom Schopflocher Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, "valid when made" and "true lender" legal and regulatory risks can arise, which can include effectively asserting that the loan was never valid if a legal challenge was successful. We’re joined by analyst Ronald Burt to discuss how these risks could bring potential negative consequences for securitizations backed by loans originated through these arrangements, including a reduction in the interest rate on the loan, a voiding of the entire contract, or litigation and related costs. We also delve into how we assess them in our rating analysis of U.S. consumer loan ABS transactions. Related: Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvThu, 18 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. ]]>https://play.vidyard.com/e2NTxj5TWwzzwJ3xczEAcxPodcastThu, 18 Dec 2025 13:00:00 GMT<![CDATA[ 18 Dec, 2025 Take Notes: Highlights From The 2025 OPAL CLO Summit By Tom Schopflocher We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. Related: Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) Scenario Analysis: How Resilient Are Middle-Market CLO Ratings (2025 Update)? ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-92<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxTue, 11 Nov 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. ]]>https://play.vidyard.com/uPHMZ2SZXQqmGJuq4H6ubEPodcastTue, 11 Nov 2025 13:00:00 GMT<![CDATA[ 11 November, 2025 Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: How Our Updated Methodology For Rating Covered Bonds Affects Overcollateralization Requirements French Covered Bond Market Insights 2025 ]]>https://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-french-market-insights-and-our-updated-methodology<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubETue, 14 Oct 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. ]]>https://play.vidyard.com/NEUX6eUc1EaX7eGjW1iYc8PodcastTue, 14 Oct 2025 12:20:00 GMT<![CDATA[ 14 Oct, 2025 Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: Presale: Capital Street Master Trust (Series 2025-1) ]]>https://www.spglobal.com/ratings/en/multimedia/25-10-14-clos-and-levfin-podcast-s7e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8Tue, 29 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. ]]>https://play.vidyard.com/Fp8if2ozWD8a3xnFCiu4JrPodcastTue, 29 Jul 2025 12:00:00 GMT<![CDATA[ 29 July, 2025 Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review Featuring Casper Andersen, Andrew South, and Antonio Farina Covered Bonds Midyear Outlook And The EBA’s Harmonization Review In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: Not All Soft Bullets Are Created Equal Covered Bonds Outlook Midyear 2025: Still On Track ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_29-covered-bonds-uncovered-covered-bonds-midyear-outlook<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4JrFri, 18 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastFri, 18 Jul 2025 12:00:00 GMT<![CDATA[ 18 Jul, 2025 Take Notes: Airline Loyalty ABS Have Lift Off Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. Related Article: ABS Frontiers: Airline Loyaly ABS Have Lift Off ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-90<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KWed, 02 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ 2 Jul, 2025 Listen: Take Notes - How ETFs Are Enabling The Transformation Of Capital Markets By Thomas Schopflocher, Evan Gunter, and Maya Beyhan, Ph.D. Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. Related Article: ABS Frontiers: How The Burgeoning CLO ETF Sector Could Impact The Broader CLO Market ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-89<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KTue, 08 Apr 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://play.vidyard.com/SgWjBK5hLyWnoNFLd7iXd7PodcastTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ 8 April, 2025 Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: The Top Trends Shaping European Bank Ratings In 2025: Solid Positions, Growing Ambitions Covered Bonds In New Markets: Issuance Holds Up In 2024 European Banks: Covered Bonds Are A Cheap, Stable Funding Source With Limited Side Effects ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_20-covered-bonds-uncovered<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Fri, 21 Mar 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVu<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>uzFQYayufSLk8wYbP8CKVu<![CDATA[ Hina and Sandeep discuss Infragroup’s strong operating performance with Christopher Ewert, our current expectations for the company's performance, and the areas we are closely monitoring. ]]>https://play.vidyard.com/uzFQYayufSLk8wYbP8CKVuPodcastFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ 21 Mar, 2025 Leveraged Finance & CLOs Uncovered Podcast: Infragroup Featuring Hina Shoeb, Sandeep Chana, and Marta Stojanova Series 7, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup’s positive outlook. Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup’s strong operating performance, our current outlook for the company, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_21-clos-and-levfin-podcast-s7e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuFri, 06 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCe<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>Was776bzphmnbfiEwsuTCe<![CDATA[ We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. ]]>https://play.vidyard.com/Was776bzphmnbfiEwsuTCePodcastFri, 06 Dec 2024 12:00:00 GMT<![CDATA[ 6 Dec, 2024 Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. Related Articles: TGIF Funding LLC Series 2017-1 Class A-2 Rating Lowered; Removed From CreditWatch ]]>https://www.spglobal.com/ratings/en/multimedia/2024-12-06-take-notes-ep-84<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCeFri, 15 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>XgUbyDMES3MBQgffzRri33<![CDATA[ After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. ]]>https://play.vidyard.com/XgUbyDMES3MBQgffzRri33PodcastFri, 15 Nov 2024 12:00:00 GMT<![CDATA[ 15 Nov, 2024 Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. Leveraged Finance Sector Lead Minesh Patel also joins us to discuss the factors driving our generally positive view of Corporate credit performance over the next 6-12 months (e.g., policy interest rate normalization to help stick a soft landing, generally healthy balance sheets, etc.). Related Articles: U.S. BSL CLO And Leveraged Finance Quarterly: Cautious Optimism, But Still A Credit Pickers’ Market CLO Spotlight: Will Market Volatility Reset CLO Reset/Refi Volume Expectations For Second-Half 2024? ]]>https://www.spglobal.com/ratings/en/multimedia/2024-11-15-take-notes-ep-83<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33Fri, 04 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance. ]]>https://play.vidyard.com/ZMQkT1qDD1Ydg34zXj97LpPodcastFri, 04 Oct 2024 12:00:00 GMT<![CDATA[ 4 Oct, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 6: What’s new for CLOs? After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/04_10_24-clos-podcast-s6-e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97LpWed, 04 Sep 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>s8R2rgogRGLeijLDZPejW2<![CDATA[ In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings ]]>https://play.vidyard.com/s8R2rgogRGLeijLDZPejW2PodcastWed, 04 Sep 2024 12:00:00 GMT<![CDATA[ 4 Sep, 2024 Listen: Ep50: Mohamed El-Erian on how AI is changing investing Featuring Joseph Cass and Sudeep Kesh In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. Topics discussed included the potential impact of AI on investing and portfolio management, how Mohamed incorporates data into his views, Sudeep on AI in movies and music and Mohamed’s relationship with the Gen Z students at Queens'. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Mohamed El Erian, President of Queens College Cambridge, and Adviser to Allianz and Gramercy; and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. So, a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Mohamed, welcome back. You wrote a piece in the FT about six months ago now, and it was called 'how Gen AI will change asset management'. What are your current thoughts on this really broad-ranging topic? Mohamed El-Erain 00:00:38 So I'm a believer that AI is a transformative innovation that will impact a lot of what we do. I think asset management is among the sectors that will be significantly influenced by AI. There is low-hanging fruit that is already being taken advantage of, but it is the higher up fruit that is really exciting. And that is to go from reporting to actually enhance analysts and enhance portfolio managers in achieving their missions. Joe Cass 00:01:18 Perfect. Thanks, Mohamed. Sandeep, your research lab at S&P is primarily concerned with things like AI adoption, governance and risk in a whole heap of industries really. What are some standout examples that you're seeing in your own research? Sudeep Kesh 00:01:35 Yes. I think it's a mix of actually exactly what Mohamed described. I think about two-thirds of companies, publicly traded companies now tend to be just kind of early in their adoption. So, they're really thinking about how do I use AI to teach me about AI. And what I mean by that is a lot of industries are basically looking like in banking or asset management, things like fraud detection and any kinds of aberrations for risk management and things like that, where we've actually had quite a history of using machine learning in these spaces. So now it's basically taking existing processes and looking to AI to lend some level of automation. Now I think similar to what Mohamad articulated is I think there's great potential if you really think about what your goal is and focus on that goal and see AI is basically kind of a transformative agent to mobilize your assets into something as of value or something of value to your stakeholders. So one of the standout examples is really actually at Louis Vuitton Moet Hennessey, one of the things I was reading that they're doing is they're actually looking at leveraging AI, not necessarily Gen AI, but AI more broadly on mimicking human old factory senses. So basically, the human senses smell and then looking early on in the supply chain, if one of these ingredients for a perfume is about $100,000 for a drop. If you're able to detect aberrations in your production early on, you could actually save millions and millions in products, not waste resources and really be able to get at this level of customizing products for distinct customers. Similarly, there are companies that are basically going -- and that's what I call back to front, by the way. So there's also companies looking front to back, and that becomes an intelligence gathering phase where you're basically able to say, okay, if I was to have an artificial beauty consultant, for example, I'm clearly not their target market. But if you were to create this kind of thing, you would start to get lots and lots of informatics around customer preferences, different sort of skin tone pallets, all of these other kinds of things. And that becomes another thing that unlocks the value of the existing assets. And I think that's the real benefit. So I think a lot of companies aren't there yet. They're really early in the journey, and that's okay. But I think where you're really going to see the rubber hit the road is those more novel use cases of doing things that haven't been able to be done before as opposed to just doing them faster, doing them. Mohamed El-Erain 00:04:05 Sandeep, I'm really interested in what you just said because I get a sense that the majority of companies understand the what and the why of AI. but the majority also struggles with the how. And there is a whole range of views from let's educate ourselves, let's have an add-on to let's bring in someone who will disrupt us from inside to let's rethink the whole company as if it was AI native. What would you tell companies in terms of the how? Sudeep Kesh 00:04:40 Yes, how -- so the way I think about it, and I should warn that I'm prohibited from giving advice. So, this doesn't constitute advice. But the way I think about it is that every business has assets. So, they could be the employees and the talent networks and things that they have access to. It could be data, it could be processes to unlock these things. Every company has customers, right? And then the secret sauce, their business model is actually a scientific hypothesis. -- on how they can unlock value from those assets to those customers. And the reason I say scientific hypothesis is because it's testable, right? So my advice, not advice would really think about the scientific method to say, okay, how do I treat all of these different processes as essentially science experiments and be able to kind of have this counterfactual and kinds of things. And then I think that sort of unlocks, a, what you're thinking and then how to think about basically meta cognitively, how to think about what you're not thinking about because I think that's the part of the how that's really difficult with AI is it's very cold and calculated. It's essentially sort of a pair of a Bayesian tree with a bunch of sorts of decision science applied on everything you could sort of think of, but it doesn't have feelings, it doesn't have emotions. Humans, I think, sometimes take for granted how intuitive decision-making can be when you're basically -- you're trusting your gut, these kinds of things. You can't -- unless -- I mean, we can sort of go down a rabbit hole on that with this branch of AI called causal AI that gets into that. But Gen AI and things like that doesn't really have any sense of causality, doesn't have any feeling. So that's why we kind of have to take this very sort of cold-hearted perspective and then I think you can unlock the how that way. That was a long-winded answer to your question. Joe Cass 00:06:32 Great. Thank you. That's great. Mohamed, I've heard generative AI described as a combination of technologies and capabilities that help drive innovation in business. Do you mind sharing a few examples of what types of innovation Gen AI could help drive in the asset management space? Mohamed El-Erain 00:06:52 So, we've already seen it impacting attribution analysis. So, your clients would like to know where did the returns come from, be they overperformance or underperformance. That is actually quite a labor-intensive exercise, and there's lots of shortcuts that are done. I've seen AI enhance this attribution analysis. They've made reporting a lot easier. For portfolio managers who have to go through a vast number of documents looking for particular things. So think of a basket of mortgages or think of when you're trying to assess how correlated are the risks in there, AI can really enhance your ability to analyze lots and lots of data and focus on a few things. So we've already seen these application happen. Where I haven't seen yet AI utilized is in secular asset allocations and in doing a better job at optimizing that combination of returns, volatility and correlation. And that every long-term investor will tell you that they start with these very ambitious plans to have an optimization program. And by the time they force all the constraints, they end up with something really arbitrary. And the hope is that AI will help you deal with some of these situations. I'm pretty hopeful that this will be the case, but it's still very early on in the process. Joe Cass 00:08:30 Great. Thanks, Mohamed. Sudeep, I know you think a lot about AI, not just what it means to S&P or a particular industry, but more broadly, what advice would you give people when thinking about AI or Gen AI to help them use these tools to improve their lives? Sudeep Kesh 00:08:49 Yes. I think there's a lot of directions you can kind of take. I think it's one of those things that be who you are, right? I think that's the main thing. So, if you're afraid of these tools, that's okay. But I would start to learn about these things and basically kind of revisit that fear. I think fear is healthy. Fear keeps us alive, right? But it's one of these things that we need to be sort of educated about what are the material issues and things like that. But I think one of the bits in the debate in terms of sort of humanity versus humanity plus AI is actually kind of AI in the arts and things like that. And it's one of these things that Ironically, that's how I got my start in AI twenty-five years ago was in music, like using AI to kind of be able to bring in this physicality in terms of emulating different spaces and sound design and things like that. That's how I came into AI. I recently met a friend; his stage name is King Willonius. He's an AI music artist. And he basically writes these comedy songs essentially, using AI, he does a prompt engineering technique to start the track. And then he's basically interacting, he's playing AI like an instrument. And I think that is really hugely illustrative of human creativity of drawing inspiration from anything that is of earth whether that's a traditional music instrument or AI. So, I don't think that these things are substitutes for each other. I think it's one of those things that we just have to treat the world with all of these technologies in it and then operate within their boundaries. Now I think with the fear thing, going back to the fear thing, like these things can be dangerous, right, in the wrong hands and so on. And that's fine like to recognize that, that fear is there, but we still need to do something about it. And I think that the key is education and being able to really be disciplined about it. Mohamed, I don't know what your advice would be. I think that would be really valuable for the audience as well. Mohamed El-Erain 00:11:00 So, I would just quote a couple of situations. One was when someone from industry came to speak to our students and made a wonderful presentation. And then, of course, the first question was, how can I enhance the probability of getting a good job? And that's what the student asked. And the answer was to learn to speak to AI, learn to interact with AI. And I thought that's really interesting. And I didn't think twice about it. And then a few weeks later, I was in a meeting where someone from OpenAI was presenting. And then someone who was around the table, said, "Look, I just asked ChatGPT. -- what questions should I ask you? And they gave me this banal question to ask you. And the person from OpenAI said, that's because he didn't provide the context. So put in these four things. And they put in -- I am in a meeting with so and so and so and so. I'm listening to presentations with so and so who's back on and so on and so put in four little prompts, if you like, and then ask the question. Got a completely different answer and much more -- so I think this notion of experimenting, like you say, not be afraid of it, learn to interact with it because the more you interact with it, the more you realize like any other tool, you have to understand where its competitive advantage is. I also think, as Sudeep said, it's very important to understand this is an eighty-twenty proposition. 80% is good, 20% is bad. I go back from the U.S. to Europe quite often. The U.S. embraces the 80%, loves the 80%, wants to run with the 80% and tends to ignore the 20%. Europe's obsessed by the 20%, and they tend to ignore the 80%. I think the truth is, like Sudeep said, you have to embrace the eighty-twenty, embrace the whole distribution and try to manage the whole distribution because that's what you're getting. Joe Cass 00:13:00 Fantastic. Thank you both. Mohamed, you spoke about it there briefly in terms of the risk. I mean, there's a whole host of risks associated with Gen AI from hallucination to data privacy or other considerations. What kind of risks keep you up at night about Gen AI or AI in general? Mohamed El-Erain 00:13:21 So, hallucination doesn't keep me up because I think that as AI evolves, that risk will come down. It will always be there. I think what keeps me up at night is exactly what Sudeep said, which is a very powerful tool in the wrong hands. That's what keeps me up at night. And I can tell you, it's complex and it's making people think. I'll give you another example from education. People discovered that when they interviewed online, it leveled the playing field, that socioeconomically, you were having a much more inclusive platform. However, now there are tools that literally you put under your camera that listens to the question that's being asked and prompts answers for you. And if you're on the other end of an interview, you don't see that. So, you've got to evolve how you do things, understanding that the technology in the wrong hands can be used in a way that is counterproductive to ultimately what you're trying to do. Joe Cass 00:14:27 Perfect. Thanks. So now we'll move on to some kind of off-topic questions. So, one thing I did in the last episode, which is kind of interesting, I'm going to replicate it here. So, it's quick-fire questions. So, it's basically the first thing that comes into your head when I say these words. And it's all about your favorite. So, what is your favorite X favorite Y. So, Mohamed, I'll go with you first, and then Sudeep will do your round second. So, Mohamed, what's your favorite movie? Mohamed El-Erain 00:14:57 My cousin Vinny. Joe Cass 00:14:59 What's your favorite season? Mohamed El-Erain 00:15:02 Spring. Joe Cass 00:15:03 What's your favorite drink? Mohamed El-Erain 00:15:06 Sparking water. Joe Cass 00:15:09 And what's your favorite restaurant? Mohamed El-Erain 00:15:12 Chinese restaurants. Joe Cass 00:15:14 Favorite gadget Mohamed El-Erain 00:15:15 My computer. Joe Cass 00:15:19 Favorite time of the day. Mohamed El-Erain 00:15:21 Early morning. Joe Cass 00:15:23 And last one, what's the profession other than your own that you would like to attempt? Mohamed El-Erain 00:15:30 Being a lawyer. Joe Cass 00:15:33 Interesting. Interesting. Okay. Sudeep, you're up now. So Sudeep, what's your favorite movie? Sudeep Kesh 00:15:38 The Big Lebowski Joe Cass 00:15:41 what's your favorite season? Sudeep Kesh 00:15:42 Autumn Joe Cass 00:15:45 What's your favorite drink? Sudeep Kesh 00:15:48 Coffee. Joe Cass 00:15:50 What's your favorite restaurant? Sudeep Kesh 00:15:51 Pizza place down that way Joe Cass 00:15:56 What's your favorite gadget... Sudeep Kesh 00:16:00 It's a tough one. AeroPress, I'll stick with the coffee Joe Cass 00:16:04 What's your favorite time of day? Sudeep Kesh 00:16:08 Late afternoon. Joe Cass 00:16:10 And lastly, what profession other than your own, would you like to attempt? Sudeep Kesh 00:16:15 Time machine mechanic. Mohamed El-Erain 00:16:20 May I point out Joe, that Sudeep had an unfair advantage. Sudeep Kesh 00:16:25 I did have an unfair advantage, yes. Mohamed El-Erain 00:16:26 He had an unfair advantage. May I also point out that his answers are all consistent because obviously, his love affair with coffee means that he needs a lot of it in the morning, which raises the one question. How many cups of coffee do you have before noon? Sudeep Kesh 00:16:40 Three, which is too much. Mohamed El-Erain 00:16:46 That's all? Sudeep Kesh 00:16:46 Well, yes, it could be worse, but it's three and then one in the afternoon. Mohamed El-Erain 00:16:51 So, I'm at five before noon. Sudeep Kesh 00:16:54 I'm not sure who has to adjust. Joe Cass 00:16:58 Mohamed, I wanted to talk to you just briefly about your newest book, Permacrisis, which I was actually reading on holiday a few weeks ago. Can you talk about the book, but also tell us about how your co-author, Gordon Brown, initially reached out to you in California and how that evolved into a weekly call during the pandemic between you, Gordon, and the Nobel Prize winner Michael Spence. Mohamed El-Erain 00:17:21 So, I think it was back in 2016 or 2017, I got an e-mail from Gordon Brown saying, I've read your article. I'm coming to California. I'd love to get together and discuss. So, I showed it to my wife. I said, okay, someone's pulling my leg here. Who do you think it is? And she said, well, just respond and take it seriously. So I respond to that, of course, I'd be happy to meet. And then we organized it that he would come to the house for brunch. It lasted six hours. He had come actually to discuss the article, which was a bit of a because I hadn't read what I had written weeks ago. But we had this incredible discussion. And then we followed up two weeks later with another long session. Gordon is this incredible sponge really interested in public policy, really cares about economic well-being, about inclusiveness, and we just connected. Come the pandemic, early on, he and I were sharing concerns about this notion that people thought that when you restart an economy, it's like flicking a switch. That's not what happens. We are worried about what would happen to vaccine distribution. So, we decided to have a regular call. And then he started asking questions that I could not answer. So, I said, do you mind if we bring a third person in, a friend of mine, who is the nicest person in the world, but he also is the smartest person I know. And that is Michael Spence, who I had co-authored a couple of articles with a few years earlier. And he said, yes. And then we evolved where you had Mike being the precise content person, Gordon being the visionary policy person and I being the supplier of the Zoom links every week. And we did this for a year where we were talking about our concerns. And then there was a really important pivot where we came across three factors that we believed explained most of this notion of cascading crises. At that point, the conversation became really positive, and someone said, we should write this down. And that was an oh, no moment because no one had taken any notes for a year because this was more like a social event than anything else. And then that was the idea for the book. And then we brought in Reid Lidow, who is incredible, and he helped 3 very different ways of writing seem like seamless and one person. So, it was a wonderful cooperative effort among the four of us. Great. Joe Cass 00:20:11 Thanks, Mohamed. Sudeep, high-level question for you now. If you could give your teenage self-advice, what would it be? And, if he could see you now, what would he be most impressed by? Sudeep Kesh 00:20:26 I think I'm still a teenager, so it's a relative thing. I would say to my teenage self, yes, just kind of respect the fact that things happen. You can control yourself, but you don't control the outcomes of situations. It's like you just got to let stuff be. And related, I think it's one of these things that I'm starting to learn that actually through my children. I'm starting to learn that now. So, I think it would be like my teenage self in the future to the present. You might be impressed that you eventually got to figure that out because it's just like we don't hold all the cards. We actually hold very few of sort of changing the outcomes of things like that. So, I think it's just one of those things, be yourself, just get up, do it, stay focused. Joe Cass 00:21:22 Yes, very cool. Mohammad, in business in corporations, in investing, - it's often spoken about the importance kind of the criticality of data. What's your view of the role of data in decision-making in 2024? Mohamed El-Erain 00:21:39 Critical, absolutely critical. But it should inform your judgment. It shouldn't completely take over your judgment. Data is a critical input, but it does tend to capture the past and there are all sorts of structural changes that go on. So, you should also have an open mindset to what is changing. The mistakes that are made in policy is by sometimes not supplementing backward-looking data with forward-looking hypothesis. And that's the mix that needs to be done. So, data is really, really critical. And I think evidence-based policymaking, evidence-based decision-making in business is critical. I joked about the lawyers because I was told a joke when I was young. My father was a lawyer. I would have been a lawyer if I didn't want to come across as simply following my father's footsteps, so I chose something completely different economics. And I always -- I was once told the big difference between a lawyer and an economist is a lawyer can argue with 100% conviction and 10% foundation because that's their job. an economist needs 90% foundation to argue with 90% conviction. And the reason why I said law because I often wondered whether lawyers can't do a better job in getting the balance right between conviction and foundation. And I think data helps you get some of the way on conviction, not all the way, but some of the way. Joe Cass 00:23:24 Great. Thanks, Mohamed. Mohamed, it really wouldn't be an episode with you as a guest if we didn't talk a bit about football/soccer. So, a reminder to Sudeep and also the viewers and the listeners that in the 1979 to '80 season, Mohamed was a captain of the football first team at Queen's College of Cambridge. And I've got the picture as proof. So, Mohammad, now you're the President of the University. Do you get to watch much football or just generally sports on campus? Mohamed El-Erain 00:23:59 Yes. So, my biggest dilemma every weekend is how to watch four different teams that are playing on Saturday and Sunday and are playing in different places often at the same time. So, we have the two male football soccer teams. We have the female soccer team, and we have the one male rugby team. And I try to go out and see them. And they're normally playing different places. But absolutely, I mean, I love going out, I love cheering. And Joe, as you would know, you often do this in Cambridge when it's windy and rainy and everything else. The one thing I really worry about is there's a very high correlation between me turning up and the team losing. So, I have to figure out what is the right approach to that. Maybe AI can help me minimize that correlation because it's really way too positive. Sudeep Kesh 00:24:56 You need more data. Joe Cass 00:24:59 Excellent. And Sudeep, we spoke about this briefly before, and you also said you had some experience in this. But in your view, how could AI impact other sectors? So will we be watching AI movies in the future, listening to AI music artists, watching augmented reality, AI-infused football games? Sudeep Kesh 00:25:21 Yes. I mean I think we already are, right? So, it's part of the answer to the question. And I would go back to what Mohamed said, not necessarily 80-20, but just treat these as a continuum. So, like 100%. What I fear is that if you were to watch a movie or listen to a music that was 100% AI, I worry about the implicit nature of data forming sort of this average and like you're not going to get exceptional music, but you'll just kind of get like 'meh' and maybe that's fine, I don't know. I call it - I don't mean it, but it's basically if you take an asymptotic relationship of as X approaches Fleetwood Mac, it's kind of like it's all right. That's all right. But it's just like it's not necessarily exceptional. So, it's just kind of like that's some of the stuff I worry about. With sports, I know in football, English football, when you started introducing cameras and replays and things like that, like everyone just went nuts. And I think it's one of those things I really enjoy the beauty of like watching like Messi in action where he just kind of has a slow start in terms of the physicality, but he's immediately studying everything about the pitch and having this calculation. That's kind of how AI works. So, it's one of those things that like if you do too much of it, it becomes less beautiful. So, I think it's one of those things that like it's happening now, like in terms of special effects, in terms of things with convolutional processing and music to allow some pure sonic space sound like it's from something different or create a lot of things that you can't even emulate on earth. This is some of the stuff that I was doing of trying to imagine what a guitar string made of glass would sound like. So basically, taking the physical properties of glass and the reverberations and things like that and then applying that using sort of computational techniques. And then that kind of influences my own imagination. But it's just like I, as a human have to do the hard work of imagining things. And when I'm consuming, I'm also viewing this thing through sort of my own sort of lenses of experience and preferences and everything else. So, nothing is ever devoid of the human, so I don't worry about that too much. But I think in the dialogue, we tend to overbias towards some of the stuff around AI. Hopefully, that made any sense whatsoever. I'm not sure that did. Mohamed El-Erain 00:27:37 So Sudeep, let me push into this. Suppose you are the coach of a team of a football team, whether it's American football or soccer. And the other team has fully utilized AI to put in every data point about your players, strength and weaknesses, has observed your formations and everything else. And you're a coach of the team that's playing against the AI-enhanced team. What would you do? Sudeep Kesh 00:28:06 I think it's that during Game Day, and we have this thing all the time. The analogy is funny to me because I'm the least athletic person like not in just this room, but like maybe on earth. But I think it's one of those things, come game day, you got what you got, right? So you got to play. And I think that you practiced time and time again using sort of your human intuition using the sort of communication channels on the field. That's one of the things I always loved about like the Xavi's and Andre Iniesta's of the world of like basically reading the field and then using all of that information as sort of a communication strategy. It's almost like a dance. And I think that would still allow a lot of things that haven't been assessed or analyzed by the AI bot on the other team. like that sort of communication and teamwork as an art form, I think, would still hold true. Now I don't know how that's going to play out. But I mean, that would be an interesting match, right? Like if you say like if people knew that, and then you can kind of say, who's reading for the AI-assisted team, who is reading for sort of the analog team, like it would be interesting. I don't know who would win. Mohamed El-Erain 00:29:11 So, I thought you'd answer differently. I would have thought you'd say on T minus-one, you would change your formation and you would take the risk of a suboptimal formation rather than an optimal formation that the other side has analyzed fully. Sudeep Kesh 00:29:28 Yes. I mean, because I think in American football, they do this all the time, right? Like they analyze like every nuance of everything. And I don't know that it always generates an advantage because you always have - this is like all of the psychology and the computer science games of your two or chess. I mean this is chess, right? Like you have all of these probabilistic and deterministic kinds of things that could sort of happen. But ultimately, you have to make a choice. And that choice is unknown until you've made it. So I think that it's still the same sort of dialogue in a different context. Mohamed El-Erain 00:30:07 Essentially because I grew up at university playing the game of risk every single day. And the game of risk is completely probabilistic led. But when people start understanding your biases, you have to act irrationally once in a while. Joe Cass 00:30:21 Right. Mohamed, as President of Queens College at Cambridge, you must engage. In fact, I know you engage with the students regularly. In fact, as part of the research for this question, I did some mining online. And I think it's a Facebook group, which is called 'Mo's bros', where there's a group of people at Cambridge, guys and girls who are part of this group and just value just speak to each other about what kind of insights you shared. So I know this happens. So I'm interested to know what kind of things have you learned from the students and also kind of the Gen Z generation more broadly? Mohamed El-Erain 00:31:04 So let me just say this is the best job I've ever had. And one of the reasons why this is the best job I've ever had is interaction with students. They come to us from very different backgrounds, and they are wicked smart, as you would say, in Boston. They really, really are smart. And for me, it's just incredible talking to them and asking them questions and seeing how they think. And when you are with them for three years, you literally see them being transformed by the environment. You see the intellectual curiosity being satisfied and pushed. And in the process, they teach you a lot. So I try to spend as much time with students as I can. That includes not just meals. It also includes stopping and talking to them, having them over. And I think it's absolutely transformational for me as much as it is for them, this experience. Now I get the added advantage that I get to sit with professors and whenever we get someone who comes from a U.S. university who comes to Queens, the thing they love most is lunch because what happens in lunch, which is self-service, is you sit at the next available seat. You don't go sit on your own, you don't go sit in a group, you sit at the next available seat. So one day, you'll be talking to a physicist. The other day, you'll be talking to a humanist. I mean you get just incredible experiences from people who are at the top of their field. And it's just incredible interaction between the students and the professors there. That's awesome. Joe Cass 00:32:45 Fantastic. Mohamed, I know you're a Board member at Under Armour, and I think - you can correct me if I'm wrong here - I think I saw an interview where you had an Oura ring on. I thought it looked like an Oura ring. But interested to know, there we go. So with that kind of in mind, interested to know how you integrate kind of health, fitness, wellness into your daily routine. Mohamed El-Erain 00:33:09 Not well enough, okay. So you asked me earlier about data. I love data. I love evidence-based. And I never understood my sleep. And then someone introduced me to the Oura ring. And the Oura ring has had two massive impacts in our lives. One is individually, which is every morning, the very first thing I do, even before I check the markets, the very first thing I do is look at my sleep. In fact, when my wife and I wake up and we said, how did you sleep? We said, I can't tell you, I need to look at my Oura score first. And I've noticed that it has changed my behavior that I've done things differently in order to try to promote a higher score of sleep. And importantly, when I do miss out because I fly to a red eye, I understand what it is that I have to make up for. So that's number one, it has changed my approach to sleep. Number two is like other things, you can compare and contrast. So we have a family group, and I have two daughters, and it's wonderful to me that we compete on the amount of sleep because every night we want to know who has the highest score. And I remember when I was in my 20s, which were where my daughters are right now, sleep wasn't a priority at all. I wish it had been, but it wasn't. Well, the fact that we are all competing for a high score has made it a priority. Sudeep Kesh 00:34:39 Is that recursive then? Meaning that it's just kind of like, okay, like I wake up in the morning and I didn't get enough sleep. So I know I'm ill-equipped to make good decisions in certain context. So I'm going to refrain from doing that, but it also creates an incentive to say, look, today was a less than optimal day because I hijack myself by not sleeping. So I want to get more sleep in order for tomorrow to be a better day. Is that more or less how the thought process works? Mohamed El-Erain 00:35:08 I wish it was. That's why you're the Innovation Officer because you think that way. No, mine is very simple is there are different metrics. They measure different metrics of sleep, your REM sleep, your deep sleep, your restfulness. So I look at what didn't happen. And then I try to figure out why is it that I was so restless during the night. What is it? And it's often because I read an e-mail before going to sleep or something like that, that my mind kept on thinking about. Is it because I didn't get enough hours sleep? Is it because it took me too long to get to sleep? So what I try to do is incorporate the data and try to change my behavior so that the next day, the next night, I'm better. But no, I don't do the advanced science that you do. Sudeep Kesh 00:35:59 That I wish for. I don't do it either. Joe Cass 00:36:02 It's interesting. I've got a similar one, again not an endorsement of the company, but I've got this thing called a whoop and it's very similar to the Oura ring in terms of sending the data of the sleep and recovery and if you can push yourself or not. And the one interesting thing, you're right in the fact that it changes your behavior. And the one example I have personally is that I found that if I don't eat or drink anything after 7:00 p.m., it incredibly improves my sleep score. So I did it kind of one just randomly kind of by mistake, I guess. And then it had such an impact that I just repeated it. And now whenever I can, let's say, five days out of seven, I've made that change in my life just because of the data based off the loop, which is kind of scary the power that it has. Mohamed El-Erain 00:36:53 So will you not accept a dinner invitation at 8:30 at night? Joe Cass 00:36:58 No, that's the thing that I try and kind of keep the kind of 70% to 80% rule with kind of health and fitness. So I think, okay, I'll be good in these areas, but I don't want to kind of sacrifice to an extreme. But it is crazy how kind of just tracking the data and being visible and popping up every morning on your phone, it changes your behavior as a human. So it's so powerful. Mohamed El-Erain 00:37:25 It is. Absolutely. Joe Cass 00:37:29 Sudeep, we've spoken about Gen AI throughout the podcast so far. I'm interested to know how you're using Gen AI in your personal and professional life at the moment? Sudeep Kesh 00:37:40 Sure. Yes. So Gen AI, I use less admittedly than what they call discriminative AI and things like that in terms of machine learning for work. For Gen AI, so when my son was small, I mean, he's still small, but when he's smaller, He would always ask me to read him the story before bed and then we turn out the light and then he wants to hear another story. So I would make up a story. And I would try to incorporate different elements from his day. Now I think as he kind of ages, then things get more complicated. So I said, let me try asking ChatGPT to come up with a story using certain variables. And it will be like electric cars, bunny rabbits and the band Paramore. And then it was like, okay, what do you come up with? And what I found, I've tried this like again and again with a bunch of different variables. The thing is the stories could be pretty good, like in terms of like little plot twists and stuff like that. So like in personal life, I'll use it for that. Sometimes you could start to see a pattern pretty quickly after like you have about three. It's inspired me to kind of just try again just naturally of just kind of coming up with stuff. So that's kind of some of the personal life stuff. In terms of professional life, I think it's really good for summarization. Like so for example, if you have regulation, going back to Mohamed's issue about attorneys, for some reason, they can always generate these six hundred, seven hundred-page papers that it's like really, really difficult to read. So I think in terms of document summarization and things like that, a lot of the algorithms now are really good at getting to the heart of the material and give you enough of a flavor of it that you can essentially kind of use your sort of manual research processes to then fine-tune what I want to learn more about and things like that. So I think like that's a really good use. I think we have to be mindful of the biases and things like that, that are sort of brought about. But like Mohamed was alluding to, if you're not using this, then you're truly going to be behind. So I think it's learned how to use them well and use them. And it takes some practice. So I would also just kind of think about just what are the stakes of the outcome for doing it this way and so on and then build some governance processes around things that are going to abate something bad from happening. So that's on the professional life on the personal, it's glorified mad libs. Joe Cass 00:40:14 Great, Thanks Sudeep. Mohamed, the last question goes to you. Over the course of your career, what's the best piece of advice you've been given? And who gave it to you? Mohamed El-Erain 00:40:25 I think the best piece of advice I got was from my father. I was thirteen years old. We moved a lot when I was young. And I remember that we had arrived in Paris, and we got four newspapers every morning. My father expected me to read the four newspapers. I had no interest in reading one, let alone four. And I remember trying to strike a deal with him. I said, 'look dad the news is same across the board, so I don't need to read four newspapers. I'll read one. You tell me which one you want me to read and I'll read one'. And he said, 'no, you don't understand. The interpretation of the news differs. And in front of you, you have four newspapers that go across the political spectrum. And unless you understand how different people interpret things, you will struggle in life'. And that, for me, was an incredible insight in terms of, you do need to keep an open mind. It's really important to have this cognitive diversity almost hardwired inside of you because it's hard, it's really hard. And I'm glad that my father was so insistent when I was thirteen. I can't imagine that my goal is now to read newspaper, let alone four. But for me, it was really important advice. Sudeep Kesh 00:41:50 Do you find when you're talking to students, are they seeing the level that you do in terms of the need for cognitive diversity and just being able to just experience life with just different friends and different people from different walks of life. Are you finding that with the students? Mohamed El-Erain 00:42:09 I find that you have to structure it. You have to let structure do the heavy lifting because in the world we live in today, you will tend to go to one point of view because social media, as we know, is a big driver of this. And it's understandable. They're just trying to curate for you what you're seeing. So they reinforce whatever it is. So you have to use structure to do the heavy lifting on this. And that's why we stress cognitive diversity so much. Joe Cass 00:42:44 Fantastic. Well, listen, that's it. Thank you so much, Mohamed and Sudeep, for your time today. Everybody watching everyone listening, see you next time on FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep50-mohamed-el-erian<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]>https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2Wed, 15 May 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdf<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>7mrh2MCetxK3xe254RgVdf<![CDATA[ We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. ]]>https://play.vidyard.com/7mrh2MCetxK3xe254RgVdfPodcastWed, 15 May 2024 12:00:00 GMT<![CDATA[ 15 May, 2024 Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. We also discuss issuance demand and trends in the Dutch covered bond market and revisions to certain jurisdictional support assessments in our criteria (specifically Iceland). Related Articles: Covered Bonds In New Markets: Issuance Holds Up In 2024 Global Covered Bond Insights Q2 2024: Strong Start To The Year For Issuance Covered Bonds Primer Norwegian And Finnish Covered Bond Market Insights 2024 ]]>https://www.spglobal.com/ratings/en/multimedia/2024-05-15-take-notes-ep-82<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdfTue, 14 Apr 2026 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]> 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. ]]>https://play.vidyard.com/ 9mSqqCJS1BL3P1KPvYhcZ7PodcastTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ 14 April, 2026 Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination Featuring Casper Andersen and Alastair Bigley Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Dutch Covered Bond Market Insights 2026 Agentic AI Adoption In EMEA Mortgage Origination: A Long Road Ahead ]]>https://www.spglobal.com/ratings/en/multimedia/26_04_14-covered-bonds-uncovered-dutch-market-dynamics-and-ai-in-mortgage-origination<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]>https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7Mon, 02 Mar 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]> tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. ]]>https://play.vidyard.com/ tNKeTWxxf2iHNofKwiU4XnPodcastMon, 02 Mar 2026 13:00:00 GMT<![CDATA[ 2 March, 2026 Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends Featuring Casper Andersen and Andrew South Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Danish Covered Bond Market Insights 2025 Swedish Covered Bond Market Insights 2025 Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://www.spglobal.com/ratings/en/multimedia/26_03_02-covered-bonds-uncovered-danish-and-swedish-covered-bond-market-dynamics-and-rating-trends<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]>https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4XnFri, 30 Jan 2026 00:00:00 GMT00:01:00https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXa<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>oef7UvoFiAtPyz2hMTozXa<![CDATA[ S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Mr. Andersen is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. ]]>https://play.vidyard.com/oef7UvoFiAtPyz2hMTozXaPodcastFri, 30 Jan 2026 00:00:00 GMT<![CDATA[ 30 January, 2026 Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends Featuring Casper Andersen Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Casper is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Spanish Covered Bond Market Insights 2025 Spanish Banking Outlook 2026: The Momentum Is Set To Continue Covered Bonds Outlook 2026: Rating Trends Broadly Balanced ]]>https://www.spglobal.com/ratings/en/multimedia/26_01_30-covered-bonds-uncovered-outlook-spanish-market-dynamics-and-rating-trends1<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXaFri, 19 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shknge<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>Zv88vxT8baNMfaw7shknge<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. ]]>https://play.vidyard.com/Zv88vxT8baNMfaw7shkngePodcastFri, 19 Dec 2025 13:00:00 GMT<![CDATA[ 19 December, 2025 Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends Featuring Casper Andersen and Frank Gill Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance German Covered Bond Market Insights 2025 Request For Comment: Methodology For Rating Structured Finance Securities Above The Sovereign Ratings On French Covered Bonds Unaffected By Sovereign Downgrade Scenario Analysis: How Sovereign Rating Actions Affect Covered Bonds ]]>https://www.spglobal.com/ratings/en/multimedia/25_12_19-covered-bonds-uncovered-german-market-dynamics-and-sovereign-rating-trends<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngeTue, 16 Dec 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ In this episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: • Nearly $250 billion in issuance in 2025 • Key trends in credit estimates • Shifts in the average EBITDA size of issuers • What these developments mean for mid-market CLOs going into 2026 ]]>https://play.vidyard.com/Pxn5fWFtSbG8dp7WhYow9aPodcastTue, 16 Dec 2025 13:20:00 GMT<![CDATA[ 16 Dec, 2025 Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 9: Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: Nearly $250 billion in issuance in 2025 Key trends in credit estimates Shifts in the average EBITDA size of issuers What these developments mean for mid-market CLOs going into 2026 Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25-12-16-clos-and-levfin-podcast-s7e9<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9aThu, 27 Nov 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfx<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>Heyhc2ieLJcDN8HUN35xfx<![CDATA[ In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. ]]>https://play.vidyard.com/Heyhc2ieLJcDN8HUN35xfxPodcastThu, 27 Nov 2025 13:20:00 GMT<![CDATA[ 27 Nov, 2025 Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 8: Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-11-27-clos-and-levfin-podcast-s7e8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxFri, 12 Sep 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QF<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>RM5NgbVzWNWkpvBBpz22QF<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. ]]>https://play.vidyard.com/RM5NgbVzWNWkpvBBpz22QFPodcastFri, 12 Sep 2025 12:00:00 GMT<![CDATA[ 12 September, 2025 Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise Featuring Casper Andersen Commercial Real Estate Recovery and Housing Prices Up In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: European Covered Bonds Eye Commercial Real Estate Recovery European CMBS Break Through The Refinance Wall Sector Review: Global Office Market Regains Its Footing House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets Credit FAQ: How House Price Changes Affect Our EMEA Residential Mortgage Loans Analysis ]]>https://www.spglobal.com/ratings/en/multimedia/25_09_12-covered-bonds-uncovered-commercial-real-estate-recovery-and-housing-prices-on-the-rise<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFTue, 22 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>q9uHseFM8cepnH5kZDH8t1<![CDATA[ In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. ]]>https://play.vidyard.com/q9uHseFM8cepnH5kZDH8t1PodcastTue, 22 Jul 2025 12:20:00 GMT<![CDATA[ 22 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 6: Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related article: Colisee Group S.A.S. Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_22-clos-and-levfin-podcast-s7e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1Thu, 17 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ In this episode Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. ]]>https://play.vidyard.com/xKjcSRvrQvhbMkhQZm6hPVPodcastThu, 17 Jul 2025 12:20:00 GMT<![CDATA[ 17 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 5: Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. Our goal is to equip market participants with deeper, forward-looking insight into multi-asset class -Corporate Credits, CLOs, Leveraged Finance Deals through our regular podcast series. Each episode explores key credit features, sector-specific risks, and evolving trends we’re seeing across the deals we cover. Related Article: Babilou Family SAS Downgraded To 'CCC+' On Operating Performance Deterioration And Strained Liquidity; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-07-17-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVTue, 27 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nU<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>t356URbskpq8s8xQ4Uo2nU<![CDATA[ In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. ]]>https://play.vidyard.com/t356URbskpq8s8xQ4Uo2nUPodcastTue, 27 May 2025 12:20:00 GMT<![CDATA[ 27 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia Featuring Hina Shoeb, Sandeep Chana, Mohamed Damak, and Matthew Mitchell Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_27-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nUTue, 20 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. ]]>https://play.vidyard.com/VigsWbveUG8j5Ya5Ve4gy4PodcastTue, 20 May 2025 12:20:00 GMT<![CDATA[ 20 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related Research: Merlin Entertainments' Proposed $500 Million Senior Secured Notes Assigned 'B+' Issue Rating And '2' Recovery Rating Merlin Entertainments' Proposed $410 Million Senior Secured Notes Rated 'B' With '2' Recovery Rating ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_20-clos-and-levfin-podcast-s7e3<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4Wed, 23 Apr 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. ]]>https://play.vidyard.com/ZWGfe94gS3EkVLu4uL65YPPodcastWed, 23 Apr 2025 12:20:00 GMT<![CDATA[ 23 Apr, 2025 Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Featuring Hina Shoeb, Sandeep Chana, and Solene Van Eetvelde Series 7, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_04_23-clos-and-levfin-podcast-s7e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPMon, 07 Apr 2025 20:55:00 GMT00:01:00https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDX<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>NJgpNEg7trHhm76nLBzmDX<![CDATA[ In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. ]]>https://play.vidyard.com/NJgpNEg7trHhm76nLBzmDXPodcastMon, 07 Apr 2025 20:55:00 GMT<![CDATA[ 08 April, 2025 Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: Covered Bonds Outlook 2025: Lower Rates, Higher Uncertainty Danish Covered Bond Market Insights 2024 The Danish Covered Bond Legal Framework: A Closer Look ]]>https://www.spglobal.com/ratings/en/multimedia/25_02_07-covered-bonds-uncovered-ep-2<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXWed, 22 Jan 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. ]]>https://play.vidyard.com/G7YvdDJhPDnhA2EB6ZFfVJPodcastWed, 22 Jan 2025 12:00:00 GMT<![CDATA[ 22 Jan, 2025 Take Notes: 2025 Structured Finance Outlook Featuring Tom Schopflocher and James Manzi Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. Collateralized loan obligations should once again have a record year. We’re seeing some collateral performance deterioration in consumer loans and commercial mortgage-backed securities. A re-emergence of inflation and the resulting impact on rate cuts is the biggest risk to our base case expectations. Related Research: 2025 U.S. And Canada Structured Finance Outlook ]]>https://www.spglobal.com/ratings/en/multimedia/25_1_22-take-notes-2025-outlook<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e712<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e711<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQTue, 29 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>JuBqPDnYuWqyiKCi2Zzds5<![CDATA[ In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, J ]]>https://play.vidyard.com/JuBqPDnYuWqyiKCi2Zzds5PodcastTue, 29 Oct 2024 12:00:00 GMT<![CDATA[ 29 Oct, 2024 Listen: Ep52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn Featuring Joseph Cass In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, Jon on the future of private markets and infrastructure, Doug on GenAI and Jon on his viral jogging videos on Linkedin. This episode was recorded and published prior to Doug's retirement as CEO & President, he is now Special Advisor at S&P Global. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director of S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jon Gray, President and Chief Operating Officer at Blackstone; and Doug Peterson, CEO and President of S&P Global. So a quick reminder before we start that the views of the external guests are their views alone and they do not represent the views of S&P Global. Okay. Thank you so much, John and Doug, for joining me today. Jon Gray 00:00:25 Great to be here. Doug Peterson 00:00:26 Thank you so much. Joe Cass 00:00:28 Jon, we'll start with you. Now a lot of our viewers will already be familiar with Blackstone as the largest alternative asset manager with around $1.1 trillion in AUM. How do you explain what you do overall? And really, what's the firm's approach to investing? Jon Gray 00:00:47 Well, I think what we do is pretty simple. We raise capital from all different types of investors, pension funds, sovereign wealth funds, endowments, individual investors, insurance companies. And then we deploy that capital mostly in alternative assets or private assets, private equity, real estate, credit, infrastructure, life sciences growth, hedge funds. And then the goal, of course, is to generate really good returns. And a bit like a restaurant, if you deliver great food, if you deliver great returns for your customers, they will come back, order more, try different things on the menu. And so our focus every day is how can we deliver for those customers, how can we use our scale, how can we use the data and insights and our high conviction investing to deliver better returns. That's the focus for us. Joe Cass 00:01:45 Cool. Thanks, Jon. Doug, welcome back. Would you be able to give us an overview of, say, the past 12 months at S&P Global, including any highlights or interesting milestones? Doug Peterson 00:01:59 Great. Joe, it's great to be back. Thank you so much for having me. We've had a fantastic last 12 months. As you know, 3 years ago, we undertook the acquisition of IHS Markit, and we started a really robust integration process, and that's paid off now in the last 12 months. We've been able to deliver over $600 million of expense synergies. We're well on track for $350 million of revenue synergies. And all of the themes that we've been looking at, including what Jon just talked about related to private markets and private credit, private capital playing a whole new role in the markets energy, energy transition, what we're seeing there, the way artificial intelligence is now being used. We've been able to take all of that and build it into our business. And with a strong issuance market with strong IPOs, what we're seeing with other capital movements, we're having a really good year. In the second quarter, we had revenue growth of 14% and an EPS of over 30%. So we've had a pretty good last 12 months. Joe Cass 00:02:56 Great. Thanks Doug. Jon, can you talk us through the current macro environment, so including rates, inflation and also what they mean for you as an investor? Jon Gray 00:03:09 Sure. I start with the positive, which is the U.S. economy and really the global economy have been much more resilient than most people would have expected, given central banks tightening rates now for more than 2 years. The Fed took interest rates up 550 basis points. They shrunk their balance sheet pretty significantly, and that was a real headwind. And yet companies continue to grow, and we've seen that in our companies. Revenue growth last quarter was still mid-single digits. We see very low default rates in our private credit portfolio. So a pretty good sign of resilience. We have begun to see a bit of a slowdown in terms of hiring at our companies. Revenue growth sequentially has been lower -- and in the consumer segment, in particular, we've seen some weakness. So think about theme parks or water parks or some of the consumer goods companies we have. So there is some slowing out there. Fortunately, what we're also seeing is inflation come down. So input costs at our company is flat, apartment rents very modestly growing, well below the government data. We're seeing wage growth. When we survey our CEOs, they're saying they think when they look out a year, it will be back down around 3% -- and so that is going to give the Fed air cover to do what I think is necessary to give us a softer landing, which is lower rates. We saw that this week. They cut rates by 50 basis points. I think that's the beginning of a process. So I think we're shifting out of a rising cost of capital environment and moving into a declining cost of capital environment, both base rates and spreads tightening. And as investors, that should be good for assets. What we've been trying to do is get ahead of that, deploy more capital. The second quarter, we had our busiest deployment quarter in 2-plus years. And we've been really focusing on investing before that all clear sign. And we still think it's a good time now to put out capital across real estate and private equity and infrastructure, credit and so forth. So overall, I think the risk here is that things slow too much, but I think the fact that the Fed is moving to become more accommodative and other central banks are doing the same, that should be really helpful. And as a result, it's leaning us more towards investing. Joe Cass 00:05:39 Great. Thanks, Jon. Doug, you recently announced your upcoming retirement as Group CEO and President of S&P Global with Martina Cheung announced as a next leader. Can you talk to us about this decision itself, but also the succession process, too? Doug Peterson 00:05:58 S&P Global, in addition to having really good businesses, we also have great governance. And our Board is well known for strong governance. Last year, we were ranked in a Fortune profile as #3 of 25 modern boards. We took a step back. And as I talked about earlier with the integration of IHS Markit, we knew at some point, we're going to have to have a new strategy that the integration would shift from being integration to then consolidation and then looking forward. And that was a perfect time to start a succession plan. We've been looking at succession for many, many years, at least 8 years, where we spend at least one Board meeting a year talking about succession for the CEO and other executives. And so we put in place a very robust process looking at external potential candidates. We looked internally. We did ways that we brought all of the potential candidates to meet with the Board of Directors. So it's a very robust process. And Martina herself has been the Head of Strategy. She worked in the Ratings business. Recently, she was the President of Ratings before that, the President of Market Intelligence, our 2 largest businesses. And we know her well, and she's a phenomenal leader and is going to take S&P Global to a whole new level. Joe Cass 00:07:08 Yes, agreed. Jon Gray 00:07:10 I'd just say kudos, Joe, to Doug for making this kind of seamless transition with a great internal candidate. It's the model of what a great leader does. So congratulations. Doug Peterson 00:07:24 Thank you. Joe Cass 00:07:25 Great. Jon, private market popularity has grown significantly over the past, kind of, 5 years. What has driven that growth? And does it create an increased need for transparency and liquidity in private markets today? Jon Gray 00:07:42 So the driver of this has really been following the financial crisis, investors started becoming much more open to private assets. They used to only invest in private equity, real estate private equity, opportunistic credit, trying to get the highest returns. And it was a small number of customers. After rates came down following the financial crisis, there became more openness to doing private investing in things like infrastructure, more stabilized core plus real estate and in all forms of performing credit, private credit, both non-investment grade and investment grade. And the potential customer base expanded into individual investors, insurance companies and more institutions. And so you've seen a business that operated in a very small space start to really expand what we do and who we do it for. In terms of your specific question, and obviously, Blackstone is the largest player has really led this. But in terms of your specific question, I think on the liquidity side, no, I don't think there's a need for greater liquidity because ultimately, you're making the trade for giving up some of your liquidity for higher returns. And so that's sort of the benefit of the bargain. Now some of these vehicles are semi-liquid in nature, so they have to provide some liquidity. But I don't think you're striving to match what you see in the liquid markets. On the transparency side, because you're not selling a public security to every potential buyer in the world, -- the key is to have transparency to those who are looking to invest, those who are looking to invest in a closed-end drawdown fund or in an open-ended fund and you're providing them enough information to buy into that to invest in that vehicle. There, I think it's really important and to provide regular updates on performance, what's driving good and bad parts of performance. So it's a more targeted form where you're delivering those investors different than when we take a company public or we Blackstone or S&P is public. But I think there, the standard of care in terms of the transparency you give to your investors, yes, I think that's very important and trying to operate at the highest standard, I think it's so important to give investors confidence. And so I think the whole industry continues to mature I think you'll see companies move to higher standards. But I think this mega trend we've been seeing, particularly in areas like private credit will grow quite a bit. I think you'll see individual investors continue to migrate into this space. And net-net, private assets will be a bigger and bigger part of the investable universe. Joe Cass 00:10:30 Great. Thanks, Jon. Doug, as CEO, you get to see the impact of major trends across all 5 divisions of S&P Global. How have private markets impacted our businesses? And where do you see client demand in this area? Doug Peterson 00:10:46 Well, it's sort of the corollary of what we just heard from Jon. And on the other side of it, we have been serving private markets and private credit for a long time, but we never really thought about it like that. We had pockets or if you want to call it kind of fragmentation of relationships and products and services that we were providing information, data, benchmarks, analytics, ratings, et cetera, to different players in the private credit and private market value chain. But we hadn't thought about it as a business, and we hadn't really connected the dots. And so about 5 years ago, we started thinking about it. The real inflection point was in 2022 when interest rates started spiking. They really went up fast. And when they went up that fast, the bond markets closed, a lot of IPOs stopped. There was not a lot of traditional public market activities. And the private market activities really started blossoming and they started ballooning. And what we heard in addition to the private market players like a Blackstone that we're having a lot more activity and wanted some support in data analytics, the LPs were also coming to us and saying, we would like to understand more about our portfolios and what's in them across all of our asset classes from our public assets to our private assets. And we already had the tools in place through ratings, through securitization ratings. We have a product called iLEVEL, which provides information. In fact, Blackstone used to be involved in that, iLEVEL, which is used for LPs and GPs for information. We also have indices. And what we started doing was linking all of those activities together and getting a whole new view of the private credit and private markets. And this for us right now is probably our most important growth area, and we really appreciate having relationships with Jon, so we can learn from what they're seeing and enhance and improve what we're doing all along the way. Jon Gray 00:12:34 I would make to that point, Doug, I do think it's really important. If you think of a company like S&P who really puts a stamp of approval on financial products, rates them, says these are safe or appropriate at this risk waiting for them to provide some of those valuable services that have been done in the public markets now in the private markets, also tracking performance, I think that's a natural synergy between these businesses. So as we in the private market grows, I think a business like S&P gives a lot of confidence to third-party participants. And I think both sides of us are going to benefit and grow in this private sector. Joe Cass 00:13:16 Fantastic. Thank you both. Jon, I wanted to get your take on two important areas: energy transition and infrastructure. How are you approaching these sectors? And what kind of challenges or opportunities do you see? Jon Gray 00:13:31 Well, I would say on energy transition first, we are huge believers that there's two powerful trends underway. One is there is this movement towards green energy, de-emphasis of hydrocarbons, particularly coal, movement to renewables. And secondarily, there's also a surge in demand for power, particularly coming from digital infrastructure and data centers, but also re-shoring electric vehicles. And so all of that means that a pretty -- what people thought of as a boring industry in energy has this surge of activity today, and it needs a lot of capital. And so what we're trying to do is focus with our infrastructure business on building generation assets, particularly renewables, building transmission because the wind and solar come from different parts of the country than where the population centers may be. We're thinking about in private equity, all sorts of services, utility services, backup power generation, consultancies, software businesses. There's just a massive amount of transition that's happening in the energy space. And so that's, I think, a super dynamic area, and our investors are very interested as well. Other categories of infrastructure, digital, as I mentioned, as you have cloud migration, data storage, but particularly now AI, there's real importance in the growth of data centers, and we've been probably the leading investor in the world. We just bought $16 billion Asian data center business called AirTrunk a few weeks ago. I think this is going to grow pretty aggressively. Cell tower is also an important part of the infrastructure world. And then I would say transportation, human beings continue to move roads, ports, airports, that's an area we like. And our investors really appreciate investing in these long-term inflation-protected assets. So one of the great things we can do for them is assemble this large amount of capital and go buy these big assets, try to improve the operations and drive good reasonable returns. Obviously, the expectations in infrastructure are different than something like private equity. And so I think these big capital-intensive areas, infrastructure, in particular for us, has had tremendous momentum. We've delivered for the customers. I think that will continue to be the space. And there's just an enormous amount of capital needs, particularly in power, particularly in digital infrastructure. So this is, I would say, perhaps the most exciting areas at our firm. Doug Peterson 00:16:23 Joe, let me just add that I can't have a conversation with any organization where we don't talk about energy transition. And then depending on who they are as well, infrastructure. In addition to what we've already discussed for our organization of things like ratings and indices, -- we also have our business of Commodity Insights, and we're taking all of the information that we can gather from the energy complex, whether that's oil and gas, it's renewables, it's also the metals that you're going to need for the energy transition for grids, et cetera. And so we're taking all of that information and marrying it with the financial benchmarks and the financial data to support the energy transition and the infrastructure needs around the world. So it's a really exciting area for us as well. Joe Cass 00:17:05 Fantastic. Thank you both. Doug, we just kind of touched upon it there. I'd be interested to know how S&P Global is approaching Gen AI? And what could the future hold for integrating AI technologies into our business? Doug Peterson 00:17:22 Again, it's another topic that I can barely go anywhere where we're not talking about it. And as you know, 6 years ago, we purchased a company called Kensho in Cambridge, Massachusetts that has a large set of very specialized artificial intelligence engineers and mathematicians and computer scientists, et cetera. And they've been a captive for us for the last 6 years, and they built a lot of really interesting applications, especially for productivity, data management, data linking, visual and voice tools, et cetera. And about 2 years ago, we started using the information and the knowledge we had from Kensho to apply the Gen AI models, the large language models that have started coming out. And so we have a framework where we have a vision that started with Kensho about how we think about the future is not going to replace people. It's going to enhance them. It's going to give analysts better tools and give them -- allow them to move up the value chain and how they use their time. We put in place a governance structure. We have a Chief AI Officer in the company. We brought tools in place through our governance where we're locking down our data. So we bring the models inside of our firewalls instead of letting our data leave the firewalls. We're training 100% of our people in the company on large language models and Gen AI. We have this new model garden called Spark that we use that we have a set of power users. And so this is something for us that we believe that it's going to be necessary as a data company, and analytics company. We've got to be at the leading edge on this. And we do have some products in the market now. We have some products in Cap IQ Pro. We have a tool on top of Cap IQ Pro that allows you to chat and gather information, same for Platts Connect. It's another tool on top of that called Chat AI. We have a lot of tools that you can use now for transcripts to get summary of transcripts. We have a market sentiment tool. So we've started actually piloting and delivering to the market some new tools that are based off of large language models. But it's a really exciting area for us, but we think we need to stay ahead. But one thing I'll tell you is we're not going to build large language models. We're leaving that to somebody else. That's billions of dollars. Our team wanted to build them 2 years ago, everyone is coming to me and saying, we want to build a model. We're going to do the same thing as Google and Chat AI. And I looked at it quickly and said, no, we're not. We're going to become experts in using models and layering models and building tools that extract the information so you can use it and visualize it better. We're going to train our people, but we're not going to build the large language models, but we're going to be experts in what they are, how they work and how you can use them. Joe Cass 00:20:00 And Jon, at a high level, what do you think the impact of AI could have on companies and also specifically companies Blackstone invests in? Jon Gray 00:20:09 Yes. I'm with Doug. I think it's pretty significant. And I also agree with Doug. I mean, I think these models are incredibly powerful. I think the real question is how do you go from what these models can do to real-time applications in your businesses. And I think of it a little bit like translational medicine, basic science, but you need somebody to take that to the hospital and the patient. And I think that's what's just starting to happen at companies. And so we're very focused on this. In terms of where I think the impact shows up first, I think it's in customer engagement, certainly. When people think about your phone company or cable company, over time, obviously, these machines should be powerful tools in customer engagement. If you think about 2-dimensional when we think about searching for a product, a company may have a website as opposed to being able to communicate and say, I like this kind of clothing and I live in this area and so forth and the machine hears you and gives you something that works for you. And you say, well, actually, that's a little too long. I think the dynamism and improvement in customer engagement is going to go way up. I think for creative tools, really powerful. If you think about software developers, content and media, these will be really sort of copilots, using the Microsoft term, to help people expand their capabilities here. I think over time, robotics will gain a bunch of momentum. As we've seen with driverless cars, things in the physical world probably tend to take longer. But I do think you'll have machines that can do a lot of things powered by AI. And so for our companies, what we're trying to do is what are the use cases here. We've done a good job for a pretty long time with what we think of as predictive AI, putting numbers in a -- taking numbers about when demand for the product is to think about pricing or staffing, so sort of numbers in, numbers out. Now with the generative AI, when you're taking in video and words and all of this, and that's coming out the other side, those tools to translate that are just starting. And so we've hired a number of senior people. We're trying to implement it at our companies, trying to do it at the Blackstone level. I think hoping the world isn't going to change is a great strategy. I think you've got to believe this is coming. And then as investors, back to what we've been trying to do is let's own the super highway that all this is going to happen, let's own the digital infrastructure, let's own a bunch of support services around this, recognizing what's coming. So I think for everybody in their conference rooms, this focus on the future, which is moving very quickly towards us and then incorporating it in our various businesses is an absolute top priority. I would not want to say, hey, we have the -- we figured this out and as a result, we're the best in the world at doing this. But I would say our level of focus and the talent we're putting against it is pretty significant. And I'm hopeful we'll have a pretty big impact with some of our companies. Joe Cass 00:23:26 So Jon, I follow you on LinkedIn, and it doesn't look like you're going to be slowing down anytime soon. So I've seen some of your LinkedIn posts where you're taking a jog, taking a run around basically everywhere in the world. So Montreal, Michigan, San Francisco, Beijing, Tokyo, Sydney. What's your day-to-day like during travel to meet clients and investors? Jon Gray 00:23:53 Well, I will say the LinkedIn, which sort of happened completely organically, I used to, when I was traveling around the world, take little videos and send it to my wife and 4 daughters just so they remembered I existed like, hey, here's your dad. He's in Sydney, jogging at the opera house. And I sort of took that and said, "Hey, why don't we throw that on to LinkedIn. And people, I think, really appreciate the human element because they see you're struggling with the same thing. You're out there running. You're excited about seeing a new place. I would say travel for me is it's a full contact sport. I do try to get up early and run. But then after that, breakfast through dinner, I'm generally working hard and then maybe traveling late at night. It involves, of course, seeing our clients because I often say this, there's no replacement for being in person. Zoom is an effective tool, but it's not the same thing as going to see your client in their offices, having a face-to-face, grabbing a meal. We have offices around the globe. I'm often seeing our people and having town halls. Again, it's a great way to talk to your teams in person, maybe have some one-on-ones with the senior leaders in those offices, hear what's on their minds. And then we have companies and infrastructure and real estate assets or potential investments, and there's an opportunity to meet with the management team, hear about what's happening in their business. And so when the day ends, particularly when you're on a different time zone, then you're trying to catch up with the e-mails. And it's a bit exhausting and Doug knows the feeling, but it's exhausting when it's over, but there's a real sense of, I think, satisfaction. And as much as I love being in the office and being here and it's easier, I just feel like I learn more, I do more, I accomplish more when I'm out there. So I'm constantly pushing myself to be on the road. And it's something that I've actually enjoyed. And of course, the food and the people, all that is sort of the gravy. So I think oftentimes, people have a negative attitude towards business travel and so forth. I think if you sort of embrace it and say, "Hey, I'm going to have a bunch of new experiences. This is going to be great. That change in attitude can make it a much more positive experience. Joe Cass 00:26:09 Great. Thanks, Jon. Doug, as you transition from CEO into a new chapter, -- what could feature more on your professional, your personal agenda, more theater, more Jazz maybe? I'm guessing maybe a portfolio of professional interest. Doug Peterson 00:26:30 Well, first of all, this is a completely new thing for me. The last time I didn't know what I was going to do, I think I was 5 years old. And that was when I go to kindergarten, I went to grade school, junior high, high school, college, I worked, I went to business school. I worked in the city. I came to S&P Global. So I've known what I was going to do in my entire life. And so this is the first time that I have an opportunity to take a step back and field all kinds of interesting opportunities. I'm so excited about all of the possibilities. I know I'm going to stay busy. I know I'm also going to add some more time for some travel, some Jazz, some Opera, some archaeology things that I really enjoy a lot. I don't run. I'm a powerwalker. I do the same thing John does. Every time I go to a new city, I find some place to go walk to go see a museum. -- and I'd love to travel. So I'll probably do a little bit more of that. But the criteria that I'm using, there's 2 key criteria for what I'm going to do next professionally. The first is I want to work with people I like. That's number one. And the second is I want to continue to learn and do something that's exciting. So I will stay busy, but I don't know what it is yet, but I'm going to take my time and make sure I do the right thing. Joe Cass 00:27:38 Great. Jon, what opinion or view on investing do you have that few others would agree with you on? Jon Gray 00:27:47 I guess I always think of myself as a high conviction investor that I know many people think about investing through the lens of diversification. And obviously, it's prudent to have a mix of stocks and bonds in some different geographies and asset classes. So I'm not advocating against that. But I think one of the reasons at Blackstone that we've had a high degree of success is that when we found one of these thematic areas where we have real conviction, goods are moving from physical retail, online, therefore, global logistics are going to have an incredible run. Or India is really moving from a collectivist place to more capitalistic society, a lot of highly educated people and entrepreneurs, and we should really lean in there larger than other firms. When we've had these high conviction views and we put a lot of capital behind it, that's when we produce the highest returns. And we also develop a lot of domain expertise in an area in the process. And when we sprinkle money around in a bunch of different areas where we don't have as much conviction, we say, well, maybe it's cheap or so forth, we haven't had the same kind of success. So I think for me, it's the idea of going all in, being focused when you really have high conviction. And when you do that, you can generate outsized returns. Joe Cass 00:29:18 Doug, as you reflect on your pretty stellar career spanning 40 years, what pointers would you have for people who are at the earlier stages or midpoint in their careers? Doug Peterson 00:29:31 Well, I only have one message, and that's to always keep learning. So I'd say learn, learn, learn. And one of the ways is to ask lots of questions to be curious, to explore, to discover. The second is to take advantage of mentors. I benefited tremendously in my career from mentors and learning from people who have been there before, asking questions, the mentorship. And then the third is to take a risk on yourself, take really hard jobs. I took some of the hardest jobs that people never wanted and I always benefit from those. I had to roll up my sleeves, I had to learn new things. I had to do some really tough jobs in my career. And every single time when I did those, I came out better. So take risk on yourself. Joe Cass 00:30:16 Great. And Jon, final question goes to you. What's the best piece of advice you've been give them? And who gave it to you? Jon Gray 00:30:25 Well, Doug's advice on learning is very good advice, and it's something Charlie Munger was always advocating. For the best piece of advice I've gotten, I think I'd say my father-in-law on 9/11, he was -- he had served -- he'd grown up in a boy's orphanage home during the Great Depression. He had served in World War II in the South Pacific and then in Korea. And I remember that day in 9/11, we had -- my wife and I had 3 small children at that point. And obviously, it was a chaotic day. And I'll never forget him saying to me, John, our country has been through a lot. We'll get through this, too. And one, it was about the U.S., and it's something I firmly believe in the U.S., but it also was an attitude about maintaining calm looking beyond the moment you're dealing with right now and also an underlying sense of optimism that we're going to get to the other side. And it doesn't matter if it's a very obviously tragic day like that or a personal challenge you have or a business challenge, this idea that we've been through difficult times before, we can get through this, too. And I think that makes a huge difference if you can bring that attitude, if you can stay calm and think about how you're going to get to the other side. So that was a valuable gift. He unfortunately passed last year at 105 years old. But I think his positive attitude was super helpful in his life, and it's definitely been a legacy for me. Joe Cass 00:31:59 Yes. Fantastic advice. Listen, that's it. Thank you so much to Jon and Doug for your time today, for everybody watching, everyone listening. See you next time on Fixed Income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep52-jon-gray<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]>https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5Wed, 09 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsC<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>44KvMALGujS5UyPfJdUGsC<![CDATA[ In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard ]]>https://play.vidyard.com/44KvMALGujS5UyPfJdUGsCPodcastWed, 09 Oct 2024 12:00:00 GMT<![CDATA[ 9 Oct, 2024 Listen: Ep51: Richard Attias on FII8 & Networking With Super VIPs Featuring Joseph Cass In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard’s relationship with H.E Yasir Al-Rumayyan, how to successfully build senior relationships and Richard’s networking tips to progress your career. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and the host and the creator of the FI15 Podcast. On this episode, we have Richard Attias, Founder and Chairman of Richard Attias & Associates and CEO of the FII Institute. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Richard, thank you so much for joining us today. Richard Attias 00:00:24 Thank you for having me, Joe. Joe Cass 00:00:26 So I thought we might start with an overview of the FII Institute. Could you share what the FII stands for, its main objectives, the kind of events it hosts and also how you became involved as CEO? Richard Attias 00:00:42 The FII Institute is a not-for-profit foundation, and I would describe it as a new generation of such foundations. It was established almost five years ago in the Kingdom of Saudi Arabia. The idea behind the FII Institute was to become a vehicle for multiple initiatives that would have a significant impact on humanity. The ambition is very high—when we talk about humanity, we are referring to billions of people and ways to help them lead better lives. Why did we set this ambition? Before the creation of the FII Institute, the Kingdom launched the FII, the Future Investment Initiative. This platform, a conference that started in 2017, quickly became one of the largest global conferences on investment. From its inception, it served as a gathering point for investors from across the world—north, south, east, and west. Over three days, participants explored where investments should flow in terms of geographies and sectors. This initiative was spearheaded by PIF, the Public Investment Fund, Saudi Arabia's sovereign wealth fund. After the success of three consecutive editions of the FII conference, we concluded that it should become independent, owned by an autonomous entity both financially and in terms of governance. This would ensure the creation of a sustainable movement. This is how the FII Institute was born. We have a Board of Trustees chaired by the Governor of PIF, who was the initiator, but it also includes notable figures such as the former Prime Minister of Italy, Matteo Renzi; Peter Diamandis, the founder of XPRIZE; Noel Quinn, the former CEO of HSBC; and many others. I have the privilege of being one of the board members and was also asked to serve as CEO. In all humility, I was the driving force behind the FII conference itself, drawing on my 30-plus years of experience in creating international conferences around the world. As you may know, I served as the Executive Producer of the World Economic Forum Annual Meeting in Davos for 15 years and also helped launch the Clinton Global Initiative, among others. What we do at the FII Institute extends beyond hosting and creating conferences. Every year in Riyadh, we host FII as a flagship event in October, attracting almost 4,000 to 5,000 CEOs alongside prominent public figures. We also hold an edition in Miami every February, focusing on AI and new technologies, reflecting Miami's current growth as a tech hub. Additionally, we have expanded to Latin America, hosting our first edition in Brazil a few weeks ago, and plan to continue expanding in Asia. The FII Institute is distinct as a foundation because it operates with two additional pillars beyond hosting events. One pillar is called “Think,” a lab of ideas. Every year, we publish indexes to challenge world leaders. For example, in the coming weeks, we will release the "Priority Compass," which identifies citizens' priorities globally. When we first launched the Priority Compass three years ago, many believed climate change was the top concern. However, after COVID, priorities shifted. The Priority Compass revealed that the number one concern was the cost of living, followed by healthcare, security, and immigration, with climate change ranking fifth. We also produce indexes focused on healthcare, analyzing how governments manage their healthcare systems, and on the future of work, examining how countries are addressing evolving employment trends. The second distinctive pillar is our “Do” tank, called “ACT.” We invest the financial contributions we receive from our 35 strategic partners—leading corporations such as HSBC, Aramco, Visa, and Reliance—into impactful initiatives and startups. This allows us to remain financially independent. Through our ACT department, we support startups that can make a difference in humanity’s key sectors: AI and robotics, healthcare, education, and sustainability. I apologize for the lengthy explanation, but I wanted to provide a comprehensive overview of what the FII Institute is about and the breadth of its activities. Joe Cass 00:06:39 Fantastic. Thanks, Richard. Richard, can you talk a bit more about the upcoming FII conference in Riyadh, the flagship event, as you said. What can attendees expect? And what will be areas of focus be at the conference? Richard Attias 00:06:53 For the past seven years, with this being the eighth edition, we have, in total humility, been shaping the path for investors. In 2017, the main topic was "The Big Shift." We understood that the shift between West and East, North and South, was happening. While it’s obvious now, at the time, people didn’t fully realize that it wouldn’t just be a trend, but a long-term, sustainable direction. The East was growing, emerging economies were booming in that part of the world, and the global South was beginning to assert itself more strongly. So, in 2017, we started helping investors and CEOs understand these trends. We’ve continued doing that every year since, even during the height of COVID. We were the only international conference to still take place in 2020 and 2021. This wasn’t because we were geniuses—not at all. It was because we have an amazing observatory team and are extremely well connected with global CEOs and world leaders. We understood that the world wasn’t entirely in danger or at risk. Instead, we chose to focus on the half-full glass, rather than the half-empty one. That’s why, at the time, the theme of FII was "The Neo Renaissance." We believed that in certain sectors, the world would emerge stronger, bigger, and more resilient. This led to significant investment in new health initiatives because COVID exposed how broken healthcare systems were. Looking ahead to 2024, which is just a few weeks away, we are sending a strong message: "Infinite Horizons." If you truly want to invest for good, for humanity, and with a new compass to guide you in the right direction, we are extremely optimistic. We see infinite horizons. Yes, many challenges exist today. Technology is booming, and people are understandably concerned about the new AI revolution—questions about ethics, job displacement, and the limits of AI abound. But we need to focus on the infinite possibilities AI offers in many sectors. We are also exploring renewable energy horizons and the new energy equation, driven by solar energy, wind energy, and hydrogen. There will be multiple conversations about energy, entertainment, sports, the future of industries, technology, AI, and the new Africa. Africa, with its 1+ billion people, must be included in the global economy. To address this, we are hosting a mini-summit on Africa to better understand the continent. Africa is not just one country; it’s 54 countries, each with its own specific challenges and opportunities. While corruption and governance issues remain, Africa is also a reservoir of natural resources. We need to explore ways to transform those resources into local jobs and help Africa become a new emerging market. We’ll also be discussing the future of ESG. At the FII Institute, we believe the current ESG framework is not inclusive enough. That’s why we’ve proposed ESG 2.0, which, if adopted, could unlock nearly $5 trillion of new investments in Asia alone. In addition, we’ll address broken supply chains, logistics, and the future of these sectors. We’ll delve into other areas like infrastructure, venture capital, asset management, real estate, and the future of retail, which is currently facing significant challenges. At FII, you’ll spend four days engaging in unexpected conversations that help you understand what is happening and what will happen across multiple sectors. This year, FII takes place just days before the U.S. election, making it an opportune moment to discuss what experts believe will be the economic and geopolitical consequences of the election results, which, as you know, are very tight. Joe Cass 00:12:42 Richard, you mentioned it there. Can you go into a bit more detail about the FII Institute's partnership with PIF? How do you incorporate their objectives into your events? And what's really been your broader experience with working alongside them? Richard Attias 00:12:59 PIF is the founding partner of the FII Institute, and it is one of the most important sovereign wealth funds in the world. Their agenda is to invest globally in multiple sectors to support the diversification of the economy of the Kingdom of Saudi Arabia. At the FII Institute, we are strong believers in the fact that you will not improve any economy, create jobs, or build inclusive economies unless you encourage foreign direct investment and diversification of the economy, which, by the way, are two of the mandates of PIF. Our horizons and objectives are almost quite similar. We are extremely happy and proud to have the PIF entity on our side because they also have access to multiple international corporations. We are totally autonomous at the FII Institute in the way we build the program and in the way we recruit speakers; in terms of editorial and management, we are totally independent. The beauty is that our Chairman is also the Governor of PIF. When we meet every two or three months, he inspires us a lot with insights on the trends happening globally because, as the governor of a sovereign wealth fund, he knows very well what is happening in multiple sectors worldwide. This is why we always start our FII conferences with an amazing session, which has now become a benchmark for many conferences. We call it the "Board of Game Changers." This 90-minute opening session is a debate where we usually have people like Jamie Dimon from JPMorgan, Larry Fink from BlackRock, Stephen Schwarzman from Blackstone, Jane Fraser from Citi, and Yasir Al-Rumayyan, of course, Chairman of the Board. We also have many other big players from Asia, India, and Africa, such as Patrice Motsepe from Rainbow Capital in South Africa. For 90 minutes, we hear from them about their vision and where they see the main trends and challenges that we need to consider. This is also an illustration of what PIF brings to us because they are part of these conversations more than once a year. Working with PIF is great chemistry. We know each other very well because we started FII together almost eight years ago. They are not just a partner; they are friends, and we are extremely complementary. We use a lot of their expertise and experience to expand and also stay in touch with global CEOs who are working with PIF or partnering with PIF. Of course, the Governor of PIF has multiple mandates; he's also the Chairman of Aramco and a member of the board of multiple international corporations. This is a great plus for us, as it allows us to stay connected with the global economy. Joe Cass 00:16:56 Perfect. Thanks, Richard. Richard, you mentioned then you work very closely with the governor of the PIF, his excellency Yasir Al-Rumayyan and he also serves as the Chairman on the FII Institute. I've seen him interview a few times, as you mentioned. What's it like working with the governor? And what kind of things have you learned from him? Richard Attias 00:17:20 He's a very inspiring leader because he has the privilege of working closely with Crown Prince Mohammed Bin Salman of Saudi Arabia, who is another visionary leader. It's amazing because, at the end of the day, FII was his idea. We are benefiting a lot from this leadership. His Excellency, Yasir Al-Rumayyan, is the one who taught me a few years ago the importance of data, and this was before all these trends with AI. It’s thanks to him and his vision that the FII Institute is becoming a data-driven organization. You will see at FII8 that almost all debates and conversations are supported by data. As a civil engineer, I know how important data is because I am a man of facts and figures. So, for me, it’s extremely stimulating and refreshing. He always raises the bar, so nothing is taken for granted. We are always trying to be more ambitious in what we do, and we share the same conviction: the key to success is content, content, content. We must always be obsessed with the quality of the content. It’s very stimulating, as I said, to work with His Excellency and to hear from him, because he's traveling so much, about the trends in Asia, China, Latin America, and Europe. He’s part of all these global conversations, which is very, very stimulating. Joe Cass 00:19:26 Great. Richard, putting your hat on as Founder and Chairman of Richard Attias & Associates, in such a packed calendar for CEOs, for decision-makers, how do you go about creating an event that really stands out, something that attracts individuals? Essentially, how do you create this perfect event? Richard Attias 00:19:48 Oh my God, this is a $1 billion question. But as you perfectly say, Joe, so many conferences exist in the world. The beauty of our conferences really is that we are obsessed with the quality of the content, as I just said. To be sure that you will have the right people, to be sure that you will be one of the top three choices of the conference to attend, the conference to come back to, the conference to support—these are definitely three parameters. Number one, content, content, content. The content has to be absolutely accurate. You should be extremely transparent, and the content needs to be supported by unexpected conversations. You need to put the right people on stage and not host conversations that you can watch on TV every day or read about in any newspaper. So unexpected conversations, the format itself of the conferences, this is one of our special, I would say, chemistries, which is extremely important. Then, to really attract global CEOs, it's not just about the quantity of sessions; it's about quality. We put a lot of effort into having our conferences very well organized, where you don’t lose time, where the logistics are perfect—even if perfection doesn't exist, at least excellence—where time is money for all these people. So it's extremely important to be sure that they will not lose time between sessions for logistics, accreditation, or anything related to their comfort. Also, what they like about our conferences, I think, is that they are extremely inclusive. The media, which are an extremely important part of our conferences because, thanks to the media, what is discussed is shared with everyone, and we produce a lot of content, so knowledge is shared. The media are always at the heart of my conferences. I never put the media on the side, like, "Oh, let's have a media center on the other side of the street." No, the media are literally in the center of my conference center. Why? Because I want the media to have access to everyone and everything. This year at FII, we have more than 40 media partners and more than 400 journalists, who will be part of our community. Last but not least, which is extremely important, is inclusion in terms of generations. You will see the old guard, the global CEOs who are in their seventies, and you will find some young entrepreneurs and start-ups who are in their twenties. This combination, this mix of people, is extremely refreshing, and both are extremely demanding when it comes to having access to the others. The old guard, as I say, is very interested in understanding the new generation. This is how you will even reinvent your own company—by understanding the new consumers, the trends in terms of technology, etc. The opposite is true for the young entrepreneurs—they want to learn lessons from the elders who developed great success and also potential investors in their start-ups or projects. So we're extremely inclusive. The demography of our conferences is unique. And the geographies—people from China, Japan, Korea, Africa, Europe, Latin America—we are probably, in total humanity, the most global conference in terms of citizenship and representation of what humanity is about. Last but not least, we invite a lot of NGOs because it's extremely important also to give a voice to the people who are on the ground, trying every day to have an impact by giving access to education, access to clean water. We are supporting many of these NGOs and foundations on the ground. Joe Cass 00:24:34 Great. Thanks, Richard. Richard, prior to the FII Institute, you founded the New York Forum and you cofounded the Global Clinton Initiative. And as you said, for 13 years, you were the Executive Producer of the World Economic Forum in the Annual Meeting at Davos. Given this expertise, what tips would you give to anyone watching anyone listening who wants to improve or grow their own professional network? Richard Attias 00:25:02 Networking is extremely important. Today, we are living in an era where we are spending too much time totally isolated with the type of devices, okay? We spend almost, I don't know how many hours on social media, on emails. We think we are connected. No, we are totally disconnected. The real connection is meeting people in person, looking into your eyes, and feeling the chemistry. This starts when you take the metro or the bus every morning—just say hi to the people around you. Just have empathy. Don't be just in your bubble. Forget your device for a few minutes. You need to be connected to real people. You can do that by going to a sports club where you practice sport and see real people with you. You become friends with some of them or, at least, you will learn about people. My advice: love people. As a civil engineer, I was supposed to build bridges. I decided not to go in that direction. I decided to build bridges between people to create platforms of dialogue to be sure that people will be connected. Trust me, I’m not trying to be a humanist, but it’s so refreshing to know who the people around you are. When I go to any city, the first thing I do is take a taxi, and I speak a lot with the taxi driver. I love taxi drivers because they are the pulse of any city, of any country. You learn a lot from them. So this is how you not only get knowledge, but also by talking to people. When you are in a restaurant, just try to connect for two minutes with the people next to you. And this is how you will build the network. And, of course, multiply the opportunity of networking with people. This is why conferences, the right conferences, are a great plus. When you attend these conferences, of course, it should not be a full-time job. You need to pick the right conferences that will help you to be connected to the business community, maybe the media, and specific communities to help your network grow, to guide you, and to inspire you. Don’t just be opportunistic and say, "Oh my God, how can I make more money?" No. Meeting people is not just about making money. It makes you richer inside, okay, which is extremely important. So this is a humble advice I will give to all the next young generations who are obsessed with TikTok, Meta, Facebook, etc. No, please, it’s good to be connected that way, but also be connected in the real traditional manner, which is in person. You need to be real, okay? This is extremely important. Joe Cass 00:28:38 Great. And Richard, after decades of engaging with world leaders, CEOs, change makers, are there any shared characteristics or traits that stand out to you within that group? Richard Attias 00:28:56 World leaders and CEO leaders have the range to achieve their goals and their ambitions. You cannot become a leader unless you have a vision, passion, and range. They all share this common denominator—that's point number one. Point number two, some leaders know how to be surrounded by the right people, and some make the mistake of not doing so. This is what distinguishes the winners from the losers. You need to have a team, and there is no way you can succeed as a leader unless you have a team. It’s extremely important to have a good team. So, I see this common denominator between some leaders based on their success or failure. Last but not least, I would say that they usually have another common denominator: they are very inspiring people. I will not mention any current leaders, but I will mention some leaders who have passed away and who truly are the definition of leadership and have something unique. Nelson Mandela—I had the privilege to meet him in Davos, and I will share with you a short anecdote. Two minutes before he was going on stage, he told me, "Oh, Richard, sorry, I have to go to the restroom." So we were obliged to walk for a few minutes because they were not so close by. I was walking with Nelson Mandela, an icon, and while he was doing what he had to do, he told me, "You know, Richard, the most important thing in the world is the youth." This was years ago, so he already understood after so many years in jail and becoming the President of South Africa that there is nothing we can do great in the world unless we include the youth, we hear from the youth, and we work with young people. Joe Cass 00:31:39 Great. Thanks, Richard. So Richard, last question now. Over the course of your career, what's the best piece of advice you've been given and who gave it to you? Richard Attias 00:31:57 I had the privilege to become a very young CEO at the age of 29. It was in Paris. I just left IBM, and we created with some friends, a computer leasing company. And the major shareholder decided after one year to appoint me as a global CEO of the company. And I was managing people who were all in their 40s and 50s. So it was a big challenge. It taught me two things. One day came, he told me, listen, Richard. Less is more. By trying to do everything, you will do everything bad. So just focus on your priorities, less is more. And he is absolutely right. We see so many people who are trying to achieve many things at the same time and then the day you don't achieve anything. So you need to be focus, focus, focus, extremely important. So this was my ex boss, the first boss I had. The second is an advice I got from my late father, who was always inspiring me on everything I do. I'm trying to share that with many of my staff, my colleagues, the kids, the grandkids, complicated to be adopted. I'm calling that the rule of the three H. Number one, humility. There is nothing you can achieve in the world if you don't have humility with you. You need to always be humble. Even if you become extremely successful, you need to be humble. Humility as a H number one. Humanism, H number two, you need to love people. You need to love people. You need to have a certain part of humanity with you to be sure that you carry empathy, you carry compassion, extremely important. Don't be selfish. And number three, always keep your sense of humor because you need to relativize everything. You need to keep your sense of humor. So with humanism, humanity and humor, you can achieve great things and you can enjoy life, which is the most important. Joe Cass 00:34:27 Brilliant. Well, that was fantastic. Thank you so much, Richard, for your time today. And for everyone watching and everyone listening, see you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep51-richard-attias<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]>https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsCWed, 14 Aug 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwy<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>yAFgV5fUTmxzw7euwv9kwy<![CDATA[ In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. ]]>https://play.vidyard.com/yAFgV5fUTmxzw7euwv9kwyPodcastWed, 14 Aug 2024 12:00:00 GMT<![CDATA[ 14 Aug, 2024 Listen: Ep49: SKKY Partners Jay Sammons on Private Equity & Working with Kim Kardashian Featuring Joseph Cass and Raam Ratnam In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay’s experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam’s takeaways from his career as an accountant. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Director, S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jay Sammons, Co-Founder and Managing Partner of Sky Partners; and Raam Ratnam, Managing Director, S&P Global Ratings. Just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Jay, we'll kick off with you. Can you share with us a brief overview of your career thus far, including how you originally connected with Kim Kardashian and really the origin story of SKKY Partners? Jay Sammons 00:00:33 Sure. Well, first, thanks again for having me today. It's nice to be with you both. I started in the finance business about twenty-six years ago, and I started investing twenty-four years ago. I spent the majority of that time at the Carlyle Group, where I helped build and then ultimately had the opportunity to lead the firm's global consumer investing practice based in New York the entire time. Our strategy was really focused on backing disruptive high-growth consumer brands, which we did successfully in a number of instances and generated great returns for our investors. But most importantly, I learned a lot about entrepreneurship, how founders build brands, how founders disrupt markets with new ideas in a really authentic way that ultimately delivers a great deal of value to consumers. And I have a great deal of passion for finding those opportunities to invest behind those great ideas. Through the course of my time at Carlyle, I had the opportunity to meet Kim. We were introduced by a mutual friend nearly a decade ago. And we were introduced by that friend because the friend saw an opportunity for Kim, hopefully, to benefit from knowing someone like me as she began to build further her entrepreneurial endeavors and evolve her career in the direction that she's now shown she's very capable of doing. At the same time, our mutual friend thought that I could benefit from having the opportunity to learn from Kim as we were investing behind great brands and helping them grow and win. And over the course of the next many years, she and I got to know each other, built a lot of trust in one another, built a lot of mutual respect for each other and ultimately had the opportunity to partner together to build what we hope will be the leading next-generation consumer investing platform called SKKY Partners. Joe Cass 00:02:08 Fantastic. Thanks, Jay. Raam, could you give us an overview of your role at S&P Global Ratings and maybe also some kind of high-level perspectives on the global retail and consumer sectors. Raam Ratnam 00:02:20 Thanks, Joe, and great to be here with Jay. Our sector leader in EMEA, consumer goods and retail practice, I'm responsible for sort of overseeing the analytical aspects of ratings in EMEA in the retail and consumer goods sector. And importantly, there's also an element where I lead the sector research and communication with the wider market and investors. So, in course of my work, I'm really fortunate to interact with a range of companies in the retail and consumer sector across the value chain. They are both big and small companies. They are multinational corporations, but they're also private sponsor-owned companies and across a wide range of subsectors. I mean we cover food, beverage, staples, but also apparel, personal luxury and also durables. So, a range of companies, range of subsectors. And again, going back to the sector outlook, the sector has seen a range of challenges, disruptions. We know since the pandemic, supply chain disruptions, geopolitical conflicts, and a period of slow economic growth and now quite recently a very high inflation, which is since now falling at varying speeds across different geographies. Now given the scale of challenges, the sector has been generally very resilient. The consumer has been pretty robust, although some cracks appearing in some segments. And the focus really for the company is to build back volumes. There's the cumulative effect of high prices, which are holding back some of the spending we've seen. And generally, there's greater pressure on discretionary retail, mainly apparel. Joe Cass 00:04:01 Fantastic. Thanks, Ram. Jay, as managing partners, what do you and Kim really prioritize when evaluating potential investments? Jay Sammons 00:04:12 Well, first and foremost, our strategy is very focused on backing great consumer brands. It's where we feel like we have an opportunity to win, leveraging what we believe is a highly complementary set of experiences that she and I bring as managing partners of the firm, her experiences as an entrepreneur, brand builder, cultural leader as an individual who knows what's happening in culture around the world as well as just about anybody in the consumer landscape and me bringing my experiences touching and helping win a number of great consumer brands over my experience over the last couple of decades. And that's precisely what we're trying to bring together for the benefit of our portfolio companies. When we think about what a great consumer brand is, we really focus on finding brands that have a balance between delivering consumers something that they really need, but also finding brands that have developed really deep emotional connectivity with their consumers, brands that make consumers feel good when they're using them. And the reason that's important is that, obviously, a brand or a product needs to deliver on a real consumer need state. That's the functional side of things and brands need to deliver really well there. But if they can also connect emotionally with their consumers, make their consumers feel great when they're using those products, and this is different in every category. That's what drives loyalty. That's what drives long lifetime value. That's what drives resilience during tough economic times. That's what causes consumers to prioritize those brands over others as they seek to deploy their scarce resources into the things that they care about the most. And we studied brands with this approach for many, many years, many of the great brands that I've had the opportunity to invest in, we've looked through that lens. And as Kim has built her brands, most notably Skims, it's exactly that approach. If you look at Skims, it's a phenomenally high-quality product that has expanded quite dramatically over the last five years, but it also has connected very emotionally with consumers in the way that it's delivered a highly inclusive brand, a brand that captures the needs and the emotional likes of consumers over many years. So that's really the lens that we look through and our first investment that we made earlier this year is precisely that. It's a company called Truff that is a high-growth flavor enhancement business that focuses on hot sauces and salts and oils, all with black and white truffle oil. It's making food taste great, but it also makes consumers feel really good when they gather together around the table and enjoy a great meal together. And that is why Truff will continue to be successful in the same way the brands that we've worked with in the past have been. Joe Cass 00:06:40 Raam, we continue to hear about the ongoing disruption of online to the retail and consumer sectors. Now in 2024, what's the current view of how online is really making headway into these areas? Raam Ratnam 00:06:53 So yes, I mean, e-commerce is indispensable now for global retail. I mean, we are looking at retail e-commerce sales exceeding USD Six trillion in terms of retail sales this year in '24. And, roughly worldwide, this should be about 20% of all retail purchases, so a significant component of the global retail landscape. Now, while this takes place, I mean, digitization has opened new markets for retailers and consumer goods companies. But on one hand, while this is great, the competition has significantly increased. And this goes back to what Jay was saying: we have companies that are able to glean deeper customer insights through retail media, looking at digital footprints we all leave, et cetera. So, there’s a lot of data and analysis behind this, and much greater visibility of the consumer now than ever before. So, again, this has caused a lot of changes in the landscape. And again, while companies are clearly investing in their digital capabilities, there’s also this link to how this all connects to the physical retail value chain. So, you're seeing a mix of strategies. Clearly, we see omnichannel models slightly outperforming pure-play, either pure-play brick-and-mortar or pure-play e-commerce. I think consumers value a range of things; they value experience, especially when it comes to luxury premium purchases, the emotional connection Jay was talking about, but also the flexibility and convenience, which are key factors. So, essentially, retailers and consumer goods companies are looking to rationalize their store footprint to get the maximum value out of the brick-and-mortar real estate, at the same time investing a lot into the digital capabilities to stay competitive and get to know the customers better, really. Joe Cass 00:08:54 Great. Thanks, Raam. Jay, can you share examples of how SKKY Partners leverages its networks, its partnerships to add value to your portfolio companies beyond capital investment? Jay Sammons 00:09:08 That's a great question, Joe, because capital is obviously very plentiful. And if we only are seeking to differentiate ourselves with our capital, that's a fairly limited strategy. We need to find businesses and brands that we can add a tremendous amount of value to in partnership with our founder and executive partners that we work with who run these portfolio companies every single day. This is why we started and I were highly aligned on this when we started building this firm, which was to start with building a great team that brings experiences from the world's best private equity firms investing in consumer brands over time, and we assembled a phenomenal team that brings collectively many decades of experience touching the consumer landscape, seeing how value can be added in a very, very customized way. And it's different in every set of circumstances. There is no one-size-fits-all approach given the unique nature of what these founders are trying to do in their unique marketplaces. And so, our goal is to listen and learn and understand what our portfolio company partners need, figure out what we know and what we don't know. And if we don't know something, how do we find someone who can help us. And it's a combination of our investment team, our operating team internally, operating advisers like Angela Ahrendts, who we brought on board, leveraging her decades of experience running companies like Burberry and a very large part of Apple, bringing all of that together for the benefit of our portfolio companies to help them solve problems, help them capture opportunities in their own unique ways is really the way we seek to add value the most. Joe Cass 00:10:36 Great. Thanks, Jay. Raam, as part of your role, you spend a lot of time speaking to C-suite leadership in the retail and consumer companies. What's their sentiment right now? And what's on their mind? Raam Ratnam 00:10:49 Yes. I mean it's a time when companies are sort of going back to basics in some ways and looking to build back volumes really. I think that's been the biggest sort of focus for most of the companies we're speaking to. And if you look at branded players in the CPP space, and they're investing in innovation. And I think to regain some of the grounds, they lost the private label products, which has seen some of the growth as consumers are more value focused on the last few months. But we also expect more promotions this year compared to previous years because there are issues around working capital in some parts of the consumer goods space and especially if you look at apparel or footwear and those kinds of categories, a lot of companies still have a huge amount of inventory on the balance sheet, which they need to liquidate. Now I think the bigger aspect we're looking at is as competition is quite intense, there will be some gross margin gains nevertheless in the sector because clearly, input costs are much lower now than before. There will be some cost efficiencies as companies are reprofiling, looking at their operational processes. And more importantly, there have also been some carryover pricing gains from previous price increases we've seen over the last Eighteen months. So essentially, we're looking at an uptick in gross margins across the sector. Now equally, when you look at the net sort of level effect, I mean, you will probably see most of these gross margin gains being deployed into strengthening brand equity to fight against competition. And this will mean more advertising, more promotions, more investment in the digital space that we talked about. So, from a capital allocation perspective, we expect most companies to have a relatively well-balanced financial policy there. I mean, as Jay was talking about it, capital has been quite easily available to most of the industry players in the sector. And I mean, we've seen spec-grade companies as well have come to market recently to push out maturities. There have been a lot of repricing’s and add on debt to essentially invest across their operational elements of the business. Now widely, again, looking at the sector at large, we expect there to be a significant number of reshaping portfolios as companies are looking at the environment. So, we expect disposals actually, a few disposals for big multinationals on noncore assets. There will also be bolt-on acquisitions now. Again, notably, I think close to sectors Jay was talking about in the food and ingredients sector. We've seen a lot of companies have recovered the credit metrics essentially through strong pricing gains. So, they may end up doing some acquisitions to realign their product portfolio. So, watch the space. Joe Cass 00:13:42 Great. Thanks, Raam. Jay, how does SKKY Partners kind of stay on top of consumer culture, future trends and the growth of these potential new brands or even new sectors? Jay Sammons 00:13:56 Yes. It's one of the most important things that we do. And I think it really starts with prioritizing building a great culture internally at our firm. Our firm is built with a high level of prioritization on diversity and inclusion. We've built a team that is a majority women, including at every level of our organization. We are focused on not only having a diverse team, but tapping into all those diverse perspectives by making sure that our culture is highly, highly inclusive. As leaders, Kim and I not only allow for every voice to be heard, but we also require that every voice is heard in the room because if not, then we, as leaders of the firm, will miss things that we can't afford to miss. And so that's really the first thing is creating a really, really inclusive culture. And then making sure that everybody on our team is as passionate as we are about understanding everything that's going on in the consumer marketplace and what's coming around the corner and what are the trends that are driving consumptive behavior across markets. It's one of the reasons why I believe a sector specialized firm in consumer is really, really important, and it's why we have chosen to focus in many ways, so narrowly on what we do. It's about being really great at a very specific investing strategy, and it's driven by having highly passionate people who want to be out in the world, seeing every brand that's being developed, not just the ones that we're going to invest in next month or next quarter, but over the next five to ten years, getting to know those founders, watching those companies grow and take market share and then being their partner of choice when they come. In terms of the big macro trends, Joe, they actually haven't changed that much over my career. They've evolved and we like to swim with the current rather than against the current. Many of the macro currents are things like health and wellness, things like the bifurcation of the consumer, things like the impact of technology, as Raam was talking about earlier. Twenty years ago, when I first started in this sector, it was about the threat of technology. Now it's about the opportunity of technology and how technology, digital communication, social platforms can all help brands build community and loyalty over long periods of time. And so, we study and watch those all really closely. But in terms of the day-to-day, it's about having a highly passionate team that's all very, very motivated to see the next thing that's coming. Joe Cass 00:16:11 Great. Thanks, Jay. Jay, over the course of your career, you've personally worked on some real kind of mega deals. So, Dr Dre's Beat's sale to Apple, Vogue International sale to Johnson & Johnson. Are there any deals or just specific moments in your career that have been particularly memorable? Jay Sammons 00:16:32 Yes. Joe, that's like asking someone to name their favorite child. We spend a lot of time with these companies. Over the course of a long period of time, you actually don't make a lot of investments. You make a few investments in brands and businesses that you believe very passionately in, and you see a real opportunity to partner with. And so, while there's no favorite, what I would say the common theme across some of those you mentioned is really what I had the opportunity to learn as an investor from these extraordinary entrepreneurs that I had the opportunity to partner with. And Jimmy Iovine and Dr. Dre, who started Beats by Dr. Dre and ultimately, as you noted, sold the company to Apple are very different entrepreneurs than Todd Christopher, who is a multigenerational hairdresser who started Vogue International. And together, we sold that company to Johnson & Johnson for $3.3 billion. That's very different from James Jebbia, who's the founder of Supreme that we had the privilege of partnering with for a few years before selling that company. All those founders are very different. They approach their value creation and their brand story in a very different way, and I had the opportunity to learn from all of them. And that's a real privilege for a person like me to be in the room with some of the biggest innovators in the consumer space, have the opportunity to learn from them and then hopefully contribute that knowledge and experience to the success of the next one. Joe Cass 00:17:47 Great. Great stuff. Jay, throughout your career, you've fostered personal relationships that have been really critical in building brands, companies and partnerships. What kind of advice would you give to others when trying to build a relationship from scratch? Jay Sammons 00:18:06 Yes. It's a tough question because it really comes down to personality and style and approach. But I think the way to build great partnerships and relationships is to be authentic, be transparent, be trustworthy, be honest, all the sort of human basics. I think a lot of people in business as they seek to accomplish business goals, they will do things that maybe protect some of those aspects of who they are, what their objectives are. And that only leads to bad partnerships because you've not put everything on the table. The best way to create a great partnership is when both sides of that partnership are putting everything on the table, being their true authentic selves, sharing what their objectives are, sharing what their fears and concerns are so that in the event that there's a conflict between those, you don't get into a bad partnership that goes the wrong way very quickly. But if you are straightforward and you are transparent and you're really authentic about who you are and what you're trying to accomplish, that leads to great things because like-minded people who share those objectives can partner together and go win together. So, I know it sounds quite basic, but that would be my most important suggestion. Joe Cass 00:19:11 Great. Thanks. Raam, you're a trained accountant, and I recently came to know that you're also the Chairperson of your local tennis club, which is news to me. So how does an early accountancy career shape your role in credit analysis, but also your life outside of work? Raam Ratnam 00:19:31 Yes. I mean accounting can be seen as slightly less glamorous. But again, but I think it laid a great foundation for critical thinking and these days where we're bombarded by data and financial transactions can be structured can be more complex than ever before. So having a firm grasp of accounting to me, cuts through complexity in a large part. And it helps us look at underlying economic reality, which is I think really an important trait when it comes to credit analysis, and then we train our analysts globally on looking at complicated accounting structures and capturing the key economic reality and reflect that into ratings. I think it's a really important trade. So that's helped me a lot in my career at S&P as well. I joined S&P many years ago as an accounting specialist really, and I was quite incredibly privileged to have had a role in shaping the ratios and adjustments criteria over many years and building the financial and forecasting models used by S&P analysts, corporate analysts globally. So that's been a great privilege. But again, as you say, outside work, I've been able to contribute and address some challenges in the community. Again, this focus in my case has been around tennis and some local sports organizations. But look, organizations these days are required to do more with less and more so than before. And the core principles of financial prudence, budgeting, sort of forward planning with those sorts of key cornerstones can add value at many levels. Joe Cass 00:21:13 Jay, what opinion or view on investing do you have that may be considered unconventional? Jay Sammons 00:21:22 Yes. I think the word unconventional is an important one because if you look at the types of businesses that we invest in and the founders who have created them, and I was referencing this earlier, they are almost by definition, unconventional. You need to be unconventional to disrupt markets because to come up with an idea and turn it into a great business, it requires a great deal of foresight and hard work and tenacity and often doing things differently than the incumbents are doing them in order to capture consumers' imagination and grow and win. And so having respect for their being unconventional is a cornerstone of what we do. I think the private equity industry broadly has sought to build playbooks and approaches that they take to leverage scale and leverage their capabilities. And I think those playbooks and that scale, and those resources work really well in certain sectors. But when you're trying to back disruptive high-growth consumer founders, they're actually quite fearful of playbooks. They're quite fearful of conventional approaches to their businesses because their success has come from being unconventional. So our approach to doing this is, as I was referencing earlier, spend a lot of time listening rather than a lot of time talking in the early stages of building a relationship, learning a lot about what our partners want and what they do not want, thinking a lot about what we can contribute and what we cannot contribute and simply not having a one-size-fits-all approach to every investment because if we come to companies with a one-size-fits-all approach, it's a very quick way to be dismissed from the room. And our job is instead to build trust and long-term relationships that show the respect that we have for what these founders and executives have done in such a unique and unconventional way to grow and win and take on the giants of the industry to take market share and create a lot of equity value. Joe Cass 00:23:11 Great. Thanks, Jay. Jay, final question to you. What lessons have you learned from working alongside Kim? And how has she influenced your perspective on business and investing? Jay Sammons 00:23:24 Yes. So, she is one of the most extraordinary entrepreneurs of our generation. And a lot of people in the world, certainly, she's a very well-known individual, but I think when you take a look deeper into what her business and entrepreneurial accomplishments are, particularly over the last decade or so, it is remarkable. And that has come from a tremendous amount of vision and a tremendous amount of understanding of the modern consumer, the modern platforms that are activating consumers. But I would say if I had to put my finger on one or two things that make Kim such an extraordinary entrepreneur and such a successful individual that I learn from every day are some of the things that I saw behind the scenes getting to know her over the last decade. Really, Kim is exceptionally good at knowing what she's good at, but also exceptionally good at knowing what she's not good at. And there are a lot of people with her level of success across industries who begin to believe that they're great at everything they do. And as we know, there's no human being who's great at everything that she does or that he does. And her success in many ways, has come from her recognition of where she needs help. And I think a lot of people in the finance world believe asking for help as a sign of weakness. I believe asking for help is a sign of strength. and it's a sign of confidence and conviction on what you're good at. And I think Kim is exceptionally good at that. And I think we're trying to continue to infuse our culture and our team and the executives that run the companies that we invest in that you don't have to be great at everything you do. You don't have to try to be good at the things you don't know how to do. In fact, when you try to do things that you don't know how to do without asking for help, it often creates risk and creates problems rather than amplifying the opportunities to be successful. And Kim, I think, is world-class in that, and I'm lucky to have learned a lot about that from her over a long period of time, and we're hoping that, that is a key part of how we continue to build SKKY Partners in the portfolio of companies that we invest in. Joe Cass 00:25:11 Fantastic. Well, that's it. Thank you very much to Jay. Thank you to Raam for your time today, everyone watching, everyone listening. See you next time in FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep49-jay-sammons<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyWed, 31 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas ]]>https://play.vidyard.com/GFr6MEpkHjWDk8CYz6a4TZPodcastWed, 31 Jul 2024 12:00:00 GMT<![CDATA[ 31 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring. View related research: Ardagh Group S.A. And Glass-Packaging Subsidiaries Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_31-clo-podcast-s6-e5<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZMon, 08 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. ]]>https://play.vidyard.com/MhDpXWKeSq3iznyiwdpsj8PodcastMon, 08 Jul 2024 12:00:00 GMT<![CDATA[ 8 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 4: Leveraged Finance & CLOs Uncovered Podcast: How ASDA’s Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape. Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. View related article here > ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_08-clos-podcast-s6-e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8Wed, 03 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>KqcvyyVqmrTq4Qjzcgmz39<![CDATA[ In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. T ]]>https://play.vidyard.com/KqcvyyVqmrTq4Qjzcgmz39PodcastWed, 03 Jul 2024 12:00:00 GMT<![CDATA[ 3 Jul, 2024 Listen: Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following Featuring Joseph Cass and Alexandra Dimitrijevic Ep48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following In this episode of FI15, Joe is joined by Sebastien Page, Chief Investment Officer at T Rowe Price and Alexandra Dimitrijevic, Global Head of Analytical Research & Development at S&P Global Ratings. Topics included both guests views on global mega trends, the future glide path of interest rates and inflation, Sebastien’s experience building a 40,000+ following on Linkedin and a new quick fire round. Sign-up here to be notified as soon as future episode are published. View the series so far here. View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Senior Director at S&P Global Ratings and a host and the creator of the FI15 podcast. On this episode, we have Sebastian Page, Head of Global Multi Asset and Chief Investment Officer at T. Rowe Price; and Alexandra Dimitrijevic, Global Head of Analytical Research and Development at S&P Global Ratings. So just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Alexandra, I was wondering if we could kick off with you by talking a bit about megatrends. So, what do we identify as megatrends? And how are they taken into consideration within S&P's credit ratings? Alexandra Dimitrijevic 00:00:40 Thank you, Joe. Indeed, let's start by what we mean with megatrends. These are trends that we think have the potential to transform our economies and our society. And, where we have maybe sometimes more open questions and answers, so a degree of unpredictability on how they going to unfold. So, they include, for instance, climate change, geopolitical fragmentation, aging of population, energy transition, AI, all of this. They have in common that a lot of them have a longer-term time horizon, like climate change, for instance. But yet some of them also are evolving at an exponential pace, if you take the case of Gen AI which could impact credit here and now with, for instance, cybercrime or war or some of the more extreme physical risk, climate risk events. So, S&P just published a few weeks ago, a white paper called path to credit materiality, which provides a framework to explain how we assess the implications of these megatrends on credit. And the two key questions here are how they might impact on credit and when they might impact on credit. So, there are five steps to this framework. The first step is to assess the magnitude of the impact of the megatrend. And here, it's a combination of the severity of the impact and the likelihood - that's the first step. The second step is then to assess the channels of transmission of the impact of this megatrend on to credit. So that's through revenues, costs, CapEx, for instance. And then if we assess that either the magnitude of the impact is significant and/or channel of transmission is clear, then that's where we use our scenario analysis. We use a plausible scenario to do sensitivity analysis or stress test to help us assess the potential impact at an industry level or geography level. So that's the first step is the analysis. And the last step is really look at the implication at credit-specific level, and it can really vary. It can be here and now, or it can be in five years, ten years or maybe never. And what's important here is also to understand how different entities manage or mitigate this megatrend that might happen in the future. So, the first one we're going to assess is on climate, climate transition and climate physical risk. And maybe that would be a good topic to come back on fixed income in 15 once we've published that first part on climate. Joe Cass 00:04:02 Sebastian, welcome to the show. I'd be interested to hear how T. Rowe Price factors global megatrends into your own analysis and portfolio construction. Sebastian Page 00:04:11 To me, when you think about megatrends, it's all about looking forward, not backward. And this has massive implications for asset allocators, for example, and for portfolio construction. Joe, let me tell you a story that is actually in my book, but it speaks to looking forward and how important it is for portfolio construction. So, if you think of megatrends, we just had 10 years of 0 interest rates, and now we don't. So, what does this mean for strategic asset allocation? The story takes place a few years ago. I'm attending a boring quantitative research conference. Everybody is half asleep. The presenter is Bern Scherer. He's a very well-respected academic and investor. He's done both in his career. And he's presenting a portfolio construction model that focuses on optimization. Someone in the room raises their hand and goes, we should not be using optimizers for portfolio construction because of the GIGO critique. Joe, have you ever heard the GIGO critique, garbage in, garbage out. And if you're doing strategic asset allocation and you understand megatrends, then you know that the long-term expected returns on the different asset classes should change if, for example, now interest rates are higher. But I'll always remember what Bern Scherer answered because he was clearly jet lagged in a bit cranky, but it speaks to looking forward, not backward. He looked at the person asking the question and said, if you don't think you can come up with reasonable expectations about the future, you should not be in the investment business. So, Joe, that's what we do. There are at least three ways to adjust to megatrends. As asset allocators, we need to recognize that they can create value traps. Technology, and Alexandra mentioned AI, has created a value trap where growth stocks have gotten more and more and more expensive relative to value stocks, yet those that have bought value stocks have been caught in a value trap. Second, for stock pickers, it's really important to be on the right side of change. So being able to use proprietary research to understand what to pick Alexandra's example, AI is going to do in terms of disruption in the economy. And if you look at our firm, we have over 300 stock analysts and credit analysts, and that's a lot of what they do. What's different about our asset allocation process is what I'm responsible for, we actually take inputs from stock analysts in our process, especially when it comes to understanding megatrends like AI. And the third point about megatrends is it should influence or drive your process. As investors, we need to show openness to new ideas. And Joe, what I'll say about this is or AI, we think it's real. We think it is an important megatrend that's going to lead to increased productivity, not only in technology companies, Clearly, you can reduce your coding time by almost 30% right away. So this is productivity for tech-heavy companies, but also for traditional companies. And just to illustrate the power, did you know, Joe, that I just came across this paper recently that AI can essentially read your mind. And I'm talking about scientific papers out of University of Texas, out of a university in Japan, out of Sydney. They take an MRI of the brain activity as you read something, and the large language model maps your brain activity to whatever you're reading. Okay, that's kind of cool. Then they take away the text. The AI then doesn't know what you're reading, just looks at your brain activity and can roughly infer what you're thinking. Now it's a cute example. All I want to say is when I think about megatrends and what AI is going to do, who knows? It's the power of openness and imagination and then positioning portfolios on the right side of change. Joe Cass 00:08:53 Great. Fantastic. Sebastian, you mentioned it there briefly, but I'd be interested to know your, say, three-to-five-year view of things like interest rates, inflation and maybe even the potential future glide path of major central banks, such as the Fed, the ECB and also the Bank of England. Sebastian Page 00:05:05 Joe, I think inflation could be closer to 3% than 2% for the next three to five years due to supply issues, deglobalization, energy transition, demographics with an aging population, less labor supply. All these forces could push inflation above the Fed, the ECB, and the Bank of England's targets. Add to that pedal to the metal fiscal spending, who knows when that stops, but that's the environment we're in. Add to that geopolitical risk which can create spikes in oil prices, which are highly inflationary. Add to that money printing, right? I could use the wonky term excess liquidity. I've been calling it the blob of money. You ever see the movie, the blob. It's like an old movie where this creature just eats everything. Well, the blob of money, the $7 trillion in money market funds, the excess $3 trillion that's been added into checking accounts, this is not distributed equally, and the lower wage earners are absolutely out of liquidity. But in aggregate, the blob of money is alive, and it has been eating all the negative headlines. So, I think that, that excess liquidity means people want to buy goods, want to buy services, want to buy financial assets. So, it will be hard to get to that sort of last mile and bring inflation to 2%, whether it's the ECB, the Bank of England, or the Fed. Joe Cass 00:10:51 Thanks, Sebastian. Alexandra, what is, say, the top two or top three risks that we are monitoring, which could impact credit rating trajectories over the next, say, twelve months? Alexandra Dimitrijevic 00:11:04 I'll get to the risks, and I think looking back to what Sebastian was saying. But just maybe I want to take the opportunity to speak about the way we monitor this risk at S&P Global Ratings. So, we have an analytical governance framework called the Credit Conditions Committee. And every quarter, we meet with our senior expert across different sectors and economies. On the one hand, we define the house base case which is what our 1,700 rating analysts used to underpin their forecast, but we also monitor the key risk that could derail this base case, and that's a key part of the analysis. The first one, as Sebastian was alluding to, is interest rates and the second top risk are geopolitical risk. And if we come back to interest rates, here, the risk that could derail the base case would be that interest rates stay higher for an extended period, and that would be on the back of a stubbornly high inflation with the U.S. economy still running hot. That could delay or derail some of the central bank's pace to cut interest rate. At this stage, our economists forecast for the first Fed cut rate in December and then a bit more acceleration in '25 towards 4% at the end of '25. In Europe, after this first cut, our economists expect another two cuts for this year and on the back of inflation coming down. I have to say, I share some of Sebastian's views that inflation, core inflation might stay structurally higher than in the past decade. And so maybe as rates come down from the high where they are now, they might not come down to 0 or we might have ended this period or this decade of free money that Sebastian was describing. So, one of the impacts, obviously, if you have interest rates staying higher for longer than in our base case, this could have a negative impact on the lower rated credit, particularly those rated B- and below, which tend to be highly levered, and we have to refinance in a higher rate environment. And as well for emerging markets, either the direct impact of higher rates or indirect impact through unfavorable exchange rates, particularly for those that have a lot of non-domestic debt in U.S. dollars. So, at this stage, we expect default rates to remain elevated through '24 at 4%, 4.5% in the U.S., so above long-term average in Europe as well and start trending down as we get into next year in the base case. The second key risk that we're monitoring is the geopolitical risk. Since Russia's invasion of Ukraine, geopolitical risks have clearly come back on the front stage for any credit analyst and we've really ended an era of the Washington consensus, an era of relative geopolitical stability, globalization focused on low-cost supply chain. We've entered a new era now of geopolitical fragmentation, a lot more prone to event risk instability. It's hard to see the end to this period of fragmentation. There are multiple risks at the moment. You have obviously the war between Russia and Ukraine on European territory. You have the escalation of the situation in the Middle East, especially since Iran's attack on Israel and you have the ever tension between the U.S. and China. All these risks could escalate either voluntary or involuntary and then have some impact on global trade and businesses and commodity prices, as Sebastian was saying or potential volatility in the market. Added to that, in '24, we have over seventy elections in forty countries, including big ones. We just had Mexico, India. Here in Europe, we have the U.K. and now France, (and that was a plan), then the U.S. coming. And all of this creates an environment where there is also more focus on more protectionist attitude, more focus on security in the current environment. So a lot of potential event risk stemming from this geopolitical environment, but also potential more structural implications on global trade, fiscal cost, Sebastian mentioned security expenditures. So these are the two key risks that we're monitoring. We're just running our Q3 credit committee, and we'll be releasing our updated conclusions later this month. Joe Cass 00:16:50 Fantastic. Thanks, Alexandra. Sebastian, I wanted to talk a bit about your book. It's called, 'Beyond Diversification: What Every Investor Needs to Know About Asset Allocation'. Interested to know why did you decide to write a book originally? What are some of the key takeaways? And lastly, what is the process of writing a book actually like? Sebastian Page 00:17:14 Thanks for asking. Two reasons why I wrote the book. One is obvious, the other one isn't. The obvious reason is I wanted to share my knowledge that I had accumulated on asset allocation. That's why we all write books. The second that's less obvious, but that I think anybody who writes will agree with. Alexandra, I don't know if you write a lot of articles and so on. But when you write, you learn. So, it's actually for me to consolidate my knowledge and learn really more deeply what I do in asset allocation. So, to share and to learn myself. Writing is the best way to learn. I see Alexandra smiling. She looks like she's agreeing. Let me give you an example of what I mean by beyond diversification. We'll talk about the stock bond correlation and how it completely broke down in '22. Stocks went down and bonds went down, massive, massive bear market in bonds, like the worst bear market in bonds in history. So, people start asking about the stock bond correlation. I have a chapter in there about it. It's very difficult to forecast or understand the stock bond correlation. If you go back eighty years and you look at the 12-month stock bond correlation, it actually flipped sign twenty-nine times from positive to negative, negative to positive. It's been as low as minus 80% and as high as plus 80% so when you're looking at the average and you diversify your portfolio according to the average correlation between stocks and bond, Joe, the analogy I like to use is like saying I have my head in the freezer and my feet in the oven, and I can still statistically claim that I'm very comfortable in that my average body temperature is fine. Well, that's the premise behind beyond diversification. There are three sections in the book, forecasting returns, forecasting risk, and constructing portfolios. Now on how to write a book or why to write a book, I have a day job. It's a pretty stressful day job. I oversee all our global multi-asset business. I'm a Chief Investment Officer. Look, -- the best way is a little bit at a time consistently. It's the power of habits. To me, it's Saturday mornings, I sit down, and I would write. And we were talking offline, Joe, about time-of-day effects. Most of us are much more productive in the morning. If you do that, like, I don't know, two, three hours a week, one morning, but you keep doing it every week little by little, hey, within a year, two years, you have a book. It's actually not that hard if you just unleash the power of habit and make it a discipline, give you a small reward, fill your spreadsheet with how many words you did this week. It's just that simple. It seems daunting when you look at how comprehensive a body of research you want to put together, but just a little bit of time. You know what, Joe, I'm going to get philosophical. This also applies to a bunch of stuff in life. There's this great book titled Atomic Habits about how whatever your small habits are, they add up to big changes in your life and big accomplishments. I'll just leave it at that. Joe Cass 00:21:03 That's James Clear? Sebastian Page 00:21:06 Yes. Joe Cass 00:21:07 No, it's excellent. I agree. I love that book. And Sebastian, kind of a different type of question for you now. You've got now, I think, over 40,000 followers on your LinkedIn profile. How do you view kind of the role of social media as a Chief Investment Officer? And how does it help you? Sebastian Page 00:21:28 I don't know if 40,000 is impressive or not. I see people with a lot more. So, I don't know. Maybe our listeners' viewers will be impressed by 40,000. Look, I've never been on Facebook or Instagram. I'm just generally skeptical of social media. I see people I love around me get completely addicted. But you know what, for me, LinkedIn is kind of a special place there where people are looking for jobs. It's not anonymous, which means it's much more civilized. And for our firm, this digital marketing is really important. This is how you do marketing now. This is why you have a podcast, Joe. Like digital marketing is important to build our firm's brand. You're based in EMEA. We're kind of like over there, the largest asset manager you've never heard of because we're just so humble as a brand. But asset management is competitive. LinkedIn is a global platform. So, our clients want to know what we're thinking and what we're doing. So, t's an important part of building the firm’s brand. And Joe, if you've noticed, I'm also writing about psychology and leadership and self-improvement, which is, I think, again, really a good match for the LinkedIn environment. So, will I get on X or Twitter or start doing YouTube? I don't know, probably not, personally. But this is the right platform for me personally. Joe Cass 00:23:12 Great. Thanks, Sebastian. Alexandra, how do you view the role of social media in projecting to the market our research, publications and ultimately, our ratings? Alexandra Dimitrijevic 00:23:25 I have a lot in common with Sebastian here. I also use LinkedIn. We do, as an organization, use LinkedIn. You won't see me on the other social media. But I agree that LinkedIn in particular, had a pivotal impact on the distribution of the research. It used to be traditionally through media release and the to the website, but then you expect for people to come on to your website to find the research. While with LinkedIn, you have a much, much broader reach also from a population that is well beyond the more traditional institutional investor population. You have a more immediate way to share some information, some research. And what's also really useful is the engagement. So, you have people's reaction on the topic, the comments, the feedback loop, which also helps understand what investors' sentiment or trends in the market. Now we do use LinkedIn a lot for the thought leadership, the ideas, topical research, but we do not use it for ratings distribution or rating news. For that, we use our traditional channel. And what's really important in our approach of social media in general is to keep the same rigor, quality, integrity in the information that we put out on social media in day and age of tech news is really important for the brand to have the same integrity approach. We have a formidable team within the research and marketing that really help us build this engagement on LinkedIn. And maybe if you're interested to follow what we publish, I will share with you three newsletters that you can follow on LinkedIn. One is from my profile, it is called CreditWeek. It used to be an old S&P publication a long time ago. And every week, we pick a topic that is relevant for the market. We interview our in-house experts and share in a three-minute piece, the S&P view on this topic. We also have a newsletter from my colleague, Ros Lang, who's the Head of Private Market Analytics, which is focusing trends on the private market. And our esteemed global Chief Economist, Paul Grunvat, also has a weekly newsletter on LinkedIn. And I think these are really great way for the market more generally to follow what's happening at S&P. Joe Cass 00:26:28 Perfect. Thanks, Alexandra. So, I've got something new. Let's see how well it works. So, I've decided to put together kind of a short quick-fire round for both of you. And it's kind of -- I'll do kind of -- I'll start with maybe Sebastian and then go to Alexandra. And it’s basically kind of the first thing that comes into your head, and it's kind of based around favorites. So, Sebastian, I'll start with this with you. So, what's your favorite dessert? Sebastian Page 00:26:53 This is the most unexpected question I've ever gotten on a podcast. Key lime pie . Joe Cass 00:27:00 What's your favorite season? Sebastian Page 00:27:03 Fall, because it's the best running weather on the East Coast in the U.S. Joe Cass 00:27:10 What's your favorite restaurant? Sebastian Page 00:27:13 Okay. I don't need a lot of meat, but as a splurge, as a treat, I love going to a steakhouse. Joe Cass 00:27:22 What's your favorite gadget? Sebastian Page 00:27:25 Oh my Garmin watch. It rules my life. yes. Joe Cass 00:27:31 And what's your favorite time of day? Sebastian Page 00:27:36 We were just talking about that. Definitely the morning, just more productive, especially with coffee you just get more done. Joe Cass 00:27:43 And I know you're in the U.S., but who do you think is going to win the Euro football Championship? Sebastian Page 00:27:49 Okay. The answer is I have absolutely no idea, but Joe, you're based in England, right? Joe Cass 00:27:56 Yes. Sebastian Page 00:27:56 So, I think England is going to win. Joe Cass 00:27:58 Perfect. That's the right answer. Alexandra, I'll do the same for you now. Okay, what's your favorite dessert? What's your favorite season? Alexandra Dimitrijevic 00:28:10 That's summer, I need warm and sun. Joe Cass 00:28:13 What's your favorite restaurant? Alexandra Dimitrijevic 00:28:16 Well, I'm just back from Sao Paulo, and I have to say Brazilian, it was fantastic, fantastic food there. Joe Cass 00:28:24 What's your favorite gadget? Alexandra Dimitrijevic 00:28:26 It's my watch as well. Keep me on track with my activity. Joe Cass 00:28:30 And what's your favorite time of day? Alexandra Dimitrijevic 00:28:33 I'm more evening, after the hard work during the day when you can relax and spend time with the family. Joe Cass 00:28:41 And last one, Alexandra. Who is going to win the Euro football championships? Alexandra Dimitrijevic 00:28:45 It has to be France. Joe Cass 00:28:46 I knew you would say that. Unfortunately, I think you're right. So just a few more questions. Sebastian, what opinion or view on leadership do you have that few others would agree with you on? Sebastian Page 00:29:03 I've thought a lot about this, and I've been writing on leadership. I'll give you three where I go against conventional wisdom. So conventional wisdom would be that leaders need to be great talkers, great communicators. They should not give up in the face of setbacks and show resilience. And they should be decisive and take action. So that's conventional -- I don't think anybody will disagree with that. I will disagree with each of them. I will say that in my experience, the number one leadership skill I've had to develop over the years is not talking, it's listening. I would say that this idea of never giving up, leaders are horrible at quitting. We get enamored with projects. And then when things don't work, we keep pouring resources into them. There's a great book by Annie Duke titled 'Quit' that shows that actually one of the most important leadership skills is not never giving up is actually knowing when to quit. And the last one on this idea that as a leader, you need to take action, you need to be decisive. You know what I've learned is if you have time to decide, there's no reason to rush the decision. You should take advantage of the optionality that you have, which as hyperactive leaders, we tend to forget. So, there you go, Joe. Everyone thinks leaders need to be great talkers, never give up, take action. No. They need to listen, not when to quit and exercise strategic patience. Joe Cass 00:30:45 Great. Thanks, Sebastian. Alexandra, we're living through a rapidly changing work environment with hybrid working, Gen AI and the rise of video calls and conversations like these. How are you adapting to these changes? And what kind of advice would you have for others to ensure that they are working as efficiently as possible? Alexandra Dimitrijevic 00:31:07 First, I want to say Sebastian, might be a great listener, but you're a very good speaker as well and a very good storyteller. We started the discussion on megatrends and Sebastian was talking a lot about AI as well. So, I'd like to really come back on this. So yes, I mean, the pandemic has definitely accelerated the digitalization of the economy and now we have everything online when it works, video calls and podcast webinars, payments online, hybrid working. So there's been a first phase of transformation of the way people work of the economy, which can have long-lasting implication on certain sectors of the economy. But right now, what I'm really excited about is this new Gen AI revolution. And I think here, we were discussing the pace of change. We're on an exponential pace of change since the release of ChatGPT with something new almost every week. And this is going to have some transformational impact not only in technology as Sebastian was saying, but really on the entire economy and on our society. If you look at NVIDIA, Apple, Microsoft, they account together for 10% of the global market cap. I mean this is massive. And I think we're just at the beginning of trying to understand how this is going to impact us on an everyday life. I just read a really interesting book last week, it’s called 'Co-Intelligence' by Ethan Mollick from The Wharton School of Management. I am still learning a lot on AI, so I found that really fascinating to understand how Gen AI is very different from a software, which does what it's been programmed to do. It's more this general-purpose technology. There's no manual to use it. You really have to experiment it, and it really interacts in many ways more as a person. It does things that we didn't think machine could do like being creative, analytical, having conversation. And obviously, they don't have any knowledge, right? What it does is just predicting the next word in the sentence without knowing if it's right or wrong. So, we know that there are hallucinations, that AI can lie, but at the same time, it has a huge potential to augment our capabilities as a human being. What I really loved in the book, Mollick is speaking about how we would evolve as 'Centaurs' and 'Cyborgs'. So, the Centaur essentially is when you have a clear repetition of task between the human and the machine. And to a certain degree, that's what we are already like if I want to go to a meeting at the other end of the city, I'm going to take my app and check what's the quickest way to get there, and I delegate that task to the machine and then here I go. The Cyborg here is a different concept where it's not a delegation, it's a constant iteration and a process of co-creation and co-development between the machine and the human, which is maybe where we're heading now. And what's really important, and that's one of the key advice from the book is, well, invite AI to your table, but be the human at the table because it's going to be increasingly important to be able to control what these Gen AI machines are doing, understand the limitation, understand the risk, making sure that this AI remains in line with our human values, ethical standards and our social norms. So, there's going to be a lot of change here. It's going to transform high-value jobs. It's going to transform sectors of the economy and how we interact as individuals. It's very exciting. It's very scary at the same time. And I'm very excited that S&P had launched our own LLM within leveraging our proprietary data in a safe environment with the protection of the IP confidential information but giving us the opportunity to start experimenting and using LLMs in our job. And also, I just want to mention that we have some really interesting research on our website on the impact of AI on different industries. So, if you type S&P AI Insights, you'll find some really interesting report there. Joe Cass 00:36:30 Great. Thanks, Alexandra. Sebastian, I know we're kind of squeezed for time. If we could just get one last question in. Over the course of your career, what's kind of the best piece of advice you've been given and who gave it to you? Sebastian Page 00:36:46 In the early years of my career, I was a bit anxious about the progress I was making. I wasn't getting the promotion fast enough. I wasn't getting the recognition. And I went to my mentors, name is Mark Kritzman. I worked with him for the first ten years of my career. And I was complaining, and he was tired of hearing me complain. So, he looked at me in the eye and he said, Sebastian, do you know the secret to happiness in life? I was at the edge of my seat. And he looked at me and he said, lower your expectations, which, you can take as a cynical comment or a very powerful philosophical comment. Your happiness, your satisfaction is what really happens, the reality minus your expectations. And this is not about not being ambitious. It's about setting goals that are stretched enough that you can achieve. And then thinking long term, ignoring the noise along the way, and just managing your own expectations of things. Joe Cass 00:38:03 Thank you very much, Sebastian and Alexandra, for your time today. It was absolutely fantastic for everyone watching and listening. See you next time on fixed income in 15. ]]>https://www.spglobal.com/ratings/en/multimedia/03-07-24-e48-fixed-income-in-15<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]>https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39Wed, 24 Apr 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ryan Serhant, Founder of SERHANT., and Gregg Lemos-Stein, Chief Analytical Officer - Corporates at S&P Global Ratings, discuss the global real estate market and leveraging social media and AI. ]]>https://play.vidyard.com/3QDcSPPC2Uf6HFX8N7p98xPodcastWed, 24 Apr 2024 12:00:00 GMT<![CDATA[ 24 Apr, 2024 Listen: Ep46: Ryan Serhant on Real Estate, AI and Building A Personal Brand Featuring Joseph Cass and Gregg Lemos-Stein In this episode of FI15, Joe is joined by Real Estate mogul Ryan Serhant, Founder of SERHANT. and Gregg Lemos-Stein, Chief Analytical Officer – Corporates at S&P Global Ratings. The guests discuss the global real estate market, with Ryan sharing his expertise on leveraging social media and AI to drive success in the industry, and Gregg provides his experience of how large multi-national corporations are currently utilizing AI to unlock new opportunities. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass. I'm a Senior Director here at S&P Global Ratings. I'm the host and the creator of the FI15 podcast. On this episode, we have Ryan Serhant, Founder and CEO of SERHANT, and Gregg Lemos-Stein, Chief Analytical Officer, Corporate Ratings at S&P Global Ratings. A very quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Ryan, can you just kick us off with an overview of your career to date in real estate, from entering the business as a novice to what you're looking to achieve right now with SERHANT? Ryan Serhant 00:00:33 Of course. I entered the business on the day that Lehman Brothers filed for bankruptcy on September 15, 2008, mostly because I had run out of money, and I didn’t want to move home to Colorado. I wanted to stay in New York, and a friend told me, “Get your real estate license, you can help people rent apartments. Over 70% of the homes in New York City are rental apartments, and it’s better than being a bartender or a waiter. You can control your schedule, sort of.” And I fell in love with the business. I fell in love with real estate. I fell in love with brokerage, working with customers looking to do lots of different types of things. I got on to a TV show that most people know me from, called Million Dollar Listing New York on Bravo, in 2010. I did that for 10 years, alongside multiple other TV shows, and started writing books. I’ve written three books now, and we have an education business that teaches sales training to salespeople and to sales enterprises around the world. We also have a production company that does real estate production. So, I built a large sales team through 2020. In 2020, I started my own company—not timed with COVID. That just sort of all happened by coincidence. And we’ve now expanded from the end of 2020 until now into eight different states. We have well over 500 agents working with us now, kind of across those states, and have done just over $10 billion in residential real estate sales. We have nearly 30,000 enrollees in our education platform in 128 countries. I left Bravo and Million Dollar Listing New York two years ago and have a new TV show that comes out on Netflix relatively soon. Joe Cass 00:02:28 Fantastic. Thanks, Ryan. Greg, can you give us an overview of what you're doing right now at S&P Global Ratings and maybe also some kind of high-level perspectives on the U.S. real estate sector. Gregg Lemos-Stein 00:02:42 Sure, Joe. It's, of course, a big issue. It's been an issue for a while. It will be an issue for quite some time. It's sometimes described as a slow-motion car wreck, particularly within U.S. real estate. We're talking mainly about office, where we've had a seismic change in the way people work, particularly in the U.S. So, it's not really real estate overall. Other sectors, like industrial, logistics, and warehouses, are faring quite well. Multifamily, I understand, has had some weakness lately. All of them are affected by interest rates, but there's a double whammy when valuations are declining and interest rates are rising, and maybe a triple whammy for office because utilization of office space is still creeping up, but still very, very low. So, what we're doing at S&P Global Ratings is we're making sure we're coordinating across the many, many different asset classes that are affected by real estate. It really cuts across many, many, many areas we do, not just corporates, which is an area where I focus on. We rate a lot of REITs that are publicly traded, and those are corporate ratings. But, of course, we also have commercial mortgage-backed securities, and our structured finance colleagues cover that. We also have mortgage REITs. But, of course, there's an impact also on the banking sector. So, our bank analysts, there are varying degrees of real estate exposure among the banks. So, it really calls for coordination among all those senior analysts in those asset classes, and they've been doing that more or less for the last three years, really since these changes became very apparent. Joe Cass 00:04:25 Ryan, your career, as you mentioned, it started in 2008. So you've seen some ups, you've seen some downs in U.S. and also global real estate markets. What's your forecast or even your expectation for real estate in 2024 and beyond? Ryan Serhant 00:04:43 We are in a historic low inventory environment that has been written about and reported about ad nauseam. In the United States alone, 90% of all home loans are under 5% rates. So, when rates are still above 5%, it creates a locked-in effect, which is what we saw in 2023. There were fewer home sales in 2023 in the United States than there were in 2009. 2009, I think, if you asked most people pre-2023, they would say, yes, that was probably one of the worst housing markets we've ever seen in recent memory. And 2023 also turned out to be one of the slowest housing markets in over thirty years—nearly thirty years. This year, what we've already started to experience is a little bit of an unlocked effect. If 2023 was locked in, this is a little unlocked. And it's because you can actually predict roughly six months into the future. That was hard in 2022 and 2023. It was difficult to predict what anything would cost over the next six months. Now, inflation seems a little stickier than I think we'd like it to be. But you know, within relative certainty, roughly what interest rates are going to look like over the next couple of months. So, you're either going to move or you're not going to move. And eventually, people need to move. Eventually, the baby boomer generation needs to downsize, which they haven't done since 2020. That's a significant amount of inventory that is only now just starting to come to market. And that will help fuel the inventory issues that we're seeing amongst other kinds of demographics. And I think the moment we see interest rates start to get closer to, and hopefully they do, kind of that 5% marker, you're going to see home prices really escalate. So, what we're telling people now is, if you're a seller, we can't predict the future. Could pricing go up? It seems like it will. But could it go down drastically? Sure. We don't know. And if you're a buyer, could prices go up? Absolutely. Could they go down drastically? We don't know, but there are clear market indications that things are going to get much more expensive should rates come down because there is so much pent-up demand and not nearly enough inventory. So, I think we're going to see a far stronger year for absorption and volume in the housing market than we saw in 2023. And I think we'll end the year with higher pricing, probably somewhere in the 5% to 6% range. Joe Cass 00:07:30 Thanks, Ryan. Greg, we're speaking, you're speaking to kind of the largest investors, especially on the buy side globally. Interested to know what are the kind of the top three concerns these large global investors are coming to us with on the topic of global real estate. Gregg Lemos-Stein 00:07:47 Yes, absolutely. It is focused on office. So, Ryan makes some good points about housing more broadly, and I'd be interested also in his take, maybe later on, about the change in the commission structures that may be coming and what impact that might have on pricing. But in terms of what investors are asking us, it is focused on office. And the first question they ask is, "How bad will it get?" because it's still evolving, right? We still have this big gap between utilization of office space and vacancies, which would be actually what tenants are paying in terms of rent. And there's a long tail before lease renewals happen. They tend to be ten-year leases. So, the implication is, if utilization of space is much, much lower, then the vacancy rate would indicate that when lease renewals come up, they're going to take less space. So, there's still some pain to be felt. So, the number one question is, "How bad can it get?" And then the next question, logically, is, "Will that have a big impact crossing over to the banking sector?" And then the next question that logically stems from that is, "Is there more of a systemic risk that would emanate from that, that might have an impact on the broader economy?" Those are the top three questions that we're getting. To answer somewhat, to give a little bit of color, Joe, not just leave that as a question, we have had a number of rating actions on some regional banks. We've had a larger number of rating actions, even dating back two years ago, on the REIT sector, those most exposed to office. So, we've been adjusting our ratings. We've been adjusting our base case for quite some time now. And again, I'm not a banking analyst, but what our banking analysts will tell you is that the commercial real estate exposure, largely for banks, is manageable, but there's a big difference in levels of exposure to CRE. And so, some of the largest banks actually have the smallest amount of exposure as a percentage of their overall assets. It's the smaller regional players that have larger exposures, and those are where we've taken some actions already over the last year or two. Sometimes commercial real estate is not all office, and it may not be office in the most exposed geographies. It might be areas where office space wasn't so absurdly expensive, and CFOs aren't eager to get out of that space. So, you really have to go bank by bank, really area by area. Again, real estate is all about location, right? So, that applies here, too. Ryan Serhant 00:10:31 I'll also add to that, you make a good point. I read a lot and hear a lot about the fall of office, right? And you see a lot of the big institutional players giving keys back because they don't want to chase good money after bad. And Starwood, Brookfield—you see these major players, so more and more people are doing that. But there's also a big difference between occupancy and vacancy. So, I hear about it in New York all the time. Go to Midtown, all these lights are off. Occupancy must be down, right? There's no one's here, no one's going to the office. The spaces may be vacant, but the leases are fully occupied. There's a lot of office that is fully leased, but people just aren't coming. And so, I think what people are trying and what a lot of these big institutional owners and even just these offices themselves are trying to do, is try to get to three days a week of office. If you can get to three days a week of office, you can fund your facilities, you can get these buildings moving relatively productively. But if you're just at two days a week or one day a week, you have a really, really hard time. And I heard somebody say recently that this is now all because a lot of our nouns have become verbs. It used to be that you'd go to the shop. Now you shop on your phone. It used to be that I got to go to work. Now you just work, work. I've worked. And so, I think it's an important thing because I think, in terms of occupancy in New York office, I think it's over 90%. A lot of the spaces look vacant, but those leases are occupied. Joe Cass 00:12:25 Fantastic. Thank you both. And Ryan, just to kind of pick up on something Gregg said, do you have any kind of comment or view on the recent commission change announcement? I'm quite kind of uneducated on this side. If you could provide kind of an overview of what happened and maybe your take on it. Ryan Serhant 00:12:44 Sure. So, there was a class action lawsuit that was filed in the state of Missouri years ago that was basically saying that the National Association of Realtors, the largest kind of trade union for real estate agents, was colluding with the largest brokerages and local MLSs to price-fix commission payments to buyers' agents. And what was happening was that if an agent was going to a seller, they'd say the best way to sell your home would be to put it on the MLS. But to put it on the MLS, we have to offer compensation to the buyer's agent. Those are the National Association of Realtor rules. That's what you have to do. And so, if you're going to pay a 6% commission, it's 3% and 3%. That way, the buyer's agent is also protected. That way, you never have to have commission conversations with buyers. The seller pays it, and it's what's happened for decades. It's how it's always been. And it's not that the seller is unfairly paying a buyer's agent who didn't do any work. Just that fee has always been in the United States on the seller. So, when you're a buyer, you don't pay it, but when you're a seller, you pay it. And usually, most people buy a home and don't live there for the next eighty years. They buy it, and they don't pay that fee. When they go to sell it, they do pay the fee. So, the fee just gets passed on. So, that's what the class action lawsuit was about. The National Association of Realtors and the big brokerages did not succeed in explaining the reasons why that would be a good thing for the marketplace, and so they lost. What happened on Friday was that the National Association of Realtors basically came out and said they would not appeal the verdict. They're going to settle for something over $400 million to be paid out over the course of the next four years and will be changing the rules. The rules will change to where a seller no longer is obligated to pay the buyer's agent should the buyer have an agent. You don't have to advertise that you'll pay. You can pay 0% if you want. Now, that's kind of always the way it's been. I mean, in New York, we don't have an MLS. We're also not a part of the National Association of Realtors in New York. So, New York City is very different. We have customers who will pay 10% to get something sold. We also have customers who will pay 0%. But around the country, it's always a different case. So, what's going to change now is that buyers' agents, if you're working with a buyer and you're a real estate agent, will get a buyer's representation agreement that states how you are compensated. If you are showing homes where the seller is not willing to compensate a buyer's agent, you will go to the buyer for your compensation. And so, you'll be just very clear and very transparent as to where fees come from, which is the way it's always been before. This will create a little extra paperwork, and it will be interesting to see what it does to the marketplace. My prediction is that fees will get higher and more properties will start to trade off-market. That's because that's what happens around the world outside of the United States. So, as much as we want to think that these new rules will be better for the consumer, what happens around the world is that off-market transactions end up becoming more of the norm. And when you do that, then there's no transparency because people just set whatever fees they want. So, I think you'll see more of that, but it remains to be seen. The settlement was announced last week. A judge still has to approve it. That will take a couple of months, probably sometime into the summer. But it doesn't change that commissions are paid out. It doesn't change that a seller is allowed to pay whatever they want to whomever they want. They're free to do that. It just creates a document of transparency, which I think is actually probably good and the right thing for the market. Joe Cass 00:16:53 Great. Thanks, Ryan. Ryan, you've got a really significant online presence with over 6 million followers across all the platforms. Do you believe that other players in the real estate industry, such as developers, investors, companies, are they effectively utilizing their own online presence? Ryan Serhant 00:17:16 I think they try to. I don't think other players really look at their digital presence as one of their value propositions because it never had to be previously. I think there are two types of real estate firms right now. I think there are those that are defending where we've been, and I think there are those who are building where we're going. I'm an active real estate agent all day, every day. I'm also a CEO of a firm, and I understand what it means to be every single agent that works with me. When I was looking to start my own company and we started SERHANT in 2020, I spent a year interviewing with other firms—all of them. All the big names and small names, national franchises, everybody. And what I realized was that all of the other real estate firms that I interviewed with are licensing housing firms that hold your license, and that's about it. Their number one pitch is: "If you come to us and hang your license with us, we're going to make you better." And I, as an actual agent, always felt that a real estate firm's job shouldn't be to make my agents better, but it should be to be better for my agents. Because that's the pitch that I always give to every customer I work with—every buyer, every seller, every developer. I don't sit with them and say, "Hey, work with me. I'm going to make you a better seller. Work with me. I want to make you a better developer." But that's the pitch that real estate brokerages give. At SERHANT, we are the most-followed real estate brokerage in the world. We use television, streaming, every social media platform, books, speaking engagements, and our own production company to amplify our brand to the benefit of our customers' brands and our agents' brands. If you were to audit our business, you would probably say that we are a media company that sells real estate. I learned a long time ago that if you can build a strong content-to-commerce business for makeup, you can do it for real estate. But you have to understand that there is a new "C" in between content and commerce: content to community to commerce. No one had ever done that for real estate before. When we started SERHANT, that was one of our immediate value propositions, outside of the technology and everything that we're building now. We had first-mover advantage to be able to use our online presence to the benefit of our agents and their ability to lead generate, build their own brands, and create their own "SERHANT effect," as they call it, in a way that other firms probably are not going to realize as a true value add until it's too late. Joe Cass 00:20:20 Great. Thanks, Ryan. Greg, in what parts of the globe is real estate really growing at present? And conversely, what parts of the world is real estate sector kind of slowing or maybe decline? Gregg Lemos-Stein 00:20:31 Yes, it's a great question because we've been talking about the U.S. and the dynamics are very different in other areas of the globe. I'd say all real estate is affected by the precipitous rise in base interest rates. It is an interest rate-sensitive industry for sure. But the office dynamic we talked about is not quite as acute in other markets. And those of our listeners who are tuning in from, let's say, Hong Kong or other areas, they're like scratching their head at the three-day-a-week model because they're in the office a lot more. So office, I think, is comparatively less severe in other areas, and that's borne out in the valuation data we're having. The declines are much less, but it's a factor. But I think development has been under severe pressure in China, as many of our listeners know about, and many developers have defaulted or entered credit stress. Retail is still an issue. Maybe it's been around for us long enough that we realize that the e-commerce effect on retail is just sort of part of the fabric of what we do. We're not adjusting to that. Areas that it's growing—I'd be hard-pressed to say where real estate is going gangbusters. But of course, there are markets that are expanding. I'll just mention one. This is not comprehensive, but I'm aware that there is a lot of activity going on in the Gulf and particularly in Saudi Arabia, which is opening up and modernizing its markets. And Riyadh, as I understand it, is a bit of a boom town right now, with lots of ambitious development going on there. So that would be one I would point to. Joe Cass 00:22:10 Great. Thanks, Gregg. Ryan, how has AI impacted the real estate industry thus far? And how are you hoping to utilize AI in your own business at SERHANT? Ryan Serhant 00:22:23 Great question. There have been many paradigm shifts in the world, right? You had the printing press initially, which really democratized information, democratized knowledge. Before that, it was hard to get information around, hard to write, and hard to copy. The printing press helped that. There was the combustible engine, which didn’t look exciting at first because cattle or oxen could go up hills and around corners, while tractors couldn’t. But then people realized, oh, maybe we’ll just create farms that are flat and straight. And then this tractor never needs a nap, perfect. And so I think what we’re seeing now is much like the Internet—AI is creating a paradigm shift, and it’s incredibly exciting because it allows you to redefine the way that you work. As AI started to get more and more popular over the past couple of years, we at SERHANT, our development team, and our technical team really looked around and said, I think everyone is going to embrace AI the wrong way. Everyone is going to focus on wrapping large language models (LLMs) and creating chatbots and more screens, which ironically creates more work. And I think the whole goal of having AI and resources like ChatGPT is to help you redefine the way that you work and save significant time. So we’ve been far more focused on what we would call a large action model. Not focused on large language models like most of these new dot-AIs and dot-IOs, which are like the new dot-coms, where technology changes every single day and you’re constantly playing catch-up. Instead, we’re focused on what a large action model could look like. Whereas a large language model is focused on the next best token, we’re focused on the next best action. How do we scale human support to create not just another tool for us to use? We created something called 'SERHANT Simple,' which at its core revolutionizes the approach with AI by focusing on human support. It’s proprietary technology, yes, it utilizes AI, yes, but we have real humans, and we’re scaling their ability to support our customers faster and more precisely than ever before. Our agents are completely redefining the way they work without having to do more work to learn how to redefine their work, creating the most frictionless process. Right now, Simple is in beta in four states, and I looked at it on Friday—97% repeat usage. I’ve never had that in anything we’ve ever built before. It’s exciting to see the product-market fit because now all salespeople only have to focus on what they are uniquely qualified to do. They no longer have to do work that another person, system, or process could do for them. And they can also do it on the go—it’s completely mobile. That’s where we’re embracing AI and taking a counterintuitive approach. Joe Cass 00:26:27 Great. Thanks, Ryan. Gregg, you've got oversight over a number of corporate sectors from pharma to autos and real estate, which you've mentioned already. What practical Gen AI or AI uses are companies sharing with us? And what benefits are they expecting to receive from the technology? Gregg Lemos-Stein 00:26:45 Yes. Ryan's description of it as a paradigm shift is an act one. It's gigantic, and it cuts across so many different sectors. The impact is going to be massive in the way we work. It’s a little more difficult to ascertain the credit implications, but this is really our calling. What we have to stay focused on is whether it will create disruption in certain sectors, or augment the ability of other sectors to do what they do and be helpful, potentially credit positive. Time will tell. We've already had some rating actions, notably in the media space. But in terms of what companies are doing, broadly speaking, you could bucket it into improving customer service and interfaces with customers, but also cutting costs. These are not mutually exclusive, because if you're able to replace part or all of your call center with AI (which is not happening immediately—it will take time), that's a cost savings and potentially improves the way you reach your customers. But even though it's growing rapidly, you might also see some hype. Some sectors may say it will change things faster than it actually will. We’re cognizant of that. Some examples: in pharma, I understand that AI is a huge part of potentially shortening the research and development cycle for pharmaceutical companies, which is enormously expensive and increasingly time-consuming. Think about the implications for defense. We’ve already seen defense budgets increasing. And by the way, IT budgets—this seems like a secular change in spending on chips and software, reflected in some stock prices, which I won’t comment on in terms of rationality—that’s another big impact. The list goes on: utilities are benefiting too, with AI predicting potential weather events or wildfires. This is a huge boon to them in a growing area of concern to mitigate risk. I could go on and on, but we’re having many conversations with our analysts. We try to embed these ideas and directions in our forward-looking outlooks. We just published industry credit outlooks on every sector in corporates, and you’ll see a lot of mentions of Gen AI and regular AI throughout those reports. Joe Cass 00:29:25 Ryan, we've spoken about the power of social media in building a business and also a brand. Have you got any stories about how social media has directly translated into revenue or just opportunities for you or your business? Ryan Serhant 00:29:39 Sure. But before I forget, something that was just mentioned was so interesting to me. The paradigm shift is so real, but I look at companies that are embracing "AI" and those that are not, or those that are embracing the wrong part of "AI". They’re not embracing the paradigm shift because they’re too distracted by the technology. That’s a really key point to make. I liken it almost to the bird and the bug analogy. There’s a car racing down the highway, and a bird sees the car coming and can shift, right? It can fly higher, let’s say. But a bug can’t, because it can’t perceive that rate of change. Those are the firms that are embracing the paradigm shift and building on top of "AI". Then you have other firms that are distracted by the technology today. It might sound a bit aggressive, but I do see those firms as the bug. They’re still flying, everything is okay, until that car comes through and they hit the windshield. To go back to your question about social, we use "Simple", for example, to do immediate social audits for all of our agents and to create social calendars and content. "Simple will do anything for our agents." It’s wild to see it in action. So now we have agents who are creating video walkthrough tours, posting them across platforms, and selling properties sight unseen—properties worth $3 million, $7 million, $10 million. These deals aren’t transacted directly through DM; you still need attorneys, there’s still a lot of email. But that point of first substantive contact is happening through a different device or platform. It’s often not us creating the content to reach the consumer directly, but to reach their circle of trust, which sometimes is their kids. We created a property tour in the middle of COVID for a townhouse priced at $15 million at 357 West 17th Street. Real estate agents weren’t considered essential workers in New York City; we weren’t allowed to go outside. The Department of State was actually trying to get people in trouble for trying to still work and make a living, which is a whole separate conversation. But we created a property tour, and a thirteen-year-old girl saw it because she wasn’t in school and was on her phone all day. She showed it to her parents, and the parents bought it, sight unseen. So the deal was done—there were attorneys involved, it was a traditional transaction, not on the blockchain—but the customer was created, the market was created, the urgency was created, and the deal only existed through social. Joe Cass 00:32:53 Fantastic. Thanks, Ryan. Ryan, we've got lots of viewers, lots of listeners interested in advancing their own career. what kind of tips would you offer to build a personal brand that maybe would open doors to, I don't know, a more fulfilling or exciting career opportunity in the future? Ryan Serhant 00:33:17 Sure. I saw a statistic at the end of 2017, early 2018 from the U.S. Department of Labor that said just over 20% of U.S. taxpayers are also filing a 1099 tax return. Now, some of them are also filing W-2 tax returns and so on, but over 20% were filing a 1099. And the U.S. Department of Labor said by 2027, they expect that number to be over 50%, which means that over 50% of taxpayers, that’s just in this country, are going to be filing a 1099 in just a couple of years. That’s an interesting stat. And that means that those people are selling something. Maybe they’re selling their podcasting services, writing T-shirts online, real estate, cars, whatever they might be selling, whether they consider themselves salespeople or not. And the only way to build your career as a 1099 independent contractor in the United States who has to make a living for themselves every day or make residual side hustle income on weekends and evenings, etc., is to create awareness for either your products, brand, or your personal brand. And today, you can do that from your phone. You don’t have to have the right connection to get you into the right newspaper on the right television show or kind of know the who’s who. Social media has really kind of brought about the democratization of talent more than anything. And so, brand is broken down into a math equation, right? It starts with the core identity of the person or the product. That core identity translates into perception the world now has of that core identity, either in the digital space or in people-to-people interactions. That perception, then, when you leave the room or your product leaves the website, let’s say, turns into reputation. And then over time, that reputation becomes the brand. It’s what you’re known for. It’s what's clear, concise, and memorable. And you can build it by building a core identity. If you’re building a personal brand, you’re focused on your "and." So, I am real estate and media. That’s what I’m known for. That is my brand. I wish I could be real estate and I don’t know, fighter jets. That would be cool. But that wouldn’t really help me with it. So, real estate and media. I’m going to build my brand on that. Now, I’m going to make consistent content. That’s kind of Phase two. And I can do that through video. I can do that through static images. I can do that through LinkedIn. You can be a thought leader. You don’t have to dance on the Internet. I can do that through in-person events. Maybe you don’t have a smartphone, maybe social is not your thing. That’s totally fine. But maybe twice a month, you do an in-person networking event of some kind, and you’re building that way. And then lastly is amplification. The way I like to say it is really shouting from the mountain top because success begets success. And no one is going to know that you sell amazing T-shirts, or that you sell investment services, or that you sell real estate if you don’t tell them about it. And you can build that process now easier and clearer than ever before. Joe Cass 00:36:44 Thanks, Ryan. Gregg, I do my research. I checked out on LinkedIn that you actually started your career as a reporter for associated press for nine years, which I didn't know. So interested to know what your experience was like and what kind of news or stories were you covering at the time? Gregg Lemos-Stein 00:37:03 Excellent research, Joe. First off, I’ll say that I’ve only worked for three organizations since graduating college many, many years ago: The Associated Press, Mellon Bank (which is now part of Bank of New York), and now S&P for the last twenty-one years. All three organizations were founded somewhere between 1860 and 1880. So, what this will tell you is I’m a long way off from Ryan’s entrepreneurial spirit. I like stability. I like organizations that have been around for a long time and will be around for a long time to come. But that was an exciting and wonderful learning experience, those years as a reporter for the Associated Press. I spent the first few years covering sports, which is a dream job. It was crazy hours, working nights and weekends, which was also kind of a dream because, way back when, I was concerned about working normal hours or, more specifically, getting up early in the morning. I’m very, very different now. I’m an early riser. But I covered sports for a number of years. And then I covered business news, financial news, and I really credit that for being part of the transition to what I do today. I got to cover a lot of stock market stories, Wall Street stories, big mergers at the time, but we’re talking a while back. We’re talking about the 1990s. And I remember two stories in particular. There were shorter stories, but one was about Frito-Lay entering China for the first time, and the other one was about the first Russian company listing on the New York Stock Exchange. So, this is a very different time, right? Because this is sort of like the acceleration of globalization. And now we have a different context where there’s some evidence that that’s being rethought. But the -- I remember the first paragraph of the Frito-Lay story. They were launching Cheetos in China, but they had very, very different flavors. It was like cuttlefish and prawns or something. So, the first paragraph was, "A Cheeto isn’t a Cheeto in China." So, I remember that one. It was a short and succinct headline. And then the Russian stock market story is about a Russian wireless company, and it doubled on the IPO or something like that. It did a very successful IPO, and the lead paragraph was, "Even the Russians couldn’t bring a bear to Wall Street." So, we had a little bit of fun with those stories. You can groan all you want, but it was a great training ground, by the way, and it really resonates with Ryan’s comments about media and communication and nouns and verbs. This has applications no matter what you’re doing. It’s more applicable to credit ratings than you might think because being able to communicate your opinions is really vital to what we do, and doing so clearly and succinctly is really critical. Joe Cass 00:40:02 Great. Thanks, Greg. Ryan, what opinion or view on real estate do you have that few others would agree with you on? Ryan Serhant 00:40:14 I mean, topically right now, I think people are assuming that given the National Association of Realtors’ commission lawsuit settlement, buying a home is going to get less expensive and that real estate agents are going to become more and more obsolete. That is what most people think. Everyone has been forwarding me all the articles. I am obviously biased, but I also remember having to sell real estate door-to-door. And when the Internet really took over on real estate and websites like StreetEasy, Zillow, et cetera, came about, everyone said the same thing: "Salespeople are gone. Real estate is now going to be less expensive because you’re going to have the democratization of information. People can see comparable sales now. You pesky salespeople aren’t going to be able to drive up pricing anymore." And that didn’t happen either, right? The same way certain financial websites didn’t take down certain investment banks. The banks only got stronger. And so, I am very much of the mind that there will be greater transparency now with fees and commissions. The way we’ve always operated with our firm and in New York City, which is very, very different from the rest of the country, commissions are always transparent. They had to be. But now I think nationally, I think the old guard, which is the National Association of Realtors and these big brokerages, are in for either a world of change or a world of hurt. I think the rules are changing. I think there are new rules. And I think what we’re going to experience now is an evolution — just like I was talking about with AI and the farmers and the tractors, right? They didn’t throw out the tractors. They just created different farms and a different way to farm. And so, I don’t think that what we’re going to experience now is going to get rid of real estate agents. I think it’s going to separate the agents from the brokerages who are not open to change because what got you here won’t get you there. I think old rules pave the way for new rules. And I think that as interest rates stabilize or continue to come down, pricing is only going to go up, and consumers are still going to want great representation, buy side or sell side, because you don’t know what’s real anymore when you log in online. So that’s, I think, a unique opinion of my own. Gregg Lemos-Stein 00:42:58 I'll confess, Ryan, that I thought that until about 7.5 minutes ago when you started talking about it. It's more complicated that commissions actually may go up in some cases. So... Ryan Serhant 00:43:07 Listen, listen. So, I know we all have to jump here, but in New York City and in most of the United States, total compensation for real estate agents — because there’s typically two agents on the deal, sell side and buy side — is between 5% and 6%, right? It’s the way it’s always been. Very rare is it much lower than that; very rare is it much, much higher than that. And I see a lot of, "Oh, well, this is the highest commissions ever. The rest of the world is this. The rest of the world is that." Well, I’ve been around the rest of the world, and I’ve sold property around the rest of the world. And what I’ll tell you is that is not true. You have markets where you have salaried salespeople who are not incentivized to get the highest price for their seller or to get the best deal for their buyer because there is no incentive. And so what ends up happening is a lot trades off-market, which is not in the best interest of the consumer. And then you have other markets where you have a mixture of on- and off-market property. And so you could work with an agent, and they’ll tell you, “Hey, so I have a fixed fee for anything that’s on market. But anything you’re going to want to buy is actually off-market, and my fee is 10%.” So, I don’t know what everyone thinks we’re going to. But if going back to the Wild, Wild West is what everybody else wanted and what they wanted to bring about through these lawsuits, I mean, I don’t know what to say. Joe Cass 00:44:36 Okay. Great. And lastly, just before we go, Ryan, do you want to share any kind of upcoming project goals, ambitions that you're looking to do either kind of this year or next year? Ryan Serhant 00:44:50 I'm incredibly excited for "SERHANT Simple" as we continue to roll it out to our agents. Right now, it is just within SERHANT at our own brokerage. Because what makes it so exciting is that it's a full stack platform. So we have agents who use it who never want to touch e-mail again. They don't have to now. We have agents who use it who just want to create marketing plans for a year, and they don't have to do that anywhere else. So I'm really excited to see that take off and continue to improving the lives while also saving significant amounts of time for our salespeople. Joe Cass 00:45:29 Perfect. Well, thank you so much to Ryan. Thank you to Gregg for your time today. For everyone watching and listening, see you next time in fixed income at 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q2_fixed-income-in-15_ep46-ryan-serhant<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 19:06:19 GMT00:01:00<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]><![CDATA[ This report does not constitute a rating action. Servicer Evaluation Spotlight Report™ is a registered trademark of S&P Global Ratings. As with many industries, loan servicers are exploring artificial intelligence (AI), including generative AI, technology to assist with or perform complex processes in ways that have been impossible with deterministic, rule-based technology. Loan servicing is complex and interconnected with multiple outside participants, such as regulatory bodies, investors, and borrowers, so orchestrating the multitude of requirements and frequent changes make it challenging to implement technology--especially automation. AI has the potential to change that, and it is a major focus for most servicers in 2026 and beyond. 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Cyber risks can increasingly compromise the security and stability of credit instruments and markets, as well as the creditworthiness of issuers. Cyberattacks on their own have generally had limited effects on credit quality where proactive and robust risk management, adequate preparedness, and well-tested recovery plans are in place. However, S&P Global Ratings has taken negative rating actions linked to cybersecurity incidents where core business processes and operations underwent significant disruption, recovery proved slow due to ]]>ArticlesThu, 16 Apr 2026 16:28:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-crypto-quantum-and-ai-redefining-cyber-risks-s101678916<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 14:24:10 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 16 Apr 2026 14:24:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-15-2026-s101680695<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 12:36:05 GMT00:01:00<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]><![CDATA[ This report does not constitute a rating action. 2023 marked the end of a decade of exceptionally low interest costs. Since then, German housing companies have faced higher funding costs and increased need for optimizing their balance sheets. Amplified by recent geopolitical developments, especially the Middle East war, 10-year German bund yields exceeded 3% at the end of March 2026, temporarily reaching their highest levels since the sovereign debt crisis in 2011. The gradual adjustment to higher rates is still ongoing. Since many German issuers entered the tightening cycle with long-dated, fixed-rate debt and substantial hedging, the effect on earnings was delayed and issuers had more time to adjust their capital structures. However, refinancing the debt at higher rates impairs ]]>ArticlesThu, 16 Apr 2026 12:36:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/bund-yields-peak-german-homes-are-resilient-balance-sheets-arent-s101680172<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 09:16:14 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. During Q1 2026, rating activity was limited and below historical levels. Actions declined year-on-year, 84 versus 144. Overall, rating actions affected 16 transactions, representing only about 3% of our rated ABS and RMBS universe. Downgrades remained scarce, two versus nine during Q1 2025. We reviewed 11 ABS and 77 RMBS transactions—representing about 19% of our total rated ABS and RMBS universe—through rating actions and annual surveillance reviews. The number of new transactions we rated was significantly down quarter-on-quarter, 17 versus 32. We rated seven new ABS (Q4 2025: 16) and 10 new RMBS (Q4 2025: 16) transactions. Notably, a U.K. equipment lease transaction and two Israeli RMBS transactions. Our rating actions mainly ]]>ArticlesThu, 16 Apr 2026 09:16:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q1-2026-s101680394<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 07:38:51 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was six in March 2026, after the following defaults in the month: Brazil-based integrated energy company Raízen S.A. Ireland-based plastic and latex products manufacturer Trinseo PLC Germany-based global auxiliary power equipment provider Arvos Holdco S.A.R.L. U.S.-based media company Cumulus Media Inc. U.S.-based health care equipment manufacturer Carestream Health, Inc. One confidential issuer Six companies defaulted in March, down from eight in February. The year-to-date default count now stands at 24, slightly below the 26 recorded in 2025 and well below the five-year average of 28. The lower monthly total results from a decline in defaults in the U.S., which recorded only two defaults, down from ]]>ArticlesThu, 16 Apr 2026 07:38:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-cyclical-sectors-record-most-defaults-in-the-first-quarter-s101679680<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 03:01:39 GMT00:01:00<![CDATA[ Climate Transition Assessment: Ecoener ]]><![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Dark green to Ecoener. Ecoener is a renewable energy company headquartered in Spain. It has solar, wind, and hydropower assets in 12 countries, including in Latin America. ]]>ArticlesThu, 16 Apr 2026 03:01:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-ecoener-s101680475<![CDATA[ Climate Transition Assessment: Ecoener ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 21:05:53 GMT00:01:00<![CDATA[ The Ratings View: Apr. 15, 2026 ]]><![CDATA[ In this week's summary of ratings views: Data centers offer a major opportunity for the insurance industry. We have raised our oil price assumptions for 2026 and 2027 further. Sovereign ratings in Southeast Asia are under risk due to the Middle East conflict. ]]>ArticlesWed, 15 Apr 2026 21:05:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-15-2026-s101680584<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 17:25:06 GMT00:01:00<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]><![CDATA[ First quarter 2026 rating performance data reveals a mix of positive and negative insights, reflecting an outlook that has become decidedly more uncertain. Downgrades marginally outpaced upgrades over the quarter. The chemicals, packaging and environmental services (CP&ES), consumer products, and media and entertainment sectors again led downgrades, collectively representing 45% of the total. On an upbeat note, positive outlook and CreditWatch revisions continued to outnumber negative ones, largely driven by financial institutions and sovereigns. Defaults fell 14% from the previous quarter to 24 at the end of the first quarter. However, the Middle East war has increased downside risks and could undermine positive trends and threaten baseline default projections in Europe and the U.S. ]]>ArticlesWed, 15 Apr 2026 17:25:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-q1-2026-downside-risks-persist-s101680509<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 16:51:19 GMT00:01:00<![CDATA[ European CMBS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. All information is as of March 31, 2026, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the first quarter of 2026, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q1 2026 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article Sirius Logistics 2026-1 UK DAC 526.3 Bank of America, Standard Chartered and Wells Fargo 1 126 Blackstone Logistics U.K. N/A Sage AR Funding 2026 No.1 Plc* 546.5 Morgan Stanley, Deutsche Bank 2 3885 Blackstone Social Housing U.K. Sage AR Funding 2026 No.1 Plc Aesir (European Loan Conduit No. 41) DAC* 285.1 Morgan ]]>ArticlesWed, 15 Apr 2026 16:51:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q1-2026-s101679660<![CDATA[ European CMBS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 14:17:35 GMT00:01:00<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has published its proposed methodology for rating public-purpose entities (PPEs) outside of the U.S. (see " Request for Comment: Methodology For Rating Public-Purpose Entities Outside Of The U.S. ," April 15, 2026). Here, we outline the rationale underpinning the changes proposed in the RFC, and answer questions about the RFC process and how we propose to implement the proposed criteria should they be approved. The credit ratings affected will be assigned and surveilled by the global international public finance (IPF) team. The entities that fall within the scope of the proposed criteria operate outside of the U.S. and provide a wide range of nonfinancial public services, including social housing, ]]>ArticlesWed, 15 Apr 2026 14:17:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-whats-behind-our-proposed-criteria-for-rating-public-purpose-entities-outside-of-the-us-s101675409<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 12:57:28 GMT00:01:00<![CDATA[ New Issue: Bridgegate Funding PLC ]]><![CDATA[ Transaction profile Issuer Bridgegate Funding PLC Collateral type RMBS buy-to-let (53%) and nonconforming (47%) Domicile of assets U.K. Original seller The Mortgage Business PLC Servicer The Mortgage Business PLC Dependent counterparty Bank of Scotland PLC as issuer bank account provider Capital structure Class Rating* Class size (mil. £) Initial credit enhancement (%)§ Interest (%) Step-up margin Step-up date Legal final maturity A AAA (sf) 1,098.774 17.00 Compounded daily SONIA plus 1.00% Compounded daily SONIA plus 1.50% November 2029 May 2080 B-Dfrd AA (sf) 56.263 12.75 Compounded daily SONIA plus 1.50% Compounded daily SONIA plus 2.25% November 2029 May 2080 C-Dfrd A+ (sf) 29.786 10.50 Compounded daily SONIA plus 1.90% Compounded daily SONIA plus 2.85% November 2029 May 2080 D-Dfrd BBB+ ]]>ArticlesWed, 15 Apr 2026 12:57:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bridgegate-funding-plc-s101678787<![CDATA[ New Issue: Bridgegate Funding PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:52:34 GMT00:01:00<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]><![CDATA[ This report does not constitute a rating action. Central and Eastern Europe’s (CEE) information and communication technology (ICT) sector has emerged as one of the world’s most dynamic technology hubs in the past 15 years. Lower labor costs and a deep pool of local talent have enabled CEE economies to expand services exports, particularly in IT and financial services. These services are now the backbone of many economies in the region, especially in Baltics, where they account for over a quarter of total exports. The emergence of AI poses both risks and opportunities for CEE’s IT sector. Recent data points to a slowdown in ICT job creation, and the region appears to lag Western Europe and the U.S in AI ]]>ArticlesWed, 15 Apr 2026 10:52:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-ai-leaves-central-and-eastern-europes-it-success-at-a-crossroads-s101678600<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:03:39 GMT00:01:00<![CDATA[ Credit FAQ: Markets Financing 101 ]]><![CDATA[ This report does not constitute a rating action. A small network of global banks has underpinned nonbank trading firms' ascent to the center of the financial ecosystem. Through operations we describe as markets financing, these banks build inventories, provide leverage, and manage post-trade clearing. Our ratings on major global markets financing providers are resilient. Our ratings acknowledge the risks in this business, but also banks' sound management of them. Large events, such as the collapse of Archegos, are rare. However, Archegos' collapse shows the significant, inherent tail risks for markets financing providers in periods of stress. A significant amount of markets financing originates from banks, but a small group of nonbanks are also active in this space. We focus on ]]>ArticlesWed, 15 Apr 2026 10:03:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-markets-financing-101-s101678601<![CDATA[ Credit FAQ: Markets Financing 101 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 09:58:15 GMT00:01:00<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]><![CDATA[ This report does not constitute a rating action. The ecosystem of proprietary trading firms, hedge funds, and other market participants has expanded rapidly over the past five years. As of third-quarter 2025, global hedge fund assets under management had surpassed $5 trillion, while rated proprietary trading firms--including market leaders Jane Street, Citadel Securities, Hudson River, and IMC--generated about $40 billion in revenues in 2024. Growth accelerated further in 2025 and nonbank trading firms now play a significant role in markets ranging from sovereign debt to equity options. These banks help finance inventories, provide leverage, and manage post-trade clearing through markets financing. Prime brokerage lending to hedge funds approached $2.5 trillion in 2024 in the U.S. alone, doubling over a four-year ]]>ArticlesWed, 15 Apr 2026 09:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/systemic-risk-trading-firms-expansion-affects-selected-ratings-s101674386<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 03:39:56 GMT00:01:00<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]><![CDATA[ This report does not constitute a rating action. A protracted war in the Middle East would be acutely painful for Asia-Pacific banks. Under our downside scenario test, the sector's credit losses could rise by about US$180 billion over the next two years as indirect risks start to bite. Under our base case, the impact of the war on banks is more muted. Direct exposures of banks to the Middle East are low, and indirect exposures are manageable considering our most recent base case economic forecasts (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March. 24, 2026.) These forecasts show most banks have sufficient capacity to absorb Middle East war pressures at current rating levels. Banks ]]>ArticlesWed, 15 Apr 2026 03:39:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-banks-the-us180-billion-downside-scenario-s101679418<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 20:45:18 GMT00:01:00<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower transactions as of first-quarter 2026. The overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 6.2% as of first-quarter 2026--a 15 basis points (bps) increase quarter over quarter. The office DQ rate remained flat at 9.7% quarter over quarter but was down from the 10.6% peak in January 2026. Meanwhile, the DQ rate for lodging ticked back up to 5.9% due to several portfolio delinquencies; retail declined 10 bps to 5.9%; multifamily continued its 1.5-year upward trend, increasing 60 bps to 4.8%; ]]>ArticlesTue, 14 Apr 2026 20:45:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-cmbs-update-q1-2026-downgrades-abate-as-headwinds-persist-s101679698<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 16:12:44 GMT00:01:00<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings welcomes the October 2025 release of more granular default and recovery statistics from the GEMs Consortium. These new datasets continue to enhance transparency of the historical credit performance in EMDEs, particularly within sectors where MLIs and DFIs have been active. The update constitutes meaningful progress in addressing earlier limitations of the GEMs datasets, notably increasing granularity of default and recovery metrics across private, public, and sovereign exposures. We believe the enhancements in data quality made since the initial GEMs release increase risk insights we can extract from the datasets and could inform calibration of recovery assumptions for certain MLI and DFI exposures in EMDEs, where supported by originator-specific data. ]]>ArticlesTue, 14 Apr 2026 16:12:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gems-data-highlight-strong-recoveries-in-emerging-markets-s101679461<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 14:51:08 GMT00:01:00<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that all European CMBS loans maturing in the next 12 months are well-positioned for successful refinancing. However, the loan default risk in European CMBS in the next 12 months will highly depend on macroeconomic headwinds that may arise from the Middle East war. A decline in consumer spending can affect multiple property types and a yield widening would likely lower commercial real estate (CRE) values across all markets. Despite this current uncertainty, we notice significant activity in the new issuance of CMBS. Four European CMBS deals have been announced to date, three of which are closed. We are also working through a very busy pipeline and currently expect ]]>ArticlesTue, 14 Apr 2026 14:51:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-sustains-momentum-beyond-the-refinance-wall-s101674202<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 12:34:46 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of April 14, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesTue, 14 Apr 2026 12:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-april-2026-s101679547<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:42:26 GMT00:01:00<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]><![CDATA[ This report does not constitute a rating action. Amid heightened geopolitical tensions in the Middle East and incidents affecting critical infrastructure assets, S&P Global Ratings believes Abu Dhabi-linked water and power projects--including independent water and power producers and solar photovoltaic--benefit from strong structural protections that support their credit resilience, even under potential disruption scenarios. The four projects we rate-- Ruwais Power Co. PJSC , Emirates Sembcorp Water & Power Co. PJSC , Sweihan PV Power Co. PJSC , and Dhafra PV2 Energy Co. LLC --remain operationally stable and continue to demonstrate strong credit resilience, with no reported physical damage or disruption to generation or availability. We anticipate that some disruptions will likely persist for months but don't expect the current ]]>ArticlesTue, 14 Apr 2026 11:42:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/contractual-cash-flow-protection-supports-abu-dhabi-linked-utilities-projects-amid-war-s101679641<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:12:15 GMT00:01:00<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]><![CDATA[ This report does not constitute a rating action. Amid the fragile ceasefire in the Middle East, several factors might pressure the financial metrics of European local and regional governments (LRGs). These include higher inflation and interest rates, as well as slower economic growth stemming from rising energy prices. In our severe oil price shock scenario for 2026-2028, European LRGs’ financial performance will weaken marginally, but will not likely lead to downgrades. The effects of the war in the Middle East are weighing on Europe’s economic growth prospects more than in other regions as inflation also heats up (see “ Global Economic Outlook Q2 2026: Middle East War Dents The Forecast ,” March 31, 2026). The current ceasefire is fragile, and ]]>ArticlesTue, 14 Apr 2026 11:12:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-subnational-governments-brief-lrg-ratings-would-be-resilient-to-an-oil-price-shock-s101679453<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 02:17:10 GMT00:01:00<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]><![CDATA[ This report does not constitute a rating action. India isn't immune to the shocks reverberating from the Middle East war. The pain of higher energy prices and supply disruptions may persist for months, crimping economic activity across households, corporations, and banks. Our stress tests under a moderate to severe scenario consider supply-chain disruption and price increases for energy. This is regardless of the April 7, 2026, announcement of a two-week ceasefire. India is equipped to handle some strain, in our view. Robust corporate balance sheets provide a cushion against higher energy prices. Banks, meanwhile, have strong capital and profitability. India's robust external position gives it buffers to absorb some shocks from a higher import bill. We, therefore, don't expect any ]]>ArticlesTue, 14 Apr 2026 02:17:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-indias-strong-fundamentals-would-cushion-the-blow-of-an-oil-shock-s101678305<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 17:48:11 GMT00:01:00<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]><![CDATA[ This report does not constitute a rating action. The Mexican government has recently published guidelines for private sector, in collaboration with the state-owned utility Comisión Federal de Electricidad (CFE; foreign currency: BBB/Stable/--, local currency: BBB+/Stable/--), to participate in the power sector. The guidelines are primarily for electricity generation, and the following are key features: Project structure: Investments will be channeled through special purpose vehicles or entities, with a defined payment waterfall to ensure a base level of return for private investors. Ownership and responsibilities: CFE (54%): The utility will contribute to permits, access to land, buy at least 70% of each project's entry output through a long-term power purchase agreement (PPA), and participate in plant operations and management. Private entities ]]>ArticlesMon, 13 Apr 2026 17:48:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexicos-electricity-sector-eyes-private-sector-investment-s101674456<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 13:53:03 GMT00:01:00<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East presents the global auto industry with three major challenges: softer demand, supply chain disruptions, and rising costs. Our base case assumes the war’s intensity will peak and the Strait of Hormuz’s effective closure will ease during April, but some disruptions are likely to persist for months. Economic uncertainty and reduced disposable incomes may dampen demand, while disrupted shipping routes and logistics could lead to shortages of key materials and components. The Middle East supplies meaningful volumes of aluminum to the U.S., for a start; the United Arab Emirates and Bahrain together account for 20%-25% of U.S. unwrought aluminum imports. This means an extended disruption to shipping ]]>ArticlesMon, 13 Apr 2026 13:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-auto-industrys-2026-hangover-high-costs-stretched-consumers-slowing-sales-s101679197<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 01:14:14 GMT00:01:00<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]><![CDATA[ This report does not constitute a rating action. Asian technology companies differ in their ability to absorb higher costs related to the Middle East conflict. High-end chipmakers are best positioned to raise prices, given favorable demand and strong investment in AI data centers. Consumer electronics companies are the least able. In a prolonged war, electronics makers would also become more vulnerable to demand destruction. Nearly all of the sensitives are indirect, though still potentially weighty. Direct revenue exposure to the Middle East is limited for most rated tech companies. The rated firms generally possess the financial strength to absorb the initial impacts under our base-case scenario, which is that the Strait of Hormuz's effective closure will ease during April. Our ]]>ArticlesMon, 13 Apr 2026 01:14:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-tech-hardware-middle-east-risks-will-weigh-on-supply-and-demand-s101676539<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 12 Apr 2026 23:16:11 GMT00:01:00<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]><![CDATA[ This report does not constitute a rating action. Chinese miners are stepping up their global expansion. We think the current wave of outbound investment signals a structural shift in the sector. Financially stronger, more commercially driven companies are moving quickly to ensure resources overseas while metals markets remain supportive. This approach suggests a more pragmatic and execution-focused phase of international growth for China's mining industry. Balance sheet strength and ample financing should allow the main players to pursue this strategy without weakening their credit profiles. Over the past three years, China has boosted its overseas investment in the metals sector. This trend represents another wave of capital outflow since 2013, highlighting China's strategy to secure resources and expand its influence ]]>ArticlesSun, 12 Apr 2026 23:16:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-commodities-in-charts-strong-balance-sheets-support-miners-global-expansion-s101671542<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 18:56:49 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating actions by security type and by issues year-to-date can be downloaded here . Additional contacts Name Contact type Location Email address Deegant Pandya Research contributor New York deegant.pandya@spglobal.com Sahay Senathikagu Research contributor New York sahayajayaseelan.sen@spglobal.com Bushra Dawawala Research contributor Mumbai bushra.dawawala@spglobal.com Heather McArdle Investor contact New York heather.mcardle@spglobal.com Jeff Sexton Media contact New York jeff.sexton@spglobal.com It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States , March 31, 2026 Credit FAQ: Navigating A Rise In Variable-Rate Demand Bonds ]]>ArticlesFri, 10 Apr 2026 18:56:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-march-2026-s101679520<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 09:46:18 GMT00:01:00<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses BKS Bank AG's Sustainable Bond Framework as aligned with the Social Bond Principles, ICMA, 2025 and the Green Bond Principles, ICMA, 2025. BKS Bank is a regional bank headquartered in Klagenfurt, Austria, with international operations across Central and Eastern Europe. ]]>ArticlesFri, 10 Apr 2026 09:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bks-bank-ag-sustainable-bond-framework-s101679648<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 10 Apr 2026 08:12:57 GMT00:01:00<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]><![CDATA[ (Editor’s Note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly.) This report does not constitute a rating action. Asia-Pacific insurers have limited direct exposure to the Middle East. They are feeling indirect pain, however, mostly through financial market volatility. Protracted supply-chain disruptions could dampen growth, raise inflation and exacerbate insurer operating expenses. S&P Global Ratings believes the risks are manageable under our base-case ]]>ArticlesFri, 10 Apr 2026 08:12:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-insurers-market-volatility-is-the-largest-war-related-impact-s101677786<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 16:06:18 GMT00:01:00<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]><![CDATA[ This report does not constitute a rating action. Europe is increasing defense spending at a pace not seen since the Cold War. NATO's more ambitious spending commitments, Russia's war in Ukraine, and a more fragmented geopolitical environment--including the Middle East war--are forcing many EU member states to raise military budgets. Under our baseline of a coordinated rise in defense spending of about 0.2% of GDP annually through 2033--which would increase European NATO members' median defense spending above 3.5% of GDP by 2033 from 2.1% of GDP in 2025--we expect limited macro disruption, modest credit impacts for most sovereigns, and broadly stable credit quality across the defense sector. The key to turning strategic necessity into durable economic and credit strength will ]]>ArticlesThu, 09 Apr 2026 16:06:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-does-europes-defense-push-mean-for-sovereign-and-corporate-credit-s101677939<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:36:46 GMT00:01:00<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings views the market and credit impact of payment shock affecting EMEA RMBS--driven by inflationary pressures related to the Middle East war--as consistent with recent market precedent, despite being negative. There are, however, nuances that will affect borrowers and therefore RMBS transactions that differ by collateral type and by country. Since the start of the Middle East war, the two-year GBP swap rate has increased to 4.20% from 3.35%, and the equivalent EURIBOR swap rate to 2.82% from 2.15%, with both experiencing volatility (see chart 1). Market forecasts for base rate rises over the next 12-18 months vary. The current and expected scale of rate rises are moderate, compared with ]]>ArticlesThu, 09 Apr 2026 13:36:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-can-withstand-middle-east-conflict-payment-shock-s101677900<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 13:08:33 GMT00:01:00<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]><![CDATA[ This report does not constitute a rating action. Supply chain disruptions are increasingly shaping the credit landscape of USPF issuers, as labor market dynamics, evolving federal policy and regulatory frameworks, and geopolitical instability result in persistent vulnerabilities including increased project costs and delays; revenue shortfalls stemming from constrained economic activity; and heightened operating expenses due to rising input costs and potential service delivery disruptions. Rising costs, particularly related to construction, can necessitate additional debt issuance, deepen financial burdens, and potentially divert funds from other essential services issuers provide. In our view, issuers demonstrating inadequate risk assessment and limited ability to absorb cost increases or implement mitigation strategies could face rating pressure, particularly if supply chain disruptions lead to significant revenue ]]>ArticlesThu, 09 Apr 2026 13:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-supply-chain-risk-affects-credit-quality-across-us-public-finance-sectors-s101678175<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 06:19:36 GMT00:01:00<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has led to limited shipping activity passing through the Strait of Hormuz since the end of February. Some export-oriented chemical plants in the Persian Gulf have also announced closures. Because about 20% of global crude flow and about 20% of global liquefied natural gas (LNG) passes through the Strait daily, the disruption has directly affected oil and gas flows worldwide. In our view, the prolonged closure will also disrupt global downstream products, including fertilizers, sulfur, and petrochemicals. The conflict also exposes assets to risk of physical damage, either along the supply chains or directly on the manufacturing facilities. S&P Global Energy estimates the share of global ]]>ArticlesThu, 09 Apr 2026 06:19:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-conflict-gcc-downstream-sectors-brace-for-broader-impact-s101678714<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:59 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-february-2026-s101679415<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 02:56:08 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 09 Apr 2026 02:56:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-february-2026-s101679413<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 09 Apr 2026 01:41:54 GMT00:01:00<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific faces a growing energy shock that reserves can only partly absorb. Heavy reliance on Middle East imports and tight regional linkages are amplifying risks. Disruptions in crude and refined fuels could hit manufacturing and trade hard. End-user prices will likely climb, compounding inflationary pressures. Weaker currencies and high costs will fuel higher inflation, strain growth, and force difficult policy trade-offs across unevenly exposed economies. Efforts to diversify energy supply sources will make Asia-Pacific's trade landscape costlier and less productive. The Middle East supplies about 40% of Asia-Pacific energy imports, and about 90% of the crude oil shipped through the Strait of Hormuz is destined for Asia. However, the region's import patterns ]]>ArticlesThu, 09 Apr 2026 01:41:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asiapacifics-energy-flows-and-gaps-in-10-charts-s101678160<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 20:21:09 GMT00:01:00<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]><![CDATA[ This report does not constitute a rating action. Issue 43 After insurers had a temporary relief in 2026, with a rate increase of 5.06%, the highest in a decade, the 2027 rate will revert to a low level. Early indications point to the MA medical cost trend remaining elevated in 2026 and likely in 2027. Consequently, health insurers will still face some margin pressure in 2027 due to the mismatch between a modest payment rate increase and a persistently high medical cost trend. S&P Global Ratings thinks MA margin pressure will be a major industry obstacle in 2027, alongside broader challenges such as shifts in the Affordable Care Act (ACA) marketplace enrollment and the implementation of Medicaid work requirements. Historically, ]]>ArticlesWed, 08 Apr 2026 20:21:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-2027-medicare-advantage-rates-insurers-and-acute-providers-navigate-a-modest-increase-amid-rising-costs-s101676190<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 19:58:36 GMT00:01:00<![CDATA[ The Ratings View: Apr. 8, 2026 ]]><![CDATA[ In this week's summary of ratings views: Developments at the frontiers of cyber risk could pose challenges for credit. Chemicals and airlines are the European sectors most immediately vulnerable to a prolonged Middle East war. An energy shock could challenge U.S. consumer resilience and consumer-facing sectors. ]]>ArticlesWed, 08 Apr 2026 19:58:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-8-2026-s101679372<![CDATA[ The Ratings View: Apr. 8, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 14:49:18 GMT00:01:00<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]><![CDATA[ S&P Global Ratings has reviewed the Preliminary Offering Circular dated March 26, 2026, for Trinity Rail Leasing 2025 LLC’s Secured Green Standard Railcar Notes, Series 2026-1. We believe the notes are consistent with the eligible green projects outlined in Trinity Industries’ Green Financing Framework, dated June 25, 2025. In our Second Party Opinion for Trinity Industries’ green framework, which we published March 23, 2026, we expressed our view that the framework aligns with the Green Bond Principles, ICMA, 2025. ]]>ArticlesWed, 08 Apr 2026 14:49:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pre-issuance-alignment-letter-trinity-rail-leasing-2025-llc-secured-green-standard-railcar-notes-series-2026-1-s101679356<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 13:27:59 GMT00:01:00<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]><![CDATA[ This report does not constitute a rating action. This Credit FAQ addresses questions S&P Global Ratings has received from market participants about its use of agreed-upon procedures (AUP) reports--also known as pool audits--when analyzing EMEA residential mortgage-backed (RMBS) and asset-backed securities (ABS) transactions. We outline why AUP reports are relevant for evaluating the reliability, quality, and accuracy of data used in our credit analysis; how we incorporate the information they provide; and the practical considerations for their use. An AUP engagement is where a provider (usually independent, recognized accountancy firms or firms specializing in assurance-related work) performs a pool audit by following specific procedures agreed with the requesting party--typically the issuer or asset originator in an RMBS or ABS transaction. ]]>ArticlesWed, 08 Apr 2026 13:27:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-consider-pool-audits-in-our-emea-rmbs-and-abs-rating-process-s101676677<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 08 Apr 2026 10:50:20 GMT00:01:00<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]><![CDATA[ S&P Global Ratings assesses Nacional Financiera's allocations as consistent with pre-issuance commitments. ]]>ArticlesWed, 08 Apr 2026 10:50:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-nacional-financieras-allocation-and-impact-report-2025-s101679306<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 07:14:22 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]><![CDATA[ This report does not constitute a rating action. Key Takeaways Recent regulatory changes in Taiwan will reshape how life insurers manage foreign exchange risk. Short-term hedging is decreasing. Long-term capital fortification is increasing. This should lead to more stable reported earnings figures. New frameworks and treatment for foreign exchange (forex) accounting, introduced in 2026, are boosting levels of related valuation reserves. The changes, particularly one in the new reserve mechanism, aim to internalize hedging expenditures and enhance capital and earnings buffers against adverse currency movements. We believe, however, the sector's forex valuation reserves remain insufficient to withstand severe currency shocks. The new forex accounting treatment, while smoothing earnings, also introduces complexity. Credit divergence among life insurers from here is likely. ]]>ArticlesTue, 07 Apr 2026 07:14:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-taiwan-life-insurers-after-forex-rules-shakeup-risk-will-linger-s101676058<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 07 Apr 2026 02:42:14 GMT00:01:00<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]><![CDATA[ This report does not constitute a rating action. The Iran war-induced spike in oil and gas prices is denting our Australian growth forecasts. Australia (AAA/Stable/A-1+), which imports most of its refined fuel, faces supply-chain disruptions as trading partners may seek to hoard fuel. Higher spending could exacerbate inflation and cause ratings pressure for state governments. The effective closure of the Strait of Hormuz and subsequent fuel shock have triggered political pressure in Australia. Inflation, already above target, will worsen. Governments face voter calls for support. Victoria and Tasmania have already offered free public transport. Australia, with spending close to record highs relative to GDP, is facing pressure to step in. . Promised fiscal consolidation following the pandemic hasn't materialized across ]]>ArticlesTue, 07 Apr 2026 02:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-australian-governments-in-brief-oil-crisis-to-test-resolve-s101678326<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 19:47:33 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was soft with a roughly 0.5% increase nationally as of fourth-quarter 2025, synonymous with the 0.5% increase as of the third quarter. Meanwhile, total disposable income growth was roughly 0.7%, outpacing HPI for the quarter. Our current assessment shows that about 79% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 12% are neutral (0% over/undervaluation) and about 10% are undervalued. In addition, home prices have decreased in four states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation ]]>ArticlesMon, 06 Apr 2026 19:47:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-steady-at-10-s101676127<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 06 Apr 2026 15:33:08 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of April 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of April 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit spglobal.com/ratings. Organization State Rating Outlook CreditWatch Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California ]]>ArticlesMon, 06 Apr 2026 15:33:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101678478<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 03 Apr 2026 20:46:18 GMT00:01:00<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]><![CDATA[ This report does not constitute a rating action. Payrolls rose by 178,000 in March, well above the consensus forecast, while the unemployment rate edged down to 4.3%. But the decline in the unemployment rate was driven by a decline in labor force participation--not a rise in employment. Both the participation rate and the employment-to-population ratio remained meaningfully below levels from a year before, pointing to the gradual erosion of labor supply rather than renewed labor demand. A key measure of labor underutilization--the U-6 unemployment rate, which is now at 8%--is slightly higher than where it was in February and where it was 12 months ago. Also, wage growth continues to slow. Average hourly earnings rose just 0.2% month on month ]]>ArticlesFri, 03 Apr 2026 20:46:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-solid-jobs-numbers-for-march-overstate-the-us-labor-markets-momentum-s101678793<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 17:09:21 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. In 2025, seven financial services entities defaulted, with six publicly rated by S&P Global Ratings and one confidential. Of the six publicly rated entities, four were incorporated in Europe and two in the U.S. The global financial services default rate was slightly below 2024 levels, reaching 0.33% in 2025 (with a long-term average of 0.52%), compared with 0.34% a year earlier. The financial services default rate finished materially below that of the global corporate default rate, which was 3.1% as of year-end 2025. Of the six financial services entities that were rated at the start of 2025 and defaulted over the course of the year, all six were at 'CC' prior to ]]>ArticlesThu, 02 Apr 2026 17:09:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-global-financial-services-default-and-rating-transition-study-s101676096<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 02 Apr 2026 14:11:33 GMT00:01:00<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]><![CDATA[ This report does not constitute a rating action. Global asset-backed commercial paper (ABCP) continued its upward path in 2025, with outstandings increasing to $559.1 billion as of December 2025 from $454.4 billion as of the prior year end. In this article, S&P Global Ratings provides a recap of 2025 ABCP issuance and credit trends, as well as looks ahead at credit factors that could affect 2026 issuance. Issuances from all ABCP program types increased in 2025 (see chart 1). Traditional multiseller programs dominated the ABCP space in 2025, with global outstandings growing 6% to $284.0 billion from $267 billion in 2024. Multiseller programs are bank sponsored and benefit from liquidity support from the banks and typically fund consumer (e.g., autos, ]]>ArticlesThu, 02 Apr 2026 14:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/inside-global-abcp-2026-market-expected-to-remain-stable-but-geopolitical-events-may-slow-issuance-s101676671<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 18:43:48 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]><![CDATA[ This report does not constitute a rating action. U.S. consumers have been resilient to economic pressures so far, however, S&P Global Ratings thinks this resilience may be tested in the near term. For now, the backdrop appears robust on paper, with multi-decade strong aggregate household balance sheets, solid corporate earnings, and higher upcoming tax refunds supporting spending. Close to $335 billion in refunds will be issued between Jan. 26 and June 30 this year, up 11.2% from 2025, according to the S&P Global Market Intelligence Tax Refund Tracker. However, a thinner savings buffer, real income stress, along with a softening job market and lower population growth, could weigh on credit conditions, especially in sectors like retail and media/entertainment. Reduced spending ]]>ArticlesWed, 01 Apr 2026 18:43:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-consumers-resilience-could-be-tested-across-sectors-s101675447<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 15:46:02 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from February 2012 through February 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 01 Apr 2026 15:46:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-february-2026-performance-s101677773<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 13:26:07 GMT00:01:00<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]><![CDATA[ This report does not constitute a rating action. Cyber risk is never static. Changes in technology and tactics ensure that threats, defenses, and the cyber battlefield itself are in a constant state of flux. These changes can be incremental, when driven by existing factors, but technological innovation--and the innovative use of existing technologies--at the frontiers of cyber risk can give rise to sudden, fundamental shifts with ramifications for the entire cyber landscape. S&P Global Ratings considers quantum computing, AI, and the growing role of decentralized finance and cryptocurrencies to be catalysts for this sort of radical change. Individually and in combination they threaten new cyber vulnerabilities that could compromise the security and stability of credit instruments, markets, and the creditworthiness ]]>ArticlesWed, 01 Apr 2026 13:26:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101671336<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 01 Apr 2026 08:04:05 GMT00:01:00<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]><![CDATA[ S&P Global Ratings assesses Redeia's EuGB Factsheet as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Redeia is a global operator of essential infrastructure that manages the Spanish electricity system. Subsidiary REE owns and operates Spanish electricity transmission assets, comprising more than 45,500 kilometers of high-voltage electricity lines and representing about 80% of Redeia's €1.3 billion reported EBITDA in 2025. ]]>ArticlesWed, 01 Apr 2026 08:04:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spo-and-eugb-pre-issuance-review-redeia-eugb-factsheet-s101678377<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:34:02 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]><![CDATA[ This report does not constitute a rating action. Loan prices continued to face headwinds in March, remaining depressed amidst ongoing concerns surrounding artificial intelligence (AI) disruption, energy prices, and geopolitical risks. Collateralized loan obligation (CLO) collateral pools have seen only modest corporate rating downgrades this month, but recent negative rating actions on widely held issuers--like Advantage Sales and Rackspace--have contributed to a slight increase in 'CCC' exposure within broadly syndicated loan (BSL) CLOs. Further, a few issuers--including widely held Tempo Acquisition and LBM Acquisition--have had their rating outlooks revised to negative, pushing overall BSL CLO exposure to negative outlooks to over 13%, the highest level seen in more than a year (although still low compared to longer-term averages). Our CLO ]]>ArticlesTue, 31 Mar 2026 15:34:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-metrics-remain-stable-despite-uptick-in-negative-outlooks-a-look-at-bsl-clo-senior-and-junior-aaa-and-bbb-notes-s101678026<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Metrics Remain Stable Despite Uptick In Negative Outlooks; A Look At BSL CLO Senior And Junior 'AAA' And 'BBB' Notes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 15:23:31 GMT00:01:00<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]><![CDATA[ This report does not constitute a rating action. The oil price shock in response to the ongoing conflict in the Middle East has somewhat abated, but S&P Global Ratings views the lingering uncertainty--both in the war’s magnitude and duration--as weighing on markets and economic growth prospects in the U.S. For now, S&P Global Ratings Economics forecasts continued positive GDP growth of about 2.2% for 2026 (largely spurred by better-than-expected year-end 2025 strength), although the balance of risk leans squarely to the downside. (For additional information, see “ Economic Outlook U.S. Q2 2026: Curb Your Enthusiasm ,” March 25, 2026.) Within that context, it’s premature to believe that oil producers would ramp up production in the U.S. and it would depend ]]>ArticlesTue, 31 Mar 2026 15:23:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/its-too-soon-for-a-boom-though-a-bust-could-sting-mineral-producing-us-states-s101677727<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 13:46:14 GMT00:01:00<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]><![CDATA[ This report does not constitute a rating action. How strong is the documentation underpinning a European CLO transaction, and how can investors tell when documentation practices are beginning to change? Are differences in documentation between transactions simply stylistic, or do they reflect meaningful variations in investor protection and flexibility? CLO documentation can be seen as a qualitative transaction feature: A complex set of definitions, tests, and carve-outs that collectively shape the balance between investor safeguards, manager discretion, and equity returns. Yet over time, market participants have developed tools to bring greater structure to documentation. One way to systematically track these developments is through S&P Global Ratings’ document review score (DRS). This scorecard aims to quantify the strength of a CLO's ]]>ArticlesTue, 31 Mar 2026 13:46:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/reading-the-fine-print-evaluating-shifts-in-european-clo-documentation-s101676337<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 12:43:57 GMT00:01:00<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]><![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses Extensive central government control and oversight Limited discretion over revenue-raising capability Comprehensive system of fiscal equalization and central government grant funding Risk of delayed response to financial imbalances in the sector Well-tested and formalized procedures for identifying and remediating local governments with financial imbalances or in financial distress Automatic revenue stabilizers in the central government's grant framework and a far-reaching fiscal equalization system support the LRG sector's key responsibilities. We regard the balanced budget requirement as a strength as it steers the LRGs toward operating surpluses. The central government grants and far-reaching fiscal equalization system balance the LRGs' otherwise weak financial flexibility. We also view as positive the central ]]>ArticlesTue, 31 Mar 2026 12:43:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessment-weak-safeguards-could-leave-norwegian-lrgs-imbalances-unchecked-s101667523<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 07:35:24 GMT00:01:00<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]><![CDATA[ This report does not constitute a rating action. On Oct. 7, 2025, S&P Global Ratings published a request for comment (RFC) on proposed new criteria provisions, " Request For Comment: Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ." We finalized and incorporated these new provisions in our criteria, "Recovery Rating Criteria For Corporate Issuers," published on March 31, 2026. We'd like to thank those who took an interest in our RFC. We did not receive any market comments. We published the final criteria without making any significant analytical changes. We made no significant analytical changes to the proposed provisions. We indicated that the security package required to qualify for a debt rating that is ]]>ArticlesTue, 31 Mar 2026 07:35:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rfc-process-summary-rfc-results-for-proposed-notching-for-issue-ratings-of-senior-secured-debt-of-asset-intensive-investment-grade-issuers-s101672338<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 05:36:12 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]><![CDATA[ The Middle East conflict could lead to an energy supply crunch that may derail activity in Asia-Pacific. Spillovers could ripple across other sectors through higher inflation and weaker demand. ]]>ArticlesTue, 31 Mar 2026 05:36:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q2-2026-energy-supply-hit-is-the-bigger-test-s101678093<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 31 Mar 2026 02:20:41 GMT00:01:00<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]><![CDATA[ This report does not constitute a rating action. Many smaller borrowers in emerging Asia (ex-China) are hungry for consumer loans, and the region's fincos are happy to serve them. S&P Global Ratings anticipates these lenders will expand considerably faster than banks over the next few years. It's a growth opportunity that comes with higher margins but larger downside risks. The region's fincos have extensive physical networks and are strengthening digital platforms to reach underserved populations in India, Philippines, Indonesia, Vietnam, Thailand and Malaysia. The dynamics and risks vary considerably across these markets. Our credit assessments reflect the diversity, with ratings ranging from low speculative grade to solid 'BBB'. Macroeconomic conditions are also generally conducive in South and Southeast Asia, with ]]>ArticlesTue, 31 Mar 2026 02:20:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-asia-fincos-fast-times-will-test-funding-and-asset-quality-s101675088<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 19:46:06 GMT00:01:00<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]><![CDATA[ This report does not constitute a rating action. More than 10,000 energy executives and policymakers from over 80 countries attended the 2026 CERAWeek conference to discuss geopolitics, AI, electrification, and the increasing convergence and tension between policy ambitions and real-world constraints. In this commentary, we present power sector CEO insights. For our views on the broader themes at the conference, please see “ CERAWeek Sheds Light On Six Energy Infrastructure Trends ,” published March 30, 2026, on RatingsDirect. Another article will present views from the LNG sector. The first wish--and this was unanimous--was the need for greater consistency in rulemaking. It is difficult to underwrite investment decisions if one administration impedes interstate pipelines and suspends LNG permits, while another presents ]]>ArticlesMon, 30 Mar 2026 19:46:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/executive-comment-sector-update-insights-from-power-sector-ceos-at-ceraweek-s101677919<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 30 Mar 2026 15:19:21 GMT00:01:00<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]><![CDATA[ Transaction profile Issuer Together Asset Backed Securitisation 15 2026-1ST1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Sellers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Servicers Together Personal Finance Ltd. and Together Commercial Finance Ltd. Counterparties Natixis S.A., U.S. Bank Europe DAC, U.K. branch, Wells Fargo Bank, N.A., London branch, and National Westminster Bank PLC Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 475.015 10 Daily compounded SONIA +0.90 Daily compounded SONIA +1.90 Jan. 12, 2030 March 12, 2067 B-Dfrd* AA (sf) 30.085 4.30 Daily compounded SONIA +1.15 Daily compounded SONIA +2.15 Jan. 12, 2030 March 12, 2067 C-Dfrd* A (sf) 12.667 ]]>ArticlesMon, 30 Mar 2026 15:19:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-together-asset-backed-securitisation-15-2026-1st1-plc-s101675433<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 18:24:20 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 26 Mar 2026 18:24:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-march-25-2026-s101677472<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:54:58 GMT00:01:00<![CDATA[ The Ratings View: Mar. 26, 2026 ]]><![CDATA[ In this week's summary of ratings views: War in the Middle East could stall global economic growth and push up inflation. Global credit conditions clouded by energy, growth, inflation, and supply chain risks. Weaker demand, supply-chain risks, and higher costs could damage global autos. ]]>ArticlesThu, 26 Mar 2026 17:54:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-26-2026-s101677591<![CDATA[ The Ratings View: Mar. 26, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 17:38:25 GMT00:01:00<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]><![CDATA[ This report does not constitute a rating action. The Metropolitan Transportation Authority (MTA), N.Y.’s Congestion Relief Zone (CRZ) tolling program launched Jan. 5, 2025, marking a pivotal moment in urban transportation finance and a bold attempt to address chronic congestion. After decades of debate and planning, the controversial program aims to reduce traffic in Manhattan’s central business district, generate dedicated funding for MTA's transit system capital needs, and improve air quality. This report by S&P Global Ratings assesses the program’s initial performance in 2025, outlining revenue generation, traffic effects, future rate adjustments, and the implications for the MTA’s credit profile, as well as explores potential risks and opportunities as the program matures. Chart 1 MTA's congestion pricing program, the first ]]>ArticlesThu, 26 Mar 2026 17:38:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/metropolitan-transportation-authority-nys-congestion-pricing-one-year-later-successes-risks-opportunities-and-credit-implications-s101667385<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:58:15 GMT00:01:00<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]><![CDATA[ This report does not constitute a rating action. The increasing penetration of solar energy in Spain is transforming the country's electricity system. Rapid growth in solar production has led to excess electricity generation and low solar prices. S&P Global Ratings expects this trend to only intensify. Even if the Middle East war eases the downward pressure on Spanish solar capture prices in 2026, the market will remain fundamentally oversupplied. We anticipate low solar capture prices of close to €25/MWh in 2027 and €20/MWh in 2028, along with increased curtailment. Prices below €30/MWh could weaken the credit quality of some Spanish solar power producers that don't have robust hedging strategies, such as well-designed power purchase agreements (PPAs) or subsidies. Producers with ]]>ArticlesThu, 26 Mar 2026 16:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/spains-solar-boom-some-producers-at-risk-utilities-protected-s101627699<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 16:28:07 GMT00:01:00<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]><![CDATA[ Downgrades increased to 31 in February, outnumbering upgrades by more than one third. Chemicals, packaging, and environmental services and consumer products accounted for more than 50% of the downgrades. ]]>ArticlesThu, 26 Mar 2026 16:28:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-rising-strains-amid-market-volatility-s101677541<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:41:37 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks the transportation infrastructure companies it rates in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. We rank the companies by rating, outlook, stand-alone credit profile (SACP), business and financial risk profiles, and liquidity assessment. Investment-grade companies (rated 'BBB-' or above) are ranked by business risk profile, then financial risk profile. Speculative-grade companies (rated 'BB+' and below) are ordered by financial risk profile, then business risk profile. We then list companies in alphabetical order if they are not distinguished by these factors. In line with our corporate rating methodology, the rating may differ from the SACP, where government, group, or rating above the ]]>ArticlesThu, 26 Mar 2026 14:41:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-transportation-infrastructure-companies-s101673105<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 14:33:04 GMT00:01:00<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]><![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) March 26, 2026--The path of favorable North American credit conditions is narrowing, as the prospect of a drawn-out or wider war in the Middle East threatens further energy and supply-chain disruptions, reigniting inflation and dampening growth, S&P Global Ratings said today in a report titled “ Credit Conditions North America Q2 2026: War Compounds Pressures ”. The Middle East conflict underscores the instability of geopolitical dynamics and, depending on the duration and scale, could have long-lasting effects on macro and credit conditions. It is also compounding the risks around trade policy uncertainty, AI-related investment and disruptions, as well as increasing strains in private credit. With material disruptions ]]>ArticlesThu, 26 Mar 2026 14:33:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-credit-conditions-for-q2-2026-are-on-a-narrow-path-report-says-s101677506<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 09:50:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sveaskog's green bond framework as Dark green: Activities that correspond to the long-term vision of a low-carbon climate resilient future. Sveaskog AB (publ) owns and manages forest properties in Sweden. It engages in cultivating forests, as well as supplying timber, pulpwood and wood chips, biofuels, biochemicals, seedlings, and forestry services. ]]>ArticlesThu, 26 Mar 2026 09:50:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sveaskog-green-bond-framework-s101676928<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 08:49:15 GMT00:01:00<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]><![CDATA[ Geopolitical risks cloud the European macro-credit outlook, which started the year fairly positively. ]]>ArticlesThu, 26 Mar 2026 08:49:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q2-2026-supply-strains-credit-pains-s101677429<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 06:57:33 GMT00:01:00<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]><![CDATA[ This report does not constitute a rating action. Japan's power industry has favorable momentum. Future power policy will center on stable electricity supply, prices, and decarbonization. In tandem, institutional treatments and support are likely to increase. Regulatory changes are afoot that could impact the industry. April 2026 marks 10 years since Japan's full retail market liberalization, one of the key facets of its regulatory framework reform. In December 2025, the government presented its vision for the future of the electric power regulatory framework. This followed cabinet approval for the Seventh Strategic Energy Plan in February 2025 and a comprehensive examination of electric power regulatory framework reform in March. We believe the policy framework, which emphasizes securing generation supply capacity, will ]]>ArticlesThu, 26 Mar 2026 06:57:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japans-power-industry-recovers-momentum-10-years-after-liberalization-s101672328<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Mar 2026 04:28:37 GMT00:01:00<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]><![CDATA[ While Asia-Pacific's growth and financing conditions entered 2026 on a strong footing, three factors may reverse that narrative: 1. A widening Middle East conflict is turning into an energy shock and supply-chain crisis with a largely closed Strait of Hormuz; 2. U.S. trade policy uncertainty still complicates the export environment for Asia-Pacific's businesses; and 3. AI-driven disruptions may displace traditional industries. ]]>ArticlesThu, 26 Mar 2026 04:28:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-asia-pacific-q2-2026-choke-point-to-stress-points-s101677398<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 19:55:42 GMT00:01:00<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]><![CDATA[ This report does not constitute a rating action. The Canadian economy’s growth will remain limited in the near term by trade uncertainty, slower population growth, and cautious household and business spending. We forecast 1.4% annual average growth in 2026, down from 1.7% in 2025 (see chart 1 and table 1). But annual averages can be deceptive. On a fourth quarter-over-fourth quarter basis, our forecast translates to a much improved 2.0% real GDP growth in 2026, compared with 0.7% in 2025. Chart 1 There is limited relief for interest rates. While short‑term policy rates have eased meaningfully, longer‑term borrowing costs remain a material constraint on housing and real estate investment. The Bank of Canada (BoC) has cut aggressively, bringing the policy ]]>ArticlesWed, 25 Mar 2026 19:55:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q2-2026-trade-uncertainty-cautious-spending-constrain-growth-s101677093<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 17:25:02 GMT00:01:00<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]><![CDATA[ Ratings Class Rating* Class size (mil.£) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 152.611 20.00 Compounded daily SONIA plus 0.90% March 2036 B-Dfrd AA (sf) 10.015 14.80 Compounded daily SONIA plus 1.25% March 2036 C-Dfrd A (sf) 8.584 10.30 Compounded daily SONIA plus 1.55% March 2036 D-Dfrd BBB+ (sf) 7.154 6.50 Compounded daily SONIA plus 1.95% March 2036 E-Dfrd BB (sf) 6.676 3.00 Compounded daily SONIA plus 3.30% March 2036 F-Dfrd B (sf) 2.862 1.50 Compounded daily SONIA plus 4.24% March 2036 G-Dfrd B- (sf) 2.861 0.0 Compounded daily SONIA plus 6.25% March 2036 X-Dfrd† B- (sf) 8.107 N/A Compounded daily SONIA plus 3.45% March 2036 S Certificates NR N/A N/A N/A March 2036 Y ]]>ArticlesWed, 25 Mar 2026 17:25:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-montgomery-square-consumer-funding-1-plc-s101676555<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 15:26:20 GMT00:01:00<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]><![CDATA[ This report does not constitute a rating action. Credit spreads have widened but remain very low. Exchange rates have weakened, but gradually. Energy prices have risen substantially. However, in our baseline scenario, we assume the increase in prices will soon moderate. We expect the price of Brent crude oil to average $80 per barrel this year and $65 per barrel in 2027. Before the conflict started, economic activity in most EMs was stronger than we anticipated, thanks to strong demand for tech goods and robust domestic demand. As a result, we have made only small GDP growth revisions for most of the major EMs, and we project only moderately slower GDP growth in 2026 compared with 2025 in most EMs ]]>ArticlesWed, 25 Mar 2026 15:26:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q2-2026-inflation-risks-reemerge-s101675942<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 11:57:25 GMT00:01:00<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]><![CDATA[ This report does not constitute a rating action. At the start of 2026, the European economy was on the verge of fully rebalancing from the two major shocks of recent years: the COVID-19 pandemic and the 2022 energy price surge. Our 2026 outlook was for growth to remain broadly stable across the region, with prospects for acceleration over the medium term. We expected core inflation to decline, even in the U.K., paving the way for further rate cuts by the Bank of England (BoE), while the European Central Bank (ECB) could have waited until 2027 before considering rate hikes. Yet in light of recent events, we now expect growth in 2026 to be weaker and inflation to be higher. We ]]>ArticlesWed, 25 Mar 2026 11:57:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-economic-outlook-europe-q2-2026-global-shock-leaves-recovery-uncertain-s101675412<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Mar 2026 07:52:31 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebanken Øst's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Sparebanken Øst is one of the largest non-affiliated and independent local savings banks in Norway. ]]>ArticlesWed, 25 Mar 2026 07:52:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebanken-st-green-finance-framework-s101677130<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:17:48 GMT00:01:00<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across Asia-Pacific structured finance sectors, including the latest trends in RMBS and ABS. ]]>ArticlesTue, 24 Mar 2026 17:17:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/apac-structured-finance-chart-book-march-2026-s101676975<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 17:15:17 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesTue, 24 Mar 2026 17:15:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-march-2026-s101676967<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 13:12:03 GMT00:01:00<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]><![CDATA[ This report does not constitute a rating action. Data centers are increasingly being viewed as catalysts for economic growth, promising job creation during construction and increasing tax revenues once built. U.S. states and local governments (LGs) have recently courted these developments through tax incentives and streamlined permitting processes. S&P Global Ratings believes that the long-term credit impact of data center development for LGs is predicated on the economic and financial benefits and risks they incur, which would be heavily influenced by the financial arrangements between developers and governments. Therefore, LGs’ own financial and risk management decisions will be paramount as they contemplate the use of related revenue, adding debt for infrastructure, and deploying local resources to expand their economies. Building ]]>ArticlesTue, 24 Mar 2026 13:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/everywhere-all-at-once-how-the-growth-of-data-centers-could-carry-risks-for-us-local-governments-s101673051<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Mar 2026 10:45:15 GMT00:01:00<![CDATA[ Ericsson Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Ericsson's green financing framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Ericsson, headquartered in Stockholm, is one of the world's largest providers of wireless telecom network equipment and related software and services, with net sales of Swedish krona 237 billion (about €20.5 billion) in 2025. ]]>ArticlesTue, 24 Mar 2026 10:45:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ericsson-green-financing-framework-s101676879<![CDATA[ Ericsson Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 14:53:18 GMT00:01:00<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Trinity Industries Inc.'s Green Financing Framework as Medium green, aligned. Incorporated in 1933 and headquartered in Dallas, Trinity Industries provides railcar products and services under the TrinityRail trade name in North America. The company operates in two segments, Railcar Leasing and Services Group and Rail Products Group. ]]>ArticlesMon, 23 Mar 2026 14:53:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-trinity-industries-green-financing-framework-s101676728<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Mar 2026 13:34:40 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]><![CDATA[ This report does not constitute a rating action. 2025 saw emerging and frontier markets (EMFM) corporate defaults fall to nine, down from 12 in 2024. It marks the third year in a row that defaults decreased. This led the annual speculative-grade EMFM default rate to 1.09%, which is considerably below its average figure of 3.01% (1997-2025; table 1) and below the global average of 3.66% (1997-2025, table 2). All defaults in 2025 took place within our emerging market portfolio. If we exclude FM countries from the total population of emerging and frontier markets, the speculative-grade corporate default rate for EMs alone would be 1.17% (average 2.98% 1997-2025, chart 2). Chart 1 Chart 2 Table 1 Emerging and frontier markets corporate ]]>ArticlesMon, 23 Mar 2026 13:34:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-emerging-and-frontier-markets-corporate-default-and-rating-transition-study-s101669762<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 22 Mar 2026 22:42:14 GMT00:01:00<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]><![CDATA[ This report does not constitute a rating action. An expanded Australian government scheme for first-time buyers of homes could distort the housing market. Sovereign support, which gives buyers a partial guarantee on their loans, is crowding out the lenders' mortgage insurance market. Further, such aid could price out the first-home buyers it aims to help. The Australian Government 5% Deposit Scheme effectively undercuts insurers and gives away credit protection. It shifts mortgage credit risk from private insurers to the sovereign. Since the scheme was introduced in 2020, the government has guaranteed over 230,000 loans. The scheme allows first-home buyers to purchase property with a minimum 5% deposit and no insurance. This brings forward buyer demand and will further fuel house ]]>ArticlesSun, 22 Mar 2026 22:42:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australias-expanded-support-for-homebuyers-could-backfire-s101664310<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 16:10:51 GMT00:01:00<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]><![CDATA[   New artificial intelligence products capable of automating complex workflows and executing tasks across diverse job functions have escalated uncertainty over whether AI will augment existing software offerings or simply replace them. Markets have reacted with sharp declines in software companies' loans and stock prices, made more notable by the sector's historically high starting valuations. This pressure is expanding to private credit, where many funds hold substantial exposures to software entities--and where the key transmission channels are valuation marks, earnings pressure at lender vehicles, and refinancing risk rather than an immediate surge in defaults. Exposure to the software sector accounted for about 20% of total loan assets managed by business development companies (BDCs) and interval funds as of third-quarter 2025, ]]>ArticlesThu, 19 Mar 2026 16:10:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-to-what-extent-will-ai-disruption-hit-private-credit-s101667613<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:35:41 GMT00:01:00<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The seven Colorado River basin states ( Arizona , California , Colorado , Nevada , New Mexico , Utah , and Wyoming ) missed an important Feb. 14, 2026, deadline to agree on new water-sharing rules, jeopardizing the required Oct. 1, 2026, finalization of a replacement framework for expiring guidelines this year. Given declining anticipated snowpack throughout the western U.S. and ongoing efforts to mitigate the effects of drought and aridification, longer-term prospects for the Colorado River remain dire, in our view. Actions taken to date have been insufficient to turn the tide, prompting the United States Bureau of Reclamation (USBR) to release a draft Environmental Impact Statement (EIS) on ]]>ArticlesThu, 19 Mar 2026 14:35:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/dry-run-the-high-stakes-race-redefining-the-colorado-rivers-downstream-credit-challenges-s101674755<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 14:24:53 GMT00:01:00<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides insights on Norway and Finland’s local covered bond markets, their relevant legal frameworks, and the local mortgage markets. We also compare key characteristics of our rated programs in these jurisdictions. Both Norway and Finland have well-established covered bond markets, with the Norwegian market being the 10th largest and the Finnish market being the 14th largest considering outstanding covered bond volume. According to the European Covered Bond Council (ECBC), these two countries represent about 6% of the outstanding European covered bond market. Together, 2025 issuance comprised about 14% of the total European investor-placed benchmark issuance, up from 11% in 2024. Large Norwegian covered bond issuers have ]]>ArticlesThu, 19 Mar 2026 14:24:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/norwegian-and-finnish-covered-bond-market-insights-2026-s101668935<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 09:41:46 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]><![CDATA[ This report does not constitute a rating action. Increasing geopolitical fragmentation and uncertainty about the reliability of long-standing alliances, exacerbated by ongoing global conflicts, have raised new questions from investors and other stakeholders about how to navigate investments in defense and defense-related sectors in light of their commitments to responsible investment practices. This tension is particularly acute in Europe, where the demands of sustainability regulations and voluntary responsible or sustainable investment policies adopted by investors are being tested by heightened regional defense concerns following Russia’s 2022 invasion of Ukraine and, more recently, fluctuating security guarantees from the U.S. In a statement linked to the March 2025 release of the EU’s ReArm Europe plan, which enables new defense spending of over ]]>ArticlesThu, 19 Mar 2026 09:41:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-finance-faq-how-views-on-responsible-investment-and-defense-are-evolving-s101673980<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 07:38:31 GMT00:01:00<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]><![CDATA[ This report does not constitute a rating action. Japanese companies we rate can weather energy supply and price risk related to the Middle East, at least for now. Oil and LNG supply disruptions can be somewhat cushioned, in our view. Japan, which imports nearly 100% of its fossil fuels, has stockpiles and diversified imports. It's a different story if the energy supply shock lasts beyond our base case. Our base case for the Middle East war assumes that elevated hostilities will persist into early April, with the Strait of Hormuz facing material disruptions. We continue to recognize the risk of spillovers and security incidents continuing beyond this period. Supply chains disruption will broaden across industries and elevated energy costs will ]]>ArticlesThu, 19 Mar 2026 07:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-japanese-companies-will-handle-middle-east-risk-varies-across-sectors-s101675576<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 06:34:18 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]><![CDATA[ War in the Middle East is emerging as a key credit risk for Asia-Pacific corporates. The largest disruption to global oil supply on record is overshadowing tariffs that dominated the credit story in 2025. Restricted passage through the Strait of Hormuz, and increasing damage to Gulf countries' oil and gas assets, is curbing supply to Asia-Pacific. Energy costs volatility will likely remain high. ]]>ArticlesThu, 19 Mar 2026 06:34:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-asia-pacific-energy-shock-will-test-credit-resilience-s101676062<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 05:25:40 GMT00:01:00<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Volvo Car AB's green financing framework as Dark green. Headquartered in Gothenburg, Sweden, Volvo Car AB manufactured and sold 710,000 cars in 2025, of which 46% were electrified. Of these electrified cars, 21% were fully electric. Volvo Cars' key markets are Europe (47% of 2025 sales), China (21%), and the U.S. (17%). ]]>ArticlesThu, 19 Mar 2026 05:25:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-volvo-car-ab-green-financing-framework-s101676079<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Mar 2026 03:03:55 GMT00:01:00<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]><![CDATA[ This report does not constitute a rating action. The effective closure of the Strait of Hormuz and the resulting spike in oil and gas prices underscore how important supply-chain characteristics can be to operating performance and corporate credit quality. S&P Global Ratings indicates the relative strengths or weaknesses of an entity's supply-chain characteristics in several areas of our corporate ratings analysis when they influence our view of creditworthiness. Drivers Of Supply-Chain Risk Are Becoming More Complex An essential aspect of our credit analysis is to understand what could impede production processes (and hence cash flow). In an interconnected economy, several factors influence the availability and pricing of goods and supply-chain risks. Chart 1 Recent supply-chain shocks stemmed from transportation bottlenecks ]]>ArticlesThu, 19 Mar 2026 03:03:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-we-factor-in-supply-chain-risks-to-corporate-ratings-analysis-s101675067<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 18:15:50 GMT00:01:00<![CDATA[ New Issue: Velocity 2026-1 PLC ]]><![CDATA[ Ratings Class Ratings* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 240.682 22.57 Compounded daily SONIA plus 0.88% Feb. 20, 2037 B-Dfrd AA (sf) 21.002 14.65 Compounded daily SONIA plus 1.15% Feb. 20, 2037 C-Dfrd A (sf) 14.564 9.90 Compounded daily SONIA plus 1.55% Feb. 20, 2037 D-Dfrd BBB+ (sf) 12.264 5.90 Compounded daily SONIA plus 1.80% Feb. 20, 2037 E-Dfrd BBB- (sf) 8.585 3.10 Compounded daily SONIA plus 3.20% Feb. 20, 2037 F-Dfrd BB (sf) 6.899 0.85 Compounded daily SONIA plus 4.04% Feb. 20, 2037 G NR 2.606 N/A N/A Feb. 20, 2037 X-Dfrd B+ (sf) 7.665 N/A Compounded daily SONIA plus 4.00% Feb. 20, 2037 *Our rating on the class A notes ]]>ArticlesWed, 18 Mar 2026 18:15:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-velocity-2026-1-plc-s101675456<![CDATA[ New Issue: Velocity 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Mar 2026 09:01:19 GMT00:01:00<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]><![CDATA[ This report does not constitute a rating action. Macroeconomic uncertainty, upcoming debt maturities, and merger and acquisition (M&A) execution and integration challenges pose heightened risks to companies in the 'B-' rating category. Elevated macroeconomic and geopolitical risks--including the impact of the conflict in the Middle East and the resulting market volatility--could put additional pressure on companies facing depressed demand and subdued consumer confidence. At the same time, a significant amount of debt matures in 2027 and 2028, with refinancing risk particularly acute for companies such as Flamingo Lux II GP S.a.r.l. (Emeria), Winterfell Financing Sarl (Stark Group), and Ammega Group B.V. (Ammega), which are already on a negative outlook. In addition, M&A-related execution and integration risk remain key for some ]]>ArticlesWed, 18 Mar 2026 09:01:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clos-top-30-b-rated-issuers-chemicals-and-building-materials-pose-most-risk-s101670022<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 14:29:55 GMT00:01:00<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Republic of Chile's Sustainable Bond Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Chile is a geographically diverse country in South America, covering approximately 760,000 square kilometers with a population of around 19.6 million. ]]>ArticlesTue, 17 Mar 2026 14:29:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-republic-of-chile-sustainable-bond-framework-s101675751<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Mar 2026 04:29:54 GMT00:01:00<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]><![CDATA[ This report does not constitute a rating action. China is reducing government distortion in banks' risk pricing. Beijing's latest fiscal package has shifted to a market-based approach for channeling bank funding to policy-supported sectors. Previously, it relied more on window guidance. This could ease downside pressure on bank profitability and support credit growth. During its recent Two Sessions, the government announced a Chinese renminbi (RMB) 100 billion special fiscal fund to cover spending for six policy instruments: Four loan interest subsidy programs targeting (1) personal consumption; (2) the service sector; (3) micro, small and midsize enterprises; and (4) equipment renewal; A financing guarantee scheme; and A private enterprise bond risk-sharing mechanism. It contains larger fiscal funding, broader sectoral coverage, more ]]>ArticlesTue, 17 Mar 2026 04:29:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banking-brief-policy-support-for-priority-sectors-has-become-less-distortive-s101674706<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 17:11:05 GMT00:01:00<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has reviewed its hydrocarbon price deck and raised its WTI and Brent oil price assumptions by $15/bbl for the remainder of 2026 while leaving its assumptions for 2027-2029 unchanged. Our Henry Hub, AECO, and TTF natural gas price assumptions for 2026-2029 are also unchanged. S&P Global Ratings' oil and natural gas price assumptions --New prices-- --Old prices-- WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) WTI ($/bbl) Brent ($/bbl) Henry Hub ($/mmBtu) AECO ($/mmBtu) TTF ($/mmBtu) Remaining 2026 75 80 3.75 1.50 13 60 65 3.75 1.50 13 2027 60 65 3.75 1.75 9 60 65 3.75 1.75 9 2028 60 65 3.5 1.75 8 60 ]]>ArticlesMon, 16 Mar 2026 17:11:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-raises-2026-oil-price-assumptions-on-longerthanexpected-oil-flows-disruption-s101675235<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 15:20:04 GMT00:01:00<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Since the outbreak of the Middle East war, Gulf Cooperation Council (GCC) banks have been inevitably affected, facing both physical risk to operations and financial risk to balance sheets. Yet S&P Global Ratings’ analysis suggests that continuity plans have maintained effective operations and that potential fund outflows remain manageable for now, though longer-term effects on asset quality remain uncertain. The banks’ resilience could yet face sterner tests, depending on both the duration and scope of events. Our base-case scenario is that the most intense part of the conflict will last around two-to-four weeks although we recognize that broader spillovers and intermittent security incidents could extend beyond this period. The full extent of ]]>ArticlesMon, 16 Mar 2026 15:20:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/resilient-gulf-banks-still-face-uncertainty-s101674982<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:31:26 GMT00:01:00<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]><![CDATA[ This report does not constitute a rating action. The war in the Middle East has a range of implications for S&P Global Ratings’ portfolio of rated infrastructure assets around the world. The effects on an entity’s credit standing will vary according to where assets are located, the contractual and regulatory framework under which the entity operates, and on the duration, scope, and severity of the war. The war in the Middle East has increased the level of risk for critical GCC infrastructure assets. Although some facilities have been targeted, we have not seen significant operational disruptions to rated projects at this stage. Most large-scale assets incorporate considerable in-built redundancy and resilience and continue to operate normally. Operators have also implemented ]]>ArticlesMon, 16 Mar 2026 14:31:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/war-in-the-middle-east-risks-and-opportunities-for-global-infrastructure-s101674866<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 14:26:23 GMT00:01:00<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]><![CDATA[ This report does not constitute a rating action. The degree of disruption depends on the mission-critical nature of applications, their complexity, the domain expertise they require, and the sensitivity of the underlying data. Some software segments in the region benefit from strict regulations, high barriers to entry, and the critical nature of the services they provide. For software companies that focus on these segments, AI is not an existential threat but a tool that can enhance capabilities, improve efficiency, and accelerate growth. These systems are deeply integrated into clinical decision-making and patient safety, and errors can have serious regulatory and legal consequences. The health care sector in Europe is shielded from rapid AI disruption due to a robust regulatory framework. ]]>ArticlesMon, 16 Mar 2026 14:26:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-can-add-an-edge-to-several-european-software-subsegments-s101675369<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Mar 2026 02:03:17 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 16 Mar 2026 02:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-january-2026-s101675335<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 08:40:15 GMT00:01:00<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Skue Sparebank's Green Bond Framework as Light green, indicating activities that represent transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. Skue Sparebank is a Norwegian savings bank that has 15 offices in the regions of Buskerud and Telemark. ]]>ArticlesFri, 13 Mar 2026 08:40:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-skue-sparebanks-green-bond-framework-s101675116<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Mar 2026 04:58:17 GMT00:01:00<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. The Middle East conflict will push up costs and likely squeeze the profitability of many Asia-Pacific chemicals producers. It will also disrupt access to some major raw materials and intermediate chemicals. If the disruption persists beyond the S&P Global Ratings base case of about four weeks, global ]]>ArticlesFri, 13 Mar 2026 04:58:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-the-middle-east-conflict-means-for-the-asia-pacific-chemicals-industry-s101673918<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 13:57:56 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]><![CDATA[ This report does not constitute a rating action. The Energy Information Administration (EIA) reports that the Brent crude oil spot price settled at $94 per barrel (/bbl) on March 9, 2026, compared with an average of $71/bbl on Feb. 27. EIA expects that average oil prices will remain at $91/bbl through the second quarter of 2026. Given oil's extremely limited role in producing U.S. electricity, the financial performance of public power and electric cooperative NFP utilities should be relatively insulated from the surging oil prices stemming from the Middle East conflict. However, a protracted conflict could trigger inflationary impacts on the U.S. consumer that could erode NFP utilities’ financial flexibility. As a result, affordability pressures that S&P Global Ratings already ]]>ArticlesThu, 12 Mar 2026 13:57:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-electric-utilities-ratemaking-flexibility-could-worsen-from-indirect-exposure-to-middle-east-conflict-s101674219<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 12:03:17 GMT00:01:00<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]><![CDATA[ This report does not constitute a rating action. The Middle East war, coupled with broader global geopolitical tensions, has increased the volume of sovereign-sponsored cyberattacks (including by proxies) targeting critical infrastructure. These attacks typically seek to dislocate essential services including communications, infrastructure, and trade, with the aim of disrupting societies and destabilizing governments. A major cyber incident and/or the increased frequency of cyberattacks due to the conflict could affect supply chains, commodity prices, economies, and global credit conditions. The U.S. and Israel have used cyberattacks in conjunction with kinetic strikes against Iran’s military and infrastructure. Reports indicate that Iran’s cyber warfare headquarters was disabled early in the conflict, but cyber and military experts warn that Iran and its proxies retain ]]>ArticlesThu, 12 Mar 2026 12:03:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cyber-brief-the-middle-east-conflict-is-also-a-cyberwar-that-has-increased-digital-risk-s101673945<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 06:11:58 GMT00:01:00<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]><![CDATA[ S&P Global Ratings assesses Just Group's allocation of sustainability bond proceeds as consistent with pre-issuance commitments under its sustainability bond framework. Just Group provides retirement income products and services to individual, homeowners, and corporate clients in the U.K. In 2025, it recorded underlying operating profit of £305 million. ]]>ArticlesThu, 12 Mar 2026 06:11:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-just-group-sustainability-allocation-report-s101674884<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Mar 2026 03:45:29 GMT00:01:00<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]><![CDATA[ Rising energy costs, U.S. policy shifts, and Japan-China ties are increasing uncertainty for the outlook for Japanese corporates. Aggressive growth investment, large acquisitions and returns to shareholders will test credit quality resilience. Expanding funding sources, such as cross-border debt issuance, could enhance financial stability; central bank interest rate rises are manageable for most. ]]>ArticlesThu, 12 Mar 2026 03:45:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-japan-an-appetite-for-investment-amid-geopolitical-risk-s101674849<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 21:37:05 GMT00:01:00<![CDATA[ The Ratings View: Mar. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: The Middle East war underscores fragile geopolitical stability and resulting credit risks. We raised our oil price assumptions for 2026. We look at industry implications from the conflict for chemicals, air travel, and shipping. ]]>ArticlesWed, 11 Mar 2026 21:37:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-11-2026-s101674809<![CDATA[ The Ratings View: Mar. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 20:22:42 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]><![CDATA[ This report does not constitute a rating action. In February 2026, S&P Global Ratings maintained 18 ratings without revising the outlooks, and took three negative rating actions and two positive rating actions in the U.S. not-for-profit health care sector. In addition, we revised four outlooks favorably without changing the ratings. Included in the month's activity were ratings assigned to seven new debt issuances for currently rated organizations, all of which were affirmed. We also assigned a rating to one new issuer, Springfield Sustainable Energy Partners LLC, Del. (an entity whose rating is based on that of Memorial Health System, Ill.). The nine rating actions and outlook revisions consisted of the following: Upgrades on two stand-alone hospitals, one in the 'BBB' ]]>ArticlesWed, 11 Mar 2026 20:22:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-february-2026-s101674728<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 19:10:57 GMT00:01:00<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]><![CDATA[ The Middle East war has already pushed Brent crude to about $90 per barrel, underscoring that the Strait of Hormuz is a key global risk point. Credit implications will depend critically on how long and how widely the Middle East war spreads. ]]>ArticlesWed, 11 Mar 2026 19:10:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-monthly-highlights-the-wars-scope-and-duration-shape-risks-s101674769<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:19:00 GMT00:01:00<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]><![CDATA[ This report does not constitute a rating action. Relatively strong and stable returns make these funds attractive, but financial institutions' exposures to these require significant regulatory capital. RNFs offer an efficient, less capital-intensive route for these regulated investors to allocate capital into private market strategies. Our ratings analysis of these structures considers key factors, including liquidity management, funding structure, and leverage. They are crucial vehicles to channel investor capital into master funds across several investment strategies, such as private equity, private debt, or hedge funds. They split investors' contributions to feeders into debt and equity components. The typical debt-to-equity ratio is 70/30 or 80/20. Investors may opt for: A "vertical strip," where each LP's investment into the feeder is divided ]]>ArticlesWed, 11 Mar 2026 16:19:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sector-review-fund-finance-trends-rated-note-feeders-support-private-credit-fundraising-s101667999<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 16:12:13 GMT00:01:00<![CDATA[ Pension Spotlight: Illinois ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Contributions are increasing but have remained a consistent percentage of the budget for the past five years. While this consistency helps with budget planning, costs are high and still significantly short of meaningful funding progress. The state has taken some steps to address its unfunded liability, including $700 million in total supplemental contributions across fiscal years 2022 and 2023 (roughly 0.5% of the state’s total fiscal 2025 net pension liability) and an ongoing pension buyout program that the state estimates has reduced liabilities by $2.9 billion (1.9%). Some uncertainty will remain regarding the liabilities until the state determines how it will modify Tier 2 to adhere to federal safe harbor ]]>ArticlesWed, 11 Mar 2026 16:12:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/pension-spotlight-illinois-s101669203<![CDATA[ Pension Spotlight: Illinois ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 14:10:06 GMT00:01:00<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has received questions about the credit risks of AI-driven market movements in North America. In this FAQ, we answer the most frequently asked questions, emphasizing rating implications, sector vulnerabilities, and potential triggers of credit deterioration. For software and services issuers exposed to AI substitution, key downgrade triggers will likely center multiple forward‑looking signals that competitive position has weakened and revenue durability has eroded. Triggers could include declining net revenue retention, weaker new‑logo wins, rising price concessions, and shorter contract durations, all of which indicate customer insourcing or displacement by lower‑cost AI‑native alternatives well before financials weaken. These early signs, when paired with margin compression, delayed monetization of AI investments, ]]>ArticlesWed, 11 Mar 2026 14:10:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-could-ai-risks-weaken-ratings-s101673779<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:39:11 GMT00:01:00<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]><![CDATA[ This report does not constitute a rating action. The Middle East conflict is geographically distant from Asia‑Pacific--its economic and credit repercussions are not. The region is the major recipient of imports ferried across the Strait of Hormuz. That makes it vulnerable to disruptions in this important waterway. Given Asia's net energy importing status, prolonged disruptions to energy supply and persistent high prices will affect households, corporates, banks and governments. Many economies maintain strategic crude oil stockpiles to manage disruption over the short term. Any prolonged supply shortages pose a severe strain to the region's macro-credit conditions. Inflationary pressure could escalate, complicating monetary easing paths in the region, while market volatility could upend the current supportive financing conditions. Current accounts will ]]>ArticlesWed, 11 Mar 2026 05:39:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-watchpoints-for-asia-pacific-if-energy-supply-disruptions-persist-s101674437<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 05:25:21 GMT00:01:00<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]><![CDATA[ Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. Oil and gas markets across Asia Pacific have a variety of defenses against disruptions in supply caused by the effective closure of the Strait of Hormuz. However, if such disruptions persist, these defenses will run thin. In a prolonged-war scenario, oil and gas majors in ]]>ArticlesWed, 11 Mar 2026 05:25:21 GMThttps://www.spglobal.com/ratings/en/regulatory/article/prolonged-iran-conflict-can-breach-asian-oil-and-gas-defenses-s101673298<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Mar 2026 04:24:51 GMT00:01:00<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]><![CDATA[ This report does not constitute a rating action. . In our view, these institutions' tight risk management, foreign-currency liquidity buffers and adequate capitalization should carry them through this turbulent period. The government's financial market stabilization measures will also help. . The Korea Composite Stock Price Index dropped nearly 20% over a few days in early March from its historical peak amid volatility flowing from the Middle East war. The index has somewhat recovered but it continues to trade with a high degree of volatility, with the benchmark moving around 5% up or down each day. The Korean won is also around its lowest level since the global financial crisis. A weaker won would increase the risk-weighted assets of financial institutions ]]>ArticlesWed, 11 Mar 2026 04:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-financials-brief-middle-east-war-induced-volatility-to-test-resilience-s101674143<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 22:16:06 GMT00:01:00<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]><![CDATA[ Bank SMBC Indonesia Tbk. PT (SMBC Indonesia) was founded in 1958 and is headquartered in Jakarta, Indonesia. The bank operates in wholesale, corporate, business, and retail banking. ]]>ArticlesTue, 10 Mar 2026 22:16:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bank-smbc-indonesia-tbk-pt-esg-deposit-framework-s101674585<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 13:36:55 GMT00:01:00<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks rated health care services companies in Europe, the Middle East, and Africa (EMEA) from strongest to weakest. Our rankings consider rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked first by business risk profile, then by financial risk profile. Speculative-grade companies are first ordered by financial risk profile, then by business risk profile. If companies are not distinguished by these factors, we list them alphabetically. In line with our corporate rating methodology (see Related Criteria), the final ratings on health care services companies are in line with the SACP due to the absence of factors such ]]>ArticlesTue, 10 Mar 2026 13:36:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-health-care-services-companies-strongest-to-weakest-s101669085<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Mar 2026 06:24:09 GMT00:01:00<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]><![CDATA[ This report does not constitute a rating action. High-quality growth and technological innovation have emerged as the top themes of China's Two Sessions meetings. Amid heightened geopolitical and trade tensions, the major economic and fiscal policies unveiled aim to meet these objectives. The budget and funding align with that. S&P Global Ratings believes Beijing continues to use policy levers to contain systemic risks from areas, such as local debt (including local government and state-owned enterprises) and the property market. The fiscal stance generally aligns with our expectations. We believe the government will retain policy room to dial up support if needed. We answer questions about the credit implications of the recent announcements for the governments in China. This year's budget ]]>ArticlesTue, 10 Mar 2026 06:24:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-chinas-two-sessions-beyond-the-headline-numbers-s101674117<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:31:47 GMT00:01:00<![CDATA[ Sovereign Ratings Score Snapshot ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings publishes its Sovereign Ratings Score Snapshot every month. Our analysis of sovereign creditworthiness rests on our scoring of five key rating factors: (i) institutional assessment; (ii) economic assessment; (iii) external assessment; (iv) the average of fiscal flexibility and performance, and debt burden; and (v) monetary assessment. Each of the factors is assessed on a continuum spanning from 1 (strongest) to 6 (weakest). S&P Global Ratings' " Sovereign Rating Methodology ," published Dec. 18, 2017, details how we derive and combine the scores, and then derive the sovereign foreign currency rating. Under S&P Global Ratings' sovereign rating methodology, a change in score does not in all cases lead to a ]]>ArticlesMon, 09 Mar 2026 16:31:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-ratings-score-snapshot-s101673957<![CDATA[ Sovereign Ratings Score Snapshot ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 16:07:08 GMT00:01:00<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that, although composed in accordance with the city’s balanced-budget requirements, the New York City mayor’s preliminary budget and five-year financial plan for fiscal years 2026-2030 introduce a combination of structural, one-time, and temporary solutions that could make it difficult to sustain budgetary balance beyond fiscal years 2026 and 2027. We believe the city has previously demonstrated resilience to weather fiscal challenges without deterioration of its credit quality. Furthermore, despite potential macroeconomic and policy uncertainties, New York City's dynamic and diverse economic base remains supportive of the 2026-2030 financial plan’s revenue growth expectations, and it has a well embedded governance framework and structural protections. These include robust policies; multiyear ]]>ArticlesMon, 09 Mar 2026 16:07:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/what-were-watching-as-new-york-citys-fiscal-realities-bite-into-the-big-apples-preliminary-fiscal-2027-budget-s101673550<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 03:37:50 GMT00:01:00<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]><![CDATA[ Science City (GZ) Investment Group Co. Ltd. is a state-owned enterprise in China and a key infrastructure investment and financing company in the Guangzhou Economic and Technological Development Zone (GETDZ). It operates a diversified business portfolio that includes municipal construction, urban services, copper processing, commodities trading. It focuses on new-generation information technology, urban construction and renewal, environmental protection, and the financial industry. ]]>ArticlesMon, 09 Mar 2026 03:37:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-science-city-gz-investment-group-co-ltd-sustainable-finance-framework-s101674153<![CDATA[ Second Party Opinion: Science City (GZ) Investment Group Co. Ltd. Sustainable Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Mar 2026 01:15:27 GMT00:01:00<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]><![CDATA[ This report does not constitute a rating action. Excluding Japanese government bonds held for policy reserve matching from impairment calculations would be neutral for Japanese life insurers. We evaluate such bonds using an economic value-based-capital model, so the proposed revisions would not affect our capital assessments. However, portfolio management will be less constrained and operational flexibility enhanced. The Japanese Institute of Certified Public Accountants made the proposal on Feb. 17, 2026. It argues policy reserve matching bonds--mostly Japanese government bonds--should be treated under the credit loss model as they are similar to held-to-maturity bonds. Under current accounting standards, policy reserve matching bonds and held-to-maturity securities are treated using the amortized cost method. Expected credit losses for held-to-maturity securities may not ]]>ArticlesMon, 09 Mar 2026 01:15:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-life-insurance-brief-accounting-shift-improves-investment-flexibility-s101671555<![CDATA[ Japan Life Insurance Brief: Accounting Shift Improves Investment Flexibility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Mar 2026 14:27:08 GMT00:01:00<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]><![CDATA[ S&P Global Ratings believes that BRK Ambiental Participações S.A.'s future shade of Medium green reflects that its services will continue to deliver significant environmental benefits to Brazil's population. ]]>ArticlesFri, 06 Mar 2026 14:27:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-brk-ambiental-participacoes-sa-s101674049<![CDATA[ Climate Transition Assessment: BRK Ambiental Participacoes S.A. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 17:09:55 GMT00:01:00<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]><![CDATA[ This report does not constitute a rating action. Recent developments in artificial intelligence (AI) have intensified investor focus on the potential implications for software companies, particularly amid increased market volatility and a broader reassessment of competitive durability across the sector. These discussions have extended into the European collateralized loan obligation (CLO) market, where software represents a significant allocation within underlying portfolios and a meaningful component of the leveraged loan universe. S&P Global Ratings examined European CLO software exposure across sector concentration, rating and outlook distribution, and maturity profiles to assess whether recent technological developments are reflected in observable credit risks materializing within European CLOs that we rate. While portfolio-level metrics provide an important starting point, software exposure is not homogeneous. ]]>ArticlesThu, 05 Mar 2026 17:09:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-risk-in-european-clos-software-exposure-beyond-the-headlines-s101673132<![CDATA[ AI Risk In European CLOs: Software Exposure Beyond The Headlines ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 14:29:35 GMT00:01:00<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]><![CDATA[ This report does not constitute a rating action. The broader implications for the airline industry are still unfolding. How rising fuel prices, operational disruptions, and shifts in consumer demand develop will be critical in determining the credit quality of rated airlines. Even though the resilience of the airline industry will be tested, historical trends suggest that consumer travel typically rebounds after initial disruptions. However, if hostilities persist or become even more severe, travel patterns could change and challenge the sector's resilience. The crisis has also disrupted key trade routes--including through the Strait of Hormuz--which are leading to sharp increases in fuel prices. Although our rated airlines typically have a good track record of passing on elevated fuel prices to customers, ]]>ArticlesThu, 05 Mar 2026 14:29:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-war-could-affect-global-airline-ratings-if-fuel-prices-remain-higher-for-longer-s101673321<![CDATA[ Middle East War Could Affect Global Airline Ratings If Fuel Prices Remain Higher For Longer ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 13:56:22 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 05 Mar 2026 13:56:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-mar-4-2026-br--s101673745<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Mar. 4, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 10:03:26 GMT00:01:00<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]><![CDATA[ This report does not constitute a rating action. India's securitization and private credit are attracting strong market interest, setting the stage for healthy expansion. We expect increased inquiries for these sectors over the next year. Securitization issuance increased about 5.1% year on year to Indian rupee (INR) 1.87 trillion (about US$21 billion) in the first nine months of fiscal 2026 (year ending March 31). Volumes have grown steadily over the past few years amid healthy expansion in retail credit, consistent originations by nonbank finance companies, and rising participation from foreign banks and mutual funds. In fiscal 2025, issuance hit a record INR2.35 trillion (about US$27 billion), up about 23.7% over fiscal 2020, equivalent to a compound annual growth rate of ]]>ArticlesThu, 05 Mar 2026 10:03:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-indias-securitization-and-private-credit-markets-primed-to-expand-s101670719<![CDATA[ ABS Frontiers: India's Securitization And Private Credit Markets Primed To Expand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 01:50:42 GMT00:01:00<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]><![CDATA[ The overall credit trend in South Korea is modestly negative, with growing sector divergence. This is an improvement from last year, when our negative rating bias was deeper due to U.S. policy uncertainty or supply-demand imbalance. ]]>ArticlesThu, 05 Mar 2026 01:50:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-korea-increasing-sector-divergence-post-trough-s101673687<![CDATA[ South Korea: Increasing Sector Divergence, Post-Trough ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Mar 2026 00:34:05 GMT00:01:00<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]><![CDATA[ Solid domestic and regional economic conditions should shield Australian and New Zealand corporates from risks arising from geopolitical uncertainties, including short-term spikes in energy prices. ]]>ArticlesThu, 05 Mar 2026 00:34:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/australia-and-new-zealand-issuers-show-strength-in-a-volatile-world-s101673681<![CDATA[ Australia And New Zealand: Issuers Show Strength In A Volatile World ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 20:55:55 GMT00:01:00<![CDATA[ The Ratings View: Mar. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: What military conflict with Iran could mean for energy markets and reinsurance. The sovereign bond glut continues. AI poses risks for business and technology services, but health care software may be resilient. ]]>ArticlesWed, 04 Mar 2026 20:55:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-4-2026-s101673647<![CDATA[ The Ratings View: Mar. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 19:14:36 GMT00:01:00<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]><![CDATA[ This report does not constitute a rating action. The digital transformation of major economies is in full swing. While the construction of AI-related infrastructure is the most visible driver, the process goes far beyond that, spanning a wide range of manufacturing and service activities. It is also unfolding differently across economies. In some, it is predominantly capitalintensive; in others, it is more laborintensive. This transformation differs in the U.S. and the EU through the lens of the information and communications technology (ICT) sector. This sector comprises both tech manufacturing (electronic components and boards, computers and peripheral equipment, communications equipment, consumer electronics, and magnetic and optical media) and tech services (wholesale of information and communications equipment, software publishing, telecommunications, computer programming, ]]>ArticlesWed, 04 Mar 2026 19:14:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-the-contrasting-digital-transformation-of-the-us-and-european-economies-s101673352<![CDATA[ Economic Research: The Contrasting Digital Transformation Of The U.S. And European Economies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:47:53 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from January 2012 through January 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>ArticlesWed, 04 Mar 2026 16:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-january-2026-performance-s101673208<![CDATA[ U.S. Auto Loan ABS Tracker: January 2026 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Mar 2026 16:00:18 GMT00:01:00<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ biannual report card on global light and heavy-duty vehicle original equipment manufacturers (OEMs) offers a clear, side-by-side view of issuers’ credit metrics against the target thresholds. The tables in the report card offer readers links to S&P Global Ratings’ most recent issuer specific analysis from RatingsDirect. Table 1 Light-vehicle OEM issuers rated by S&P Global Ratings Company Credit rating/ Outlook Rating driver Target value* 2026e 2027e Rating driver Target value* 2026e 2027e BMW AG A/Negative EBITDA Margin 11% 9.8% 11.5% FOCF to sales 3% 3-4% 4-5% Ford Motor Co. BBB-/Negative EBITDA Margin 8% 5.0%-5.5% 7%-8% FOCF to sales 1-2% Negative >1% General Motors Co. BBB/Stable EBITDA Margin 8% 9-10% ]]>ArticlesWed, 04 Mar 2026 16:00:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-autos-and-trucks-original-equipment-makers-report-card-s101668939<![CDATA[ Global Autos And Trucks Original Equipment Makers Report Card ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 21:57:46 GMT00:01:00<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]><![CDATA[ This report does not constitute a rating action. We believe that the main development banks in Mexico-- Banco Nacional de Comercio Exterior S.N.C. (Bancomext; BBB/Stable/A-2) and Nacional Financiera S.N.C. (Nafin; BBB/Stable/A-2)--are resuming their roles as active financing vehicles for implementing the government's economic policy and counteracting ongoing internal and external challenges. The banks will do so by promoting investment in physical infrastructure, strengthening domestic supply chains, and providing funding to small and medium enterprises. Bancomext and Nafin are showing a sustained recovery in their financing portfolios (loans and guarantees), after subdued growth since the pandemic. In addition, Banco Nacional de Obras y Servicios Públicos S.N.C (Banobras; BBB/Stable/A-2) has maintained more stable growth over the years, driven by transactions related to ]]>ArticlesTue, 03 Mar 2026 21:57:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexican-development-banks-to-ramp-up-lending-as-a-tool-of-economic-policy-s101671645<![CDATA[ Mexican Development Banks To Ramp Up Lending As A Tool Of Economic Policy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 18:11:33 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Monetary flexibility, relatively low debt burden, and institutional strengths. Lower income of individuals and somewhat higher corporate leverage in Chile than in global BICRA peers. Strong track record of fostering financial stability, and a credible and effective central bank. Moderate vulnerability in the country's current account and external debt position. Resilient and profitable banking system. Policy implementation bottlenecks could weaken economic growth. Banks in Chile benefit from consistent economic policies, monetary flexibility, and an independent central bank. Chile's robust institutional framework, which remains stronger than that of most regional peers, and a well-established fiscal and monetary policy have helped maintain economic stability through periods of economic shocks. ]]>ArticlesTue, 03 Mar 2026 18:11:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-chile-s101667592<![CDATA[ Banking Industry Country Risk Assessment: Chile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 16:57:41 GMT00:01:00<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]><![CDATA[ This report does not constitute a rating action. As of January 2026, the number of North American issuers rated 'CCC+' and below decreased to 141, down from 144 in October 2025. Associated with this, the rated debt volume fell to $280 billion as of end-January 2026, compared with $296 billion as of end-October 2025. The top four sectors--consumer products, media and entertainment, health care, and high technology--accounted for 59% of the total risky credits as of January 2026, compared with 58% a year ago. Trends during the three‑month period ending January 2026 were consistent with the prior three months ending October 2025. Defaults and ratings withdrawals accounted for 77% of total removals for the period ending January 2026, compared with ]]>ArticlesTue, 03 Mar 2026 16:57:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-risky-credits-sectoral-strains-persist-s101673118<![CDATA[ North American Risky Credits: Sectoral Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 15:56:02 GMT00:01:00<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]><![CDATA[ This report does not constitute a rating action. The rise of AI, with its insatiable need for power and energy infrastructure, is spurring growth across the regulated and unregulated power industry. It is also providing new opportunities for natural gas-focused midstream companies to expand their asset base. Whether a midstream company decides to provide a connection to a regulated downstream utility or perhaps bypass the power grid and fund a pipeline expansion directly to a data center or hyperscaler for a behind-the-meter solution, assessing counterparty risk is an important consideration for the transaction. Given this backdrop, S&P Global Ratings thinks it’s a good time to revisit how it assesses counterparty risk for midstream energy companies in an FAQ. Midstream companies ]]>ArticlesTue, 03 Mar 2026 15:56:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-assess-the-effect-of-counterparty-risk-on-midstream-companies-credit-quality-s101668276<![CDATA[ Credit FAQ: How We Assess The Effect Of Counterparty Risk On Midstream Companies' Credit Quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Mar 2026 11:01:01 GMT00:01:00<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific sovereign borrowing growth is decelerating. S&P Global Ratings projects such borrowing will increase by less than 5% in 2026, much slower than recent trends such as the 38% growth in 2023. This is due mostly to the waning impact of China's fiscal stimulus, and Japan's reduced borrowing. We estimate that total long-term commercial borrowing for the region will reach US$5 trillion in 2026, up from US$4.8 trillion in 2025. China and Japan will continue to dominate borrowing, accounting for over 80% of the region's long-term commercial debt. By our projections, overall outstanding sovereign commercial debt will reach US$23.8 trillion by year-end 2026, a US$2 trillion increase from 2025. China and Japan ]]>ArticlesTue, 03 Mar 2026 11:01:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-sovereign-debt-2026-asia-pacific-borrowing-growth-will-decelerate-s101666196<![CDATA[ Industry Credit Outlook: Sovereign Debt 2026: Asia-Pacific Borrowing Growth Will Decelerate ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 16:31:20 GMT00:01:00<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]><![CDATA[ This report does not constitute a rating action. Investor concern has increased around the potential for AI-driven solutions, especially from AI-native companies, to disrupt software vendors. This includes companies in the health care sector, such as those providing electronic health record (EHR) and revenue cycle management (RCM) platforms and services. More specifically, AI solutions could shift market share, compress pricing, and enable health care providers to automate certain functions internally. At the same time, incumbent software companies are investing heavily in AI-based tools to enhance their products and lower operating costs. These companies benefit from entrenched customer relationships with health systems, deep domain expertise, and large proprietary datasets to train models. Although uncertainty has increased, we expect the health care ]]>ArticlesMon, 02 Mar 2026 16:31:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/health-care-software-companies-are-more-insulated-from-ai-disruption-than-those-in-other-sectors-s101671977<![CDATA[ Health Care Software Companies Are More Insulated From AI Disruption Than Those In Other Sectors ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 12:02:41 GMT00:01:00<![CDATA[ European Annual CMBS Monitor 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, we took rating actions on 29 CMBS transactions, primarily to resolve under criteria observation (UCO) placements following the publication of our updated global CMBS criteria in August 2025. Six credit tenant-linked tranches were upgraded by one notch to reflect our upgrade of Tesco PLC. Of the 29 transactions we reviewed as part of our annual surveillance and UCO resolution process, rating actions were mainly affirmations (54.8% of tranches reviewed), followed by downgrades (8.7%), and upgrades (36.5%). No ‘AAA’-rated tranches were downgraded between Jan. 1, 2025, and Dec. 31, 2025. The highest-rated tranche downgraded was 'AA (sf)'. Following the application of our updated criteria, two tranches were downgraded to 'A+ (sf)’ ]]>ArticlesMon, 02 Mar 2026 12:02:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-annual-cmbs-monitor-2025-s101672088<![CDATA[ European Annual CMBS Monitor 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Mar 2026 05:16:53 GMT00:01:00<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]><![CDATA[ Rating as of March 2, 2026 Rating Amount (bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 29.0 2.08% March 10, 2061 24.7 §We define the overcollateralization ratio as: 1-(A+B)/(C-D-E); A: the rated obligations and equally ranked obligations; B: prior obligations to the rated obligations; C: underlying assets (including cash); D: liquidity reserves; E: obligations, except for senior, mezzanine, or subordinate obligations (seller's interest, etc.). The ratio in this report represents the transaction structure's minimum maintenance ratio for the overcollateralization of pro rata pay. Profile Expected closing date March 2, 2026 Collateral An entrusted pool of residential mortgage loans Originator/Servicer Japan Housing Finance Agency Collateral trustee Sumitomo Mitsui Trust Bank Ltd. Beneficiary representative Sumitomo Mitsui ]]>ArticlesMon, 02 Mar 2026 05:16:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-japan-housing-finance-agency-series-e55-3-s101670700<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-3) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 19:48:10 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $4.9 billion month over month to $670.6 billion as of February 2026. All data in this report reflects activity as of the subsequent February’s payment date. The overall U.S. CMBS delinquency (DQ) rate decreased 42 basis points (bps) month over month to 5.8% in February and rose 49 bps year over year. By dollar amount, total delinquencies were $39.1 billion, a net month-over-month decrease of $2.5 billion (6.1%) and a net year-over-year increase of $3.8 billion (10.8%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 14 ]]>ArticlesFri, 27 Feb 2026 19:48:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-decreased-42-basis-points-to-58-in-february-2026-s101672413<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Decreased 42 Basis Points To 5.8% In February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 17:37:45 GMT00:01:00<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]><![CDATA[ Net outlook bias (the percentage of issuers with a positive outlook or on CreditWatch positive minus the percentage with negative outlook) increased in January for the fourth month in a row to -5.2%. ]]>ArticlesFri, 27 Feb 2026 17:37:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-outlook-bias-improves-amid-lingering-risks-february-2026-s101672931<![CDATA[ This Month In Credit: Outlook Bias Improves Amid Lingering Risks (February 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 15:01:30 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]><![CDATA[ This report does not constitute a rating action. Despite the relentless focus on software names, credit quality across the BSL CLO Insights Index has remained fairly stable year to date, with S&P Global Ratings' weighted average rating factor (SPWARF) values well below 2600 and 'B-' exposure and ‘CCC’ buckets hovering around 20% and 5%, respectively. Corporate ratings saw fewer downgrades into the ‘CCC’ category in February, particularly across issuers widely held in U.S. broadly syndicated loan (BSL) collateralized loan obligations (CLOs). Not all of the news was good. There has been a slight uptick in exposure to defaulted assets this month, partially due to PMHC II Inc., a metals and mining issuer widely held across BSL CLOs that saw its ]]>ArticlesFri, 27 Feb 2026 15:01:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2026-us-bsl-index-loan-prices-drag-on-otherwise-stable-clo-metrics-oc-test-cushion-scenarios-s101672774<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: Loan Prices Drag On Otherwise Stable CLO Metrics; O/C Test Cushion Scenarios ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 27 Feb 2026 11:16:28 GMT00:01:00<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]><![CDATA[ Transaction profile Issuer Beckett Mortgages 2026-1 DAC Collateral type RMBS prime Domicile of assets Ireland Seller Barclays Bank Ireland PLC Servicer Nua Money Ltd. Counterparties Barclays Bank PLC, US Bank Trustees Ltd., and Pepper Finance Corporation (Ireland) DAC Capital structure Class Rating* Class size (%) Credit enhancement (%)§ Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 88.00 12.80 Three-month EURIBOR + 0.65% Three-month EURIBOR + 1.00% July 2029 July 2071 B-Dfrd AA (sf) 4.25 8.55 Three-month EURIBOR + 0.95% Three-month EURIBOR + 1.43% July 2029 July 2071 C-Dfrd A-(sf) 3.75 4.34 Three-month EURIBOR + 1.20% Three-month EURIBOR + 1.80% July 2029 July 2071 D-Dfrd BBB- (sf) 2.00 2.34 Three-month EURIBOR + 1.45% Three-month EURIBOR + ]]>ArticlesFri, 27 Feb 2026 11:16:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-beckett-mortgages-2026-1-dac-s101670203<![CDATA[ New Issue: Beckett Mortgages 2026-1 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 16:52:09 GMT00:01:00<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]><![CDATA[   The bankruptcy of Saks Global Enterprises LLC isn't a bellwether for department stores or luxury retailers more broadly. We also don't expect a material credit impact from the Saks bankruptcy for rated mall-operating REITs in the U.S. Instead, the broader ratings implications will most likely relate to stand-alone, single-borrower commercial mortgage-backed securities (CMBS). While we expect the U.S. consumer to continue to spend in 2026, we still believe the retail sector is facing challenges from a tough labor market, sticky inflation, and pressures on consumer spending. Higher-income households will likely continue spending—while middle- and lower-income consumers struggle, funding purchases with credit. We then expect consumer spending to hit a cycle low in 2027, which could further weigh on ratings ]]>ArticlesThu, 26 Feb 2026 16:52:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-broader-credit-implications-of-saks-bankruptcy-s101672653<![CDATA[ CreditWeek: What Are The Broader Credit Implications Of Saks’ Bankruptcy? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 08:04:15 GMT00:01:00<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]><![CDATA[ This report does not constitute a rating action. More collateral pain is likely this year for Hong Kong banks. S&P Global Ratings expects the value of properties backing Hong Kong commercial real estate loans to continue trending downward in 2026, as rents keep sliding. This mounting pressure on collateral buffers raises a critical question: how much additional stress can banks absorb? Our scenario analysis indicates the capitalization of the banking system as a whole would remain resilient even under severe valuation shocks, including hypothetical haircuts of up to 50% on the collateral value of commercial properties. This is likely because many banks have cut exposure to Hong Kong commercial real estate in the past five years, thus limiting the impact ]]>ArticlesThu, 26 Feb 2026 08:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-hong-kong-banks-could-withstand-deep-haircuts-in-commercial-property-collateral-s101664327<![CDATA[ Scenario Analysis: Hong Kong Banks Could Withstand Deep Haircuts In Commercial Property Collateral ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 26 Feb 2026 03:59:02 GMT00:01:00<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]><![CDATA[ S&P Global Ratings assesses Iberdrola’s bond-specific European Green Bond Factsheet dated Feb. 26, 2026 as aligned with European Green Bond Regulation and Green Bond Principles, ICMA, 2021 (with June 2022 Appendix 1). We expect the share of financing and refinancing to be 62% and 38%, respectively. ]]>ArticlesThu, 26 Feb 2026 03:59:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/update-european-green-bond-pre-issuance-review-iberdrola-eugb-specific-factsheet-feb-26-s101672607<![CDATA[ Update: European Green Bond Pre-Issuance Review: Iberdrola EuGB Specific Factsheet (Feb. 26) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 21:40:11 GMT00:01:00<![CDATA[ The Ratings View: Feb. 25, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into the growing concerns around private credit and AI-led disruption. The U.S. tariff ruling is unlikely to substantially affect our ratings outlook. The global chemical slump could last through 2027 and beyond. ]]>ArticlesWed, 25 Feb 2026 21:40:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-25-2026-s101672519<![CDATA[ The Ratings View: Feb. 25, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 16:41:56 GMT00:01:00<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ eighth annual analysis of EBITDA addbacks continues to demonstrate that these adjustments – representing claimed future earnings or cost roll-offs – contribute significantly to management-adjusted EBITDA at deal inception (averaging 29% on a median basis across the study's history) and marketing projections have consistently proven overly optimistic. This reinforces our observation that a majority of U.S. speculative-grade corporate issuers present unrealistic earnings, debt, and leverage projections in their marketing materials at deal inception. Our study supports this, revealing a median leverage miss of 2.3x in the first year following deal inception and 2.7x in the second. These two factors – the magnitude of addbacks and the severity of projection ]]>ArticlesWed, 25 Feb 2026 16:41:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ebitda-addback-study-shows-increased-debt-projection-and-leverage-misses-s101670186<![CDATA[ EBITDA Addback Study Shows Increased Debt Projection And Leverage Misses ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 15:31:09 GMT00:01:00<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Class size (%) Available credit enhancement (%)§ Pre-amortization interest (%)† Post-amortization interest (%)‡ Legal final maturity A AAA (sf) 681.6 85.2 14.8 One-month EURIBOR plus 0.70, floored at 0 One-month EURIBOR plus 1.05, floored at 0 Feb. 23, 2041 B-Dfrd AA+ (sf) 86.4 10.8 4.0 One-month EURIBOR plus 0.90, floored at 0 One-month EURIBOR plus 1.35, floored at 0 Feb. 23, 2041 C-Dfrd A+ (sf) 16.0 2.0 2.0 One-month EURIBOR plus 1.20, floored at 0 One-month EURIBOR plus 1.80, floored at 0 Feb. 23, 2041 D-Dfrd NR 16.0 2.0 0.0 5.00 5.00 Feb. 23, 2041 *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A notes, and the ]]>ArticlesWed, 25 Feb 2026 15:31:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-ginkgo-revolving-loans-2026-s101665040<![CDATA[ New Issue: Ginkgo Revolving Loans 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 14:50:56 GMT00:01:00<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]><![CDATA[ This report does not constitute a rating action. The Nebraska local government (LG) portfolio is characterized by stable credit fundamentals, supported by steady tax bases, favorable labor-market conditions, and strong economic output on a per-capita basis. Credit quality is further supported by generally healthy reserve and liquidity positions, along with the state’s economic growth, which is spurred in part by economic activity sourced from its major population centers, Omaha and Lincoln. However, S&P Global Ratings recognizes emerging risks tied to federal trade, immigration, and fiscal policy, all of which could introduce downside risk to an economy with meaningful exposure to agricultural markets and rural health care systems. Agriculture continues to serve as the foundational pillar of Nebraska's economy, providing an ]]>ArticlesWed, 25 Feb 2026 14:50:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-credit-brief-nebraska-counties-and-municipalities-means-and-medians-br--s101671710<![CDATA[ U.S. Local Governments Credit Brief: Nebraska Counties And Municipalities Means And Medians <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 05:12:31 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]><![CDATA[ This report does not constitute a rating action. About $180 billion of sustainable bonds issued in Asia-Pacific during the 2020-2021 boom are set to mature in 2026. This could create a natural pipeline for labeled issuance. Issuers, however, could opt to refinance these instruments with conventional bonds. Other factors are also on our radar for 2026. The release of International Capital Market Assn. (ICMA) guidelines for transition-related instruments in late 2025 and ongoing enhancements to regional taxonomies may support greater use of transition labels in 2026. Clearer guidance on eligible transition activities could catalyze first time issuance from hard‑to‑abate sectors and encourage alignment with local taxonomies. AI expansion and rising power needs, including growing data center development across Southeast Asia, ]]>ArticlesWed, 25 Feb 2026 05:12:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bonds-outlook-2026-asia-pacific-maturities-offer-opportunities-s101670229<![CDATA[ Sustainability Insights: Sustainable Bonds Outlook 2026: Asia-Pacific Maturities Offer Opportunities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:29:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:29:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-arrears-and-prepayment-statistics-incl-noncapital-market-issuance-q4-2025-s101672292<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:24:28 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:24:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-nonconforming-arrears-and-prepayment-statistics-q4-2025-s101672298<![CDATA[ RMBS Performance Watch: Australia - Nonconforming Arrears And Prepayment Statistics Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:20:32 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:20:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-2-q4-2025-s101672297<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 25 Feb 2026 03:19:27 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian and New Zealand RMBS. ]]>ArticlesWed, 25 Feb 2026 03:19:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-1-q4-2025-s101672296<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 20:30:58 GMT00:01:00<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]><![CDATA[ This report does not constitute a rating action. Market perception of private credit has undergone a noticeable shift since S&P Global Ratings’ last review of systemic risk (see “ Systemic Risk: Private Credit’s Characteristics Can Both Exacerbate And Mitigate Challenges Amid Market Evolution ”, Feb. 18, 2025). In addition to the dislocation in software and other services caused by the emergence of new integrated AI tools, the latter half of 2025 was characterized by heightened scrutiny of the asset class due to concerns--some substantiated, others not--relating to underwriting practices, defaults, compressed loan spreads, and frequency of interest deferrals. This heightened attention has been amplified by negative headlines involving business development companies (BDCs) and underperformance of a few middle-market collateralized loan ]]>ArticlesTue, 24 Feb 2026 20:30:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/beyond-the-golden-age-private-credit-confronts-growing-pains-s101670594<![CDATA[ Beyond The Golden Age: Private Credit Confronts Growing Pains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 17:01:47 GMT00:01:00<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]><![CDATA[ LONDON (S&P Global Ratings) Feb. 24, 2026—Currently, five institutional framework (IF) assessments are on a weakening trend and one IF assessment is on an improving trend. All other IF assessments are on a stable trend (see “ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S.”). To date, we assess 56 IFs in 35 countries worldwide. The IF is the set of formal rules and laws, as well as practices, customs, and precedents, that shapes local and regional governments' institutional arrangements and influences their policies in public finance. Reports are available to RatingsDirect subscribers at www.capitaliq.com. If you are not a subscriber, you may purchase a copy of a report by emailing research_request@spglobal.com. Ratings information can also ]]>ArticlesTue, 24 Feb 2026 17:01:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessments-for-local-and-regional-governments-outside-of-the-us-published-s101672113<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 09:02:20 GMT00:01:00<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]><![CDATA[ S&P Global Ratings considers Deutsche Pfandbriefbank AG (pbb)'s allocations to be consistent with pre-issuance commitments. As of Jan. 15, 2026, allocations consist of a portfolio of loans for 129 commercial and residential buildings. Allocations have been made according to eligibility criteria considered Light green at the time of each framework. The report meets the requirements for reporting contained in the Green Bond Principles and firm commitments in the green bond frameworks related to reporting. ]]>ArticlesTue, 24 Feb 2026 09:02:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-pbb-green-bond-impact-report-s101672097<![CDATA[ Post-Issuance Review: pbb Green Bond Impact Report ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 08:34:32 GMT00:01:00<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]><![CDATA[ This report does not constitute a rating action. Europe will need to import more gas for longer, and that gas will increasingly come in the form of U.S. liquified natural gas (LNG) after Europe pivoted away from Russian pipeline imports from 2022 to 2026. Investor interest in how the EU’s ban on Russian imports and the region’s higher-for-longer gas demand could affect rated gas utilities and midstream operators is strong, as evidenced by questions at a recent webinar (see “ European Utilities Outlook 2026 Webinar ”, Feb. 11, 2026). Here, S&P Global Ratings presents key questions on the changing landscape for European gas imports and its implications for utilities. We expect Europe will consume more fossil gas for longer, as ]]>ArticlesTue, 24 Feb 2026 08:34:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-european-utilities-will-benefit-from-stronger-for-longer-gas-demand-despite-ban-on-russian-imports-s101670005<![CDATA[ Credit FAQ: European Utilities Will Benefit From Stronger-For-Longer Gas Demand Despite Ban On Russian Imports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 24 Feb 2026 07:17:33 GMT00:01:00<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]><![CDATA[ S&P Global Ratings assesses the Development Bank of Rwanda's sustainability-linked bond framework as aligned with Sustainability-Linked Bond Principles, ICMA, 2024. The bank, majority owned by the Rwandan government, provides long-term finance to support private sector growth. As of Dec. 31, 2024, the bank had total assets of Rwanda franc 783 billion (equivalent to $568 million). ]]>ArticlesTue, 24 Feb 2026 07:17:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-development-bank-of-rwanda-sustainability-linked-bond-framework-s101672094<![CDATA[ Second Party Opinion: Development Bank of Rwanda Sustainability-Linked Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 18:30:46 GMT00:01:00<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]><![CDATA[ This report does not constitute a rating action. The U.S. Supreme Court’s ruling on the sweeping tariffs President Trump implemented through his use of certain emergency powers doesn't end the uncertainty about the ultimate contour of tariffs, as the administration pivots to other options. We don’t expect the ruling to have a substantial impact on our ratings outlook. Broader policy uncertainty still represents a key risk to the global credit outlook and a potential trigger for market volatility. Hours after the Feb. 20 ruling, Trump signed an executive order rescinding the tariffs he imposed last year under the International Emergency Economic Powers Act (IEEPA) and then applied global tariffs of 10% for 150 days under Section 122 of the Trade ]]>ArticlesMon, 23 Feb 2026 18:30:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-credit-conditions-special-update-policy-risk-remains-after-us-tariff-ruling-s101671924<![CDATA[ Credit Conditions: Credit Conditions Special Update: Policy Risk Remains After U.S. Tariff Ruling ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 23 Feb 2026 11:09:28 GMT00:01:00<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]><![CDATA[ Downgrades increased to 11 last week, outnumbering the four upgrades. Seven of the downgrades were entities in the chemicals sector, including a new fallen angel, Alpek S.A.B. de C.V. This brings the year-to-date total of fallen angels to three, exceeding the count at this time last year (zero). Negative outlook changes more than doubled, outnumbering positive ones for the first time in six weeks. These changes spanned 11 sectors, with the chemicals, packaging, and environmental services sector recording the most negative changes (five). There was just one default involving U.S.-based restaurant franchisee, GPS Hospitality Holding Co. LLC, due to a missed payment. ]]>ArticlesMon, 23 Feb 2026 11:09:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-chemicals-sector-leads-downgrades-feb-23-2026-s101671856<![CDATA[ This Week In Credit: Chemicals Sector Leads Downgrades (Feb. 23, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 22:48:13 GMT00:01:00<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts issuance volume for U.S. non-agency, second-lien residential mortgage-backed securities (RMBS) will reach $40 billion in 2026, up from roughly $30 billion in 2025, about $15 billion in 2024, less than $5 billion in 2023, and only about $1 billion in 2022. While we expect mortgage rates to decline this year, we doubt this will significantly increase existing and new home sales, given ongoing affordability dynamics (see " 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ," Dec. 16, 2025). Since many homeowners are "locked-in" with low fixed interest rate mortgages, they will likely stay put instead of moving and, in many cases, ]]>ArticlesFri, 20 Feb 2026 22:48:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-second-lien-rmbs-growth-expected-amid-locked-in-first-liens-and-strong-home-equity-s101670619<![CDATA[ Consumer Pulse: U.S. Second-Lien RMBS Growth Expected Amid Locked-In First Liens And Strong Home Equity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 19:06:15 GMT00:01:00<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]><![CDATA[ This report does not constitute a rating action. Artificial intelligence (AI) disruption has been the key theme across credit markets this year, including for U.S. collateralized loan obligation (CLO) transactions. Software companies are the largest sector within both broadly syndicated loan (BSL) and middle market (MM) CLOs, comprising about 14.7% of total assets for the former and 19.2% for the latter--and this is before adding loans to companies from other potentially affected industry categories. AI concerns have emerged as a potential refinancing risk for speculative-grade companies in these sectors. Recent conversations S&P Global Ratings has had with investors and others have been dominated by discussion around the outlook for these companies in CLO portfolios, and the impact of potential scenarios ]]>ArticlesFri, 20 Feb 2026 19:06:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-first-look-at-how-ai-disruption-could-affect-us-clo-ratings-br--s101671343<![CDATA[ Scenario Analysis: First Look At How AI Disruption Could Affect U.S. CLO Ratings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 20 Feb 2026 18:33:54 GMT00:01:00<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]><![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>ArticlesFri, 20 Feb 2026 18:33:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-february-2026-s101671671<![CDATA[ U.S. Structured Finance Chart Book: February 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 21:40:00 GMT00:01:00<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]><![CDATA[ This report does not constitute a rating action. ​The global data center sector is experiencing significant growth, driven by escalating computing needs, particularly for artificial intelligence (AI) deployments. S&P Global Ratings expects the elevated technology investments in data centers and related infrastructure buildout to continue through the remainder of this decade. The magnitude of the forecasted growth, at over $1 trillion according to S&P Global 451 Research (see chart 1), has sparked interest in various types of data center financing, including for capital-intensive equipment. ​Chart 1 The substantial need for financing solutions includes not only land and power for data center facilities, but also capital-intensive equipment. Types of equipment include the graphics processing units (GPUs)/central processing units (CPUs), servers, power ]]>ArticlesThu, 19 Feb 2026 21:40:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-equipping-data-centers-through-securitization-s101645975<![CDATA[ ABS Frontiers: Equipping Data Centers Through Securitization ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 20:56:16 GMT00:01:00<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]><![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Stable and predictable economic policies and political institutions. High exposure to cyclical sectors and commodity prices could hamper asset quality. A prudent risk appetite, resulting in sustainable private-sector credit growth. Still high dollarization constrains monetary policy flexibility and exposes banks to foreign exchange volatility. An ample and stable deposit base. Market distortions such as the significant presence of government-owned banks affect competitive dynamics. Meager investment and slow population growth will weigh on economic performance somewhat in 2026-2027, with GDP growth moderating to 1.9%, on average, from 2.2% in 2025. Domestic demand will continue to fuel growth because of the recovery in real wages and employment, coupled with ]]>ArticlesThu, 19 Feb 2026 20:56:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/banking-industry-country-risk-assessment-uruguay-s101670152<![CDATA[ Banking Industry Country Risk Assessment: Uruguay ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 18:47:10 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]><![CDATA[ This report does not constitute a rating action. Demand for marine cargo containers is primarily driven by global trade volumes. Leasing demand is further influenced by shipping lines’ operational requirements (as the primary users of containers), container supply and pricing, and the economic trade-off between purchasing and leasing. Container asset-backed securities (ABS) are primarily supported by lease cash flows from marine shipping containers, with performance dependent on container utilization, lease rates, lessee credit quality, and the servicer’s ability to re-lease, manage, and dispose of containers over their useful lives. The sector faces several headwinds heading into 2026, as rising isolationism and elevated policy uncertainty are expected to weigh on global trade volumes and reduce container lease demand. We conducted a ]]>ArticlesThu, 19 Feb 2026 18:47:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-container-abs-buoyancy-testing-through-rough-tides-s101663900<![CDATA[ Scenario and Sensitivity Analysis: Container ABS Buoyancy Testing Through Rough Tides ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 15:46:11 GMT00:01:00<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]><![CDATA[   Tariffs didn’t break global trade--they reshaped it. Trade volumes are holding up, despite initial concerns. And an undeniable surge in South-South commerce signals a fundamental shift away from traditional East-West trade corridors--demanding a fresh look at global supply chains and the evolving balance of power. China’s trade relationship with the Global South is expanding significantly. Chinese exports to developing markets presently surpass those to the U.S. and Europe, backed by strategic infrastructure investments. This dynamic is fueling more than just sales: it’s creating lasting dependencies and reshaping the competitive landscape for European companies, with potential negative credit implications for key manufacturing sectors (including motor vehicles, machinery, and equipment) where EU trade flows have reversed to favor China. The European ]]>ArticlesThu, 19 Feb 2026 15:46:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-the-shifting-tides-of-global-trade-challenging-europe-s101671348<![CDATA[ CreditWeek: How Are The Shifting Tides Of Global Trade Challenging Europe? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 14:15:35 GMT00:01:00<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]><![CDATA[ This report does not constitute a rating action. Fundamental to U.S. NFP public power and electric cooperative utilities maintaining credit quality is their flexibility to increase retail rates to offset rising operating and capital costs. However, the substantial utility infrastructure investment cycle is coinciding with a prolonged inflationary environment and could diminish cost recovery prospects. The sensitivity of rate-setting bodies--whether utility boards, city council members, or state regulators--to affordability considerations can reduce willingness to raise retail rates to support ballooning operating and capital costs and maintain credit quality. In addition, sizable rate increases that reduce affordability can impair cash flows by elevating accounts receivable, doubtful accounts, and the number of customers on payment plans. Because U.S. consumers are facing a ]]>ArticlesThu, 19 Feb 2026 14:15:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/for-us-not-for-profit-electric-utilities-capex-affordability-and-performance-can-diverge-s101669830<![CDATA[ For U.S. Not-For-Profit Electric Utilities, Capex, Affordability, And Performance Can Diverge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 19 Feb 2026 07:43:25 GMT00:01:00<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses The Housing Bank for Trade and Finance's green bond framework as Medium green: Activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to belong-term low-carbon climate resilient solutions. HBTF was established in 1973 as a specialized housing finance provider, based in Amman, Jordan. Over the years, it has expanded its operations and become the second-largest full-service commercial bank in Jordan in terms of assets, and is listed on the Amman Stock Exchange. ]]>ArticlesThu, 19 Feb 2026 07:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-housing-bank-for-trade-and-finance-green-bond-framework-s101671085<![CDATA[ The Housing Bank for Trade and Finance Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 22:22:47 GMT00:01:00<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]><![CDATA[ This report does not constitute a rating action. Revolving structures are in focus across residential mortgage-backed securities (RMBS) markets. A growing number of investors and funders are providing capital to non-bank originators. At the same time, originators are seeking to maximize funding volumes while margins remain attractive. These dynamics are driving interest in revolving features in RMBS structures--be it through warehouses or in term transactions pools seeking to maximize tenor. Here, S&P Global Ratings answers frequently asked questions from investors about these features. The ability to add assets to a special purpose entity structure raises the possibility of the pool composition changing and potentially increases credit risk and credit loss. In the rated context, this can undermine rating stability if ]]>ArticlesWed, 18 Feb 2026 22:22:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-rmbs-pools-are-revolving-and-why-it-matters-s101669726<![CDATA[ Credit FAQ: How RMBS Pools Are (R)evolving And Why It Matters ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 21:00:19 GMT00:01:00<![CDATA[ The Ratings View: Feb. 18, 2026 ]]><![CDATA[ In this week's summary of ratings views: We dive into AI’s impact on markets, credit conditions, and sectors. We expect the U.S. trailing-12-month speculative-grade corporate default rate to edge up to 3.75% by December 2026, and Europe’s rate to fall to 3.25%. January’s corporate defaults were almost entirely U.S.-based. ]]>ArticlesWed, 18 Feb 2026 21:00:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-18-2026-s101671222<![CDATA[ The Ratings View: Feb. 18, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:31:02 GMT00:01:00<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]><![CDATA[ This report does not constitute a rating action. Our outlook on the U.S. health services sector remains stable, with risks that vary by subsector. We expect sector rating actions this year to be relatively balanced, with downside ratings risk concentrated among the lowest-rated issuers. The most significant rating differentiator in the sector is capital-structure sustainability. While we believe the risk of credit default and distressed exchanges is lower than in recent years, it will likely again be the predominant factor for most adverse rating actions given over 20% of ratings are in the ‘CCC’ category. Still, overall operating performance for the portfolio of health services companies is modestly improving, supported by good patient revenue, slight margin gains, and a modest ]]>ArticlesWed, 18 Feb 2026 16:31:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-us-health-services-outlook-remains-stable-with-downside-risk-concentrated-among-the-lowest-rated-issuers-s101668272<![CDATA[ Industry Credit Outlook: U.S. Health Services Outlook Remains Stable, With Downside Risk Concentrated Among The Lowest-Rated Issuers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 16:27:04 GMT00:01:00<![CDATA[ Charter School Brief: California ]]><![CDATA[ This report does not constitute a rating action. California remains the state with the most S&P Global Ratings rated charter schools, with 45 ratings as of Feb. 17, 2026. As of the 2024-2025 school year, 728,000 students (11% of total California transitional kindergarten-through-grade 12 [TK-12] enrollment) attended one of California's 1,278 charter schools and charter enrollment continues to increase as a proportion of the state's total TK-12 enrollment. Chart 1 The credit profiles for our rated charter schools in California are generally weaker than those across the sector, with one-third of California charter schools having investment-grade ratings, compared with 42% of the sector as a whole. (See “ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling ]]>ArticlesWed, 18 Feb 2026 16:27:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/charter-school-brief-california-s101670424<![CDATA[ Charter School Brief: California ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 18 Feb 2026 14:30:44 GMT00:01:00<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]><![CDATA[ AI has moved center stage in this year’s Q4 results season, as anxiety around last year’s dominant topic of tariffs has faded. We have used AI to analyze comments made in earnings calls by rated nonfinancial corporates so far in 2026. We look at five key AI themes that emerge from management comments, four emerging AI themes to watch, a sector ranking of AI-keyword intensity in earnings transcripts, a summary of AI-related capital expenditure comments, and core AI themes per industry with illustrative company comments. ]]>ArticlesWed, 18 Feb 2026 14:30:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-corporate-earnings-themes-ai-takes-hold-s101671082<![CDATA[ SLIDES Corporate Earnings Themes: AI takes hold ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 17 Feb 2026 16:34:46 GMT00:01:00<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]><![CDATA[ Transaction profile Issuer Dilosk RMBS No. 11 DAC Collateral type RMBS Prime Domicile of assets Ireland Seller Dilosk DAC Servicer Dilosk DAC Counterparties BNP Paribas Ireland Branch, Deutsche Bank AG London Branch, and Natixis S.A. Ratings Class Rating* Balance (mil. €) Credit enhancement (%)§ Interest Step-up margin Step-up date Legal final maturity A AAA (sf) 202.40 8.25 3m EURIBOR plus 0.62% 3m EURIBOR plus 0.93% October 2029 October 2064 B-Dfrd AA+ (sf) 11.00 3.25 3m EURIBOR plus 0.85% 3m EURIBOR plus 1.275% October 2029 October 2064 C-Dfrd A (sf) 3.85 1.50 3m EURIBOR plus 1.10% 3m EURIBOR plus 1.65% October 2029 October 2064 D-Dfrd BBB+ (sf) 2.75 0.25 3m EURIBOR plus 1.55% 3m EURIBOR plus 2.325% October 2029 October 2064 ]]>ArticlesTue, 17 Feb 2026 16:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-dilosk-rmbs-no11-dac-s101669314<![CDATA[ New Issue: Dilosk RMBS No.11 DAC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 13:51:53 GMT00:01:00<![CDATA[ European RMBS Index Report Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European RMBS Index Dashboard here . The dashboard tracks the collateral performance of all our rated European RMBS transactions and enables the filtering of data to identify key metrics and trends. It also includes a peer comparison tool, issuance and rating actions data, as well as macroeconomic forecasts. Table 1 Total delinquencies (%) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 All countries - index 2.8 3.1 3.1 3.1 3.2 France and Belgium 0.4 0.4 0.4 0.4 0.3 Italy 2.0 2.0 2.1 2.3 2.1 Ireland prime 0.5 0.5 0.6 0.5 0.5 ]]>ArticlesMon, 16 Feb 2026 13:51:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-rmbs-index-report-q4-2025-s101669373<![CDATA[ European RMBS Index Report Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 16 Feb 2026 11:35:19 GMT00:01:00<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]><![CDATA[ There were three upgrades last week, spread across three sectors, including one new rising star--Vertiv Group Corp--bringing the year-to-date total to four. Meanwhile, positive outlooks and CreditWatch placements outnumbered negative ones for the fifth consecutive week, implying that upgrades could increase. There were five downgrades last week, three of which were to issuers in the 'BBB' categories, including the second fallen angel of 2026--Raizen S.A.--and a new potential fallen angel--Stellantis N.V. There were two defaults last week, bringing the year-to-date total as of Feb. 12 to 15, ahead of the 11 defaults recorded at this point in 2025. The public default was to cyber security software vendor Redstone Buyer LLC, due to distressed exchange. ]]>ArticlesMon, 16 Feb 2026 11:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-positive-outlook-changes-remain-elevated-feb-16-2026-s101670745<![CDATA[ This Week In Credit: Positive Outlook Changes Remain Elevated (Feb. 16, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 13:43:26 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in January 2026, after the following defaults in the month: Ukraine-based public railway transport administration services provider Ukrainian Railways JSC U.S.-based specialty retailer Saks Global Enterprises LLC U.S.-based outpatient rehabilitation services provider Upstream Newco Inc. U.S.-based logistics services provider Reception Purchaser LLC U.S.-based printing and packaging solutions services provider LABL Inc. U.S.-based apparel manufacturer and supplier YS Garments LLC U.S.-based customized packaging designer and manufacturer Poseidon Investment Intermediate L.P. U.S.-based chemical logistics services provider Rinchem Co. LLC U.S.-based housing laundry services provider Spin Holdco Inc. Nine companies defaulted in January 2026, unchanged from the previous month. Eight defaults occurred in the U.S. and ]]>ArticlesFri, 13 Feb 2026 13:43:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-january-corporate-defaults-almost-entirely-us-based-s101670056<![CDATA[ Default, Transition, and Recovery: January Corporate Defaults Almost Entirely U.S.-Based ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 13 Feb 2026 10:33:34 GMT00:01:00<![CDATA[ New Issue: Domi 2026-1 B.V. ]]><![CDATA[ Transaction profile Issuer Domi 2026-1 B.V. Collateral type RMBS buy-to-let Domicile of assets The Netherlands Originator, seller, and master servicer Domivest B.V. Sub-servicer and stand-by primary servicer Stater Nederland B.V. Special servicer Hypocasso B.V. Counterparties Citibank Europe PLC, Netherlands branch, ABN AMRO Bank N.V., and Crédit Agricole Corporate and Investment Bank Capital structure Class Rating* Amount (mil. €) Class size (%) Credit enhancement (%)§ Interest (%) Step-up interest (%) Step-up date Legal final maturity A AAA (sf) 493.3 93.0 7.7 3M EURIBOR + 0.64 3M EURIBOR + 0.96 February 2031 February 2057 B-Dfrd AA- (sf) 23.9 4.5 3.2 3M EURIBOR +0.90 3M EURIBOR plus + 1.35 February 2031 February 2057 C-Dfrd A- (sf) 8.0 1.5 1.7 3M EURIBOR + 1.10 ]]>ArticlesFri, 13 Feb 2026 10:33:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-domi-2026-1-bv-s101669327<![CDATA[ New Issue: Domi 2026-1 B.V. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 22:14:59 GMT00:01:00<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings assigned its first sovereign rating in the Caribbean region in 1996, to Trinidad and Tobago (a 'BB+' long-term foreign currency rating). As of January 2026, we rate 11 Caribbean sovereigns, and six of them are investment-grade ('BBB-' or higher). The sovereign ratings in the region range from 'A-' to 'CCC+' (see table 1). Despite common challenges facing the region (such as managing a narrow economy vulnerable to external shocks and climate events), several countries have sustained high ratings or seen ratings improve from low levels. Those countries' success stems from, among other things, good financial management, the creation of fiscal buffers (including by funding social welfare and domestic pension ]]>ArticlesThu, 12 Feb 2026 22:14:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/caribbean-sovereigns-exhibit-wide-credit-variation-s101669668<![CDATA[ Caribbean Sovereigns Exhibit Wide Credit Variation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 20:19:43 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' 2025 U.S. not-for-profit acute health care total rating and outlook actions were nearly identical to the number of actions in 2024. However, there were far more upgrades and fewer downgrades in 2025 compared with 2024. This year caps a three-year trend of increasingly fewer downgrades, although the absolute number remains meaningful and reflects sector pressures. The number of outlook revisions were generally comparable year over year with favorable outlook revisions (stable to positive, negative to stable, or negative to positive) accelerating throughout the year and outpacing unfavorable revisions (stable to negative, positive to stable, or positive to negative) in both 2024 and 2025. While we upgraded more organizations in ]]>ArticlesThu, 12 Feb 2026 20:19:43 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-rating-actions-2025-year-end-review-s101668908<![CDATA[ U.S. Not-For-Profit Acute Health Care Rating Actions, 2025 Year-End Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 17:52:29 GMT00:01:00<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]><![CDATA[ This report does not constitute a rating action. In both Trump administrations, the federal government reduced, or threatened to reduce, revenue to LGs, frequently focusing on sanctuary cities. Proposals announced already in 2026 would cut federal funding to this cohort as well as the U.S. states where the cities are located that resist federal immigration enforcement. S&P Global Ratings does not expect this issue will lead to rating changes--in isolation. This is due partly to the limited amount of federal revenues that make up LG budgets: on average, LGs receive less than 5% of their revenues from the federal government. However, a smaller magnitude does not necessarily preclude disruption to operations, especially if there are reductions to U.S. states’ federal ]]>ArticlesThu, 12 Feb 2026 17:52:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-are-mostly-insulated-from-federal-funding-reductions-amid-ongoing-operating-stress-s101669937<![CDATA[ U.S. Local Governments Are Mostly Insulated From Federal Funding Reductions Amid Ongoing Operating Stress ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 16:51:38 GMT00:01:00<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]><![CDATA[ This report does not constitute a rating action. In the last year or so, capital markets have contemplated the potential for generative AI to significantly disrupt portions of the software market. Recently launched autonomous and powerful versions of AI tools have accelerated these concerns, contributing significantly to the volatility and negative investor sentiment in the public software equity markets. The headwinds have spilled beyond equities into credit markets including public, syndicated loan, and private credit, given the high representation of software in these spaces. With a lack of real time pricing and the general opacity in the private credit market, investor concerns have been amplified, and an assessment of pronounced pessimism appears to have taken hold. However, S&P Global Ratings ]]>ArticlesThu, 12 Feb 2026 16:51:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-disruption-worries-spill-over-to-private-credit-markets-s101670132<![CDATA[ AI Disruption Worries Spill Over To Private Credit Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 15:07:38 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 12 Feb 2026 15:07:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-11-2026-br--s101670295<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 11, 2026 <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 11:10:27 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: USDG ]]><![CDATA[ S&P Global Ratings assesses the ability of Global Dollar (USDG) to maintain its peg to the U.S. dollar at 2 (strong). USDG is a fiat-collateralized stablecoin launched in November 2024, issued by Paxos Digital Singapore Pte. Ltd. (Paxos Digital) and Paxos Issuance Europe Oy (Paxos EU). ]]>ArticlesThu, 12 Feb 2026 11:10:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-usdg-s101670110<![CDATA[ Stablecoin Stability Assessment: USDG ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 12 Feb 2026 09:31:23 GMT00:01:00<![CDATA[ Sustainability Insights: Sustainable Bonds Global Outlook 2026: Consolidation, Not Expansion ]]><![CDATA[ This report does not constitute a rating action. Outstanding debt in the global sustainable bond market should hit a new high in 2026. In 2025, issuance fell 19% to $866 billion. We expect issuance of a similar level this year. This would bring outstanding sustainable bonds to about $5.5 trillion, given 2026 maturities slightly exceeding $500 billion. However, we note sustainable bond issuance is decoupling from the overall bond market, which increased nearly 11% in 2025 and surpassed $10 trillion in total issuance. This means forecasts for sustainable bond issuance are subject to increasing uncertainty, in S&P Global Ratings' view. : There was a significant decline in sustainable bond issuance in 2025. Sustainability was not front of mind among many ]]>ArticlesThu, 12 Feb 2026 09:31:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-bonds-global-outlook-2026-consolidation-not-expansion-s101668325<![CDATA[ Sustainability Insights: Sustainable Bonds Global Outlook 2026: Consolidation, Not Expansion ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 22:28:15 GMT00:01:00<![CDATA[ The Ratings View: Feb. 11, 2026 ]]><![CDATA[ In this week's summary of ratings views: We look at whether AI will support or replace existing software offerings. Despite record issuance, a steep maturity wall lies ahead for corporate borrowers. The earnings cycle is accelerating and broadening beyond technology entities. ]]>ArticlesWed, 11 Feb 2026 22:28:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-11-2026-s101670200<![CDATA[ The Ratings View: Feb. 11, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 16:45:06 GMT00:01:00<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]><![CDATA[ This report gives a detailed summary of what's expected for the U.S. broadly syndicated collateralized loan obligation and leveraged finance space in first-quarter 2026. ]]>ArticlesWed, 11 Feb 2026 16:45:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-and-bsl-clo-quarterly-tail-risks-persist-q1-2026-s101670100<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: TAIl Risks Persist (Q1 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 11 Feb 2026 14:18:15 GMT00:01:00<![CDATA[ New Issue: Polaris 2026-1 PLC ]]><![CDATA[ Transaction profile Issuer Polaris 2026-1 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller UK Residential Mortgages Ltd. Servicer Pepper (UK) Ltd. Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 338.93 13.35 Daily compounded SONIA + 0.730 Daily compounded SONIA + 1.095 Feb. 27, 2030 June 27, 2070 B-Dfrd* AA (sf) 20.93 8.00 Daily compounded SONIA + 0.900 Daily compounded SONIA + 1.350 Feb. 27, 2030 June 27, 2070 C-Dfrd* A- (sf) 17.21 3.60 Daily compounded SONIA + 1.200 Daily compounded SONIA + 1.800 Feb. 27, 2030 June 27, 2070 D-Dfrd* BBB- (sf) 7.04 1.80 Daily compounded SONIA + 1.550 Daily compounded SONIA + ]]>ArticlesWed, 11 Feb 2026 14:18:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-polaris-2026-1-plc-s101668204<![CDATA[ New Issue: Polaris 2026-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 19:39:04 GMT00:01:00<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. The Americas midstream energy industry benefited from favorable conditions in 2025: rising natural gas demand, financial discipline, and conservative growth funding that we expect to continue in 2026. Integrated, natural gas-focused companies particularly felt lift from liquefied natural gas capacity expansion along the U.S. Gulf Coast. Additionally, increased demand for power generation from AI and data centers may spur further liquids infrastructure development in Canada and the Midwest. While geopolitical and macroeconomic uncertainties could pose challenges, companies are well-positioned financially to manage potential headwinds. Currently, outlooks on 85% of midstream energy companies rated by S&P Global Ratings are stable, 3% positive, and 6% negative. Ratings for both investment-grade and speculative-grade firms have ]]>ArticlesTue, 10 Feb 2026 19:39:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-midstream-energy-companies-in-the-americas-strongest-to-weakest-s101668211<![CDATA[ Issuer Ranking: Midstream Energy Companies In The Americas, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 14:43:51 GMT00:01:00<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]><![CDATA[ This report does not constitute a rating action. New products by AI-native companies are adding uncertainty about whether AI will support existing software offerings or replace them. This has triggered a market reevaluation and destabilized the financial outlooks for software companies lacking business moats--a set of characteristics that provide a competitive advantage. The software industry’s longstanding advantages--high barriers to entry, recurring revenue, established pricing, and strong profitability--are now being challenged by the integration of AI into software offerings and workflows. We consider established platform leaders with deep domain expertise and proprietary data to be best positioned to navigate disruption from AI-native entrants, while less differentiated, rule-based, point-solutions software providers will likely face margin pressure and displacement risks. While AI-driven disruption ]]>ArticlesTue, 10 Feb 2026 14:43:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/recalibrating-the-competitive-moat-assessing-durability-in-an-ai-infused-software-landscape-s101669629<![CDATA[ Recalibrating The Competitive Moat: Assessing Durability In An AI-Infused Software Landscape ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 13:42:10 GMT00:01:00<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]><![CDATA[ This report does not constitute a rating action. Switzerland has experienced recent incidents--including the landslide in the village of Blatten and similar risks identified in Brienz--that reveal vulnerability to significant physical climate risks, despite not being typically associated with extreme weather events. These risks have direct and measurable financial implications and offer valuable insights into how climate-related hazards can affect a region's public finances and infrastructure. Extreme weather events could drive higher and more volatile public spending and, over time, affect regional economic conditions. Single events are generally manageable in Swiss cantons, in S&P Global Ratings' view, but compounding or spatially widespread shocks could increase infrastructure needs, strain operating budgets, and weaken tax bases, particularly where economic activity or the ]]>ArticlesTue, 10 Feb 2026 13:42:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-when-nature-sends-the-bill-the-impact-of-extreme-weather-events-on-swiss-canton-ratings-s101665689<![CDATA[ Sustainability Insights: When Nature Sends The Bill: The Impact Of Extreme Weather Events On Swiss Canton Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 05:18:07 GMT00:01:00<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]><![CDATA[ This report does not constitute a rating action. On Jan. 26, 2026, the EU gave approval to completely cut Russian liquefied natural gas (LNG) by end-2026 and pipeline gas by 2027. According to the European Commission, this supply amounts to 35 billion cubic meters per year (bcmpa), or roughly 10% of the EU's gas consumption annually. Much of this gas may come to Asia. Investors are asking us where in Asia could this gas go, how the added supply may affect Asian gas markets, and how this may shape the spending choices of energy majors. We answer their main queries below. It's likely, as Asia currently imports gas from Russia. China, India and Japan, for example, are major buyers of ]]>ArticlesTue, 10 Feb 2026 05:18:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-diverted-russian-gas-could-affect-asian-energy-markets-br--s101669097<![CDATA[ Credit FAQ: How Diverted Russian Gas Could Affect Asian Energy Markets <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 10 Feb 2026 03:22:13 GMT00:01:00<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]><![CDATA[ This report does not constitute a rating action. A major debt overhang persists for two of China's wealthiest provinces. Nationally, Jiangsu and Zhejiang have amassed the highest level of debt at their local government financing vehicles (LGFVs). And the burden is still growing, albeit at a slower rate. Tackling the risks won't be quick or easy. Jiangsu and Zhejiang are among China's most economically dynamic provinces. S&P Global Ratings believes they have therefore shouldered more responsibility to support the Chinese economy in recent years by pumping money into infrastructure projects. The provinces channeled some of this investment through their LGFVs, accelerating debt levels. Zhejiang's LGFV debts grew at a compound annual of 23% over the five years to 2024, and ]]>ArticlesTue, 10 Feb 2026 03:22:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-lgfv-in-transition-lgfvs-at-economic-powerhouses-jiangsu-and-zhejiang-are-only-gradually-commercializing-s101665801<![CDATA[ China's LGFV in Transition: LGFVs At Economic Powerhouses Jiangsu And Zhejiang Are Only Gradually Commercializing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 20:47:53 GMT00:01:00<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]><![CDATA[ This report does not constitute a rating action. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was muted with a roughly 0.4% increase nationally as of third-quarter 2025, compared with about 1.5% as of the second quarter. Meanwhile, per capita income growth remained subdued at roughly 0.7% versus 1.2%. Our current assessment shows that about 82% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while about 10% are neutral (0% over/undervaluation) and about 8% are undervalued. In addition, home prices have decreased in 10 states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation assessment and ]]>ArticlesMon, 09 Feb 2026 20:47:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-at-10-hpa-muted-s101663586<![CDATA[ U.S. Home Price Overvaluation At 10%; HPA Muted ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 17:06:54 GMT00:01:00<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]><![CDATA[ This report does not constitute a rating action. The global animal health product industry has many of the same favorable characteristics as the branded pharmaceutical industry: 1) Patents and the need for pharmacological expertise are substantial barriers to new competitors. 2) A significant portion of revenue is naturally recurring. 3) Demand tends to be stable through the business cycle. 4) High industry consolidation limits price-based competition. The market for companion animal (pets, as opposed to livestock for food supply) health products offers particularly attractive growth prospects, supported by strong brand loyalty from vets and pet owners, which contributes to high margins and limited volatility even after patent expirations. Our ratings on industry-leading companies Zoetis, Elanco, and Merck & Co.