144https://www.spglobal.com/ratings/_division-assets/logos/sp_logo.pnghttps://www.spglobal.com/ratings/en1442026Fri, 01 May 2026 05:15:02 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-USRatings_Content_Management@spglobal.comS&P Global RatingsFri, 01 May 2026 05:15:02 GMTRatings_Content_Management@spglobal.com1440NOS&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!S&P Global Ratings PodcastS&P Global RatingsBusinessThttp://play.vidyard.com/zKg72d1f74bxMyfuPMDPxF.jpgzKg72d1f74bxMyfuPMDPxFhttps://share.vidyard.com/watch/zKg72d1f74bxMyfuPMDPxFhttps://share.vidyard.com/watch/zKg72d1f74bxMyfuPMDPxF<![CDATA[ In this episode, we give our credit takes on why the looming 100% U.S. tariffs on imported pharma is more headline than impact, why the Middle East conflict thus far has had only a minimal negative effect on the U.S. health care industry, and our continued concerns for health care sector following the recent 2.48% rate increase for Medicare Advantage for the 2027 plan year. ]]>Tue, 28 Apr 2026 11:00:00 GMT00:11:46<![CDATA[ In this episode, we give our credit takes on why the looming 100% U