--as well ]]>ArticlesMon, 09 Feb 2026 17:06:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/peer-comparison-favorable-industry-dynamics-support-business-prospects-for-leading-animal-health-product-companies-s101664089<![CDATA[ Peer Comparison: Favorable Industry Dynamics Support Business Prospects For Leading Animal Health Product Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 11:28:09 GMT00:01:00<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]><![CDATA[ This report does not constitute a rating action. Sweden’s securitization market may benefit from changing EU regulations and a growing appreciation of risk transfer benefits. The Swedish financial regulator (Finansinspektionen; FSA) has historically approached securitization with caution, which may have kept public issuance negligible for the past decade. However, a legislative effort at the EU level could soon bring significant changes to how the bloc's member states regulate securitization activity. We understand that the FSA has been concerned about so-called flowback risk, the possibility of credit risk transferred through a securitization returning to the originator's balance sheet. While the EU securitization regulations do not explicitly address this risk, greater standardization, transparency, and deepening securitization markets could mitigate the concern. In ]]>ArticlesMon, 09 Feb 2026 11:28:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-brief-eu-regulatory-changes-could-unlock-swedish-securitization-growth-s101668008<![CDATA[ ABS Brief: EU Regulatory Changes Could Unlock Swedish Securitization Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 04:08:33 GMT00:01:00<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]><![CDATA[ This report does not constitute a rating action. Asia-Pacific's chemical glut persists. The sector will remain under earnings strain in 2026. S&P Global Ratings thinks ongoing overcapacity will keep utilization and products spreads weak, which means there will likely be no meaningful recovery by 2027 at least. Although Asia's ethylene producers plan to cut less than 5% of regional capacity over the next two to three years, downside risks remain elevated. Weakness in China's property sector and domestic consumption, alongside global trade tensions, could further dampen demand. We anticipate capacity rationalization will pick up pace. Producers outside China will curb output amid rising competition and import displacement tied to China's push for self-sufficiency. In China, producers are likely to accelerate ]]>ArticlesMon, 09 Feb 2026 04:08:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-asia-pacific-chemical-sector-2026-oversupply-prolongs-the-strain-s101668158<![CDATA[ Industry Credit Outlook: Asia-Pacific Chemical Sector 2026: Oversupply Prolongs The Strain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 03:48:38 GMT00:01:00<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesMon, 09 Feb 2026 03:48:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-trends-rmbs-arrears-statistics-australia-including-noncapital-market-issuance-december-2025-s101669517<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 09 Feb 2026 02:16:52 GMT00:01:00<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]><![CDATA[ This report does not constitute a rating action. China's glut of primary housing is keeping a property market recovery out of reach. Completed primary inventory rose in 2025 for the sixth year in a row. The supply overhang likely weighs on prices, and falling prices erode homebuyers' confidence. It's a vicious cycle with no easy escape. Without major nationwide policies to address excess inventory, primary home sales will likely keep falling in 2026. We expect nationwide primary property sales to drop 10%-14% to renminbi (RMB) 7.2 trillion-RMB7.6 trillion in 2026 (see table 1). This is down from our original expectation of a 5%-8% sales decline in 2026 (see " China Property Watch: The Chilling Effects Of Polarization ," Oct. 9, ]]>ArticlesMon, 09 Feb 2026 02:16:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-property-watch-supply-glut-to-impede-recovery-s101667227<![CDATA[ China Property Watch: Supply Glut To Impede Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 18:35:19 GMT00:01:00<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]><![CDATA[ ESG-related rating actions rose 11% in 2025 to 182, reversing the decline seen in 2024. This increase was driven almost exclusively by governance factors, which accounted for 80% of all ESG-related rating activity (up from 77% in 2024). Physical climate risks drove 29 rating actions in 2025, up 32% from 2024, with the increase pointing to rising near-term credit sensitivity to acute weather events. ]]>ArticlesFri, 06 Feb 2026 18:35:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/esg-in-credit-ratings-2025-in-review-physical-risk-driven-rating-actions-increased-s101669418<![CDATA[ ESG In Credit Ratings 2025 In Review: Physical Risk-Driven Rating Actions Increased ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 15:12:33 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 06 Feb 2026 15:12:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-feb-4-2026-s101669350<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 06 Feb 2026 14:45:51 GMT00:01:00<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]><![CDATA[ This report does not constitute a rating action. The PPIF, held in Miami from Jan. 27-29, 2026, is one of the largest gatherings of market participants in the global and growing private placements market. Data centers held the spotlight, with discussions around size of pipeline, execution risk, and pursuit of new pools of capital to fund the growth. This report summarizes key observations and themes from the conference, focusing on the challenges and opportunities facing data center financing. These will finance ever-growing data center buildouts in the U.S. In 2025, about $237 billion was spent to build global data center facility shell, power and cooling infrastructure, and a further $283 billion is expected in 2026. Discussion with PPIF participants indicates ]]>ArticlesFri, 06 Feb 2026 14:45:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-and-project-finance-key-data-center-financing-takeaways-from-ppif-2026-s101668747<![CDATA[ Global Infrastructure And Project Finance: Key Data Center Financing Takeaways From PPIF 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 18:02:19 GMT00:01:00<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 19 rating actions, made 32 outlook revisions, and placed three ratings on CreditWatch within the U.S. municipal water and sewer utilities sector in fourth-quarter 2025. We also affirmed 88 ratings with no outlook revisions. U.S. municipal water and sewer utilities rating actions, 2025 and fourth-quarter 2024 2024 2025 Fourth quarter First quarter Second quarter Third quarter Fourth quarter Upgrades 6 6 8 12 5 Downgrades 35 31 18 16 14 Favorable outlook revisions 3 4 12 11 12 Unfavorable outlook revisions 23 9 16 17 20 Removed from CreditWatch 5 4 12 5 1 CreditWatch with negative implications 5 23 4 2 3 Maintained ratings with no outlook ]]>ArticlesThu, 05 Feb 2026 18:02:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-municipal-water-and-sewer-utilities-rating-actions-fourth-quarter-2025-s101668706<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 06:18:25 GMT00:01:00<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]><![CDATA[ This report does not constitute a rating action. Any crash of a titan in South and Southeast Asia's corporate sector could have deep repercussions for banks. Concentration risks are significant for a few banks but manageable for most others. Table 1 Our scenario analysis, focused on loan concentration at banks in the region, found Brunei and the Philippines are at the highest risk. This is because of high single-name concentration in those countries. Rated Cambodian banks, meanwhile, face little concentration risk, because banks there are generally not heavily exposed to large corporations. In the case of a blockbuster default, S&P Global Ratings' assessment of risk-adjusted capital levels could decline sharply for certain banks. This could lead to negative rating actions. That ]]>ArticlesThu, 05 Feb 2026 06:18:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-and-southeast-asia-stress-tests-show-loan-concentration-could-blindside-banks-s101666982<![CDATA[ South And Southeast Asia Stress Tests Show Loan Concentration Could Blindside Banks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 05 Feb 2026 05:23:22 GMT00:01:00<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]><![CDATA[ This report does not constitute a rating action. Japan's large companies will generally withstand the pressure of higher interest rates, in our view. The yield on 10-year Japanese government bonds, a benchmark long-term interest rate, exceeded 2% at the end of 2025 for the first time in 26 years and was 2.25% at the end of January 2026. While policy interest rates in major countries globally are being cut, further moderate rate hikes are likely in Japan. However, we surveyed the companies on the Nikkei Stock Average (Nikkei 225) and see little risk of them being hit hard by higher rates. Business performance and indicators related to cash flow at these companies should be relatively unscathed. Highter interest rates will ]]>ArticlesThu, 05 Feb 2026 05:23:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-japan-can-withstand-rising-interest-rates-s101667270<![CDATA[ Corporate Japan Can Withstand Rising Interest Rates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 20:10:03 GMT00:01:00<![CDATA[ The Ratings View: Feb. 4, 2026 ]]><![CDATA[ In this week's summary of ratings views: Geopolitical risks could destabilize sovereign debt credit-quality dynamics. Global bond issuance to increase 4.8% in 2026. We address six key questions regarding liquidity and volatility in credit markets. ]]>ArticlesWed, 04 Feb 2026 20:10:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-feb-4-2026-s101668997<![CDATA[ The Ratings View: Feb. 4, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:44:33 GMT00:01:00<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]><![CDATA[ An annual review of the U.S. and Canada credit card ABS trusts we rate. ]]>ArticlesWed, 04 Feb 2026 18:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-and-canada-credit-card-abs-review-s101668938<![CDATA[ 2026 U.S. And Canada Credit Card ABS Review ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 18:40:44 GMT00:01:00<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]><![CDATA[ This report does not constitute a rating action. Medical device manufacturers are reshaping their portfolios through mergers, acquisitions, and spin-offs to improve positioning in high-growth markets. In recent years, supply chain disruptions, high interest rates, regulatory and legislative uncertainty, and high valuations curtailed large-scale M&A. Instead, companies focused on smaller tuck-in acquisitions and strategic spin-offs to adjust their portfolios. This allowed them to innovate within segments, expand product portfolios, and leverage established research and development and commercial platforms to increase revenue, with minimal impact to credit metrics. At the same time, divestitures of segments with weaker growth prospects, lower margin profiles, or older technologies (sometimes requiring significant investment) helped improve financial performance but reduced diversification. The environment for medical device ]]>ArticlesWed, 04 Feb 2026 18:40:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-health-care-credit-beat-thoughts-on-portfolio-reshaping-wave-in-medtech-s101666410<![CDATA[ The Health Care Credit Beat: Thoughts On Portfolio Reshaping Wave In MedTech ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:57:44 GMT00:01:00<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]><![CDATA[ This report does not constitute a rating action. Regulated electric and gas utilities entered 2026 with approximately $14 billion of rate case increase requests pending across several U.S. jurisdictions, reflecting the need for timely cost recovery. At the same time, these utilities continue to operate in an environment defined by high capital spending, in large part driven by datacenter growth, grid hardening, and energy transformation. Specifically, 56 regulated electric and gas utilities have rate case decisions pending in 2026, representing 34 utility holding companies. In addition, these regulated utilities are requesting an authorized rate of return that averages about 10.4% and an authorized equity capitalization that averages about 51.3%. Furthermore, these utilities’ holding companies incurred capital expenditures (capex) totaling approximately ]]>ArticlesWed, 04 Feb 2026 17:57:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/select-us-investor-owned-electric-and-gas-utilities-enter-2026-with-14-billion-in-pending-rate-cases-modestly-lower-than-2025-requests-s101665495<![CDATA[ Select: U.S. Investor-Owned Electric And Gas Utilities Enter 2026 With $14 Billion In Pending Rate Cases; Modestly Lower Than 2025 Requests ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 17:43:25 GMT00:01:00<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]><![CDATA[ This report does not constitute a rating action. Although global debt issuance in 2025 reached a record high amid robust investor demand, supporting refinancing efforts, borrowers continue to face substantial maturing debt in the coming years. Corporate issuers in 2025 took advantage of favorable financing conditions and rate cuts by the Federal Reserve and other major central banks. Global financial and nonfinancial corporate borrowers reduced debt maturing in 2026 by 11.5% to $2.32 trillion over 2025, with nonfinancial speculative-grade (rated 'BB+' or lower) debt maturing in 2026 down by 43%. These reductions would have been even deeper if not for the weakening of the U.S. dollar last year, which lifted the relative amount of debt outstanding in U.S. dollars. Despite ]]>ArticlesWed, 04 Feb 2026 17:43:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-refinancing-steep-maturities-lie-ahead-despite-recent-record-issuance-s101667681<![CDATA[ Credit Trends: Global Refinancing: Steep Maturities Lie Ahead Despite Recent Record Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 16:33:29 GMT00:01:00<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]><![CDATA[ Generally healthy broker performance in 2026 despite limited market lift. Non-brokers to largely perform well despite lingering headwinds. Inorganic activity remains central in the race for scale. ]]>ArticlesWed, 04 Feb 2026 16:33:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/insurance-brokers-and-servicers-sector-view-2026-resilience-amid-a-transitioning-market-s101668918<![CDATA[ Insurance Brokers And Servicers Sector View 2026: Resilience Amid A Transitioning Market ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 15:22:34 GMT00:01:00<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]><![CDATA[ U.S. property/casualty (P/C) insurance remains a highly rated sector with strong capital, which is further bolstered by solid operating performance and investment income. ]]>ArticlesWed, 04 Feb 2026 15:22:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-propertycasualty-insurance-sector-view-2026-resilience-in-the-face-of-uncertainty-s101668740<![CDATA[ U.S. Property/Casualty Insurance Sector View 2026: Resilience In The Face Of Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:56:53 GMT00:01:00<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]><![CDATA[ S&P Global Ratings expects annual average real GDP growth for Canada to come in at 1.7% in 2025 and 1.5% in 2026, reflecting Statistics Canada's significant upward revisions to GDP data in December. ]]>ArticlesWed, 04 Feb 2026 14:56:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-canada-macroeconomic-snapshot-growth-slows-pockets-of-resilience-remain-s101668902<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Slows, Pockets Of Resilience Remain ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 04 Feb 2026 14:11:04 GMT00:01:00<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]><![CDATA[ This report does not constitute a rating action. Before the 2008 financial crisis, pro rata amortization structures were relatively common in EMEA asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions. Following the financial crisis, the market largely shifted toward sequential amortization, prioritizing the repayment of senior notes. However, ABS pro rata amortization structures (often incorporating a full capital stack) have experienced a revival since 2018-2019. This shift is reflected in our November 2022 to December 2025 ratings data, where the number of overall ABS pro rata transactions we rate increased to 43 (from 26) and pro rata day one transactions increased to 19 (from eight). We anticipate this trend to continue. Although this resurgence is more pronounced in ABS ]]>ArticlesWed, 04 Feb 2026 14:11:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-a-deeper-dive-into-european-abs-and-rmbs-pro-rata-amortization-structures-s101660258<![CDATA[ Credit FAQ: A Deeper Dive Into European ABS And RMBS Pro Rata Amortization Structures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 12:43:55 GMT00:01:00<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Kelag's Green Financing Framework as Dark green, indicating activities that correspond to the long-term vision of a low-carbon climate resilient future. Kelag is one of Austria’s major integrated energy companies. Its activities span renewable power generation, electricity and gas network operation, district heating, energy trading, and telecommunications. ]]>ArticlesTue, 03 Feb 2026 12:43:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kelag-green-financing-framework-s101668726<![CDATA[ Second Party Opinion: Kelag Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 08:54:33 GMT00:01:00<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]><![CDATA[ This report does not constitute a rating action. Stablecoins are poised to enter the mainstream of European finance in 2026. The digital tokens, which are often pegged one-to-one to currencies, promise greater stability than unbacked crypto assets yet retain many of the same benefits--speed, low costs, and traceability. That makes them a potentially useful instrument for both investment (via tokenized assets) and business transactions, especially across national borders. S&P Global Ratings expects European stablecoin issuance and use to grow rapidly, beginning this year and continuing over our forecast horizon. By 2030 we forecast the total value of euro-pegged stablecoins will be between €25 billion and €1,100 billion (equivalent to 0.1% to 4.2% of eurozone banks’ overnight deposits), up from a ]]>ArticlesTue, 03 Feb 2026 08:54:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-banks-are-embracing-stablecoins-with-an-eye-on-the-future-br--s101654757<![CDATA[ European Banks Are Embracing Stablecoins With An Eye On The Future <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 03 Feb 2026 07:27:16 GMT00:01:00<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]><![CDATA[ This report does not constitute a rating action. A new year, a new push to reform Indian banks. In its recent budget, the government said it would comprehensively review lenders. The reforms could emphasize consolidation to achieve scale, coupled with structural efficiency gains. If reforms miss on efficiency, we believe they won't likely meet state objectives of becoming world leading. Only two Indian banks rank among the top 100 globally by assets: State Bank of India (SBI) and HDFC Bank. In our view, the current economic climate presents an opportunity for structural reforms. The balance sheets of Indian banks are healthy and we believe their asset-quality pressures are manageable. India's public sector banks (PSBs) are inefficient not just in comparison ]]>ArticlesTue, 03 Feb 2026 07:27:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/will-indias-latest-reform-push-make-public-sector-banks-more-efficient-s101665998<![CDATA[ Will India's Latest Reform Push Make Public Sector Banks More Efficient? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 19:28:24 GMT00:01:00<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]><![CDATA[ This report does not constitute a rating action. We forecast average growth to accelerate to 3.4% in 2026 from 3% last year, driven by increased hydrocarbon production and strong nonoil activity, particularly in the UAE and Saudi Arabia. Notably, Qatar’s new liquefied natural gas production is due to come on stream this year. Chart 1 Our forecasts are underpinned by the assumption that public sector initiatives focused on maximizing oil and gas revenues--including infrastructure investments to increase capacity--will maintain growth in tandem with efforts to develop sustainable nonoil private sectors, most visibly in Saudi Arabia. However, these diversification efforts carry significant fiscal costs, which are amplified by lower oil prices. We assume a $60/bbl oil price in 2026. Chart 2 ]]>ArticlesMon, 02 Feb 2026 19:28:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-sovereign-rating-outlook-2026-stable-through-geopolitical-and-oil-price-volatility-s101667024<![CDATA[ Middle East Sovereign Rating Outlook 2026: Stable Through Geopolitical And Oil Price Volatility ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:50:01 GMT00:01:00<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]><![CDATA[ This report does not constitute a rating action. The average African sovereign rating has reached its highest level since late 2020--with a slightly positive outlook bias--reflecting recent reforms and improved growth, though the full impact on credit metrics will take time to materialize. Stable growth, lower inflation, and prospects for higher commodity prices (excluding oil) and a weaker U.S. dollar should reduce financing costs and support continued reform implementation. Structurally high debt and low, concentrated revenue bases will continue to pose key risks and, with government external debt repayments likely to exceed $90 billion this year, external vulnerabilities have also increased. Security risks, including rising Islamist activity (particularly in West Africa) present a challenge, while factors such as civil unrest--reflecting ]]>ArticlesMon, 02 Feb 2026 17:50:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/african-sovereign-ratings-outlook-2026-positive-momentum-stabilizing-s101667563<![CDATA[ African Sovereign Ratings Outlook 2026: Positive Momentum Stabilizing ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 17:46:55 GMT00:01:00<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that the recovery in U.K.-based providers’ performance will be more prolonged than we previously projected. U.K.-based providers will continue to increase their spending on existing stock, albeit at a slower pace than in previous years (see chart 1). Growing repair costs reflect efforts to improve the quality of the sector’s housing stock and meet energy efficiency, building safety, and other enhanced regulatory requirements. In addition, the sector continues to face high demand for repair services. We consider that U.K. providers now have more certainty about their financial plans thanks to a better understanding of their stock, together with visibility on grants for investments in existing homes, access to ]]>ArticlesMon, 02 Feb 2026 17:46:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/non-us-social-housing-sector-outlook-2026-headwinds-ease-s101662744<![CDATA[ Non-U.S. Social Housing Sector Outlook 2026: Headwinds Ease ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 15:27:17 GMT00:01:00<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]><![CDATA[ This report does not constitute a rating action. Laura Fernandez, the candidate from official Pueblo Soberano party won the February 1 presidential election in Costa Rica with 48.3% of the votes. The incumbent political party won 31 seats in the 57-seat National Assembly, achieving a simple majority. This is a significant increase from the nine seats it had during last president Chaves' term and marks a reduction in legislative fragmentation. President-elect Fernandez is likely to keep policy continuity with the outgoing Chaves administration. Implementation of her policy agenda depends upon her ability to advance on key legislation that requires simple majorities, and work with the National Assembly on more structural reforms that requires a two-third majority. On Feb. 1, 2026, ]]>ArticlesMon, 02 Feb 2026 15:27:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/costa-rica-brief-president-elect-laura-fernandez-secures-legislative-majority-s101668376<![CDATA[ Costa Rica Brief: President Elect Laura Fernandez Secures Legislative Majority ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 14:53:01 GMT00:01:00<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]><![CDATA[ This report does not constitute a rating action. As 2026 gets underway, the macroeconomic outlook remains uncertain, and volatility persists. Given the resultant unpredictability, S&P Global Ratings has addressed six questions on the key issues that could affect liquidity and volatility in global credit markets in 2026. Leverage is likely to continue building among some nonbank financial institutions (NBFIs) in 2026, fueled by easing monetary policy and bank capital requirements. NBFIs with elevated leverage could exacerbate financial fragilities and put pressure on central banks, again. Some NBFIs engage in credit and liquidity transformation, using financial leverage (borrowings) or synthetic leverage (derivatives exposures) (see chart 1). Unlike banks, NBFIs typically have limited reporting and disclosure requirements, even in jurisdictions with developed ]]>ArticlesMon, 02 Feb 2026 14:53:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/liquidity-outlook-2026-six-questions-six-answers-s101666994<![CDATA[ Liquidity Outlook 2026: Six Questions, Six Answers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 12:28:40 GMT00:01:00<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]><![CDATA[ This report does not constitute a rating action. Eroding FX reserves are highlighting CEMAC‘s external financial vulnerabilities. Balance-of-payments pressures are stemming mainly from the region’s heavy reliance on oil, which still dominates exports and fiscal revenues (see chart 1). We assume international oil prices will stay subdued, averaging $60 per barrel this year, while output remains constrained by aging fields and technical challenges. At the same time, large infrastructure projects, ongoing investment in oil and gas, and limited domestic production of essential goods are keeping import demand high. Balance-of-payments support from donors is also lower; most IMF programs have expired and have not been renewed--except in Chad and the Central African Republic. CEMAC heads of states--the only authorities able to ]]>ArticlesMon, 02 Feb 2026 12:28:40 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cemac-devaluation-is-currently-unlikely-despite-growing-external-pressures-on-member-states-s101666845<![CDATA[ CEMAC Devaluation Is Currently Unlikely Despite Growing External Pressures On Member States ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 11:11:26 GMT00:01:00<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]><![CDATA[ This report does not constitute a rating action. The growth of private credit has fueled an expansion of investment vehicles offering a range of objectives with different liquidity and risk profiles. One such vehicle is collateralized fund obligations, or CFOs. In this article, S&P Global Ratings does a deep dive on CFOs by detailing their history and how the product and sector are evolving. During the 2015-2025 period, some $15 billion in 47 such transactions backed by structured products, or hedge fund or private-equity fund shares, priced in the 144A market, per Green Street data. However, as the sector evolves, newer transactions may bear less resemblance to prior-generation deals, as they may feature more varied and complex underlying assets, structural ]]>ArticlesMon, 02 Feb 2026 11:11:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-frontiers-the-evolution-of-collateralized-fund-obligations-s101667662<![CDATA[ ABS Frontiers: The Evolution Of Collateralized Fund Obligations ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:16:55 GMT00:01:00<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]><![CDATA[ This report does not constitute a rating action. The end of regulatory forbearance will challenge asset quality, while increased capital requirements come due and net interest margins come under pressure because of expected interest rate cuts. Despite this, we anticipate Nigerian banks will prove resilient and capable to preserve their profitability. This is due growth in NII (driven by transaction fees and commission growth) and declining but still high cost of risk. The latter will remain elevated as the Central Bank of Nigeria (CBN) removed regulatory forbearance measures and the creditworthiness of some restructured exposures remains weak. These could weigh on banks' asset quality in 2026 and beyond, particularly if the oil price drops significantly below our expectations. Banks have ]]>ArticlesMon, 02 Feb 2026 09:16:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nigerian-banking-outlook-2026-banks-face-regulatory-headwinds-but-will-be-able-to-preserve-positive-profitability-s101663153<![CDATA[ Nigerian Banking Outlook 2026: Banks Face Regulatory Headwinds, But Will Be Able To Preserve Positive Profitability ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 02 Feb 2026 09:00:11 GMT00:01:00<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]><![CDATA[ This report does not constitute a rating action. A gradual improvement in economic growth will lead to healthy business prospects and solid credit fundamentals. We expect GDP growth will average 1.5% over 2026-2027, from a subdued 0.6% in 2024. South Africa also benefits from the ongoing rally in precious metals, and we expect strong exports will support headline growth. That said, logistical and tariff-related pressures will persist. We forecast that the improving economic backdrop, coupled with infrastructure investments in logistics and renewables, will lead to robust credit growth of 8%-9% through 2026, supported by falling interest rates. Despite a slightly tighter net interest margin due to rate cuts, we expect South African banks will maintain strong profitability, with return on ]]>ArticlesMon, 02 Feb 2026 09:00:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/south-african-banking-outlook-2026-stronger-economy-lifts-growth-and-performance-prospects-s101666280<![CDATA[ South African Banking Outlook 2026: Stronger Economy Lifts Growth And Performance Prospects ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 20:19:50 GMT00:01:00<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]><![CDATA[ This report does not constitute a rating action. Assuming broadly syndicated loan (BSL) CLO ‘AAA’ spreads remain stable at SOFR plus 125 bps throughout 2026 (our base case scenario), the U.S. CLO market is poised for a third consecutive year of lively reset and refinancing activity, with $375 billion in projected volume and a particularly active first half of the year. Our framework suggests a gradual 15 bps widening of BSL CLO ‘AAA’ spreads could result in $220 billion of CLO resets/refis in 2026 ($155 billion less than our base case), while a gradual 15 bps tightening of BSL CLO ‘AAA’ spreads could lead to $470 billion of resets/refis ($95 billion more than our base case). Based on the current ]]>ArticlesFri, 30 Jan 2026 20:19:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/clo-spotlight-will-strong-us-resetrefi-momentum-continue-in-2026-or-is-the-market-due-for-a-reset-s101667333<![CDATA[ CLO Spotlight: Will Strong U.S. Reset/Refi Momentum Continue In 2026, Or Is The Market Due For A Reset? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 19:16:41 GMT00:01:00<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]><![CDATA[ We expect that our ratings on U.S. securities firms will be largely steady in 2026, with most of those firms maintaining solid capital and liquidity. ]]>ArticlesFri, 30 Jan 2026 19:16:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-securities-firms-sector-view-2026-markets-influence-earnings-while-capital-and-liquidity-drive-ratings-s101668269<![CDATA[ U.S. Securities Firms Sector View 2026: Markets Influence Earnings While Capital And Liquidity Drive Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:40:57 GMT00:01:00<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]><![CDATA[ This report summarizes the main themes emerging from our recently published Industry Credit Outlook 2026 reports. It also provides the main risks and opportunities to our baseline forecasts highlighted by our analysts and the key messages for each industry. ]]>ArticlesFri, 30 Jan 2026 18:40:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-slides-industry-credit-outlook-2026-key-themes-s101668258<![CDATA[ Industry Credit Outlook: SLIDES Industry Credit Outlook 2026: Key themes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 18:20:39 GMT00:01:00<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]><![CDATA[ This report does not constitute a rating action. In fourth-quarter 2025, S&P Global Ratings took a total of 100 rating actions within the U.S. public finance housing sector, consisting of 20 positive rating actions, six negative rating actions, 63 affirmations, and 11 new ratings. Further details are provided in the following paragraphs. Positive rating actions: 15 upgrades and four outlook changes in the rental housing bond (RHB) subsector and one outlook change in the social housing provider (SHP) subsector (see table, “Positive rating actions” below). These are broken down as follows: Seven upgrades and four outlook revisions to military housing credits with ratings ranging from the ‘AA’ category to the ‘A’ category; Three upgrades to mobile home park credits in ]]>ArticlesFri, 30 Jan 2026 18:20:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-rating-actions-fourth-quarter-2025-s101667373<![CDATA[ U.S. Public Finance Housing Rating Actions, Fourth-Quarter 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 16:12:02 GMT00:01:00<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]><![CDATA[ S&P Global Ratings assesses Deutsche Bank Securities Inc.' Public Finance Authority Municipal Certificates as aligned with Social Bond Principles, ICMA, 2025. Deutsche Bank Securities Inc. is an investment bank, broker, and capital markets company. It underwrites and trades debt and equity securities, provides market-making and investment advisory services, and acts as a clearing broker for affiliated and third-party institutional clients. ]]>ArticlesFri, 30 Jan 2026 16:12:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-deutsche-bank-securities-inc-public-finance-authority-municipal-certificates-s101668289<![CDATA[ Second Party Opinion: Deutsche Bank Securities Inc. Public Finance Authority Municipal Certificates ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 13:59:55 GMT00:01:00<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Table 1 Global issuance summary and forecast (Bil. $) Nonfinancials Financial services Structured finance U.S. public finance International public finance Annual total 2020 3,364.3 2,694.4 1,010.3 481.1 1,128.5 8,529.77 2021 2,995.8 3,160.2 1,297.1 477.9 1,203.5 9,145.59 2022 1,953.4 2,716.0 1,170.5 389.3 1,065.2 7,321.41 2023 2,251.0 2,792.1 1,061.9 383.7 1,214.5 7,729.89 2024 2,824.8 3,289.4 1,313.7 512.8 1,350.8 9,290.74 2025 3,307.7 3,556.6 1,452.9 578.6 1,427.2 10,290.23 2026 forecast (YOY % change) 5.0 5.5 5.0 4.0 0.0 0.0 2026 ranges -3% to 13% -2% to 12% -3% to 10% -2% to 10% -7% to 7% -2.8% to 11.6% Data as of Dec. 31, 2025. ¶Includes infrastructure. **Note: Structured finance excludes transactions that were ]]>ArticlesFri, 30 Jan 2026 13:59:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-financing-conditions-issuance-growth-could-slow-in-2026-as-strains-persist-s101666345<![CDATA[ Credit Trends: Global Financing Conditions: Issuance Growth Could Slow In 2026 As Strains Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 12:38:10 GMT00:01:00<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]><![CDATA[ Transaction profile Issuer BPCE Master Home Loans FCT Collateral type RMBS prime Domicile of assets France Originators Banques Populaires and Caisses d'Epargne Seller and servicer Banques Populaires and Caisses d'Epargne Counterparty BPCE Capital structure Class ISIN code Rating* Amount (bil. €) Available credit enhancement (%)§ Coupon (%) Expected maturity date Final legal maturity date A-2026-01 FR00140159U3 AAA (sf) 9.0 6 0 Jan. 31, 2031 Dec. 31, 2071 *Our rating addresses timely interest and ultimate principal payments on or before extended legal final maturity. §Available credit enhancement (provided by subordination and excluding the general reserve and excess spread) equals 6.0% at the time of this new issuance, with dynamic credit enhancement throughout the transaction’s life subject to rating agency review and ]]>ArticlesFri, 30 Jan 2026 12:38:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bpce-master-home-loans-fct-a-2026-01-s101664881<![CDATA[ New Issue: BPCE Master Home Loans FCT (A-2026-01) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 08:49:45 GMT00:01:00<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]><![CDATA[ Rated financial market infrastructures (FMIs) delivered solid performance in 2025, which we expect to continue into 2026. ]]>ArticlesFri, 30 Jan 2026 08:49:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financial-market-infrastructure-sector-view-2026-monetize-digitize-tokenize-s101668005<![CDATA[ Financial Market Infrastructure Sector View 2026: Monetize, Digitize, Tokenize ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 07:11:39 GMT00:01:00<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]><![CDATA[ Over the three years following the first issuance of the financing, Södertälje expects to allocate 57% of the proceeds to green buildings, 20% to sustainable water and wastewater management, 17% to energy efficiency, and the remaining 6% to other categories.The municipality expects 40% of the proceeds to be allocated to refinancing projects, and 60% to finance new projects.Based on the project categories' Shades of Green, the expected allocation of proceeds, and consideration of environmental ambitions reflected in Södertälje's Green Bond Framework, we assess the framework as Medium green. Södertälje is a municipality in Stockholm County and has approximately 100,000 habitants. The municipality is responsible for ensuring that residents have access to necessary services and resources, such as education, social services, health and welfare, environment and sustainability, urban planning and construction, as well as culture and leisure. ]]>ArticlesFri, 30 Jan 2026 07:11:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-city-of-sodertalje-green-bond-framework-s101668164<![CDATA[ Second Party Opinion: City of Sodertalje Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 03:58:11 GMT00:01:00<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]><![CDATA[ This report does not constitute a rating action. Contaminated milk formula could raise costs for global dairy firms and diminish consumer goodwill. Rattled consumers may initially shun entities known to have sold tainted formula, prompting firms to spend more on marketing for reassurance. And authorities could ask entities to spend more to monitor their use of the affected ingredient, increasing compliance costs. Some international brands have recalled infant milk formula over potential contamination with cereulide, a toxin that can cause vomiting and symptoms akin to food poisoning. The issue has been traced to a contaminated arachidonic acid (ARA) oil ingredient from a Chinese supplier: Cabio Biotech (Wuhan) Co. Ltd. In 2008 about 300,000 Chinese children became ill after they consumed ]]>ArticlesFri, 30 Jan 2026 03:58:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-supplier-contamination-may-increase-costs-reduce-goodwill-for-dairy-firms-s101667491<![CDATA[ China Supplier Contamination May Increase Costs, Reduce Goodwill For Dairy Firms ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 30 Jan 2026 01:12:09 GMT00:01:00<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]><![CDATA[ JD Group's retail businesses offer a better customer experience thanks to robust supplier relationships, wide product offering, and JD Logistics' fast, reliable fulfillment. That strength that helped JD Group become China's largest direct retailer. ]]>ArticlesFri, 30 Jan 2026 01:12:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/jd-group-a-cohesive-business-model-clicks-into-place-s101668149<![CDATA[ JD Group: A Cohesive Business Model Clicks Into Place ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 29 Jan 2026 03:23:17 GMT00:01:00<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]><![CDATA[ Regional consumption trends remain divergent. Japan has the weakest consumer outlook. Australia's strong consumer trend remains robust, but growth could moderate amid persistent inflation. China is relatively stable. ]]>ArticlesThu, 29 Jan 2026 03:23:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-consumer-outlook-2026-steady-hands-in-shifting-markets-s101667964<![CDATA[ Asia-Pacific Consumer Outlook 2026: Steady Hands In Shifting Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 22:15:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 28, 2026 ]]><![CDATA[ In this week's summary of ratings views: Corporate defaults declined for a third consecutive year. We expect global bond issuance to increase 5% this year, after rising 11% in 2025. Geopolitics and U.S. trade policies remain the top risks to European credit conditions. ]]>ArticlesWed, 28 Jan 2026 22:15:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-28-2026-s101667924<![CDATA[ The Ratings View: Jan. 28, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 19:26:57 GMT00:01:00<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings lowered almost twice (29) the number of ratings than that it raised (15) across its rated universe of U.S. charter schools. Similarly, the number of charter school issuers for which we revised the outlook to negative (15) outpaced the number of outlook revisions to both stable (11) and positive (10) taken across our rated sector. Table 1 2025 U.S. charter schools--initially assigned new ratings Institution State Rating Outlook Aristoi Classical Academy TX BB Stable AXIS International Academy CO BB Stable Beacon Academy of Nevada NV BB Stable Dove Charter Public School Foundation Inc. OK BB+ Stable Esperanza Elementary UT BB Stable Fort Collins Montessori School CO BB ]]>ArticlesWed, 28 Jan 2026 19:26:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-rating-actions-2025-s101667371<![CDATA[ U.S. Charter Schools Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 15:34:29 GMT00:01:00<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]><![CDATA[ This report does not constitute a rating action. U.S. speculative-grade corporate defaults may be slowing, but the recovery picture is getting more complex, especially as more companies pursue distressed debt exchanges before ever entering a traditional bankruptcy court process. In this report, we take a closer look at what creditors recovered in recent Chapter 11 cases based on ultimate nominal recoveries drawn from bankruptcy documents. First-lien recoveries have weakened, falling well below their long-term average. But once we account for shifts in debt mix, overall entity-level debt recoveries appear much more stable, with cycle averages holding up over time. This report discusses these dynamics in a historical context, with trends reaching back to 2008. We also compare outcomes of loan-only ]]>ArticlesWed, 28 Jan 2026 15:34:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-leveraged-finance-q4-2025-update-recovery-turbulence-triggered-by-changing-debt-structures-and-restructuring-tactics-s101666426<![CDATA[ U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 14:15:52 GMT00:01:00<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings ranks its rated global chemical companies from strongest to weakest. We rank companies by the rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors. In line with our corporate rating methodology, the final rating may differ from the SACP, where government, group, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for more than a quarter ]]>ArticlesWed, 28 Jan 2026 14:15:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-chemical-companies-strongest-to-weakest-s101666531<![CDATA[ Issuer Ranking: Global Chemical Companies--Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 13:08:12 GMT00:01:00<![CDATA[ European CLO Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. Surveillance rating activity for European CLOs was active during Q4 2025, where we reviewed four transactions managed by four collateral managers. Rating transitions--mainly upgrades (52% of classes reviewed) and affirmations (45%)--were positive, reflecting stable credit performance and higher credit enhancement spurred by deleveraging. We lowered our rating on a junior tranche in one transaction to reflect a decline in portfolio credit quality (see “ MAN GLG Euro CLO III DAC Class D And E European Cash Flow Ratings Raised; Class F Notes Downgraded; Other Notes Affirmed ,” Nov. 5, 2025). Rating action severities were 2.3 notches for upgrades, 1.0 for downgrades, and 1.1 for all rating actions during the quarter. We affirmed ]]>ArticlesWed, 28 Jan 2026 13:08:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-clo-monitor-q4-2025-s101664529<![CDATA[ European CLO Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 28 Jan 2026 07:06:19 GMT00:01:00<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]><![CDATA[ Supportive financing conditions are helping Asia-Pacific sectors amid economic and geopolitical uncertainty. Tail risks could lash, however. ]]>ArticlesWed, 28 Jan 2026 07:06:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q1-2026-year-of-the-fire-horse-ride-carefully-s101667753<![CDATA[ Asia-Pacific Sector Roundup Q1 2026: Year Of The Fire Horse--Ride Carefully ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 18:21:54 GMT00:01:00<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]><![CDATA[ This report does not constitute a rating action. In 2025, S&P Global Ratings assigned 11 ratings, raised 12 ratings, and lowered 30 ratings on U.S. colleges and universities. While we revised our 2026 higher education sector outlook to negative from bifurcated, our rating actions during 2025 demonstrated a widening in credit quality for a fourth consecutive year, as the majority of the downgrades occurred at the lower end of the ratings distribution. With threatened cuts to research funding and uncertainty on federal policies, strong institutions maintained their market position, healthy balance sheets, and fundraising, while struggling institutions faced enrollment challenges resulting in operational pressure and liquidity issues. The 12 upgrades occurred across eight public institutions and four private institutions. Most ]]>ArticlesTue, 27 Jan 2026 18:21:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-higher-education-rating-actions-2025-s101666468<![CDATA[ U.S. Higher Education Rating Actions, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 15:35:20 GMT00:01:00<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. Driven primarily by positive market returns, U.S. public pension funded ratios have reached an average of over 80% as of fiscal 2025--improving every year since fiscal 2022 and increasing nearly 10 percentage points over this period. S&P Global Ratings expects this momentum will continue in fiscal 2026 given market performance over the first half. U.S. pension plans typically assume annual asset returns averaging 7% and actual returns above or below this assumption equate to a "gain" or "loss" compared with planned investment inflows that might affect contributions and credit stress. However, we estimate a sustainable upward trend with pension funded ratios of about 81% due to market gains from an annual return ]]>ArticlesTue, 27 Jan 2026 15:35:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/four-us-public-pension-points-to-watch-in-2026-s101666841<![CDATA[ Four U.S. Public Pension Points To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 14:44:16 GMT00:01:00<![CDATA[ European CMBS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. All information is as of December 31, 2025, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the fourth quarter of 2025, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q4 2025 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article U.K. Logistics 2025-2 DAC 510.0 Natixis/SocGen 1 114 Blackstone Logistics U.K. Vanir Logistics S.à r.l.* 185.3§ Morgan Stanley 1 18 EQT Logistics France, Netherlands, Belgium Vanir Logistics Finance S.à r.l. Pan European CMBS Notes Assigned Ratings DBMS 2025-1 DAC* 443.1 Morgan Stanley 1 64 Blackstone Logistics (89%), Retail (6%), Land (5%) U.K. ]]>ArticlesTue, 27 Jan 2026 14:44:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q4-2025-s101666022<![CDATA[ European CMBS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:50:32 GMT00:01:00<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]><![CDATA[ This report does not constitute a rating action. We see Czechia’s regulatory framework for electricity and gas distribution networks as stable, consistent, and supportive, providing operators with a strong regulatory advantage. The two-year lag in recovering operating costs, like that of European peers such as Germany and Austria, introduces temporary volatility to operators’ credit metrics. Additionally, assets under construction are only included in the regulated asset base (RAB) at the regulator’s discretion, which is a weakness compared with other strong frameworks in Europe. The Energy Regulatory Office (ERO) has set a fixed power and gas rate of return for the sixth regulatory period (RP6) reflecting a nominal, pre-tax weighted average cost of capital (WACC) of 6.9%, subject annually to an ]]>ArticlesTue, 27 Jan 2026 10:50:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/czechias-electricity-and-gas-distribution-regulatory-framework-supportive-s101642276<![CDATA[ Czechia’s Electricity And Gas Distribution Regulatory Framework: Supportive ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 10:32:53 GMT00:01:00<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]><![CDATA[ Despite early trade volatility in the spring, primary bond markets showed resilience and growth, finishing up nearly 11%. S&P Global Ratings expects this growth to continue in 2026, led by a still strong maturity pipeline, a reawakening M&A market, and the potential for an additional boost to issuance in our optimistic scenario from the growing capex needs for AI/datacenter investment. Economic growth is expected to slow somewhat this year, and interest rates are likely to remain historically elevated. We anticipate issuance growth to slow on a relative basis to roughly 5%, with the potential for contraction given continued reliance on increasingly concentrated economic growth (in tech) and increasing geopolitical strain. ]]>ArticlesTue, 27 Jan 2026 10:32:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-markets-update-q1-2026-broad-stability-amid-rising-sectoral-strains-s101667353<![CDATA[ Global Credit Markets Update Q1 2026: Broad Stability Amid Rising Sectoral Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 27 Jan 2026 05:12:35 GMT00:01:00<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]><![CDATA[ This report does not constitute a rating action. This would be the case if such issues significantly impact business and financial bases. The Japanese insurance industry continues to have problems with insurance sales and claims. This has led to an increase in regulatory action, such as the Financial Services Agency (FSA) issuing business improvement orders, and amendments to the Insurance Business Act. The most recent case to surface involved financial misconduct toward customers at The Prudential Life Insurance Co. Ltd. (Prudential of Japan). Recent Japanese insurer scandals Year Company name Details Regulatory action / Impact S&P Global Ratings governance assessment 2019 Japan Post Insurance Co. Ltd. Improper insurance sales FSA business suspension and business improvement order Revised down 2022 Manulife ]]>ArticlesTue, 27 Jan 2026 05:12:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-insurance-brief-scandals-expose-governance-shortcomings-br--s101667214<![CDATA[ Japan Insurance Brief: Scandals Expose Governance Shortcomings <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 15:21:44 GMT00:01:00<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]><![CDATA[ Irish banks’ risk-adjusted profitability will remain sound in 2026. We calculate that the banks' return on average common equity will fall into the 11%-12% range, only marginally lower than the 12% we expect in 2025. Irish banks’ focus on strategic initiatives, prudent risk appetite and control, and progress in digitalization will support their profitability amid normalizing interest rates and intensifying competition. ]]>ArticlesMon, 26 Jan 2026 15:21:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/irish-banking-outlook-2026-solid-fundamentals-underpin-rating-resilience-s101667310<![CDATA[ Irish Banking Outlook 2026: Solid Fundamentals Underpin Rating Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 26 Jan 2026 13:07:41 GMT00:01:00<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]><![CDATA[ Forecast metrics point to a possible positive rating trend overall for investment-grade ratings in 2026, but performance is likely to be increasingly sector- and rating-specific, with potential fallen angels at a 4.5 year high.&nbsp;Investment-grade rating performance remained robust in fourth-quarter 2025, with upgrades outnumbering downgrades for the fourth quarter in a row. The impact of U.S. tariffs on ratings softened further, with only two tariff-driven rating actions (both in the auto sector), compared with seven in the previous quarter. ]]>ArticlesMon, 26 Jan 2026 13:07:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/investment-grade-credit-check-q1-2026-the-outlook-is-positive-despite-increasing-fallen-angel-pressure-s101667268<![CDATA[ Investment-Grade Credit Check Q1 2026​: The Outlook Is Positive Despite Increasing Fallen Angel Pressure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 20:41:20 GMT00:01:00<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]><![CDATA[ This report does not constitute a rating action. But weaker demand trends, heightened geopolitical tensions, and inflationary pressures could hurt lessors' profitability and earnings over the longer term. Overall rating activity in 2025 was limited across the sector's rated entities, which include: Aircraft leasing companies, Freight-focused leasing companies (including railcar, truck, container, and chassis leasing), Car rental and fleet management companies, and Other specialty equipment leasing companies. In our view, this stability reflects the sector's substantial proportion of investment-grade issuers--about half of its rated companies (see chart 1). The multiyear, staggered structure of lease contracts further supports stability by providing predictable, resilient cash flow. The outlooks on our ratings in the sector are mostly stable (see chart 2). Negative outlooks ]]>ArticlesFri, 23 Jan 2026 20:41:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/transportation-equipment-leasing-sector-view-2026-steady-through-the-cycle-s101665337<![CDATA[ Transportation Equipment Leasing Sector View 2026: Steady Through The Cycle ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 23 Jan 2026 06:38:02 GMT00:01:00<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]><![CDATA[ This report does not constitute a rating action. Limited supply of new office and retail space in Singapore will keep occupancies and rents buoyant for the city's major REITs. S&P Global Ratings expects resilient earnings on the domestic portfolios of those we rate in 2026, despite waning economic momentum. We forecast real GDP growth will slow to 2.1% in 2026, from 3.3% in 2025. Further out, demand dynamics and its interactions with the high office and retail space supply in 2028 will be a key watchpoint. Recent improvements in rents and occupancies for high-quality central office should prevail in 2026. A low supply pipeline, sustained flight to quality, and foreign investment inflows are key supportive factors. Limited new space will ]]>ArticlesFri, 23 Jan 2026 06:38:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/limited-new-supply-keeps-rated-singapore-reits-resilient-s101664487<![CDATA[ Limited New Supply Keeps Rated Singapore REITs Resilient ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 17:34:22 GMT00:01:00<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]><![CDATA[ S&P Global Ratings assesses Preservation of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) as aligned with Social Bond Principles, ICMA, 2025 and Social Loan Principles, LMA/LSTA/APLMA, 2025. POAH, established in 1998, is a 501(c)(3) nonprofit organization that preserves, creates and sustains affordable rental homes for low- and moderate-income families, seniors, and individuals. POAH is one of the largest nonprofit affordable housing developers and owners in the nation, with significant presence in key rental markets across the Northeast, Mid-Atlantic, Southeast, and Midwest. ]]>ArticlesThu, 22 Jan 2026 17:34:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-preservation-of-affordable-housing-incs-25-million-taxable-bonds-series-2026-social-bonds-s101666944<![CDATA[ Second Party Opinion: Preservation Of Affordable Housing Inc.'s $25 Million Taxable Bonds Series 2026 (Social Bonds) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 16:36:51 GMT00:01:00<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]><![CDATA[ S&P Global Ratings expects banks in Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyzstan, and Uzbekistan to remain resilient in 2026, in line with the previous two years, with profitability and capital levels supported by moderating (but still strong) average regional lending growth of 15%-20% and stable asset quality. Favourable economic growth prospects across the region, high lending demand (especially in the retail segment), sound funding and liquidity metrics, and stable capital buffers supported by solid profitability could lead to further positive rating actions in 2026. Currently,19% of financial institutions’ ratings in the region have positive outlooks and 81% have stable outlooks. Key risks for financial institutions in the region include elevated geopolitical tensions, aggressive retail lending growth that could increase imbalances, and evolving risks related to digitalization, AI, climate change, and cyber threats. ]]>ArticlesThu, 22 Jan 2026 16:36:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-central-asia-and-the-caucasus-banking-outlook-2026-resilient-performance-amid-elevated-geopolitical-risks-s101666014<![CDATA[ SLIDES: Central Asia And The Caucasus Banking Outlook 2026: Resilient Performance Amid Elevated Geopolitical Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 14:43:14 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 22 Jan 2026 14:43:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-jan-21-2026-s101666811<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 10:06:37 GMT00:01:00<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]><![CDATA[ Declining&nbsp;financing costs, moderate inflation and improving consumer and business confidence should support credit demand and Nordic banks' business prospects in 2026. We forecast banks' profitability will stabilize at robust levels but below the peaks of 2023-2024. A renewed cost focus and growing ancillary income will partly counter declining net interest margins; despite generous capital distributions, healthy capital levels will bolster bank ratings in the region. ]]>ArticlesThu, 22 Jan 2026 10:06:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/nordic-banking-outlook-2026-strong-banks-are-poised-for-growth-s101666775<![CDATA[ Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 22 Jan 2026 08:15:57 GMT00:01:00<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]><![CDATA[ This report does not constitute a rating action. Chinese banks' property-sector risks are not as severe as recent events suggest. Investors are focused on the weak liquidity of China Vanke (SD), and potential contagion should more defaults occur. Investors are also asking if direct sales of foreclosed properties at steep discounts will result in collateral impairments at banks. However, as is our common refrain, Chinese banks are adequately capitalized and losses on property loans are manageable. Moreover, data from the structured finance market indicates that Chinese mortgages are performing normally, with no big spike in bad loans. Indeed, banks' property-sector strains are easing in our base case--albeit from a high level--as we recognize most weak loans before they officially turn ]]>ArticlesThu, 22 Jan 2026 08:15:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/china-banks-can-handle-downside-from-looming-property-strains-s101663347<![CDATA[ China Banks Can Handle Downside From Looming Property Strains ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 17:00:22 GMT00:01:00<![CDATA[ The Ratings View: Jan. 21, 2026 ]]><![CDATA[ In this week's summary of ratings views: We examine credit risks building with the AI and data center boom. Our credit cycle indicators continue to decline, and tail risks could amplify a correction. We currently expect the credit impact of potential escalation between the U.S. and Iran to be contained. ]]>ArticlesWed, 21 Jan 2026 17:00:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-21-2026-s101666620<![CDATA[ The Ratings View: Jan. 21, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 16:29:09 GMT00:01:00<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]><![CDATA[ This report does not constitute a rating action. U.S. electric utilities are increasingly vulnerable to physical climate risks from wildfires, hurricanes, winter storms, and other severe weather-related events. In California, the frequency and severity of wildfires is rising significantly, with 15 of the 20 most destructive in just the past 10 years (see table 1). S&P Global Ratings continues to monitor the California NFP utilities that are exposed to these events. The January 2025 Eaton (in Altadena) and Palisades (in Pacific Palisades and Malibu) fires rank as the No. 2 and 3 most destructive in the state's recorded history, according to the California Department of Forestry and Fire Protection (Cal Fire). They also demonstrated the increasing risk that wildfires pose ]]>ArticlesWed, 21 Jan 2026 16:29:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/california-public-power-utilities-dampen-wildfire-flames-while-questions-of-long-term-resiliency-smolder-s101664964<![CDATA[ California Public Power Utilities Dampen Wildfire Flames While Questions Of Long-Term Resiliency Smolder ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:38:31 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]><![CDATA[ This report does not constitute a rating action. Please note that from 2026 onward we apply a refined regional breakdown. We have removed the category “Other Developed” to better reflect regional default trends. S&P Global Ratings' global corporate default tally was nine in December 2025, after the following defaults in the month: Bermuda-based diamond mining group Petra Diamonds Ltd. Canada-based iron ore mining company Baffinland Iron Mines Corp. China-based real-estate developer China Vanke Co. Ltd. Sweden-based public real estate company Samhallsbyggnadsbolaget i Norden AB (publ) U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based internet domain registration and ancillary web presence services provider Newfold Digital Holdings Group Inc. U.S.-based aluminum wheels manufacturer Superior Industries International Inc. U.S.-based cleaning and sanitation ]]>ArticlesWed, 21 Jan 2026 13:38:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-leads-2025-drop-in-global-corporate-defaults-s101665652<![CDATA[ Default, Transition, and Recovery: U.S. Leads 2025 Drop In Global Corporate Defaults ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 13:04:15 GMT00:01:00<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]><![CDATA[ This report does not constitute a rating action. While the AI revolution is poised to transform the North American technology sector, the related infrastructure build out is both boosting and pressuring participants in different ways. Some benefit from the circular nature of investments from the past few years, but others face the risk of their investments getting stranded if the gap between funding and monetization stretches too wide. In this article, S&P Global Ratings examines the credit outlooks for participants based on their role in the AI infrastructure build-out. For our analysis on the wider risks of AI spending, see " Where Are AI Investment Risks Hiding? " published Jan. 21, 2025, on RatingsDirect. Despite their promising technology and ability ]]>ArticlesWed, 21 Jan 2026 13:04:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-infrastructure-buildout-weighs-credit-risks-and-rewards-s101666157<![CDATA[ AI Infrastructure Buildout Weighs Credit Risks And Rewards ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 10:41:07 GMT00:01:00<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]><![CDATA[ This report does not constitute a rating action. As we publish our 2026 industry credit outlooks across infrastructure, we are witnessing a complex and dynamic landscape that requires close attention. Following these releases, we are now presenting the key areas of attention that will shape the industry in the year ahead. At the forefront of our analysis is the sector's remarkable resilience in the face of growing geopolitical tensions. Despite these challenges, we see steady demand growth across asset classes, supported by resilient economic performance and local regulatory frameworks. We also anticipate a significant increase in investments across the sector, building on already high historical levels. Data centers are emerging as a key driver of growth, with their expansion also ]]>ArticlesWed, 21 Jan 2026 10:41:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-infrastructure-seven-trends-to-watch-in-2026-s101666059<![CDATA[ Global Infrastructure: Seven Trends To Watch In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 21 Jan 2026 09:59:35 GMT00:01:00<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]><![CDATA[ This report does not constitute a rating action. This report explores the key themes we see for this year for rated European airports, railroads, toll roads, car parks and ports. It complements our Global Industry Outlook 2026: Transportation Infrastructure. The rated European infrastructure portfolio maintains robust operational performance and margins, supported by the underlying demand driving revenue generation. The indexation of tariffs is generally linked to inflation, and the regulatory frameworks across S&P Global Ratings' portfolio are generally solid and supportive. The great majority of companies (88%) have stable outlooks, 9% of the companies have positive outlooks, and 3% have negative outlooks. The chart below reflects the overall direction of creditworthiness changes (positive or negative) across the sector's outlooks. Chart ]]>ArticlesWed, 21 Jan 2026 09:59:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-transportation-infrastructure-europe-2026-outlook-s101663796<![CDATA[ Industry Credit Outlook: Transportation Infrastructure: Europe 2026 Outlook ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 19:29:48 GMT00:01:00<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]><![CDATA[ This report does not constitute a rating action. We have a stable sector view across all three subsectors of asset management--alternative, traditional, and wealth. The majority (92%) of credits carry stable outlooks, though negative outlooks (8%) outnumber positive outlooks (0%). Our global asset managers' rating dispersion has a mix of investment-grade (52%) and speculative-grade (48%) ratings. Chart 1 Chart 2 Equity markets, though volatile, rose in 2025, benefiting assets under management (AUM) and earnings. Outflows persist for certain traditional strategies (such as active mutual funds), and higher-for-longer funding costs and potential liquidity pressures continue to weigh on a few smaller scale asset managers. Alternative asset managers remain the best positioned, in our view, because we expect growth in private credit, ]]>ArticlesTue, 20 Jan 2026 19:29:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-asset-manager-sector-view-2026-partnerships-propel-growth-while-adding-complexity-s101662130<![CDATA[ Global Asset Manager Sector View 2026: Partnerships Propel Growth While Adding Complexity ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:54:00 GMT00:01:00<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]><![CDATA[ Ratings Class Rating Class size (ILS) Credit enhancement (%) Indexation Interest Legal final maturity A AA- (sf) 549,037,509 12.50 Fixed CPI 4.25% June 2058 B NR 38,903,229 6.30 Fixed CPI 5.00% June 2058 C NR 39,530,701 N/A Fixed CPI 21.00% June 2058 ILS--Israeli new shekel. CPI--Consumer Price Index. NR--Not rated. N/A--Not applicable. S&P Global Ratings has assigned its global scale 'AA- (sf)' rating to Credito Issuing 2 Ltd.'s class A notes. At closing, the issuer also issued class B and C notes. This is the fourth Israeli RMBS securitization that we have rated, and the third transaction originated by Credito Ltd. group (Credito) that we have rated. Credito's first transaction closed in August 2024 and its second in November 2025. ]]>ArticlesTue, 20 Jan 2026 15:54:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-credito-issuing-2-ltd-s101665816<![CDATA[ New Issue: Credito Issuing 2 Ltd. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:37:27 GMT00:01:00<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a modest improvement in Turkish banks' profitability in 2026, driven by expanding net interest margins. We expect banks to maintain adequate capital levels despite the termination of key forbearance measures. However, persisting economic imbalances continue to pressure banks' asset quality. On a positive note, external debt rollover rates have increased, and we expect dollarization of deposits to stabilize at current levels. The future direction of monetary policy, as well as domestic political and global geopolitical factors, are key risks to our forecast. Specifically, tensions could escalate along Turkiye's borders with Syria and Iran or the country’s trade dynamics could be affected by the recently announced U.S. sanctions on ]]>ArticlesTue, 20 Jan 2026 15:37:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkiye-banking-outlook-2026-a-rocky-road-to-recovery-s101665211<![CDATA[ Turkiye Banking Outlook 2026: A Rocky Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:33:30 GMT00:01:00<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]><![CDATA[ Most banks in Central and Eastern Europe will continue to benefit from solid profits, low cost-to-income ratios and cyclically low nonperforming loans. Growth potential is materially higher than in Western Europe, reflecting still-low banking system penetration in the region and growing wealth levels. ]]>ArticlesTue, 20 Jan 2026 15:33:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/central-and-eastern-europe-banking-outlook-2026-economic-expansion-supports-banks-solid-performance-s101666342<![CDATA[ Central And Eastern Europe Banking Outlook 2026: Economic Expansion Supports Banks’ Solid Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 15:07:57 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates a quieter year ahead for subnational governments outside the U.S. While the sector remains resilient, risks are tilted to the downside, particularly in developed markets (DM) where there are 28 negative outlooks. In emerging markets (EM), positive and negative outlooks are balanced, though most ratings are speculative grade and so subject to greater vulnerability. Ongoing geopolitical tensions, demographic shifts, climate change, and institutional pressures are moderating economic growth and raising demand for public services both in the short and long term. As a response, we expect many governments will contain their capital investment programs. We forecast that debt burdens will grow slowly, up to a moderate 95% of ]]>ArticlesTue, 20 Jan 2026 15:07:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-resilient-but-signs-of-stress-emerge-s101665581<![CDATA[ Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 12:32:34 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]><![CDATA[ This report does not constitute a rating action. Economic downturn could reverse the trajectory of budgetary and debt metrics. Spanish regions may struggle to sustain investment levels after the EU recovery program ends, without potentially jeopardizing budgetary stability. Political fragmentation could hinder legislation, weakening revenue predictability and limiting the possibility of structural reform. Spending pressures, weak fiscal rule enforcement, and potential risks stemming from the proposed debt absorption could lead to regional spending exceeding our current expectations. Spanish regions have benefited from high revenue growth, mainly supported by Spain’s strong economic performance, which exceeds the EU average. However, we forecast Spain’s economy to slow down in 2026, leading to slower revenue growth in the coming years, absent reforms to the ]]>ArticlesTue, 20 Jan 2026 12:32:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-spanish-regions-maintain-momentum-amid-reform-uncertainty-s101665634<![CDATA[ Subnational Government Outlook 2026: Spanish Regions Maintain Momentum Amid Reform Uncertainty ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 20 Jan 2026 08:18:54 GMT00:01:00<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. Stablecoins’ role in the financial ecosystem is growing in lockstep with their rapidly expanding issuance, which reached $318 billion as of Jan. 18, 2026. These digital assets--designed to maintain their value by referencing a fiat currency or asset class--facilitate cross-border payments, power decentralized finance, and bridge traditional and digital finance. That makes them potentially attractive to participants in emerging markets (EMs), and could make rapid adoption, notably of USD stablecoin, a feature in some. The potential effects of that eventuality thus merit analysis, not least because of its theoretical potential to alter the nature of financial markets, bank funding, and the ability of governments to direct economic activity through monetary policy. S&P ]]>ArticlesTue, 20 Jan 2026 08:18:54 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-what-growing-adoption-of-foreign-currency-stablecoin-means-for-emerging-markets-s101666210<![CDATA[ Scenario and Sensitivity Analysis: What Growing Adoption Of Foreign Currency Stablecoin Means For Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 19:38:41 GMT00:01:00<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]><![CDATA[ This report does not constitute a rating action. We currently expect the credit impact of a potential escalation between Iran (NR) and the U.S. to remain contained, similar to June 2025 (targeted and limited in scale and duration). At the same time, increased domestic instability in Iran and the potential for more sustained military activity in the region have increased the risk of a more prolonged period of downward pressure to regional credit. Broader regional credit risks would emerge mainly through trade disruption (volatile oil prices), capital outflows, weaker growth, and financial volatility. We note that Middle East sovereign and bank ratings have demonstrated significant resilience to previous episodes of sharp escalations in geopolitical risk and their accumulated financial buffers ]]>ArticlesMon, 19 Jan 2026 19:38:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/middle-eastern-sovereigns-and-banks-should-remain-resilient-to-most-scenarios-of-prolonged-us-iran-tensions-s101665919<![CDATA[ Middle Eastern Sovereigns And Banks Should Remain Resilient To Most Scenarios Of Prolonged U.S.-Iran Tensions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 16:16:23 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Subnational governments in these countries face elevated near-term volatility and concentration risks because of autonomous fiscal decision-making and significant infrastructure investment. Structural factors--such as the absence of binding fiscal rules, strong migration-driven population growth that increases infrastructure needs, and operating margin compression due to service costs outpacing revenue growth--will continue to contribute to sizable funding gaps through 2027. The downgrades of the Australian Capital Territory and Tasmania to 'AA' from 'AA+' widened the gap between the highest-rated and lower-rated regions. Queensland and New South Wales face budgetary pressures from persistent infrastructure needs and migration-driven service expansion that consistently exceed revenue growth. Water reforms and other major reforms that could reduce ]]>ArticlesMon, 19 Jan 2026 16:16:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-limited-upside-potential-in-developed-markets-s101665610<![CDATA[ Subnational Government Outlook 2026: Limited Upside Potential In Developed Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 12:58:20 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]><![CDATA[ This report does not constitute a rating action. Nordic LRGs are overall relatively stable with sound creditworthiness. Nevertheless, we see four key risks for LRGs in Sweden and Norway, the Nordic countries where we currently rate LRGs: Sweden faces significant investment needs in water and wastewater management. This reflects aging infrastructure, increased capacity needs, and stricter environmental requirements. Consequently, we foresee sizable borrowing needs for municipalities, putting pressure on debt ratios and ultimately credit quality. The aging population will also drive expenditure growth as the need for healthcare and elderly care increases. Furthermore, a weakening of the dependency ratio, combined with slower population growth, could also weaken tax revenue growth and the availability of suitable labor. Possible state measures to ]]>ArticlesMon, 19 Jan 2026 12:58:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-the-nordics-face-credit-tests-with-rising-investment-s101661693<![CDATA[ Subnational Government Outlook 2026: The Nordics Face Credit Tests With Rising Investment ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 10:55:03 GMT00:01:00<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]><![CDATA[ Last week upgrades increased to six, primarily including issuers in the utility sector (three). Upgrades also included the year's first two rising stars; U.S.-based utilities issuer Calpine Corp. and India-based financial institution Shriram Finance Ltd. Meanwhile, all four downgrades were to U.S.-based issuers across four sectors. This included a downgrade to consumer products issuer Torrid LLC, with our ratings on Torrid being lowered to 'CCC+'. There was one default last week (down from two in the previous week); U.S.-based transportation company Reception Purchaser LLC on chapter 11 bankruptcy filing. ]]>ArticlesMon, 19 Jan 2026 10:55:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-rising-stars-of-2026-jan-19-2026-s101666214<![CDATA[ This Week In Credit: First Rising Stars Of 2026 (Jan. 19, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 19 Jan 2026 07:58:22 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]><![CDATA[ This report does not constitute a rating action. Pressure on German LRG budgets is widespread, with municipalities facing greater strain than states. We estimate German municipalities accumulated €27 billion in deficits after capital accounts in their core budgets in 2025. At this level, their deficits are currently about three times larger than those of the state governments, which we assess to have recorded a fiscal shortfall of about €8 billion last year. S&P Global Ratings considers this difference to be a sign of material financial pressure given that the combined budget volume for Germany’s municipalities is only about two-thirds the states' budget size (€342 billion versus €522 billion in 2025). Municipal governments' weaker performance (see chart 1) stems from exposure ]]>ArticlesMon, 19 Jan 2026 07:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-further-deficits-ahead-for-german-lrgs-s101660773<![CDATA[ Subnational Government Outlook 2026: Further Deficits Ahead For German LRGs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 16 Jan 2026 11:48:41 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of Jan. 16, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesFri, 16 Jan 2026 11:48:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-january-2026-s101665627<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--January 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 15 Jan 2026 17:32:42 GMT00:01:00<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]><![CDATA[   As part of our Global Credit Outlook 2026, S&P Global Ratings answers the questions that will shape the year—including those addressing geopolitics and trade; refinancing and rates; and private credit—collected through our interactions with investors and other market participants. Entering 2026, there has been no shortage of voices warning of an impending credit downturn. Yet several factors point to a more balanced picture ahead —including resilient economies, pushed-out maturities for many issuers, and declining interest rates. Meanwhile, U.S. policy uncertainty (particularly around tariffs) continues to color the global economic landscape. Continuing trade tensions come amid an evolution of the world order more generally. As the Trump administration continues to redefine the U.S.’s role in the world order, global and ]]>ArticlesThu, 15 Jan 2026 17:32:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-are-the-questions-that-matter-for-2026-s101665720<![CDATA[ CreditWeek: What Are The Questions That Matter For 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 23:17:58 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]><![CDATA[ This report does not constitute a rating action. The COVID-19 emergency in Australia ended years ago, but some state governments are spending like they're still in lockdown. In line with our predictions last year, we see an ongoing risk that they will further delay post-pandemic fiscal repair. Common obstacles facing the states include combative public-sector wage negotiations, widespread community demands for more entitlement spending, and a broad aversion to tax increases or economic reform. In 2025, we downgraded two smaller states, Australian Capital Territory and Tasmania (both now 'AA'). The states' combined cash deficit ballooned in 2025 to about 16% of revenues, matching the previous nadir in 2021 (chart 1). We project that the stock of state government debt (often ]]>ArticlesWed, 14 Jan 2026 23:17:58 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-smaller-australian-states-catch-the-borrowing-bug-s101662272<![CDATA[ Subnational Government Outlook 2026: Smaller Australian States Catch The Borrowing Bug ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 19:47:09 GMT00:01:00<![CDATA[ The Ratings View: Jan. 14, 2026 ]]><![CDATA[ In this week's summary of ratings views: We published our Industry Credit Outlook 2026. Prospects for Venezuelan oil production remain highly uncertain. China’s commodity sectors face a mixed outlook—positive for upstream subsectors (oil and gas, metals and mining), but challenging for downstream (steel, chemicals). ]]>ArticlesWed, 14 Jan 2026 19:47:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-jan-14-2026-s101665726<![CDATA[ The Ratings View: Jan. 14, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:37 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Aerospace and Defense, we see a strong year ahead, despite supply chain constraints. ]]>ArticlesWed, 14 Jan 2026 11:14:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-aerospace-and-defense-s101665608<![CDATA[ Industry Credit Outlook 2026: Aerospace and Defense ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:14:06 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Autos ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Autos we anticipate less tariff heat, more demand chill, and that the outlook stays cautious. ]]>ArticlesWed, 14 Jan 2026 11:14:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-autos-s101665607<![CDATA[ Industry Credit Outlook 2026: Autos ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:04:14 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Transportation, we see resilient demand in a turbulent trade environment ]]>ArticlesWed, 14 Jan 2026 11:04:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-s101665584<![CDATA[ Industry Credit Outlook 2026: Transportation ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:03:04 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For EMEA utilities, the year ahead brings energy addition, not just transition ]]>ArticlesWed, 14 Jan 2026 11:03:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-emea-utilities-s101665582<![CDATA[ Industry Credit Outlook 2026: EMEA Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:34 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. For Latin American utilities, curtailment reaches new highs, threatening project viability ]]>ArticlesWed, 14 Jan 2026 11:02:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-latin-america-utilities-s101665580<![CDATA[ Industry Credit Outlook 2026: Latin America Utilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:02:05 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Midstream energy is well positioned for whatever comes next ]]>ArticlesWed, 14 Jan 2026 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-midstream-energy-s101665579<![CDATA[ Industry Credit Outlook 2026: Midstream Energy ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:01:33 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. Rising AI spending is expected to lift the power sector ]]>ArticlesWed, 14 Jan 2026 11:01:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-north-america-competitive-power-s101665578<![CDATA[ Industry Credit Outlook 2026: North America Competitive Power ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 14 Jan 2026 11:00:02 GMT00:01:00<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]><![CDATA[ S&P Global Ratings’ Industry Credit Outlook 2026 series sets out our industry experts’ assumptions and credit outlook for global industries. The Transportation Infrastructure sector is building resilience amid geopolitical uncertainty. ]]>ArticlesWed, 14 Jan 2026 11:00:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-2026-transportation-infrastructure-s101665576<![CDATA[ Industry Credit Outlook 2026: Transportation Infrastructure ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 15:55:08 GMT00:01:00<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]><![CDATA[ 2025 was a positive year for rating performance, with net upgrades across corporates, financial services companies, and sovereign issuers. However, the rate of positive actions was markedly lower than 2024, particularly regarding forward-looking indicators, possibly reflecting headwinds including trade tensions, rate divergence, and broader policy uncertainty. For 2026, S&P Global Ratings expects economies to remain resilient, although policy uncertainty remains a key risk to the outlook, and geopolitics may continue to introduce unexpected policy shifts. We expect rating performance across sectors and geographies to continue diverging, with more acute pressure expected at the lower end of the rating spectrum. ]]>ArticlesTue, 13 Jan 2026 15:55:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-2025-in-review-positivity-begins-to-wane-s101665404<![CDATA[ Ratings Performance Insights: 2025 In Review: Positivity Begins To Wane ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 10:51:11 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]><![CDATA[ This report does not constitute a rating action. During Q4 2025, rating actions more than doubled compared to the previous quarter, 479 versus 229. This increase was primarily driven by affirmations and upgrades reflecting the resolution of under criteria observation (UCO) placements following the publication of our revised counterparty criteria. Overall, 98 transactions were affected by rating actions, representing 21% of our rated ABS and RMBS universe. Downgrades remained limited, five versus eight in the previous quarter. We reviewed 33 ABS and 122 RMBS transactions--33% of our total rated ABS and RMBS universe--through rating actions and our annual review surveillance process. The number of new transactions we rated increased quarter-on-quarter, 32 versus 21. We rated 16 new ABS (two out ]]>ArticlesTue, 13 Jan 2026 10:51:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q4-2025-s101664909<![CDATA[ EMEA RMBS And ABS Monitor Q4 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 03:22:17 GMT00:01:00<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]><![CDATA[ This report does not constitute a rating action. China's local and regional governments (LRGs) are benefiting from declining interest rates. S&P Global Ratings believes their interest burdens will stabilize despite a substantial pace of direct debt issuance through 2026-2027 to support key economic and fiscal priorities. This is before longer-term revenue recovery could step in to pare back the risks associated with rising debt. Chart 1 We anticipate Chinese LRGs will issue a similar volume of new debt in 2026-2027 compared to 2025. Their objectives, in our view, are to keep economic growth at a policy-desired level and implement structural adjustments through countercyclical fiscal spending. The country's national policy meetings in December 2025 reiterated the need for more expansive fiscal ]]>ArticlesTue, 13 Jan 2026 03:22:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/subnational-government-outlook-2026-lower-interest-rates-provide-breathing-space-for-china-local-governments-s101665010<![CDATA[ Subnational Government Outlook 2026: Lower Interest Rates Provide Breathing Space For China Local Governments ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 13 Jan 2026 02:26:37 GMT00:01:00<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]><![CDATA[ This report does not constitute a rating action. China's largest dairy producers are feeling the strain. Consumer habits are shifting away from their core products and regional and even smaller competitors are gaining ground. We think overall industry sales will contract over the next 12-18 months. This decline will make it more difficult for the largest companies to recover. The top producers are Bright Dairy & Food Co. Ltd. (a subsidiary of Bright Food (Group) Co. Ltd. ), China Mengniu Dairy Co. Ltd. , and Inner Mongolia Yili Industrial Group Co. Ltd. (Yili). We believe each may struggle to stabilize revenue as demand for UHT milk weakens and smaller players strengthen their positions in faster-growing fresh categories. Each of the ]]>ArticlesTue, 13 Jan 2026 02:26:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-dairy-giants-the-revenue-recovery-is-shaky-s101664644<![CDATA[ China's Dairy Giants: The Revenue Recovery Is Shaky ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 18:06:33 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]><![CDATA[ Data as of Dec. 31, 2025. In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesMon, 12 Jan 2026 18:06:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-december-2025-s101664926<![CDATA[ U.S. Public Finance Rating Activity Brief: December 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 16:43:10 GMT00:01:00<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]><![CDATA[ This report does not constitute a rating action. Despite geopolitical uncertainties and tariff concerns that cast a shadow over the tech industry sentiments in early 2025, S&P Global Ratings’ outlook for global IT spending improved throughout the year as CSPs doubled down on their relentless march toward generative AI infrastructure buildouts. According to S&P Global economists, elevated investments in data centers and related high-tech activities contributed about 0.5% to the U.S. GDP in the first three quarters of 2025. We estimate global IT spending grew nearly 12% on a constant-currency basis in 2025, significantly higher than our initial forecast of 9% and far above the estimated real global GDP growth of 3.3% (nominal growth near 6%). According to IDC Corp., ]]>ArticlesMon, 12 Jan 2026 16:43:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ai-tailwinds-bode-well-for-2026-it-spending-s101664922<![CDATA[ AI Tailwinds Bode Well For 2026 IT Spending ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 12 Jan 2026 11:25:11 GMT00:01:00<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]><![CDATA[ • Rating activity was soft at the start of the year. Rating actions were on U.S.-based issuers, spread across nonfinancial sectors, and all but one involved speculative-grade issuers.• Last week's downgrades included the year's first fallen angel: Hologic Inc., a medical device manufacturer. We downgraded Hologic to 'B+' from 'BBB-' following a take-private transaction. • Two U.S.-based defaults were recorded. We downgraded Saks Global Enterprises LLC, a multi-brand luxury retailer, to 'SD' from 'CCC' due to a missed interest payment. Upstream Newco Inc., an outpatient rehabilitation services provider, was downgraded to 'D' from 'CCC' following the completion of a debt restructuring. ]]>ArticlesMon, 12 Jan 2026 11:25:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-first-fallen-angel-of-2026-jan-12-2026-s101665191<![CDATA[ This Week In Credit: First Fallen Angel Of 2026 (Jan. 12, 2026) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 16:12:49 GMT00:01:00<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings forecasts Mexico's economy to expand just above 1% in 2026 after less than 1% growth last year, a comparatively low growth rate reflecting structural weakness. The consequences of prolonged poor economic performance could spill over into weaker public finances and affect our ratings on the sovereign, absent corrective measures. Here, S&P Global Ratings presents frequently asked questions from investors regarding our sovereign ratings on Mexico (foreign currency: BBB/Stable/A-2; local currency: BBB+/Stable/A-2). The rating strengths are its external and monetary flexibility, thanks to many years of reform that have reduced the country's vulnerability to external shocks and created a flexible exchange rate and a credible monetary policy that could stabilize ]]>ArticlesThu, 08 Jan 2026 16:12:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-could-affect-the-mexico-sovereign-rating-in-2026-s101664571<![CDATA[ Credit FAQ: What Could Affect The Mexico Sovereign Rating In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 15:45:07 GMT00:01:00<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]><![CDATA[ S&P Global Ratings assesses Connecticut Housing Finance Agency's Sustainability Framework as Light green. CHFA is a quasi-public organization created by the state of Connecticut in 1969. Its mission is to alleviate the shortage of housing for low- to moderate-income families and individuals in the state. ]]>ArticlesThu, 08 Jan 2026 15:45:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-connecticut-housing-finance-agencys-sustainability-framework-s101664948<![CDATA[ Second Party Opinion: Connecticut Housing Finance Agency's Sustainability Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 05:07:32 GMT00:01:00<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]><![CDATA[ This report does not constitute a rating action. Robust demand and solid employment will counter stress from rising inflation and interest rates in Japan's generally stable securitization market. S&P Global Ratings expects underlying assets for owner-occupied residential mortgage-backed securities (RMBS), condominium investment RMBS, apartment loan RMBS, consumer loan asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS) to perform stably in 2026. Assets backing corporate loan ABS are likely to somewhat underperform, in our view. We consider RMBS, ABS, and CMBS to be the representative asset classes of Japan's securitization market. Table 1 Outlooks by asset class Underlying asset class Performance outlook for asset class Expected rating trend RMBS Owner-occupied housing loan receivables; condominium investment loan receivables Stable Stable Apartment loan ]]>ArticlesThu, 08 Jan 2026 05:07:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-structured-finance-outlook-2026-jobs-strength-offsets-hikes-s101663301<![CDATA[ Japan Structured Finance Outlook 2026: Jobs Strength Offsets Hikes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 08 Jan 2026 02:26:13 GMT00:01:00<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]><![CDATA[ This report does not constitute a rating action. The extension of China's car subsidies into 2026 likely won't stop sales from dropping. Automakers face another tough year, caught between declining demand, an increase in the purchase tax on electric vehicles and the government's anti-involution measures. The government has extended into 2026 its scrappage and trade-in subsidy program for passenger cars. While the subsidy cap remains unchanged for electric and internal-combustion engine vehicles, the program shifted from a fixed subsidy to one based on a percentage of a new vehicle's price. New subsidy scheme to favor mid to high-end vehicles Scrappage and replacement program 2025 subsidy 2026 subsidy 2026 minimum vehicle price to get full subsidy New energy passenger vehicles RMB20,000 ]]>ArticlesThu, 08 Jan 2026 02:26:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-auto-brief-china-subsidy-extension-unlikely-to-stop-2026-sales-drop-s101664458<![CDATA[ Industry Credit Outlook: Auto Brief: China Subsidy Extension Unlikely To Stop 2026 Sales Drop ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 07 Jan 2026 19:20:02 GMT00:01:00<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]><![CDATA[ This report does not constitute a rating action. U.S. telecommunications issuers' wireless service revenue has continued to grow in the low- to mid-single-digit percentage range because of rate increases, greater adoption of premium plans, modest postpaid phone subscriber growth, and increasing penetration of fixed wireless access (FWA) customers. That said, postpaid phone net adds are slowing and handset upgrade rates have been increasing, which could hurt margins over the next year. These companies are also expanding their fiber to the home (FTTH) footprints either with new builds, joint venture (JV) partnerships, or M&A to better compete with cable. Capital expenditures (capex) was elevated for several years to build out mid-band spectrum, but returned to more normal levels in 2024 and ]]>ArticlesWed, 07 Jan 2026 19:20:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-telecom-2026-outlook-performance-will-be-steady-with-ongoing-risks-from-ma-and-shareholder-returns-s101662999<![CDATA[ U.S. Telecom 2026 Outlook: Performance Will Be Steady With Ongoing Risks From M&A And Shareholder Returns ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:37:59 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. school districts rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Mountain Brook Board of Education Alabama AAA Stable Campbell Union High School District California AAA Stable Carmel Unified School District California AAA Stable Cold Spring Elementary School District California AAA Stable Fremont Union High School District California AAA Stable Hillsborough City School District California AAA Stable Kenwood School District California AAA ]]>ArticlesTue, 06 Jan 2026 17:37:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-school-districts-current-list-s101664374<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 17:36:00 GMT00:01:00<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]><![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': Current list As of Jan. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Jan. 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.standardandpoors.com. Organization State Rating Outlook Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California AAA ]]>ArticlesTue, 06 Jan 2026 17:36:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101664373<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 11:13:07 GMT00:01:00<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]><![CDATA[ This report does not constitute a rating action. This report updates " Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ," published Aug. 12, 2021. The high ratings on these entities reflect a combination of the entities' close integration with their host governments and their finances; their robust public policy roles; the inability or unwillingness of private-sector financial institutions to provide similar services as efficiently; and their relative financial strength. No, equalization with the sovereign is not automatic. Nevertheless, most of them do have the same rating. Under our government related entity (GRE) criteria, we see most of these entities as having an almost certain likelihood of receiving sufficient and timely extraordinary support from their respective ]]>ArticlesTue, 06 Jan 2026 11:13:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-rate-national-development-entities-and-export-credit-agencies-s101664069<![CDATA[ Credit FAQ: How We Rate National Development Entities And Export Credit Agencies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 06 Jan 2026 03:53:17 GMT00:01:00<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]><![CDATA[ This report does not constitute a rating action. Accounting changes are set to bring gains and challenges for Taiwan's life insurers. Hedging costs could decline significantly as companies deviate from standard exchange rate accounting practices, which is likely to bring down hedging ratios. At the same time, managing asset-liability mismatches will become more complicated and likely push up the sector's forex risk. Taiwan's financial regulator has laid out proposed revisions to accounting standards for life insurers. These aim to better reflect the economic reality for insurers which hold sizable foreign currency investments to help match their long-tenured insurance liabilities The proposed changes could save the industry new Taiwan dollar (NT$) 90 billion (around US$2.86 billion) annually in hedging costs, according ]]>ArticlesTue, 06 Jan 2026 03:53:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/taiwan-life-insurance-brief-forex-risk-ratios-to-rise-under-new-accounting-rules-s101664282<![CDATA[ Taiwan Life Insurance Brief: Forex Risk Ratios To Rise Under New Accounting Rules ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 20:54:08 GMT00:01:00<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]><![CDATA[ Data as of Nov. 30, 2025 In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>ArticlesFri, 19 Dec 2025 20:54:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-november-2025-s101663509<![CDATA[ U.S. Public Finance Rating Activity: November 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 11:44:00 GMT00:01:00<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Electrolux Group's Green Financing Framework as aligned with Green Bond Principles, ICMA, 2025; and Green Loan Principles, LMA/LSTA/APLMA, 2025. Sweden-based Electrolux Group develops, manufactures, and sells household appliances including refrigerators, freezers, cookers, dryers, washing machines, dishwashers, room air-conditioners, microwave ovens, floor-care products, vacuum cleaners, water heaters, heat pumps, and other small domestic appliances, as well as consumables and accessories. ]]>ArticlesFri, 19 Dec 2025 11:44:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-electrolux-group-green-financing-framework-s101663621<![CDATA[ Second Party Opinion: Electrolux Group Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 19 Dec 2025 09:36:17 GMT00:01:00<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Sparebank 1 Ringerike Hadeland's Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. The bank offers a range of financial products and services to retail customers and small and medium enterprises in the Norwegian regions of Ringerike, Hadeland, and Nittedal. It is part of the SpareBank 1 Alliance and aims to promote sustainable development in local communities. ]]>ArticlesFri, 19 Dec 2025 09:36:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-ringerike-hadeland-green-bond-framework-s101663600<![CDATA[ Second Party Opinion: Sparebank 1 Ringerike Hadeland Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:07:24 GMT00:01:00<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]><![CDATA[ Editor's note: Corporate Horizons is a commentary series from S&P Global Ratings that provides transparency into our analytical approach and the application of our methodologies around emerging credit risks and novel financing structures in the corporate and infrastructure space. In the following article, we provide our views on evolving features within structured capital joint-venture transactions between investment-grade issuers and financial investors. This article is a follow-up to “ A Deeper Dive On The Rating Implications Of Structured JV Minority Interest Transactions ,” Dec. 10, 2024. As new features of structured capital JV transactions emerge, we will continue to publish our analytical approach and provide transparency on the application of our criteria. This report does not constitute a rating action. We ]]>ArticlesThu, 18 Dec 2025 17:07:24 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-corporate-horizons-analyzing-offtake-agreements-and-other-evolving-features-of-structured-capital-joint-venture-transactions-s101657725<![CDATA[ Credit FAQ: Corporate Horizons: Analyzing Offtake Agreements And Other Evolving Features Of Structured Capital Joint-Venture Transactions ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 17:05:08 GMT00:01:00<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]><![CDATA[ Transaction profile Issuer Setanta Finance 2024 DAC Collateral type RMBS prime Domicile of assets Ireland Originator Allied Irish Banks PLC Servicer Allied Irish Banks PLC Counterparty Allied Irish Banks PLC, Bank of New York Mellon, London branch Capital structure Class Tranche size--CLN and unfunded (mil. €) Class size--unfunded portion (mil. €) Portfolio swap risk rating* Class size--CLN portion (mil. €) Credit rating--CLN§ Credit enhancement (%)† Scheduled maturity date Final maturity date Senior Retained 1,652.1 N/A NR N/A NR 16.250 January 2044 January 2046 Series 2 A 93.7 93.7 AAA (srp) N/A N/A 11.500 January 2044 January 2046 Series 2 B 49.3 49.3 AAA (srp) N/A N/A 9.000 January 2044 January 2046 Series 2 C 83.8 51.8 AA- (srp) 32.00 A+ ]]>ArticlesThu, 18 Dec 2025 17:05:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-setanta-finance-2024-dac-series-2-s101662182<![CDATA[ New Issue: Setanta Finance 2024 DAC – Series 2 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 15:06:34 GMT00:01:00<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]><![CDATA[ President Trump kept us on our toes in 2025. Despite policy cross currents, the U.S. economy is on pace to expand 2% in 2025 as we forecasted at this time last year. Our baseline forecast for 2026 is one of another middling 2% real GDP growth for the U.S. There is no shortage of things to watch in 2026. ]]>ArticlesThu, 18 Dec 2025 15:06:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-2025-jobless-expansion-in-the-us-2026-humans-in-the-loop-you-say-s101663405<![CDATA[ Economic Research: Essential Economics: 2025: Jobless Expansion In The U.S.; 2026: Humans In The Loop, You Say? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 12:14:20 GMT00:01:00<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]><![CDATA[ This report does not constitute a rating action. Yet local market dynamics will likely differ substantially (see table 1). After two years of marked declines, we anticipate European and North American truck markets will contribute to higher global HDT sales in 2026, with expected regional growth of 2% and 6%, respectively. We expect India's HDT deliveries will increase further by about 5.5% after an estimated 3.5% increase in 2025 on healthy market conditions. In contrast, sales in China--the world's largest HDT market--will decline by 7.5%, as subsidy-driven replacement demand will likely lose momentum. We expect HDT sales in South America will continue to decrease in 2026, mostly because of prolonged weak truck demand in Brazil, where GDP growth will likely ]]>ArticlesThu, 18 Dec 2025 12:14:20 GMThttps://www.spglobal.com/ratings/en/regulatory/article/heavy-duty-trucks-are-on-a-slow-road-to-recovery-s101662294<![CDATA[ Heavy-Duty Trucks Are On A Slow Road To Recovery ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 11:05:33 GMT00:01:00<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses Kodar Energomontaža Group's Green Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Kodar is a Serbian engineering, procurement, and construction company focused on energy infrastructure, telecommunications networks, and renewable energy projects. ]]>ArticlesThu, 18 Dec 2025 11:05:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-kodar-energomontaa-group-green-bond-framework-s101663404<![CDATA[ Second Party Opinion: Kodar Energomontaža Group Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 18 Dec 2025 08:41:35 GMT00:01:00<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]><![CDATA[ 2025 Takeaways: Even if Europe ends the year on a strong note, it is premature to view the outlook for 2026 with great optimism. While the better-than-expected absorption of external shocks in 2025 suggests a stronger domestic demand base, it may also signal that the adjustment to a new post-shock equilibrium--shaped by U.S. tariffs, Chinese import penetration, and stronger currencies--is still very much underway. 2026 Focus: We will be monitoring Germany’s fiscal package execution and regional spillovers; EU and national policy developments; and the sustainability of the ICT investment boom, including the diffusion of AI technologies and their impact on inter-sectoral productivity and jobs. ]]>ArticlesThu, 18 Dec 2025 08:41:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-essential-economics-emea-2025-investment-defies-shocks-2026-policy-moments-of-truth-s101663333<![CDATA[ Economic Research: Essential Economics EMEA: 2025: Investment Defies Shocks, 2026: Policy Moment(s) Of Truth ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 11:02:05 GMT00:01:00<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses SpareBank 1 Østfold Akershus' Green Bond Framework as Light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. SpareBank 1 Østfold Akershus is a savings bank operating in the southeastern part of Norway. It is part of the SpareBank 1 Alliance. ]]>ArticlesWed, 17 Dec 2025 11:02:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-stfold-akershus-green-bond-framework-s101663167<![CDATA[ Second Party Opinion: SpareBank 1 Østfold Akershus Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 09:47:41 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was nine in November 2025, after the following defaults in the month: Canada-based oil and gas company Canacol Energy Ltd. Germany-based chemicals manufacturer SK Mohawk Holdings S.a.r.l. Luxembourg-based packaging solutions provider Ardagh Group S.A. Luxembourg-based packaging solutions provider Kleopatra Holdings 2 S.C.A. Mexico-based chemicals producer Braskem Idesa S.A.P.I. U.S.-based cleaning and sanitation services provider Packers Holding LLC U.S.-based consumer fashion accessories maker Fossil Group Inc. U.S.-based energy infrastructure company New Fortress Energy Inc. U.S.-based polyurethane foam products and solution provider FXI Holdings Inc. Monthly corporate defaults fell to nine in November, from 10 in October, taking the year-to-date total to 108--broadly in line with the ]]>ArticlesWed, 17 Dec 2025 09:47:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-corporate-defaults-fall-to-the-lowest-level-since-february-s101661849<![CDATA[ Default, Transition, and Recovery: U.S. Corporate Defaults Fall To The Lowest Level Since February ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 17 Dec 2025 03:54:26 GMT00:01:00<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]><![CDATA[ This report does not constitute a rating action. Japanese companies are set for massive investment in the U.S., but the returns could be extremely low. The initiative will, however, entail risks. For example, lower returns could result in lower profitability, and reduce their ability to repay debt, in our view. Tokyo and Washington signed the Japan-U.S. Strategic Investment Initiative memorandum of understanding (MOU) in September 2025. The agreement stipulates that Japan will invest $550 billion (about ¥82 trillion) in the U.S. by January 2029. This report answers some of the most common questions investors have asked about how the initiative will affect the Japanese corporate sector. Japanese companies can participate in the project either as investors or as vendors and ]]>ArticlesWed, 17 Dec 2025 03:54:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-us-investment-initiative-risks-for-japanese-companies-s101662057<![CDATA[ Credit FAQ: U.S. Investment Initiative Risks For Japanese Companies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 21:56:45 GMT00:01:00<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]><![CDATA[ This report does not constitute a rating action. Affordability will likely remain a central theme of the U.S. residential housing and mortgage markets in 2026. Although recent home price trends are below the extreme home price appreciation (HPA) the market underwent over the past five years, home prices are still relatively high and mortgage rates stubbornly remain above 6%. This further elevates the barrier to entry into the housing market, especially for first-time home buyers. S&P Global Ratings' 2026 outlook for U.S. residential mortgage-backed securities (RMBS) comes with some optimism that mortgage rates may begin to decline, tempered by tepid housing activity. General market consensus points to soft price fundamentals, with Fannie Mae's November 2025 forecast for the FHFA House ]]>ArticlesTue, 16 Dec 2025 21:56:45 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-residential-mortgage-and-housing-outlook-robust-issuance-growth-amid-stagnant-home-prices-s101660033<![CDATA[ 2026 U.S. Residential Mortgage And Housing Outlook: Robust Issuance Growth Amid Stagnant Home Prices ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 16 Dec 2025 14:12:03 GMT00:01:00<![CDATA[ The European Bank Resolution Story Ten Years On ]]><![CDATA[ This report does not constitute a rating action. For the largest banks, it's likely that extensive liquidity provided by central banks and possibly targeted government guarantees would be needed as part of that process, but taxpayer-funded capital injections should be unnecessary. We consider the resolution of a failed systemic bank to be a more plausible base case than a bail-out. Failed smaller banks are regularly resolved, but no resolution authority has yet proved that it can execute an open bank bail-in of a top-tier bank. In the case of UBS , the Swiss authorities had a willing buyer for a deeply distressed Credit Suisse . Yet the authorities' apparent reluctance to push Credit Suisse into resolution has deepened some observers' ]]>ArticlesTue, 16 Dec 2025 14:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-european-bank-resolution-story-ten-years-on-s101651354<![CDATA[ The European Bank Resolution Story Ten Years On ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 15 Dec 2025 14:54:27 GMT00:01:00<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AA+ (sf) 771.4 9.25 One-month EURIBOR plus 0.69% Dec. 24, 2044 B-Dfrd A+ (sf) 36.1 5.0 One-month EURIBOR plus 1.05% Dec. 24, 2044 C-Dfrd BBB (sf) 34.0 1.0 One-month EURIBOR plus 1.45% Dec. 24, 2044 D NR 8.5 N/A One-month EURIBOR plus 4.96% Dec. 24, 2044 *Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal, while our ratings on the other notes classes address the ultimate payment of interest until they become the most senior class of notes, and timely payment of interest afterward. Payment of principal is no later than the legal final maturity date. ]]>ArticlesMon, 15 Dec 2025 14:54:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-autoflorence-4-srl-s101659329<![CDATA[ New Issue: Autoflorence 4 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Home prices have stabilized slightly, but with inflation outpacing wage gains (particularly for lower-paying jobs), S&P Global Ratings expects that pressure on low-income households will continue to intensify. A growing share of renter households are cost-burdened, where more than 30% of their income is spent on housing, and despite the Federal Reserve’s lowering of interest rates in 2025, homeownership is out of reach for many. In 2025, the Federal Reserve lowered the benchmark interest rate three times, by a total of 75 basis points (bps), following 100 bps of total easing in 2024. S&P Global Economics projects additional easing during the second half of 2026. Mortgage rates have fallen to ]]>ArticlesThu, 11 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-housing-2026-outlook-stable-footing-and-strong-management-withstand-federal-policy-shifts-s101659023<![CDATA[ U.S. Public Finance Housing 2026 Outlook: Stable Footing And Strong Management Withstand Federal Policy Shifts ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 15:58:22 GMT00:01:00<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]><![CDATA[ This report does not constitute a rating action. After expected growth of 12% in 2025, we forecast that global issuance growth will slow to roughly 5% in 2026. Investment-grade bond issuance in the technology sector had exceeded $200 billion by mid-November. We expect debt financing will remain a key component in the 2026 funding mix. Cross-border issuance (including reverse Yankee issuance) will likely moderate in 2026, as relative funding cost advantages decrease. By early November, close to $50 billion in broadly syndicated loans (BSL) had been used to refinance direct lending loans. We expect issuers will continue to shift between BSL and private credit markets to refinance debt in 2026. Nearly 30% of loans issued year to date supported M&As ]]>ArticlesThu, 11 Dec 2025 15:58:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-what-will-drive-primary-market-issuance-in-2026-s101660102<![CDATA[ Credit Trends: What Will Drive Primary Market Issuance In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 11 Dec 2025 14:41:34 GMT00:01:00<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]><![CDATA[ This report does not constitute a rating action. General government deficits in CEE-5 countries will average 5.3% of GDP in 2025, similar to the level in 2020. CEE governments have struggled to consolidate their public finances hit by the dual shocks of the pandemic and the Russia-Ukraine war, and the objective to increase defense spending to 3.5% of GDP by 2035. Our medium-term projections suggest that CEE governments' fiscal consolidation will remain protracted over the next three years and that government debt will continue to increase. Most CEE economies depend on exports, which, on average, account for 65% of GDP. Many of these economies are manufacturing-heavy and closely integrated into German companies' supply chains. Therefore, headwinds to GDP growth from ]]>ArticlesThu, 11 Dec 2025 14:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/how-will-continued-fiscal-drift-affect-cee-sovereign-ratings-s101661381<![CDATA[ How Will Continued Fiscal Drift Affect CEE Sovereign Ratings? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:50:53 GMT00:01:00<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Charter schools have benefited from steady to growing per-pupil revenue in most states, and demand remains generally healthy across the sector, even though competition for students has intensified in some areas of the country and not all charter schools have been able to sustain enrollment. At the same time, general expense pressures tied to salaries and benefits, coupled with elevated construction and facilities costs, will continue to create a budgetary dilemma for many schools. Still, we don't anticipate that operations will be materially stressed sectorwide unless states meaningfully cut per-pupil funding. Although covenant violations have become more common across the sector in the past two years, among schools rated by ]]>ArticlesWed, 10 Dec 2025 19:50:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-2026-outlook-stable-today-while-pressure-points-are-signaling-rising-vulnerabilities-s101661292<![CDATA[ U.S. Charter Schools 2026 Outlook: Stable Today While Pressure Points Are Signaling Rising Vulnerabilities ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 19:16:42 GMT00:01:00<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from October 2011 through October 2025. For the full dataset beginning January 2006, see our extended tables: Click here . For an overview of the sector, performance trends, and more detailed information, see our latest quarterly tracker: " U.S. Auto Loan ABS Tracker: September 2025 Performance " (Nov. 10, 2025). Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day DQ ]]>ArticlesWed, 10 Dec 2025 19:16:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-october-2025-performance-s101661031<![CDATA[ U.S. Auto Loan ABS Tracker: October 2025 Performance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 09:03:25 GMT00:01:00<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]><![CDATA[ This report does not constitute a rating action. Cote d’Ivoire investors’ purchases of Senegalese government debt issued on the West African Economic And Monetary Union (WAEMU) market have increased significantly, leaving them with about 42% of total issuance by the end of Q3 2025, up from around 19% in Q4 2024. With Senegal grappling with a significant debt burden, concerns have emerged that Cote d'Ivoire could be caught in the fall out of a financial reset of its neighbor. We note that Cote d'Ivoire's relative exposure to Senegalese debt issued on the regional market remains moderate, at about 7% of national banking sector assets and 3.1% of GDP, up from less than 2.5% and 1.2% in Q4 2024, respectively (see ]]>ArticlesWed, 10 Dec 2025 09:03:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/cote-divoires-exposure-to-senegal-is-manageable-at-this-stage-s101660111<![CDATA[ Cote d’Ivoire’s Exposure to Senegal Is Manageable At This Stage ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 02:40:28 GMT00:01:00<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]><![CDATA[ We assess Wallenstam's green finance framework as Medium green. Wallenstam builds, develops, and manages properties primarily in Stockholm and Gothenburg. As of year-end 2024, the total value of its properties was about Swedish krona 66 billion and the company had 1,304 apartments in production. ]]>ArticlesWed, 10 Dec 2025 02:40:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-wallenstam-green-financing-framework-s101661935<![CDATA[ Second Party Opinion: Wallenstam Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 10 Dec 2025 00:39:02 GMT00:01:00<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]><![CDATA[ This report does not constitute a rating action. Overall credit conditions will stay tough next year for Korean corporates. But the worst could be in the rear-view mirror. S&P Global Ratings now has a small number of positive outlooks, compared with none at the end of 2024. Korean companies are still adjusting their business models to confront changing global operating conditions. This often requires higher investments at a time when margins are hurting from tariffs and supply gluts in key industries. Given these strains, we've taken seven negative ratings actions this year on companies in sectors ranging from electric vehicles (EV) battery to chemical to steel. We took only two positive actions--in the semiconductor and tech sectors--making 2025 the worst ]]>ArticlesWed, 10 Dec 2025 00:39:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/korea-corporate-outlook-2026-in-charts-the-worst-may-be-behind-us-s101660216<![CDATA[ Korea Corporate Outlook 2026 In Charts: The Worst May Be Behind Us ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:38:06 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Our 2026 sector view is supported by S&P Global Rating’s U.S. economic outlook and GDP forecasts, as overall transportation industry performance measures and infrastructure usage are more broadly linked to economic activity that spurs travel, spending, and demand for goods and services. Our economists forecast real GDP growth of 2.0% in 2026 and 1.9% in 2027. Price inflation remains sticky at about 3% and, with about 10% of the consumer basket of goods affected by tariffs, we expect this pressure will continue and push core CPI inflation above 3% through mid-2026. Statutory tariff rates remain about 15%-20% and the effective tariff rate (duties collected) is a little above 10%. Weaker ]]>ArticlesTue, 09 Dec 2025 17:38:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-transportation-infrastructure-2026-outlook-green-lights-ahead-despite-tariff-ambiguity-and-growing-capital-programs-s101654287<![CDATA[ U.S. Not-For-Profit Transportation Infrastructure 2026 Outlook: Green Lights Ahead Despite Tariff Ambiguity And Growing Capital Programs ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:24:51 GMT00:01:00<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects activity level growth in the U.S. transportation sector will continue to normalize in 2026, after moderation in 2025 from post-pandemic highs. We estimate average growth rates in 2026-2027 at 1.6% for enplanements, 4.5% for transit ridership, 2.4% for port container traffic, and 3.0% for tolled transactions. Our 2026-2027 activity estimates by transportation infrastructure asset class are below: Growth in U.S. system-wide enplaned passengers is slowing more significantly relative to the immediate post-pandemic years, reflecting a return to more normalized, GDP-linked growth as well as weakening consumer confidence and compressed disposable income amid multiple years of above-target inflation. Transportation Security Administration counts through Nov. 30, 2025, are only 0.2% ]]>ArticlesTue, 09 Dec 2025 17:24:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/2026-us-transportation-activity-estimates-steady-but-slower-growth-with-modest-port-decline-br--s101657425<![CDATA[ 2026 U.S. Transportation Activity Estimates: Steady But Slower Growth With Modest Port Decline <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 17:14:52 GMT00:01:00<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]><![CDATA[ This report does not constitute a rating action. This article describes S&P Global Ratings' analytical approach for providing an external review of pre- and post-issuance use-of-proceeds commitments referencing the Climate Bonds Initiative's (CBI's) Climate Bonds Standard. In scope for this external review are only instruments and expenditure types that conform to the general eligibility requirements of the applicable Climate Bonds Standard. Our CBI External Review is a point-in-time assessment that relies on the accuracy, timeliness, and completeness of the information provided by the issuer, and reflects our view on whether an entity has demonstrated how it meets the requirements of the applicable Climate Bonds Standard. Our external review does not constitute an assurance opinion. Furthermore, we do not conduct any ]]>ArticlesTue, 09 Dec 2025 17:14:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/analytical-approach-climate-bonds-initiative-external-reviews-s101660515<![CDATA[ Analytical Approach: Climate Bonds Initiative External Reviews ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 09 Dec 2025 04:59:30 GMT00:01:00<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]><![CDATA[ We assess SYTRAL Mobilités' green finance framework as Dark green. SYTRAL Mobilités is the public transport authority for the Lyon metropolitan area, overseeing the planning and operation of the metropolitan transport network, including metro, tram, bus, funicular, and shuttle services. In 2024 SYTRAL Mobilités reported operating revenues of €991.7 million. ]]>ArticlesTue, 09 Dec 2025 04:59:30 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sytral-mobilites-green-finance-framework-s101661847<![CDATA[ Second Party Opinion: SYTRAL Mobilites Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 20:10:16 GMT00:01:00<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]><![CDATA[ This report does not constitute a rating action. In the past few years, all three countries have enacted significant policy changes that affect international enrollment, and therefore, revenue. Beyond the near-term enrollment volatility, there is a risk of further longer-lasting reputational damage that will affect the ability of institutions in these countries to attract lucrative international students. This will add significant pressure to operating results in the next several years. The public not-for-profit universities that we rate in Australia, Canada, and the U.K. represent a relatively small portion of the institutions in these countries. Although rated universities are exposed to the same convergence of policy uncertainty, funding pressures, and enrollment volatility as their unrated peers, we believe that the generally ]]>ArticlesMon, 08 Dec 2025 20:10:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/public-not-for-profit-higher-education-in-australia-canada-and-the-uk-2026-outlook-pressures-mount-amid-policy-changes-s101659447<![CDATA[ Public Not-For-Profit Higher Education In Australia, Canada, And The U.K. 2026 Outlook: Pressures Mount Amid Policy Changes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 18:27:49 GMT00:01:00<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Weakening financial metrics that flow from real or perceived ratemaking constraints make power utilities more susceptible to downgrades, which underpins our negative sector outlook. Retail electric customers provide the building blocks for utilities’ recovery of operating and capital costs and represent the pathway for achieving sound financial performance and ratings. Recent years’ sizable retail electric rate increases and projections of additional increases to fund accelerating capital programs and rising operating costs coincide with the non-utility cost pressures facing consumers. CPI increased 16% from August 2022 through September 2025. At the same time, national average retail electric rates rose 28%. These cost pressures tax consumer affordability, limit ratemaking flexibility, and elevate ]]>ArticlesMon, 08 Dec 2025 18:27:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-public-power-and-electric-cooperative-2026-outlook-rising-inflation-and-capital-spending-stressors-perpetuate-negative-rating-pressures-s101656253<![CDATA[ U.S. Public Power And Electric Cooperative 2026 Outlook: Rising Inflation And Capital Spending Stressors Perpetuate Negative Rating Pressures ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 12:36:11 GMT00:01:00<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]><![CDATA[ Here S&P Global Ratings describes how it applies its Shades of Green analytical approach in its sustainable finance products to assess adaptation and resilience projects. Our sustainable finance products, such as SPOs, are separate and distinct from credit ratings, do not assess credit quality, and do not factor into credit ratings. This report does not constitute a rating action. Investment in climate adaptation and resilience is crucial due to the intensifying impacts of climate change and is supported by the growing policy focus on adaptation and resilience measures. During the recent United Nations Framework Convention on Climate Change negotiations, governments agreed to triple adaptation finance from public sources by 2035 from the 2025 levels despite this subject historically receiving limited ]]>ArticlesMon, 08 Dec 2025 12:36:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-behind-the-shades-climate-adaptation-and-resilience-s101654633<![CDATA[ Sustainability Insights: Behind The Shades: Climate Adaptation And Resilience ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:55:07 GMT00:01:00<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]><![CDATA[ Rating activity was net positive last week, on the back of a decline in downgrades. Upgrades included one rising star, U.S.-based power company Vistra Corp. (upgraded to investment-grade from speculative-grade). The rising star count year to date is 26, compared with 34 over the same period last year. Upgrades also included three Uzbekistan-based issuers following the sovereign's upgrade to 'BB' on Nov. 21, 2025. The chemicals, packaging, and environmental services sector continued to face downward pressure, with two downgrades. There was one default recorded last week, the Baffinland Iron Mines Corp., which was downgraded to 'SD' (selective default) from 'CCC-' on Dec. 1, 2025, on a distressed transaction. The company was later upgraded to 'CCC-' on Dec. 3, following a debt maturity extension. Year to date, 109 entities have defaulted, fewer than the 136 that defaulted during the same period last year. ]]>ArticlesMon, 08 Dec 2025 11:55:07 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-net-positive-rating-activity-with-sector-divergence-dec-8-2025-s101661670<![CDATA[ This Week In Credit: Net Positive Rating Activity With Sector Divergence (Dec. 8, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:43:17 GMT00:01:00<![CDATA[ Climate Transition Assessment: Fabege AB ]]><![CDATA[ S&P Global Ratings' current and future shade of Medium green indicates that 86% of Fabege's revenue comes from its energy-efficient building portfolio, which we expect to be sustained through 2030. In 2024, Fabege, a Sweden-based commercial property company, allocated about 60% of capital expenditure to small investments in the asset management portfolio, including for energy efficiency and tenant adaptations. Other key investments included new construction projects to which we assigned a shade of green. ]]>ArticlesMon, 08 Dec 2025 11:43:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-fabege-ab-s101661730<![CDATA[ Climate Transition Assessment: Fabege AB ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 11:22:50 GMT00:01:00<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]><![CDATA[ This report does not constitute a rating action. This is due to the wealth of these companies' customer data, especially financial data if they have captive finance arms. In 2024, 60% of cybersecurity incidents in the automotive and smart mobility sectors affected up to millions of mobility assets, including vehicles, charging stations for electric vehicles, smart mobility apps, and connected devices. This is according to Upstream's 2025 global automotive and smart mobility cybersecurity report. Based on the report, large-scale incidents--each affecting millions of vehicles--more than tripled to 19% in 2024 from 5% in 2023. Although the reported number of ransomware attacks we have recorded against rated companies is lower than the number of reported data breaches, the true figure is ]]>ArticlesMon, 08 Dec 2025 11:22:50 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-sector-when-cyber-risk-becomes-credit-risk-s101653965<![CDATA[ Auto Sector: When Cyber Risk Becomes Credit Risk ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 08 Dec 2025 09:31:12 GMT00:01:00<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]><![CDATA[ This report does not constitute a rating action. Most sovereigns in the WAEMU have relied on the monetary union’s debt market to finance their budgetary deficits in recent years. Subscription rates have remained high despite a strong uptick in debt volumes in 2025 and WAEMU banks’ high exposure to the sovereigns (see chart). This follows the IMF's suspension of Senegal's $1.8 billion extended credit facility and associated financing last year. However, member states outside Senegal are diversifying by tapping external commercial or concessional sources of funding, and we believe that this will partially alleviate the pressure on the WAEMU debt market. Last month, the IMF and Senegal started official negotiations on a new lending program, but visibility on both the ]]>ArticlesMon, 08 Dec 2025 09:31:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/africa-brief-waemu-debt-market-weathers-senegals-imf-financing-suspension-s101660243<![CDATA[ Africa Brief: WAEMU Debt Market Weathers Senegal's IMF Financing Suspension ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xSun, 07 Dec 2025 23:17:23 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesSun, 07 Dec 2025 23:17:23 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-october-2025-s101661603<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 16:21:59 GMT00:01:00<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]><![CDATA[ This report does not constitute a rating action. The Nov. 3, 2025, collapse of Stream Finance, a decentralized finance (DeFi) protocol, emphasized the importance of understanding DeFi risk exposures and contagion vectors. On Nov. 3, 2025, Stream Finance reported a loss of around $93 million and froze redemptions of its stablecoin, xUSD, triggering a severe devaluation (down over 73% on the first day of the event). This event cascaded through several DeFi protocols exposed to xUSD, ultimately incurring an estimated $248 million in losses across the ecosystem. Withdrawals from the protocol remain frozen as of Dec. 5, 2025. The Stream Finance collapse highlights several critical risks within DeFi. Stream Finance relied on complex, sometimes opaque strategies and off-chain activities that ]]>ArticlesFri, 05 Dec 2025 16:21:59 GMThttps://www.spglobal.com/ratings/en/regulatory/article/digital-assets-brief-stream-finances-collapse-highlights-defi-contagion-risks-s101661035<![CDATA[ Digital Assets Brief: Stream Finance's Collapse Highlights DeFi Contagion Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:43:27 GMT00:01:00<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]><![CDATA[ Asia-Pacific credit conditions will keep steady in 2026 amid continued growth, easy monetary policies and a supportive financing environment ]]>ArticlesFri, 05 Dec 2025 05:43:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/macro-credit-how-will-asia-pacifics-credit-landscape-shape-up-in-2026-s101661357<![CDATA[ Macro Credit: How will Asia-Pacific's credit landscape shape up in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:41:13 GMT00:01:00<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]><![CDATA[ We expect policy rates to decline somewhat further. But rates are approaching equilibrium levels. With concerns about higher global interest rates, recent currency weakening and elevated core inflation in some economies, rates are likely to settle well above the exceptionally low levels of the early 2020s. ]]>ArticlesFri, 05 Dec 2025 05:41:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/monetary-policy-how-low-can-interest-rates-go-in-asia-pacific-s101661371<![CDATA[ Monetary Policy: How low can interest rates go in Asia-Pacific? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 05:37:32 GMT00:01:00<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]><![CDATA[ A weaker U.S. dollar will be credit positive for issuers with a large share of unhedged debt or input costs in U.S. dollars and domestic currency income. Asian issuers dependent on the U.S. export market and those with revenues linked to the dollar but with domestic currency debt or costs are most exposed. ]]>ArticlesFri, 05 Dec 2025 05:37:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/financing-a-weaker-dollar-who-are-the-winners-and-losers-in-asia-pacific-credit-s101661358<![CDATA[ Financing: A weaker dollar--who are the winners and losers in Asia-Pacific credit? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:49:09 GMT00:01:00<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]><![CDATA[ Diversification of supply chains and end markets is set to continue, presenting companies with challenges from trade uncertainties, policy shifts, and execution risk. ]]>ArticlesFri, 05 Dec 2025 04:49:09 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-what-risks-await-asia-pacific-corporates-as-tariffs-drive-market-and-supply-chain-diversification-s101661366<![CDATA[ Trade: What risks await Asia-Pacific corporates as tariffs drive market and supply-chain diversification? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:45:52 GMT00:01:00<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]><![CDATA[ The sector will need significant levels of investment to advance the region's digital infrastructure demands. We expect risk profiles to diverge between committed and approved projects and those still in early stages, given long lead times and supply constraints. ]]>ArticlesFri, 05 Dec 2025 04:45:52 GMThttps://www.spglobal.com/ratings/en/regulatory/article/technology-are-data-centers-in-southeast-asia-set-to-drive-credit-growth-in-2026-s101661365<![CDATA[ Technology: Are data centers in Southeast Asia set to drive credit growth in 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 04:34:57 GMT00:01:00<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]><![CDATA[ Japan's commitment to invest US$550 billion in the U.S. is objectively lopsided, with the Japanese entities only getting half of the initial returns (and thereafter just 10%). Private firms may be induced to participate in the scheme, but with terms unclear, the risk could be much higher. ]]>ArticlesFri, 05 Dec 2025 04:34:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-who-will-bear-the-risk-of-japans-investment-agreement-with-the-us-s101661363<![CDATA[ Japan: Who will bear the risk of Japan's investment agreement with the U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 05 Dec 2025 03:41:25 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 05 Dec 2025 03:41:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-dec-3-2025-s101661274<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 23:34:55 GMT00:01:00<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]><![CDATA[ "ABS Performance Watch: Australia And New Zealand" provides a comprehensive analysis of the performance of ABS transactions in Australia and New Zealand and gives valuable insight into the performance of the programs' underlying assets and securities. The quarterly report provides comparative data on each program. ]]>ArticlesThu, 04 Dec 2025 23:34:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/abs-performance-watch-australia-and-new-zealand-q3-2025-s101661338<![CDATA[ ABS Performance Watch: Australia And New Zealand Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 16:46:39 GMT00:01:00<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]><![CDATA[ This report does not constitute a rating action. Chart1 Federal policy changes have slowed the national economy, and this has a direct impact on local governments. We expect immigration--a key driver of above-trend GDP growth in 2022-2024--will normalize, weighing on GDP growth and output through 2027. It will also contribute to employee shortages in labor-sensitive sectors where immigrants account for a large share of the workforce, such as construction, hospitality, and agriculture. This will drive up capital and, potentially, operating costs for issuers. Chart 2 As costs continue to outpace sluggish revenue growth, many LGs have healthy reserves to fall back on. Those that don’t could have to make difficult cuts quickly or risk deterioration in credit quality. The depth ]]>ArticlesThu, 04 Dec 2025 16:46:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-local-governments-2026-outlook-local-governments-show-resilience-k-12-school-districts-are-on-shaky-ground-s101657195<![CDATA[ U.S. Local Governments 2026 Outlook: Local Governments Show Resilience, K-12 School Districts Are On Shaky Ground ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 15:59:36 GMT00:01:00<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]><![CDATA[ This report does not constitute a rating action. Germany's fiscal shift, allowing for larger public deficits and greater budgetary leeway for local and regional government spending, is prompting speculation about the impact on public sector covered bond issuance. Despite increasing issuance in 2025, higher covered bond spreads driven by rising government bond issuance could limit the scope for continued growth in 2026. Based on German covered bond issuers’ regulatory §28 reporting, cover pool public sector assets increased year-on-year in 2025 for the first time since 2022. This growth likely helped net issuance of public sector covered bonds turn positive for the first time since 2020. The German government’s recently announced investment plans increase the scope for public sector debt and ]]>ArticlesThu, 04 Dec 2025 15:59:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/covered-bonds-brief-german-deficit-may-reignite-public-sector-backed-issuance-s101660251<![CDATA[ Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 13:30:49 GMT00:01:00<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]><![CDATA[ This report does not constitute a rating action. One of the more unexpected areas of growth for the U.S. life insurance industry over the past several years has been the funding agreement-backed notes (FABN) market. In 2024, the average outstanding amount of FABNs in the U.S. hit $190 billion--a 14% compound annual growth rate over last the 10 years. This year, through Sept. 30, we rated close to $70 billion of U.S. FABNs. An FABN is a debt instrument issued by a special purpose vehicle (SPV), typically a trust, that is collateralized by a matching funding agreement. An insurance company issues a funding agreement to an SPV, which in turn issues the FABN. Funding agreements are deposit-type contracts typically sold ]]>ArticlesThu, 04 Dec 2025 13:30:49 GMThttps://www.spglobal.com/ratings/en/regulatory/article/funding-agreement-backed-notes-what-when-how-s101658372<![CDATA[ Funding Agreement-Backed Notes: What, When, How? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 11:41:01 GMT00:01:00<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]><![CDATA[ This report does not constitute a rating action. LONDON (S&P Global Ratings) Dec. 4, 2025--S&P Global Ratings today published its " U.K. Second-Lien Monitor Q3 2025 , Dec. 4, 2025." The report tracks the collateral performance of second-lien mortgages in the RMBS transactions we rate. We analyzed over 40,000 loans, with current balance totaling about £2 billion as of Q3 2025, drawn from 13 U.K. RMBS transactions. Our U.K. Second-Lien Monitor presents data on the core characteristics and risk indicators that we assess regularly in our analysis. ]]>ArticlesThu, 04 Dec 2025 11:41:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-second-lien-monitor-q3-2025-published-s101660990<![CDATA[ U.K. Second-Lien Monitor Q3 2025 Published ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 01:49:27 GMT00:01:00<![CDATA[ Global Financial Services GRE Ratings List ]]><![CDATA[ This report does not constitute a rating action. As of Nov. 28, 2025, S&P Global Ratings rated 213 financial services government-related entities (GREs) globally. These comprised 92 GREs in Western Europe and North America (WE & NA), 74 in Asia-Pacific (APAC), 25 in Eastern Europe, Middle East and Africa (EEMEA) and 22 in Latin America (LATAM). In this report, financial services GREs refer to GREs that lend, guarantee, or serve other financial intermediary functions, including all policy and commercial banks, insurers, and financing or guarantee agencies. We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be ]]>ArticlesThu, 04 Dec 2025 01:49:27 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-financial-services-gre-ratings-list-s101659151<![CDATA[ Global Financial Services GRE Ratings List ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 04 Dec 2025 00:12:03 GMT00:01:00<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]><![CDATA[ "Auto ABS Arrears Statistics: Australia" provides an analysis of arrears statistics on receivables underlying Australian auto ABS. The report tracks the arrears performance of Australian closed pool auto and mixed auto transactions. We also publish monthly arrears data for auto receivables. These data cover the Australian auto ABS portfolio of receivables. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesThu, 04 Dec 2025 00:12:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/auto-abs-arrears-statistics-australia-october-2025-s101661138<![CDATA[ Auto ABS Arrears Statistics Australia - October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 20:21:18 GMT00:01:00<![CDATA[ The Ratings View: Dec. 3, 2025 ]]><![CDATA[ In this week's summary of ratings views: Resilient credit conditions look set to continue in 2026. Risky-credit counts declined in North America, but refinancing pressure is building. Japanese corporations are struggling to compete in the global AI market. ]]>ArticlesWed, 03 Dec 2025 20:21:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-dec-3-2025-s101661096<![CDATA[ The Ratings View: Dec. 3, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:49:34 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]><![CDATA[ S&P Global Ratings has revised its assessment of Gemini USD (GUSD)’s ability to maintain its peg to the U.S. dollar to 3 (adequate) from 2 (strong). This revision reflects a shift in the reserve portfolio to 100% cash deposits held at regulated U.S. banking institutions, transitioning from previous holdings in money market funds. ]]>ArticlesWed, 03 Dec 2025 16:49:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-gemini-usd-gusd-s101661038<![CDATA[ Stablecoin Stability Assessment: Gemini USD (GUSD) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 16:41:34 GMT00:01:00<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]><![CDATA[ This report does not constitute a rating action. Despite a challenging macroeconomic backdrop, our project finance portfolio has remained broadly stable over the past year, reflecting the resiliency of the infrastructure sector. S&P Global Ratings currently maintains approximately 285 ratings on project finance issuers, including roughly 230 public ratings. The rating distribution continues to lean toward higher-quality credits. Roughly 72% of all project finance ratings fall within the investment-grade category ('BBB–' or higher). Outlook trends also reinforce the stability of the sector. Eighty two percent of ratings have a stable outlook, while about 15% of ratings have a negative outlook or are on CreditWatch with negative implications—often reflecting asset-specific challenges, exposure to construction or ramp-up risks, or evolving regulatory trends. ]]>ArticlesWed, 03 Dec 2025 16:41:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-global-project-finance-issuers-strongest-to-weakest-s101658593<![CDATA[ Issuer Ranking: Global Project Finance Issuers, Strongest To Weakest ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:23:18 GMT00:01:00<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Hyperscalers are placing massive bets on AI ambitions, as data center demand surges against a backdrop of rising but constrained supply, keeping sector fundamentals healthy. Still, risks for owners, operators, and investors vary across types of facilities and financing sources. We expect demand to support AI, and non-AI workloads will remain robust, with supply more constrained by power availability in ]]>ArticlesWed, 03 Dec 2025 14:23:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/data-centers-are-the-winning-odds-less-certain-in-2026-s101659690<![CDATA[ Data Centers: Are The Winning Odds Less Certain In 2026? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:13:22 GMT00:01:00<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]><![CDATA[ In this series of articles, we answer the pressing Questions That Matter on the uncertainties that will shape 2026—collected through our interactions with investors and other market participants. The series is aligned with the key themes we're watching in the coming year and is part of our Global Credit Outlook 2026 . This report does not constitute a rating action. Increased isolationism—largely driven by the U.S.—is shaking the foundations of global trade. Policy uncertainty will likely persist, forcing governments and businesses to strengthen supply-chain resilience even at some cost to efficiency. The Trump administration is using tariffs and bilateral deals as the primary instruments to address both trade and non-trade grievances. The unilateral tariffs applied to imported goods from most ]]>ArticlesWed, 03 Dec 2025 14:13:22 GMThttps://www.spglobal.com/ratings/en/regulatory/article/trade-are-global-supply-chains-becoming-a-bargaining-chip-for-strategic-influence-s101659717<![CDATA[ Trade: Are Global Supply Chains Becoming A Bargaining Chip For Strategic Influence? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 14:12:26 GMT00:01:00<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]><![CDATA[ This report does not constitute a rating action. We expect U.S. private consumption growth to hit a cycle low in 2026 amid weaker real disposable incomes and broader structural headwinds, and for consumption growth to remain soft in China, weighing on overall growth. U.S. consumer spending accounts for roughly 70% of its GDP. The health of consumer spending is therefore a closely watched indicator for businesses and policymakers, influencing decisions regarding hiring, investment, and economic policy. The outsized role of consumer spending in the GDP calculation means that minor upticks in unemployment or inflation can threaten economic growth. In China, consumer spending doesn’t factor as greatly into the calculation of GDP. However, robust consumption is seen as key to solid ]]>ArticlesWed, 03 Dec 2025 14:12:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-state-of-the-consumer-will-cracks-worsen-for-economic-giants-china-and-the-us-s101660806<![CDATA[ The State Of The Consumer: Will Cracks Worsen For Economic Giants China And The U.S.? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 13:33:11 GMT00:01:00<![CDATA[ European Infrastructure Update: Airports ]]><![CDATA[ This report does not constitute a rating action. We expect the credit metrics of rated European airports to stay strong despite increased investments and dividends. However, several rated airports, including Royal Schiphol Group N.V. (Schiphol), daa PLC (daa) and Flughafen Zurich AG (FZAG) face declining credit metrics, mainly due to large capital expenditure (capex)--mostly for maintenance and expansion--in the next few years. We have already amply reflected this trend in our ratings on the entities and we believe they have sufficient headroom within the rating to accommodate this. Our rated airports in Europe have performed well this year. Passenger growth, particularly for leisure travel, supported the entities. Despite a challenging macroeconomic climate, consumers have shown strong demand for air travel. ]]>ArticlesWed, 03 Dec 2025 13:33:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-infrastructure-update-airports-s101652362<![CDATA[ European Infrastructure Update: Airports ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:51:42 GMT00:01:00<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]><![CDATA[ This report does not constitute a rating action. Emerging Markets (EMs) are set to remain a key driver of global growth in 2026, while capital flows into the region should remain positive. Greater self-reliance and diversification are making EMs more resilient, but lower-rated entities and frontier markets will likely be more vulnerable to potential shifts in external conditions. S&P Global Ratings anticipates the U.S. Federal Reserve (the Fed) will pursue monetary easing in 2026. Barring a sharp market correction in the U.S., this policy, coupled with a weaker U.S. dollar, should maintain an accommodative financing environment for EMs. Some EM central banks, particularly in Latin America and EMEA, have room to cut interest rates further, while those in Asia are ]]>ArticlesWed, 03 Dec 2025 10:51:42 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-will-the-positive-momentum-continue-s101660710<![CDATA[ Emerging Markets: Will The Positive Momentum Continue? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:42:05 GMT00:01:00<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]><![CDATA[ This report does not constitute a rating action. Corporates are already adjusting to higher refinancing costs, but unexpected increases could pose challenges for companies at the lower end of the rating scale. Sovereigns appear more resilient to potential significant shocks in financial markets. About $1.35 trillion of nonfinancial corporate debt will mature in 2026, as of Oct. 1, 2025, 10% higher than at the same time in 2025. That said, the weakening dollar during the first half of 2025 increased the value of non-dollar denominated debt, when converted into USD. A significant portion of upcoming maturities were issued in the low-interest rate environment of 2020/2021. Consequently, European and U.S. corporate issuers with fixed-rate 2026 maturities may face higher funding costs, ]]>ArticlesWed, 03 Dec 2025 10:42:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/refinancing-risk-what-if-the-wind-changes-s101660722<![CDATA[ Refinancing Risk: What If The Wind Changes? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 10:41:00 GMT00:01:00<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]><![CDATA[ This report does not constitute a rating action. Growing recognition that global warming will surpass 1.5 degrees Celsius is driving increased focus on adaptation and resilience investments to address unavoidable impacts. Global economic losses from natural disasters reached $320 billion in 2024, higher than the inflation-adjusted averages of the past 10 and 30 years, according to reinsurer Munich Re. There could be 40% more natural disasters globally by 2030 than in 2015 if mitigation of greenhouse gas emissions isn't stepped up, according to U.N. data. Global emissions are increasing, and we estimate a 50% likelihood that the global average temperature will reach 2.3 degrees Celsius above the pre-industrial average by 2040. Adaptation and resilience investments can help to reduce the ]]>ArticlesWed, 03 Dec 2025 10:41:00 GMThttps://www.spglobal.com/ratings/en/regulatory/article/physical-climate-risks-what-can-we-expect-as-the-need-to-adapt-and-build-resilience-rises-s101660703<![CDATA[ Physical Climate Risks: What Can We Expect As The Need To Adapt And Build Resilience Rises? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 03 Dec 2025 09:59:48 GMT00:01:00<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]><![CDATA[ The sustained period of resilient global credit conditions looks set to continue in 2026, as economic growth holds up, supported in part by tech investments. Also, active refinancing in 2025 has pushed out maturities for many, rates have decreased or are still doing so, and investor appetite remains healthy. This outlook is not uniform though. Performance across sectors and geographies will diverge, and the evolving geopolitical order may continue to introduce unexpected policy shifts. And as assumptions about AI’s transformative power increasingly drive market valuations and investment volumes, creating a boom in data center construction and adding to economic growth, these outlays may lead to overinvestment and pain later for credit conditions. ]]>ArticlesWed, 03 Dec 2025 09:59:48 GMThttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-outlook-2026-music-playing-noise-rising-s101660911<![CDATA[ Global Credit Outlook 2026: Music Playing, Noise Rising ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 18:45:25 GMT00:01:00<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]><![CDATA[ The BoE's FPC believes that the U.K. banking system is highly resilient to a protracted period of intense volatility after the seven major U.K. banks comfortably passed its most recent capital stress test. The regulator has reduced its Tier 1 capital benchmark for the U.K. banking system to 13% to reflect this resilience--a level materially below the Tier 1 resources in the system today. We expect banks' capital requirements to taper to this level in the short-to-medium term, led by a reduction in the Pillar 2A buffer from January 2027, as per the BoE's previous guidance, and followed by the finetuning of capital and leverage buffers. This represents an incremental rather than material shift in the capital levels in the ]]>ArticlesTue, 02 Dec 2025 18:45:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-banks-trimming-of-regulatory-capital-requirement-does-not-hurt-ratings-s101660397<![CDATA[ U.K. Banks: Trimming Of Regulatory Capital Requirement Does Not Hurt Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 16:26:26 GMT00:01:00<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]><![CDATA[ Ratings Class Rating* Amount (mil. €) § Class size (%) Available credit enhancement (%)† Interest (%) Legal final maturity A AA (sf) 159.72 80.50 19.50 One-month EURIBOR plus 0.81 Jan. 25, 2036 B-Dfrd A (sf) 11.90 6.00 13.50 One-month EURIBOR plus 1.15 Jan. 25, 2036 C-Dfrd BBB (sf) 9.92 5.00 8.50 One-month EURIBOR plus 1.75 Jan. 25, 2036 D-Dfrd BB (sf) 8.93 4.50 4.00 One-month EURIBOR plus 2.90 Jan. 25, 2036 E-Dfrd BB- (sf) 5.95 3.00 1.00 One-month EURIBOR plus 3.70 Jan. 25, 2036 F NR 1.98 1.00 0.00 Fixed Jan. 25, 2036 X B- (sf) 4.96 2.50 N/A One-month EURIBOR plus 2.75 Jan. 25, 2036 R NR 0.10 0.00 N/A Variable return Jan. 25, 2036 Note: *Our rating on ]]>ArticlesTue, 02 Dec 2025 16:26:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-youni-italy-2025-2-srl-s101659534<![CDATA[ New Issue: Youni Italy 2025-2 S.r.l. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 15:23:04 GMT00:01:00<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]><![CDATA[ This report does not constitute a rating action. Overall credit quality across our index of U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) portfolios has been stable over the past year, with 'B-' exposures dipping to recent lows at just over 22% and S&P Global Ratings' weighted average rating factor (SPWARF) values hovering around 2600. Between Oct. 1 and Nov. 21, there was only one widely held issuer (top 500) whose rating was either lowered to 'B-', into the 'CCC' range, or to a default level. However, downgrades across the less widely held issuers continue (see " U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of Nov. 21) ," published Nov. 24, 2025). Despite the stable credit ]]>ArticlesTue, 02 Dec 2025 15:23:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-clo-insights-2025-us-bsl-index-stable-credit-metrics-paid-for-with-par-scenario-analysis-on-us-bsl-clo-ratings-s101660627<![CDATA[ SF Credit Brief: CLO Insights 2025 U.S. BSL Index: Stable Credit Metrics Paid For With Par; Scenario Analysis On U.S. BSL CLO Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 14:08:15 GMT00:01:00<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]><![CDATA[ Borrowers in North America will likely enjoy favorable credit conditions in the near term, amid tight spreads and falling policy interest rates. A sudden slowdown in the surge of AI-related spending could have systemic implications for financial markets. Credit quality in segments of the private market is slipping. ]]>ArticlesTue, 02 Dec 2025 14:08:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-north-america-q1-2026-favorable-yet-fragile-s101660465<![CDATA[ Credit Conditions North America Q1 2026: Favorable Yet Fragile ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 13:10:29 GMT00:01:00<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]><![CDATA[ Supportive financing conditions for emerging markets (EMs) should persist. S&P Global Ratings expects most EMs will remain resilient, albeit with divergent growth trajectories. Markets tolerance for geopolitical uncertainty may mask vulnerabilities that leave EMs susceptible to contagion from external shocks, such as asset price corrections. ]]>ArticlesTue, 02 Dec 2025 13:10:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-emerging-markets-q1-2026-bright-prospects-storm-clouds-s101660712<![CDATA[ Credit Conditions Emerging Markets Q1 2026: Bright Prospects, Storm Clouds ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 08:58:29 GMT00:01:00<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]><![CDATA[ Modest earnings growth, generally healthy private-sector balance sheets, and favorable financing conditions underpin a resilient rating outlook for most sectors. Concerns still center on U.S. trade policy and adversarial global politics exposing vulnerabilities in Europe's democracies, supply chains, and ability to stabilize public debt. ]]>ArticlesTue, 02 Dec 2025 08:58:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q1-2026-treading-a-narrow-path-s101660553<![CDATA[ Credit Conditions Europe Q1 2026: Tr(e)ading A Narrow Path ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 02 Dec 2025 03:40:31 GMT00:01:00<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]><![CDATA[ This report does not constitute a rating action. Claim losses from a devastating fire at a residential complex in Hong Kong will add pressure to the underwriting results of the property/casualty (P/C) insurance sector. S&P Global Ratings also expects insurers will rethink their risk retention and pricing policies in property insurance, where premium rates have declined in recent years amid intense competition. Hong Kong's P/C insurers already face diluted earnings from several extreme weather events earlier in the year, such as Super Typhoon Ragasa and black rainstorms. Claim losses from last week's fire at Wang Fuk Court in Tai Po will further erode the sector's underwriting margins. The impact should be manageable relative to their capital positions, in our view. ]]>ArticlesTue, 02 Dec 2025 03:40:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/hong-kong-fire-tragedy-will-add-to-profitability-pain-for-pc-insurers-s101660143<![CDATA[ Hong Kong Fire Tragedy Will Add To Profitability Pain For P/C Insurers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 22:01:03 GMT00:01:00<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]><![CDATA[ This report does not constitute a rating action. As we’ve done in previous years, we have generated a series of stress scenarios to see how our broadly syndicated loan (BSL) collateralized loan obligation (CLO) ratings would perform under different levels of collateral stress (see Related Research at the end of this article for some of the previous CLO stress scenario articles). For purposes of this year's exercise, we re-ran the four scenarios that we’ve published since 2020, allowing for comparisons of how BSL CLO ratings have responded to the stresses over time. Each of the four scenarios envisions a proportion of corporate loan issuers experiencing a default and then assumes that a proportion of the remaining (i.e., non-defaulted) obligors end ]]>ArticlesMon, 01 Dec 2025 22:01:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-how-us-bsl-clo-ratings-would-respond-to-another-downturn-2025-update-s101660470<![CDATA[ Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 20:53:08 GMT00:01:00<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]><![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which rose $2.1 billion month over month to $665 billion as of November 2025. The overall U.S. CMBS delinquency (DQ) rate decreased 9 basis points (bps) month over month to 6.0% in November and rose 42 bps year over year. By dollar amount, total delinquencies were $40.2 billion, a net month-over-month decline of $0.5 billion (1.1%) and a net year-over-year increase of $3.5 billion (9.5%). (See charts 1A and 1B.) The delinquency rate for multifamily loans fell 7 bps to 4.6% in November after a 46 bps increase to 4.7% in October ]]>ArticlesMon, 01 Dec 2025 20:53:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/sf-credit-brief-the-us-cmbs-delinquency-rate-fell-9-basis-points-to-6-in-november-2025-the-office-rate-nears-10-s101659463<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Fell 9 Basis Points To 6% In November 2025; The Office Rate Nears 10% ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 18:49:47 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]><![CDATA[ This report does not constitute a rating action. Chart 1 The current operating environment has numerous hurdles, compelling management teams to remain highly focused on operations and strategic initiatives to sustain enterprise strength and provide appropriate services for their communities. Thanks to generally healthy demand and provision of higher acuity services, further supported in some cases by recent reimbursement increases from payers and greater supplemental funds, revenue growth has outpaced rising expenses. This is resulting in margins that, while not back to 2019 levels, have recently stabilized for many providers. Although the median operating performance for the smaller sample size of year-to-date 2025 audits (about 15% of rated entities) shows a slight regression, we expect it could improve, as inclusive ]]>ArticlesMon, 01 Dec 2025 18:49:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-acute-health-care-2026-outlook-resilient-for-now-with-increased-credit-risks-on-the-horizon-s101654849<![CDATA[ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:53:03 GMT00:01:00<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]><![CDATA[ S&P Global Ratings assesses Paxos USD (USDP)'s ability to maintain a stable price vis-à-vis the U.S. dollar at 2 (strong). This stablecoin was launched in 2018 by Paxos Trust Co., initially as Paxos Standard, before being renamed Paxos USD in August 2021. ]]>ArticlesMon, 01 Dec 2025 15:53:03 GMThttps://www.spglobal.com/ratings/en/regulatory/article/stablecoin-stability-assessment-paxos-usd-usdp-s101660486<![CDATA[ Stablecoin Stability Assessment: Paxos USD (USDP) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 15:12:41 GMT00:01:00<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]><![CDATA[ Turkish corporates saw their credit quality weaken in 2025, leading to negative rating actions on four higher-rated companies. Reasons for the downgrades include a mix of ongoing economic challenges, alongside some company-specific factors. There is limited further downward rating pressure going into 2026, with only one negative outlook among rated issuers in Turkiye. ]]>ArticlesMon, 01 Dec 2025 15:12:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/turkish-corporate-outlook-2026-macro-improvements-should-support-credit-quality-s101660471<![CDATA[ Turkish Corporate Outlook 2026: Macro improvements should support credit quality ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 01 Dec 2025 10:44:33 GMT00:01:00<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]><![CDATA[ Rating actions declined last week, primarily because we saw fewer upgrades than the previous week. In the speculative-grade sector, we made six upgrades, including one rising star, Vallourec, bringing total rising stars to 25 in the year to date. Downgrades included the first fallen angel since August: FMC Corp., a U.S.-based issuer in the chemicals, packaging, and environmental services sector. What's more, this sector has the second-largest number of potential fallen angels (five)--issuers rated 'BBB-' with a negative outlook or on CreditWatch negative. Year-to-date total fallen angels number 11, behind 17 at the same point last year. There was one default last week to a U.S.-based issuer in the chemicals, packaging, and environmental services sector, FXI Holdings Inc. Since the beginning of November, this sector has accounted for five of the nine defaults. ]]>ArticlesMon, 01 Dec 2025 10:44:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-negative-pressure-continues-in-chemicals-and-packaging-dec-1-2025-s101660410<![CDATA[ This Week In Credit: Negative Pressure Continues In Chemicals And Packaging (Dec. 1, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 28 Nov 2025 08:34:14 GMT00:01:00<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Linja AS' Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Linja develops, constructs, and manages the electric grid for energy transmission in northwestern Norway, serving over 100,000 end users. ]]>ArticlesFri, 28 Nov 2025 08:34:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-linja-as-green-financing-framework-s101660221<![CDATA[ Second Party Opinion: Linja AS Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 27 Nov 2025 17:05:17 GMT00:01:00<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]><![CDATA[ This report does not constitute a rating action. , providing a catalyst for potential market consolidation and a widening of the gap between the credit qualities of operators. S&P Global Ratings is assessing the potential credit implications of the new tax regime and the industry's response with reference to the ratings headroom available to different U.K. gambling sector issuers. The stated aim is to contain harm associated with remote gambling while raising an estimated annual £1.1 billion by 2029-2030. Remote gaming duty will increase to 40%, from 21%, starting April 1, 2026, and a new 25% remote betting duty will be imposed starting April 1, 2027, while the general betting duty will remain at 15%. The increase excludes horseracing, self-service ]]>ArticlesThu, 27 Nov 2025 17:05:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-gaming-brief-gambling-tax-hike-will-affect-operators-rating-headroom-differently-s101659902<![CDATA[ U.K. Gaming Brief: Gambling Tax Hike Will Affect Operators' Rating Headroom Differently ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 18:03:31 GMT00:01:00<![CDATA[ North American Risky Credits: Tally Dips, Refinancing Pressure Builds ]]><![CDATA[ This report does not constitute a rating action. The number of North American issuers rated by S&P Global Ratings at 'CCC+' or below fell to 144 in October, down from 149 in April 2025. For the six months ended in October, the average monthly addition was six--a decline of two from the average of eight recorded in the same period last year. The proportion of risky credits within the speculative-grade universe was 10%, down from 11% in April 2025. There were 38 removals for the six months ended in October, higher than new additions of 33. Removals were largely driven by 18 defaults and 13 ratings withdrawals, with a smaller number of upgrades (7).The most defaults occurred in customer products ]]>ArticlesWed, 26 Nov 2025 18:03:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/north-american-risky-credits-tally-dips-refinancing-pressure-builds-s101659497<![CDATA[ North American Risky Credits: Tally Dips, Refinancing Pressure Builds ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 16:39:57 GMT00:01:00<![CDATA[ This Month In Credit: Potential Fallen Angels Rise (November 2025) ]]><![CDATA[ Downgrades in October outnumbered upgrades for the first time since June, as investment-grade downgrades increased to their highest level since May. Potential fallen angels edged upward for the third month in a row to 39, reaching their highest total since February 2023. ]]>ArticlesWed, 26 Nov 2025 16:39:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-potential-fallen-angels-rise-november-2025-s101659924<![CDATA[ This Month In Credit: Potential Fallen Angels Rise (November 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 16:38:13 GMT00:01:00<![CDATA[ Credit Trends: European Risky Credits: Pressure Intensifies ]]><![CDATA[ This report does not constitute a rating action. Our "Risky Credits" series focuses on European corporate issuers rated 'CCC+' and lower. Because many defaults are of companies in those categories, ratings with negative outlooks or on CreditWatch negative are even more important to monitor. The total number of risky credit issuers reached 58 as of the end of October 2025, up by eight issuers since April 2025 and above the five-year average of 52. This is the highest number of risky credits since April 2022. While the number of risky credits remained relatively stable in the first half of 2025, the second half has seen a clear upward trend. Additionally, the number of risky credits as a proportion of the ]]>ArticlesWed, 26 Nov 2025 16:38:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-european-risky-credits-pressure-intensifies-s101659219<![CDATA[ Credit Trends: European Risky Credits: Pressure Intensifies ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 15:45:34 GMT00:01:00<![CDATA[ Credit Trends: Emerging Market Risky Credits: Eyes On Latin America ]]><![CDATA[ This report does not constitute a rating action. Issuers rated 'CCC+' and lower accounted for 3.7% of speculative-grade issuers as of October 2025, below 5.0% in April and the 10-year average of 7.0%. Chart 1 Between April and October, we have taken the following rating actions pertaining to risky credits: We downgraded Indian high-tech company ANI Technologies Private Limited to 'CCC+' from 'B-' on operating losses related to fierce competition in the ride-hailing industry. We upgraded Argentine utility company Edenor to 'B-' from 'CCC+', following the approval of the integral tariff review that should improve its operational performance. We downgraded Brazilian CP&ES company Braskem S.A. to 'CCC-' from 'B+' on the engagement of financial and legal advisors to evaluate financial ]]>ArticlesWed, 26 Nov 2025 15:45:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-emerging-market-risky-credits-eyes-on-latin-america-s101657763<![CDATA[ Credit Trends: Emerging Market Risky Credits: Eyes On Latin America ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 26 Nov 2025 10:49:38 GMT00:01:00<![CDATA[ Second Party Opinion: HM Treasury Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses HM Treasury's Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. The United Kingdom is a high-income country with a GDP per capita of about £40,172 and a population of 69.22 million. The services industry accounts for the majority of the U.K.'s economy (about 80% of total gross value added), followed by the manufacturing industry (18%). ]]>ArticlesWed, 26 Nov 2025 10:49:38 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-hm-treasury-green-financing-framework-s101659906<![CDATA[ Second Party Opinion: HM Treasury Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 25 Nov 2025 14:43:53 GMT00:01:00<![CDATA[ New Issue: Pavillion Consumer 2025-1 PLC ]]><![CDATA[ Ratings Class Rating* Class amount (mil. £) Class size (%) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 2,765.00 79.00 21.00 Compounded daily SONIA plus 0.7% January 2036 B-Dfrd AA (sf) 262.50 7.50 13.50 Compounded daily SONIA plus 1.2% January 2036 C-Dfrd A (sf) 148.75 4.25 9.25 Compounded daily SONIA plus 1.6% January 2036 D-Dfrd BBB (sf) 105.00 3.00 6.25 Compounded daily SONIA plus 1.9% January 2036 E-Dfrd BB (sf) 52.50 1.50 4.75 Compounded daily SONIA plus 3.4% January 2036 F-Dfrd B (sf) 43.75 1.25 3.50 Compounded daily SONIA plus 4.4% January 2036 Z-Dfrd NR 122.50 3.50 0.00 Compounded daily SONIA plus 5.7% January 2036 X-Dfrd† B- (sf) 61.25 1.75 0.00 Compounded daily SONIA plus 4.0% ]]>ArticlesTue, 25 Nov 2025 14:43:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-pavillion-consumer-2025-1-plc-s101656907<![CDATA[ New Issue: Pavillion Consumer 2025-1 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 21:43:53 GMT00:01:00<![CDATA[ Economic Outlook Canada Q1 2026: Growth Is Set To Improve ]]><![CDATA[ (Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty, magnified by ongoing regional geopolitical conflicts. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings ].)  This report does not constitute a rating action. Canadian economic growth is set to expand in the next few years as business conditions improve. S&P Global Ratings Economics maintains its forecast for annual average real GDP growth ]]>ArticlesMon, 24 Nov 2025 21:43:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q1-2026-growth-is-set-to-improve-s101658937<![CDATA[ Economic Outlook Canada Q1 2026: Growth Is Set To Improve ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 21:09:33 GMT00:01:00<![CDATA[ Economic Outlook U.S. Q1 2026: Steady As She Goes But On A Narrow Path ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings projects U.S. economic growth to slow to 2% in 2025 and 2026 on an annual average basis, from 2.8% in 2024. This represents a modest uptick from our September forecast and is slightly above near-term potential growth. Chart 1 we anticipate that this year's U.S. tax and spending bill, also referred to as the One Big Beautiful Bill Act, will support next year’s consumer spending. Nevertheless, we expect consumer spending to hit a cycle low of 1.8% in 2027, conditioned on net immigration growth tracking close to zero. (Since 2012, growth in the working-age population without immigration has fallen below zero, reflecting slowing birth rates and the aging of ]]>ArticlesMon, 24 Nov 2025 21:09:33 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-us-q1-2026-steady-as-she-goes-but-on-a-narrow-path-s101658550<![CDATA[ Economic Outlook U.S. Q1 2026: Steady As She Goes But On A Narrow Path ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 20:30:39 GMT00:01:00<![CDATA[ Economic Outlook Emerging Markets Q1 2026: AI Will Drive Trade Divergence In 2026 ]]><![CDATA[ This report does not constitute a rating action. Our baseline macroeconomic narrative for EMs has remained broadly unchanged from the previous quarterly update. Growth held better than expected for most EMs in 2025, with most of the revisions to GDP growth throughout the year were upward. In 2026, we expect only modestly slower growth for most EMs. We anticipate AI and tech-related exports to continue to outperform in 2026, benefiting mostly EMs in Asia. The impact of U.S. tariffs, which has so far been small in most EMs, will be more noticeable in non-AI related EM exports in the coming quarters, as the costs associated with those measures are passed on to U.S. consumers. We assume financing conditions for EMs ]]>ArticlesMon, 24 Nov 2025 20:30:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q1-2026-ai-will-drive-trade-divergence-in-2026-s101657542<![CDATA[ Economic Outlook Emerging Markets Q1 2026: AI Will Drive Trade Divergence In 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 17:05:37 GMT00:01:00<![CDATA[ Ahead Of The Curve: Consumer Stress Could Spill Over To Buy Now, Pay Later Providers ]]><![CDATA[ This report does not constitute a rating action. "Ahead Of The Curve" is S&P Global Ratings' quarterly outlook on nonbank financial institutions (NBFIs), where we explore the evolving macroeconomic, market, and credit forces shaping the world of NBFIs. The evolution of the financial and retail landscape, along with financial technological innovation, has given consumers alternatives to traditional credit cards such as BNPL services. Historically, credit cards have served as the primary form of consumer credit, offering flexibility, required minimum monthly payments, and interest charges. However, in the past five years, BNPL has been an increasingly used method of financing consumer purchases, given the variety of products offered by the largest lenders and the adoption of retailers looking to grow sales ]]>ArticlesMon, 24 Nov 2025 17:05:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ahead-of-the-curve-consumer-stress-could-spill-over-to-buy-now-pay-later-providers-s101657051<![CDATA[ Ahead Of The Curve: Consumer Stress Could Spill Over To Buy Now, Pay Later Providers ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 13:26:16 GMT00:01:00<![CDATA[ This Week In Credit: Chemicals And Packaging Net Bias Weakens ]]><![CDATA[ Last week, upgrades continued to exceed downgrades. Speculative-grade issuers drove this trend. South Africa’s sovereign upgrade contributed to the rise in upgrades, which included the DBSA.   The largest downgrade by debt amount was to Nissan Motor Co., reflecting continued pressure on its profitability. The other downgrades were spread across sectors. The net outlook bias for chemicals, packaging, and environmental services (CP&ES) dropped by 1.5 ppts to -21.3%, the second most negative bias since the start of 2025. Last week’s defaults rose to four, including two CP&ES issuers and two from other sectors due to a distressed exchange and bankruptcy, respectively. So far this year 107 entities have defaulted, down from 129 in the same period last year. ]]>ArticlesMon, 24 Nov 2025 13:26:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-chemicals-and-packaging-net-bias-weakens-s101659220<![CDATA[ This Week In Credit: Chemicals And Packaging Net Bias Weakens ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 12:40:35 GMT00:01:00<![CDATA[ Industry Credit Outlook: GCC Banks Show Stable Credit Fundamentals Despite The Overhang Of Event Risks ]]><![CDATA[ GCC banks' financial profiles will remain stable in 2026, in our view, underpinned by broadly stable profitability, supportive asset quality, and solid capitalization. The two main downside risks to our baseline scenario are adverse geopolitical developments undermining macroeconomic fundamentals and a significant drop in oil prices. The first risk could take the form of a protracted, regional conflict, which is not part of our base case. The second could emanate from a weaker global economy and significant oversupply in the global energy markets. 90% of our ratings on GCC banks carry a stable outlook. We have two ratings on negative outlook for idiosyncratic reasons. For 2026, the financial profiles of rated banks in the Gulf Cooperation Council (GCC) region look ]]>ArticlesMon, 24 Nov 2025 12:40:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/industry-credit-outlook-gcc-banks-show-stable-credit-fundamentals-despite-the-overhang-of-event-risks-s101657521<![CDATA[ Industry Credit Outlook: GCC Banks Show Stable Credit Fundamentals Despite The Overhang Of Event Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 24 Nov 2025 05:26:28 GMT00:01:00<![CDATA[ Second Party Opinion: Southeast Asia Commercial Joint Stock Bank Green and Blue Bonds Framework ]]><![CDATA[ S&P Global Ratings assesses Southeast Asia Commercial Joint Stock Bank’s green and blue bonds framework as Medium green. The bank is the 12th largest private sector bank in Vietnam, with total assets reaching Vietnamese Dong 325.7 trillion (US$13.43 billion) in 2024. ]]>ArticlesMon, 24 Nov 2025 05:26:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-southeast-asia-commercial-joint-stock-bank-green-and-blue-bonds-framework-s101659186<![CDATA[ Second Party Opinion: Southeast Asia Commercial Joint Stock Bank Green and Blue Bonds Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 18:24:55 GMT00:01:00<![CDATA[ Credit FAQ: Hybrid Capital Horizons: Why We Upgraded Certain European Bank Hybrids ]]><![CDATA[ This report does not constitute a rating action. Editor's note: Hybrid Capital Horizons is a new commentary series from S&P Global Ratings. Here, we provide transparency into our analytical approach and application of our methodologies around emerging topics in the hybrid capital space. In this article, we explore the rationale behind the recent upgrade of some European banks’ issuance of certain types of hybrid capital instruments, focusing on how we apply our Hybrid Capital: Methodology And Assumptions in the European context (see Annex for a summary of the methodology, published Oct. 13, 2025). The upgrades follow our review of regulatory and supervisory approaches that underlie our issue credit ratings on European bank hybrids--specifically the additional Tier 1 (AT1) and Tier ]]>ArticlesFri, 21 Nov 2025 18:24:55 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-hybrid-capital-horizons-why-we-upgraded-certain-european-bank-hybrids-s101656960<![CDATA[ Credit FAQ: Hybrid Capital Horizons: Why We Upgraded Certain European Bank Hybrids ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 13:55:35 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: U.S. Speculative-Grade Default Forecast Creeps Downward To 4% By September 2026 ]]><![CDATA[ This report does not constitute a rating action. The U.S. speculative-grade corporate default rate's very gradual decline has arguably been happening for the better part of two years as long-term interest rates have remained stable but elevated. Ultimately, we think the default rate may land slightly below where it ended September 2025 (see chart 1). The Federal Reserve could provide some relief on interest rates next year, but currently the expectation is for limited rate cuts. Still, any decline could benefit floating-rate debt tied to SOFR, which comprises a majority of the lower-rated debt. And upcoming maturities through 2027 are manageable in the aggregate. Corporate earnings are on track for a roughly two-year unbroken streak of gains. While much can ]]>ArticlesFri, 21 Nov 2025 13:55:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-us-speculative-grade-default-forecast-creeps-downward-to-4-by-september-2026-s101656481<![CDATA[ Default, Transition, and Recovery: U.S. Speculative-Grade Default Forecast Creeps Downward To 4% By September 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 13:00:04 GMT00:01:00<![CDATA[ European Retail Brief: Weak Consumer Confidence Dampens Festive Spirits ]]><![CDATA[ This report does not constitute a rating action. The so-called "golden quarter" is crucial for retailers. These final three months of the year, which include Black Friday, Cyber Monday, and the Christmas sales, can account for as much as one-third of sales and up to half of the annual profits of retailers selling discretionary products, including electronics, apparel, jewelry, toys, and gifts. S&P Global Ratings sees little evidence of widespread festive cheer heading into the critical holiday trading period, as consumer confidence remains very weak in Europe and the U.K. (see chart). Economic uncertainty and lingering concerns about high prices, especially for food and services, are constraining domestic demand, while tariffs have begun to hit exports to the U.S. In ]]>ArticlesFri, 21 Nov 2025 13:00:04 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-retail-brief-weak-consumer-confidence-dampens-festive-spirits-s101658262<![CDATA[ European Retail Brief: Weak Consumer Confidence Dampens Festive Spirits ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 12:11:51 GMT00:01:00<![CDATA[ New Issue: HIVE 2025-1 B.V. ]]><![CDATA[ Ratings Class Ratings* Amount (mil. €) Available credit enhancement (%)§ Interest (%) Legal final maturity A AAA (sf) 377.500 25.50 One-month EURIBOR plus 0.80 Nov. 21, 2045 B-Dfrd AA (sf) 37.500 17.00 One-month EURIBOR plus 1.00 Nov. 21, 2045 C-Dfrd A (sf) 29.375 11.13 One-month EURIBOR plus 1.35 Nov. 21, 2045 D-Dfrd BBB+ (sf) 25.625 6.00 One-month EURIBOR plus 1.75 Nov. 21, 2045 E-Dfrd NR 30.000 N/A One-month EURIBOR plus6.50 Nov. 21, 2045 Note: This report does not constitute a recommendation to buy, hold or sell securities. *Our rating on the class A notes addresses the timely payment of interest and ultimate payment of principal, while our ratings on the class B-Dfrd, C-Dfrd, and D-Dfrd notes address the potential deferral ]]>ArticlesFri, 21 Nov 2025 12:11:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-hive-2025-1-bv-s101653937<![CDATA[ New Issue: HIVE 2025-1 B.V. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 21 Nov 2025 06:11:35 GMT00:01:00<![CDATA[ Second Party Opinion: SpareBank 1 Nordmore Green Bond Framework ]]><![CDATA[ S&P Global Ratings assesses SpareBank 1 Nordmore's Green Bond Framework as Light green, indicating activities that represent transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. SpareBank 1 Nordmore is a Norwegian savings bank headquartered in Kristiansund and Surnadal. It offers a range of financial products and services to retail customers, small and midsize enterprises, and municipalities. ]]>ArticlesFri, 21 Nov 2025 06:11:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebank-1-nordmore-green-bond-framework-s101658840<![CDATA[ Second Party Opinion: SpareBank 1 Nordmore Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 17:54:12 GMT00:01:00<![CDATA[ New Issue: Asimi Funding 2025-2 PLC ]]><![CDATA[ Ratings Class Rating* Class size (mil. £) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 153.125 37.50 Compounded daily SONIA plus 0.82% December 2032 B-Dfrd AA (sf) 22.050 28.50 Compounded daily SONIA plus 1.20% December 2032 C-Dfrd A (sf) 17.150 21.50 Compounded daily SONIA plus 1.50% December 2032 D-Dfrd A- (sf) 14.087 15.75 Compounded daily SONIA plus 1.75% December 2032 E-Dfrd BBB (sf) 16.538 9.00 Compounded daily SONIA plus 2.80% December 2032 F-Dfrd BB- (sf) 18.375 1.50 Compounded daily SONIA plus 4.80% December 2032 G-Dfrd B- (sf) 3.675 0.0 Compounded daily SONIA plus 7.20% December 2032 X-Dfrd† B (sf) 15.925 N/A Compounded daily SONIA plus 4.00% December 2032 Y Certificates NR N/A N/A N/A December 2032 ]]>ArticlesThu, 20 Nov 2025 17:54:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-asimi-funding-2025-2-plc-s101657046<![CDATA[ New Issue: Asimi Funding 2025-2 PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 16:49:56 GMT00:01:00<![CDATA[ Economic Research: Is There A Greenium In The Bond Market? ]]><![CDATA[ Whether green bonds offer a cheaper cost of capital than conventional bonds is still open for debate. Green bonds finance projects aimed at transitioning to a low-carbon economy, coping with increased impacts of climate change, or other environmental objectives such as water management or pollution control. Conventional bonds, on the other hand, are not earmarked to specific purposes (see " Sustainable Finance Spotlight: Climate Transition Assessments And Second Party Opinions ," published March 25, 2025, on RatingsDirect). S&P Global Ratings believes it is important to understand whether there are differences between the market pricing of bonds to finance environmentally friendly projects and that to fund other types of expenses matters, since sudden shifts in bond prices is one of the ]]>ArticlesThu, 20 Nov 2025 16:49:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-is-there-a-greenium-in-the-bond-market-s101656480<![CDATA[ Economic Research: Is There A Greenium In The Bond Market? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 16:49:02 GMT00:01:00<![CDATA[ Corporate Results Roundup Q3 2025: Positive momentum continues, but still reliant on the technology boom ]]><![CDATA[ The global Q3 2025 results season for rated nonfinancial corporates is in its final stages, with results in for 1,823 companies that report quarterly. Positive earnings momentum continues. Measured at an annual rate, global revenues for companies rated by S&P Global Ratings that report quarterly are up 3.3% (versus 2.9% in Q2) based on current results, and EBITDA has risen 5.7% (versus 4.3%) with a majority of sectors seeing margin improvement. This positive momentum remains heavily reliant on a small number of technology companies. If global tech leaders are excluded, annual global sales and EBITDA growth are a less impressive 2.4% (versus 2.2% in Q2) and 3.0% (versus 1.8%), respectively. However, tech earnings momentum is easing off, even as capex surges. ]]>ArticlesThu, 20 Nov 2025 16:49:02 GMThttps://www.spglobal.com/ratings/en/regulatory/article/corporate-results-roundup-q3-2025-positive-momentum-continues-but-still-reliant-on-the-technology-boom-s101655621<![CDATA[ Corporate Results Roundup Q3 2025: Positive momentum continues, but still reliant on the technology boom ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 13:12:28 GMT00:01:00<![CDATA[ European REITs’ Interest Coverage: Still Weathering The Rate Hikes ]]><![CDATA[ This report does not constitute a rating action. Recent European Central Bank (ECB) rate increases have put pressure on REITs’ ICRs. Despite generally prudent interest-rate hedging strategies and long debt profiles, REITs’ interest costs have increased by 105% on average over the last three years, while EBITDA grew 34% over the same period. Rent growth has been strong across most segments, peaking at 6.3% on average in 2023 (like-for-like) supported by high inflation of 8.4% (2022) then 5.4% (2023) in the eurozone. This boosted indexation, but it was insufficient to offset the interest rate increase in full and led to numerous downgrades. In fact, weaker ICRs were the second most frequent reason (22%) for the 53 downgrades we have undertaken ]]>ArticlesThu, 20 Nov 2025 13:12:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-reits-interest-coverage-still-weathering-the-rate-hikes-s101657356<![CDATA[ European REITs’ Interest Coverage: Still Weathering The Rate Hikes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 07:56:08 GMT00:01:00<![CDATA[ SLIDES: European Insurance Outlook 2026 ]]><![CDATA[ European Insurance Outlook 2026: Partly Cloudy. ]]>ArticlesThu, 20 Nov 2025 07:56:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-european-insurance-outlook-2026-s101657925<![CDATA[ SLIDES: European Insurance Outlook 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 20 Nov 2025 04:20:44 GMT00:01:00<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q3 2025 ]]><![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. ]]>ArticlesThu, 20 Nov 2025 04:20:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-performance-watch-australia-prime-originator-reports-2-q3-2025-s101658481<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 2 Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 22:23:57 GMT00:01:00<![CDATA[ The Ratings View: Nov. 19, 2025 ]]><![CDATA[ In this week's summary of ratings views: Monetary policy and easing tariff tensions will keep APAC credit conditions steady. Global banks outlook for 2026 remains steady, with likely resilience amid uncertainty. Consumer products and chemicals lead corporate default tally. ]]>ArticlesWed, 19 Nov 2025 22:23:57 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-nov-19-2025-s101658430<![CDATA[ The Ratings View: Nov. 19, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 22:15:36 GMT00:01:00<![CDATA[ Exploring Australia's Burgeoning Auto ABS Market ]]><![CDATA[ This report does not constitute a rating action. Australia's auto asset-backed securities (ABS) sector continues to go from strength to strength. New issuance momentum has been sustained by strong auto financing competition from nonbanks seeking to expand their market share and grow lending volumes. This is leading to increasing product and technological innovation as lenders compete to accelerate loan application processes through seamless online experiences. While electric vehicle (EV) penetration in Australia still lags larger markets, government incentives are supporting increased take-up of EVs, despite lower resale values. More competitive pricing of EVs could lead to shifts in portfolio composition across the auto ABS sector and potentially alter risk profiles. With unemployment forecast to remain low, the outlook for the ]]>ArticlesWed, 19 Nov 2025 22:15:36 GMThttps://www.spglobal.com/ratings/en/regulatory/article/exploring-australias-burgeoning-auto-abs-market-s101651825<![CDATA[ Exploring Australia's Burgeoning Auto ABS Market ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 19 Nov 2025 11:27:05 GMT00:01:00<![CDATA[ U.S. Utilities: Key Takeaways From The EEI Conference 2025 ]]><![CDATA[ This report does not constitute a rating action. The Edison Electric Institute (EEI) conference, held in Miami from Nov. 9-11, 2025, provided insights into the evolving landscape of the U.S. power and energy sector. Discussions highlighted a significant paradigm shift resulting from rapid data center buildout and increasing exposure to climate-related risks, particularly wildfires. These factors are fueling record-level investments in power generation and grid infrastructure, raising concerns about pipeline execution, funding, and affordability. This report summarizes key observations and themes from the conference, focusing on the challenges and opportunities facing U.S. investor-owned utilities (see also " SLIDES: North American Regulated Utilities Industry Highlights ," Nov. 14, 2025). The confluence of unprecedented data center growth, escalating climate risks, and substantial ]]>ArticlesWed, 19 Nov 2025 11:27:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-utilities-key-takeaways-from-the-eei-conference-2025-s101658031<![CDATA[ U.S. Utilities: Key Takeaways From The EEI Conference 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 18 Nov 2025 12:01:46 GMT00:01:00<![CDATA[ U.K. Second-Charge Mortgages: Lending Surge Highlights Risks ]]><![CDATA[ This report does not constitute a rating action. The U.K. second-charge mortgage market has seen significant growth so far this year. In the eight months to August 2025, new business volumes were 12% higher than in the same period in 2024. The value of new business in July 2025 was £201 million, the highest level recorded since June 2008 according to the Finance and Leasing Association (FLA). The second-charge market has been recovering since its collapse after the economic downturn in 2008. At this point, the wholesale markets all but closed for specialist lenders, removing their access to the funding they needed to originate. In 2016, second-charge loans started being regulated under the mortgage conduct of business (MCOB) rules, the ]]>ArticlesTue, 18 Nov 2025 12:01:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/uk-second-charge-mortgages-lending-surge-highlights-risks-s101654453<![CDATA[ U.K. Second-Charge Mortgages: Lending Surge Highlights Risks ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 18 Nov 2025 11:53:25 GMT00:01:00<![CDATA[ Second Party Opinion: NCC's Green Finance Framework ]]><![CDATA[ S&P Global Ratings assesses NCC AB's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. NCC is a construction company operating in Sweden, Norway, Denmark, and Finland. It focuses on residential buildings, offices, schools, hospitals, stores, warehouses, and infrastructure. ]]>ArticlesTue, 18 Nov 2025 11:53:25 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-nccs-green-finance-framework-s101658023<![CDATA[ Second Party Opinion: NCC's Green Finance Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 15:15:29 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Default Activity Picks Up In October ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally increased to 10 in October 2025, after the following defaults in the month: U.S.-based real estate investment trust Office Properties Income Trust U.S.-based educational technology company Astra Acquisition Corp. U.K.-based fixed-line connectivity service provider TalkTalk Telecom Group Ltd. U.S.-based home health care company BW Homecare Holdings LLC U.S.-based glass container manufacturer Anchor Glass Container LLC U.S.-based health care provider Cano Health LLC U.S.-based specialty food and beverage ingredient manufacturer FFP Holdings Group Inc. U.K.-based finance company AFE S.A. U.S.-based power tool manufacturer Apex Tool Group LLC U.S.-based customer contact center operator Atlas Midco Inc. Monthly corporate defaults rose to 10 in October from eight in ]]>ArticlesMon, 17 Nov 2025 15:15:29 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-default-activity-picks-up-in-october-s101657016<![CDATA[ Default, Transition, and Recovery: Default Activity Picks Up In October ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 10:47:06 GMT00:01:00<![CDATA[ This Week In Credit: Sector Pressures Emerge In An Otherwise Positive Week (Nov. 17, 2025) ]]><![CDATA[ Total rating actions declined last week and upgrades exceeded downgrades for the second week in a row. All but one of the upgrades were to speculative-grade issuers and included one rising star: MEG Energy Corp. Year-to-date rising stars total 24, below 31 at the same time last year.Most downgrades occurred across three sectors: two each in media and entertainment, utilities, and homebuilders/real estate. A regional breakdown shows most downgrades were to U.S.-based issuers.Defaults increased to three last week, two of which were Europe-based chemicals, packaging, and environmental services issuers: Ardagh Group S.A. and Kleopatra Holdings 2 S.C.A. The third was U.S.-based Fossil Group Inc. due to distressed exchange. ]]>ArticlesMon, 17 Nov 2025 10:47:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-sector-pressures-emerge-in-an-otherwise-positive-week-nov-17-2025-s101657605<![CDATA[ This Week In Credit: Sector Pressures Emerge In An Otherwise Positive Week (Nov. 17, 2025) ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 08:02:41 GMT00:01:00<![CDATA[ Asia-Pacific Credit Outlook 2026: Same North, Different Stars ]]><![CDATA[ Asia-Pacific's credit conditions will keep steady in 2026 amid continued growth, easy monetary policies, and a supportive financing environment. But divergences could widen due to trade realignments, geopolitical tensions, and uneven domestic fundamentals. ]]>ArticlesMon, 17 Nov 2025 08:02:41 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-credit-outlook-2026-same-north-different-stars-s101657584<![CDATA[ Asia-Pacific Credit Outlook 2026: Same North, Different Stars ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 05:09:47 GMT00:01:00<![CDATA[ Overview Of Japan Housing Finance Agency's Structured Notes ]]><![CDATA[ This report does not constitute a rating action. Japan Housing Finance Agency (JHF)--an incorporated administrative agency and the sole government-related entity (GRE) in Japan that supports home purchases through securitization support operations with the private sector--was established on April 1, 2007, to inherit the receivables and obligations held by the former Government Housing Loan Corp. (GHLC; see note 1 in the Appendix), as well as GHLC's operations. GHLC began issuing residential mortgage-secured pass-through notes in March 2001, and JHF has issued JHF structured notes since it inherited GHLC's operations in April 2007. In this report, S&P Global Ratings outlines the structural features common to each series of JHF notes. Meanwhile, in our presale reports or new issue reports, which include ]]>ArticlesMon, 17 Nov 2025 05:09:47 GMThttps://www.spglobal.com/ratings/en/regulatory/article/overview-of-japan-housing-finance-agencys-structured-notes-s101653509<![CDATA[ Overview Of Japan Housing Finance Agency's Structured Notes ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 17 Nov 2025 03:41:51 GMT00:01:00<![CDATA[ Second Party Opinion: DZ Bank AG Green Bond Framework ]]><![CDATA[ DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ Bank) is the central institution of the cooperative financial network in Germany and a parent company of DZ Bank Group. It provides financial products and services in Germany and abroad. We assess DZ Bank's green bond framework, which aims to finance renewable energy projects, as Dark green. ]]>ArticlesMon, 17 Nov 2025 03:41:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-dz-bank-ag-green-bond-framework-s101657591<![CDATA[ Second Party Opinion: DZ Bank AG Green Bond Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 20:33:17 GMT00:01:00<![CDATA[ SLIDES: North American Regulated Utilities Industry Highlights ]]><![CDATA[ Slide presentation originally given to investors attending the annual Edison Electric Institute Financial Conference in Hollywood, Fla. ]]>ArticlesFri, 14 Nov 2025 20:33:17 GMThttps://www.spglobal.com/ratings/en/regulatory/article/slides-north-american-regulated-utilities-industry-highlights-s101657458<![CDATA[ SLIDES: North American Regulated Utilities Industry Highlights ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 20:15:05 GMT00:01:00<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, October 2025 ]]><![CDATA[ This report does not constitute a rating action. In October 2025, S&P Global Ratings maintained 29 ratings without revising the outlooks, took three positive ratings actions and five negative rating actions in the U.S. not for profit health care sector. In addition, we revised three outlooks favorably, and one outlook unfavorably without changing the ratings. We also assigned a rating to two new issuers, Casa Colina Inc. , Calif. and Monroe Sustainable Energy Partners LLC , Ariz. (an entity whose rating is based on that of Rochester Regional Health’s credit quality). Included in the month’s activity were ratings assigned to seven new debt issuances for currently rated organizations, all of which were affirmed except for one downgrade on Craig Hospital ]]>ArticlesFri, 14 Nov 2025 20:15:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-october-2025-s101656867<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, October 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 06:30:12 GMT00:01:00<![CDATA[ Second Party Opinion: Å Energi Green Financing Framework ]]><![CDATA[ S&P Global Ratings assesses Å Energi's Green Financing Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Å Energi produces and distributes electricity in Norway, where it owns and operates hydropower plants and electricity grids. It also trades electricity in Nordic and European markets. ]]>ArticlesFri, 14 Nov 2025 06:30:12 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-energi-green-financing-framework-s101657290<![CDATA[ Second Party Opinion: Å Energi Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xFri, 14 Nov 2025 04:09:32 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Nov. 12, 2025 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesFri, 14 Nov 2025 04:09:32 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-nov-12-2025-s101657246<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Nov. 12, 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 19:59:31 GMT00:01:00<![CDATA[ CreditWeek: Is The Bridge Between Traditional And Decentralized Finance Open? ]]><![CDATA[   2025 has been a pivotal year in the emergence of tokenization in financial markets. A supportive regulatory framework in the U.S. has provided the confidence to major traditional financial market incumbents to engage with stablecoins and public blockchains. As more traditional financial instruments are created on-chain, this creates opportunities to use these assets in decentralized finance (DeFi) applications. This market evolution and innovation is evident in the several new types of digital asset-related instruments that we have rated during the course of 2025--including tokenized money market funds, a decentralized lending protocol, and a digital asset treasury company--alongside our newly-announced partnership with Chainlink to deliver our stablecoin stability assessments on-chain. Available since December 2023, our stablecoin risk analysis will now ]]>ArticlesThu, 13 Nov 2025 19:59:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-is-the-bridge-between-traditional-and-decentralized-finance-open-s101655341<![CDATA[ CreditWeek: Is The Bridge Between Traditional And Decentralized Finance Open? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 09:39:13 GMT00:01:00<![CDATA[ European And U.K. Credit Card ABS Index Report Q3 2025 ]]><![CDATA[ This report does not constitute a rating action. The interactive version of this report is available here . This includes interactive charts to capture data on total delinquencies, payment rates, and charge-off rates for U.K. and European credit cards collateral. This includes interactive charts to capture data on total delinquencies, payment rates, and charge-off rates for U.K. and European credit cards collateral. Table 1 Key performance indicators: U.K. Index (%) Q3 2O25 Q2 2O25 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Total delinquency rate* 1.31 1.32 1.35 1.28 1.26 1.43 1.46 1.38 1.31 1.37 1.38 1.38 1.38 1.50 Charge-off rate* 2.72 2.86 2.57 ]]>ArticlesThu, 13 Nov 2025 09:39:13 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-and-uk-credit-card-abs-index-report-q3-2025-s101655118<![CDATA[ European And U.K. Credit Card ABS Index Report Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 09:36:51 GMT00:01:00<![CDATA[ European Auto ABS Index Report Q3 2025 ]]><![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European Auto ABS Index Dashboard here . The dashboard tracks the collateral performance of all our rated European auto ABS transactions and enables the filtering of data to identify key metrics and trends. Table 1 Key performance indicators Index Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Total delinquencies (%) 0.74 0.82 0.78 0.78 0.73 0.69 90+ day delinquencies (%) 0.30 0.32 0.29 0.31 0.27 0.25 Net losses (%) 0.07 0.06 0.06 0.04 0.05 0.03 Constant prepayment rate (% annualized) 11.8 12.9 17.5 10.5 13.8 12.1 Effective yield (% ]]>ArticlesThu, 13 Nov 2025 09:36:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-auto-abs-index-report-q3-2025-s101654745<![CDATA[ European Auto ABS Index Report Q3 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 13 Nov 2025 01:37:08 GMT00:01:00<![CDATA[ Iron Ore Majors: Diversification Relies On China <br> ]]><![CDATA[ This report does not constitute a rating action. Iron ore will remain a cash machine for major mining houses exposed to the metal, even if the halcyon days of seemingly bottomless China demand are likely over. S&P Global Ratings expects the major producers will further diversify into other businesses, including energy-transition metals, to widen their growth opportunities. The top three iron ore producers—Vale S.A., Rio Tinto, and BHP Group--are all expanding their already substantial copper assets, while Rio Tinto has added lithium to its portfolio. BHP is also making sizable investments in potash. Meanwhile Fortescue Ltd., the world's fourth largest iron-ore producer, faces large spending needs to decarbonize its production chain to realize its goal of "real zero" scope 1 ]]>ArticlesThu, 13 Nov 2025 01:37:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/iron-ore-majors-diversification-relies-on-china-br--s101627027<![CDATA[ Iron Ore Majors: Diversification Relies On China <br> ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 06:18:16 GMT00:01:00<![CDATA[ Second Party Opinion: Jernhusen AB's Green Financing Framework ]]><![CDATA[ S&P Global Ratings assess Jernhusen AB's Green Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon, climate resilient future. Jernhusen is a Swedish state-owned real estate company that owns, develops, and manages properties connected to the national railway network. ]]>ArticlesWed, 12 Nov 2025 06:18:16 GMThttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-jernhusen-abs-green-financing-framework-s101656652<![CDATA[ Second Party Opinion: Jernhusen AB's Green Financing Framework ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 03:23:11 GMT00:01:00<![CDATA[ Credit FAQ: A Deeper Dive Into Our Rating On United Energy Group Ltd. ]]><![CDATA[ This report does not constitute a rating action. United Energy Group Ltd. (UEG) is a Hong Kong-listed small-scale oil and gas exploration and production company with geographic concentration in high-risk countries, primarily Iraq and Pakistan. We recently assigned our 'B+' long-term issuer credit rating to UEG and a 'B' long-term issue rating to a U.S. dollar-denominated senior unsecured bond that the company proposes to issue Here, S&P Global Ratings addresses questions from investors regarding UEG's credit profile. This includes the company's financial policy and expansion appetite, and our rationale for the rating being rated above the sovereign ones for the countries in which it operates. We also discuss risks on its management and governance given the previous chairman's violations of ]]>ArticlesWed, 12 Nov 2025 03:23:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-a-deeper-dive-into-our-rating-on-united-energy-group-ltd-s101656096<![CDATA[ Credit FAQ: A Deeper Dive Into Our Rating On United Energy Group Ltd. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 12 Nov 2025 02:16:31 GMT00:01:00<![CDATA[ Japan Telecoms: Risks And Rewards Of Diversification ]]><![CDATA[ This report does not constitute a rating action. Japan's major telecom operators are seeking new pillars of growth, bringing both opportunities and risks from a credit perspective. Revenue from core telecom operations, particularly consumer services at the center of their business, is set to stagnate amid market maturity and population decline. Seeking out new business areas has a strategic significance in complementing overall growth potential. Non-telecom businesses are often less stable than telecom operations. Many are subject to intense competition and can be exposed to technological changes. However, efforts to strengthen the foundations of these businesses can go some way to offsetting pressure on overall competitiveness. In addition, companies may find synergies between telecom and non-telecom segments such as IT ]]>ArticlesWed, 12 Nov 2025 02:16:31 GMThttps://www.spglobal.com/ratings/en/regulatory/article/japan-telecoms-risks-and-rewards-of-diversification-s101652106<![CDATA[ Japan Telecoms: Risks And Rewards Of Diversification ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 22:18:37 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) September 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesTue, 11 Nov 2025 22:18:37 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-september-2025-s101656587<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) September 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 22:17:01 GMT00:01:00<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) September 2025 ]]><![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>ArticlesTue, 11 Nov 2025 22:17:01 GMThttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-september-2025-s101656586<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) September 2025 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 05:22:15 GMT00:01:00<![CDATA[ China's Cycle Turns While Tackling Involution And Debt ]]><![CDATA[ This report does not constitute a rating action. China's credit downcycle is ending. Yet, local debt overhangs and intense domestic competition are eroding bank capitalization, threatening corporate sustainability, and raising the risk of a third bubble. This is according to panelists at S&P Global Ratings' recent "China Credit Spotlight" conference. Panelists include senior analysts at S&P Global Ratings and heads of fixed income or economics from Allianz, PingAn, AllianceBernstein, and Natixis. The conference was held on Sept. 17, 2025, in the run-up to the Fourth Plenum of the Chinese Communist Party, where the draft proposal of China's 15th Five Year Plan was approved. The plan tackled key issues discussed by the panelists, including: When will China's credit cycle turn? Will ]]>ArticlesTue, 11 Nov 2025 05:22:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/chinas-cycle-turns-while-tackling-involution-and-debt-s101655288<![CDATA[ China's Cycle Turns While Tackling Involution And Debt ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 11 Nov 2025 00:29:56 GMT00:01:00<![CDATA[ Climate Transition Assessment: PSP Swiss Property ]]><![CDATA[ S&P Global Ratings assesses PSP Swiss Property's Climate Transition Assessment Current Shade as Light green, transition assessment score as Strong, and Future Shade as Light green. PSP is a Swiss real estate company that focuses on historical buildings in city centers. ]]>ArticlesTue, 11 Nov 2025 00:29:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-psp-swiss-property-s101656454<![CDATA[ Climate Transition Assessment: PSP Swiss Property ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTMon, 09 Feb 2026 09:52:00 GMTpthttps://www.spglobal.com/ratings/pt/multimedia/2025/fayga-delbem-itau-asset-sobre-credito-privado-e-tendencias-para-2026<![CDATA[ 9 de fevereiro de 2026 Podcast Além do Rating Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 Por Jadson Andrade No episódio de hoje, recebemos dois convidados para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. Fayga Delbem, Head de Crédito na Itaú Asset Management, e Marcelo Schwarz, Head Analítico da S&P National Ratings Brasil, compartilham suas análises sobre um cenário marcado por volatilidade e tensões geopolíticas. Ao longo do episódio, eles discutem a performance recente do mercado de crédito no Brasil e como a Itaú Asset vem se posicionando para capturar valor nessa classe de ativos. Uma conversa clara, informativa e essencial para investidores e profissionais quem acompanham de perto o universo de crédito. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>Empresas, Operações estruturadas, Corporates, Structured Finance, Financial ServicesMon, 09 Feb 2026 09:52:00 GMThttps://www.spglobal.com/ratings/pt/multimedia/2025/fayga-delbem-itau-asset-sobre-credito-privado-e-tendencias-para-202600:01:00<![CDATA[ Liquidity Assessments ]]><![CDATA[ Creditworthy tax-exempt debt issuers with substantial liquidity can use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations. An issuer’s liquid assets can provide it with a cost-effective alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. Standard & Poor’s continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding their ability to use their own assets as a substitute for bank liquidity facilities. Given that CP rollovers and failed VRDO remarketings rarely occur, certain highly capitalized issuers can use their own assets to provide liquidity support. ]]>Products<![CDATA[ Liquidity Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Liquidity Assessment Process Related Products ON THIS PAGE Liquidity Assessment Process Related Products Overview In some cases, creditworthy tax-exempt debt issuers with substantial liquidity have found it cost-effective to use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations as an alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. S&P Global Ratings continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding the use of their own assets as a substitute for bank liquidity facilities. Background Liquidity Assessments, which evaluate an issuer's ability to provide liquidity support, were introduced in 2000. Issuers have indicated to S&P Global Ratings that bank liquidity facilities are often expensive and that they can be cumbersome to administer. Since the introduction of liquidity assessments to the tax-exempt market four years ago, S&P Global Ratings has provided liquidity assessments to all types of tax-exempt issuers – providing an independent view of their ability to use their own liquid assets as liquidity support. What Is Included In An S&P Global Ratings’ Liquidity Assessment? An S&P Global Ratings’ Liquidity Assessment includes the following: An analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets, An assessment of management’s plans to provide cash, as outlined in its “Liquidation Letter” including a current maximum dollar assessment of the issuer’s ability to raise cash or provide liquidity on its own, and A review of the issuer’s investment policies and risk-management procedures and operations. Liquidity Assessment Process Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment. Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment. The information that S&P Global Ratings evaluates for a Liquidity Assessment includes: Biographies of treasury staff & portfolio management staff, Liquidation procedures letter, Portfolio holdings report, Month-end balances of fixed-income portfolios, and Investment policy related to fixed-income portfolios and other eligible assets. Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. Related Products View All Contact Us Learn more about Liquidity Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/pt/products/liquidity-assessments<![CDATA[ Liquidity Assessments ]]>00:01:00<![CDATA[ Fund Credit Quality Ratings ]]><![CDATA[ A Fund Credit Quality Rating is our forward-looking opinions about the overall credit quality of a fund's portfolio. ]]>Products<![CDATA[ Fund Credit Quality Ratings Benchmarking credit and market risks in fixed-income funds. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Fund Credit Quality Ratings We assign Fund Credit Quality and Fund Volatility Ratings to actively or passively managed fixed-income funds, as well as to other collectively managed pools or segregated mandates holding fixed-income assets. These include exchange traded funds, short-duration funds, EU regulated ‘Standard VNAV’ money market funds, fixed-income hedge funds, sovereign wealth funds, local government investment pools, unit investment trusts, and preferred shares trusts. The Fund Credit Quality Rating (FCQR) reflects S&P Global Ratings' forward-looking and independent opinion about the overall credit quality of fixed-income investment funds. The rating categories range from 'AAAf' (credit quality of the portfolio exposure is extremely strong), to 'Df' (fund’s portfolio is predominantly exposed to defaulted assets and/or counterparties). FCQRs reflect the credit risks of the fund's portfolio investments, the level of the fund's counterparty risk, and the risk of the fund's management ability and willingness to maintain current fund credit quality. S&P Global Ratings has been rating global FCQRs since 1994. Identified by the 'f' suffix, FCQRs are distinguished from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. When assigning an FCQR to a fund, we focus on quantitative and qualitative areas, including: Overall credit quality, diversification, maturity, and liquidity of a fixed-income investment. The strengths and weaknesses of the fund's management and organization, risk management & compliance, credit culture and credit research. The fund’s sensitivity to interest rate risk, credit risks, concentration risk, counterparty risk and liquidity risk. FCQRs are typically accompanied by Fund Volatility Ratings (FVR) (i.e., 'Af/S3') -- when fund volatility ratings can be assigned--to communicate our opinion about certain risks not addressed by a FCQR. We consider the following as part of the management assesment: Experience and track record Credibility and commitment to policies Operating policies and risk preferences Effectiveness of internal controls Fund Volatility Ratings The Fund Volatility Rating (FVR) reflects S&P Global Ratings' forward-looking opinion of a fund's sensitivity to interest rate risk, credit risk, and liquidity risk, as well as other factors that may affect returns such as use of derivatives, use of leverage, exposure to foreign currency risk, and investment concentration, and fund management. FVRs range from ‘S1+’ (lowest volatility whose asset maturities typically do not exceed on year) to ‘S5’ ( the highest volatility) to distinguish the rating in symbology from an S&P Global Ratings traditional issue or issuer credit rating which reflects, by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. Fund Volatility Ratings reflect our opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. FVRs capture our expectation of the fund's future volatility of returns to remain consistent with its historical volatility of returns. Our Fund Credit Quality and Fund Volatility Ratings provide an independent view, based on a set of objective, public criteria, on: The overall credit quality of a fixed-income investment fund. A fund's sensitivity to interest rate risk, credit risk and liquidity risk, as well as other factors that may affect returns such as the use of derivatives, use of leverage, exposure to foreign currency risk, and investment concentration and fund management. The strengths and/or weaknesses of management and their associated mechanisms (credit research, internal controls, pricing, etc.) utilized to assess whether the fund meets its objective. Related Products Learn more about Fund Credit Quality Ratings Please fill out the form so we can connect you with the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/pt/products/fund-credit-quality-ratings<![CDATA[ Fund Credit Quality Ratings ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Nosso Rating Evaluation Service (RES) é uma ferramenta para entidades avaliadas ou não avaliadas que fornece uma avaliação prospectiva e confidencial do potencial impacto de crédito de suas iniciativas estratégicas propostas antes de implementá-las. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Contate-nos Entre em contato conosco para mais informações. Equipe comercial Equipe comercial NESTA PÁGINA: Benefícios Usos RES em Uso Vídeos Produtos Relacionados NESTA PÁGINA: Benefícios Usos RES em Uso Vídeos Produtos Relacionados Resumo Avalie o impacto de novas iniciativas na qualidade de crédito com uma avaliação prospectiva e confidencial. A decisão de assumir um grande programa de capital, gerenciar a capacidade de endividamento, alterar uma estrutura operacional ou variar o mix de títulos emitidos pode potencialmente ter consequências de crédito significativas. Nosso Rating Evaluation Service (RES) é uma ferramenta para entidades avaliadas ou não avaliadas que fornece uma avaliação prospectiva e confidencial do potencial impacto de crédito de suas iniciativas estratégicas propostas antes de implementá-las. A entidade nos fornece os cenários hipotéticos que está considerando e nós lhe forneceremos feedback tempestivo com base em cada cenário apresentado. O RES não é um rating de crédito, nem é um serviço de consultoria ou assessoria. Benefícios Uma solução, Muitos usos Obtenha informações valiosas antes de agir. Nosso Rating Evaluation Service oferece uma avaliação confidencial e por escrito do potencial impacto no crédito de suas iniciativas de securitização hipotéticas. Obtenha feedback útil e percepções valiosas antes de agir Nosso Rating Evaluation Service fornece uma avaliação confidencial do potencial impacto de crédito de suas iniciativas estratégicas propostas antes de implementá-las, com o intuito de identificar aquelas que poderiam levar a resultados de crédito que você consideraria mais ou menos favoráveis. Este pode ser um benefício particularmente valioso se você estiver considerando apenas um plano ou várias alternativas. Entenda o impacto de suas iniciativas propostas em sua qualidade de crédito Ao explorar opções estratégicas, convém avaliar antecipadamente como as iniciativas propostas podem afetar sua qualidade de crédito. A decisão de assumir um grande programa de capital, considerar uma aquisição, gerenciar a capacidade de endividamento, alterar uma estrutura operacional ou variar o mix de tipos de títulos emitidos pode potencialmente ter consequências de crédito significativas. É aí que podemos ajudar. Análise baseada no seu cenário A partir dos cenários hipotéticos que você está considerando, apresentaremos feedback tempestivo de um Comitê de Rating Evaluation com base em cada cenário apresentado. Observe que o processo e o resultado do Rating Evaluation Service permanecem confidenciais. Usos Rating Evaluation Service (RES) O Rating Evaluation Service tem sido usado para avaliar as possíveis implicações de rating de iniciativas importantes, como: Fusões e aquisições Alienações de ativos ou linhas de negócios Alternativas de plano de capital e/ou dívida adicional sendo contempladas Reestruturações do mix de financiamento e liquidez Recapitalizações (incluindo dívidas seniores e subordinada) Criação de novas estruturas de holding e subsidiárias Transações de redução de risco e alívio de capital (securitizações, híbridos, derivativos e resseguros) Novas técnicas de financiamento, como emissões de notas promissórias Alternativas de falência pré-definida (“pre-packaged”) ou pré-emergencial RES em Uso Sobre RES Assista ao nosso breve vídeo em inglês para saber como nosso Rating Evaluation Service é tipicamente usado para avaliar o impacto de reestruturações, fusões e aquisições, alienações ou mudanças materiais na estrutura de dívida ou capital. Vídeos em inglês Produtos Relacionados Veja todos os produtos (em inglês) Cadastre-se para ter uma conta na S&P Global Ratings Acesse conteúdo exclusivo, eventos, ferramentas e muito mais. Cadastre-se Contate-nos Preencha o formulário para que possamos direcioná-lo à pessoa certa. Nome* Sobrenome* Email* Empresa* Cargo* Experiência no setor* Experiência no setor Tipo de instituição* Tipo de instituição Cargo/função* Cargo/função País* País Estado* Estado Cidade* Comentários* Sim, gostaria de receber comunicações promocionais por e-mail da S&P Global Ratings, como newsletters, eventos e informações sobre novos produtos. Confirmar ]]>https://www.spglobal.com/ratings/pt/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ O Ratings360® fornece aos emissores avaliados uma imagem holística da história de crédito da sua organização em um painel personalizado. ]]>Products<![CDATA[ Ratings360® Inteligência que pode ser aplicada. Login Fale conosco A plataforma Ratings360® está disponível para emissores avaliados. Entre em contato conosco para saber mais ou solicitar acesso. Solicitar acesso Solicitar acesso NESTA PÁGINA Características Solicite uma conta NESTA PÁGINA Características Solicite uma conta Visão geral O Ratings360® fornece aos emissores avaliados uma imagem holística da história de crédito da sua organização em um painel personalizado. Solicite uma conta agora! Registre-se Características Gerencie. Compare. Reporte. Tudo em um único painel. Ratings de referência essenciais Visualize e compare os dados de ratings da sua organização com os dos seus pares, fornecedores e contrapartes. Riqueza de dados de análises Antecipe os fatores que fazem evoluir sua indústria Dados relevantes Adapte os dados de uma forma que lhe seja significativa. Inscreva-se Dados e informações ao seu alcance Preparação de longo prazo para a sustentabilidade Diferencie-se por ter à sua disposição nossa abordagem analítica, nossas análises e todas as avaliações públicas sobre sustentabilidade. Percepção de mercado Proponha opções de financiamento com confiança ao obter acesso às nossas percepções de mercado agregado dos investidores em diferentes setores. Solicite mais informações Inteligência que pode ser aplicada Fale conosco: ratings360@spglobal.com Dados de ratings Acesse os ratings, histórico de ratings e análises de ratings de sua organização, de seus pares, fornecedores e contrapartes. Comparações de informações financeiras Compare as classificações de ratings, as informações financeiras ajustadas e pré-ajustadas e os índices de sua organização com os de seus pares, fornecedores e contrapartes. Formuladores de cenários de crédito Crie cenários hipotéticos com base em seus dados e em nossos critérios e compreenda melhor nossa metodologia de rating. Saiba como Análises setoriais Com nossas análises econômicas e setoriais globais, vídeos e podcasts mais recentes, você se mantém a par dos riscos e condições econômicas que afetam seu setor. Distribuição de ratings Veja a distribuição de ratings por regiões geográficas, setores e classes cobertas pela S&P Global Ratings. Percepção do investidor Fique por dentro da percepção do investidor com as perspectivas das interações de nossas equipes Analíticas e de Relacionamento com o mercado com os investidores globais do seu setor. Inteligência em matéria de sustentabilidade Diferencie-se por ter à sua disposição nossa abordagem analítica, análises e todas as avaliações públicas sobre sustentabilidade. Contate-nos Preencha o formulário para que possamos direcioná-lo à pessoa certa. Nome* Sobrenome* Email* Empresa* Cargo* Experiência no setor* Experiência no setor Tipo de instituição* Tipo de instituição Cargo/função* Cargo/função País* País Estado* Estado Cidade* Comentários* Sim, gostaria de receber comunicações promocionais por e-mail da S&P Global Ratings, como newsletters, eventos e informações sobre novos produtos. Confirmar ]]>https://www.spglobal.com/ratings/pt/products/ratings360<![CDATA[ Ratings360® ]]>Mon, 09 Feb 2026 09:52:00 GMT00:01:00https://share.vidyard.com/watch/EBvVrzbTYwcvEmb7TQbUe6<![CDATA[ Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 ]]>EBvVrzbTYwcvEmb7TQbUe6<![CDATA[ No episódio de hoje, recebemos dois especialistas para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. ]]>https://play.vidyard.com/EBvVrzbTYwcvEmb7TQbUe6PodcastMon, 09 Feb 2026 09:52:00 GMT<![CDATA[ 9 de fevereiro de 2026 Podcast Além do Rating Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 Por Jadson Andrade No episódio de hoje, recebemos dois convidados para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. Fayga Delbem, Head de Crédito na Itaú Asset Management, e Marcelo Schwarz, Head Analítico da S&P National Ratings Brasil, compartilham suas análises sobre um cenário marcado por volatilidade e tensões geopolíticas. Ao longo do episódio, eles discutem a performance recente do mercado de crédito no Brasil e como a Itaú Asset vem se posicionando para capturar valor nessa classe de ativos. Uma conversa clara, informativa e essencial para investidores e profissionais quem acompanham de perto o universo de crédito. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/fayga-delbem-itau-asset-sobre-credito-privado-e-tendencias-para-2026<![CDATA[ Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 ]]>https://share.vidyard.com/watch/EBvVrzbTYwcvEmb7TQbUe6Mon, 07 Apr 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MyYKWSCyo6yaE6AbaczPyR<![CDATA[ Desenvolvimento do mercado de títulos sustentáveis ]]>MyYKWSCyo6yaE6AbaczPyR<![CDATA[ Neste episódio de nosso podcast sobre financiamento sustentável, Deborah Siqueira, Victor Laudisio e Rafael Janequine se reúnem para discutir as últimas tendências e perspectivas do mercado de títulos sustentáveis na região. ]]>https://play.vidyard.com/MyYKWSCyo6yaE6AbaczPyRPodcastMon, 07 Apr 2025 12:00:00 GMT<![CDATA[ 7 Apr, 2025 Desenvolvimento do mercado de títulos sustentáveis Neste episódio de nosso podcast sobre financiamento sustentável, Deborah Siqueira, Victor Laudisio e Rafael Janequine se reúnem para discutir as últimas tendências e perspectivas do mercado de títulos sustentáveis na região. Desde a evolução das taxonomias verdes e sustentáveis até a crescente demanda por financiamento à natureza e à Amazônia, eles exploram os desafios e oportunidades para o mercado de financiamento sustentável na América Latina. Acompanhe-nos e descubra como a padronização e a inovação estão impulsionando o crescimento desse mercado e quais são os principais fatores a serem monitorados no próximo ano. Artigos relacionados: Panorama para títulos sustentáveis em 2025: América Latina lidera caminho para financiamento da natureza Parecer de segunda opinião: Marco de Financiamento Vinculado à Sustentabilidade da Suzano S.A. Marco de Financiamento Vinculado à Sustentabilidade do Banco do Brasil S.A. Second Party Opinion: Honduras’ Framework For Green, Social, And Sustainable Thematic Bonds Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/2025-04-07-sustainable-finance-in-latam-desenvolvimento-do-mercado-de-titulos-sustentaveis<![CDATA[ Desenvolvimento do mercado de títulos sustentáveis ]]>https://share.vidyard.com/watch/MyYKWSCyo6yaE6AbaczPyRMon, 28 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/htfNwnDJp3d12U5PA3gE4w<![CDATA[ Explorando o Mercado Financeiro Sustentável ]]>htfNwnDJp3d12U5PA3gE4w<![CDATA[ Em nosso episódio inaugural, Déborah Siqueira, analista de finanças sustentáveis da S&P Global Ratings, economista, mestranda em Governança Corporativa e especialista em Estratégia de Sustentabilidade, expõe uma visão geral do mercado de finanças sustentáveis na América Latina. Ela explica como os investimentos sustentáveis transformam o mercado financeiro e a relevância dos insights independentes e avaliações de transição climática produzidos por nossa equipe de especialistas. ]]>https://play.vidyard.com/htfNwnDJp3d12U5PA3gE4wPodcastMon, 28 Oct 2024 12:00:00 GMT<![CDATA[ 28 Oct, 2024 Explorando o Mercado Financeiro Sustentável Em nosso episódio inaugural, Déborah Siqueira, analista de finanças sustentáveis da S&P Global Ratings, economista, mestranda em Governança Corporativa e especialista em Estratégia de Sustentabilidade, expõe uma visão geral do mercado de finanças sustentáveis na América Latina. Ela explica como os investimentos sustentáveis transformam o mercado financeiro e a relevância dos insights independentes e avaliações de transição climática produzidos por nossa equipe de especialistas. Artigos relacionados: Pareceres de Segunda Opinião (em inglês) Avaliação de Transição Climática Sustainability Insights (em inglês) Ouça e siga este podcast no Apple Podcasts, Spotify e Amazon Music. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/2024-10-28-sustainable-finance-in-latam-explorando-o-mercado-financeiro-sustentavel<![CDATA[ Explorando o Mercado Financeiro Sustentável ]]>https://share.vidyard.com/watch/htfNwnDJp3d12U5PA3gE4wWed, 23 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/CzHA5tD3SX4Kk51prsmc5f<![CDATA[ Expansão da securitização do Saque-Aniversário FGTS e suas implicações ]]>CzHA5tD3SX4Kk51prsmc5f<![CDATA[ No novo episódio do “Classe Sênior”, os analistas da S&P Global Ratings Leandro Albuquerque e Victor Nomiyama discutem a expansão da securitização do Saque-Aniversário FGTS e as razões por trás dela, os riscos específicos nestas estruturas e as novas propostas em discussão pelo governo federal para um novo formato de crédito consignado privado. ]]>https://play.vidyard.com/CzHA5tD3SX4Kk51prsmc5fPodcastWed, 23 Oct 2024 12:00:00 GMT<![CDATA[ 23 Oct, 2024 Expansão da securitização do Saque-Aniversário FGTS e suas implicações No novo episódio do “Classe Sênior”, os analistas da S&P Global Ratings Leandro Albuquerque e Victor Nomiyama discutem a expansão da securitização do Saque-Aniversário FGTS e as razões por trás dela, os riscos específicos nestas estruturas e as novas propostas em discussão pelo governo federal para um novo formato de crédito consignado privado. Artigo relacionado: A expansão da securitização do Saque-Aniversário FGTS e suas implicações Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/2024-10-23-expansao-da-securitizacao-do-saque-aniversario-fgts-e-suas-implicacoes<![CDATA[ Expansão da securitização do Saque-Aniversário FGTS e suas implicações ]]>https://share.vidyard.com/watch/CzHA5tD3SX4Kk51prsmc5fThu, 09 Apr 2026 17:43:00 GMT00:01:00https://share.vidyard.com/watch/2MMxTJsWFDeFVJetG6zHMd<![CDATA[ Henri Rysman (BNP Paribas Asset Management) sobre ESG, títulos sustentáveis, crédito e disciplina de mercado ]]>2MMxTJsWFDeFVJetG6zHMd<![CDATA[ Neste episódio do Além do Rating, discutimos como o crédito atrelado a KPIs de sustentabilidade está evoluindo no Brasil e na América Latina — e exploramos possíveis impactos para investidores. Com a visão de Henri Rysman (BNP Paribas Asset Management) e Rafael Janequine (S&P Global Ratings), a conversa explora materialidade, risco de crédito, custo de capital e o papel do ESG na disciplina de mercado. ]]>https://play.vidyard.com/2MMxTJsWFDeFVJetG6zHMdPodcastThu, 09 Apr 2026 17:43:00 GMT<![CDATA[ 9 de abril de 2026 Podcast Além do Rating Henri Rysman (BNP Paribas Asset Management) sobre ESG, títulos sustentáveis, crédito e disciplina de mercado Por Jadson Andrade Neste episódio do Além do Rating, discutimos como o crédito atrelado a KPIs de sustentabilidade está evoluindo no Brasil e na América Latina — e exploramos possíveis impactos para investidores. Com a visão de Henri Rysman (BNP Paribas Asset Management) e Rafael Janequine (S&P Global Ratings), a conversa explora materialidade, risco de crédito, custo de capital e o papel do ESG na disciplina de mercado. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. Artigo relacionado: Panorama dos Títulos Sustentáveis em 2026: Crescimento moderado na América Latina ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/henri-rysman-bnp-paribas-asset-management-sobre-esg-titulos-sustentaveis-credito-e-disciplina-de-mercado<![CDATA[ Henri Rysman (BNP Paribas Asset Management) sobre ESG, títulos sustentáveis, crédito e disciplina de mercado ]]>https://share.vidyard.com/watch/2MMxTJsWFDeFVJetG6zHMdMon, 09 Mar 2026 14:44:00 GMT00:01:00https://share.vidyard.com/watch/YTxtcfNzbMXXkTWqM4tsB8<![CDATA[ Victor Tofolo (Bradesco Asset) sobre o que esperar do mercado de Crédito Brasileiro em 2026 ]]>YTxtcfNzbMXXkTWqM4tsB8<![CDATA[ Com juros elevados e um cenário geopolítico complexo, como se preparar para 2026? Jadson Andrade, analisa com Victor Tofolo (BRAM) e Wendell Sacramoni as perspectivas para o mercado de crédito, os setores mais resilientes e as estratégias para maximizar os retornos. ]]>https://play.vidyard.com/YTxtcfNzbMXXkTWqM4tsB8PodcastMon, 09 Mar 2026 14:44:00 GMT<![CDATA[ 9 de março de 2026 Podcast Além do Rating Victor Tofolo (Bradesco Asset) sobre o que esperar do mercado de Crédito Brasileiro em 2026 Por Jadson Andrade Com juros elevados e um cenário geopolítico complexo, como se preparar para 2026? Jadson Andrade, no "Além do Rating", analisa com Victor Tofolo (Bradesco Asset Management) e Wendell Sacramoni (S&P National Ratings) as perspectivas para o mercado de crédito, os setores mais resilientes e as estratégias para maximizar os retornos. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/victor-tofolo-bradesco-asset-sobre-o-que-esperar-do-mercado-de-credito-em-2026<![CDATA[ Victor Tofolo (Bradesco Asset) sobre o que esperar do mercado de Crédito Brasileiro em 2026 ]]>https://share.vidyard.com/watch/YTxtcfNzbMXXkTWqM4tsB8Mon, 23 Feb 2026 18:19:00 GMT00:01:00https://share.vidyard.com/watch/hjudGDoviwNDdiNYEZE554<![CDATA[ O estresse hídrico em data centers: um risco estratégico para investidores ]]>hjudGDoviwNDdiNYEZE554<![CDATA[ Neste episódio, Jadson Andrade e Victor Laudisio, oferecem insights sobre o estresse hídrico enfrentado pelos data centers. ]]>https://play.vidyard.com/hjudGDoviwNDdiNYEZE554PodcastMon, 23 Feb 2026 18:19:00 GMT<![CDATA[ 23 de fevereiro de 2026 Série S&P Insights O estresse hídrico em data centers: um risco estratégico para investidores Por Jadson Andrade and Victor Laudisio Neste episódio da série S&P Insights, Jadson Andrade, diretor associado da S&P Global Ratings, conversa com Victor Laudisio, especialista global em questões ambientais da S&P Global Ratings. Juntos, eles oferecem insights sobre o estresse hídrico enfrentado pelos data centers. Ouça o episódio, onde exploramos a interseção entre tecnologia e meio ambiente. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. Artigo relacionado: Crescimento rápido dos data centers enfrenta desafios de sustentabilidade: Crescentes emissões e estresse hídrico ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/o-estresse-hidrico-em-data-centers--um-risco-estrategico-para-in<![CDATA[ O estresse hídrico em data centers: um risco estratégico para investidores ]]>https://share.vidyard.com/watch/hjudGDoviwNDdiNYEZE554Wed, 21 Jan 2026 17:03:00 GMT00:01:00https://share.vidyard.com/watch/ppUwP9UJWc3BozFSKxzhkA<![CDATA[ Bem-vindo ao Além do Rating! ]]>ppUwP9UJWc3BozFSKxzhkA<![CDATA[ Este podcast é dedicado à análise aprofundada do mercado de crédito na América Latina. Nosso objetivo é oferecer uma visão clara e fundamentada sobre as principais dinâmicas do setor, discutir projeções setoriais e avaliar tendências que impactam o mercado de crédito e renda fixa. Em cada episódio, você terá acesso a insights exclusivos de especialistas, gestores e analistas, com análises de risco e oportunidades para apoiar decisões estratégicas. ]]>https://play.vidyard.com/ppUwP9UJWc3BozFSKxzhkAPodcastWed, 21 Jan 2026 17:03:00 GMT<![CDATA[ 21 de janeiro de 2026 Podcast Além do Rating Bem-vindo ao Além do Rating! Por Jadson Andrade Este podcast é dedicado à análise aprofundada do mercado de crédito na América Latina. Nosso objetivo é oferecer uma visão clara e fundamentada sobre as principais dinâmicas do setor, discutir projeções setoriais e avaliar tendências que impactam o mercado de crédito e renda fixa. Em cada episódio, você terá acesso a insights exclusivos de especialistas, gestores e analistas, com análises de risco e oportunidades para apoiar decisões estratégicas. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/bem-vindo-ao-alem-do-rating<![CDATA[ Bem-vindo ao Além do Rating! ]]>https://share.vidyard.com/watch/ppUwP9UJWc3BozFSKxzhkAThu, 18 Dec 2025 12:56:00 GMT00:01:00https://share.vidyard.com/watch/6iuEVpwmnkRstbCnqbLxkE<![CDATA[ Resultados da COP 30: Mais financiamento, mas ainda falta um plano claro para a eliminação de combustíveis fósseis ]]>6iuEVpwmnkRstbCnqbLxkE<![CDATA[ Neste episódio, Rafael Janequine, Diretor de Finanças Sustentáveis para a América Latina, e Victor Laudisio, Especialista em Natureza Global, discutem os resultados da COP 30 e se eles corresponderam às expectativas. Eles falam sobre os avanços na agenda de adaptação climática, os desafios para a transição climática, a situação em torno da eliminação de combustíveis fósseis, e se os investimentos e iniciativas para a adaptação às mudanças climáticas são suficientes. Também comentam sobre a importância do Tropical Forest Forever Facility (TFFF), que foi anunciado oficialmente na COP 30, e as novidades da conferência PRI in Person (PRI – Princípios para o Investimento Responsável, na sigla em inglês) realizada em São Paulo este ano. ]]>https://play.vidyard.com/6iuEVpwmnkRstbCnqbLxkEPodcastThu, 18 Dec 2025 12:56:00 GMT<![CDATA[ 18 de dezembro de 2025 Sustainable Finance in LatAm podcast em português Resultados da COP 30: Mais financiamento, mas ainda falta um plano claro para a eliminação de combustíveis fósseis Neste episódio, Rafael Janequine, Diretor de Finanças Sustentáveis para a América Latina, e Victor Laudisio, Especialista em Natureza Global, discutem os resultados da COP 30 e se eles corresponderam às expectativas. Eles falam sobre os avanços na agenda de adaptação climática, os desafios para a transição climática, a situação em torno da eliminação de combustíveis fósseis, e se os investimentos e iniciativas para a adaptação às mudanças climáticas são suficientes. Também comentam sobre a importância do Tropical Forest Forever Facility (TFFF), que foi anunciado oficialmente na COP 30, e as novidades da conferência PRI in Person (PRI – Princípios para o Investimento Responsável, na sigla em inglês) realizada em São Paulo este ano. Artigo relacionado: Sustainability Insights Report Shows Nature Loss Could Constrain Economic Growth, 6 de novembro de 2025. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2025/resultados-da-cop-30-mais-financiamento-mas-ainda-falta-um-plano-claro-para-a-eliminacao-de-combustiveis-fosseis<![CDATA[ Resultados da COP 30: Mais financiamento, mas ainda falta um plano claro para a eliminação de combustíveis fósseis ]]>https://share.vidyard.com/watch/6iuEVpwmnkRstbCnqbLxkETue, 17 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Sr7hgBt6h6ghZEgdtE6h9f<![CDATA[ Excesso de liquidez no crédito privado impulsiona emissões de FIDC ]]>Sr7hgBt6h6ghZEgdtE6h9f<![CDATA[ Neste episódio do Classe Sênior, os analistas da S&P Global Ratings Leandro de Albuquerque, Marcus Fernandes e Victor Nomiyama, discutem o excesso de liquidez no crédito privado, seus impactos nos volumes de emissões de FIDCs e riscos associados. Eles também falam sobre a perspectiva das principais classes de ativos avaliadas pela S&P Global Ratings para 2025. ]]>https://play.vidyard.com/Sr7hgBt6h6ghZEgdtE6h9fPodcastTue, 17 Dec 2024 12:00:00 GMT<![CDATA[ 17 Dec, 2024 Excesso de liquidez no crédito privado impulsiona emissões de FIDC Neste episódio do Classe Sênior, os analistas da S&P Global Ratings Leandro de Albuquerque, Marcus Fernandes e Victor Nomiyama, discutem o excesso de liquidez no crédito privado, seus impactos nos volumes de emissões de FIDCs e riscos associados. Eles também falam sobre a perspectiva das principais classes de ativos avaliadas pela S&P Global Ratings para 2025. Ouça e siga este podcast no Apple Podcasts, Spotify, Deezer, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/2024-12-17-excesso-de-liquidez-no-credito-privado-impulsiona-emissoes-de-fidc<![CDATA[ Excesso de liquidez no crédito privado impulsiona emissões de FIDC ]]>https://share.vidyard.com/watch/Sr7hgBt6h6ghZEgdtE6h9fTue, 03 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MqQ1xPDAPWSjkRGDhXTVD4<![CDATA[ Importância da COP de Biodiversidade, dos blue bonds e da transição para economia verde ]]>MqQ1xPDAPWSjkRGDhXTVD4<![CDATA[ Neste episódio de Sustainable Finance in LatAm, nossos analistas Déborah Siqueira e Victor Laudisio conversam sobre a importância da biodiversidade na transição para uma economia verde. ]]>https://play.vidyard.com/MqQ1xPDAPWSjkRGDhXTVD4PodcastTue, 03 Dec 2024 12:00:00 GMT<![CDATA[ 3 Dec, 2024 Importância da COP de Biodiversidade, dos blue bonds e da transição para economia verde Neste episódio de Sustainable Finance in LatAm, nossos analistas Déborah Siqueira e Victor Laudisio conversam sobre a importância da biodiversidade na transição para uma economia verde. Eles abordam a COP 16 (Conferência das Partes da Convenção sobre Diversidade Biológica) e o financiamento direcionado para natureza, um tema que cresce no setor financeiro corporativo. Além disso, discutem a relação entre biodiversidade e mudanças climáticas, bem como a relevância das soluções baseadas na natureza para os investidores. Ouça e siga este podcast no Apple Podcasts, Spotify, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/2024-12-03-sustainable-finance-in-latam-importancia-da-cop-de-biodiversidade-dos-blue-bonds-e-da-transicao-para-economia-verde<![CDATA[ Importância da COP de Biodiversidade, dos blue bonds e da transição para economia verde ]]>https://share.vidyard.com/watch/MqQ1xPDAPWSjkRGDhXTVD4Thu, 19 Sep 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/wasod42b2bH95are21aRKD<![CDATA[ Panorama do crédito imobiliário ]]>wasod42b2bH95are21aRKD<![CDATA[ Neste episódio do Classe Sênior, Leandro Albuquerque, Managing Director da S&P Global Ratings, conversa com Wendell Sacramoni, Valeria Marquez e Marcus Fernandes sobre o momento do crédito imobiliário no Brasil. Eles discutem o atual estágio do programa Minha Casa Minha Vida, a recuperação da margem operacional das construtoras e incorporadoras, bem como o momento dos CRIs lastreados por propriedades comerciais e home equity. ]]>https://play.vidyard.com/wasod42b2bH95are21aRKDPodcastThu, 19 Sep 2024 12:00:00 GMT<![CDATA[ 19 Sep, 2024 Panorama do crédito imobiliário Neste episódio do Classe Sênior, Leandro Albuquerque, Managing Director da S&P Global Ratings, conversa com Wendell Sacramoni, Valeria Marquez e Marcus Fernandes sobre o momento do crédito imobiliário no Brasil. Eles discutem o atual estágio do programa Minha Casa Minha Vida, a recuperação da margem operacional das construtoras e incorporadoras, bem como o momento dos CRIs lastreados por propriedades comerciais e home equity. Artigos relacionados: Construtoras residenciais de baixa e média renda prosperam com mudanças no MCMV e demanda crescente Mercado de CRIs: Sólidas fundações para aumento de emissões Ouça e siga este podcast no Apple Podcasts, Spotify, Deezer, Amazon Music e em outras plataformas de áudio. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/240919-classe-senior-panorama-do-credito-imobiliario<![CDATA[ Panorama do crédito imobiliário ]]>https://share.vidyard.com/watch/wasod42b2bH95are21aRKDFri, 10 May 2024 00:00:00 GMT00:01:00https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4M<![CDATA[ Mercado aquecido: debêntures de infraestrutura em alta ]]>MZ4j1aE7F7dv1cnKjDuT4M<![CDATA[ O novo episódio do ]]>https://play.vidyard.com/MZ4j1aE7F7dv1cnKjDuT4MPodcastFri, 10 May 2024 00:00:00 GMT<![CDATA[ 10 May, 2024 Mercado aquecido: debêntures de infraestrutura em alta Apresentando Leandro Albuquerque, Talita Aragaki, and Renan Rego No novo episódio do "Classe Sênior", Leandro Albuquerque, da S&P Global Ratings, discute as tendências no mercado de crédito privado brasileiro, focando o setor de infraestrutura e comentando sobre as dinâmicas do mercado, a resiliência dos ativos de infraestrutura em crises e a crescente importância da sustentabilidade nos investimentos. Também participam do bate-papo Julyana Yokota, da S&P Global Ratings, e Talita Aragaki e Renan Rego da G5 Partners. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2024/2024-05-10-mercado-aquecido-debentures-de-infraestrutura-em-alta<![CDATA[ Mercado aquecido: debêntures de infraestrutura em alta ]]>https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 30 Mar 2026 16:32:48 GMT00:01:00ArticlesMon, 30 Mar 2026 16:32:48 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101678048https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 11 Mar 2026 14:33:08 GMT00:01:00ArticlesWed, 11 Mar 2026 14:33:08 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101674752https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MFri, 06 Mar 2026 17:01:49 GMT00:01:00ArticlesFri, 06 Mar 2026 17:01:49 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101674087https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 21 Jan 2026 14:15:28 GMT00:01:00ArticlesWed, 21 Jan 2026 14:15:28 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101666668https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 08 Jan 2026 16:54:21 GMT00:01:00ArticlesThu, 08 Jan 2026 16:54:21 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101664980https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 02 Dec 2025 14:00:00 GMT00:01:00<![CDATA[ Crescimento rápido dos data centers enfrenta desafios de sustentabilidade: Crescentes emissões e estresse hídrico ]]><![CDATA[ Descubra como o rápido crescimento desafia a sustentabilidade dos data centers. Saiba mais sobre a energia que demandam, que deve dobrar até 2030, seus impactos no consumo hídrico e suas estratégias de sustentabilidade. ]]>ArticlesTue, 02 Dec 2025 14:00:00 GMT<![CDATA[ Look Forward | Cross-Division — 2 December 2025 Crescimento rápido dos datas centers enfrenta desafios de sustentabilidade: Crescentes emissões e estresse hídrico Mesmo que as operadoras de data centers reduzam seu próprio impacto ambiental, o crescimento exponencial do setor ainda pode levar a maiores emissões e estresse hídrico nas regiões onde os data centers estão localizados. Por Dan Thompson, Matt Macfarland, Terry Ellis, and Victor Hazell Laudisio DESTAQUES A demanda global de energia para data centers deve quase dobrar entre 2024 e 2030. As empresas de data centers estão liderando os esforços de aquisição de energia limpa para atender suas necessidades energéticas e ambições climáticas. Porém, o rápido crescimento aponta para desafios futuros, com impactos mais amplos — nos EUA, esperamos que a redução das emissões na rede elétrica diminua e que as emissões possam, em última instância, aumentar em comparação com as projeções anteriores devido à rápida expansão dos datas centers. Estimamos também que 43% dos datas centers em todo o mundo estejam expostos a alto estresse hídrico na década de 2020. Embora medidas de adaptação e resiliência estejam sendo incorporadas aos projetos de data centers para as áreas mais afetadas pelo estresse hídrico, os programas de gestão hídrica ainda não são amplamente difundidos no setor na América do Norte e na Europa, de acordo com dados da Corporate Sustainability Assessment (CSA) de 2024 da S&P Global. Os planos das operadoras de data centers devem equilibrar cuidadosamente as elevadas expectativas de crescimento e a demanda por energia, sendo necessárias soluções específicas para cada local, como o uso de água reciclada ou águas residuais tratadas para reduzir o consumo de água potável. Os riscos reputacionais podem aumentar se os stakeholders sentirem os impactos indiretos. A S&P Global Market Intelligence 451 Research projeta que a demanda global de energia para data centers quase dobre entre 2024 e 2030. Além disso, pesquisas da S&P Global Ratings e da S&P Global Energy mostram que muitos data centers existentes estarão localizados em regiões com escassez hídrica. Para enfrentar esses desafios interligados — necessidades energéticas crescentes, emissões em ascensão e escassez hídrica — é necessária uma análise mais ampla do ecossistema. Será que o setor conseguirá lidar com essa complexa interação de fatores e, ao mesmo tempo, manter um crescimento acelerado? A aceleração da implantação de data centers aumentará as emissões de gases de efeito estufa (GEE). O crescimento explosivo da IA nos últimos três anos significa que os data centers, e a tecnologia da informação em geral, representam setores notáveis nos quais a demanda por energia, e as emissões de GEE associadas, estão em ascensão. Para mais informações, leia Sustainability Insights: Global Company Emissions Grow. Globalmente, o ritmo de implantação de data centers está acelerando, passando de uma capacidade instalada de 200 GW em 2024 para uma projeção de 382 GW até 2030, de acordo com estimativas da S&P Global Market Intelligence 451 Research. Os EUA, que já são o maior mercado com cerca de 40% da demanda global de energia para data centers, devem aumentar sua participação para 45% em 2030. Globalmente, o ritmo de implantação de data centers está acelerando, passando de uma capacidade instalada de 200 GW em 2024 para uma projeção de 382 GW até 2030, de acordo com estimativas da S&P Global Market Intelligence 451 Research. As maiores empresas de tecnologia assumiram compromissos ambiciosos de sustentabilidade, mas o cenário não é uniforme em todo o setor. Grandes empresas de tecnologia assumiram compromissos de emissão zero líquida, incluindo empresas líderes na área de IA, como Microsoft, Alphabet e Meta. No entanto, alguns também reconheceram mais recentemente que cumprir esses compromissos está se tornando cada vez mais difícil. No relatório de sustentabilidade de 2025 do Google, por exemplo, a empresa descreveu sua meta de emissões líquidas zero como um "projeto climático ambicioso" e admitiu que ampliar a tecnologia de energia livre de carbono até 2030 — o ano-alvo de sua meta de emissões líquidas zero — será "muito difícil". O relatório também afirmou que o crescimento da demanda de energia relacionada à IA tornou difícil projetar a trajetória futura de suas emissões. Em seu relatório de sustentabilidade mais recente, a Microsoft reconheceu que suas emissões totais aumentaram cerca de 23% em relação a ano de referência 2020 devido a fatores como a expansão da IA e afirmou que, em 2024, obteve mais remoção de carbono do que em todos os anos anteriores juntos. Em todo o setor, os compromissos de sustentabilidade dos data centers variam significativamente, e as ambições de emissões líquidas zero não são garantidas. Dados do relatório CSA de 2024 da S&P Global mostram que 38% das empresas avaliadas com operações de data center não possuem um compromisso de emissão líquida zero. Dados do relatório CSA de 2024 da S&P Global mostram que 38% das empresas avaliadas com operações de data center não possuem um compromisso de emissão líquida zero. Os hiperescaladores são os mais ativos na garantia de energia limpa para atender as crescentes necessidades, mas enfrentam obstáculos. De acordo com dados da S&P Global Energy, essas empresas lideraram os esforços de aquisição de energia limpa em 2024, com mais de 30 GW em contratos firmados predominantemente por meio de contratos de compra de energia diretos com terceiros. Isso supera significativamente outros setores — o setor industrial ficou em um segundo lugar distante com 10 GW de compra de energia limpa, seguido pelo setor de serviços com 6 GW. Esse padrão se manteve com os hiperescaladores respondendo individualmente por pelo menos 1 GW de aquisição de energia limpa até 2025. Mas, como mencionado acima, vários também reconheceram a crescente dificuldade de atingir suas metas de descarbonização. Atender a crescente demanda de energia dos data centers em tempo hábil exige o aproveitamento de todas as fontes de energia, o que pode pressionar as metas de energia limpa das empresas de tecnologia. Mudanças na política dos EUA, incluindo a recém-aprovada Lei One Big Beautiful Bill, estão incentivando os stakeholders a iniciarem a construção de projetos de energia limpa antes que os principais créditos fiscais expirem. No entanto, dadas as dificuldades na implantação de nova capacidade, incluindo restrições de licenciamento e interconexão, esperamos que grande parte do aumento da demanda de data centers seja atendida, no curto prazo, pelo aumento da utilização da capacidade térmica existente (tanto a carvão quanto a gás), juntamente com novos recursos de gás e renováveis. Para maiores informações, consulte Navigating the US data center power crunch: On-site solutions offer a faster path to power. As emissões podem aumentar mesmo que os hiperescaladores e outras empresas de data center cumpram suas promessas. A oferta relativamente limitada de novos projetos de energia renovável significa que as emissões totais em todo o sistema de energia mais amplo — incluindo outras empresas, comunidades e consumidores — deverão aumentar. Isso ocorre porque os clientes de data centers garantem esses suprimentos renováveis em vez de outros clientes em potencial, que continuarão adquirindo energia de combustíveis fósseis, levando a emissões mais altas no geral. Isso significa que os relatórios corporativos das empresas de tecnologia podem mostrar um impacto relativamente baixo (incluindo as emissões de Escopo 2), mas, em uma escala maior, as emissões podem aumentar mesmo que outras fontes de demanda permaneçam constantes. O efeito cascata também pode tornar mais difícil o cumprimento das metas climáticas de outros stakeholders, como empresas de serviços de utilidade pública ou governos. Como resultado, agora projetamos emissões mais elevadas do setor de energia dos EUA em comparação com as previsões de 2023, antes do boom da IA. As reduções de emissões serão menos significativas do que as projeções anteriores, e as emissões podem até aumentar em comparação aos níveis atuais em um cenário de implantação irrestrita de data centers. A diferença entre as projeções anteriores ao boom dos data centers e nossas projeções mais recentes pode chegar a 200 milhões-250 milhões de toneladas métricas de CO2 (mmtCO2) equivalente por ano em 2030, com base nas projeções da S&P Global Energy, visto que a implantação de energias renováveis enfrenta dificuldades para acompanhar a demanda. Num cenário em que o crescimento dos data centers não seja limitado pela disponibilidade de energia fornecida pela rede elétrica, as emissões poderiam atingir os 400 milhões de toneladas de CO2 equivalente por ano, mais do que o previsto anteriormente. A diferença entre as projeções anteriores ao boom dos data centers e nossas projeções mais recentes pode chegar a 200 milhões-250 milhões mmtCO2 equivalente por ano em 2030, com base nas projeções da S&P Global Energy, visto que a implantação de energias renováveis enfrenta dificuldades para acompanhar a demanda. Energia e água — um desafio de consumo Os data centers geram calor devido ao consumo de energia, e seu funcionamento deve incluir refrigeração. O resfriamento à base de água está entre os métodos mais baratos, mas a quantidade de água consumida é significativa. Se o consumo de água dos data centers exceder as quantidades disponíveis, as áreas ficarão sob estresse hídrico, afetando os setores doméstico, industrial e agrícola. Há alternativas ao resfriamento à base de água, mas elas apresentam desvantagens. Por exemplo, os sistemas de refrigeração a ar não utilizam água, mas consomem mais energia. Não existe uma solução ideal única, e cada instalação deve levar em consideração fatores relacionados à localização para limitar os impactos na água e nas emissões. Nossa pesquisa mostra que 43% dos data centers em todo o mundo estão expostos a alto estresse hídrico na década de 2020, embora isso varie muito de região para região. Os Estados Unidos e a China, líderes globais em data centers em termos de demanda de energia, apresentam níveis divergentes de exposição ao estresse hídrico. Aproximadamente 60% dos ativos da China estão expostos a alto estresse hídrico na década de 2020, ante 38% dos ativos dos EUA. A exposição ao estresse hídrico em data centers nos EUA concentra-se no Centro-Oeste e no Oeste. Arizona, Califórnia, Colorado, Nevada, Nebraska e Wyoming enfrentam níveis de estresse mais elevados. Esses estados representam cerca de 15,5% da demanda de energia dos data centers dos EUA e deverão continuar sendo os mais vulneráveis até a década de 2050, podendo apresentar algumas restrições no desenvolvimento a longo prazo. Práticas de mitigação de estresse hídrico e tendências de consumo em data centers Considerando a magnitude do crescimento, é provável que os EUA dobrem sua pegada hídrica para refrigeração. Pesquisadores da Universidade da Califórnia estimaram que o consumo de água em data centers nos EUA deve aumentar para 150 milhões de metros cúbicos (m³) até 2028, ante 70 milhões m³ estimados em 2023. A maior parte dessa água é doce, já que o uso de "água cinza" reciclada para resfriamento é atualmente limitado. Apesar desse aumento, ao comparar o consumo histórico e projetado de refrigeração a água do setor de data centers com outros setores, a pegada deve permanecer limitada. Dito isso, o setor pode precisar tomar medidas se continuar operando nas áreas de maior estresse hídrico. Alguns projetos de data centers, como o Project Blue da Amazon em Tucson, Arizona, foram rejeitados pelas câmaras municipais locais devido a preocupações com a água e outros fatores. A resistência da comunidade no que diz respeito aos impactos dos data centers na disponibilidade de água e nos preços da eletricidade pode se tornar cada vez mais comum. Pesquisadores da Universidade da Califórnia estimaram que o consumo de água em data centers nos EUA deve aumentar para 150 milhões m³ até 2028, ante estimados 70 milhões m³ em 2023. Em áreas sujeitas a estresse hídrico, os novos projetos de instalação estão incorporando medidas de adaptação e resiliência como parte de estratégias abrangentes de sustentabilidade para data centers. Essas medidas incluem o abastecimento de água a partir de fontes de menor impacto, como água reciclada ou efluentes tratados, o que pode reduzir a demanda por água potável. Por exemplo, o data center da Meta em Gallatin, Tennessee, utiliza 100% de água residual municipal reciclada. Os data centers existentes têm utilizado vários métodos para se adaptarem ao elevado estresse hídrico, mas a modernização completa dos sistemas de refrigeração é operacionalmente disruptiva e, muitas vezes, tem um custo proibitivo. As operadoras de data centers introduziram fontes alternativas de água, como águas cinzas municipais, ou adotaram circuitos de água reciclada. Outra opção tem sido operar os data centers em temperaturas ambientes mais elevadas para reduzir a necessidade de refrigeração ou utilizar software de otimização para diminuir o consumo de água. Alguns operadores estão definindo programas e metas de gestão da água. O Google informou que suas taxas de reposição de água atingiram 64% em 2024, com o objetivo de alcançar 120% até 2030. Embora empresas individuais possam tomar medidas para reduzir seu consumo de água, os programas de gestão hídrica ainda não são amplamente difundidos no setor de data centers na América do Norte ou na Europa. Além disso, os projetos de reposição de água geralmente estão localizados longe dos pontos de consumo, o que significa que nem sempre aliviam o estresse hídrico. Segundo dados da CSA de 2024, os programas de gestão hídrica são praticamente onipresentes na região Ásia-Pacífico, onde 84% dos operadores em nossa análise buscam ativamente reduzir o consumo de água. No entanto, a participação na América do Norte e na Europa é significativamente menor, de 53% e 38%, respectivamente. Com base nos dados acima, observamos que o aumento do consumo de água em data centers antecedeu o recente crescimento da inteligência artificial. Nossa amostra consiste em 103 empresas que possuem ou operam data centers e em quatro anos de dados de uso de água avaliados no CSA de 2024. Entre 2020 e 2023, as operadoras da região Ásia-Pacífico registraram o aumento mais significativo, com um crescimento de 50% no consumo (25 milhões m³ em 2023, contra 17 milhões m³ em 2020), seguidos pela América do Norte, com um aumento de 37% (50 milhões m³ em 2023, contra 36 milhões m³ em 2020). As operadoras europeias apresentaram uma ligeira queda de 3%. Looking forward Com o crescimento sem precedentes do setor de data centers, as operadoras enfrentam uma pressão cada vez maior para mitigar o impacto climático e ambiental de suas operações. Nos Estados Unidos, o setor tem enfrentado algumas dificuldades para garantir fontes de energia renováveis, e alguns estados estão significativamente expostos ao estresse hídrico. O setor precisará de práticas aprimoradas de sustentabilidade em data centers para mitigar o impacto ambiental de seu crescimento. No entanto, esperamos que efeitos sistêmicos ainda surjam, mesmo que entidades individuais alcancem suas metas de descarbonização e gestão hídrica. Colaboradores: Alessandro Badinotti, Patrick Luckow, and Roman Kramarchuk Este artigo foi escrito por uma seleção de representantes da S&P Global e, em certas circunstâncias, por autores externos convidados. As opiniões são dos autores e não refletem necessariamente as opiniões ou posições de quaisquer entidades que representem, nem são necessariamente refletidas nos produtos e serviços que essas entidades oferecem. Este relatório é uma publicação da S&P Global e não comenta ratings de crédito atuais ou futuros, nem metodologias de rating de crédito. ]]>https://www.spglobal.com/ratings/pt/artigos/crescimento-rapido-dos-datas-centers-enfrenta-desafios-de-sustentabilidade-crescentes-emissoes-e-estresse-hidrico<![CDATA[ Crescimento rápido dos data centers enfrenta desafios de sustentabilidade: Crescentes emissões e estresse hídrico ]]>https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 25 Nov 2025 12:43:58 GMT00:01:00ArticlesTue, 25 Nov 2025 12:43:58 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101659643https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 24 Nov 2025 09:50:16 GMT00:01:00ArticlesMon, 24 Nov 2025 09:50:16 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101659249https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 01 Oct 2025 13:14:33 GMT00:01:00ArticlesWed, 01 Oct 2025 13:14:33 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GMThttps://www.spglobal.com/ratings/pt/regulatory/article/non-english-articles-s101632818https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 17 Jun 2025 19:00:00 GMT00:01:00ArticlesTue, 17 Jun 2025 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101632826https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 17 Jun 2025 19:00:00 GMT00:01:00ArticlesTue, 17 Jun 2025 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101632825https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 17 Jun 2025 19:00:00 GMT00:01:00ArticlesTue, 17 Jun 2025 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101632827https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 16 Jun 2025 00:00:00 GMT00:01:00ArticlesMon, 16 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631688https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 11 Jun 2025 00:00:00 GMT00:01:00ArticlesWed, 11 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631680https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 03 Jun 2025 19:00:00 GMT00:01:00ArticlesTue, 03 Jun 2025 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631676https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 03 Jun 2025 00:00:00 GMT00:01:00ArticlesTue, 03 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631679https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 06 May 2025 00:00:00 GMT00:01:00ArticlesTue, 06 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631650https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 27 Mar 2025 00:00:00 GMT00:01:00ArticlesThu, 27 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631620https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 06 Mar 2025 00:00:00 GMT00:01:00ArticlesThu, 06 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101587108https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 06 Mar 2025 00:00:00 GMT00:01:00ArticlesThu, 06 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101585843https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 26 Feb 2025 00:00:00 GMT00:01:00ArticlesWed, 26 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631591https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 23 Jan 2025 00:00:00 GMT00:01:00ArticlesThu, 23 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631565https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MFri, 17 Jan 2025 00:00:00 GMT00:01:00ArticlesFri, 17 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631571https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631532https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 21 Nov 2024 00:00:00 GMT00:01:00ArticlesThu, 21 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631508https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 31 Oct 2024 00:00:00 GMT00:01:00ArticlesThu, 31 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631557https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 15 Oct 2024 00:00:00 GMT00:01:00ArticlesTue, 15 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631484https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 01 Oct 2024 00:00:00 GMT00:01:00ArticlesTue, 01 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631470https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 19 Sep 2024 00:00:00 GMT00:01:00ArticlesThu, 19 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631458https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 03 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631449https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631436https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631434https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 29 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 29 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631433https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 29 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 29 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631435https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MThu, 18 Jul 2024 00:00:00 GMT00:01:00ArticlesThu, 18 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101602207https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631409https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MFri, 12 Jul 2024 00:00:00 GMT00:01:00ArticlesFri, 12 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631412https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MTue, 02 Jul 2024 00:00:00 GMT00:01:00ArticlesTue, 02 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631612https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MWed, 26 Jun 2024 19:00:00 GMT00:01:00ArticlesWed, 26 Jun 2024 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631393https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4MFri, 10 May 2024 00:00:00 GMT00:01:00ArticlesFri, 10 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631356https://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4M00:01:00<![CDATA[ Newsletters ]]><![CDATA[ Nossos ratings de crédito respeitados em todo o mundo e a inovação de ideias sem paralelos se associam para estabelecer padrões universais, transparência e crescimento de negócio. Empoderamos as pessoas para tomarem decisões com confiança. 150 Anos de Inteligência Essencial Acreditamos que há mais valor em um ponto de vista bem-informado que em uma ampla coleção de dados qualquer, e nossas opiniões e métricas de risco têm suas raízes em nossa longa experiência. Nossa oferta integrada de ratings de crédito, pesquisa de risco e insights críticos é essencial para traduzir complexidade em clareza de modo que os participantes do mercado possam tomar decisões com convicção. Um rating de crédito é uma opinião informada acerca da probabilidade de um emissor honrar suas obrigações financeiras de forma tempestiva e total. Ela pode auxiliá-lo a obter conhecimento sobre — e acessar os – novos mercados, aumentar a transparência, servir como um benchmark universal, e avaliar e demonstrar a qualidade de crédito. Não é uma garantia ou medida absoluta, mas sim uma ferramenta crucial para o processo de tomada de decisões dos investidores. Clique aqui e saiba mais ]]>Generic<![CDATA[ Newsletters Informações pessoais Interesses Redefinir senha Newsletters Informações pessoais Interesses Redefinir senha Newsletters Bem-vindo(a) às configurações do seu perfil Section Africa in focus Our monthly selection of the best research articles published recently on Africa, to keep you on top of trends on the continent and other Emerging Markets.Preview Subscribe Argentina Structured Finance Newsletter Monthly newsletter containing our latest publications, full analyses and market information in local language relating to Structured Finance in Argentina.Preview Subscribe Asia Corporate Credit This Week Our Asia Corporate newsletter provides the latest rating and research updates and trend analysis.Preview Subscribe Australia & New Zealand Newsletter Our monthly newsletter aims to bring you a consolidated view of the top insights in Australia and New Zealand. 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Neste episódio, os analistas da S&P Global Ratings, Leandro Albuquerque e Marcus Fernandes, conversam sobre as perspectivas para o mercado de crédito e das securitizações em 2024 com o sócio-fundador e CEO da Valora Investimentos, Daniel Pegorini. A expectativa é de um cenário mais positivo devido ao controle da inflação, à queda dos juros e ao maior crescimento econômico, porém os riscos devem continuar sob monitoramento. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2023/2023-12-21-classe-senior-o-que-esperar-para-o-mercado-de-credito-estruturado-em-2024<![CDATA[ O que esperar para o mercado de crédito estruturado em 2024? ]]>https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oTue, 19 Dec 2023 00:00:00 GMT00:01:00ArticlesTue, 19 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101591294https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oWed, 06 Dec 2023 00:00:00 GMT00:01:00ArticlesWed, 06 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631251https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oTue, 07 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 07 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631227https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oThu, 26 Oct 2023 19:00:00 GMT00:01:00ArticlesThu, 26 Oct 2023 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631219https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oMon, 23 Oct 2023 00:00:00 GMT00:01:00ArticlesMon, 23 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631217https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oWed, 11 Oct 2023 00:00:00 GMT00:01:00ArticlesWed, 11 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631221https://share.vidyard.com/watch/PjLtaRcn6D9AXA5PEgNV7oThu, 28 Sep 2023 12:00:00 GMT00:01:00https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tU<![CDATA[ O impacto da queda de preços no setor agro e riscos específicos em crédito estruturado ]]>5WGqF2xXa1rwrq7R2BB6tU<![CDATA[ Neste episódio do Classe Sênior, Leandro Albuquerque recebe Moacir Teixeira, Sócio-Fundador da Ecoagro, Antônio da Luz, Economista Chefe da Ecoagro, e Victor Nomiyama, Diretor da S&P Global Ratings. Eles debatem sobre o panorama de crédito para o mercado agro no Brasil e impactos da queda dos preços de grãos nos últimos meses, o crescimento dos Fiagros, e os riscos específicos e não convencionais em operações de crédito estruturado para o segmento. ]]>https://play.vidyard.com/5WGqF2xXa1rwrq7R2BB6tUPodcastThu, 28 Sep 2023 12:00:00 GMT<![CDATA[ 28 Sep, 2023 O impacto da queda de preços no setor agro e riscos específicos em crédito estruturado Neste episódio do Classe Sênior, Leandro Albuquerque recebe Moacir Teixeira, Sócio-Fundador da Ecoagro, Antônio da Luz, Economista Chefe da Ecoagro, e Victor Nomiyama, Diretor da S&P Global Ratings. Eles debatem sobre o panorama de crédito para o mercado agro no Brasil e impactos da queda dos preços de grãos nos últimos meses, o crescimento dos Fiagros, e os riscos específicos e não convencionais em operações de crédito estruturado para o segmento. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2023/2023-09-28-classe-senior-o-impacto-da-queda-de-precos-no-setor-agro-e-riscos-especificos-em-credito-estruturado<![CDATA[ O impacto da queda de preços no setor agro e riscos específicos em crédito estruturado ]]>https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUSun, 27 Aug 2023 19:00:00 GMT00:01:00ArticlesSun, 27 Aug 2023 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631189https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUMon, 21 Aug 2023 00:00:00 GMT00:01:00ArticlesMon, 21 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631181https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUFri, 04 Aug 2023 00:00:00 GMT00:01:00ArticlesFri, 04 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631175https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 27 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 27 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101585844https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 27 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 27 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631169https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUTue, 25 Jul 2023 00:00:00 GMT00:01:00ArticlesTue, 25 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631168https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 13 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 13 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631161https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 06 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 06 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631159https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUWed, 14 Jun 2023 00:00:00 GMT00:01:00ArticlesWed, 14 Jun 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101578422https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 08 Jun 2023 00:00:00 GMT00:01:00ArticlesThu, 08 Jun 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101591306https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUTue, 23 May 2023 00:00:00 GMT00:01:00ArticlesTue, 23 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631140https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUMon, 08 May 2023 00:00:00 GMT00:01:00ArticlesMon, 08 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631133https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 04 May 2023 00:00:00 GMT00:01:00ArticlesThu, 04 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631134https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUTue, 25 Apr 2023 12:00:00 GMT00:01:00ArticlesTue, 25 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631123https://share.vidyard.com/watch/5WGqF2xXa1rwrq7R2BB6tUThu, 13 Apr 2023 12:00:00 GMT00:01:00https://share.vidyard.com/watch/w573BBQdk6wHb5RwMBxB7T<![CDATA[ Como o caso Americanas e outros eventos afetam o mercado de crédito privado? ]]>w573BBQdk6wHb5RwMBxB7T<![CDATA[ Neste episódio do Classe Sênior, o Diretor Sênior da S&P Global Ratings Leandro Albuquerque recebe Pierre Jadoul, Gestor de Crédito da ARX Investimentos, Acauã Uchoa, Superintendente de Renda Fixa do Itaú BBA, e Diego Ocampo, Diretor Sênior e Corporates Sector Lead da S&P Global Ratings na América Latina. Eles debatem sobre o panorama do crédito privado no Brasil após uma série de eventos no primeiro trimestre, os riscos de um credit crunch e uma potencial normalização do mercado. ]]>https://play.vidyard.com/w573BBQdk6wHb5RwMBxB7TPodcastThu, 13 Apr 2023 12:00:00 GMT<![CDATA[ 13 Apr, 2023 Como o caso Americanas e outros eventos afetam o mercado de crédito privado? Neste episódio do Classe Sênior, o Diretor Sênior da S&P Global Ratings Leandro Albuquerque recebe Pierre Jadoul, Gestor de Crédito da ARX Investimentos, Acauã Uchoa, Superintendente de Renda Fixa do Itaú BBA, e Diego Ocampo, Diretor Sênior e Corporates Sector Lead da S&P Global Ratings na América Latina. Eles debatem sobre o panorama do crédito privado no Brasil após uma série de eventos no primeiro trimestre, os riscos de um credit crunch e uma potencial normalização do mercado. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2023/2023-04-13-classe-senior-como-o-caso-americanas-e-outros-eventos-afetam-o-mercado-de-credito-privado<![CDATA[ Como o caso Americanas e outros eventos afetam o mercado de crédito privado? ]]>https://share.vidyard.com/watch/w573BBQdk6wHb5RwMBxB7TWed, 22 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 22 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631114https://share.vidyard.com/watch/w573BBQdk6wHb5RwMBxB7TWed, 22 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 22 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631109https://share.vidyard.com/watch/w573BBQdk6wHb5RwMBxB7TThu, 16 Mar 2023 12:00:00 GMT00:01:00https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2<![CDATA[ Turbulência no mercado testará novamente robustez das proteções de crédito dos FIDCs ]]>tb55XSRRKJFAJWFpvvWKQ2<![CDATA[ Neste episódio, os analistas da S&P Global Ratings Leandro Albuquerque, Marcus Fernandes e Victor Nomiyama conversam sobre alguns assuntos abordados em nosso artigo recém-publicado “Carta de Monitoramento de Riscos em FIDCs – Turbulência no mercado testará novamente robustez das proteções de crédito” ]]>https://play.vidyard.com/tb55XSRRKJFAJWFpvvWKQ2PodcastThu, 16 Mar 2023 12:00:00 GMT<![CDATA[ 16 Mar, 2023 Turbulência no mercado testará novamente robustez das proteções de crédito dos FIDCs Neste episódio, os analistas da S&P Global Ratings Leandro Albuquerque, Marcus Fernandes e Victor Nomiyama conversam sobre alguns assuntos abordados em nosso artigo recém-publicado “Carta de Monitoramento de Riscos em FIDCs – Turbulência no mercado testará novamente robustez das proteções de crédito”, tais como os efeitos de maiores índices de inadimplência, juros mais altos e riscos operacionais. Artigo relacionado: Carta de Monitoramento de Riscos em FIDCs – Turbulência no mercado testará novamente robustez das proteções de crédito Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2023/2023-03-16-classe-senior-turbulencia-no-mercado-testara-novamente-robustez-das-protecoes-de-credito-dos-fidcs<![CDATA[ Turbulência no mercado testará novamente robustez das proteções de crédito dos FIDCs ]]>https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 15 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631101https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Thu, 23 Feb 2023 00:00:00 GMT00:01:00ArticlesThu, 23 Feb 2023 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631089https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Tue, 14 Feb 2023 12:00:00 GMT00:01:00ArticlesTue, 14 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631081https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Mon, 13 Feb 2023 12:00:00 GMT00:01:00ArticlesMon, 13 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631093https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 08 Feb 2023 12:00:00 GMT00:01:00ArticlesWed, 08 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631082https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Thu, 02 Feb 2023 12:00:00 GMT00:01:00ArticlesThu, 02 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631080https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Tue, 31 Jan 2023 12:00:00 GMT00:01:00ArticlesTue, 31 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631077https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Mon, 23 Jan 2023 12:00:00 GMT00:01:00ArticlesMon, 23 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631060https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 14 Dec 2022 12:00:00 GMT00:01:00ArticlesWed, 14 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101570656https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 07 Dec 2022 00:00:00 GMT00:01:00ArticlesWed, 07 Dec 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101573991https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 07 Dec 2022 00:00:00 GMT00:01:00ArticlesWed, 07 Dec 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101573990https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Tue, 22 Nov 2022 12:00:00 GMT00:01:00ArticlesTue, 22 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631037https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Wed, 09 Nov 2022 00:00:00 GMT00:01:00ArticlesWed, 09 Nov 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631023https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Mon, 31 Oct 2022 12:00:00 GMT00:01:00ArticlesMon, 31 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631011https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Mon, 31 Oct 2022 12:00:00 GMT00:01:00ArticlesMon, 31 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631012https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Tue, 25 Oct 2022 12:00:00 GMT00:01:00ArticlesTue, 25 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631020https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Tue, 18 Oct 2022 12:00:00 GMT00:01:00ArticlesTue, 18 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631010https://share.vidyard.com/watch/tb55XSRRKJFAJWFpvvWKQ2Fri, 07 Oct 2022 00:00:00 GMT00:01:00https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNB<![CDATA[ Recapitulando os FIDCs: Como funcionam? Quais as principais lições do histórico de 20 anos? O que esperar pela frente? ]]>G2xms9psfSumqpvpXZ9jNB<![CDATA[ Em 17 de dezembro de 2021, a Instrução 356 da CVM, que regulamenta os Fundos de Investimento em Direitos Creditórios (FIDCs), completou 20 anos desde sua publicação. Neste episódio do Classe Sênior, Leandro Albuquerque, gestor analítico da S&P Global Ratings, conversa com Delano Macedo, sócio e diretor de crédito da Solis Investimentos, e com Bruno Amadei, sócio e vice-presidente da Cultinvest Asset Management, sobre o futuro dos FIDCs, que poderão ter seu público-alvo expandindo. ]]>https://play.vidyard.com/G2xms9psfSumqpvpXZ9jNBPodcastFri, 07 Oct 2022 00:00:00 GMT<![CDATA[ 7 Oct, 2022 Recapitulando os FIDCs: Como funcionam? Quais as principais lições do histórico de 20 anos? O que esperar pela frente? Em 17 de dezembro de 2021, a Instrução 356 da CVM, que regulamenta os Fundos de Investimento em Direitos Creditórios (FIDCs), completou 20 anos desde sua publicação. Neste episódio do Classe Sênior, Leandro Albuquerque, gestor analítico da S&P Global Ratings, conversa com Delano Macedo, sócio e diretor de crédito da Solis Investimentos, e com Bruno Amadei, sócio e vice-presidente da Cultinvest Asset Management, sobre o futuro dos FIDCs, que poderão ter seu público-alvo expandindo. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2022-10-07-classe-senior-recapitulando-os-fidcs-como-funcionam-quais-as-principais-licoes-do-historico-de-20-anos-o-que-esperar<![CDATA[ Recapitulando os FIDCs: Como funcionam? Quais as principais lições do histórico de 20 anos? O que esperar pela frente? ]]>https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNBThu, 29 Sep 2022 00:00:00 GMT00:01:00ArticlesThu, 29 Sep 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631005https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNBThu, 04 Aug 2022 12:00:00 GMT00:01:00ArticlesThu, 04 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630978https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNBTue, 19 Jul 2022 12:00:00 GMT00:01:00ArticlesTue, 19 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630967https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNBWed, 13 Jul 2022 12:00:00 GMT00:01:00ArticlesWed, 13 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630963https://share.vidyard.com/watch/G2xms9psfSumqpvpXZ9jNBTue, 05 Jul 2022 12:00:00 GMT00:01:00https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nv<![CDATA[ Emissões de Certificados de Recebíveis do Agronegócio crescem 49% no comparativo anual até maio ]]>x8uEUZs75XUiFBnF3vs4nv<![CDATA[ Neste episódio, os analistas da S&P Global Ratings Leandro Albuquerque e Victor Nomiyama conversam sobre alguns assuntos abordados em nosso artigo recém-publicado “Carta de Riscos: CRAs e FIDCs do Agronegócio – Emissões de CRAs crescem 49% no comparativo anual até maio”, tais como o ritmo de emissões de CRAs até o momento e suas expectativas para o segundo semestre de 2022. ]]>https://play.vidyard.com/x8uEUZs75XUiFBnF3vs4nvPodcastTue, 05 Jul 2022 12:00:00 GMT<![CDATA[ 5 Jul, 2022 Emissões de Certificados de Recebíveis do Agronegócio crescem 49% no comparativo anual até maio Neste episódio, os analistas da S&P Global Ratings Leandro Albuquerque e Victor Nomiyama conversam sobre alguns assuntos abordados em nosso artigo recém-publicado “Carta de Riscos: CRAs e FIDCs do Agronegócio – Emissões de CRAs crescem 49% no comparativo anual até maio”, tais como o ritmo de emissões de CRAs até o momento e suas expectativas para o segundo semestre de 2022. Artigo relacionado: Carta de Riscos: CRAs e FIDCs do Agronegócio – Emissões de CRAs crescem 49% no comparativo anual até maio Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2022-07-05-classe-senior-emissoes-de-certificados-de-recebiveis-do-agronegocio-crescem-49-no-comparativo-anual-ate-maio<![CDATA[ Emissões de Certificados de Recebíveis do Agronegócio crescem 49% no comparativo anual até maio ]]>https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvMon, 27 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 27 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630955https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvWed, 15 Jun 2022 12:00:00 GMT00:01:00ArticlesWed, 15 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101562200https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvTue, 14 Jun 2022 12:00:00 GMT00:01:00ArticlesTue, 14 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630946https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvMon, 13 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 13 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630950https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvTue, 26 Apr 2022 12:00:00 GMT00:01:00ArticlesTue, 26 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630927https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvMon, 25 Apr 2022 12:00:00 GMT00:01:00ArticlesMon, 25 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630926https://share.vidyard.com/watch/x8uEUZs75XUiFBnF3vs4nvWed, 06 Apr 2022 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoX<![CDATA[ Entendendo os Fiagros: Quais são os fundamentos de crédito e os principais fatores de risco do agronegócio? ]]>ehgaP9gnmkhNqhuiWUYmoX<![CDATA[ Neste episódio, os analistas da S&P Global Ratings, Leandro Albuquerque e Flávia Bedran, junto com os co-gestores de crédito da JGP, Julia Bretz e Alexandre Muller, conversam sobre os fundamentos e riscos do agronegócio, setor que vem se destacando no mercado de crédito e que agora deve se desenvolver e crescer ainda mais com os Fundos de Investimento nas Cadeias Produtivas Agroindustriais (Fiagros). ]]>https://play.vidyard.com/ehgaP9gnmkhNqhuiWUYmoXPodcastWed, 06 Apr 2022 12:00:00 GMT<![CDATA[ 6 Apr, 2022 Entendendo os Fiagros: Quais são os fundamentos de crédito e os principais fatores de risco do agronegócio? Neste episódio, os analistas da S&P Global Ratings, Leandro Albuquerque e Flávia Bedran, junto com os co-gestores de crédito da JGP, Julia Bretz e Alexandre Muller, conversam sobre os fundamentos e riscos do agronegócio, setor que vem se destacando no mercado de crédito e que agora deve se desenvolver e crescer ainda mais com os Fundos de Investimento nas Cadeias Produtivas Agroindustriais (Fiagros). Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2022-04-06-classe-senior-entendendo-os-fiagros-quais-sao-os-fundamentos-de-credito-e-os-principais-fatores-de-risco-do-agronegoc<![CDATA[ Entendendo os Fiagros: Quais são os fundamentos de crédito e os principais fatores de risco do agronegócio? ]]>https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoXTue, 05 Apr 2022 12:00:00 GMT00:01:00ArticlesTue, 05 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630928https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoXMon, 04 Apr 2022 12:00:00 GMT00:01:00ArticlesMon, 04 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630915https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoXFri, 18 Mar 2022 00:00:00 GMT00:01:00ArticlesFri, 18 Mar 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630918https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoXTue, 15 Mar 2022 12:00:00 GMT00:01:00ArticlesTue, 15 Mar 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630910https://share.vidyard.com/watch/ehgaP9gnmkhNqhuiWUYmoXWed, 09 Mar 2022 12:00:00 GMT00:01:00https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZ<![CDATA[ Perspectivas para o mercado de crédito estruturado em 2022 ]]>G8QcwJ8xf5ctLryhbsDPMZ<![CDATA[ Neste episódio, Leandro Albuquerque e Marcus Fernandes conversam sobre as perspectivas para FIDCs, CRIs e CRAs considerando o cenário nacional de juros e inflação elevados, a incerteza política com as eleições no final do ano, além das incertezas geopolíticas no mundo com o conflito entre Ucrânia e Rússia. ]]>https://play.vidyard.com/G8QcwJ8xf5ctLryhbsDPMZPodcastWed, 09 Mar 2022 12:00:00 GMT<![CDATA[ 9 Mar, 2022 Perspectivas para o mercado de crédito estruturado em 2022 Neste episódio, Leandro Albuquerque e Marcus Fernandes conversam sobre as perspectivas para FIDCs, CRIs e CRAs considerando o cenário nacional de juros e inflação elevados, a incerteza política com as eleições no final do ano, além das incertezas geopolíticas no mundo com o conflito entre Ucrânia e Rússia. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2022-03-09-classe-senior-perspectivas-para-o-mercado-de-credito-estruturado-em-2022<![CDATA[ Perspectivas para o mercado de crédito estruturado em 2022 ]]>https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZThu, 24 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 24 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630902https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 09 Feb 2022 00:00:00 GMT00:01:00ArticlesWed, 09 Feb 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630886https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZThu, 03 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 03 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630888https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 02 Feb 2022 12:00:00 GMT00:01:00ArticlesWed, 02 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630882https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZMon, 31 Jan 2022 12:00:00 GMT00:01:00ArticlesMon, 31 Jan 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630889https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 26 Jan 2022 12:00:00 GMT00:01:00ArticlesWed, 26 Jan 2022 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630878https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 19 Jan 2022 00:00:00 GMT00:01:00ArticlesWed, 19 Jan 2022 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630879https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZMon, 13 Dec 2021 00:00:00 GMT00:01:00ArticlesMon, 13 Dec 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630874https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 01 Dec 2021 19:00:00 GMT00:01:00ArticlesWed, 01 Dec 2021 19:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630872https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZTue, 30 Nov 2021 12:00:00 GMT00:01:00ArticlesTue, 30 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100772164https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZTue, 26 Oct 2021 12:00:00 GMT00:01:00ArticlesTue, 26 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630862https://share.vidyard.com/watch/G8QcwJ8xf5ctLryhbsDPMZWed, 20 Oct 2021 12:00:00 GMT00:01:00https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFy<![CDATA[ Impacto do aumento dos juros e inflação no setor imobiliário e no risco dos CRIs ]]>eGJaq431TqaNxLRcmAEuFy<![CDATA[ Neste episódio, Leandro Albuquerque conversa com os analistas da S&P Global Ratings Marcelo Pappiani, Guilherme Machado e Marcus Fernandes sobre o impacto do aumento da inflação e dos juros no segmento imobiliário e, vale ressaltar, que também abordarão o futuro dos Certificados de Recebíveis Imobiliários (CRIs) e o que poderia acontecer com esse mercado se a inflação e os juros continuarem subindo. ]]>https://play.vidyard.com/eGJaq431TqaNxLRcmAEuFyPodcastWed, 20 Oct 2021 12:00:00 GMT<![CDATA[ 20 Oct, 2021 Impacto do aumento dos juros e inflação no setor imobiliário e no risco dos CRIs Neste episódio, Leandro Albuquerque conversa com os analistas da S&P Global Ratings Marcelo Pappiani, Guilherme Machado e Marcus Fernandes sobre o impacto do aumento da inflação e dos juros no segmento imobiliário e, vale ressaltar, que também abordarão o futuro dos Certificados de Recebíveis Imobiliários (CRIs) e o que poderia acontecer com esse mercado se a inflação e os juros continuarem subindo. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2021-10-20-classe-senior-impacto-do-aumento-dos-juros-e-inflacao-no-setor-imobiliario-e-no-risco-dos-cris<![CDATA[ Impacto do aumento dos juros e inflação no setor imobiliário e no risco dos CRIs ]]>https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyTue, 19 Oct 2021 00:00:00 GMT00:01:00ArticlesTue, 19 Oct 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630855https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyWed, 13 Oct 2021 00:00:00 GMT00:01:00ArticlesWed, 13 Oct 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630854https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyTue, 05 Oct 2021 00:00:00 GMT00:01:00ArticlesTue, 05 Oct 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630846https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyFri, 01 Oct 2021 12:00:00 GMT00:01:00ArticlesFri, 01 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630851https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyMon, 20 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 20 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630850https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyMon, 13 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 13 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630835https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyFri, 20 Aug 2021 12:00:00 GMT00:01:00ArticlesFri, 20 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630820https://share.vidyard.com/watch/eGJaq431TqaNxLRcmAEuFyMon, 19 Jul 2021 12:00:00 GMT00:01:00https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4<![CDATA[ Qual poderia ser o impacto de inflação e juros mais altos nas diversas classes de ativos de créditos estruturados? ]]>VtpH1Kz6Et1rtLhqWVfFo4<![CDATA[ Neste episódio, Leandro Albuquerque, Daniela Gamboa, Head de Crédito Privado na Sul America, e Arturo Profili, Gestor de Estratégia de Crédito da Capitânia Investimentos, abordarão temas como o desempenho de diversas classes de ativos de crédito estruturado desde o começo da pandemia, as expectativas de aumento da inflação e a consequente reação de juros e SELIC/CDI, além dos impactos que esses eventos poderão ter nos instrumentos de crédito estruturado em termos de atratividade dos retornos aos investidores e de risco para as diversas classes de ativos. E, por fim, falarão sobre os desafios do mercado, as visões sobre risco e os planos das gestoras. ]]>https://play.vidyard.com/VtpH1Kz6Et1rtLhqWVfFo4PodcastMon, 19 Jul 2021 12:00:00 GMT<![CDATA[ 19 Jul, 2021 Qual poderia ser o impacto de inflação e juros mais altos nas diversas classes de ativos de créditos estruturados? Neste episódio, Leandro Albuquerque, Daniela Gamboa, Head de Crédito Privado na Sul America, e Arturo Profili, Gestor de Estratégia de Crédito da Capitânia Investimentos, abordarão temas como o desempenho de diversas classes de ativos de crédito estruturado desde o começo da pandemia, as expectativas de aumento da inflação e a consequente reação de juros e SELIC/CDI, além dos impactos que esses eventos poderão ter nos instrumentos de crédito estruturado em termos de atratividade dos retornos aos investidores e de risco para as diversas classes de ativos. E, por fim, falarão sobre os desafios do mercado, as visões sobre risco e os planos das gestoras. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2021-07-19-classe-senior-qual-poderia-ser-o-impacto-de-inflacao-e-juros-mais-altos-nas-diversas-classes-de-ativos-de-creditos-es<![CDATA[ Qual poderia ser o impacto de inflação e juros mais altos nas diversas classes de ativos de créditos estruturados? ]]>https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Mon, 19 Jul 2021 12:00:00 GMT00:01:00ArticlesMon, 19 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630807https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 15 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 15 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630801https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 08 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 08 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101631056https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100123256https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630792https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Thu, 27 May 2021 12:00:00 GMT00:01:00ArticlesThu, 27 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630789https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 11 May 2021 12:00:00 GMT00:01:00ArticlesTue, 11 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630782https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 21 Apr 2021 00:00:00 GMT00:01:00ArticlesWed, 21 Apr 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630839https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630825https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630823https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630826https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630824https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630827https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Wed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630828https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 30 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 30 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630753https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Mon, 29 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 29 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630759https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 09 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 09 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630742https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Mon, 22 Feb 2021 12:00:00 GMT00:01:00ArticlesMon, 22 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630733https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Mon, 21 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 21 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630715https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Thu, 10 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 10 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100047971https://share.vidyard.com/watch/VtpH1Kz6Et1rtLhqWVfFo4Tue, 06 Oct 2020 12:00:00 GMT00:01:00https://share.vidyard.com/watch/DbjXCEhY4j2D1X8CCWpHVq<![CDATA[ Fintechs E Inovação No Crédito Estruturado ]]>DbjXCEhY4j2D1X8CCWpHVq<![CDATA[ Neste sexto episódio do Classe Sênior, Leandro Albuquerque conversa com Martha de Sá, sócia-fundadora da Vert Capital, e Marcelo Urbano, sócio fundador da Augme Capital sobre inovação financeira e o crescimento vibrante das Fintechs no Brasil. Entre os tópicos abordados se destacam: o impacto social, a trajetória das Fintechs até o mercado de capitais, principalmente com o uso de instrumentos de securitização, e os riscos nesse mercado. ]]>https://play.vidyard.com/DbjXCEhY4j2D1X8CCWpHVqPodcastTue, 06 Oct 2020 12:00:00 GMT<![CDATA[ 6 Oct, 2020 Fintechs E Inovação No Crédito Estruturado Neste sexto episódio do Classe Sênior, Leandro Albuquerque conversa com Martha de Sá, sócia-fundadora da Vert Capital, e Marcelo Urbano, sócio fundador da Augme Capital sobre inovação financeira e o crescimento vibrante das Fintechs no Brasil. Entre os tópicos abordados se destacam: o impacto social, a trajetória das Fintechs até o mercado de capitais, principalmente com o uso de instrumentos de securitização, e os riscos nesse mercado. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2020-10-06-classe-senior-fintechs-e-inovacao-no-credito-estruturado<![CDATA[ Fintechs E Inovação No Crédito Estruturado ]]>https://share.vidyard.com/watch/DbjXCEhY4j2D1X8CCWpHVqFri, 18 Sep 2020 12:00:00 GMT00:01:00ArticlesFri, 18 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630608https://share.vidyard.com/watch/DbjXCEhY4j2D1X8CCWpHVqMon, 31 Aug 2020 12:00:00 GMT00:01:00https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46A<![CDATA[ O Futuro Do Crédito Estruturado Pós-Pandemia ]]>TfFN7NKnRXCHEhzjqsr46A<![CDATA[ Neste quinto episódio de Classe Sênior, Leandro Albuquerque conversa com Leonardo Calixto, CEO da Empírica Investimentos, e Ricardo Nunes, Gestor de Crédito da Itaú Asset Management, sobre o futuro do crédito estruturado após a pandemia. ]]>https://play.vidyard.com/TfFN7NKnRXCHEhzjqsr46APodcastMon, 31 Aug 2020 12:00:00 GMT<![CDATA[ 31 Aug, 2020 O Futuro Do Crédito Estruturado Pós-Pandemia Neste quinto episódio de Classe Sênior, Leandro Albuquerque conversa com Leonardo Calixto, CEO da Empírica Investimentos, e Ricardo Nunes, Gestor de Crédito da Itaú Asset Management, sobre o futuro do crédito estruturado após a pandemia. Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2020-08-31-classe-senior-o-futuro-do-credito-estruturado-pos-pandemia<![CDATA[ O Futuro Do Crédito Estruturado Pós-Pandemia ]]>https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AThu, 27 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 27 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630607https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AThu, 20 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 20 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630604https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AThu, 06 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 06 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630603https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AMon, 27 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 27 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630601https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AMon, 29 Jun 2020 12:00:00 GMT00:01:00ArticlesMon, 29 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630590https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46ATue, 23 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 23 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630587https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AMon, 22 Jun 2020 00:00:00 GMT00:01:00ArticlesMon, 22 Jun 2020 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630591https://share.vidyard.com/watch/TfFN7NKnRXCHEhzjqsr46AMon, 15 Jun 2020 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcs<![CDATA[ Como a COVID-19 está impactando as emissoes de FIDCs, CRIs, CRAs e LIG? ]]>ZMSPSqYhxw7us2ULzRrqcs<![CDATA[ Neste Episódio 3 do “Classe Sênior - Por dentro dos FIDCs, CRIs, CRAs e LIGs”, os analistas da área de operações estruturadas Leandro Albuquerque e Marcus Fernandes analisam o impacto da pandemia no desempenho de FIDCs, CRIs e CRAs, em especial os CRIs lastreados por fluxo de aluguéis de Shopping Centes e diversos tipos de FIDCs: multicedentes e multi-sacados, lastreados por créditos ao consumidor e originados por Fintechs de Crédito. ]]>https://play.vidyard.com/ZMSPSqYhxw7us2ULzRrqcsPodcastMon, 15 Jun 2020 12:00:00 GMT<![CDATA[ 15 Jun, 2020 Como a COVID-19 está impactando as emissoes de FIDCs, CRIs, CRAs e LIG? Neste Episódio 3 do “Classe Sênior - Por dentro dos FIDCs, CRIs, CRAs e LIGs”, os analistas da área de operações estruturadas Leandro Albuquerque e Marcus Fernandes analisam o impacto da pandemia no desempenho de FIDCs, CRIs e CRAs, em especial os CRIs lastreados por fluxo de aluguéis de Shopping Centes e diversos tipos de FIDCs: multicedentes e multi-sacados, lastreados por créditos ao consumidor e originados por Fintechs de Crédito. Artigo relacionado: Reflexos da COVID-19 no segmento de FIDCs de múltiplos cedentes Ouça e siga este podcast no Apple Podcasts, Spotify e Deezer. ]]>https://www.spglobal.com/ratings/pt/multimedia/2020-06-15-classe-senior-como-a-covid-19-esta-impactando-as-emissoes-de-fidcs-cris-cras-e-lig<![CDATA[ Como a COVID-19 está impactando as emissoes de FIDCs, CRIs, CRAs e LIG? ]]>https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 09 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 09 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630578https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 09 Jun 2020 00:00:00 GMT00:01:00ArticlesTue, 09 Jun 2020 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630580https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 03 Jun 2020 12:00:00 GMT00:01:00ArticlesWed, 03 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630577https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 29 May 2020 12:00:00 GMT00:01:00ArticlesFri, 29 May 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630575https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 May 2020 12:00:00 GMT00:01:00ArticlesMon, 18 May 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630571https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 14 May 2020 12:00:00 GMT00:01:00ArticlesThu, 14 May 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630570https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 29 Apr 2020 12:00:00 GMT00:01:00ArticlesWed, 29 Apr 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630564https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 23 Apr 2020 12:00:00 GMT00:01:00ArticlesThu, 23 Apr 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630561https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 Apr 2020 12:00:00 GMT00:01:00ArticlesTue, 07 Apr 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630557https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 06 Apr 2020 12:00:00 GMT00:01:00ArticlesMon, 06 Apr 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100042994https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 27 Mar 2020 12:00:00 GMT00:01:00ArticlesFri, 27 Mar 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630553https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 24 Mar 2020 12:00:00 GMT00:01:00ArticlesTue, 24 Mar 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630549https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 02 Mar 2020 12:00:00 GMT00:01:00ArticlesMon, 02 Mar 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630543https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 12 Feb 2020 12:00:00 GMT00:01:00ArticlesWed, 12 Feb 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630534https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 12 Feb 2020 00:00:00 GMT00:01:00ArticlesWed, 12 Feb 2020 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630538https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 04 Feb 2020 12:00:00 GMT00:01:00ArticlesTue, 04 Feb 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630535https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 03 Feb 2020 12:00:00 GMT00:01:00ArticlesMon, 03 Feb 2020 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630508https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 13 Dec 2019 00:00:00 GMT00:01:00ArticlesFri, 13 Dec 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630502https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 11 Dec 2019 12:00:00 GMT00:01:00ArticlesWed, 11 Dec 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100041799https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 21 Nov 2019 12:00:00 GMT00:01:00ArticlesThu, 21 Nov 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630496https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Nov 2019 12:00:00 GMT00:01:00ArticlesMon, 18 Nov 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630491https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 24 Oct 2019 12:00:00 GMT00:01:00ArticlesThu, 24 Oct 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630488https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 26 Sep 2019 12:00:00 GMT00:01:00ArticlesThu, 26 Sep 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630483https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 23 Sep 2019 12:00:00 GMT00:01:00ArticlesMon, 23 Sep 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630485https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 26 Aug 2019 12:00:00 GMT00:01:00ArticlesMon, 26 Aug 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630463https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 23 Aug 2019 12:00:00 GMT00:01:00ArticlesFri, 23 Aug 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630465https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 22 Aug 2019 12:00:00 GMT00:01:00ArticlesThu, 22 Aug 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630462https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 22 Aug 2019 12:00:00 GMT00:01:00ArticlesThu, 22 Aug 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630461https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 22 Aug 2019 12:00:00 GMT00:01:00ArticlesThu, 22 Aug 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630460https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 24 Jul 2019 12:00:00 GMT00:01:00ArticlesWed, 24 Jul 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630297https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 19 Jul 2019 00:00:00 GMT00:01:00ArticlesFri, 19 Jul 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630178https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 18 Jul 2019 00:00:00 GMT00:01:00ArticlesThu, 18 Jul 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630119https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 17 Jul 2019 00:00:00 GMT00:01:00ArticlesWed, 17 Jul 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630170https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 11 Jul 2019 12:00:00 GMT00:01:00ArticlesThu, 11 Jul 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630299https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 20 Jun 2019 12:00:00 GMT00:01:00ArticlesThu, 20 Jun 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630487https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 11 Jun 2019 00:00:00 GMT00:01:00ArticlesTue, 11 Jun 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630121https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 14 May 2019 00:00:00 GMT00:01:00ArticlesTue, 14 May 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630177https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 May 2019 00:00:00 GMT00:01:00ArticlesTue, 07 May 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630171https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 09 Apr 2019 00:00:00 GMT00:01:00ArticlesTue, 09 Apr 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630172https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 28 Mar 2019 12:00:00 GMT00:01:00ArticlesThu, 28 Mar 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630173https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 25 Mar 2019 00:00:00 GMT00:01:00ArticlesMon, 25 Mar 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630120https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 08 Mar 2019 12:00:00 GMT00:01:00ArticlesFri, 08 Mar 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630288https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 22 Feb 2019 00:00:00 GMT00:01:00ArticlesFri, 22 Feb 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630158https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 11 Feb 2019 12:00:00 GMT00:01:00ArticlesMon, 11 Feb 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630174https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 07 Feb 2019 12:00:00 GMT00:01:00ArticlesThu, 07 Feb 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100019231https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 31 Jan 2019 12:00:00 GMT00:01:00ArticlesThu, 31 Jan 2019 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630175https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 29 Jan 2019 00:00:00 GMT00:01:00ArticlesTue, 29 Jan 2019 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630176https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 12 Dec 2018 00:00:00 GMT00:01:00ArticlesWed, 12 Dec 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630272https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 11 Dec 2018 12:00:00 GMT00:01:00ArticlesTue, 11 Dec 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630283https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 03 Dec 2018 12:00:00 GMT00:01:00ArticlesMon, 03 Dec 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630159https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 06 Nov 2018 00:00:00 GMT00:01:00ArticlesTue, 06 Nov 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630273https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 05 Nov 2018 12:00:00 GMT00:01:00ArticlesMon, 05 Nov 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630293https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 31 Oct 2018 12:00:00 GMT00:01:00ArticlesWed, 31 Oct 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630285https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 29 Oct 2018 00:00:00 GMT00:01:00ArticlesMon, 29 Oct 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630160https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 23 Oct 2018 00:00:00 GMT00:01:00ArticlesTue, 23 Oct 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630271https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 16 Oct 2018 12:00:00 GMT00:01:00ArticlesTue, 16 Oct 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630292https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 01 Oct 2018 00:00:00 GMT00:01:00ArticlesMon, 01 Oct 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630274https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 10 Sep 2018 00:00:00 GMT00:01:00ArticlesMon, 10 Sep 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630275https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 17 Aug 2018 12:00:00 GMT00:01:00ArticlesFri, 17 Aug 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630294https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 09 Aug 2018 12:00:00 GMT00:01:00ArticlesThu, 09 Aug 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100017750https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 06 Aug 2018 00:00:00 GMT00:01:00ArticlesMon, 06 Aug 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630276https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 19 Jun 2018 00:00:00 GMT00:01:00ArticlesTue, 19 Jun 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630161https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Jun 2018 12:00:00 GMT00:01:00ArticlesMon, 18 Jun 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630290https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Jun 2018 12:00:00 GMT00:01:00ArticlesMon, 18 Jun 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630291https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Jun 2018 12:00:00 GMT00:01:00ArticlesMon, 18 Jun 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630289https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 06 Jun 2018 00:00:00 GMT00:01:00ArticlesWed, 06 Jun 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630162https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 31 May 2018 12:00:00 GMT00:01:00ArticlesThu, 31 May 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630163https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 30 May 2018 00:00:00 GMT00:01:00ArticlesWed, 30 May 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630278https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 08 May 2018 00:00:00 GMT00:01:00ArticlesTue, 08 May 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630164https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 07 May 2018 12:00:00 GMT00:01:00ArticlesMon, 07 May 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630295https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 26 Apr 2018 00:00:00 GMT00:01:00ArticlesThu, 26 Apr 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630165https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 25 Apr 2018 12:00:00 GMT00:01:00ArticlesWed, 25 Apr 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630286https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 10 Apr 2018 12:00:00 GMT00:01:00ArticlesTue, 10 Apr 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630296https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 27 Mar 2018 00:00:00 GMT00:01:00ArticlesTue, 27 Mar 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630166https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 19 Mar 2018 00:00:00 GMT00:01:00ArticlesMon, 19 Mar 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630279https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 21 Feb 2018 12:00:00 GMT00:01:00ArticlesWed, 21 Feb 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630287https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 02 Feb 2018 12:00:00 GMT00:01:00ArticlesFri, 02 Feb 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630280https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 25 Jan 2018 00:00:00 GMT00:01:00ArticlesThu, 25 Jan 2018 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630281https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 11 Jan 2018 12:00:00 GMT00:01:00ArticlesThu, 11 Jan 2018 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s100016097https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Dec 2017 12:00:00 GMT00:01:00ArticlesMon, 18 Dec 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630304https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 13 Dec 2017 12:00:00 GMT00:01:00ArticlesWed, 13 Dec 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630440https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 04 Dec 2017 12:00:00 GMT00:01:00ArticlesMon, 04 Dec 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630397https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 28 Nov 2017 12:00:00 GMT00:01:00ArticlesTue, 28 Nov 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630398https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 21 Nov 2017 12:00:00 GMT00:01:00ArticlesTue, 21 Nov 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630305https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 25 Oct 2017 12:00:00 GMT00:01:00ArticlesWed, 25 Oct 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630364https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 11 Oct 2017 00:00:00 GMT00:01:00ArticlesWed, 11 Oct 2017 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630415https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 22 Sep 2017 12:00:00 GMT00:01:00ArticlesFri, 22 Sep 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630431https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 20 Sep 2017 12:00:00 GMT00:01:00ArticlesWed, 20 Sep 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630399https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 04 Sep 2017 12:00:00 GMT00:01:00ArticlesMon, 04 Sep 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630441https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 24 Aug 2017 12:00:00 GMT00:01:00ArticlesThu, 24 Aug 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630306https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 24 Aug 2017 12:00:00 GMT00:01:00ArticlesThu, 24 Aug 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630416https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 22 Aug 2017 12:00:00 GMT00:01:00ArticlesTue, 22 Aug 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630365https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 20 Jul 2017 12:00:00 GMT00:01:00ArticlesThu, 20 Jul 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630307https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 30 Jun 2017 00:00:00 GMT00:01:00ArticlesFri, 30 Jun 2017 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630167https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 30 Jun 2017 00:00:00 GMT00:01:00ArticlesFri, 30 Jun 2017 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630366https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 20 Jun 2017 00:00:00 GMT00:01:00ArticlesTue, 20 Jun 2017 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630168https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 07 Jun 2017 12:00:00 GMT00:01:00ArticlesWed, 07 Jun 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630433https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 07 Jun 2017 12:00:00 GMT00:01:00ArticlesWed, 07 Jun 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630434https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 07 Jun 2017 12:00:00 GMT00:01:00ArticlesWed, 07 Jun 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630432https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 13 Apr 2017 12:00:00 GMT00:01:00ArticlesThu, 13 Apr 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630563https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 15 Mar 2017 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630435https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 21 Feb 2017 12:00:00 GMT00:01:00ArticlesTue, 21 Feb 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630367https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 14 Feb 2017 12:00:00 GMT00:01:00ArticlesTue, 14 Feb 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630308https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 17 Jan 2017 12:00:00 GMT00:01:00ArticlesTue, 17 Jan 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630442https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 11 Jan 2017 12:00:00 GMT00:01:00ArticlesWed, 11 Jan 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630400https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 09 Jan 2017 12:00:00 GMT00:01:00ArticlesMon, 09 Jan 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630369https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 04 Jan 2017 12:00:00 GMT00:01:00ArticlesWed, 04 Jan 2017 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630443https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 21 Dec 2016 12:00:00 GMT00:01:00ArticlesWed, 21 Dec 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630370https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 20 Dec 2016 12:00:00 GMT00:01:00ArticlesTue, 20 Dec 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630444https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 14 Dec 2016 12:00:00 GMT00:01:00ArticlesWed, 14 Dec 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630309https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 13 Dec 2016 12:00:00 GMT00:01:00ArticlesTue, 13 Dec 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630310https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 06 Dec 2016 12:00:00 GMT00:01:00ArticlesTue, 06 Dec 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630445https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 30 Nov 2016 12:00:00 GMT00:01:00ArticlesWed, 30 Nov 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630371https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 16 Nov 2016 12:00:00 GMT00:01:00ArticlesWed, 16 Nov 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630417https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 01 Nov 2016 12:00:00 GMT00:01:00ArticlesTue, 01 Nov 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630372https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 11 Oct 2016 12:00:00 GMT00:01:00ArticlesTue, 11 Oct 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630401https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 11 Oct 2016 12:00:00 GMT00:01:00ArticlesTue, 11 Oct 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630311https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 10 Oct 2016 00:00:00 GMT00:01:00ArticlesMon, 10 Oct 2016 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630169https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 07 Oct 2016 12:00:00 GMT00:01:00ArticlesFri, 07 Oct 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630312https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 07 Oct 2016 12:00:00 GMT00:01:00ArticlesFri, 07 Oct 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630357https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 05 Oct 2016 12:00:00 GMT00:01:00ArticlesWed, 05 Oct 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630373https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 27 Sep 2016 12:00:00 GMT00:01:00ArticlesTue, 27 Sep 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630446https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 26 Sep 2016 12:00:00 GMT00:01:00ArticlesMon, 26 Sep 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630374https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 20 Sep 2016 12:00:00 GMT00:01:00ArticlesTue, 20 Sep 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630313https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 12 Sep 2016 12:00:00 GMT00:01:00ArticlesMon, 12 Sep 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630314https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 02 Sep 2016 12:00:00 GMT00:01:00ArticlesFri, 02 Sep 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630402https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 31 Aug 2016 12:00:00 GMT00:01:00ArticlesWed, 31 Aug 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630315https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 23 Aug 2016 12:00:00 GMT00:01:00ArticlesTue, 23 Aug 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630358https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 22 Aug 2016 12:00:00 GMT00:01:00ArticlesMon, 22 Aug 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630375https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 17 Aug 2016 00:00:00 GMT00:01:00ArticlesWed, 17 Aug 2016 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630376https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 16 Aug 2016 12:00:00 GMT00:01:00ArticlesTue, 16 Aug 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630377https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 03 Aug 2016 12:00:00 GMT00:01:00ArticlesWed, 03 Aug 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630316https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Jul 2016 12:00:00 GMT00:01:00ArticlesMon, 18 Jul 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630317https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 13 Jul 2016 12:00:00 GMT00:01:00ArticlesWed, 13 Jul 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630318https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 07 Jul 2016 12:00:00 GMT00:01:00ArticlesThu, 07 Jul 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630448https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 05 Jul 2016 12:00:00 GMT00:01:00ArticlesTue, 05 Jul 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630319https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 04 Jul 2016 12:00:00 GMT00:01:00ArticlesMon, 04 Jul 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630320https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 27 Jun 2016 12:00:00 GMT00:01:00ArticlesMon, 27 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630378https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 21 Jun 2016 12:00:00 GMT00:01:00ArticlesTue, 21 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630321https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 17 Jun 2016 12:00:00 GMT00:01:00ArticlesFri, 17 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630359https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 17 Jun 2016 12:00:00 GMT00:01:00ArticlesFri, 17 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630447https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 Jun 2016 12:00:00 GMT00:01:00ArticlesTue, 07 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630436https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 Jun 2016 12:00:00 GMT00:01:00ArticlesTue, 07 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630437https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 Jun 2016 12:00:00 GMT00:01:00ArticlesTue, 07 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630438https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 07 Jun 2016 12:00:00 GMT00:01:00ArticlesTue, 07 Jun 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630449https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 31 May 2016 12:00:00 GMT00:01:00ArticlesTue, 31 May 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630450https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 25 Apr 2016 12:00:00 GMT00:01:00ArticlesMon, 25 Apr 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630379https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 25 Apr 2016 12:00:00 GMT00:01:00ArticlesMon, 25 Apr 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630380https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 19 Apr 2016 12:00:00 GMT00:01:00ArticlesTue, 19 Apr 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630322https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 18 Apr 2016 12:00:00 GMT00:01:00ArticlesMon, 18 Apr 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630451https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 14 Apr 2016 12:00:00 GMT00:01:00ArticlesThu, 14 Apr 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630360https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 28 Mar 2016 12:00:00 GMT00:01:00ArticlesMon, 28 Mar 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630418https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 01 Mar 2016 12:00:00 GMT00:01:00ArticlesTue, 01 Mar 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630323https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 04 Feb 2016 12:00:00 GMT00:01:00ArticlesThu, 04 Feb 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630326https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 29 Jan 2016 12:00:00 GMT00:01:00ArticlesFri, 29 Jan 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630327https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 13 Jan 2016 12:00:00 GMT00:01:00ArticlesWed, 13 Jan 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630328https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 12 Jan 2016 12:00:00 GMT00:01:00ArticlesTue, 12 Jan 2016 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630330https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 09 Dec 2015 12:00:00 GMT00:01:00ArticlesWed, 09 Dec 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630403https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 08 Dec 2015 12:00:00 GMT00:01:00ArticlesTue, 08 Dec 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630363https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 14 Oct 2015 12:00:00 GMT00:01:00ArticlesWed, 14 Oct 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630333https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 14 Oct 2015 12:00:00 GMT00:01:00ArticlesWed, 14 Oct 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630381https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 08 Oct 2015 12:00:00 GMT00:01:00ArticlesThu, 08 Oct 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630382https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 30 Sep 2015 12:00:00 GMT00:01:00ArticlesWed, 30 Sep 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630334https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 29 Sep 2015 12:00:00 GMT00:01:00ArticlesTue, 29 Sep 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630383https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 28 Sep 2015 12:00:00 GMT00:01:00ArticlesMon, 28 Sep 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630361https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 25 Sep 2015 12:00:00 GMT00:01:00ArticlesFri, 25 Sep 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630384https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 24 Sep 2015 12:00:00 GMT00:01:00ArticlesThu, 24 Sep 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630335https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 31 Aug 2015 12:00:00 GMT00:01:00ArticlesMon, 31 Aug 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630385https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 12 Aug 2015 12:00:00 GMT00:01:00ArticlesWed, 12 Aug 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630452https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 12 Aug 2015 00:00:00 GMT00:01:00ArticlesWed, 12 Aug 2015 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630362https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 04 Aug 2015 12:00:00 GMT00:01:00ArticlesTue, 04 Aug 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630404https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 01 Jul 2015 12:00:00 GMT00:01:00ArticlesWed, 01 Jul 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630453https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 29 Jun 2015 12:00:00 GMT00:01:00ArticlesMon, 29 Jun 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630336https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 18 Jun 2015 12:00:00 GMT00:01:00ArticlesThu, 18 Jun 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630419https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 13 May 2015 12:00:00 GMT00:01:00ArticlesWed, 13 May 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630386https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 20 Apr 2015 12:00:00 GMT00:01:00ArticlesMon, 20 Apr 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630337https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 16 Apr 2015 12:00:00 GMT00:01:00ArticlesThu, 16 Apr 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630405https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 16 Apr 2015 12:00:00 GMT00:01:00ArticlesThu, 16 Apr 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630338https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 13 Apr 2015 12:00:00 GMT00:01:00ArticlesMon, 13 Apr 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630339https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 09 Mar 2015 12:00:00 GMT00:01:00ArticlesMon, 09 Mar 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630420https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 19 Feb 2015 12:00:00 GMT00:01:00ArticlesThu, 19 Feb 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630340https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 13 Feb 2015 00:00:00 GMT00:01:00ArticlesFri, 13 Feb 2015 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630388https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 12 Feb 2015 12:00:00 GMT00:01:00ArticlesThu, 12 Feb 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630341https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 09 Feb 2015 12:00:00 GMT00:01:00ArticlesMon, 09 Feb 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630422https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 02 Feb 2015 12:00:00 GMT00:01:00ArticlesMon, 02 Feb 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630342https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 20 Jan 2015 12:00:00 GMT00:01:00ArticlesTue, 20 Jan 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630454https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 15 Jan 2015 12:00:00 GMT00:01:00ArticlesThu, 15 Jan 2015 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630423https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 26 Dec 2014 12:00:00 GMT00:01:00ArticlesFri, 26 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630343https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 25 Dec 2014 12:00:00 GMT00:01:00ArticlesThu, 25 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630406https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 22 Dec 2014 12:00:00 GMT00:01:00ArticlesMon, 22 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630344https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 15 Dec 2014 12:00:00 GMT00:01:00ArticlesMon, 15 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630345https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 11 Dec 2014 12:00:00 GMT00:01:00ArticlesThu, 11 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630346https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 01 Dec 2014 12:00:00 GMT00:01:00ArticlesMon, 01 Dec 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630347https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 18 Nov 2014 12:00:00 GMT00:01:00ArticlesTue, 18 Nov 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630455https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 11 Nov 2014 12:00:00 GMT00:01:00ArticlesTue, 11 Nov 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630407https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 28 Oct 2014 12:00:00 GMT00:01:00ArticlesTue, 28 Oct 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630408https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 27 Oct 2014 00:00:00 GMT00:01:00ArticlesMon, 27 Oct 2014 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630424https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 15 Oct 2014 12:00:00 GMT00:01:00ArticlesWed, 15 Oct 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630425https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 08 Oct 2014 12:00:00 GMT00:01:00ArticlesWed, 08 Oct 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630456https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 24 Sep 2014 12:00:00 GMT00:01:00ArticlesWed, 24 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630426https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 24 Sep 2014 00:00:00 GMT00:01:00ArticlesWed, 24 Sep 2014 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630389https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 22 Sep 2014 12:00:00 GMT00:01:00ArticlesMon, 22 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630348https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 16 Sep 2014 12:00:00 GMT00:01:00ArticlesTue, 16 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630427https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 15 Sep 2014 12:00:00 GMT00:01:00ArticlesMon, 15 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630349https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 10 Sep 2014 12:00:00 GMT00:01:00ArticlesWed, 10 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630350https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 10 Sep 2014 12:00:00 GMT00:01:00ArticlesWed, 10 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630351https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 10 Sep 2014 12:00:00 GMT00:01:00ArticlesWed, 10 Sep 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630352https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 06 Aug 2014 12:00:00 GMT00:01:00ArticlesWed, 06 Aug 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630457https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 31 Jul 2014 12:00:00 GMT00:01:00ArticlesThu, 31 Jul 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630409https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 25 Jul 2014 12:00:00 GMT00:01:00ArticlesFri, 25 Jul 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630353https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 08 May 2014 12:00:00 GMT00:01:00ArticlesThu, 08 May 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630390https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 31 Mar 2014 12:00:00 GMT00:01:00ArticlesMon, 31 Mar 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630428https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 25 Mar 2014 12:00:00 GMT00:01:00ArticlesTue, 25 Mar 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630410https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 20 Mar 2014 12:00:00 GMT00:01:00ArticlesThu, 20 Mar 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630458https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 24 Feb 2014 12:00:00 GMT00:01:00ArticlesMon, 24 Feb 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630429https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 20 Feb 2014 12:00:00 GMT00:01:00ArticlesThu, 20 Feb 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630439https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 17 Feb 2014 12:00:00 GMT00:01:00ArticlesMon, 17 Feb 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630391https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 06 Feb 2014 12:00:00 GMT00:01:00ArticlesThu, 06 Feb 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630392https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 05 Feb 2014 00:00:00 GMT00:01:00ArticlesWed, 05 Feb 2014 00:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630251https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 09 Jan 2014 12:00:00 GMT00:01:00ArticlesThu, 09 Jan 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630354https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 08 Jan 2014 12:00:00 GMT00:01:00ArticlesWed, 08 Jan 2014 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630393https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 09 Dec 2013 12:00:00 GMT00:01:00ArticlesMon, 09 Dec 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630356https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 09 Dec 2013 12:00:00 GMT00:01:00ArticlesMon, 09 Dec 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630355https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 28 Nov 2013 07:00:00 GMT00:01:00ArticlesThu, 28 Nov 2013 07:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630394https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 14 Nov 2013 12:00:00 GMT00:01:00ArticlesThu, 14 Nov 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630411https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsThu, 15 Aug 2013 12:00:00 GMT00:01:00ArticlesThu, 15 Aug 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630395https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 31 Jul 2013 12:00:00 GMT00:01:00ArticlesWed, 31 Jul 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630412https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 23 Jul 2013 12:00:00 GMT00:01:00ArticlesTue, 23 Jul 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630413https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTue, 16 Jul 2013 12:00:00 GMT00:01:00ArticlesTue, 16 Jul 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630396https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 12 Apr 2013 12:00:00 GMT00:01:00ArticlesFri, 12 Apr 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630430https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsWed, 06 Mar 2013 12:00:00 GMT00:01:00ArticlesWed, 06 Mar 2013 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630414https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsMon, 13 Feb 2012 12:00:00 GMT00:01:00ArticlesMon, 13 Feb 2012 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630568https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsFri, 04 Nov 2011 12:00:00 GMT00:01:00ArticlesFri, 04 Nov 2011 12:00:00 GMThttps://www.spglobal.com/ratings/pt/regulatory/article/s101630459https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcs00:01:00<![CDATA[ COP-30: Cobertura ao vivo direto do Brasil ]]><![CDATA[ Participe conosco em um webinar exclusivo da S&P Global Ratings com atualizações ao vivo diretamente de Belém, no Brasil, trazendo as principais implementações e negociações em destaque da Conferência das Nações Unidas sobre Mudanças Climáticas (COP-30). ]]>Events<![CDATA[ Webinar COP-30: Cobertura ao vivo direto do Brasil Virtual O evento começa em Days Hours Minutes X LinkedIn Email Registre-se agora Registre-se agora Resumo Assita ao replay do webinar exclusivo da S&P Global Ratings trazendo as principais implementações e negociações em destaque da Conferência das Nações Unidas sobre Mudanças Climáticas (COP-30). Principais tópicos discutidos: Principais insights da primeira semana de negociações Tropical Forest Forever Facility: Uma análise aprofundada Meta global de adaptação climática Financiamento para a natureza: Estudos de caso práticos da América Latina e África em 2025 Este evento faz parte da nossa série de webinars “Sustainability Focus”. Nesta edição, discutiremos as conclusões mais relevantes das pesquisas mencionadas acima. A definição da pauta e dos palestrantes de cada episódio é baseada em eventos de mercado, ações de rating recentes, pareceres sobre finanças sustentáveis, publicações recentes de pesquisas ou perguntas recebidas de participantes do mercado. Palestrantes: Beth Burks, Diretora, Mercados de Finanças Sustentáveis Victor Laudisio, Diretor Associado, Nature Research Moderador: Rafael Janequine, CFA, Diretor, Finanças Sustentáveis América Latina Contate-nos Caso tenha mais dúvidas, não hesite em entrar em contato com nossa equipe Suporte a Eventos de Ratings meetingsandconferences@spglobal.com ]]>https://www.spglobal.com/ratings/pt/events/webinar/cop-30-cobertura-ao-vivo-direto-do-brasil<![CDATA[ COP-30: Cobertura ao vivo direto do Brasil ]]>https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcs00:01:00<![CDATA[ Desbloqueando novas oportunidades: S&P National Ratings na América Latina ]]><![CDATA[ Participe do webinar interativo ao vivo com os líderes analíticos da S&P National Ratings na terça-feira, 9 de setembro de 2025, às 11h (horário de Brasília). ]]>Events<![CDATA[ Webinar Desbloqueando novas oportunidades: S&P National Ratings na América Latina Virtual O evento começa em Days Hours Minutes X LinkedIn Email Registre-se agora Registre-se agora Resumo Assista ao replay do webinar com os líderes analíticos da S&P National Ratings. Tópicos abordados: Critérios aprimorados para refletir com mais precisão as especificidades do mercado local. Adaptações para antecipar as demandas dos mercados em evolução. Impacto nos ratings e em sua distribuição. Palestrantes: Patricia Calvo, Global Head of NSR Methodologies and Quality Marcelo Schwarz, Country Lead Brazil Antonio Zellek, Country Lead Mexico Moderador: Sergio Garibian, Head of National Scale Ratings Latin America Contate-nos Caso tenha mais dúvidas, não hesite em entrar em contato com nossa equipe Suporte a Eventos de Ratings meetingsandconferences@spglobal.com ]]>https://www.spglobal.com/ratings/pt/events/webinar/sp-national-ratings-in-latin-america<![CDATA[ Desbloqueando novas oportunidades: S&P National Ratings na América Latina ]]>https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcs00:01:00<![CDATA[ LatAm Spotlight: Ratings Corporativos e de Infraestrutura ]]><![CDATA[ Neste webinar, parte da série S&P Latin America Spotlight, os analistas apresentaram perspectivas sobre ratings corporativos e de infraestrutura na América Latina. ]]>Events<![CDATA[ Webinar LatAm Spotlight: Ratings Corporativos e de Infraestrutura Webinar O evento começa em Days Hours Minutes X LinkedIn Facebook Email WhatsApp Registre-se agora Registre-se agora Neste webinar, parte da série S&P Latin America Spotlight, os analistas apresentaram perspectivas sobre ratings corporativos e de infraestrutura na América Latina. Principais tópicos de discussão: Tendências de crédito mais recentes na América Latina Exposição setorial do México a potenciais tarifas Volatilidade cambial e aumento das taxas locais no Brasil Mudanças climáticas: Impacto nos ativos de infraestrutura Palestrantes:  Julyana Yokota, Managing Director, Ratings de Infraestrutura Alexandre Michel, Director, Ratings Corporativos Luisa Vilhena, Director, Ratings Corporativos Moderador:  Diego Ocampo, Managing Director, Ratings Corporativos Atenciosamente, S&P Global Ratings Contate-nos Caso tenha mais dúvidas, não hesite em entrar em contato com nossa equipe Suporte a Eventos de Ratings meetingsandconferences@spglobal.com ]]>https://www.spglobal.com/ratings/pt/events/webinar/2025-04-08-latam-spotlight-ratings-corporativos-e-de-infraestrutura<![CDATA[ LatAm Spotlight: Ratings Corporativos e de Infraestrutura ]]>https://share.vidyard.com/watch/ZMSPSqYhxw7us2ULzRrqcsTFri, 23 Jan 2026 14:19:00 GMTeshttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base---elecciones-en-america-latina-durante-2026<![CDATA[ 23 de enero de 2026 Escenario Base Podcast Elecciones en América Latina durante 2026 Por Joydeep Mukherji and Jose Coballasi En esta edición de "Escenario Base", José Coballasi, Sector Lead para América Latina, conversa con Joydeep Mukherji, Sector Lead del equipo de Calificaciones Soberanas, sobre los temas más relevantes para los votantes en Brasil, Colombia, Costa Rica y Perú, donde se celebrarán elecciones en 2026. En la conversación, analizamos, entre otros temas, si habrá continuidad en las políticas de dichos países, las perspectivas de crecimiento para Colombia y la estabilidad política en Perú. Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. Artículo relacionado Cómo las elecciones nacionales marcarán el rumbo de las políticas entre los soberanos de América Latina en 2026 ]]>Sovereigns, SovereignsFri, 23 Jan 2026 14:19:00 GMThttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base---elecciones-en-america-latina-durante-2026Fri, 23 Jan 2026 14:19:00 GMT00:01:00https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxn<![CDATA[ Elecciones en América Latina durante 2026 ]]>umE4fN7bbE5zAGLKJqRuxn<![CDATA[ José Coballasi, Sector Lead para América Latina, conversa con Joydeep Mukherji, Sector Lead del equipo de Calificaciones Soberanas, sobre los temas más relevantes para los votantes en Brasil, Colombia, Costa Rica y Perú, donde se celebrarán elecciones en 2026. ]]>https://play.vidyard.com/umE4fN7bbE5zAGLKJqRuxnPodcastFri, 23 Jan 2026 14:19:00 GMT<![CDATA[ 23 de enero de 2026 Escenario Base Podcast Elecciones en América Latina durante 2026 Por Joydeep Mukherji and Jose Coballasi En esta edición de "Escenario Base", José Coballasi, Sector Lead para América Latina, conversa con Joydeep Mukherji, Sector Lead del equipo de Calificaciones Soberanas, sobre los temas más relevantes para los votantes en Brasil, Colombia, Costa Rica y Perú, donde se celebrarán elecciones en 2026. En la conversación, analizamos, entre otros temas, si habrá continuidad en las políticas de dichos países, las perspectivas de crecimiento para Colombia y la estabilidad política en Perú. Escuche y suscríbase a este podcast en Apple Podcast, Spotify y otras plataformas de podcasts. Artículo relacionado Cómo las elecciones nacionales marcarán el rumbo de las políticas entre los soberanos de América Latina en 2026 ]]>https://www.spglobal.com/ratings/es/multimedia/2025/escenario-base---elecciones-en-america-latina-durante-2026<![CDATA[ Elecciones en América Latina durante 2026 ]]>https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 14 Apr 2026 22:37:04 GMT00:01:00<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]><![CDATA[ S&P Global Ratings evalúa el Marco de Financiamiento Sostenible de Bepensa Bebidas como alineado con los Principios de los Bonos Sociales, ICMA, 2025, los Principios de Préstamos para Proyectos Sociales, LMA/LSTA/APLMA, 2025, los Principios de los Bonos Verdes, ICMA, 2025, los Principios de Préstamos para Proyectos Verdes, LMA/LSTA/APLMA, 2025 y con la Guía de los Bonos Sostenibles ICMA, 2021 ]]>ArticlesTue, 14 Apr 2026 22:37:04 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-marco-de-financiamiento-sostenible-de-bepensa-bebidas-s101680378<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]>https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 26 Mar 2026 12:30:24 GMT00:01:00ArticlesThu, 26 Mar 2026 12:30:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677542https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 25 Mar 2026 18:07:12 GMT00:01:00ArticlesWed, 25 Mar 2026 18:07:12 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677348https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 25 Mar 2026 17:01:27 GMT00:01:00ArticlesWed, 25 Mar 2026 17:01:27 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677335https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 17 Mar 2026 15:11:58 GMT00:01:00ArticlesTue, 17 Mar 2026 15:11:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675760https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 16 Mar 2026 11:12:21 GMT00:01:00ArticlesMon, 16 Mar 2026 11:12:21 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675448https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 09 Mar 2026 12:56:41 GMT00:01:00ArticlesMon, 09 Mar 2026 12:56:41 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101674254https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 09 Mar 2026 12:11:43 GMT00:01:00ArticlesMon, 09 Mar 2026 12:11:43 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101674244https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 04 Mar 2026 14:01:49 GMT00:01:00ArticlesWed, 04 Mar 2026 14:01:49 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673617https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 20 Feb 2026 15:08:43 GMT00:01:00ArticlesFri, 20 Feb 2026 15:08:43 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101671706https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 12 Feb 2026 13:46:47 GMT00:01:00ArticlesThu, 12 Feb 2026 13:46:47 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101670380https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 30 Jan 2026 12:46:38 GMT00:01:00ArticlesFri, 30 Jan 2026 12:46:38 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101668246https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Jan 2026 14:06:51 GMT00:01:00ArticlesWed, 21 Jan 2026 14:06:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101666665https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 14 Jan 2026 20:22:22 GMT00:01:00ArticlesWed, 14 Jan 2026 20:22:22 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665794https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 Jan 2026 11:23:51 GMT00:01:00ArticlesTue, 13 Jan 2026 11:23:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665451https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 Jan 2026 12:49:07 GMT00:01:00ArticlesThu, 08 Jan 2026 12:49:07 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664885https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 17 Dec 2025 19:32:09 GMT00:01:00ArticlesWed, 17 Dec 2025 19:32:09 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101663293https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 01 Dec 2025 13:46:45 GMT00:01:00ArticlesMon, 01 Dec 2025 13:46:45 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101660560https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Nov 2025 12:29:10 GMT00:01:00ArticlesWed, 26 Nov 2025 12:29:10 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101659977https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 19 Nov 2025 11:10:22 GMT00:01:00ArticlesWed, 19 Nov 2025 11:10:22 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101658307https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 28 Oct 2025 15:09:33 GMT00:01:00ArticlesTue, 28 Oct 2025 15:09:33 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101654048https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 22 Oct 2025 15:12:42 GMT00:01:00ArticlesWed, 22 Oct 2025 15:12:42 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652840https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 Oct 2025 19:34:58 GMT00:01:00ArticlesTue, 21 Oct 2025 19:34:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652611https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 17 Oct 2025 19:26:51 GMT00:01:00ArticlesFri, 17 Oct 2025 19:26:51 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652068https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 16 Oct 2025 16:19:57 GMT00:01:00ArticlesThu, 16 Oct 2025 16:19:57 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101651784https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 24 Sep 2025 13:44:35 GMT00:01:00ArticlesWed, 24 Sep 2025 13:44:35 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101647783https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 22 Sep 2025 21:06:59 GMT00:01:00ArticlesMon, 22 Sep 2025 21:06:59 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101647256https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 01 Sep 2025 10:40:45 GMT00:01:00ArticlesMon, 01 Sep 2025 10:40:45 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101643309https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 29 Aug 2025 12:16:40 GMT00:01:00ArticlesFri, 29 Aug 2025 12:16:40 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101643076https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 07 Aug 2025 10:44:48 GMT00:01:00ArticlesThu, 07 Aug 2025 10:44:48 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101639375https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 04 Aug 2025 12:16:54 GMT00:01:00ArticlesMon, 04 Aug 2025 12:16:54 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101638782https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 31 Jul 2025 21:53:06 GMT00:01:00ArticlesThu, 31 Jul 2025 21:53:06 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101638604https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Jul 2025 19:58:20 GMT00:01:00ArticlesMon, 28 Jul 2025 19:58:20 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101637869https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 22 Jul 2025 15:14:24 GMT00:01:00ArticlesTue, 22 Jul 2025 15:14:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101636799https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Jul 2025 16:48:14 GMT00:01:00ArticlesThu, 17 Jul 2025 16:48:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101636134https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 14 Jul 2025 11:42:19 GMT00:01:00ArticlesMon, 14 Jul 2025 11:42:19 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101635220https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 03 Jul 2025 00:00:00 GMT00:01:00ArticlesThu, 03 Jul 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101634613https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 29 May 2025 00:00:00 GMT00:01:00ArticlesThu, 29 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101602212https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 26 May 2025 19:00:00 GMT00:01:00ArticlesMon, 26 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631673https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 15 May 2025 00:00:00 GMT00:01:00ArticlesThu, 15 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631664https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 14 May 2025 00:00:00 GMT00:01:00ArticlesWed, 14 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101632955https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 May 2025 19:00:00 GMT00:01:00ArticlesThu, 08 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631652https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 06 May 2025 19:00:00 GMT00:01:00ArticlesTue, 06 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631657https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 25 Mar 2025 00:00:00 GMT00:01:00ArticlesTue, 25 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631619https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Feb 2025 00:00:00 GMT00:01:00ArticlesThu, 27 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631592https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 25 Feb 2025 00:00:00 GMT00:01:00ArticlesTue, 25 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631590https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Feb 2025 00:00:00 GMT00:01:00ArticlesMon, 24 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631589https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnSun, 23 Feb 2025 19:00:00 GMT00:01:00ArticlesSun, 23 Feb 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631588https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 03 Feb 2025 00:00:00 GMT00:01:00ArticlesMon, 03 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631568https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 09 Jan 2025 00:00:00 GMT00:01:00ArticlesThu, 09 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631545https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 18 Dec 2024 00:00:00 GMT00:01:00ArticlesWed, 18 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631537https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 16 Dec 2024 00:00:00 GMT00:01:00ArticlesMon, 16 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631529https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 06 Dec 2024 00:00:00 GMT00:01:00ArticlesFri, 06 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631524https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 05 Dec 2024 00:00:00 GMT00:01:00ArticlesThu, 05 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631548https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631523https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 26 Nov 2024 00:00:00 GMT00:01:00ArticlesTue, 26 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631512https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 19 Nov 2024 00:00:00 GMT00:01:00ArticlesTue, 19 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631503https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Nov 2024 00:00:00 GMT00:01:00ArticlesWed, 06 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631495https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 31 Oct 2024 00:00:00 GMT00:01:00ArticlesThu, 31 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631525https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 11 Oct 2024 00:00:00 GMT00:01:00ArticlesFri, 11 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631477https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631446https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631447https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 21 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631445https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 19 Aug 2024 00:00:00 GMT00:01:00ArticlesMon, 19 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631432https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 14 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 14 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631425https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 Aug 2024 00:00:00 GMT00:01:00ArticlesTue, 13 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631431https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 07 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 07 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631422https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631429https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Jul 2024 00:00:00 GMT00:01:00ArticlesWed, 31 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631430https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 29 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 29 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631428https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 26 Jul 2024 00:00:00 GMT00:01:00ArticlesFri, 26 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631416https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631410https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631411https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 15 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631405https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 28 Jun 2024 00:00:00 GMT00:01:00ArticlesFri, 28 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631396https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 11 Jun 2024 00:00:00 GMT00:01:00ArticlesTue, 11 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631388https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 10 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 10 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631379https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 03 Jun 2024 00:00:00 GMT00:01:00ArticlesMon, 03 Jun 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631372https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 May 2024 00:00:00 GMT00:01:00ArticlesThu, 30 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631526https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 May 2024 00:00:00 GMT00:01:00ArticlesTue, 21 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631364https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 10 May 2024 00:00:00 GMT00:01:00ArticlesFri, 10 May 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631355https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 16 Apr 2026 16:12:37 GMT00:01:00ArticlesThu, 16 Apr 2026 16:12:37 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101680771https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 08 Apr 2026 12:14:27 GMT00:01:00ArticlesWed, 08 Apr 2026 12:14:27 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101679327https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 27 Mar 2026 13:31:12 GMT00:01:00ArticlesFri, 27 Mar 2026 13:31:12 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101677749https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 18 Mar 2026 14:57:20 GMT00:01:00ArticlesWed, 18 Mar 2026 14:57:20 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675993https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 17 Mar 2026 14:45:14 GMT00:01:00ArticlesTue, 17 Mar 2026 14:45:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101675757https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 13 Mar 2026 13:11:08 GMT00:01:00<![CDATA[ Segunda Opinión: Financiamiento vinculado a la sostenibilidad de Fibra Danhos ]]><![CDATA[ S&P Global Ratings evalúa el Financiamiento vinculado a la sostenibilidad de Fibra Danhos como alineado con los Principios de los Bonos Vinculados a la Sostenibilidad, ICMA, 2024 y los Principios de Préstamos Vinculados a la Sostenibilidad, LMA/LSTA/APLMA, 2025. ]]>ArticlesFri, 13 Mar 2026 13:11:08 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-financiamiento-vinculado-a-la-sostenibilidad-de-fibra-danhos-s101675204<![CDATA[ Segunda Opinión: Financiamiento vinculado a la sostenibilidad de Fibra Danhos ]]>https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 05 Mar 2026 15:40:09 GMT00:01:00<![CDATA[ Segunda Opinión: Marco de Financiamiento para la Biodiversidad de Banco Bolivariano ]]><![CDATA[ S&P Global Ratings evalúa el Marco de Financiamiento para la Biodiversidad de Banco Bolivariano como alineado con los Principios de los Bonos Verdes, ICMA, 2025 y los Principios de Financiamiento para Proyectos Verdes, LMA/LSTA/APLMA, 2025. ]]>ArticlesThu, 05 Mar 2026 15:40:09 GMThttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-marco-de-financiamiento-para-la-biodiversidad-de-banco-bolivariano-s101673850<![CDATA[ Segunda Opinión: Marco de Financiamiento para la Biodiversidad de Banco Bolivariano ]]>https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 05 Mar 2026 12:11:18 GMT00:01:00ArticlesThu, 05 Mar 2026 12:11:18 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673804https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 04 Mar 2026 08:46:28 GMT00:01:00ArticlesWed, 04 Mar 2026 08:46:28 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101673475https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Feb 2026 17:56:49 GMT00:01:00ArticlesTue, 03 Feb 2026 17:56:49 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101668803https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Jan 2026 18:11:21 GMT00:01:00ArticlesWed, 28 Jan 2026 18:11:21 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101667946https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 26 Jan 2026 18:13:36 GMT00:01:00ArticlesMon, 26 Jan 2026 18:13:36 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101667472https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 12 Jan 2026 10:41:55 GMT00:01:00ArticlesMon, 12 Jan 2026 10:41:55 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101665246https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 Jan 2026 14:18:24 GMT00:01:00ArticlesThu, 08 Jan 2026 14:18:24 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664950https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 07 Jan 2026 12:27:58 GMT00:01:00ArticlesWed, 07 Jan 2026 12:27:58 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101664758https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Nov 2025 15:36:02 GMT00:01:00ArticlesMon, 24 Nov 2025 15:36:02 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101659380https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 Oct 2025 20:40:06 GMT00:01:00ArticlesThu, 30 Oct 2025 20:40:06 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101654695https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 27 Oct 2025 13:25:05 GMT00:01:00ArticlesMon, 27 Oct 2025 13:25:05 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101653713https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 24 Oct 2025 11:28:14 GMT00:01:00ArticlesFri, 24 Oct 2025 11:28:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101653293https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 17 Oct 2025 19:23:25 GMT00:01:00ArticlesFri, 17 Oct 2025 19:23:25 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101652067https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 08 Oct 2025 17:34:23 GMT00:01:00ArticlesWed, 08 Oct 2025 17:34:23 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101650280https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 23 Sep 2025 12:51:14 GMT00:01:00ArticlesTue, 23 Sep 2025 12:51:14 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101647409https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 18 Sep 2025 13:43:53 GMT00:01:00ArticlesThu, 18 Sep 2025 13:43:53 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101646548https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 29 Aug 2025 11:16:25 GMT00:01:00ArticlesFri, 29 Aug 2025 11:16:25 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101643064https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 28 Aug 2025 16:05:12 GMT00:01:00ArticlesThu, 28 Aug 2025 16:05:12 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101642930https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 11 Jul 2025 00:00:00 GMT00:01:00ArticlesFri, 11 Jul 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101634624https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 11 Jul 2025 00:00:00 GMT00:01:00ArticlesFri, 11 Jul 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101634623https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 04 Jul 2025 19:00:00 GMT00:01:00ArticlesFri, 04 Jul 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101633723https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnSat, 28 Jun 2025 09:45:43 GMT00:01:00ArticlesSat, 28 Jun 2025 09:45:43 GMThttps://www.spglobal.com/ratings/es/regulatory/article/non-english-articles-s101632817https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 26 Jun 2025 00:00:00 GMT00:01:00ArticlesThu, 26 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101634622https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 Jun 2025 00:00:00 GMT00:01:00ArticlesTue, 24 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101633198https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 12 Jun 2025 00:00:00 GMT00:01:00ArticlesThu, 12 Jun 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631686https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 04 Jun 2025 19:00:00 GMT00:01:00ArticlesWed, 04 Jun 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631677https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 29 May 2025 00:00:00 GMT00:01:00ArticlesThu, 29 May 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101601929https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 May 2025 19:00:00 GMT00:01:00ArticlesTue, 13 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/non-english-articles-s101632958https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 May 2025 19:00:00 GMT00:01:00ArticlesTue, 13 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/non-english-articles-s101632957https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 May 2025 19:00:00 GMT00:01:00ArticlesTue, 13 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/non-english-articles-s101632956https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 12 May 2025 19:00:00 GMT00:01:00ArticlesMon, 12 May 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631658https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Apr 2025 19:00:00 GMT00:01:00ArticlesMon, 28 Apr 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631645https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Apr 2025 19:00:00 GMT00:01:00ArticlesMon, 28 Apr 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631646https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Apr 2025 00:00:00 GMT00:01:00ArticlesMon, 28 Apr 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631643https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Apr 2025 00:00:00 GMT00:01:00ArticlesThu, 24 Apr 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631642https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Mar 2025 00:00:00 GMT00:01:00ArticlesThu, 27 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631624https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 10 Mar 2025 00:00:00 GMT00:01:00ArticlesMon, 10 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631605https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 06 Mar 2025 00:00:00 GMT00:01:00ArticlesThu, 06 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101623105https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 04 Mar 2025 00:00:00 GMT00:01:00ArticlesTue, 04 Mar 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631606https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Feb 2025 00:00:00 GMT00:01:00ArticlesThu, 27 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631598https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Feb 2025 19:00:00 GMT00:01:00ArticlesWed, 26 Feb 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631594https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Feb 2025 00:00:00 GMT00:01:00ArticlesMon, 24 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631615https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 12 Feb 2025 19:00:00 GMT00:01:00ArticlesWed, 12 Feb 2025 19:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631578https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 05 Feb 2025 00:00:00 GMT00:01:00ArticlesWed, 05 Feb 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631575https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 31 Jan 2025 00:00:00 GMT00:01:00ArticlesFri, 31 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631585https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 Jan 2025 00:00:00 GMT00:01:00ArticlesThu, 30 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631567https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 17 Jan 2025 00:00:00 GMT00:01:00ArticlesFri, 17 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631563https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 17 Jan 2025 00:00:00 GMT00:01:00ArticlesFri, 17 Jan 2025 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631558https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 17 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 17 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631579https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 11 Dec 2024 00:00:00 GMT00:01:00ArticlesWed, 11 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631528https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 06 Dec 2024 00:00:00 GMT00:01:00ArticlesFri, 06 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631527https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631530https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631533https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 03 Dec 2024 00:00:00 GMT00:01:00ArticlesTue, 03 Dec 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631520https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 27 Nov 2024 00:00:00 GMT00:01:00ArticlesWed, 27 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631519https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Nov 2024 00:00:00 GMT00:01:00ArticlesFri, 15 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631504https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 12 Nov 2024 00:00:00 GMT00:01:00ArticlesTue, 12 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631515https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 07 Nov 2024 00:00:00 GMT00:01:00ArticlesThu, 07 Nov 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631536https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Oct 2024 00:00:00 GMT00:01:00ArticlesMon, 28 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631507https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Oct 2024 00:00:00 GMT00:01:00ArticlesThu, 24 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631489https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Oct 2024 00:00:00 GMT00:01:00ArticlesTue, 15 Oct 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631481https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 Sep 2024 00:00:00 GMT00:01:00ArticlesTue, 24 Sep 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631464https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 30 Aug 2024 00:00:00 GMT00:01:00ArticlesFri, 30 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631444https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Aug 2024 00:00:00 GMT00:01:00ArticlesWed, 21 Aug 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631451https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 29 Jul 2024 00:00:00 GMT00:01:00ArticlesMon, 29 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631427https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 25 Jul 2024 00:00:00 GMT00:01:00ArticlesThu, 25 Jul 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631443https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 02 Jul 2024 00:00:00 GMT00:01:00ArticlesTue, 02 Jul 2024 00:00:00 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00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631321https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 26 Mar 2024 00:00:00 GMT00:01:00ArticlesTue, 26 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631320https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 26 Mar 2024 00:00:00 GMT00:01:00ArticlesTue, 26 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631314https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Mar 2024 00:00:00 GMT00:01:00ArticlesThu, 21 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631310https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Mar 2024 00:00:00 GMT00:01:00ArticlesFri, 15 Mar 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101594570https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Mar 2024 00:00:00 GMT00:01:00ArticlesFri, 15 Mar 2024 00:00:00 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GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631287https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 27 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 27 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631299https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 20 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 20 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631290https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 19 Feb 2024 00:00:00 GMT00:01:00ArticlesMon, 19 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631294https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 16 Feb 2024 00:00:00 GMT00:01:00ArticlesFri, 16 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631285https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 06 Feb 2024 00:00:00 GMT00:01:00ArticlesTue, 06 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631282https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 01 Feb 2024 00:00:00 GMT00:01:00ArticlesThu, 01 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592703https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 01 Feb 2024 00:00:00 GMT00:01:00ArticlesThu, 01 Feb 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592658https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 24 Jan 2024 00:00:00 GMT00:01:00ArticlesWed, 24 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631270https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 23 Jan 2024 00:00:00 GMT00:01:00ArticlesTue, 23 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631265https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 18 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 18 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101592115https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 15 Jan 2024 00:00:00 GMT00:01:00ArticlesMon, 15 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631264https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 11 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 11 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101591975https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Jan 2024 00:00:00 GMT00:01:00ArticlesTue, 09 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631305https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 04 Jan 2024 00:00:00 GMT00:01:00ArticlesThu, 04 Jan 2024 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631269https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 29 Dec 2023 00:00:00 GMT00:01:00ArticlesFri, 29 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631260https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 14 Dec 2023 00:00:00 GMT00:01:00ArticlesThu, 14 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631283https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 12 Dec 2023 00:00:00 GMT00:01:00ArticlesTue, 12 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631254https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 12 Dec 2023 00:00:00 GMT00:01:00ArticlesTue, 12 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631255https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 08 Dec 2023 00:00:00 GMT00:01:00ArticlesFri, 08 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631261https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Dec 2023 00:00:00 GMT00:01:00ArticlesWed, 06 Dec 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631250https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 Nov 2023 00:00:00 GMT00:01:00ArticlesThu, 30 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631249https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 29 Nov 2023 00:00:00 GMT00:01:00ArticlesWed, 29 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631246https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 27 Nov 2023 00:00:00 GMT00:01:00ArticlesMon, 27 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631240https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 24 Nov 2023 00:00:00 GMT00:01:00ArticlesFri, 24 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631239https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 22 Nov 2023 00:00:00 GMT00:01:00ArticlesWed, 22 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101589924https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 21 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631236https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 20 Nov 2023 00:00:00 GMT00:01:00ArticlesMon, 20 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631247https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 08 Nov 2023 00:00:00 GMT00:01:00ArticlesWed, 08 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631241https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 07 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 07 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101589152https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 07 Nov 2023 00:00:00 GMT00:01:00ArticlesTue, 07 Nov 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101589026https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 31 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 31 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631245https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 31 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 31 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631222https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 27 Oct 2023 00:00:00 GMT00:01:00ArticlesFri, 27 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101588851https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 24 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631225https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 19 Oct 2023 00:00:00 GMT00:01:00ArticlesThu, 19 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101588003https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 10 Oct 2023 00:00:00 GMT00:01:00ArticlesTue, 10 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631207https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 05 Oct 2023 00:00:00 GMT00:01:00ArticlesThu, 05 Oct 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631206https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 29 Sep 2023 00:00:00 GMT00:01:00ArticlesFri, 29 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101587106https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 27 Sep 2023 00:00:00 GMT00:01:00ArticlesWed, 27 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631204https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Sep 2023 00:00:00 GMT00:01:00ArticlesFri, 15 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631195https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 14 Sep 2023 00:00:00 GMT00:01:00ArticlesThu, 14 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631198https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 11 Sep 2023 00:00:00 GMT00:01:00ArticlesMon, 11 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631192https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 01 Sep 2023 00:00:00 GMT00:01:00ArticlesFri, 01 Sep 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631187https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 22 Aug 2023 00:00:00 GMT00:01:00ArticlesTue, 22 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631183https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 11 Aug 2023 00:00:00 GMT00:01:00ArticlesFri, 11 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101584808https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 11 Aug 2023 00:00:00 GMT00:01:00ArticlesFri, 11 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631178https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 10 Aug 2023 00:00:00 GMT00:01:00ArticlesThu, 10 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631184https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 07 Aug 2023 00:00:00 GMT00:01:00ArticlesMon, 07 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631176https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 04 Aug 2023 00:00:00 GMT00:01:00ArticlesFri, 04 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631174https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 04 Aug 2023 00:00:00 GMT00:01:00ArticlesFri, 04 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631179https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Aug 2023 00:00:00 GMT00:01:00ArticlesWed, 02 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631185https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Aug 2023 00:00:00 GMT00:01:00ArticlesWed, 02 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631186https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 01 Aug 2023 00:00:00 GMT00:01:00ArticlesTue, 01 Aug 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631172https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 27 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101585987https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 27 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101585986https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 27 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101585988https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 14 Jul 2023 00:00:00 GMT00:01:00ArticlesFri, 14 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631166https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 10 Jul 2023 00:00:00 GMT00:01:00ArticlesMon, 10 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631158https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 06 Jul 2023 00:00:00 GMT00:01:00ArticlesThu, 06 Jul 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631157https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 14 Jun 2023 00:00:00 GMT00:01:00ArticlesWed, 14 Jun 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631152https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 13 Jun 2023 00:00:00 GMT00:01:00ArticlesTue, 13 Jun 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101578825https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 Jun 2023 00:00:00 GMT00:01:00ArticlesThu, 08 Jun 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101578191https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 30 May 2023 00:00:00 GMT00:01:00ArticlesTue, 30 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631148https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 29 May 2023 00:00:00 GMT00:01:00ArticlesMon, 29 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631143https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 12 May 2023 00:00:00 GMT00:01:00ArticlesFri, 12 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576879https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 11 May 2023 00:00:00 GMT00:01:00ArticlesThu, 11 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631136https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 10 May 2023 00:00:00 GMT00:01:00ArticlesWed, 10 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631137https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 10 May 2023 00:00:00 GMT00:01:00ArticlesWed, 10 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576724https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 May 2023 00:00:00 GMT00:01:00ArticlesTue, 09 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576668https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 May 2023 00:00:00 GMT00:01:00ArticlesTue, 09 May 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631131https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Apr 2023 12:00:00 GMT00:01:00ArticlesWed, 26 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101576186https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Apr 2023 00:00:00 GMT00:01:00ArticlesWed, 26 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631135https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Apr 2023 12:00:00 GMT00:01:00ArticlesMon, 24 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631126https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Apr 2023 00:00:00 GMT00:01:00ArticlesMon, 24 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631125https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 24 Apr 2023 00:00:00 GMT00:01:00ArticlesMon, 24 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631132https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 19 Apr 2023 12:00:00 GMT00:01:00ArticlesWed, 19 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101575651https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 11 Apr 2023 12:00:00 GMT00:01:00ArticlesTue, 11 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101575258https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 04 Apr 2023 12:00:00 GMT00:01:00ArticlesTue, 04 Apr 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631118https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 04 Apr 2023 00:00:00 GMT00:01:00ArticlesTue, 04 Apr 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631119https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 29 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 29 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101574762https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 22 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 22 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631113https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 Mar 2023 12:00:00 GMT00:01:00ArticlesTue, 21 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631106https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 15 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631100https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 15 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101573942https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 15 Mar 2023 12:00:00 GMT00:01:00ArticlesWed, 15 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101573941https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 14 Mar 2023 12:00:00 GMT00:01:00ArticlesTue, 14 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101573873https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 13 Mar 2023 00:00:00 GMT00:01:00ArticlesMon, 13 Mar 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631116https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 09 Mar 2023 12:00:00 GMT00:01:00ArticlesThu, 09 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631104https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 09 Mar 2023 12:00:00 GMT00:01:00ArticlesThu, 09 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101573693https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 06 Mar 2023 12:00:00 GMT00:01:00ArticlesMon, 06 Mar 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631103https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 23 Feb 2023 12:00:00 GMT00:01:00ArticlesThu, 23 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101573116https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 23 Feb 2023 00:00:00 GMT00:01:00ArticlesThu, 23 Feb 2023 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631090https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 13 Feb 2023 12:00:00 GMT00:01:00ArticlesMon, 13 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631099https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 08 Feb 2023 12:00:00 GMT00:01:00ArticlesWed, 08 Feb 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631079https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 31 Jan 2023 12:00:00 GMT00:01:00ArticlesTue, 31 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631075https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 26 Jan 2023 12:00:00 GMT00:01:00ArticlesThu, 26 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631076https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 Jan 2023 12:00:00 GMT00:01:00ArticlesTue, 24 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631059https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 23 Jan 2023 12:00:00 GMT00:01:00ArticlesMon, 23 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631058https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 20 Jan 2023 12:00:00 GMT00:01:00ArticlesFri, 20 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101571663https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 20 Jan 2023 12:00:00 GMT00:01:00ArticlesFri, 20 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101571666https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 09 Jan 2023 12:00:00 GMT00:01:00ArticlesMon, 09 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101571222https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 06 Jan 2023 12:00:00 GMT00:01:00ArticlesFri, 06 Jan 2023 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101571195https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 29 Dec 2022 12:00:00 GMT00:01:00ArticlesThu, 29 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631057https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Dec 2022 12:00:00 GMT00:01:00ArticlesWed, 28 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631055https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Dec 2022 12:00:00 GMT00:01:00ArticlesWed, 21 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631054https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 19 Dec 2022 12:00:00 GMT00:01:00ArticlesMon, 19 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101570984https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 12 Dec 2022 12:00:00 GMT00:01:00ArticlesMon, 12 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101570543https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 09 Dec 2022 00:00:00 GMT00:01:00ArticlesFri, 09 Dec 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631039https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 07 Dec 2022 00:00:00 GMT00:01:00ArticlesWed, 07 Dec 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100633538https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 06 Dec 2022 12:00:00 GMT00:01:00ArticlesTue, 06 Dec 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101570305https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Nov 2022 12:00:00 GMT00:01:00ArticlesMon, 28 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631034https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 22 Nov 2022 12:00:00 GMT00:01:00ArticlesTue, 22 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631040https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 22 Nov 2022 12:00:00 GMT00:01:00ArticlesTue, 22 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631028https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Nov 2022 12:00:00 GMT00:01:00ArticlesThu, 17 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631022https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Nov 2022 00:00:00 GMT00:01:00ArticlesThu, 17 Nov 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631027https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Nov 2022 00:00:00 GMT00:01:00ArticlesThu, 17 Nov 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631025https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 16 Nov 2022 12:00:00 GMT00:01:00ArticlesWed, 16 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101569230https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Nov 2022 00:00:00 GMT00:01:00ArticlesTue, 15 Nov 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631021https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 09 Nov 2022 00:00:00 GMT00:01:00ArticlesWed, 09 Nov 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631024https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 08 Nov 2022 12:00:00 GMT00:01:00ArticlesTue, 08 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631033https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 01 Nov 2022 12:00:00 GMT00:01:00ArticlesTue, 01 Nov 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631019https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 31 Oct 2022 12:00:00 GMT00:01:00ArticlesMon, 31 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631013https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Oct 2022 12:00:00 GMT00:01:00ArticlesWed, 26 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631016https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 25 Oct 2022 12:00:00 GMT00:01:00ArticlesTue, 25 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631014https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 25 Oct 2022 12:00:00 GMT00:01:00ArticlesTue, 25 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101568230https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 25 Oct 2022 12:00:00 GMT00:01:00ArticlesTue, 25 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101568227https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 21 Oct 2022 12:00:00 GMT00:01:00ArticlesFri, 21 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101568052https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 20 Oct 2022 12:00:00 GMT00:01:00ArticlesThu, 20 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631006https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 17 Oct 2022 12:00:00 GMT00:01:00ArticlesMon, 17 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631002https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 10 Oct 2022 12:00:00 GMT00:01:00ArticlesMon, 10 Oct 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631000https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 05 Oct 2022 00:00:00 GMT00:01:00ArticlesWed, 05 Oct 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630997https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 27 Sep 2022 12:00:00 GMT00:01:00ArticlesTue, 27 Sep 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101631015https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 26 Sep 2022 12:00:00 GMT00:01:00ArticlesMon, 26 Sep 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630996https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 22 Sep 2022 12:00:00 GMT00:01:00ArticlesThu, 22 Sep 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630992https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 20 Sep 2022 00:00:00 GMT00:01:00ArticlesTue, 20 Sep 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630991https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 20 Sep 2022 00:00:00 GMT00:01:00ArticlesTue, 20 Sep 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630993https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 16 Sep 2022 12:00:00 GMT00:01:00ArticlesFri, 16 Sep 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101566815https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 12 Sep 2022 00:00:00 GMT00:01:00ArticlesMon, 12 Sep 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630988https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 Sep 2022 00:00:00 GMT00:01:00ArticlesThu, 08 Sep 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630985https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 05 Sep 2022 12:00:00 GMT00:01:00ArticlesMon, 05 Sep 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630987https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 19 Aug 2022 12:00:00 GMT00:01:00ArticlesFri, 19 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630984https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 17 Aug 2022 12:00:00 GMT00:01:00ArticlesWed, 17 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101565248https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 12 Aug 2022 12:00:00 GMT00:01:00ArticlesFri, 12 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101565014https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 10 Aug 2022 12:00:00 GMT00:01:00ArticlesWed, 10 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101564904https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Aug 2022 12:00:00 GMT00:01:00ArticlesTue, 09 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630983https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 08 Aug 2022 12:00:00 GMT00:01:00ArticlesMon, 08 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630994https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 04 Aug 2022 12:00:00 GMT00:01:00ArticlesThu, 04 Aug 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630979https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 25 Jul 2022 12:00:00 GMT00:01:00ArticlesMon, 25 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630980https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Jul 2022 12:00:00 GMT00:01:00ArticlesThu, 21 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630969https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Jul 2022 12:00:00 GMT00:01:00ArticlesThu, 21 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630973https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Jul 2022 12:00:00 GMT00:01:00ArticlesThu, 21 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101563992https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Jul 2022 12:00:00 GMT00:01:00ArticlesFri, 15 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630968https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 13 Jul 2022 12:00:00 GMT00:01:00ArticlesWed, 13 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630974https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Jul 2022 12:00:00 GMT00:01:00ArticlesWed, 06 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101563214https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 05 Jul 2022 12:00:00 GMT00:01:00ArticlesTue, 05 Jul 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630960https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 Jun 2022 12:00:00 GMT00:01:00ArticlesThu, 30 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630958https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 27 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 27 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630957https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 Jun 2022 12:00:00 GMT00:01:00ArticlesTue, 21 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630953https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 20 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 20 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630952https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 17 Jun 2022 12:00:00 GMT00:01:00ArticlesFri, 17 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630962https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 13 Jun 2022 12:00:00 GMT00:01:00ArticlesMon, 13 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630949https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 01 Jun 2022 12:00:00 GMT00:01:00ArticlesWed, 01 Jun 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101561792https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 26 May 2022 12:00:00 GMT00:01:00ArticlesThu, 26 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630941https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 May 2022 12:00:00 GMT00:01:00ArticlesTue, 24 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630937https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 23 May 2022 12:00:00 GMT00:01:00ArticlesMon, 23 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630940https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 18 May 2022 12:00:00 GMT00:01:00ArticlesWed, 18 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101560867https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 06 May 2022 00:00:00 GMT00:01:00ArticlesFri, 06 May 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630933https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 05 May 2022 12:00:00 GMT00:01:00ArticlesThu, 05 May 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101560183https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Apr 2022 12:00:00 GMT00:01:00ArticlesThu, 21 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101520580https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 20 Apr 2022 12:00:00 GMT00:01:00ArticlesWed, 20 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630925https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 19 Apr 2022 12:00:00 GMT00:01:00ArticlesTue, 19 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101511959https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Apr 2022 12:00:00 GMT00:01:00ArticlesWed, 06 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630931https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Apr 2022 12:00:00 GMT00:01:00ArticlesWed, 06 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630932https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 05 Apr 2022 12:00:00 GMT00:01:00ArticlesTue, 05 Apr 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630920https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Mar 2022 12:00:00 GMT00:01:00ArticlesMon, 28 Mar 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630914https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 18 Mar 2022 12:00:00 GMT00:01:00ArticlesFri, 18 Mar 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101365584https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 18 Mar 2022 00:00:00 GMT00:01:00ArticlesFri, 18 Mar 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630913https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 07 Mar 2022 00:00:00 GMT00:01:00ArticlesMon, 07 Mar 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630905https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 24 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630898https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 17 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630895https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Feb 2022 12:00:00 GMT00:01:00ArticlesTue, 15 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101203475https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Feb 2022 12:00:00 GMT00:01:00ArticlesTue, 15 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630891https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 03 Feb 2022 12:00:00 GMT00:01:00ArticlesThu, 03 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630892https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Feb 2022 12:00:00 GMT00:01:00ArticlesWed, 02 Feb 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630896https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Feb 2022 00:00:00 GMT00:01:00ArticlesWed, 02 Feb 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630881https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 31 Jan 2022 12:00:00 GMT00:01:00ArticlesMon, 31 Jan 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630887https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Jan 2022 12:00:00 GMT00:01:00ArticlesThu, 27 Jan 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630893https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 26 Jan 2022 12:00:00 GMT00:01:00ArticlesWed, 26 Jan 2022 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630880https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 12 Jan 2022 00:00:00 GMT00:01:00ArticlesWed, 12 Jan 2022 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630906https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 21 Dec 2021 12:00:00 GMT00:01:00ArticlesTue, 21 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630877https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 09 Dec 2021 12:00:00 GMT00:01:00ArticlesThu, 09 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630876https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 07 Dec 2021 12:00:00 GMT00:01:00ArticlesTue, 07 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100813922https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 02 Dec 2021 12:00:00 GMT00:01:00ArticlesThu, 02 Dec 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100807898https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 29 Nov 2021 12:00:00 GMT00:01:00ArticlesMon, 29 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630871https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 15 Nov 2021 00:00:00 GMT00:01:00ArticlesMon, 15 Nov 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630869https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 11 Nov 2021 12:00:00 GMT00:01:00ArticlesThu, 11 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630864https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Nov 2021 12:00:00 GMT00:01:00ArticlesTue, 09 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100745873https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 08 Nov 2021 12:00:00 GMT00:01:00ArticlesMon, 08 Nov 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630863https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Oct 2021 12:00:00 GMT00:01:00ArticlesThu, 21 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630859https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 21 Oct 2021 12:00:00 GMT00:01:00ArticlesThu, 21 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100638730https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 20 Oct 2021 12:00:00 GMT00:01:00ArticlesWed, 20 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630856https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 14 Oct 2021 12:00:00 GMT00:01:00ArticlesThu, 14 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100601674https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 13 Oct 2021 00:00:00 GMT00:01:00ArticlesWed, 13 Oct 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630860https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 05 Oct 2021 00:00:00 GMT00:01:00ArticlesTue, 05 Oct 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630845https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 01 Oct 2021 12:00:00 GMT00:01:00ArticlesFri, 01 Oct 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630849https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 27 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 27 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630841https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 20 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 20 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630834https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 16 Sep 2021 12:00:00 GMT00:01:00ArticlesThu, 16 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630833https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 16 Sep 2021 12:00:00 GMT00:01:00ArticlesThu, 16 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630844https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 13 Sep 2021 12:00:00 GMT00:01:00ArticlesMon, 13 Sep 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630836https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 26 Aug 2021 12:00:00 GMT00:01:00ArticlesThu, 26 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100447270https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 24 Aug 2021 00:00:00 GMT00:01:00ArticlesTue, 24 Aug 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630819https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 19 Aug 2021 12:00:00 GMT00:01:00ArticlesThu, 19 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630829https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 16 Aug 2021 12:00:00 GMT00:01:00ArticlesMon, 16 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630815https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 09 Aug 2021 12:00:00 GMT00:01:00ArticlesMon, 09 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630822https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 04 Aug 2021 12:00:00 GMT00:01:00ArticlesWed, 04 Aug 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100346475https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Jul 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630809https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Jul 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630810https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 19 Jul 2021 12:00:00 GMT00:01:00ArticlesMon, 19 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630813https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 19 Jul 2021 12:00:00 GMT00:01:00ArticlesMon, 19 Jul 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630811https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 30 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 30 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630816https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Jun 2021 12:00:00 GMT00:01:00ArticlesThu, 24 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630802https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 15 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100144792https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Jun 2021 12:00:00 GMT00:01:00ArticlesTue, 15 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630803https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 09 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 09 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630796https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 03 Jun 2021 12:00:00 GMT00:01:00ArticlesThu, 03 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630793https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630791https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Jun 2021 12:00:00 GMT00:01:00ArticlesWed, 02 Jun 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100125269https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 May 2021 12:00:00 GMT00:01:00ArticlesThu, 27 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630787https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 May 2021 12:00:00 GMT00:01:00ArticlesThu, 27 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630790https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 19 May 2021 12:00:00 GMT00:01:00ArticlesWed, 19 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100089696https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 17 May 2021 12:00:00 GMT00:01:00ArticlesMon, 17 May 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630783https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630781https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 28 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630780https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 23 Apr 2021 12:00:00 GMT00:01:00ArticlesFri, 23 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630779https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 22 Apr 2021 12:00:00 GMT00:01:00ArticlesThu, 22 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100052179https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Apr 2021 12:00:00 GMT00:01:00ArticlesWed, 21 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630768https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Apr 2021 00:00:00 GMT00:01:00ArticlesWed, 21 Apr 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630838https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 20 Apr 2021 12:00:00 GMT00:01:00ArticlesTue, 20 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100050400https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 12 Apr 2021 12:00:00 GMT00:01:00ArticlesMon, 12 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630762https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 08 Apr 2021 12:00:00 GMT00:01:00ArticlesThu, 08 Apr 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100050144https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630776https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630774https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630777https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630775https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630917https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 31 Mar 2021 00:00:00 GMT00:01:00ArticlesWed, 31 Mar 2021 00:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630916https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 29 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 29 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630755https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 25 Mar 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630754https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 25 Mar 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630750https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 24 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630751https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 24 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630752https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 22 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 22 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100049767https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 17 Mar 2021 12:00:00 GMT00:01:00ArticlesWed, 17 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630746https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 09 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630744https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 02 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 02 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630745https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 02 Mar 2021 12:00:00 GMT00:01:00ArticlesTue, 02 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630749https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 01 Mar 2021 12:00:00 GMT00:01:00ArticlesMon, 01 Mar 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630743https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 26 Feb 2021 12:00:00 GMT00:01:00ArticlesFri, 26 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630737https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 25 Feb 2021 12:00:00 GMT00:01:00ArticlesThu, 25 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630739https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 24 Feb 2021 12:00:00 GMT00:01:00ArticlesWed, 24 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630758https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 17 Feb 2021 12:00:00 GMT00:01:00ArticlesWed, 17 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630732https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 11 Feb 2021 12:00:00 GMT00:01:00ArticlesThu, 11 Feb 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630731https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 27 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 27 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630730https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 27 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 27 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630735https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 15 Jan 2021 12:00:00 GMT00:01:00ArticlesFri, 15 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630723https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 13 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 13 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630721https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 06 Jan 2021 12:00:00 GMT00:01:00ArticlesWed, 06 Jan 2021 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630716https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 28 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 28 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630714https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 21 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 21 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630718https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 17 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 17 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630717https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 15 Dec 2020 12:00:00 GMT00:01:00ArticlesTue, 15 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630712https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 14 Dec 2020 12:00:00 GMT00:01:00ArticlesMon, 14 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630720https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 10 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 10 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630713https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 03 Dec 2020 12:00:00 GMT00:01:00ArticlesThu, 03 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047837https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 02 Dec 2020 12:00:00 GMT00:01:00ArticlesWed, 02 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047835https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 01 Dec 2020 12:00:00 GMT00:01:00ArticlesTue, 01 Dec 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630708https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 23 Nov 2020 12:00:00 GMT00:01:00ArticlesMon, 23 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047604https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 23 Nov 2020 12:00:00 GMT00:01:00ArticlesMon, 23 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630703https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 18 Nov 2020 12:00:00 GMT00:01:00ArticlesWed, 18 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630699https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 18 Nov 2020 12:00:00 GMT00:01:00ArticlesWed, 18 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630707https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 17 Nov 2020 12:00:00 GMT00:01:00ArticlesTue, 17 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630706https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 12 Nov 2020 12:00:00 GMT00:01:00ArticlesThu, 12 Nov 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630711https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 28 Oct 2020 12:00:00 GMT00:01:00ArticlesWed, 28 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100047198https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 26 Oct 2020 12:00:00 GMT00:01:00ArticlesMon, 26 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630691https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 26 Oct 2020 12:00:00 GMT00:01:00ArticlesMon, 26 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630692https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnWed, 21 Oct 2020 12:00:00 GMT00:01:00ArticlesWed, 21 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630696https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 20 Oct 2020 12:00:00 GMT00:01:00ArticlesTue, 20 Oct 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630695https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Sep 2020 12:00:00 GMT00:01:00ArticlesThu, 24 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630611https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 24 Sep 2020 12:00:00 GMT00:01:00ArticlesThu, 24 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630672https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 18 Sep 2020 12:00:00 GMT00:01:00ArticlesFri, 18 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630690https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 18 Sep 2020 12:00:00 GMT00:01:00ArticlesFri, 18 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630610https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 08 Sep 2020 12:00:00 GMT00:01:00ArticlesTue, 08 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630609https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 07 Sep 2020 12:00:00 GMT00:01:00ArticlesMon, 07 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100046061https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 01 Sep 2020 12:00:00 GMT00:01:00ArticlesTue, 01 Sep 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100046020https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 27 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 27 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630606https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 13 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 13 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630602https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 11 Aug 2020 12:00:00 GMT00:01:00ArticlesTue, 11 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630605https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 06 Aug 2020 12:00:00 GMT00:01:00ArticlesThu, 06 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630600https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 03 Aug 2020 12:00:00 GMT00:01:00ArticlesMon, 03 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630598https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 03 Aug 2020 12:00:00 GMT00:01:00ArticlesMon, 03 Aug 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630599https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 30 Jul 2020 12:00:00 GMT00:01:00ArticlesThu, 30 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630597https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 27 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 27 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630596https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 20 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 20 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630593https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnMon, 13 Jul 2020 12:00:00 GMT00:01:00ArticlesMon, 13 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630594https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnThu, 09 Jul 2020 12:00:00 GMT00:01:00ArticlesThu, 09 Jul 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630592https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 30 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 30 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630588https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 23 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 23 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630581https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 23 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 23 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630595https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnFri, 12 Jun 2020 12:00:00 GMT00:01:00ArticlesFri, 12 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630582https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 09 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s101630583https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTue, 09 Jun 2020 12:00:00 GMT00:01:00ArticlesTue, 09 Jun 2020 12:00:00 GMThttps://www.spglobal.com/ratings/es/regulatory/article/s100044282https://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnTThu, 15 Jan 2026 13:00:00 GMTenhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93<![CDATA[ 15 Jan, 2025 Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving By Tom Schopflocher Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, "valid when made" and "true lender" legal and regulatory risks can arise, which can include effectively asserting that the loan was never valid if a legal challenge was successful. We’re joined by analyst Ronald Burt to discuss how these risks could bring potential negative consequences for securitizations backed by loans originated through these arrangements, including a reduction in the interest rate on the loan, a voiding of the entire contract, or litigation and related costs. We also delve into how we assess them in our rating analysis of U.S. consumer loan ABS transactions. Related: Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS ]]>Structured Finance, Structured FinanceThu, 15 Jan 2026 13:00:00 GMThttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-9300:01:00<![CDATA[ Private Markets Solutions ]]><![CDATA[ Bring transparency and clarity to private markets with S&P Global Ratings’ independent credit opinions supporting investors, funds and capital providers. ]]>Solution Page<![CDATA[ Private Markets Solutions Private (Credit) Markets Solutions to encompass ratings of funds, fund finance – fund-level credit facilities, investment vehicles. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview At S&P Global Ratings our independent opinions on creditworthiness take a holistic view of the totality of private market participants – solutions for Private Equity Firms and Multi-strategy Funds, General Partners, and Limited Partners as well as the institutions providing funding solutions for them, including banks, insurance companies, and specialist funds. These can encompass rating the Asset Manager as well as their Subscription Lines, Net Asset Value lines, Feeder Funds plus securitizations, and more esoteric structures. Use Cases Learn more about how S&P Global Ratings Private Markets can benefit you. Ratings required for regulatory reasons: As insurance investors become more active in the private credit space, any solutions targeted to them such as Feeder Funds and NAV Loans will require ratings due to regulatory (NAIC) reasons. Additionally in light of the Basel regime, Banks may need ratings for regulatory capital relief. Ratings support fund raising and investor communication at every level for issuers: As market conditions evolve, greater transparency provided by our ratings can attract a broader investor base, enhance marketability, potentially resulting in a cheaper cost of funds. Investors gain valuable insights on risk from the leading credit rating provider: Expanding participation by new and existing investor groups into the opportunities provided by private markets solutions has increased the need for prudent investor diligence. Our unparalleled coverage across all asset classes and expansive understanding of credit markets could inform investors’ risk management. Arrangers can leverage our ratings and insights to support an efficient funding process: As the private markets continue to grow and innovate, and the regulatory environment evolves, our independent opinions on credit risk may provide necessary clarity to enable broader distribution of debt. Discover Private Markets Solutions Download our private debt markets brochure to discover how S&P Global Ratings' independent creditworthiness opinions can help provide private debt market participants with greater access to capital and potentially lower costs of funds. Download Now Related Products View All Let's Get Started Get in touch with our team to learn more about Private Market solutions. Talk to Us Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Private Markets Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/private-markets<![CDATA[ Private Markets Solutions ]]>00:01:00<![CDATA[ Ratings ]]><![CDATA[ Clarify your creditworthiness and support critical financial decisions with S&P Global Ratings’ independent credit ratings and forward‑looking insights. ]]>Solution Page<![CDATA[ Ratings Clarify your creditworthiness and sharpen your financial strategy. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview In today’s dynamic markets, businesses need to clearly communicate their financial position, navigate uncertainty, and make confident decisions about funding, risk, and strategy. Yet many organizations face challenges in understanding how they are perceived by the market, how strategic moves could affect creditworthiness, or how to access capital efficiently –especially in evolving environments. With S&P Global Ratings, our renowned methodologies and deep sector, sovereign, and local market knowledge help turn complex credit risk questions into clear, actionable insights. Whether you're raising capital, planning a major transaction, or comparing financing options, our consistent, independent assessments enhance transparency, improve comparability, and empower decision making. Use Cases Learn more about how credit ratings solutions can provide insight. Raising Capital: Enhance your ability to access capital by communicating your creditworthiness effectively and appealing to a broader range of investors, whether global or local. An independent assessment of your creditworthiness may help to optimize funding costs, diversify funding mix, and secure better financing terms. Gain broader access to capital markets & improve financing terms with a Credit Rating. Anticipate Credit Impact Before You Act: Gain forward-looking insights into how strategic decisions – such as changes in capital structure or ownership – could impact your creditworthiness before taking action, helping you refine decisions and optimize financial outcomes. Start scenario planning with a Rating Evaluation Service (RES) or a Counterparty Instrument Rating (CIR). Navigate Transaction Funding with Greater Confidence: Gain clarity on your post-transaction creditworthiness with a Preliminary Rating or RES ahead of a transformative event, such as an acquisition or restructuring, helping you to raise capital with confidence and engage investors more effectively. Understanding Credit Risks: Uncover defined credit risks, whether related to local or foreign currency exposure (foreign currency credit rating), specific financial instruments or obligations, or an insurer’s capacity (insurer financial strength rating) to meet claims. Related Products View All Let's get started Speak with our team of experts to learn more about credit ratings solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Credit Ratings solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/ratings<![CDATA[ Ratings ]]>00:01:00<![CDATA[ Assessments ]]><![CDATA[ Evaluate credit, liquidity and sustainability risks with S&P Global Ratings’ independent assessments, supporting informed decisions when ratings are not available. ]]>Solution Page<![CDATA[ Assessments Support critical financial decisions and engage stakeholders with independent assessments of credit, liquidity, and sustainability. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Many businesses face challenges when trying to assess the creditworthiness of their partners, counterparties, and potential investments — especially when they lack formal credit ratings. S&P Global Ratings provides independent, objective assessments that deliver actionable insights into these critical areas, helping businesses make informed decisions. Our suite of assessments offer deep analysis into creditworthiness, liquidity, operational performance measurements, and sustainability, enabling businesses to identify risks and opportunities more effectively. Our assessments span a wide range of needs from evaluating creditworthiness and liquidity, to understanding climate transition progress and asset manager practices. With our broad experience across industries and markets, these assessments can be used to help navigate financial complexities, manage risk, and communicate effectively with investors and stakeholders. Use Cases Learn more about how assessments solutions can benefit you. Evaluate Creditworthiness: Gain a confidential, point in time evaluation of an unrated entity or proposed financing structuring in both public and private markets with a credit estimate, private credit analysis, or a credit assessment. This type of assessment is not considered a credit rating. Liquidity and Financial Stability: Obtain an analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets with a liquidity assessment and respond quickly to changing credit conditions. Climate Transition Planning: Understand and communicate your current position and expected path with a climate transition assessment, helping align internal planning and external stakeholder expectations. Manage Operational Risk: Assess your companies’ ability to handle complex demands, operational practices, and performance in asset management, with either a servicer evaluation, U.S. residential mortgage originator or an asset manager practices classification, highlighting strengths and risks to support better oversight. Related Products View All Let's Get Started Get in touch with our team to learn more about Assessments solutions. Talk to an Expert Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Assessments solutions Please it out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/assessments<![CDATA[ Assessments ]]>00:01:00<![CDATA[ Sustainable Finance ]]><![CDATA[ Demonstrate credibility and transparency in sustainable financing with S&P Global Ratings’ independent opinions, assessments and Shades of Green approach. ]]>Solution Page<![CDATA[ Sustainable Finance Demonstrate your company’s readiness to obtain sustainability or transition financing. ON THIS PAGE Use Cases Products Research & Insights ON THIS PAGE Use Cases Products Research & Insights Contact Us Contact Us Overview Sustainable finance is not only about financing activities and investments that are already compatible with a low-carbon, climate resilient future, considered "green," and aligned with the Paris Agreement. It is also about financing activities and investments that are not yet compatible with a low-carbon, climate resilient future but contribute to a reduction of greenhouse gas emissions. S&P Global Ratings offers independent, transparent assessments at both entity and financing level, backed by the award- winning Shades of Green approach, which provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Use Cases Alignment to Relevant Market Principles: Demonstrate to stakeholders that your sustainability objectives are aligned to relevant market principles (such as ICMA, LMA, EU Taxonomy, European Green Bond Regulation). Financing – Debt: Navigate access to the public and private sustainable debt markets. Obtaining a Green Designation on Stock Exchanges: Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement: Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications: Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Related Products View All Let's get started Get in touch with our team to learn more about Sustainable Finance solutions. Talk to an Expert Related Research & Insights View All Research & Insights Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Sustainable Finance solutions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/sustainable-finance<![CDATA[ Sustainable Finance ]]>00:01:00<![CDATA[ Digital Assets ]]><![CDATA[ Navigate digital and decentralized finance with confidence using S&P Global Ratings’ independent risk analysis and insights bridging digital assets and traditional markets. ]]>Solution Page<![CDATA[ Digital Assets Foundational insights and risk assessments for digital markets. ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights ON THIS PAGE Recent Ratings Use Cases Bond Ratings Products Research & Insights Contact Us Contact Us Overview As digital assets become more deeply embedded in global financial systems, institutional investors and businesses face new risks tied to innovation. S&P Global Ratings helps bridge the gap with risk assessments built on a legacy of analytical rigor. Our digital asset capabilities support transparency and informed decision-making at the intersection of decentralized innovation and traditional finance. With deep insights and a forward-looking lens, we help clients understand emerging market risks. Recent Digital Assets Ratings Use Cases Risk Analysis: Institutional investors use our insights to evaluate digital asset instruments before allocating capital. Product Development: Financial institutions and issuers consider our methodologies in the context of tokenized products or digital financial infrastructure to enhance transparency. Benchmarking: Asset managers and token issuers use our assessments to benchmark themselves when building tokenized funds, payment rails, or on-chain liquidity programs. Risk Management & Exposure Monitoring: Treasury, risk, and operations teams use our assessments to help identify and track emerging risks in tokenized markets, DeFi protocols, and crypto asset issuers. Third-Party Review: Auditors, consultants, and legal/compliance teams may review our outputs as part of their due diligence processes and in preparing third-party risk documentation. Recent Digital Bond Ratings Related Products View All Related Research & Insights View All Stay in Touch View our selection of newsletters and subscribe to stay up to date on the latest research across a variety of topics and regions. Learn More Contact Us Learn more about Digital Assets Please fill out the form so we can connect you with the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/solutions/digital-assets<![CDATA[ Digital Assets ]]>00:01:00<![CDATA[ Rating Evaluation Service (RES) ]]><![CDATA[ Assess the potential credit impact of strategic initiatives before you act with S&P Global Ratings’ Rating Evaluation Service (RES), a confidential scenario‑based assessment. ]]>Products<![CDATA[ Rating Evaluation Service (RES) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses RES in Action Videos Related Products ON THIS PAGE Benefits Uses RES in Action Videos Related Products Overview Assess the impact of new initiatives on creditworthiness with a forward-looking, confidential assessment. The decision to take on a major capital program, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. Our Rating Evaluation Service (RES), a tool for rated or unrated entities, provides a forward-looking, confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them. You provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback on each scenario you present. The RES is not a credit rating, nor is it a consulting or advisory service. Benefits One Solution, Many Uses Gain valuable insight before you act. Our Rating Evaluation Service (RES) gives you a confidential, written assessment of the potential credit impact of your hypothetical securitization initiatives. Obtain Useful feedback & Gain Valuable Insight Before You Act Our Rating Evaluation Service gives you a confidential assessment of the potential credit impact of your proposed strategic initiatives before you implement them, to identify the planned initiatives that potentially could lead to credit outcomes that you would view as more or less favorable. This can be a particularly valuable benefit whether you are considering only one plan or several alternatives. Understand The Impact of Your Proposed Initiatives on Your Creditworthiness When exploring strategic options, you may want to assess ahead of time how your proposed initiatives may affect your creditworthiness. The decision to take on a major capital program, consider an acquisition, manage debt capacity, change an operating structure or vary the mix of security types issued can potentially have significant credit consequences. That’s where we can help. Analysis Based on Your Scenario Provide us with the hypothetical scenarios you are considering and we'll provide you with timely feedback from a Rating Evaluation Committee based on each scenario you presented. Please note that the Rating Evaluation Service process and outcome remains confidential Uses Rating Evaluation Service Rating Evaluation Service has been used to gauge the potential ratings implications of important initiatives such as: Mergers and acquisitions Asset or line-of-business divestitures Capital plan alternatives and/or additional debt being contemplated Funding and liquidity mix restructurings Recapitalizations (including senior and subordinated debt) Creation of new holding and subsidiary company structures Risk-shedding and capital-relief transactions (securitizations, hybrids, derivatives, and reinsurance) New financing techniques, such as a commercial paper program Pre-packaged or pre-emergence bankruptcy alternatives RES in Action Watch our short video to learn how a Rating Evaluation Service is typically used to evaluate the impact of restructurings, mergers & acquisitions, divestitures, or material changes in debt or capital structure. Videos Adjusting to a Variety of New Challenges Could our Rating Evaluation Service help you to adjust to new challenges? Watch our video to learn more. Strategic Decisions Learn how a Rating Evaluation Service can support your strategic decisions providing you with the insights you need, before you act. Portfolio Acquisition Are you looking to sell or acquire a portfolio but you want to understand the cost of funding, learn how a Rating Evaluation Service could assist. Securitization Restructuring Our Rating Evaluation Service could provide you with the insights you need when considering your next securitizations restructuring. Related Products View All Contact Us Learn more about our Rating Evaluation Service (RES) Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm Register for an S&P Global Ratings Account Register now to access exclusive content, events, tools, and more. Register For an Account ]]>https://www.spglobal.com/ratings/en/products/rating-evaluation-service<![CDATA[ Rating Evaluation Service (RES) ]]>00:01:00<![CDATA[ Ratings360® ]]><![CDATA[ Manage and understand your credit story with S&P Global Ratings’ Ratings360®, a digital platform bringing together ratings, research and scenario insights. ]]>Products<![CDATA[ Ratings360® Intelligence You Can Act On. Login Sign up now The Ratings360® platform is available to rated issuers. Get in touch with us to request access. Request Account Request Account Overview Ratings360® provides rated issuers with a holistic picture of their organization’s credit story – ratings, risk research and critical insights on one personalized dashboard. Features Manage. Compare. Report. All In One Dashboard. Essential Benchmark Ratings View and benchmark ratings data for your organization against peers, suppliers and counterparties. Wealth of Research Insights Stay ahead of the factors moving your industry. Relevant Data Tailor the data in a way that is meaningful for you. Sign In Data & Insights At Your Fingertips Sustainability Preparedness Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. Market Sentiment Propose funding options with confidence when you have access to aggregated investor sentiment across different sectors. Request More Information Intelligence You Can Act On Contact us now: ratings360@spglobal.com Ratings Data Access ratings, rating history and rating articles of your organization, your peers, suppliers and counterparties. Financials Comparisons Compare rating scores, adjusted and pre-adjusted financials and ratios between your organization, peers, suppliers and counterparties. Credit Scenario Builders Create hypothetical ‘what if’ scenarios based on your inputs and our criteria, and gain a better understanding of our rating methodology. View How Sector Research Our latest global economic and sector research, videos and podcasts to help you stay in touch with the risk and economic conditions affecting your sector. Ratings Distribution See the ratings distribution across geographies, sectors and grades covered by S&P Global Ratings. Investor Sentiment Stay on the pulse of investor sentiment with insights from our Analytical and Market Outreach teams’ interactions with your sector’s global investors. Sustainability Intelligence Differentiate yourself by having our analytical approach, research and all public evaluations on sustainability on hand. ]]>https://www.spglobal.com/ratings/en/products/ratings360<![CDATA[ Ratings360® ]]>00:01:00<![CDATA[ Credit Estimates ]]><![CDATA[ Obtain a confidential, point‑in‑time Credit Estimate for an unrated entity or obligation for an indicative view of creditworthiness from S&P Global Ratings. ]]>Products<![CDATA[ Credit Estimates Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Expressed in lower case lettering using our traditional credit rating symbols. No rationale report is provided. Credit Estimates are a confidential indication, provided at the request of a third party, of our likely credit rating on an unrated entity. They do not include all of the aspects of a credit rating. These estimates do not involve direct contact with the obligor's management and although they are a point-in-time analysis, they can be updated at your request. Credit Estimates are formulated from an abbreviated analysis that draws on analytical experience and expertise of our analysts. Credit Estimates are: Generally provided in a portfolio context Typically used to support the ratings on collateralized debt obligations (CDOs) An integral part of S&P Global Ratings' rating process for CDOs A Credit Estimate is not a credit rating. It is a confidential indication, provided solely at the request of a third party other than the company or issuer of the obligations at issue, of the likely S&P Global Ratings' credit rating of an unrated company or obligation primarily in the context of CDOs. Credit Estimates are typically created for the purpose of including collateral not rated by us in a CDO or other structured finance obligation that is rated by us. They are formulated from an abbreviated analysis and do not include all of the aspects of a standard ratings analysis. For these reasons, a Credit Estimate is not intended to be a substitute for a credit rating. Credit Estimates do not typically involve the direct participation of the obligor and are typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The estimates are confidential in nature and are not published by S&P Global Ratings. Related Products View All Contact Us Learn more about Credit Estimates Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-estimates<![CDATA[ Credit Estimates ]]>00:01:00<![CDATA[ Fund Ratings ]]><![CDATA[ Evaluate the credit quality and risk of investment funds with S&P Global Ratings’ Fund Ratings, covering money market funds, bond funds, ETFs and more. ]]>Products<![CDATA[ Fund Ratings We provide ratings on various types of funds which offers benefits for asset managers, funds sponsors and fund investors Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Alternative Investment Funds Related Resources ON THIS PAGE Benefits Alternative Investment Funds Related Resources Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings has been rating funds since 1984, with ratings on over 500 funds. We provide ratings on various types of funds, including Money Market Funds Bond Funds Local Government Investment Pools (LGIPs) Exchange Traded Funds (ETFs) Separate Accounts Unit Investment Trusts Our Fund Credit Ratings’ analytical team has the deep knowledge and experience necessary to assess and rate the various fund structures in the market. The team is made up of 21 professionals with nearly 240 cumulative years with S&P Global and approximately 200 years with the Fund Credit Ratings team. Get In Touch Benefits of Our Fund Ratings Credit Ratings Are Opinions About Credit Risk. For Asset Managers/Fund Sponsors: Ongoing credit/liquidity/market risk evaluation Internal and external communication of quality & composition of funds Asset growth/retention For Fund Investors: Fund selection Regulatory/Compliance purposes Periodic credit/liquidity/market risk evaluation Funds Research The funds industry’s continued growth and expansion to an ever increasing number of investors has been met with rising pressures for greater transparency, with many investors taking a progressive interest in the assessment of the risks facing both the funds and their managers. Our dedicated funds research page provides key industry analysis, insights and trends on the factors affecting the market today. Read the Latest Research Alternative Investment Funds We assign global scale counterparty credit ratings to assess the stand-alone creditworthiness of several types of Alternative Investment Funds (AIFs), based on the investments they make, trading strategies they employ, and funding structures they maintain. We also assign issue ratings to debt instruments issued out of AIF structures. Alternative Investment Funds typically include: Private equity funds Hedge funds Credit funds Fund of funds Assets within these funds can include but are not limited to: Commodities Global real estate Leveraged loans Start-up companies Unlisted securities Private equity debt Private debt Derivatives For rated private equity structures, we consider whether the funds are primarily buy and hold with a focus on harvesting investments. We also consider the funds’ maturity attributes (e.g. final maturity within 7–12 years). In our ratings of hedge funds, we consider factors such as trading strategy, whether the portfolio has meaningful turnover, and funds itself with capital that varies in degree of permanence. In cases where AIFs are not structured as private equity funds or hedge funds, we consider whether the fund has characteristics similar to a hedge fund or private equity fund, and executes a strategy that includes elements of both private equity investment and hedge fund trading in order to determine its ratability within the AIF criteria. We rate AIFs on either a private/confidential or public basis. Collateralized Fund Obligations (CFOs) The CFO criteria is designed to rate debt backed by a diversified fund of funds. The criteria and models are limited to assessing funds of funds with the following underlying fund characteristics: Asset Types: the assets backing the debt must be Limited Partnership (LP) interests in diversified funds. They cannot be individual private equity investments themselves, such as debt, equity or co-investments. Fund Types: we can assess diversified venture capital, buyout and mezzanine funds (we are not able to rate concentrated specialty sector funds, such as those invested exclusively in real estate, commodities, infrastructure, etc.) Geographic Scope: investments can be in U.S., European, or Asian assets. Diversification: the funds must be well diversified across fund types, geographies, industries, fund vintages, and fund managers. Related Resources Contact Us Learn more about Fund Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/fund-ratings<![CDATA[ Fund Ratings ]]>00:01:00<![CDATA[ Private Credit Analysis (PCA) ]]><![CDATA[ Gauge the creditworthiness of unrated counterparties with S&P Global Ratings’ Private Credit Analysis (PCA) providing a confidential credit estimate and rationale. ]]>Products<![CDATA[ Private Credit Analysis (PCA) Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview You want to assess the creditworthiness of a third-party entity, but the entity is unrated. A tool to assess counterparty risk. Provides a confidential third-party credit opinion on an unrated counterparty. A Private Credit Analysis is not a credit rating. It is a credit estimate accompanied by a written report on the rationale for the credit estimate. A Private Credit Analysis provides a confidential third-party opinion of a target entity's likelihood of default when a public credit rating is not available. Private Credit Analyses are often sought by parties, as one factor amongst others, to help them determine counterparty exposure to an unrated issuer. Our Private Credit Analysis brings you a concise credit analysis of the unrated entities that interest you. You'll receive a report that includes a Credit Estimate, supported by a brief rationale. Although a Private Credit Analysis takes a "point-in-time" snapshot and there is no ongoing surveillance, we can update this analysis at your request. A Private Credit Analysis is typically based on information provided by the requesting party together with information from third-party sources we consider reliable. The Private Credit Analysis helps you: Analyze and report on specific credits that may fall outside your institution's traditional experience; Supplement your internal credit resources; and Review and compare your internal credit process with our analysis. The Private Credit Analysis changes the unknown to the known: Offering an independent and objective tool that senior credit, financial, risk, and investment managers can use for evaluating and managing credit risk; Providing credit analysis of new and existing counterparties, borrowers, lessees, customers, partners, and suppliers, to help you analyze their credit quality; Providing specific industry and company insight from our credit analysts to help improve your understanding of counterparty and industry credit risk; Supplementing the expertise and resources of your internal credit departments; Assisting you in evaluating portfolio or individual acquisitions; and Assisting you in setting credit terms, such as limits and pricing. Deliverables Report including a credit estimate grade, expressed in lower case lettering using our traditional credit rating symbols, and written analysis detailing the target entity's relative strengths and weaknesses and business and financial profile. A Private Credit Analysis is a Credit Estimate accompanied by a written report on the rationale for the Credit Estimate. It does not involve direct contact with the obligor's management and although it is a point-in-time analysis, it can be updated at your request. Related Products View All Contact Us Learn more about Private Credit Analysis Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/private-credit-analysis-pca<![CDATA[ Private Credit Analysis (PCA) ]]>00:01:00<![CDATA[ Liquidity Assessments ]]><![CDATA[ Assess an issuer’s ability to provide liquidity support using its own assets with S&P Global Ratings’ Liquidity Assessments, covering CP and VRDO obligations. ]]>Products<![CDATA[ Liquidity Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Liquidity Assessment Process Related Products ON THIS PAGE Liquidity Assessment Process Related Products Overview In some cases, creditworthy tax-exempt debt issuers with substantial liquidity have found it cost-effective to use their liquid assets to provide liquidity support for Commercial Paper (CP) and Variable Rate Demand Obligations (VRDO) tender obligations as an alternative to bank liquidity facilities – including lines of credit and standby bond purchase agreements – that have traditionally been used to provide liquidity support. S&P Global Ratings continually receives inquiries from tax-exempt issuers – including states and local governments, housing agencies, universities, hospitals and other not-for-profit entities, regarding the use of their own assets as a substitute for bank liquidity facilities. Background Liquidity Assessments, which evaluate an issuer's ability to provide liquidity support, were introduced in 2000. Issuers have indicated to S&P Global Ratings that bank liquidity facilities are often expensive and that they can be cumbersome to administer. Since the introduction of liquidity assessments to the tax-exempt market four years ago, S&P Global Ratings has provided liquidity assessments to all types of tax-exempt issuers – providing an independent view of their ability to use their own liquid assets as liquidity support. What is Included in an S&P Global Ratings’ Liquidity Assessment? An S&P Global Ratings’ Liquidity Assessment includes the following: An analysis of the liquidity, market risk, and volatility of the issuer’s current cash, fixed-income portfolio holdings, and liquid assets, An assessment of management’s plans to provide cash, as outlined in its “Liquidation Letter” including a current maximum dollar assessment of the issuer’s ability to raise cash or provide liquidity on its own, and A review of the issuer’s investment policies and risk-management procedures and operations. Liquidity Assessment Process Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment. Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment. The information that S&P Global Ratings evaluates for a Liquidity Assessment includes: Biographies of treasury staff & portfolio management staff, Liquidation procedures letter, Portfolio holdings report, Month-end balances of fixed-income portfolios, and Investment policy related to fixed-income portfolios and other eligible assets. Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. Related Products View All Contact Us Learn more about Liquidity Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/liquidity-assessments<![CDATA[ Liquidity Assessments ]]>00:01:00<![CDATA[ Counterparty Instrument Ratings ]]><![CDATA[ Examine counterparty credit risk in securitization structures with S&P Global Ratings’ Counterparty Instrument Ratings, covering swaps, liquidity facilities and other obligations. ]]>Products<![CDATA[ Counterparty Instrument Ratings Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A forward-looking opinion of an issuer’s creditworthiness An S&P Global Ratings Counterparty Instrument Rating (CIR) is a forward-looking opinion about the creditworthiness of an issuer in a securitization structure with respect to a specific financial obligation to a counterparty (including interest rate swaps, currency swaps, and liquidity facilities) on an ultimate payment basis. It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the financial obligation to a counterparty and takes into account the currency in which the financial obligation is denominated. The opinion reflects S&P Global Ratings' view of the issuer's capacity and willingness to meet its financial commitments as funds become available, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. A CIR is specific to the financial obligations that securitization special-purpose entities enter into with banks or any other entity taking on the issuer's credit risk under a contract such as a swap or liquidity facility (a "counterparty"). Capital reserve requirements for high-yield asset classes can constrain insurers’ investment management practices. The CIR addresses an issuer's capacity to meet its financial obligations to a counterparty in a securitization transaction on an ultimate payment basis as funds become available, without regard to any specific repayment date that may be stated in the terms of the contract. Deliverables Each CIR is specific to a particular issuer's financial obligation under a specific counterparty contract in relation to a securitization transaction. For example, we could assign a CIR of 'AAcir' to Issuer ABC's obligations under the interest rate swap with Bank XYZ. The CIR may be either a public, private or confidential rating. The CIR could be assigned with surveillance or could be point-in-time with no surveillance. Furthermore, the CIR may be a local or foreign currency rating, depending on the underlying structure. This opinion does not take into account timeliness of payment. As such, CIRs are long-term ratings only. The CIR is a new rating type with its own ratings definitions. CIRs are identified by the 'cir' suffix to distinguish the CIR from an S&P Global Ratings issue or issuer credit rating. We will assign the 'sf' identifier where necessary. Related Products View All Contact Us Learn more about Counterparty Instrument Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/counterparty-instrument-ratings<![CDATA[ Counterparty Instrument Ratings ]]>00:01:00<![CDATA[ Servicer Evaluations ]]><![CDATA[ Analyze loan and asset servicers with S&P Global Ratings’ Servicer Evaluations providing independent rankings of operational strength and servicing capability. ]]>Products<![CDATA[ Servicer Evaluations Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview Our independent view of a company's ability to handle the complex demands of servicing loans and asset portfolios. With the introduction of Servicer Evaluations in 1989, S&P Global Ratings became the first ratings agency to give global market participants an independent, objective view of a company's ability to handle the increasingly complex demands of servicing loans and asset portfolios. Covering a wide range of servicers, including several types of commercial and residential mortgage servicers, Servicer Evaluations are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. A Servicer Evaluation is not a credit rating. Following a comprehensive evaluation process, analysts assess a servicer's operational strengths and risks to derive appropriate sub-rankings and overall rankings. The ranking and supporting analysis are conveyed in a written report that may be made public if a servicer engages for a public ranking. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational and portfolio developments. S&P Global Ratings' Servicer Evaluations provide a consistent, objective analysis of servicer performance. Each evaluation offers an overall ranking - based on sub-rankings covering a servicer's management and organization, and administrative processes, along with a review of the servicer's financial position - that makes it easy to assess a servicer's capabilities and competence. Servicer Evaluations offer benefits to investors, issuers, bankers, and servicers alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key servicer performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing servicers with a resource that they can use to raise their company profile, market themselves to originators, compare themselves with peers, and assess internal performance. Related Products View All Contact Us Learn more about Servicer Evaluations Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/servicer-evaluations<![CDATA[ Servicer Evaluations ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us ON THIS PAGE Features European Green Bond External Reviews Post-Issuance Reviews Analytical Approach Shades of Green Public Reports Why Us What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Features Types of Second Party Opinions Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. Types of Second Party Opinions Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation. Second Party Opinion - Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Second Party Opinion - Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. What do Second Party Opinions on use-of-proceeds financings include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What do Second Party Opinions on sustainability-linked financings include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing  where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context: We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors. Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan. Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. Explore the strategies behind our client success stories: Case Study: Nordic Investment Bank. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Nordic Investment Bank From the impacts of climate change to the opportunities of sustainable development, every forward-thinking company has a unique journey. See how Nordic Investment Bank achieved its objective of attracting green investment by aligning its framework with recognized market standards and obtaining a Shades of Green Second Party Opinion. Read More Post-Issuance Reviews Overview Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. What is a Post-Issuance Review? An independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features: Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. Learn more about our Shades of Green Approach Watch the Video: Explaining the Shades of Green In the short video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Public Reports View All Public Reports Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/second-party-opinions<![CDATA[ Second Party Opinions ]]>00:01:00<![CDATA[ Stablecoin Stability Assessment ]]><![CDATA[ Assess stablecoin de‑pegging risk with S&P Global Ratings’ Stablecoin Stability Assessment providing independent insight into a stablecoin’s ability to maintain its value. ]]>Products<![CDATA[ Stablecoin Stability Assessment Stablecoin Risk, Quantified Talk to us Get in touch with us to find out more. Contact Sales View Our Brochure Contact Sales ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content ON THIS PAGE Our Approach Why S&P Global Ratings Reports Related Content What are Stablecoins? Stablecoins are cryptocurrencies designed to maintain a stable value, often pegged to a 1:1 relationship with a fiat currency. As a result, absent a depegging, stablecoins do not demonstrate the volatility that is associated with other cryptocurrencies. Because of their stability, stablecoins form a bridge between traditional finance and digital assets capabilities by making it easier for businesses and individuals to conduct transactions and make investments. S&P Global Ratings Stablecoin Stability Assessment is designed to provide market stakeholders with transparency into the stability of various stablecoins and specific insight into their depegging risks. View Interactive Our Approach Our analytic approach begins with the assessment of asset quality risks, including credit, market value, and custody risks. We further analyze to what degree overcollateralization requirements and liquidation mechanisms may mitigate these risks (light gray box). Through a combination of these factors, we determine an asset assessment score that ranges from 1 (very strong) to 5 (weak) (black box). Following the Asset Assessment, our analytic approach considers five additional areas (dark gray boxes): • Governance • Legal and regulatory framework • Redeemability and liquidity • Technology and third-party dependencies, and • Track record The strengths and weaknesses for each of these five areas add to the holistic risk assessment view, which may lead to a negative adjustment to the Asset Assessment score. As a result, the stablecoin stability assessment (red box) can be in line with or lower than the asset assessment. Learn More About Our Analytical Approach Why S&P Global Ratings? Highly Informed The Stablecoin Stability Assessment culminated from essential insights gathered in numerous deep-dive interviews with key market participants in the traditional finance and digital assets sectors. Expertise Our Digital Asset Lab is made up of credit and Cryptofinance analysts and researchers so we have a unique analytical understanding of the intersection of traditional finance and digital assets. Track Record in Assessing Risk With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver essential intelligence to help market participants make informed decisions with conviction. Investor Preference Of the top 20 global institutional investors, 95% reference S&P Global Ratings.* We are an essential source of information for global financial markets. *According to 3rd party investor survey conducted in 2023. Stablecoin Stability Assessment Reports Related Content Contact Us Learn more about Stablecoin Stability Assessment Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/stablecoin-stability-assessment<![CDATA[ Stablecoin Stability Assessment ]]>00:01:00<![CDATA[ Climate Transition Assessment ]]><![CDATA[ Evaluate the credibility of a company’s climate transition plans with S&P Global Ratings’ Climate Transition Assessment (CTAs), analyzing near-term actions and future alignment. ]]>Products<![CDATA[ Climate Transition Assessment Go beyond net zero targets. Demonstrate the credibility of your transition plans. Download Brochure Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research ON THIS PAGE Our Approach Use Cases Green Equity Exchange Designations Public Reports Related Products & Research What is the Climate Transition Assessment? The Climate Transition Assessment (CTA) is a qualitative opinion on where a company is on its current transition journey and where we expect it to head into the future, based on an assessment of planned transition activities and implementation drivers. The CTA outcome is a single Future Shade, based on the award-winning Shades of Green approach, which shows the expected alignment of a company’s activities with a low carbon, climate resilient future (and alignment with the Paris Agreement), based on the feasible transition timeline for the company’s sector and its own transition plan/commitments. Our Climate Transition Assessment now includes industry peer comparison, a Transition Progress score, and greater transparency into our Shades of Green shading approach. How Does the Climate Transition Assessment Differ from a Net Zero Target Assessment? The CTA is not a net zero assessment. Whereas many net zero targets are distant, reaching as far as 2050, the Climate Transition Assessment analyzes near-term actions and investments that the company has planned, and their likely implementation, considering potential risks and blockers. The CTA can be applied across sectors and all starting points along the climate transition spectrum, including those earlier in their transition journey, and provides a forward-looking opinion based on a company’s transition plan. We can now offer a Climate Transition Assessment for both non-financial corporates as well as financial institutions. For more detail on how we assess activities for corporates and financial institutions please refer to the Analytical Approach. Our Approach A Climate Transition Assessment is our qualitative opinion of how consistent with a low carbon, climate resilient future we expect an entity's economic activities will be once the entity's planned transition changes are realized and potential material implementation risks are considered. We express our opinion using a single Shade of Green ranging from Dark Green to Red. Our CTA analysis includes: Current Shade (based on the Shades of Green spectrum) Climate Transition Plan Future Shade (based on the Shades of Green spectrum) Transition Progress Optional Add-Ons: In addition, and upon request from the company, we can assess consistency with green and transition equity designations with certain stock exchanges (e.g.: Nasdaq) and other frameworks. Analytical summary of strengths, weaknesses, and areas to watch We have expanded the CTA analysis so that companies can: More easily compare where they are today and where they’re headed on their climate transition journey with the Current and Future Shade, based on the Shades of Green scale. Compare progress to industry peers on key environmental performance KPIs to stay ahead of the curve. Measure progress towards a low-carbon future with our Transition Progress score. Learn More About Our Analytical Approach and the Shades of Green Use Cases for the Climate Transition Assessment Financing: Debt Demonstrate your company’s transition readiness to obtain sustainability or transition financing. Use the CTA either for labeled debt, in combination with a Second Party Opinion, or for unlabeled debt to demonstrate your commitment to transition at entity-level. Obtaining a Green Designation on Stock Exchanges Companies seeking to obtain a green designation on certain stock exchanges (e.g.: B3 Ações Verdes (BAV), Nasdaq Green Designations, or SIX 1.5°C Climate Equity Flag), either when going public as a green equity offering or as a listed company to help provide transparency on their green business models, status and strategies to investors, business and other stakeholders. Before an IPO Announcement Companies seeking an external opinion, where relevant, on their activities for listing on stock exchanges or a green equity or Initial Public Offering (IPO) announcement. Investor and Stakeholder Communications Demonstrate the credibility of your transition plans in your communications to investors and other stakeholders, particularly for companies in transitioning sectors. Qualitative Climate Transition Risk Analysis Provide a qualitative, deeper dive opinion for investors and banks/financial institutions seeking to understand the climate risk of their portfolio companies, including the transition ambition and plan of a particular company. Green Equity Exchange Designations S&P Global Ratings is currently an approved reviewer for three major stock exchanges' green equity designations: B3 Ações Verdes (BAV), Nasdaq Green Designations, and the SIX Swiss Exchange 1.5°C Climate Equity Flag. S&P Global Ratings assesses alignment with the requirements for the Philippine Green Equity Label set out in the Guidelines on Philippine Green Equity. B3 Ações Verdes (BAV) Green Equity Designation S&P Global Ratings is the first approved reviewer for the B3 Ações Verdes (BAV). In May 2024, B3 The Brazilian Stock Exchange launched a voluntary B3 Green Equities (BAV) designation targeting green companies in Brazilian markets, based on the World Federation of Exchanges Green Equity Principles. The B3 Ações Verdes (BAV) Designation provides transparency to investors on green credentials of a company and offers a way to follow a company’s progress over time. Our Climate Transition Assessment evaluates alignment with the B3 Ações Verdes (BAV) principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of annual gross revenue from activities that contribute to the green economy and continue to invest in a majority share of green activities. Download the Climate Transition Assessment Description for the B3 Ações Verdes (BAV) Designation Nasdaq Green Designations S&P Global Ratings is currently an approved reviewer for Nasdaq Green Equity Designations and has provided stakeholder input to the development of the designation principles. In June 2021 Nasdaq launched voluntary Green Designations targeting green and transition companies on Nasdaq Nordic markets. The Nasdaq Green Designations provide transparency on the green credentials of a company and offer a way to follow a company’s progress over time. Our Climate Transition Assessments evaluate alignment with the Nasdaq Green Equity and Nasdaq Green Equity Transition Designations principles. To meet the Green Equity Designation principles, companies must have more than 50 percent of turnover from green activities and continue to invest in a majority share of green activities, in addition to providing transparency on EU Taxonomy alignment and company-level sustainability targets. Download the Climate Transition Assessment Description for the Nasdaq Green Designations SIX 1.5°C Climate Equity Flag S&P Global Ratings is one of the first approved reviewers for the SIX 1.5°C Climate Equity Flag as of August 2024. In August 2024, the SIX Swiss Exchange launched the SIX 1.5 °C Climate Equity Flag, which helps companies provide additional supporting evidence that its entire value chain contributes towards limiting global warming to 1.5 °C above pre-industrial level. The flag combines recognized requirements on the climate transition plan with additional requirements that arise from the application of the WFE Green Equity Principles (2023) to climate-change mitigation. Our Climate Transition Assessment evaluates alignment with the SIX 1.5°C Climate Equity Flag. To meet the SIX 1.5°C Climate Equity Flag requirement, more than 50 percent of the issuer’s annual revenues must come from 1.5°C aligned activities. Download the Climate Transition Assessment Description for the SIX 1.5°C Climate Equity Flag Public Reports View All Public Reports Related Products & Research Contact Us Learn more about Climate Transition Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/climate-transition-assessment<![CDATA[ Climate Transition Assessment ]]>00:01:00<![CDATA[ Credit Ratings ]]><![CDATA[ Gain a forward-looking, independent opinion of credit risk with S&P Global Ratings’ Credit Ratings covering corporates, financial institutions, governments, and more. ]]>Products<![CDATA[ Credit Ratings We empower people to make informed, confident decisions. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Benefits Uses Related Products ON THIS PAGE Benefits Uses Related Products Overview Credit Ratings Are Opinions About Credit Risk. S&P Global Ratings is a leading provider of Credit Ratings. The world’s financial markets depend on S&P Global Ratings for our accessible insights and valued perspectives that drive clarity and growth in the market. We provide: Public Ratings (issuer/issue): Distributed via our websites and various news media, for issuers of publicly rated securities or private loan transactions of any size. Private Ratings (issuer/issue): Distributed via a secure website for distribution to up to 145 users. Confidential Ratings (generally issuer level): Not distributed. Applicable for use by entities seeking an internal benchmark. Get In Touch By the Numbers Benefits Why use S&P Global Ratings for your credit rating? Increase Your Access to New Markets We work with issuers and investors globally including Corporates, Financial Institutions, Governments, Infrastructure & Utilities, Insurance, Structured Finance and Public Finance. Experience in Credit Markets With over 150 years of experience in providing independent opinions to the markets and more than 1 million credit ratings outstanding, we deliver the essential intelligence market participants need to make informed decisions with conviction. Enhance Your Corporate Transparency The world’s financial markets depend on us for our accessible insights and valued perspectives that drive clarity and growth in the market. Analytical Excellence Leveraging our expansive credit coverage, our analysts and economists provide authoritative, forward-looking insights on prevailing and potential credit risks. Investor Preference Market participants and investors listen to S&P. 95% of top 20 global institutional investors reference S&P Global Ratings¹ making S&P an essential source of information for global financial markets. Uses One Rating, Many Uses Issuers Rated Issuers: Log Into Ratings360® Here Optimize the cost of funding Expand the pool of investors and available capital Lengthen the terms of financing Diversify funding sources Intermediaries Benchmark the relative credit risk of different debt issues Set the initial pricing for individual debt issues they structure Determine the interest rate issues will pay Package assets into securities or structured finance instruments to market to investors Investors Log Into S&P Capital IQ Pro A third-party opinion of credit quality A basis for comparison across asset classes, geographies, and peers Information and metrics to make informed decisions, such as supplementing their own credit analysis or establishing thresholds for credit risk and investment guideline Related Products View All Register for an S&P Global Ratings Account Gain access to exclusive content, events, tools, and more. Register Now Contact Us Learn more about Credit Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ¹ References sourced from internal research conducted on global top 20 asset manager websites, fund prospectuses, fund annual reports and/or other related public documents & sourced from IPE data as of 2023. Other data points sourced from internal data from S&P Global Ratings in 2022. ]]>https://www.spglobal.com/ratings/en/products/credit-ratings<![CDATA[ Credit Ratings ]]>00:01:00<![CDATA[ Credit Assessments ]]><![CDATA[ Assess the creditworthiness of an unrated entity or financing structure with a confidential, point‑in‑time Credit Assessment from S&P Global Ratings. ]]>Products<![CDATA[ Credit Assessments Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview A Credit Assessment provides an indication of creditworthiness on an unrated entity or proposed financing structure. Credit Assessments are not credit ratings. It is an indicator of our opinion of creditworthiness that may be expressed in descriptive terms, a broad rating category or with the addition of a plus (+) or minus (-) sign to indicate relative strength within the category. It reflects our view of the general credit strengths and weaknesses of an issuer, obligor, a proposed financing structure, or elements of such structures. It may also pertain to limited credit matters or carve out certain elements that would ordinarily be taken into account in a credit rating. Companies considering a full, interactive ratings analysis may have reservations about the process involved and whether the ultimate result will meet their needs. Some companies might be concerned over the amount of management time involved in a full ratings analysis, the cost and the likelihood of their achieving a rating grade that they perceive "acceptable". A Credit Assessment gives companies the opportunity to examine their credit particulars without committing to the more resource-intensive full rating analysis. The process may help management identify strategic "issues". Moreover, if the Credit Assessment level is acceptable to management, a more detailed, public ratings analysis can be completed. A Credit Assessment usually represents a point-in-time evaluation (i.e., we generally do not maintain ongoing surveillance or updates of credit assessments), and is confidential. A credit assessment is generally requested by the entity, or the sponsor of an obligation, to be assessed. Credit Assessments are expressed using our traditional credit rating symbols, but in lower case (e.g.,'bbb'). Related Products View All Contact Us Learn more about Credit Assessments Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/credit-assessments<![CDATA[ Credit Assessments ]]>00:01:00<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]><![CDATA[ Access S&P Global Ratings’ credit ratings, research and methodologies with RatingsDirect®, the official platform for credit risk analysis and insights. ]]>Products<![CDATA[ RatingsDirect® Already a customer? Log in below. Capital IQ Capital IQ Pro Capital IQ Pro Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview As the official source for S&P Global Ratings credit ratings and research, RatingsDirect® from S&P Global Market Intelligence delivers the credit risk insights you need on a powerful single platform. With a clean and straightforward layout and AI-powered search, Investors, Credit Analysts, Ratings Advisors, Underwriters, Risk Managers, and more can quickly locate this essential intelligence, combined with comprehensive market data, credit risk indicators, and dynamic visualization tools needed to analyze credit performance and trends across industries, companies, and securities worldwide. Learn More Related Products View All Contact Us Learn more about RatingsDirect® Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/ratingsdirect-by-sp-global-market-intelligence<![CDATA[ RatingsDirect® by S&P Global Market Intelligence ]]>00:01:00<![CDATA[ Preliminary Ratings ]]><![CDATA[ Obtain a forward‑looking credit rating ahead of a transformative transaction with S&P Global Ratings’ Preliminary Ratings, supporting debt issuance before execution. ]]>Products<![CDATA[ Preliminary Ratings Raise capital with confidence. A Preliminary Rating provides a forward-looking credit rating on a transformative transaction before it’s final. Talk to us Get in touch with us to find out more. Contact Sales Contact Sales What is a Preliminary Rating? A Preliminary Rating from S&P Global Ratings provides a forward-looking credit rating on an issuer or obligation based on the proposed, post-transaction capital structure. Assigned by a rating committee and published using our traditional rating scale, it equips issuers with a market-recognized opinion of anticipated creditworthiness to support debt raising ahead of a transformative event - such as an acquisition, restructuring or refinancing - before final documentation and execution are complete. Why S&P Global Ratings? With S&P Global Ratings, you gain a transparent view of how markets may perceive your post-transaction creditworthiness. Our Preliminary Ratings follow the same rigorous methodologies and committee-reviewed process as our final ratings, providing confidence to investors and clarity to issuers navigating complex capital events. Whether you’re raising debt ahead of a refinancing or acquisition, our forward-looking analysis helps you approach the market with transparent and high-quality assessments. Key Features of a Preliminary Credit Rating Forward-Looking Rating Provides a Preliminary Rating based on the expected post-transaction capital structure, supporting funding efforts ahead of a defined event such as a refinancing or acquisition. Transparent Methodologies and Reports Access detailed reports that explain the rationale behind your rating, giving you and your investors confidence in the rigor of our assessment. Aligned to our Globally Recognized Rating Scale Our preliminary ratings are aligned to our clear and consistent alphanumeric rating system (e.g. AAA to D) providing an industry-standard opinion of anticipated creditworthiness, distinguishing between investment-grade and speculative-grade ratings. Comprehensive and Tailored Coverage From corporate bonds to sovereign debt and structured finance, our ratings provide consistent, sector-specific opinions that cater to your unique industry needs. With broad market, we rate: Corporates, Financial Institutions, Funds, Governments, Infrastructure & Utilities, Insurance, Structured Finance and U.S. Public Finance. Flexible Disclosure Options Choose how and when to share your rating - privately, selectively, or publicly - based on your strategic objectives. Frequently Asked Questions What is the difference between preliminary and final ratings? Preliminary ratings represent S&P Global Ratings' opinion regarding the creditworthiness of an issuer or a debt obligation before final documentation and legal details have been completed. They are typically denoted with a 'prelim' suffix and are based on draft documentation and discussions with issuers. The preliminary rating reports serve as crucial reference documents for market participants seeking early insights into potential credit quality. Final ratings, on the other hand, are assigned after all documentation has been finalized and all conditions have been met. They reflect S&P Global Ratings' complete analysis with full information available and represent our definitive opinion on the creditworthiness of the entity or obligation. How are preliminary ratings assigned? Preliminary ratings are assigned through a comprehensive analytical process that begins with a thorough review of draft documentation and term sheets provided by the issuer. S&P Global Ratings analysts examine the issuer's financial condition, business profile, and the proposed debt structure to form an initial assessment of creditworthiness. This process involves detailed discussions with the issuer's management team to understand the transaction's purpose, structure, and expected performance. Following the initial analysis, the rating recommendation undergoes a committee review where S&P Global Ratings analysts debate the merits of the proposed transaction and vote on the appropriate preliminary rating. The findings and rationale are documented in preliminary rating reports that outline key credit considerations and assumptions. Once determined, the preliminary rating is communicated to the issuer along with any conditions that must be satisfied before a final rating can be assigned. When final documentation becomes available and all conditions are met, the preliminary rating may be converted to a final rating, potentially with adjustments if the final terms differ materially from what was initially proposed. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes review of draft documentation, analysis of financial condition and business profile, evaluation of debt structure, assessment of industry factors, and committee review by S&P Global Ratings analysts. To summarize, preliminary ratings are assigned following a rigorous analytical process that includes: 1. Review of draft documentation and term sheets 2. Analysis of the issuer's financial condition and business profile 3. Evaluation of the proposed debt structure and terms 4. Assessment of relevant industry and economic factors 5. Committee review and decision by S&P Global Ratings analysts What factors are considered in the preliminary rating process? The preliminary rating process incorporates a multifaceted analysis of both quantitative and qualitative factors that influence creditworthiness. S&P Global Ratings examines the issuer's financial strength through key metrics such as leverage ratios, interest coverage, and profitability trends to assess financial resilience. Industry dynamics and the issuer's competitive positioning are evaluated to understand the business environment and long-term sustainability of the enterprise. Management strategy and governance practices are scrutinized to determine the quality of leadership and risk management frameworks. The proposed debt structure receives particular attention, with analysts examining terms, covenants, and repayment schedules to assess their impact on credit quality. All these assessments are captured in preliminary rating reports that provide a comprehensive view of the credit profile before final documentation is complete. Cash flow projections are reviewed against debt service requirements to evaluate the issuer's ability to meet financial obligations under various scenarios. Additionally, the broader economic environment, regulatory landscape, and market conditions are considered for their potential effects on the issuer's creditworthiness. Throughout this process, S&P Global Ratings applies established criteria frameworks to ensure consistency and transparency in the preliminary rating assignment. Related Products View All Products Contact Us Learn more about Preliminary Ratings Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/preliminary-ratings<![CDATA[ Preliminary Ratings ]]>00:01:00<![CDATA[ Local Government Investment Pools ]]><![CDATA[ Evaluate the principal stability and credit quality of Local Government Investment Pools with S&P Global Ratings’ LGIP ratings including AAAm and fund credit quality opinions. ]]>Products<![CDATA[ Local Government Investment Pools Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE Profiles Indices Related Products ON THIS PAGE Profiles Indices Related Products Overview S&P Global Ratings has been rating Local Government Investment Pools (LGIPs) since 1992, and are one of the leading credit rating agencies in this sector within the United States. We are able to analyze LGIPs consisting of both internal and external participants where the management team is an experienced investment team and/or outsourced to an investment advisor. We assign three different types of ratings to LGIPs based on the pool’s investment objective: Principal Stability Fund Ratings are our forward-looking opinion about the ability of a LGIP to maintain stable principal and limit exposure to principal losses due to credit risk. The rating categories for LGIPs ratings based on the PSFR methodology, range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal). PSFRs are identified by the 'm' suffix to distinguish it from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations. Credit Quality Ratings address the overall credit quality of a fixed-income investment fund and are derived from our historical default and transition studies that go back more than 35 years. Rating categories range from 'AAAf' (for funds where their portfolio exposure is extremely strong) to 'Df' (for funds that are predominantly exposed to defaulted assets and/or counterparties). Those funds assigned Fund Credit Quality Ratings typically offer a variable net asset value. Fund Credit Quality Ratings typically accompany Fund Volatility Ratings. Fund Volatility Ratings are our forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. Primarily the assessment evaluates the fund's sensitivity to risks that may affect returns such as interest rate risk, credit risk, and liquidity risk along with the use of derivatives, leverage or exposure to foreign currency risk. Fund Volatility Ratings are expressed on a scale from 'S1' (lowest volatility) to 'S5' (highest volatility). We perform weekly surveillance on LGIPs rated pursuant to the PSFR methodology, and monthly on FCQR/FVRs, methodology in order to form a view on whether any changes in the portfolio and management’s operating policies may alter the fund's credit profile and, therefore, the rating. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. During volatile market conditions, we typically enhance our standard surveillance to assess whether LGIPs are maintaining the relevant fund metrics. Enhanced surveillance, which may include daily interactions with the LGIP investment team or investment advisors, is fundamental to our rating process during periods of market volatility. Profiles Indices Related Products View All Contact Us Learn more about Local Government Investment Pools Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/local-government-investment-pools<![CDATA[ Local Government Investment Pools ]]>00:01:00<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]><![CDATA[ Evaluate U.S. residential mortgage originators with S&P Global Ratings’ Mortgage Originator Reviews, providing independent rankings of operational strength and performance. ]]>Products<![CDATA[ U.S. Residential Mortgage Originator Reviews Talk to us Get in touch with us to find out more. Contact Sales Contact Sales Overview U.S. Residential Mortgage Originator Reviews Our independent view of a company's ability to handle the complex demands of originating U.S. residential mortgage loans. We give market participants an objective view of a company's ability to handle the increasingly complex demands of originating U.S. residential mortgage loans. Mortgage Originator Reviews are conducted by a dedicated team of analysts with expertise in evaluating various operational risks. Deliverables Ranking provided on a scale from Strong to Weak, with published press release and report. Rankings are monitored periodically. Why Obtain a Mortgage Originator Review? S&P Global Ratings Mortgage Originator Reviews provide a consistent, objective analysis of a U.S. residential mortgage originator's operations and performance. Each review offers an overall ranking -based on sub-rankings covering an originator's qualitative (loan underwriting and processing, including the financial position review) and quantitative (historical loan performance) components. A mortgage originator overall ranking helps to assess an originator's operational capabilities and competence. Mortgage Originator Reviews offer benefits to investors, issuers, bankers, and originators alike. They can serve a variety of valuable functions, including: Helping investors make well-informed investment decisions by highlighting key originator processes and performance measurements. Enabling issuers to enhance the attractiveness of transactions by selecting a well-regarded operation. Providing originators with a resource that they can help to raise its company profile, market themselves to transaction sponsors and servicers, compare themselves with peers, and assess internal performance. Detailed Description A Mortgage Originator Review is not a credit rating. Following a comprehensive evaluation process, analysts assess an originator's operational strengths and risks to derive appropriate sub-rankings and an overall ranking. The ranking and supporting analysis are conveyed in a written report that is published, and which may be included in related U.S. RMBS transaction presale reports. To maintain a current perspective, ongoing reviews and updates keep global market participants abreast of important organizational developments. Each ranking comprises subrankings for two separate components: a quantitative review (historical performance) and a qualitative review (nine areas of loan origination and underwriting process, including management and organization (including financial position); risk management; third-party management (brokers, correspondents, retail loan officers); underwriting; pre-funding data quality; post-funding quality control; appraisal/valuation management; and regulatory compliance). Related Products View All Contact Us Learn more about U.S. Residential Mortgage Originator Reviews Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/u-s-residential-mortgage-originator-reviews<![CDATA[ U.S. Residential Mortgage Originator Reviews ]]>00:01:00<![CDATA[ Second Party Opinions ]]><![CDATA[ Provide transparency on sustainable finance with S&P Global Ratings’ Second Party Opinions (SPOs), offering independent opinions on green, social and sustainability financing. ]]>Products<![CDATA[ Second Party Opinions for sustainability-linked and use-of-proceeds finance Independent, transparent opinions on a company's financing or framework, grounded in our award-winning Shades of Green approach, which assess the extent of contribution to a sustainable future. Learn More Talk to us Get in touch with us to find out more. Contact Sales Contact Sales ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports ON THIS PAGE European Green Bond External Reviews Post-Issuance Reviews Shades of Green Analytical Approach Types of SPOs Why Us Public Reports What are Second Party Opinions? S&P Global Ratings Second Party Opinions, featuring Shades of Green An S&P Global Ratings Second Party Opinion (SPO) is an independent, point-in-time analysis of a sustainable finance instrument, program, or framework. Our SPOs, backed by the award-winning Shades of Green approach, provide additional transparency to investors that seek to understand and act upon potential contribution to a sustainable future. Why choose S&P Global Ratings as your SPO provider? A leading provider of second party opinions Culture of analytical excellence Global coverage with sector & local experience Our combined global experience of assessing credit risk and sustainable finance and understanding of climate and environmental science uniquely enables us to provide companies with independent, point-in-time second party opinions that deliver the rigor and transparency that investors and lenders demand. We are where experience in credit meets climate and sustainability excellence. Case Study: Vietnam Technological and Commercial Joint Stock Bank Read how one of the leading banks in Vietnam engaged S&P Global Ratings across the full green bond lifecycle to align with global standards, meet investor expectations, and support the country's sustainable development goals. Learn More Types of Second Party Opinions Overview Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. Overview Our SPOs are a point-in-time analysis of a sustainable finance instrument, program, or framework and the characteristics of the issuing entity that are relevant for their implementation.  Learn more about our Analytical Approach for Second Party Opinions and the Shades of Green Assessment. Use of Proceeds Financing Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability and transition. Sustainability-Linked Financing Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators which are linked to sustainability performance targets into the financial and/or structural characteristics of the instrument. By the Numbers *As of January 2026 European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. European Green Bond External Reviews What is the European Green Bond Regulation (EuGBR) and why was it developed? The European Green Deal, approved in 2020, aims to achieve climate neutrality in Europe by 2050 and to cut greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels. As part of the European Green Deal and action plan on financing sustainable growth, the European Green Bond Regulation, also referred to as the European Green Bond Standard (EuGBS), establishes a voluntary designation for green bonds which fulfil specific requirements related to the use of proceeds, reporting and disclosure. The designation aims to help direct and scale investment towards sustainable economic activities aligned to the EU’s climate and broader environmental goals. For issuers and investors, the designation aims to strengthen the integrity, transparency and level of comparability of the sustainable bond market by providing clear definitions of what green means, in line with the EU Taxonomy, and standardizing reporting and disclosure requirements. Are you prepared for the requirements of EuGBR? Issuers seeking a European Green Bond (“EuGB”) designation are required to disclose how they meet the EuGBR requirements pre- and post-issuance. In addition, issuers have to get external reviews of their EuGB pre-issuance Factsheet and post-issuance Allocation Report by an ESMA-registered external reviewer. They also have the option to request an external review of their Impact Report. S&P Global Ratings Europe formally notified ESMA under article 69 of the EuGBR of its intent to provide services as an external reviewer during the transition period starting December 21, 2024 and is listed on ESMA’s website. S&P Global Ratings brings 160+ years of credit ratings experience in providing independent opinions in complex, regulated markets. We are ready to support you with independent, transparent external reviews to help you navigate the complexity of the EuGBR requirements, so you can make decisions with confidence. What do S&P Global Ratings European Green Bond External Reviews include? The European Green Bond (EuGB) External Reviews are independent, point-in-time analyses of a European Green Bond’s alignment with the pre- and post-issuance requirements of the EuGBR. Three Types of EuGB External Reviews EuGB External Reviews may consist of the following three different types: Pre-issuance Review: We provide an opinion on whether the issuer's pre-issuance EuGB factsheet is complete and aligns with the requirements of the EuGBR. As with our Use-of-Proceeds Second Party Opinions (SPO), our pre-issuance reviews include a section on the Issuer Sustainability Context and a Shades of Green analysis for eligible green projects, and can be combined with a full SPO. Post-issuance Review: We provide an opinion on whether the issuer has allocated the proceeds in line with the EuGBR's requirements, and whether the issuer's allocation of proceeds is in line with the intended pre-issuance allocation. Our post-issuance reviews include a Shade of Green allocation assessment. Impact Report Review: We provide an opinion on whether the issuance aligns with the issuer's broader environmental strategy, as well as the indicated environmental impact of the bond's proceeds. According to the EuGBR, an impact report review is optional and not required for alignment. S&P Global Ratings can provide all three types of EuGB external reviews above. In addition to the features above, all types of reviews include Strengths, Weaknesses, and Areas to Watch in the final report. For further detail on how we assess alignment to the European Green Bond Regulation, please refer to the Analytical Approach: European Green Bond External Reviews and the accompanying FAQ document. Case Study: Slovenia With clearly defined sustainability performance metrics and independent third-party assessment, Slovenia's Sovereign Sustainability-Linked Bond Framework sets a precedent for other European nations, offering a model for integrating forward-looking climate goals into sovereign bond instruments. Read More Post-Issuance Reviews What is a Post-Issuance Review? What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. What is a Post-Issuance Review? Alongside our Second Party Opinions and European Green Bond External Reviews, S&P Global Ratings is now a full-service provider of sustainable financing opinions across pre and post issuance. A post-issuance review is an independent, qualitative, point-in-time assessment of an issuer’s post-issuance sustainable finance reporting, where proceeds are allocated to environmental and/or social use-of-proceeds projects. Why S&P Global Ratings? Our Post-Issuance Review supports market transparency by helping investors assess how pre-issuance expectations compare to actual allocation and impact of proceeds. The product includes analysis of an issuer’s post-issuance allocation reporting, with optional analyses on the issuer’s post-issuance impact reporting, EU Taxonomy alignment and European Green Bonds. Key Features Post-issuance Reviews offer three core analytical outputs: 1) A consistency opinion on whether the allocation of proceeds aligns with corresponding pre-issuance commitments. 2) An allocation analysis providing an overview on the issuer’s allocation of proceeds. 3) A reporting quality assessment on the issuer’s adherence to reporting requirements, commitments, and good practices. Find out more in our Analytical Approach for Post-Issuance Reviews and related FAQ document. For our insights on post-issuance reporting trends, see ‘Sustainable Finance FAQ: Sustainable Bond Impact and Transparency in Post-Issuance Reporting'. Read how Vietnam Technological and Commercial Joint Stock Bank engaged S&P Global Ratings to assess its Green Bond Framework and and for Post-Issuance Reviews to enhance transparency and engage investors. Climate Bond Initiative Certification Overview Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. CBI Pre-Issuance External Reviews Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. CBI Post-Issuance External Reviews Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Climate Bond Initiative Certification The CBI (Climate Bond Initiative) Certification is a voluntary label assigned to instruments that meet the requirements of the Climate Bond Standard, providing additional transparency for investors on the climate impacts of green instruments. As an approved external review provider with the CBI, S&P Global Ratings can provide an assessment of the financing’s alignment with the CBI’s Climate Bond Standard. We assign a Shade of Green to the financing and provide additional analysis around strengths, weaknesses and areas to watch, to support investor confidence and transparency in the climate bonds market. We can provide both pre- and post-issuance external reviews required under the CBI certification scheme. Our CBI Pre-Issuance External Review has these key components: • A Pre-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. • Shade of Green:  Our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.  • Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing. Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Our CBI Post-Issuance External Review has these key components: A Post-issuance alignment assessment: Our assessment of whether the issuer’s commitments meet the relevant requirements of the Climate Bonds Standard. Shade of Green:  We assign a Shade of Green to each economic activity to which proceeds have been allocated.  Please refer to our Analytical Approach for Climate Bond Initiative External Reviews for more detail. Shades of Green Approach Understand the Transition Spectrum with the Shades of Green: Our SPOs provide a view on alignment to relevant market principles (such as ICMA, LMA, EU Taxonomy), and additionally assess the financing’s contribution in the transition to a low carbon future through our shading scale, which includes assigning Dark, Medium or Light shading, as appropriate (for green projects). Light Green may motivate early movers and helps to recognize transition steps in the near-term, while Dark Green acknowledges those closer to the end of their transition journey. Beyond financing that is ICMA Green Bond Principles or Sustainability Bond Principles aligned, additional shades of Yellow, Orange and Red are also possible, indicating non-alignment. In this video, Christa Clapp, Global Head of Sustainable Finance Markets Analytics and Co-founder of Shades of Green, explains a bit more in depth how we assign the Dark, Medium or Light Green shades for green projects. Learn More About Our Shades Of Green Approach Analytical Approach Please find below links to our Analytical Approach documentation and related FAQs for Shades of Green assessments, Second Party Opinions, and European Green Bond External Reviews. Analytical Approach: Shades of Green Assessments Analytical Approach: Second Party Opinions FAQ: Applying Our Integrated Analytical Approach For Second Party Opinions Analytical Approach: European Green Bond External Reviews FAQ: Applying Our Analytical Approach For European Green Bond External Reviews Analytical Approach: EU Taxonomy Assessment Analytical Approach: Taxonomy Assessments Analytical Approach: Climate Bonds Initiative External Reviews Analytical Approach: Sustainable Financing Post-Issuance Reviews FAQ: Applying Our Analytical Approach For Post-Issuance Reviews Why S&P Global Ratings for your Second Party Opinions? Pioneer in Green Financing Market. Largest external reviewer of green financings globally, by volume, and a pioneer in the green financing market – Shades of Green, which is now integrated into S&P Global Ratings, is a pioneer in the green financing market and provided the first green SPO in the market for the World Bank in 2008. S&P Global Ratings brings 160 years of credit ratings experience in providing independent opinions in complex, regulated markets. Credit and Climate Analytical Excellence. Our global team of 1,700 credit analysts and 70 sustainable finance analysts brings together credit, climate science, sector and company capabilities in one place. Our SPOs assess an issuer’s sustainability strategy and financing frameworks, and the issuance’s climate risk and extent of contribution to the transition to a low carbon, climate resilient future. Experience in Regulated, Complex Markets. We have breadth and diversity of experience with evaluating projects in a variety of sectors, both due to our knowledge (sector, climate, and regional level), and due to our robust SPO methodology. S&P Global Ratings' core experience is as a credit ratings provider dealing in regulated, complex markets. Timely and Efficient. We follow a highly efficient, yet analytically rigorous process, allowing clear timelines to access capital markets. Our Second Party Opinions are usually delivered in about 20* business days but can be expedited to 10-15 business days for time-sensitive and straightforward cases. Transparent, Science-based Shades of Green Approach. Our award-winning Shades of Green scale provides additional transparency to investors into how the use of proceeds contribute to a low- carbon, climate-resilient future. Recognized across the industry for both the quality and volume of green financing deals, Shades of Green has earned multiple awards. Full Service External Opinion Provider Pre and Post Issuance. Improving transparency in the sustainable finance labeled debt market with our Shades of Green analysis across pre and post issuance. *For use-of-proceeds SPOs, from receipt of all necessary documents(additional time may be required, depending on complexity; please allow an additional 10-15 business days for EU Taxonomy Alignment, where applicable). For sustainability-linked SPO: typically, 15 business days from date of sustainability strategy meeting with issuer, with relevant documentation provided at least 3 working days ahead of the meeting. For Post-Issuance Reviews: typically, 10-15 business days from receipt of all necessary documents (if S&P Global Ratings conducted the pre-issuance SPO (please allow an additional 5 business days if we didn’t conduct the SPO, and + 5 business days for EuGBPost-Issuance Alignment or EU Taxonomy Alignment, where applicable). Sustainability-Linked Financing Role of Second Party Opinion (SPO) for Sustainability-Linked Finance Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Role of Second Party Opinion (SPO) for Sustainability-Linked Finance In the context of sustainability-linked finance, SPOs assess alignment of the sustainability-linked finance instrument with recognized sustainability frameworks (such as the Sustainability-Linked Bond Principles or Loan Principles) and whether the targets set are ambitious, material, and credible. Credibility: Second Party Opinions (SPOs) support market transparency by providing an independent opinion on whether targets are meaningful and the instrument is structured appropriately. Transparency: Second Party Opinions (SPOs) provide detailed analysis of the issuer’s sustainability strategy, target selection, and reporting mechanisms. Alignment: Second Party Opinions (SPOs) assess alignment on international standards, potentially helping issuers attract investors seeking robust sustainability credentials. What do Second Party Opinions on Sustainability-Linked Financings Include? Our Sustainability-Linked Financing SPOs assess types of sustainable financing where the proceeds will be used for general corporate purposes, but incorporate measurable, forward-looking key performance indicators and sustainability performance targets into the financial and/or structural characteristics of the instrument. Our Sustainability-Linked SPO analysis has these key components:  An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Issuer sustainability context:  We comment on whether the financing addresses any of the most material sustainability factors for the issuer and comment on whether the issuer’s investment plans are consistent with a sustainable future. Relevance and ambition assessment: We provide an opinion on the relevance of key performance indicators (KPIs) and the ambition of sustainability performance targets (SPTs). Our relevance assessment is our view of how closely a KPI is linked to what we consider the issuer’s most material sustainability factors.   Our ambition assessment considers whether achieving the SPT represents a significant improvement in the issuer’s sustainability performance and is consistent with the transition to a sustainable future. We consider the trajectory of progress the SPT represents as well as the entity's implementation plan.  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Sustainability-Linked Finance? Sustainability-linked finance refers to financial instruments whose terms are linked to the achievement of specific sustainability targets. Unlike traditional green or social finance, which earmarks proceeds for specific projects, sustainability-linked finance may incentivize issuers or borrowers to improve their overall sustainability performance. Types of Sustainability-Linked Finance Instruments Sustainability-Linked Loans (SLLs) Key Features: The loan’s interest rate is adjusted based on the borrower’s performance against predefined sustainability targets (e.g., reducing greenhouse gas emissions, improving gender diversity). Use of Proceeds: Not restricted; funds can be used for general corporate purposes. Target Setting: Targets are negotiated between lender and borrower, and must be ambitious, material, and measurable. Sustainability-Linked Bonds (SLBs) Key Features: The bond’s coupon rate may increase or decrease depending on the issuer’s achievement of sustainability performance targets (SPTs). Use of Proceeds: Not earmarked for specific projects; proceeds can be used for any purpose. Target Setting: SPTs are disclosed in the bond documentation and are subject to external verification. What are the Key Differences Between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs)? Both SLLs and SLBs link financial terms to sustainability outcomes, but SLLs are typically private agreements between a borrower and lender, while SLBs are public market instruments issued to a broad investor base. Neither instrument restricts the use of proceeds, distinguishing them from green or social bonds/loans. The key differences between Sustainability-Linked Loans (SLLs) and Sustainability-Linked Bonds (SLBs) center on their structure, market participants, and transparency. SLLs are private loan agreements between a borrower and one or more lenders, where the loan’s interest rate adjusts based on the borrower’s achievement of sustainability performance targets. In contrast, SLBs are public debt instruments issued in the capital markets, with the bond’s coupon rate typically adjusting if the issuer fails to meet predefined sustainability targets. This means SLLs are negotiated privately and tailored to the borrower’s circumstances, while SLBs are more standardized and accessible to a broad range of investors. Another important distinction is the level of disclosure and verification. SLLs often involve bespoke reporting and verification processes agreed upon by the parties involved, whereas SLBs typically require public disclosure of targets and external verification, enhancing transparency. Both instruments may incentivize sustainability improvements across the issuer’s operations, but SLLs are generally more flexible and confidential, while SLBs offer greater visibility and market scrutiny. Use-of-Proceeds Financing Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Role of Second Party Opinion (SPO) for Use-of-Proceeds (UoP) Finance In the context of use-of-proceeds (UoP) instruments—such as green, social, or sustainability bonds and loans—a Second Party Opinion (SPO) evaluates the credibility and transparency of an issuer’s UoP framework is  in alignment with recognized market principles and standards for labeled issuance. Second Party Opinions (SPOs) can support transparency for market participants by providing an independent view on whether the UoP framework’s eligibility criteria, selection governance, and proceeds management practices are sufficiently robust to support the labeled claim. They provide structured analysis of the issuer’s framework, including how projects are selected, how proceeds will be tracked, and what the issuer commits to disclose post-issuance (allocation and, where feasible, impact reporting). They also assess alignment with recognized international principles and market standards for UoP instruments (e.g., green/social/sustainability bond and loan market principles), helping issuers communicate that the transaction is structured in line with established expectations as assessed at the time of issuance. Unlike sustainability-linked instruments (which hinge on issuer-level targets), UoP instruments hinge on how proceeds are defined, selected, managed, and reported. As a result, an SPO for UoP typically assess the issuer’s framework across areas such as: Use of proceeds: clarity of eligible categories, eligibility criteria, and exclusions. Project evaluation and selection: governance, decision-making, and controls used to determine what qualifies. Management of proceeds: tracking methodology, allocation process, and treatment of temporarily unallocated proceeds. Reporting: commitments and readiness for allocation reporting and, where feasible, impact reporting (including metrics and methodologies). Refinancing approach (if applicable): disclosure of any refinancing share and the lookback approach used to determine eligible historical expenditures/assets. What do Second Party Opinions on Use-of-Proceeds Financings Include? Our Use of Proceeds SPOs assess types of sustainable financing where proceeds are allocated to specific environmental or social projects. We offer these types of Use of Proceeds SPOs: green, social, sustainability, and transition.  Our Use of Proceeds SPO analysis has these key components: An alignment opinion: Our assessment of whether the financing's documentation aligns with certain third-party published sustainable finance principles and guidelines identified by the issuer. Shade of Green:  For environmental projects, our qualitative opinion of how consistent environmental activities eligible for financing are with a low-carbon climate resilient future.   Issuer sustainability context: We comment on whether the financing addresses any of the issuer’s most material sustainability factors, and on the issuer's overall strategy to manage the sustainability factors relevant to the financing.  Taxonomy assessments: Upon request from the issuer, we provide an assessment of the alignment of the financing with the EU Taxonomy and various other regional taxonomies (such as, the Singapore-Asia Taxonomy, the Common Ground Taxonomy or the Multi-Jurisdictional Common Ground Taxonomy, Colombia’s Green Taxonomy, Mexico's Sustainable Taxonomy, Chile's Taxonomy of Environmentally Sustainable Economic Activities, or Brazil's Sustainable Taxonomy).  Other optional assessments: Upon request from the issuer, we may comment on consistency with the Climate Transition Finance Handbook (CTFH), the United Nations Sustainable Development Goals (SDGs), ICMA's practitioner's guide for bonds to finance the sustainable blue economy ("blue bonds"), ICMA's practitioner's guide for sustainable bonds for nature or other external frameworks. View our Analytical Approach for Second Party Opinions. What is Use-of-Proceeds Finance? Use-of-proceeds (UoP) financing is a sustainable finance structure in which an issuer raises debt and commits to allocate the proceeds to a defined pool of eligible green and/or social projects or assets. A key feature of the approach is traceability; market participants can evaluate the sustainability claim based on: What activities are eligible How projects are selected How proceeds are managed and tracked What the issuer reports after issuance. Key Features of Use-of-Proceeds Use-of-proceeds (UoP) financing stands out in sustainable finance by ensuring that capital is specifically allocated to projects or assets with defined environmental and/or social benefits. The credibility of UoP instruments relies on a disciplined framework that governs how proceeds are managed, tracked, and reported. Below are the key features that define this approach: Specific Allocation to Eligible Projects: proceeds from UoP instruments are earmarked for projects or assets that meet clear sustainability criteria. Issuers must define eligible categories—such as renewable energy, green buildings, affordable housing, or access to essential services—and ensure funds are not used for general corporate purposes. Clear Eligibility Criteria and Framework: a robust UoP framework outlines what qualifies as an eligible project, including boundaries, exclusions, and any thresholds. This clarity helps investors understand the sustainability impact and may reduce the risk of “greenwashing” or “social washing.” Governance and Project Selection: Issuers establish transparent governance processes for evaluating and selecting eligible projects. This includes documenting roles, responsibilities, and decision-making procedures to support consistency and accountability. Proceeds Management and Tracking: UoP financing requires dedicated systems for tracking the allocation of proceeds. Issuers must explain how funds are managed, how unallocated proceeds are handled, and the timeline for full allocation. Ongoing Reporting and Disclosure: Transparency is central to UoP instruments. Issuers commit to regular allocation reporting—detailing how much has been allocated, to which projects, and what remains unallocated. Where feasible, they also provide impact reporting, sharing measurable outcomes such as emissions reduced, beneficiaries reached, or other relevant metrics. Refinancing Approach: Many UoP frameworks allow for the refinancing of existing eligible assets. Issuers typically disclose any lookback period and clarify the balance between new financing and refinancing, supporting investor understanding of the instrument’s impact. Alignment with Market Standards: UoP instruments are often structured to align with recognized international principles (such as the Green Bond Principles, Social Bond Principles, or Sustainability Bond Guidelines), which may help attract investors seeking robust sustainability credentials. Types of Use-of-Proceeds Instruments Use-of-proceeds (UoP) financing instruments are designed to channel capital specifically to projects or assets with defined environmental and/or social benefits. UoP instruments are structured so that funds may be earmarked, tracked, and reported in line with recognized sustainability frameworks. Below are the main types of UoP financing instruments commonly used in the market: Green Bonds: debt instruments where proceeds are exclusively allocated to projects with environmental objectives. Typical eligible categories include renewable energy, energy efficiency, sustainable water management, pollution prevention, and green buildings. Issuers must demonstrate clear criteria for project selection and provide ongoing allocation and impact reporting. Social Bonds: direct proceeds to projects tied to positive social objectives. Examples include affordable housing, access to essential services (such as healthcare and education), socioeconomic advancement, and employment generation. Like green bonds, social bonds require transparent frameworks and reporting to ensure proceeds are used as intended. Sustainability Bonds: combine both green and social objectives, allowing issuers to fund a mix of eligible environmental and social projects. These instruments are suitable for organizations with diverse sustainability goals and require clear disclosure on how proceeds are allocated across categories. Green Loans: like green bonds but structured as loan facilities. Proceeds are earmarked for eligible green projects, and borrowers must adhere to defined criteria and reporting requirements. Green loans are often used by corporates, financial institutions, and public sector entities seeking flexible financing for sustainability initiatives. Social Loans: provide financing for projects with social benefits, following the same principles as social bonds. Borrowers must outline eligible categories, establish governance for project selection, and commit to transparent reporting. Sustainability Loans: support both green and social projects, offering flexibility for borrowers with broad sustainability agendas. The framework must specify eligible categories and ensure robust tracking and reporting of proceeds. Other Debt Instruments: use-of-proceeds principles can also be applied to private placements, securitizations, and other debt formats, provided the issuer can credibly earmark, track, and report on the allocation of proceeds. What are the Key Differences Between Use-of-Proceeds Financing and Sustainability-Linked Financing? Use-of-proceeds (UoP) financing and sustainability-linked (SL) financing can both support sustainable finance strategies, but they are built around different accountability mechanisms. In practice, they communicate sustainability characteristics to the market in different ways—either by tying funding to a defined pool of eligible projects (UoP) or by tying financing terms to issuer-level performance over time (SL). Ultimately, the choice between UoP and SL financing depends on the approach an issuer seeks to articulate and substantiate—traceable funding of eligible projects versus measurable issuer-level performance improvements. Both can be credible structures, but they require different design choices—and different disclosures—to align with prevailing market practices and disclosure expectations. Public Reports View All Public Reports Access our latest Sustainability Insights Click Here Contact Us Learn more about Second Party Opinions Please fill out the form so we can connect you to the right person. First Name* Last Name* Email Address* Company* Job Title* Sector Expertise* Sector Expertise Institution Type* Institution Type Role/Function* (What do you do?) Role/Function (What do you do?) Country* Country State* State City* Comments* Yes, I would like to receive promotional email communications from S&P Global Ratings, such as newsletters, events, and new product information. Confirm ]]>https://www.spglobal.com/ratings/en/products/project-cortex/second-party-opinions-revisited<![CDATA[ Second Party Opinions ]]>Wed, 25 Mar 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1N<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>TNAreT6AQP4EiwFaLhmB1N<![CDATA[ As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. ]]>https://play.vidyard.com/TNAreT6AQP4EiwFaLhmB1NPodcastWed, 25 Mar 2026 13:20:00 GMT<![CDATA[ 25 Mar, 2026 Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related articles: Scenario And Sensitivity Analysis: Credit Implications Of The Middle East War Credit Conditions Special Update: Conflict In Middle East Casts New Light On Established Risks ]]>https://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]>https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1NFri, 13 Feb 2026 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eR<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>Vi1pyNeN14AHzg66e2j2eR<![CDATA[ In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. ]]>https://play.vidyard.com/Vi1pyNeN14AHzg66e2j2eRPodcastFri, 13 Feb 2026 13:20:00 GMT<![CDATA[ 13 Feb, 2026 Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 Featuring Hina Shoeb and Sandeep Chana Series 8, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]>https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRThu, 15 Jan 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>euiQcUcYcjyB5d7ZFiRHRv<![CDATA[ Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, ]]>https://play.vidyard.com/euiQcUcYcjyB5d7ZFiRHRvPodcastThu, 15 Jan 2026 13:00:00 GMT<![CDATA[ 15 Jan, 2025 Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving By Tom Schopflocher Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, "valid when made" and "true lender" legal and regulatory risks can arise, which can include effectively asserting that the loan was never valid if a legal challenge was successful. We’re joined by analyst Ronald Burt to discuss how these risks could bring potential negative consequences for securitizations backed by loans originated through these arrangements, including a reduction in the interest rate on the loan, a voiding of the entire contract, or litigation and related costs. We also delve into how we assess them in our rating analysis of U.S. consumer loan ABS transactions. Related: Assessing The Evolving Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]>https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvThu, 18 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>e2NTxj5TWwzzwJ3xczEAcx<![CDATA[ We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. ]]>https://play.vidyard.com/e2NTxj5TWwzzwJ3xczEAcxPodcastThu, 18 Dec 2025 13:00:00 GMT<![CDATA[ 18 Dec, 2025 Take Notes: Highlights From The 2025 OPAL CLO Summit By Tom Schopflocher We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. Related: Scenario Analysis: How U.S. BSL CLO Ratings Would Respond To (Another) Downturn (2025 Update) Scenario Analysis: How Resilient Are Middle-Market CLO Ratings (2025 Update)? ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-92<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]>https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxTue, 11 Nov 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>uPHMZ2SZXQqmGJuq4H6ubE<![CDATA[ S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. ]]>https://play.vidyard.com/uPHMZ2SZXQqmGJuq4H6ubEPodcastTue, 11 Nov 2025 13:00:00 GMT<![CDATA[ 11 November, 2025 Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: How Our Updated Methodology For Rating Covered Bonds Affects Overcollateralization Requirements French Covered Bond Market Insights 2025 ]]>https://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-french-market-insights-and-our-updated-methodology<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubETue, 14 Oct 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>NEUX6eUc1EaX7eGjW1iYc8<![CDATA[ In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. ]]>https://play.vidyard.com/NEUX6eUc1EaX7eGjW1iYc8PodcastTue, 14 Oct 2025 12:20:00 GMT<![CDATA[ 14 Oct, 2025 Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. Our Cross Practice Analytical Team takes a holistic approach to these bespoke transactions, identifying associated risks and developing an analytical framework for assessment. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: Presale: Capital Street Master Trust (Series 2025-1) ]]>https://www.spglobal.com/ratings/en/multimedia/25-10-14-clos-and-levfin-podcast-s7e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]>https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8Tue, 29 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>Fp8if2ozWD8a3xnFCiu4Jr<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. ]]>https://play.vidyard.com/Fp8if2ozWD8a3xnFCiu4JrPodcastTue, 29 Jul 2025 12:00:00 GMT<![CDATA[ 29 July, 2025 Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review Featuring Casper Andersen, Andrew South, and Antonio Farina Covered Bonds Midyear Outlook And The EBA’s Harmonization Review In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: Not All Soft Bullets Are Created Equal Covered Bonds Outlook Midyear 2025: Still On Track ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_29-covered-bonds-uncovered-covered-bonds-midyear-outlook<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]>https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4JrFri, 18 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastFri, 18 Jul 2025 12:00:00 GMT<![CDATA[ 18 Jul, 2025 Take Notes: Airline Loyalty ABS Have Lift Off Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. Related Article: ABS Frontiers: Airline Loyaly ABS Have Lift Off ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-90<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KWed, 02 Jul 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>uqVVY7PJibCHy1DsaJoK8K<![CDATA[ Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. ]]>https://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8KPodcastWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ 2 Jul, 2025 Listen: Take Notes - How ETFs Are Enabling The Transformation Of Capital Markets By Thomas Schopflocher, Evan Gunter, and Maya Beyhan, Ph.D. Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. Related Article: ABS Frontiers: How The Burgeoning CLO ETF Sector Could Impact The Broader CLO Market ]]>https://www.spglobal.com/ratings/en/multimedia/take-notes-ep-89<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KTue, 08 Apr 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>SgWjBK5hLyWnoNFLd7iXd7<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://play.vidyard.com/SgWjBK5hLyWnoNFLd7iXd7PodcastTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ 8 April, 2025 Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: The Top Trends Shaping European Bank Ratings In 2025: Solid Positions, Growing Ambitions Covered Bonds In New Markets: Issuance Holds Up In 2024 European Banks: Covered Bonds Are A Cheap, Stable Funding Source With Limited Side Effects ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_20-covered-bonds-uncovered<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Fri, 21 Mar 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVu<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>uzFQYayufSLk8wYbP8CKVu<![CDATA[ Hina and Sandeep discuss Infragroup’s strong operating performance with Christopher Ewert, our current expectations for the company's performance, and the areas we are closely monitoring. ]]>https://play.vidyard.com/uzFQYayufSLk8wYbP8CKVuPodcastFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ 21 Mar, 2025 Leveraged Finance & CLOs Uncovered Podcast: Infragroup Featuring Hina Shoeb, Sandeep Chana, and Marta Stojanova Series 7, Episode 1: Leveraged Finance & CLOs Uncovered Podcast: The story behind Infragroup’s positive outlook. Hina and Sandeep are joined by Christopher Ewert to discuss Infragroup’s strong operating performance, our current outlook for the company, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_03_21-clos-and-levfin-podcast-s7e1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]>https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuFri, 06 Dec 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCe<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>Was776bzphmnbfiEwsuTCe<![CDATA[ We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. ]]>https://play.vidyard.com/Was776bzphmnbfiEwsuTCePodcastFri, 06 Dec 2024 12:00:00 GMT<![CDATA[ 6 Dec, 2024 Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. Related Articles: TGIF Funding LLC Series 2017-1 Class A-2 Rating Lowered; Removed From CreditWatch ]]>https://www.spglobal.com/ratings/en/multimedia/2024-12-06-take-notes-ep-84<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCeFri, 15 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>XgUbyDMES3MBQgffzRri33<![CDATA[ After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. ]]>https://play.vidyard.com/XgUbyDMES3MBQgffzRri33PodcastFri, 15 Nov 2024 12:00:00 GMT<![CDATA[ 15 Nov, 2024 Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. Leveraged Finance Sector Lead Minesh Patel also joins us to discuss the factors driving our generally positive view of Corporate credit performance over the next 6-12 months (e.g., policy interest rate normalization to help stick a soft landing, generally healthy balance sheets, etc.). Related Articles: U.S. BSL CLO And Leveraged Finance Quarterly: Cautious Optimism, But Still A Credit Pickers’ Market CLO Spotlight: Will Market Volatility Reset CLO Reset/Refi Volume Expectations For Second-Half 2024? ]]>https://www.spglobal.com/ratings/en/multimedia/2024-11-15-take-notes-ep-83<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33Fri, 04 Oct 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>ZMQkT1qDD1Ydg34zXj97Lp<![CDATA[ After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance. ]]>https://play.vidyard.com/ZMQkT1qDD1Ydg34zXj97LpPodcastFri, 04 Oct 2024 12:00:00 GMT<![CDATA[ 4 Oct, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 6: What’s new for CLOs? After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/04_10_24-clos-podcast-s6-e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]>https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97LpWed, 15 May 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdf<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>7mrh2MCetxK3xe254RgVdf<![CDATA[ We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. ]]>https://play.vidyard.com/7mrh2MCetxK3xe254RgVdfPodcastWed, 15 May 2024 12:00:00 GMT<![CDATA[ 15 May, 2024 Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands We’re joined by analyst Casper Andersen to provide updates on the Norwegian, Finnish, and Dutch covered bonds markets, and Icelandic jurisdictional support. We discuss the current housing markets and economic growth for Norway, Finland, and Netherlands and the impact on their respective covered bond markets. We also discuss issuance demand and trends in the Dutch covered bond market and revisions to certain jurisdictional support assessments in our criteria (specifically Iceland). Related Articles: Covered Bonds In New Markets: Issuance Holds Up In 2024 Global Covered Bond Insights Q2 2024: Strong Start To The Year For Issuance Covered Bonds Primer Norwegian And Finnish Covered Bond Market Insights 2024 ]]>https://www.spglobal.com/ratings/en/multimedia/2024-05-15-take-notes-ep-82<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>https://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdfTue, 14 Apr 2026 12:00:00 GMT00:01:00https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]> 9mSqqCJS1BL3P1KPvYhcZ7<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. ]]>https://play.vidyard.com/ 9mSqqCJS1BL3P1KPvYhcZ7PodcastTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ 14 April, 2026 Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination Featuring Casper Andersen and Alastair Bigley Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Dutch Covered Bond Market Insights 2026 Agentic AI Adoption In EMEA Mortgage Origination: A Long Road Ahead ]]>https://www.spglobal.com/ratings/en/multimedia/26_04_14-covered-bonds-uncovered-dutch-market-dynamics-and-ai-in-mortgage-origination<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]>https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7Mon, 02 Mar 2026 13:00:00 GMT00:01:00https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]> tNKeTWxxf2iHNofKwiU4Xn<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. ]]>https://play.vidyard.com/ tNKeTWxxf2iHNofKwiU4XnPodcastMon, 02 Mar 2026 13:00:00 GMT<![CDATA[ 2 March, 2026 Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends Featuring Casper Andersen and Andrew South Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Danish Covered Bond Market Insights 2025 Swedish Covered Bond Market Insights 2025 Nordic Banking Outlook 2026: Strong Banks Are Poised For Growth ]]>https://www.spglobal.com/ratings/en/multimedia/26_03_02-covered-bonds-uncovered-danish-and-swedish-covered-bond-market-dynamics-and-rating-trends<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]>https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4XnFri, 30 Jan 2026 00:00:00 GMT00:01:00https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXa<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>oef7UvoFiAtPyz2hMTozXa<![CDATA[ S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Mr. Andersen is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. ]]>https://play.vidyard.com/oef7UvoFiAtPyz2hMTozXaPodcastFri, 30 Jan 2026 00:00:00 GMT<![CDATA[ 30 January, 2026 Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends Featuring Casper Andersen Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Casper is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Spanish Covered Bond Market Insights 2025 Spanish Banking Outlook 2026: The Momentum Is Set To Continue Covered Bonds Outlook 2026: Rating Trends Broadly Balanced ]]>https://www.spglobal.com/ratings/en/multimedia/26_01_30-covered-bonds-uncovered-outlook-spanish-market-dynamics-and-rating-trends1<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]>https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXaFri, 19 Dec 2025 13:00:00 GMT00:01:00https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shknge<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>Zv88vxT8baNMfaw7shknge<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. ]]>https://play.vidyard.com/Zv88vxT8baNMfaw7shkngePodcastFri, 19 Dec 2025 13:00:00 GMT<![CDATA[ 19 December, 2025 Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends Featuring Casper Andersen and Frank Gill Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: Covered Bonds Brief: German Deficit May Reignite Public Sector-Backed Issuance German Covered Bond Market Insights 2025 Request For Comment: Methodology For Rating Structured Finance Securities Above The Sovereign Ratings On French Covered Bonds Unaffected By Sovereign Downgrade Scenario Analysis: How Sovereign Rating Actions Affect Covered Bonds ]]>https://www.spglobal.com/ratings/en/multimedia/25_12_19-covered-bonds-uncovered-german-market-dynamics-and-sovereign-rating-trends<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]>https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngeTue, 16 Dec 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>Pxn5fWFtSbG8dp7WhYow9a<![CDATA[ In this episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: • Nearly $250 billion in issuance in 2025 • Key trends in credit estimates • Shifts in the average EBITDA size of issuers • What these developments mean for mid-market CLOs going into 2026 ]]>https://play.vidyard.com/Pxn5fWFtSbG8dp7WhYow9aPodcastTue, 16 Dec 2025 13:20:00 GMT<![CDATA[ 16 Dec, 2025 Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 9: Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit In this year-end episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: Nearly $250 billion in issuance in 2025 Key trends in credit estimates Shifts in the average EBITDA size of issuers What these developments mean for mid-market CLOs going into 2026 Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25-12-16-clos-and-levfin-podcast-s7e9<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]>https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9aThu, 27 Nov 2025 13:20:00 GMT00:01:00https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfx<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>Heyhc2ieLJcDN8HUN35xfx<![CDATA[ In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. ]]>https://play.vidyard.com/Heyhc2ieLJcDN8HUN35xfxPodcastThu, 27 Nov 2025 13:20:00 GMT<![CDATA[ 27 Nov, 2025 Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 8: Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. Our goal is to offer market participants advanced insights into Corporate Credits, CLOs, and Leveraged Finance deals through our regular podcast, focusing on key features observed in corporate credits and the sectors that CLOs are exposed to. Related article: France Ratings Lowered To 'A+/A-1' From 'AA-/A-1+' On Heightened Risks To Budgetary Consolidation; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-11-27-clos-and-levfin-podcast-s7e8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]>https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxFri, 12 Sep 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QF<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>RM5NgbVzWNWkpvBBpz22QF<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. ]]>https://play.vidyard.com/RM5NgbVzWNWkpvBBpz22QFPodcastFri, 12 Sep 2025 12:00:00 GMT<![CDATA[ 12 September, 2025 Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise Featuring Casper Andersen Commercial Real Estate Recovery and Housing Prices Up In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. The “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related articles: European Covered Bonds Eye Commercial Real Estate Recovery European CMBS Break Through The Refinance Wall Sector Review: Global Office Market Regains Its Footing House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets Credit FAQ: How House Price Changes Affect Our EMEA Residential Mortgage Loans Analysis ]]>https://www.spglobal.com/ratings/en/multimedia/25_09_12-covered-bonds-uncovered-commercial-real-estate-recovery-and-housing-prices-on-the-rise<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]>https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFTue, 22 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>q9uHseFM8cepnH5kZDH8t1<![CDATA[ In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. ]]>https://play.vidyard.com/q9uHseFM8cepnH5kZDH8t1PodcastTue, 22 Jul 2025 12:20:00 GMT<![CDATA[ 22 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 6: Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related article: Colisee Group S.A.S. Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment ]]>https://www.spglobal.com/ratings/en/multimedia/25_07_22-clos-and-levfin-podcast-s7e6<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]>https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1Thu, 17 Jul 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>xKjcSRvrQvhbMkhQZm6hPV<![CDATA[ In this episode Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. ]]>https://play.vidyard.com/xKjcSRvrQvhbMkhQZm6hPVPodcastThu, 17 Jul 2025 12:20:00 GMT<![CDATA[ 17 July, 2025 Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 5: Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. Our goal is to equip market participants with deeper, forward-looking insight into multi-asset class -Corporate Credits, CLOs, Leveraged Finance Deals through our regular podcast series. Each episode explores key credit features, sector-specific risks, and evolving trends we’re seeing across the deals we cover. Related Article: Babilou Family SAS Downgraded To 'CCC+' On Operating Performance Deterioration And Strained Liquidity; Outlook Stable ]]>https://www.spglobal.com/ratings/en/multimedia/25-07-17-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]>https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVTue, 27 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nU<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>t356URbskpq8s8xQ4Uo2nU<![CDATA[ In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. ]]>https://play.vidyard.com/t356URbskpq8s8xQ4Uo2nUPodcastTue, 27 May 2025 12:20:00 GMT<![CDATA[ 27 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia Featuring Hina Shoeb, Sandeep Chana, Mohamed Damak, and Matthew Mitchell Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_27-clos-and-levfin-podcast-s7e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]>https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nUTue, 20 May 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>VigsWbveUG8j5Ya5Ve4gy4<![CDATA[ Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. ]]>https://play.vidyard.com/VigsWbveUG8j5Ya5Ve4gy4PodcastTue, 20 May 2025 12:20:00 GMT<![CDATA[ 20 May, 2025 Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Featuring Hina Shoeb and Sandeep Chana Series 7, Episode 3: Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Related Research: Merlin Entertainments' Proposed $500 Million Senior Secured Notes Assigned 'B+' Issue Rating And '2' Recovery Rating Merlin Entertainments' Proposed $410 Million Senior Secured Notes Rated 'B' With '2' Recovery Rating ]]>https://www.spglobal.com/ratings/en/multimedia/25_05_20-clos-and-levfin-podcast-s7e3<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]>https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4Wed, 23 Apr 2025 12:20:00 GMT00:01:00https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>ZWGfe94gS3EkVLu4uL65YP<![CDATA[ Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. ]]>https://play.vidyard.com/ZWGfe94gS3EkVLu4uL65YPPodcastWed, 23 Apr 2025 12:20:00 GMT<![CDATA[ 23 Apr, 2025 Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Featuring Hina Shoeb, Sandeep Chana, and Solene Van Eetvelde Series 7, Episode 2: Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. Our aim is to provide market participants with further advanced analytical insight into corporate credits, CLOs and Leveraged Finance deals, with S&P Global Ratings' regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. Click here to view the related article. ]]>https://www.spglobal.com/ratings/en/multimedia/25_04_23-clos-and-levfin-podcast-s7e2<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]>https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPMon, 07 Apr 2025 20:55:00 GMT00:01:00https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDX<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>NJgpNEg7trHhm76nLBzmDX<![CDATA[ In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. ]]>https://play.vidyard.com/NJgpNEg7trHhm76nLBzmDXPodcastMon, 07 Apr 2025 20:55:00 GMT<![CDATA[ 08 April, 2025 Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. “Covered Bonds Uncovered” podcast—your go-to source for in-depth analysis and key highlights from our covered bonds coverage. Stay informed with regular video updates that address the latest market developments and provide a concise summary of our newest publications. Get the insights you need, quickly and clearly, to stay ahead in the evolving covered bond sector. Related Articles: Covered Bonds Outlook 2025: Lower Rates, Higher Uncertainty Danish Covered Bond Market Insights 2024 The Danish Covered Bond Legal Framework: A Closer Look ]]>https://www.spglobal.com/ratings/en/multimedia/25_02_07-covered-bonds-uncovered-ep-2<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXWed, 22 Jan 2025 12:00:00 GMT00:01:00https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>G7YvdDJhPDnhA2EB6ZFfVJ<![CDATA[ Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. ]]>https://play.vidyard.com/G7YvdDJhPDnhA2EB6ZFfVJPodcastWed, 22 Jan 2025 12:00:00 GMT<![CDATA[ 22 Jan, 2025 Take Notes: 2025 Structured Finance Outlook Featuring Tom Schopflocher and James Manzi Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. Collateralized loan obligations should once again have a record year. We’re seeing some collateral performance deterioration in consumer loans and commercial mortgage-backed securities. A re-emergence of inflation and the resulting impact on rate cuts is the biggest risk to our base case expectations. Related Research: 2025 U.S. And Canada Structured Finance Outlook ]]>https://www.spglobal.com/ratings/en/multimedia/25_1_22-take-notes-2025-outlook<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]>https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e7<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e712<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQThu, 07 Nov 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>scfx2H8QmsxXiKSgUxS5eQ<![CDATA[ Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. ]]>https://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQPodcastThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ 7 Nov, 2024 Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Featuring Sandeep Chana and Hina Shoeb Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. ]]>https://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e711<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQWed, 14 Aug 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwy<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>yAFgV5fUTmxzw7euwv9kwy<![CDATA[ In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. ]]>https://play.vidyard.com/yAFgV5fUTmxzw7euwv9kwyPodcastWed, 14 Aug 2024 12:00:00 GMT<![CDATA[ 14 Aug, 2024 Listen: Ep49: SKKY Partners Jay Sammons on Private Equity & Working with Kim Kardashian Featuring Joseph Cass and Raam Ratnam In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay’s experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam’s takeaways from his career as an accountant. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass, Director, S&P Global Ratings and the host and the creator of the FI15 podcast. On this episode, we have Jay Sammons, Co-Founder and Managing Partner of Sky Partners; and Raam Ratnam, Managing Director, S&P Global Ratings. Just a quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Jay, we'll kick off with you. Can you share with us a brief overview of your career thus far, including how you originally connected with Kim Kardashian and really the origin story of SKKY Partners? Jay Sammons 00:00:33 Sure. Well, first, thanks again for having me today. It's nice to be with you both. I started in the finance business about twenty-six years ago, and I started investing twenty-four years ago. I spent the majority of that time at the Carlyle Group, where I helped build and then ultimately had the opportunity to lead the firm's global consumer investing practice based in New York the entire time. Our strategy was really focused on backing disruptive high-growth consumer brands, which we did successfully in a number of instances and generated great returns for our investors. But most importantly, I learned a lot about entrepreneurship, how founders build brands, how founders disrupt markets with new ideas in a really authentic way that ultimately delivers a great deal of value to consumers. And I have a great deal of passion for finding those opportunities to invest behind those great ideas. Through the course of my time at Carlyle, I had the opportunity to meet Kim. We were introduced by a mutual friend nearly a decade ago. And we were introduced by that friend because the friend saw an opportunity for Kim, hopefully, to benefit from knowing someone like me as she began to build further her entrepreneurial endeavors and evolve her career in the direction that she's now shown she's very capable of doing. At the same time, our mutual friend thought that I could benefit from having the opportunity to learn from Kim as we were investing behind great brands and helping them grow and win. And over the course of the next many years, she and I got to know each other, built a lot of trust in one another, built a lot of mutual respect for each other and ultimately had the opportunity to partner together to build what we hope will be the leading next-generation consumer investing platform called SKKY Partners. Joe Cass 00:02:08 Fantastic. Thanks, Jay. Raam, could you give us an overview of your role at S&P Global Ratings and maybe also some kind of high-level perspectives on the global retail and consumer sectors. Raam Ratnam 00:02:20 Thanks, Joe, and great to be here with Jay. Our sector leader in EMEA, consumer goods and retail practice, I'm responsible for sort of overseeing the analytical aspects of ratings in EMEA in the retail and consumer goods sector. And importantly, there's also an element where I lead the sector research and communication with the wider market and investors. So, in course of my work, I'm really fortunate to interact with a range of companies in the retail and consumer sector across the value chain. They are both big and small companies. They are multinational corporations, but they're also private sponsor-owned companies and across a wide range of subsectors. I mean we cover food, beverage, staples, but also apparel, personal luxury and also durables. So, a range of companies, range of subsectors. And again, going back to the sector outlook, the sector has seen a range of challenges, disruptions. We know since the pandemic, supply chain disruptions, geopolitical conflicts, and a period of slow economic growth and now quite recently a very high inflation, which is since now falling at varying speeds across different geographies. Now given the scale of challenges, the sector has been generally very resilient. The consumer has been pretty robust, although some cracks appearing in some segments. And the focus really for the company is to build back volumes. There's the cumulative effect of high prices, which are holding back some of the spending we've seen. And generally, there's greater pressure on discretionary retail, mainly apparel. Joe Cass 00:04:01 Fantastic. Thanks, Ram. Jay, as managing partners, what do you and Kim really prioritize when evaluating potential investments? Jay Sammons 00:04:12 Well, first and foremost, our strategy is very focused on backing great consumer brands. It's where we feel like we have an opportunity to win, leveraging what we believe is a highly complementary set of experiences that she and I bring as managing partners of the firm, her experiences as an entrepreneur, brand builder, cultural leader as an individual who knows what's happening in culture around the world as well as just about anybody in the consumer landscape and me bringing my experiences touching and helping win a number of great consumer brands over my experience over the last couple of decades. And that's precisely what we're trying to bring together for the benefit of our portfolio companies. When we think about what a great consumer brand is, we really focus on finding brands that have a balance between delivering consumers something that they really need, but also finding brands that have developed really deep emotional connectivity with their consumers, brands that make consumers feel good when they're using them. And the reason that's important is that, obviously, a brand or a product needs to deliver on a real consumer need state. That's the functional side of things and brands need to deliver really well there. But if they can also connect emotionally with their consumers, make their consumers feel great when they're using those products, and this is different in every category. That's what drives loyalty. That's what drives long lifetime value. That's what drives resilience during tough economic times. That's what causes consumers to prioritize those brands over others as they seek to deploy their scarce resources into the things that they care about the most. And we studied brands with this approach for many, many years, many of the great brands that I've had the opportunity to invest in, we've looked through that lens. And as Kim has built her brands, most notably Skims, it's exactly that approach. If you look at Skims, it's a phenomenally high-quality product that has expanded quite dramatically over the last five years, but it also has connected very emotionally with consumers in the way that it's delivered a highly inclusive brand, a brand that captures the needs and the emotional likes of consumers over many years. So that's really the lens that we look through and our first investment that we made earlier this year is precisely that. It's a company called Truff that is a high-growth flavor enhancement business that focuses on hot sauces and salts and oils, all with black and white truffle oil. It's making food taste great, but it also makes consumers feel really good when they gather together around the table and enjoy a great meal together. And that is why Truff will continue to be successful in the same way the brands that we've worked with in the past have been. Joe Cass 00:06:40 Raam, we continue to hear about the ongoing disruption of online to the retail and consumer sectors. Now in 2024, what's the current view of how online is really making headway into these areas? Raam Ratnam 00:06:53 So yes, I mean, e-commerce is indispensable now for global retail. I mean, we are looking at retail e-commerce sales exceeding USD Six trillion in terms of retail sales this year in '24. And, roughly worldwide, this should be about 20% of all retail purchases, so a significant component of the global retail landscape. Now, while this takes place, I mean, digitization has opened new markets for retailers and consumer goods companies. But on one hand, while this is great, the competition has significantly increased. And this goes back to what Jay was saying: we have companies that are able to glean deeper customer insights through retail media, looking at digital footprints we all leave, et cetera. So, there’s a lot of data and analysis behind this, and much greater visibility of the consumer now than ever before. So, again, this has caused a lot of changes in the landscape. And again, while companies are clearly investing in their digital capabilities, there’s also this link to how this all connects to the physical retail value chain. So, you're seeing a mix of strategies. Clearly, we see omnichannel models slightly outperforming pure-play, either pure-play brick-and-mortar or pure-play e-commerce. I think consumers value a range of things; they value experience, especially when it comes to luxury premium purchases, the emotional connection Jay was talking about, but also the flexibility and convenience, which are key factors. So, essentially, retailers and consumer goods companies are looking to rationalize their store footprint to get the maximum value out of the brick-and-mortar real estate, at the same time investing a lot into the digital capabilities to stay competitive and get to know the customers better, really. Joe Cass 00:08:54 Great. Thanks, Raam. Jay, can you share examples of how SKKY Partners leverages its networks, its partnerships to add value to your portfolio companies beyond capital investment? Jay Sammons 00:09:08 That's a great question, Joe, because capital is obviously very plentiful. And if we only are seeking to differentiate ourselves with our capital, that's a fairly limited strategy. We need to find businesses and brands that we can add a tremendous amount of value to in partnership with our founder and executive partners that we work with who run these portfolio companies every single day. This is why we started and I were highly aligned on this when we started building this firm, which was to start with building a great team that brings experiences from the world's best private equity firms investing in consumer brands over time, and we assembled a phenomenal team that brings collectively many decades of experience touching the consumer landscape, seeing how value can be added in a very, very customized way. And it's different in every set of circumstances. There is no one-size-fits-all approach given the unique nature of what these founders are trying to do in their unique marketplaces. And so, our goal is to listen and learn and understand what our portfolio company partners need, figure out what we know and what we don't know. And if we don't know something, how do we find someone who can help us. And it's a combination of our investment team, our operating team internally, operating advisers like Angela Ahrendts, who we brought on board, leveraging her decades of experience running companies like Burberry and a very large part of Apple, bringing all of that together for the benefit of our portfolio companies to help them solve problems, help them capture opportunities in their own unique ways is really the way we seek to add value the most. Joe Cass 00:10:36 Great. Thanks, Jay. Raam, as part of your role, you spend a lot of time speaking to C-suite leadership in the retail and consumer companies. What's their sentiment right now? And what's on their mind? Raam Ratnam 00:10:49 Yes. I mean it's a time when companies are sort of going back to basics in some ways and looking to build back volumes really. I think that's been the biggest sort of focus for most of the companies we're speaking to. And if you look at branded players in the CPP space, and they're investing in innovation. And I think to regain some of the grounds, they lost the private label products, which has seen some of the growth as consumers are more value focused on the last few months. But we also expect more promotions this year compared to previous years because there are issues around working capital in some parts of the consumer goods space and especially if you look at apparel or footwear and those kinds of categories, a lot of companies still have a huge amount of inventory on the balance sheet, which they need to liquidate. Now I think the bigger aspect we're looking at is as competition is quite intense, there will be some gross margin gains nevertheless in the sector because clearly, input costs are much lower now than before. There will be some cost efficiencies as companies are reprofiling, looking at their operational processes. And more importantly, there have also been some carryover pricing gains from previous price increases we've seen over the last Eighteen months. So essentially, we're looking at an uptick in gross margins across the sector. Now equally, when you look at the net sort of level effect, I mean, you will probably see most of these gross margin gains being deployed into strengthening brand equity to fight against competition. And this will mean more advertising, more promotions, more investment in the digital space that we talked about. So, from a capital allocation perspective, we expect most companies to have a relatively well-balanced financial policy there. I mean, as Jay was talking about it, capital has been quite easily available to most of the industry players in the sector. And I mean, we've seen spec-grade companies as well have come to market recently to push out maturities. There have been a lot of repricing’s and add on debt to essentially invest across their operational elements of the business. Now widely, again, looking at the sector at large, we expect there to be a significant number of reshaping portfolios as companies are looking at the environment. So, we expect disposals actually, a few disposals for big multinationals on noncore assets. There will also be bolt-on acquisitions now. Again, notably, I think close to sectors Jay was talking about in the food and ingredients sector. We've seen a lot of companies have recovered the credit metrics essentially through strong pricing gains. So, they may end up doing some acquisitions to realign their product portfolio. So, watch the space. Joe Cass 00:13:42 Great. Thanks, Raam. Jay, how does SKKY Partners kind of stay on top of consumer culture, future trends and the growth of these potential new brands or even new sectors? Jay Sammons 00:13:56 Yes. It's one of the most important things that we do. And I think it really starts with prioritizing building a great culture internally at our firm. Our firm is built with a high level of prioritization on diversity and inclusion. We've built a team that is a majority women, including at every level of our organization. We are focused on not only having a diverse team, but tapping into all those diverse perspectives by making sure that our culture is highly, highly inclusive. As leaders, Kim and I not only allow for every voice to be heard, but we also require that every voice is heard in the room because if not, then we, as leaders of the firm, will miss things that we can't afford to miss. And so that's really the first thing is creating a really, really inclusive culture. And then making sure that everybody on our team is as passionate as we are about understanding everything that's going on in the consumer marketplace and what's coming around the corner and what are the trends that are driving consumptive behavior across markets. It's one of the reasons why I believe a sector specialized firm in consumer is really, really important, and it's why we have chosen to focus in many ways, so narrowly on what we do. It's about being really great at a very specific investing strategy, and it's driven by having highly passionate people who want to be out in the world, seeing every brand that's being developed, not just the ones that we're going to invest in next month or next quarter, but over the next five to ten years, getting to know those founders, watching those companies grow and take market share and then being their partner of choice when they come. In terms of the big macro trends, Joe, they actually haven't changed that much over my career. They've evolved and we like to swim with the current rather than against the current. Many of the macro currents are things like health and wellness, things like the bifurcation of the consumer, things like the impact of technology, as Raam was talking about earlier. Twenty years ago, when I first started in this sector, it was about the threat of technology. Now it's about the opportunity of technology and how technology, digital communication, social platforms can all help brands build community and loyalty over long periods of time. And so, we study and watch those all really closely. But in terms of the day-to-day, it's about having a highly passionate team that's all very, very motivated to see the next thing that's coming. Joe Cass 00:16:11 Great. Thanks, Jay. Jay, over the course of your career, you've personally worked on some real kind of mega deals. So, Dr Dre's Beat's sale to Apple, Vogue International sale to Johnson & Johnson. Are there any deals or just specific moments in your career that have been particularly memorable? Jay Sammons 00:16:32 Yes. Joe, that's like asking someone to name their favorite child. We spend a lot of time with these companies. Over the course of a long period of time, you actually don't make a lot of investments. You make a few investments in brands and businesses that you believe very passionately in, and you see a real opportunity to partner with. And so, while there's no favorite, what I would say the common theme across some of those you mentioned is really what I had the opportunity to learn as an investor from these extraordinary entrepreneurs that I had the opportunity to partner with. And Jimmy Iovine and Dr. Dre, who started Beats by Dr. Dre and ultimately, as you noted, sold the company to Apple are very different entrepreneurs than Todd Christopher, who is a multigenerational hairdresser who started Vogue International. And together, we sold that company to Johnson & Johnson for $3.3 billion. That's very different from James Jebbia, who's the founder of Supreme that we had the privilege of partnering with for a few years before selling that company. All those founders are very different. They approach their value creation and their brand story in a very different way, and I had the opportunity to learn from all of them. And that's a real privilege for a person like me to be in the room with some of the biggest innovators in the consumer space, have the opportunity to learn from them and then hopefully contribute that knowledge and experience to the success of the next one. Joe Cass 00:17:47 Great. Great stuff. Jay, throughout your career, you've fostered personal relationships that have been really critical in building brands, companies and partnerships. What kind of advice would you give to others when trying to build a relationship from scratch? Jay Sammons 00:18:06 Yes. It's a tough question because it really comes down to personality and style and approach. But I think the way to build great partnerships and relationships is to be authentic, be transparent, be trustworthy, be honest, all the sort of human basics. I think a lot of people in business as they seek to accomplish business goals, they will do things that maybe protect some of those aspects of who they are, what their objectives are. And that only leads to bad partnerships because you've not put everything on the table. The best way to create a great partnership is when both sides of that partnership are putting everything on the table, being their true authentic selves, sharing what their objectives are, sharing what their fears and concerns are so that in the event that there's a conflict between those, you don't get into a bad partnership that goes the wrong way very quickly. But if you are straightforward and you are transparent and you're really authentic about who you are and what you're trying to accomplish, that leads to great things because like-minded people who share those objectives can partner together and go win together. So, I know it sounds quite basic, but that would be my most important suggestion. Joe Cass 00:19:11 Great. Thanks. Raam, you're a trained accountant, and I recently came to know that you're also the Chairperson of your local tennis club, which is news to me. So how does an early accountancy career shape your role in credit analysis, but also your life outside of work? Raam Ratnam 00:19:31 Yes. I mean accounting can be seen as slightly less glamorous. But again, but I think it laid a great foundation for critical thinking and these days where we're bombarded by data and financial transactions can be structured can be more complex than ever before. So having a firm grasp of accounting to me, cuts through complexity in a large part. And it helps us look at underlying economic reality, which is I think really an important trait when it comes to credit analysis, and then we train our analysts globally on looking at complicated accounting structures and capturing the key economic reality and reflect that into ratings. I think it's a really important trade. So that's helped me a lot in my career at S&P as well. I joined S&P many years ago as an accounting specialist really, and I was quite incredibly privileged to have had a role in shaping the ratios and adjustments criteria over many years and building the financial and forecasting models used by S&P analysts, corporate analysts globally. So that's been a great privilege. But again, as you say, outside work, I've been able to contribute and address some challenges in the community. Again, this focus in my case has been around tennis and some local sports organizations. But look, organizations these days are required to do more with less and more so than before. And the core principles of financial prudence, budgeting, sort of forward planning with those sorts of key cornerstones can add value at many levels. Joe Cass 00:21:13 Jay, what opinion or view on investing do you have that may be considered unconventional? Jay Sammons 00:21:22 Yes. I think the word unconventional is an important one because if you look at the types of businesses that we invest in and the founders who have created them, and I was referencing this earlier, they are almost by definition, unconventional. You need to be unconventional to disrupt markets because to come up with an idea and turn it into a great business, it requires a great deal of foresight and hard work and tenacity and often doing things differently than the incumbents are doing them in order to capture consumers' imagination and grow and win. And so having respect for their being unconventional is a cornerstone of what we do. I think the private equity industry broadly has sought to build playbooks and approaches that they take to leverage scale and leverage their capabilities. And I think those playbooks and that scale, and those resources work really well in certain sectors. But when you're trying to back disruptive high-growth consumer founders, they're actually quite fearful of playbooks. They're quite fearful of conventional approaches to their businesses because their success has come from being unconventional. So our approach to doing this is, as I was referencing earlier, spend a lot of time listening rather than a lot of time talking in the early stages of building a relationship, learning a lot about what our partners want and what they do not want, thinking a lot about what we can contribute and what we cannot contribute and simply not having a one-size-fits-all approach to every investment because if we come to companies with a one-size-fits-all approach, it's a very quick way to be dismissed from the room. And our job is instead to build trust and long-term relationships that show the respect that we have for what these founders and executives have done in such a unique and unconventional way to grow and win and take on the giants of the industry to take market share and create a lot of equity value. Joe Cass 00:23:11 Great. Thanks, Jay. Jay, final question to you. What lessons have you learned from working alongside Kim? And how has she influenced your perspective on business and investing? Jay Sammons 00:23:24 Yes. So, she is one of the most extraordinary entrepreneurs of our generation. And a lot of people in the world, certainly, she's a very well-known individual, but I think when you take a look deeper into what her business and entrepreneurial accomplishments are, particularly over the last decade or so, it is remarkable. And that has come from a tremendous amount of vision and a tremendous amount of understanding of the modern consumer, the modern platforms that are activating consumers. But I would say if I had to put my finger on one or two things that make Kim such an extraordinary entrepreneur and such a successful individual that I learn from every day are some of the things that I saw behind the scenes getting to know her over the last decade. Really, Kim is exceptionally good at knowing what she's good at, but also exceptionally good at knowing what she's not good at. And there are a lot of people with her level of success across industries who begin to believe that they're great at everything they do. And as we know, there's no human being who's great at everything that she does or that he does. And her success in many ways, has come from her recognition of where she needs help. And I think a lot of people in the finance world believe asking for help as a sign of weakness. I believe asking for help is a sign of strength. and it's a sign of confidence and conviction on what you're good at. And I think Kim is exceptionally good at that. And I think we're trying to continue to infuse our culture and our team and the executives that run the companies that we invest in that you don't have to be great at everything you do. You don't have to try to be good at the things you don't know how to do. In fact, when you try to do things that you don't know how to do without asking for help, it often creates risk and creates problems rather than amplifying the opportunities to be successful. And Kim, I think, is world-class in that, and I'm lucky to have learned a lot about that from her over a long period of time, and we're hoping that, that is a key part of how we continue to build SKKY Partners in the portfolio of companies that we invest in. Joe Cass 00:25:11 Fantastic. Well, that's it. Thank you very much to Jay. Thank you to Raam for your time today, everyone watching, everyone listening. See you next time in FI15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep49-jay-sammons<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]>https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyWed, 31 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>GFr6MEpkHjWDk8CYz6a4TZ<![CDATA[ Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas ]]>https://play.vidyard.com/GFr6MEpkHjWDk8CYz6a4TZPodcastWed, 31 Jul 2024 12:00:00 GMT<![CDATA[ 31 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring. View related research: Ardagh Group S.A. And Glass-Packaging Subsidiaries Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_31-clo-podcast-s6-e5<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]>https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZMon, 08 Jul 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>MhDpXWKeSq3iznyiwdpsj8<![CDATA[ Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. ]]>https://play.vidyard.com/MhDpXWKeSq3iznyiwdpsj8PodcastMon, 08 Jul 2024 12:00:00 GMT<![CDATA[ 8 Jul, 2024 Listen: Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up Featuring Hina Shoeb and Sandeep Chana Series 6, Episode 4: Leveraged Finance & CLOs Uncovered Podcast: How ASDA’s Parent, Bellis Finco PLC, compares with other food retailers in a highly competitive UK landscape. Hina & Sandeep have a discussion with Raquel on credit fundamentals of Asda and its recent refinancing and S&P’s expectation for a future trajectory. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to. View related article here > ]]>https://www.spglobal.com/ratings/en/multimedia/24_07_08-clos-podcast-s6-e4<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]>https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8Wed, 24 Apr 2024 12:00:00 GMT00:01:00https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>3QDcSPPC2Uf6HFX8N7p98x<![CDATA[ Ryan Serhant, Founder of SERHANT., and Gregg Lemos-Stein, Chief Analytical Officer - Corporates at S&P Global Ratings, discuss the global real estate market and leveraging social media and AI. ]]>https://play.vidyard.com/3QDcSPPC2Uf6HFX8N7p98xPodcastWed, 24 Apr 2024 12:00:00 GMT<![CDATA[ 24 Apr, 2024 Listen: Ep46: Ryan Serhant on Real Estate, AI and Building A Personal Brand Featuring Joseph Cass and Gregg Lemos-Stein In this episode of FI15, Joe is joined by Real Estate mogul Ryan Serhant, Founder of SERHANT. and Gregg Lemos-Stein, Chief Analytical Officer – Corporates at S&P Global Ratings. The guests discuss the global real estate market, with Ryan sharing his expertise on leveraging social media and AI to drive success in the industry, and Gregg provides his experience of how large multi-national corporations are currently utilizing AI to unlock new opportunities. Sign-up here to be notified as soon as future episode are published View the series so far here View Full Transcript Joe Cass 00:00:00 Hello, and welcome. My name is Joe Cass. I'm a Senior Director here at S&P Global Ratings. I'm the host and the creator of the FI15 podcast. On this episode, we have Ryan Serhant, Founder and CEO of SERHANT, and Gregg Lemos-Stein, Chief Analytical Officer, Corporate Ratings at S&P Global Ratings. A very quick reminder that the views of the external guests are their views alone, and they do not represent the views of S&P Global Ratings. Ryan, can you just kick us off with an overview of your career to date in real estate, from entering the business as a novice to what you're looking to achieve right now with SERHANT? Ryan Serhant 00:00:33 Of course. I entered the business on the day that Lehman Brothers filed for bankruptcy on September 15, 2008, mostly because I had run out of money, and I didn’t want to move home to Colorado. I wanted to stay in New York, and a friend told me, “Get your real estate license, you can help people rent apartments. Over 70% of the homes in New York City are rental apartments, and it’s better than being a bartender or a waiter. You can control your schedule, sort of.” And I fell in love with the business. I fell in love with real estate. I fell in love with brokerage, working with customers looking to do lots of different types of things. I got on to a TV show that most people know me from, called Million Dollar Listing New York on Bravo, in 2010. I did that for 10 years, alongside multiple other TV shows, and started writing books. I’ve written three books now, and we have an education business that teaches sales training to salespeople and to sales enterprises around the world. We also have a production company that does real estate production. So, I built a large sales team through 2020. In 2020, I started my own company—not timed with COVID. That just sort of all happened by coincidence. And we’ve now expanded from the end of 2020 until now into eight different states. We have well over 500 agents working with us now, kind of across those states, and have done just over $10 billion in residential real estate sales. We have nearly 30,000 enrollees in our education platform in 128 countries. I left Bravo and Million Dollar Listing New York two years ago and have a new TV show that comes out on Netflix relatively soon. Joe Cass 00:02:28 Fantastic. Thanks, Ryan. Greg, can you give us an overview of what you're doing right now at S&P Global Ratings and maybe also some kind of high-level perspectives on the U.S. real estate sector. Gregg Lemos-Stein 00:02:42 Sure, Joe. It's, of course, a big issue. It's been an issue for a while. It will be an issue for quite some time. It's sometimes described as a slow-motion car wreck, particularly within U.S. real estate. We're talking mainly about office, where we've had a seismic change in the way people work, particularly in the U.S. So, it's not really real estate overall. Other sectors, like industrial, logistics, and warehouses, are faring quite well. Multifamily, I understand, has had some weakness lately. All of them are affected by interest rates, but there's a double whammy when valuations are declining and interest rates are rising, and maybe a triple whammy for office because utilization of office space is still creeping up, but still very, very low. So, what we're doing at S&P Global Ratings is we're making sure we're coordinating across the many, many different asset classes that are affected by real estate. It really cuts across many, many, many areas we do, not just corporates, which is an area where I focus on. We rate a lot of REITs that are publicly traded, and those are corporate ratings. But, of course, we also have commercial mortgage-backed securities, and our structured finance colleagues cover that. We also have mortgage REITs. But, of course, there's an impact also on the banking sector. So, our bank analysts, there are varying degrees of real estate exposure among the banks. So, it really calls for coordination among all those senior analysts in those asset classes, and they've been doing that more or less for the last three years, really since these changes became very apparent. Joe Cass 00:04:25 Ryan, your career, as you mentioned, it started in 2008. So you've seen some ups, you've seen some downs in U.S. and also global real estate markets. What's your forecast or even your expectation for real estate in 2024 and beyond? Ryan Serhant 00:04:43 We are in a historic low inventory environment that has been written about and reported about ad nauseam. In the United States alone, 90% of all home loans are under 5% rates. So, when rates are still above 5%, it creates a locked-in effect, which is what we saw in 2023. There were fewer home sales in 2023 in the United States than there were in 2009. 2009, I think, if you asked most people pre-2023, they would say, yes, that was probably one of the worst housing markets we've ever seen in recent memory. And 2023 also turned out to be one of the slowest housing markets in over thirty years—nearly thirty years. This year, what we've already started to experience is a little bit of an unlocked effect. If 2023 was locked in, this is a little unlocked. And it's because you can actually predict roughly six months into the future. That was hard in 2022 and 2023. It was difficult to predict what anything would cost over the next six months. Now, inflation seems a little stickier than I think we'd like it to be. But you know, within relative certainty, roughly what interest rates are going to look like over the next couple of months. So, you're either going to move or you're not going to move. And eventually, people need to move. Eventually, the baby boomer generation needs to downsize, which they haven't done since 2020. That's a significant amount of inventory that is only now just starting to come to market. And that will help fuel the inventory issues that we're seeing amongst other kinds of demographics. And I think the moment we see interest rates start to get closer to, and hopefully they do, kind of that 5% marker, you're going to see home prices really escalate. So, what we're telling people now is, if you're a seller, we can't predict the future. Could pricing go up? It seems like it will. But could it go down drastically? Sure. We don't know. And if you're a buyer, could prices go up? Absolutely. Could they go down drastically? We don't know, but there are clear market indications that things are going to get much more expensive should rates come down because there is so much pent-up demand and not nearly enough inventory. So, I think we're going to see a far stronger year for absorption and volume in the housing market than we saw in 2023. And I think we'll end the year with higher pricing, probably somewhere in the 5% to 6% range. Joe Cass 00:07:30 Thanks, Ryan. Greg, we're speaking, you're speaking to kind of the largest investors, especially on the buy side globally. Interested to know what are the kind of the top three concerns these large global investors are coming to us with on the topic of global real estate. Gregg Lemos-Stein 00:07:47 Yes, absolutely. It is focused on office. So, Ryan makes some good points about housing more broadly, and I'd be interested also in his take, maybe later on, about the change in the commission structures that may be coming and what impact that might have on pricing. But in terms of what investors are asking us, it is focused on office. And the first question they ask is, "How bad will it get?" because it's still evolving, right? We still have this big gap between utilization of office space and vacancies, which would be actually what tenants are paying in terms of rent. And there's a long tail before lease renewals happen. They tend to be ten-year leases. So, the implication is, if utilization of space is much, much lower, then the vacancy rate would indicate that when lease renewals come up, they're going to take less space. So, there's still some pain to be felt. So, the number one question is, "How bad can it get?" And then the next question, logically, is, "Will that have a big impact crossing over to the banking sector?" And then the next question that logically stems from that is, "Is there more of a systemic risk that would emanate from that, that might have an impact on the broader economy?" Those are the top three questions that we're getting. To answer somewhat, to give a little bit of color, Joe, not just leave that as a question, we have had a number of rating actions on some regional banks. We've had a larger number of rating actions, even dating back two years ago, on the REIT sector, those most exposed to office. So, we've been adjusting our ratings. We've been adjusting our base case for quite some time now. And again, I'm not a banking analyst, but what our banking analysts will tell you is that the commercial real estate exposure, largely for banks, is manageable, but there's a big difference in levels of exposure to CRE. And so, some of the largest banks actually have the smallest amount of exposure as a percentage of their overall assets. It's the smaller regional players that have larger exposures, and those are where we've taken some actions already over the last year or two. Sometimes commercial real estate is not all office, and it may not be office in the most exposed geographies. It might be areas where office space wasn't so absurdly expensive, and CFOs aren't eager to get out of that space. So, you really have to go bank by bank, really area by area. Again, real estate is all about location, right? So, that applies here, too. Ryan Serhant 00:10:31 I'll also add to that, you make a good point. I read a lot and hear a lot about the fall of office, right? And you see a lot of the big institutional players giving keys back because they don't want to chase good money after bad. And Starwood, Brookfield—you see these major players, so more and more people are doing that. But there's also a big difference between occupancy and vacancy. So, I hear about it in New York all the time. Go to Midtown, all these lights are off. Occupancy must be down, right? There's no one's here, no one's going to the office. The spaces may be vacant, but the leases are fully occupied. There's a lot of office that is fully leased, but people just aren't coming. And so, I think what people are trying and what a lot of these big institutional owners and even just these offices themselves are trying to do, is try to get to three days a week of office. If you can get to three days a week of office, you can fund your facilities, you can get these buildings moving relatively productively. But if you're just at two days a week or one day a week, you have a really, really hard time. And I heard somebody say recently that this is now all because a lot of our nouns have become verbs. It used to be that you'd go to the shop. Now you shop on your phone. It used to be that I got to go to work. Now you just work, work. I've worked. And so, I think it's an important thing because I think, in terms of occupancy in New York office, I think it's over 90%. A lot of the spaces look vacant, but those leases are occupied. Joe Cass 00:12:25 Fantastic. Thank you both. And Ryan, just to kind of pick up on something Gregg said, do you have any kind of comment or view on the recent commission change announcement? I'm quite kind of uneducated on this side. If you could provide kind of an overview of what happened and maybe your take on it. Ryan Serhant 00:12:44 Sure. So, there was a class action lawsuit that was filed in the state of Missouri years ago that was basically saying that the National Association of Realtors, the largest kind of trade union for real estate agents, was colluding with the largest brokerages and local MLSs to price-fix commission payments to buyers' agents. And what was happening was that if an agent was going to a seller, they'd say the best way to sell your home would be to put it on the MLS. But to put it on the MLS, we have to offer compensation to the buyer's agent. Those are the National Association of Realtor rules. That's what you have to do. And so, if you're going to pay a 6% commission, it's 3% and 3%. That way, the buyer's agent is also protected. That way, you never have to have commission conversations with buyers. The seller pays it, and it's what's happened for decades. It's how it's always been. And it's not that the seller is unfairly paying a buyer's agent who didn't do any work. Just that fee has always been in the United States on the seller. So, when you're a buyer, you don't pay it, but when you're a seller, you pay it. And usually, most people buy a home and don't live there for the next eighty years. They buy it, and they don't pay that fee. When they go to sell it, they do pay the fee. So, the fee just gets passed on. So, that's what the class action lawsuit was about. The National Association of Realtors and the big brokerages did not succeed in explaining the reasons why that would be a good thing for the marketplace, and so they lost. What happened on Friday was that the National Association of Realtors basically came out and said they would not appeal the verdict. They're going to settle for something over $400 million to be paid out over the course of the next four years and will be changing the rules. The rules will change to where a seller no longer is obligated to pay the buyer's agent should the buyer have an agent. You don't have to advertise that you'll pay. You can pay 0% if you want. Now, that's kind of always the way it's been. I mean, in New York, we don't have an MLS. We're also not a part of the National Association of Realtors in New York. So, New York City is very different. We have customers who will pay 10% to get something sold. We also have customers who will pay 0%. But around the country, it's always a different case. So, what's going to change now is that buyers' agents, if you're working with a buyer and you're a real estate agent, will get a buyer's representation agreement that states how you are compensated. If you are showing homes where the seller is not willing to compensate a buyer's agent, you will go to the buyer for your compensation. And so, you'll be just very clear and very transparent as to where fees come from, which is the way it's always been before. This will create a little extra paperwork, and it will be interesting to see what it does to the marketplace. My prediction is that fees will get higher and more properties will start to trade off-market. That's because that's what happens around the world outside of the United States. So, as much as we want to think that these new rules will be better for the consumer, what happens around the world is that off-market transactions end up becoming more of the norm. And when you do that, then there's no transparency because people just set whatever fees they want. So, I think you'll see more of that, but it remains to be seen. The settlement was announced last week. A judge still has to approve it. That will take a couple of months, probably sometime into the summer. But it doesn't change that commissions are paid out. It doesn't change that a seller is allowed to pay whatever they want to whomever they want. They're free to do that. It just creates a document of transparency, which I think is actually probably good and the right thing for the market. Joe Cass 00:16:53 Great. Thanks, Ryan. Ryan, you've got a really significant online presence with over 6 million followers across all the platforms. Do you believe that other players in the real estate industry, such as developers, investors, companies, are they effectively utilizing their own online presence? Ryan Serhant 00:17:16 I think they try to. I don't think other players really look at their digital presence as one of their value propositions because it never had to be previously. I think there are two types of real estate firms right now. I think there are those that are defending where we've been, and I think there are those who are building where we're going. I'm an active real estate agent all day, every day. I'm also a CEO of a firm, and I understand what it means to be every single agent that works with me. When I was looking to start my own company and we started SERHANT in 2020, I spent a year interviewing with other firms—all of them. All the big names and small names, national franchises, everybody. And what I realized was that all of the other real estate firms that I interviewed with are licensing housing firms that hold your license, and that's about it. Their number one pitch is: "If you come to us and hang your license with us, we're going to make you better." And I, as an actual agent, always felt that a real estate firm's job shouldn't be to make my agents better, but it should be to be better for my agents. Because that's the pitch that I always give to every customer I work with—every buyer, every seller, every developer. I don't sit with them and say, "Hey, work with me. I'm going to make you a better seller. Work with me. I want to make you a better developer." But that's the pitch that real estate brokerages give. At SERHANT, we are the most-followed real estate brokerage in the world. We use television, streaming, every social media platform, books, speaking engagements, and our own production company to amplify our brand to the benefit of our customers' brands and our agents' brands. If you were to audit our business, you would probably say that we are a media company that sells real estate. I learned a long time ago that if you can build a strong content-to-commerce business for makeup, you can do it for real estate. But you have to understand that there is a new "C" in between content and commerce: content to community to commerce. No one had ever done that for real estate before. When we started SERHANT, that was one of our immediate value propositions, outside of the technology and everything that we're building now. We had first-mover advantage to be able to use our online presence to the benefit of our agents and their ability to lead generate, build their own brands, and create their own "SERHANT effect," as they call it, in a way that other firms probably are not going to realize as a true value add until it's too late. Joe Cass 00:20:20 Great. Thanks, Ryan. Greg, in what parts of the globe is real estate really growing at present? And conversely, what parts of the world is real estate sector kind of slowing or maybe decline? Gregg Lemos-Stein 00:20:31 Yes, it's a great question because we've been talking about the U.S. and the dynamics are very different in other areas of the globe. I'd say all real estate is affected by the precipitous rise in base interest rates. It is an interest rate-sensitive industry for sure. But the office dynamic we talked about is not quite as acute in other markets. And those of our listeners who are tuning in from, let's say, Hong Kong or other areas, they're like scratching their head at the three-day-a-week model because they're in the office a lot more. So office, I think, is comparatively less severe in other areas, and that's borne out in the valuation data we're having. The declines are much less, but it's a factor. But I think development has been under severe pressure in China, as many of our listeners know about, and many developers have defaulted or entered credit stress. Retail is still an issue. Maybe it's been around for us long enough that we realize that the e-commerce effect on retail is just sort of part of the fabric of what we do. We're not adjusting to that. Areas that it's growing—I'd be hard-pressed to say where real estate is going gangbusters. But of course, there are markets that are expanding. I'll just mention one. This is not comprehensive, but I'm aware that there is a lot of activity going on in the Gulf and particularly in Saudi Arabia, which is opening up and modernizing its markets. And Riyadh, as I understand it, is a bit of a boom town right now, with lots of ambitious development going on there. So that would be one I would point to. Joe Cass 00:22:10 Great. Thanks, Gregg. Ryan, how has AI impacted the real estate industry thus far? And how are you hoping to utilize AI in your own business at SERHANT? Ryan Serhant 00:22:23 Great question. There have been many paradigm shifts in the world, right? You had the printing press initially, which really democratized information, democratized knowledge. Before that, it was hard to get information around, hard to write, and hard to copy. The printing press helped that. There was the combustible engine, which didn’t look exciting at first because cattle or oxen could go up hills and around corners, while tractors couldn’t. But then people realized, oh, maybe we’ll just create farms that are flat and straight. And then this tractor never needs a nap, perfect. And so I think what we’re seeing now is much like the Internet—AI is creating a paradigm shift, and it’s incredibly exciting because it allows you to redefine the way that you work. As AI started to get more and more popular over the past couple of years, we at SERHANT, our development team, and our technical team really looked around and said, I think everyone is going to embrace AI the wrong way. Everyone is going to focus on wrapping large language models (LLMs) and creating chatbots and more screens, which ironically creates more work. And I think the whole goal of having AI and resources like ChatGPT is to help you redefine the way that you work and save significant time. So we’ve been far more focused on what we would call a large action model. Not focused on large language models like most of these new dot-AIs and dot-IOs, which are like the new dot-coms, where technology changes every single day and you’re constantly playing catch-up. Instead, we’re focused on what a large action model could look like. Whereas a large language model is focused on the next best token, we’re focused on the next best action. How do we scale human support to create not just another tool for us to use? We created something called 'SERHANT Simple,' which at its core revolutionizes the approach with AI by focusing on human support. It’s proprietary technology, yes, it utilizes AI, yes, but we have real humans, and we’re scaling their ability to support our customers faster and more precisely than ever before. Our agents are completely redefining the way they work without having to do more work to learn how to redefine their work, creating the most frictionless process. Right now, Simple is in beta in four states, and I looked at it on Friday—97% repeat usage. I’ve never had that in anything we’ve ever built before. It’s exciting to see the product-market fit because now all salespeople only have to focus on what they are uniquely qualified to do. They no longer have to do work that another person, system, or process could do for them. And they can also do it on the go—it’s completely mobile. That’s where we’re embracing AI and taking a counterintuitive approach. Joe Cass 00:26:27 Great. Thanks, Ryan. Gregg, you've got oversight over a number of corporate sectors from pharma to autos and real estate, which you've mentioned already. What practical Gen AI or AI uses are companies sharing with us? And what benefits are they expecting to receive from the technology? Gregg Lemos-Stein 00:26:45 Yes. Ryan's description of it as a paradigm shift is an act one. It's gigantic, and it cuts across so many different sectors. The impact is going to be massive in the way we work. It’s a little more difficult to ascertain the credit implications, but this is really our calling. What we have to stay focused on is whether it will create disruption in certain sectors, or augment the ability of other sectors to do what they do and be helpful, potentially credit positive. Time will tell. We've already had some rating actions, notably in the media space. But in terms of what companies are doing, broadly speaking, you could bucket it into improving customer service and interfaces with customers, but also cutting costs. These are not mutually exclusive, because if you're able to replace part or all of your call center with AI (which is not happening immediately—it will take time), that's a cost savings and potentially improves the way you reach your customers. But even though it's growing rapidly, you might also see some hype. Some sectors may say it will change things faster than it actually will. We’re cognizant of that. Some examples: in pharma, I understand that AI is a huge part of potentially shortening the research and development cycle for pharmaceutical companies, which is enormously expensive and increasingly time-consuming. Think about the implications for defense. We’ve already seen defense budgets increasing. And by the way, IT budgets—this seems like a secular change in spending on chips and software, reflected in some stock prices, which I won’t comment on in terms of rationality—that’s another big impact. The list goes on: utilities are benefiting too, with AI predicting potential weather events or wildfires. This is a huge boon to them in a growing area of concern to mitigate risk. I could go on and on, but we’re having many conversations with our analysts. We try to embed these ideas and directions in our forward-looking outlooks. We just published industry credit outlooks on every sector in corporates, and you’ll see a lot of mentions of Gen AI and regular AI throughout those reports. Joe Cass 00:29:25 Ryan, we've spoken about the power of social media in building a business and also a brand. Have you got any stories about how social media has directly translated into revenue or just opportunities for you or your business? Ryan Serhant 00:29:39 Sure. But before I forget, something that was just mentioned was so interesting to me. The paradigm shift is so real, but I look at companies that are embracing "AI" and those that are not, or those that are embracing the wrong part of "AI". They’re not embracing the paradigm shift because they’re too distracted by the technology. That’s a really key point to make. I liken it almost to the bird and the bug analogy. There’s a car racing down the highway, and a bird sees the car coming and can shift, right? It can fly higher, let’s say. But a bug can’t, because it can’t perceive that rate of change. Those are the firms that are embracing the paradigm shift and building on top of "AI". Then you have other firms that are distracted by the technology today. It might sound a bit aggressive, but I do see those firms as the bug. They’re still flying, everything is okay, until that car comes through and they hit the windshield. To go back to your question about social, we use "Simple", for example, to do immediate social audits for all of our agents and to create social calendars and content. "Simple will do anything for our agents." It’s wild to see it in action. So now we have agents who are creating video walkthrough tours, posting them across platforms, and selling properties sight unseen—properties worth $3 million, $7 million, $10 million. These deals aren’t transacted directly through DM; you still need attorneys, there’s still a lot of email. But that point of first substantive contact is happening through a different device or platform. It’s often not us creating the content to reach the consumer directly, but to reach their circle of trust, which sometimes is their kids. We created a property tour in the middle of COVID for a townhouse priced at $15 million at 357 West 17th Street. Real estate agents weren’t considered essential workers in New York City; we weren’t allowed to go outside. The Department of State was actually trying to get people in trouble for trying to still work and make a living, which is a whole separate conversation. But we created a property tour, and a thirteen-year-old girl saw it because she wasn’t in school and was on her phone all day. She showed it to her parents, and the parents bought it, sight unseen. So the deal was done—there were attorneys involved, it was a traditional transaction, not on the blockchain—but the customer was created, the market was created, the urgency was created, and the deal only existed through social. Joe Cass 00:32:53 Fantastic. Thanks, Ryan. Ryan, we've got lots of viewers, lots of listeners interested in advancing their own career. what kind of tips would you offer to build a personal brand that maybe would open doors to, I don't know, a more fulfilling or exciting career opportunity in the future? Ryan Serhant 00:33:17 Sure. I saw a statistic at the end of 2017, early 2018 from the U.S. Department of Labor that said just over 20% of U.S. taxpayers are also filing a 1099 tax return. Now, some of them are also filing W-2 tax returns and so on, but over 20% were filing a 1099. And the U.S. Department of Labor said by 2027, they expect that number to be over 50%, which means that over 50% of taxpayers, that’s just in this country, are going to be filing a 1099 in just a couple of years. That’s an interesting stat. And that means that those people are selling something. Maybe they’re selling their podcasting services, writing T-shirts online, real estate, cars, whatever they might be selling, whether they consider themselves salespeople or not. And the only way to build your career as a 1099 independent contractor in the United States who has to make a living for themselves every day or make residual side hustle income on weekends and evenings, etc., is to create awareness for either your products, brand, or your personal brand. And today, you can do that from your phone. You don’t have to have the right connection to get you into the right newspaper on the right television show or kind of know the who’s who. Social media has really kind of brought about the democratization of talent more than anything. And so, brand is broken down into a math equation, right? It starts with the core identity of the person or the product. That core identity translates into perception the world now has of that core identity, either in the digital space or in people-to-people interactions. That perception, then, when you leave the room or your product leaves the website, let’s say, turns into reputation. And then over time, that reputation becomes the brand. It’s what you’re known for. It’s what's clear, concise, and memorable. And you can build it by building a core identity. If you’re building a personal brand, you’re focused on your "and." So, I am real estate and media. That’s what I’m known for. That is my brand. I wish I could be real estate and I don’t know, fighter jets. That would be cool. But that wouldn’t really help me with it. So, real estate and media. I’m going to build my brand on that. Now, I’m going to make consistent content. That’s kind of Phase two. And I can do that through video. I can do that through static images. I can do that through LinkedIn. You can be a thought leader. You don’t have to dance on the Internet. I can do that through in-person events. Maybe you don’t have a smartphone, maybe social is not your thing. That’s totally fine. But maybe twice a month, you do an in-person networking event of some kind, and you’re building that way. And then lastly is amplification. The way I like to say it is really shouting from the mountain top because success begets success. And no one is going to know that you sell amazing T-shirts, or that you sell investment services, or that you sell real estate if you don’t tell them about it. And you can build that process now easier and clearer than ever before. Joe Cass 00:36:44 Thanks, Ryan. Gregg, I do my research. I checked out on LinkedIn that you actually started your career as a reporter for associated press for nine years, which I didn't know. So interested to know what your experience was like and what kind of news or stories were you covering at the time? Gregg Lemos-Stein 00:37:03 Excellent research, Joe. First off, I’ll say that I’ve only worked for three organizations since graduating college many, many years ago: The Associated Press, Mellon Bank (which is now part of Bank of New York), and now S&P for the last twenty-one years. All three organizations were founded somewhere between 1860 and 1880. So, what this will tell you is I’m a long way off from Ryan’s entrepreneurial spirit. I like stability. I like organizations that have been around for a long time and will be around for a long time to come. But that was an exciting and wonderful learning experience, those years as a reporter for the Associated Press. I spent the first few years covering sports, which is a dream job. It was crazy hours, working nights and weekends, which was also kind of a dream because, way back when, I was concerned about working normal hours or, more specifically, getting up early in the morning. I’m very, very different now. I’m an early riser. But I covered sports for a number of years. And then I covered business news, financial news, and I really credit that for being part of the transition to what I do today. I got to cover a lot of stock market stories, Wall Street stories, big mergers at the time, but we’re talking a while back. We’re talking about the 1990s. And I remember two stories in particular. There were shorter stories, but one was about Frito-Lay entering China for the first time, and the other one was about the first Russian company listing on the New York Stock Exchange. So, this is a very different time, right? Because this is sort of like the acceleration of globalization. And now we have a different context where there’s some evidence that that’s being rethought. But the -- I remember the first paragraph of the Frito-Lay story. They were launching Cheetos in China, but they had very, very different flavors. It was like cuttlefish and prawns or something. So, the first paragraph was, "A Cheeto isn’t a Cheeto in China." So, I remember that one. It was a short and succinct headline. And then the Russian stock market story is about a Russian wireless company, and it doubled on the IPO or something like that. It did a very successful IPO, and the lead paragraph was, "Even the Russians couldn’t bring a bear to Wall Street." So, we had a little bit of fun with those stories. You can groan all you want, but it was a great training ground, by the way, and it really resonates with Ryan’s comments about media and communication and nouns and verbs. This has applications no matter what you’re doing. It’s more applicable to credit ratings than you might think because being able to communicate your opinions is really vital to what we do, and doing so clearly and succinctly is really critical. Joe Cass 00:40:02 Great. Thanks, Greg. Ryan, what opinion or view on real estate do you have that few others would agree with you on? Ryan Serhant 00:40:14 I mean, topically right now, I think people are assuming that given the National Association of Realtors’ commission lawsuit settlement, buying a home is going to get less expensive and that real estate agents are going to become more and more obsolete. That is what most people think. Everyone has been forwarding me all the articles. I am obviously biased, but I also remember having to sell real estate door-to-door. And when the Internet really took over on real estate and websites like StreetEasy, Zillow, et cetera, came about, everyone said the same thing: "Salespeople are gone. Real estate is now going to be less expensive because you’re going to have the democratization of information. People can see comparable sales now. You pesky salespeople aren’t going to be able to drive up pricing anymore." And that didn’t happen either, right? The same way certain financial websites didn’t take down certain investment banks. The banks only got stronger. And so, I am very much of the mind that there will be greater transparency now with fees and commissions. The way we’ve always operated with our firm and in New York City, which is very, very different from the rest of the country, commissions are always transparent. They had to be. But now I think nationally, I think the old guard, which is the National Association of Realtors and these big brokerages, are in for either a world of change or a world of hurt. I think the rules are changing. I think there are new rules. And I think what we’re going to experience now is an evolution — just like I was talking about with AI and the farmers and the tractors, right? They didn’t throw out the tractors. They just created different farms and a different way to farm. And so, I don’t think that what we’re going to experience now is going to get rid of real estate agents. I think it’s going to separate the agents from the brokerages who are not open to change because what got you here won’t get you there. I think old rules pave the way for new rules. And I think that as interest rates stabilize or continue to come down, pricing is only going to go up, and consumers are still going to want great representation, buy side or sell side, because you don’t know what’s real anymore when you log in online. So that’s, I think, a unique opinion of my own. Gregg Lemos-Stein 00:42:58 I'll confess, Ryan, that I thought that until about 7.5 minutes ago when you started talking about it. It's more complicated that commissions actually may go up in some cases. So... Ryan Serhant 00:43:07 Listen, listen. So, I know we all have to jump here, but in New York City and in most of the United States, total compensation for real estate agents — because there’s typically two agents on the deal, sell side and buy side — is between 5% and 6%, right? It’s the way it’s always been. Very rare is it much lower than that; very rare is it much, much higher than that. And I see a lot of, "Oh, well, this is the highest commissions ever. The rest of the world is this. The rest of the world is that." Well, I’ve been around the rest of the world, and I’ve sold property around the rest of the world. And what I’ll tell you is that is not true. You have markets where you have salaried salespeople who are not incentivized to get the highest price for their seller or to get the best deal for their buyer because there is no incentive. And so what ends up happening is a lot trades off-market, which is not in the best interest of the consumer. And then you have other markets where you have a mixture of on- and off-market property. And so you could work with an agent, and they’ll tell you, “Hey, so I have a fixed fee for anything that’s on market. But anything you’re going to want to buy is actually off-market, and my fee is 10%.” So, I don’t know what everyone thinks we’re going to. But if going back to the Wild, Wild West is what everybody else wanted and what they wanted to bring about through these lawsuits, I mean, I don’t know what to say. Joe Cass 00:44:36 Okay. Great. And lastly, just before we go, Ryan, do you want to share any kind of upcoming project goals, ambitions that you're looking to do either kind of this year or next year? Ryan Serhant 00:44:50 I'm incredibly excited for "SERHANT Simple" as we continue to roll it out to our agents. Right now, it is just within SERHANT at our own brokerage. Because what makes it so exciting is that it's a full stack platform. So we have agents who use it who never want to touch e-mail again. They don't have to now. We have agents who use it who just want to create marketing plans for a year, and they don't have to do that anywhere else. So I'm really excited to see that take off and continue to improving the lives while also saving significant amounts of time for our salespeople. Joe Cass 00:45:29 Perfect. Well, thank you so much to Ryan. Thank you to Gregg for your time today. For everyone watching and listening, see you next time in fixed income at 15. ]]>https://www.spglobal.com/ratings/en/multimedia/2024q2_fixed-income-in-15_ep46-ryan-serhant<![CDATA[ Ep 46: Ryan Serhant on Real Estate, AI and Building A Personal Brand ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 19:06:19 GMT00:01:00<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]><![CDATA[ This report does not constitute a rating action. Servicer Evaluation Spotlight Report™ is a registered trademark of S&P Global Ratings. As with many industries, loan servicers are exploring artificial intelligence (AI), including generative AI, technology to assist with or perform complex processes in ways that have been impossible with deterministic, rule-based technology. Loan servicing is complex and interconnected with multiple outside participants, such as regulatory bodies, investors, and borrowers, so orchestrating the multitude of requirements and frequent changes make it challenging to implement technology--especially automation. AI has the potential to change that, and it is a major focus for most servicers in 2026 and beyond. Insight into how AI is being or will be incorporated into operations can inform our ]]>ArticlesThu, 16 Apr 2026 19:06:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/servicer-evaluation-spotlight-report-modest-ai-adoption-by-loan-servicers-so-far-s101674558<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 16:28:34 GMT00:01:00<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]><![CDATA[   Technological innovation (and the innovative use of existing technologies) can give rise to sudden, fundamental shifts—with ramifications for the entire cyber landscape . As digital assets integrate further into mainstream finance, AI accelerates both attack and defense capabilities, and quantum computing threatens modern cryptography. Cyber risks can increasingly compromise the security and stability of credit instruments and markets, as well as the creditworthiness of issuers. Cyberattacks on their own have generally had limited effects on credit quality where proactive and robust risk management, adequate preparedness, and well-tested recovery plans are in place. However, S&P Global Ratings has taken negative rating actions linked to cybersecurity incidents where core business processes and operations underwent significant disruption, recovery proved slow due to ]]>ArticlesThu, 16 Apr 2026 16:28:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-crypto-quantum-and-ai-redefining-cyber-risks-s101678916<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 14:24:10 GMT00:01:00<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]><![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>ArticlesThu, 16 Apr 2026 14:24:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-15-2026-s101680695<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 12:36:05 GMT00:01:00<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]><![CDATA[ This report does not constitute a rating action. 2023 marked the end of a decade of exceptionally low interest costs. Since then, German housing companies have faced higher funding costs and increased need for optimizing their balance sheets. Amplified by recent geopolitical developments, especially the Middle East war, 10-year German bund yields exceeded 3% at the end of March 2026, temporarily reaching their highest levels since the sovereign debt crisis in 2011. The gradual adjustment to higher rates is still ongoing. Since many German issuers entered the tightening cycle with long-dated, fixed-rate debt and substantial hedging, the effect on earnings was delayed and issuers had more time to adjust their capital structures. However, refinancing the debt at higher rates impairs ]]>ArticlesThu, 16 Apr 2026 12:36:05 GMThttps://www.spglobal.com/ratings/en/regulatory/article/bund-yields-peak-german-homes-are-resilient-balance-sheets-arent-s101680172<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 09:16:14 GMT00:01:00<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. During Q1 2026, rating activity was limited and below historical levels. Actions declined year-on-year, 84 versus 144. Overall, rating actions affected 16 transactions, representing only about 3% of our rated ABS and RMBS universe. Downgrades remained scarce, two versus nine during Q1 2025. We reviewed 11 ABS and 77 RMBS transactions—representing about 19% of our total rated ABS and RMBS universe—through rating actions and annual surveillance reviews. The number of new transactions we rated was significantly down quarter-on-quarter, 17 versus 32. We rated seven new ABS (Q4 2025: 16) and 10 new RMBS (Q4 2025: 16) transactions. Notably, a U.K. equipment lease transaction and two Israeli RMBS transactions. Our rating actions mainly ]]>ArticlesThu, 16 Apr 2026 09:16:14 GMThttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q1-2026-s101680394<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 07:38:51 GMT00:01:00<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default tally was six in March 2026, after the following defaults in the month: Brazil-based integrated energy company Raízen S.A. Ireland-based plastic and latex products manufacturer Trinseo PLC Germany-based global auxiliary power equipment provider Arvos Holdco S.A.R.L. U.S.-based media company Cumulus Media Inc. U.S.-based health care equipment manufacturer Carestream Health, Inc. One confidential issuer Six companies defaulted in March, down from eight in February. The year-to-date default count now stands at 24, slightly below the 26 recorded in 2025 and well below the five-year average of 28. The lower monthly total results from a decline in defaults in the U.S., which recorded only two defaults, down from ]]>ArticlesThu, 16 Apr 2026 07:38:51 GMThttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-cyclical-sectors-record-most-defaults-in-the-first-quarter-s101679680<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xThu, 16 Apr 2026 03:01:39 GMT00:01:00<![CDATA[ Climate Transition Assessment: Ecoener ]]><![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Dark green to Ecoener. Ecoener is a renewable energy company headquartered in Spain. It has solar, wind, and hydropower assets in 12 countries, including in Latin America. ]]>ArticlesThu, 16 Apr 2026 03:01:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-ecoener-s101680475<![CDATA[ Climate Transition Assessment: Ecoener ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 21:05:53 GMT00:01:00<![CDATA[ The Ratings View: Apr. 15, 2026 ]]><![CDATA[ In this week's summary of ratings views: Data centers offer a major opportunity for the insurance industry. We have raised our oil price assumptions for 2026 and 2027 further. Sovereign ratings in Southeast Asia are under risk due to the Middle East conflict. ]]>ArticlesWed, 15 Apr 2026 21:05:53 GMThttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-15-2026-s101680584<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 17:25:06 GMT00:01:00<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]><![CDATA[ First quarter 2026 rating performance data reveals a mix of positive and negative insights, reflecting an outlook that has become decidedly more uncertain. Downgrades marginally outpaced upgrades over the quarter. The chemicals, packaging and environmental services (CP&ES), consumer products, and media and entertainment sectors again led downgrades, collectively representing 45% of the total. On an upbeat note, positive outlook and CreditWatch revisions continued to outnumber negative ones, largely driven by financial institutions and sovereigns. Defaults fell 14% from the previous quarter to 24 at the end of the first quarter. However, the Middle East war has increased downside risks and could undermine positive trends and threaten baseline default projections in Europe and the U.S. ]]>ArticlesWed, 15 Apr 2026 17:25:06 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-q1-2026-downside-risks-persist-s101680509<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 16:51:19 GMT00:01:00<![CDATA[ European CMBS Monitor Q1 2026 ]]><![CDATA[ This report does not constitute a rating action. All information is as of March 31, 2026, unless stated otherwise. *Rated by S&P Global Ratings. Three new transactions closed during the first quarter of 2026, two of which are rated by S&P Global Ratings. Table 1 Closed issuance - Q1 2026 Transaction name Issuance amount (mil. £) Arranger No. of loans No. of properties Sponsor Property type Jurisdiction Article Sirius Logistics 2026-1 UK DAC 526.3 Bank of America, Standard Chartered and Wells Fargo 1 126 Blackstone Logistics U.K. N/A Sage AR Funding 2026 No.1 Plc* 546.5 Morgan Stanley, Deutsche Bank 2 3885 Blackstone Social Housing U.K. Sage AR Funding 2026 No.1 Plc Aesir (European Loan Conduit No. 41) DAC* 285.1 Morgan ]]>ArticlesWed, 15 Apr 2026 16:51:19 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q1-2026-s101679660<![CDATA[ European CMBS Monitor Q1 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 14:17:35 GMT00:01:00<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings has published its proposed methodology for rating public-purpose entities (PPEs) outside of the U.S. (see " Request for Comment: Methodology For Rating Public-Purpose Entities Outside Of The U.S. ," April 15, 2026). Here, we outline the rationale underpinning the changes proposed in the RFC, and answer questions about the RFC process and how we propose to implement the proposed criteria should they be approved. The credit ratings affected will be assigned and surveilled by the global international public finance (IPF) team. The entities that fall within the scope of the proposed criteria operate outside of the U.S. and provide a wide range of nonfinancial public services, including social housing, ]]>ArticlesWed, 15 Apr 2026 14:17:35 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-whats-behind-our-proposed-criteria-for-rating-public-purpose-entities-outside-of-the-us-s101675409<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 12:57:28 GMT00:01:00<![CDATA[ New Issue: Bridgegate Funding PLC ]]><![CDATA[ Transaction profile Issuer Bridgegate Funding PLC Collateral type RMBS buy-to-let (53%) and nonconforming (47%) Domicile of assets U.K. Original seller The Mortgage Business PLC Servicer The Mortgage Business PLC Dependent counterparty Bank of Scotland PLC as issuer bank account provider Capital structure Class Rating* Class size (mil. £) Initial credit enhancement (%)§ Interest (%) Step-up margin Step-up date Legal final maturity A AAA (sf) 1,098.774 17.00 Compounded daily SONIA plus 1.00% Compounded daily SONIA plus 1.50% November 2029 May 2080 B-Dfrd AA (sf) 56.263 12.75 Compounded daily SONIA plus 1.50% Compounded daily SONIA plus 2.25% November 2029 May 2080 C-Dfrd A+ (sf) 29.786 10.50 Compounded daily SONIA plus 1.90% Compounded daily SONIA plus 2.85% November 2029 May 2080 D-Dfrd BBB+ ]]>ArticlesWed, 15 Apr 2026 12:57:28 GMThttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bridgegate-funding-plc-s101678787<![CDATA[ New Issue: Bridgegate Funding PLC ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:52:34 GMT00:01:00<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]><![CDATA[ This report does not constitute a rating action. Central and Eastern Europe’s (CEE) information and communication technology (ICT) sector has emerged as one of the world’s most dynamic technology hubs in the past 15 years. Lower labor costs and a deep pool of local talent have enabled CEE economies to expand services exports, particularly in IT and financial services. These services are now the backbone of many economies in the region, especially in Baltics, where they account for over a quarter of total exports. The emergence of AI poses both risks and opportunities for CEE’s IT sector. Recent data points to a slowdown in ICT job creation, and the region appears to lag Western Europe and the U.S in AI ]]>ArticlesWed, 15 Apr 2026 10:52:34 GMThttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-ai-leaves-central-and-eastern-europes-it-success-at-a-crossroads-s101678600<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 10:03:39 GMT00:01:00<![CDATA[ Credit FAQ: Markets Financing 101 ]]><![CDATA[ This report does not constitute a rating action. A small network of global banks has underpinned nonbank trading firms' ascent to the center of the financial ecosystem. Through operations we describe as markets financing, these banks build inventories, provide leverage, and manage post-trade clearing. Our ratings on major global markets financing providers are resilient. Our ratings acknowledge the risks in this business, but also banks' sound management of them. Large events, such as the collapse of Archegos, are rare. However, Archegos' collapse shows the significant, inherent tail risks for markets financing providers in periods of stress. A significant amount of markets financing originates from banks, but a small group of nonbanks are also active in this space. We focus on ]]>ArticlesWed, 15 Apr 2026 10:03:39 GMThttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-markets-financing-101-s101678601<![CDATA[ Credit FAQ: Markets Financing 101 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 09:58:15 GMT00:01:00<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]><![CDATA[ This report does not constitute a rating action. The ecosystem of proprietary trading firms, hedge funds, and other market participants has expanded rapidly over the past five years. As of third-quarter 2025, global hedge fund assets under management had surpassed $5 trillion, while rated proprietary trading firms--including market leaders Jane Street, Citadel Securities, Hudson River, and IMC--generated about $40 billion in revenues in 2024. Growth accelerated further in 2025 and nonbank trading firms now play a significant role in markets ranging from sovereign debt to equity options. These banks help finance inventories, provide leverage, and manage post-trade clearing through markets financing. Prime brokerage lending to hedge funds approached $2.5 trillion in 2024 in the U.S. alone, doubling over a four-year ]]>ArticlesWed, 15 Apr 2026 09:58:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/systemic-risk-trading-firms-expansion-affects-selected-ratings-s101674386<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xWed, 15 Apr 2026 03:39:56 GMT00:01:00<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]><![CDATA[ This report does not constitute a rating action. A protracted war in the Middle East would be acutely painful for Asia-Pacific banks. Under our downside scenario test, the sector's credit losses could rise by about US$180 billion over the next two years as indirect risks start to bite. Under our base case, the impact of the war on banks is more muted. Direct exposures of banks to the Middle East are low, and indirect exposures are manageable considering our most recent base case economic forecasts (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March. 24, 2026.) These forecasts show most banks have sufficient capacity to absorb Middle East war pressures at current rating levels. Banks ]]>ArticlesWed, 15 Apr 2026 03:39:56 GMThttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-banks-the-us180-billion-downside-scenario-s101679418<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 20:45:18 GMT00:01:00<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower transactions as of first-quarter 2026. The overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 6.2% as of first-quarter 2026--a 15 basis points (bps) increase quarter over quarter. The office DQ rate remained flat at 9.7% quarter over quarter but was down from the 10.6% peak in January 2026. Meanwhile, the DQ rate for lodging ticked back up to 5.9% due to several portfolio delinquencies; retail declined 10 bps to 5.9%; multifamily continued its 1.5-year upward trend, increasing 60 bps to 4.8%; ]]>ArticlesTue, 14 Apr 2026 20:45:18 GMThttps://www.spglobal.com/ratings/en/regulatory/article/us-cmbs-update-q1-2026-downgrades-abate-as-headwinds-persist-s101679698<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 16:12:44 GMT00:01:00<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings welcomes the October 2025 release of more granular default and recovery statistics from the GEMs Consortium. These new datasets continue to enhance transparency of the historical credit performance in EMDEs, particularly within sectors where MLIs and DFIs have been active. The update constitutes meaningful progress in addressing earlier limitations of the GEMs datasets, notably increasing granularity of default and recovery metrics across private, public, and sovereign exposures. We believe the enhancements in data quality made since the initial GEMs release increase risk insights we can extract from the datasets and could inform calibration of recovery assumptions for certain MLI and DFI exposures in EMDEs, where supported by originator-specific data. ]]>ArticlesTue, 14 Apr 2026 16:12:44 GMThttps://www.spglobal.com/ratings/en/regulatory/article/gems-data-highlight-strong-recoveries-in-emerging-markets-s101679461<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 14:51:08 GMT00:01:00<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes that all European CMBS loans maturing in the next 12 months are well-positioned for successful refinancing. However, the loan default risk in European CMBS in the next 12 months will highly depend on macroeconomic headwinds that may arise from the Middle East war. A decline in consumer spending can affect multiple property types and a yield widening would likely lower commercial real estate (CRE) values across all markets. Despite this current uncertainty, we notice significant activity in the new issuance of CMBS. Four European CMBS deals have been announced to date, three of which are closed. We are also working through a very busy pipeline and currently expect ]]>ArticlesTue, 14 Apr 2026 14:51:08 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-sustains-momentum-beyond-the-refinance-wall-s101674202<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 12:34:46 GMT00:01:00<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]><![CDATA[ This report does not constitute a rating action. S&P Global Ratings provides its issuer credit ratings and component scores for the top 200 banks it rates. The issuer credit ratings and component scores in the table below are based on the main operating company within the group and are effective as of April 14, 2026. Where applicable, these are not indicative of the ratings and outlooks on the respective holding companies. Here is a brief explanation of the table's main column headings: Anchor: We derive this by combining our relative economic and industry risk assessments for each national banking sector. For multinational banks, the economic risk is weighted according to the mix of their country exposures. Business position, capital and ]]>ArticlesTue, 14 Apr 2026 12:34:46 GMThttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-april-2026-s101679547<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:42:26 GMT00:01:00<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]><![CDATA[ This report does not constitute a rating action. Amid heightened geopolitical tensions in the Middle East and incidents affecting critical infrastructure assets, S&P Global Ratings believes Abu Dhabi-linked water and power projects--including independent water and power producers and solar photovoltaic--benefit from strong structural protections that support their credit resilience, even under potential disruption scenarios. The four projects we rate-- Ruwais Power Co. PJSC , Emirates Sembcorp Water & Power Co. PJSC , Sweihan PV Power Co. PJSC , and Dhafra PV2 Energy Co. LLC --remain operationally stable and continue to demonstrate strong credit resilience, with no reported physical damage or disruption to generation or availability. We anticipate that some disruptions will likely persist for months but don't expect the current ]]>ArticlesTue, 14 Apr 2026 11:42:26 GMThttps://www.spglobal.com/ratings/en/regulatory/article/contractual-cash-flow-protection-supports-abu-dhabi-linked-utilities-projects-amid-war-s101679641<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 11:12:15 GMT00:01:00<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]><![CDATA[ This report does not constitute a rating action. Amid the fragile ceasefire in the Middle East, several factors might pressure the financial metrics of European local and regional governments (LRGs). These include higher inflation and interest rates, as well as slower economic growth stemming from rising energy prices. In our severe oil price shock scenario for 2026-2028, European LRGs’ financial performance will weaken marginally, but will not likely lead to downgrades. The effects of the war in the Middle East are weighing on Europe’s economic growth prospects more than in other regions as inflation also heats up (see “ Global Economic Outlook Q2 2026: Middle East War Dents The Forecast ,” March 31, 2026). The current ceasefire is fragile, and ]]>ArticlesTue, 14 Apr 2026 11:12:15 GMThttps://www.spglobal.com/ratings/en/regulatory/article/european-subnational-governments-brief-lrg-ratings-would-be-resilient-to-an-oil-price-shock-s101679453<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xTue, 14 Apr 2026 02:17:10 GMT00:01:00<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]><![CDATA[ This report does not constitute a rating action. India isn't immune to the shocks reverberating from the Middle East war. The pain of higher energy prices and supply disruptions may persist for months, crimping economic activity across households, corporations, and banks. Our stress tests under a moderate to severe scenario consider supply-chain disruption and price increases for energy. This is regardless of the April 7, 2026, announcement of a two-week ceasefire. India is equipped to handle some strain, in our view. Robust corporate balance sheets provide a cushion against higher energy prices. Banks, meanwhile, have strong capital and profitability. India's robust external position gives it buffers to absorb some shocks from a higher import bill. We, therefore, don't expect any ]]>ArticlesTue, 14 Apr 2026 02:17:10 GMThttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-indias-strong-fundamentals-would-cushion-the-blow-of-an-oil-shock-s101678305<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>https://share.vidyard.com/watch/3QDcSPPC2Uf6HFX8N7p98xMon, 13 Apr 2026 17:48:11 GMT00:01:00<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]><![CDATA[ This report does not constitute a rating action. The Mexican government has recently published guidelines for private sector, in collaboration with the state-owned utility Comisión Federal de Electricidad (CFE; foreign currency: BBB/Stable/--, local currency: BBB+/Stable/--), to participate in the power sector. The guidelines are primarily for electricity generation, and the following are key features: Project structure: Investments will be channeled through special purpose vehicles or entities, with a defined payment waterfall to ensure a base level of return for private investors. Ownership and responsibilities: CFE (54%): The utility will contribute to permits, access to land, buy at least 70% of each project's entry output through a long-term power purchase agreement (PPA), and participate in plant operations and management. Private entities ]]>ArticlesMon, 13 Apr 2026 17:48:11 GMThttps://www.spglobal.com/ratings/en/regulatory/article/mexicos-electricity-sector-eyes-private-sector-investment-s101674456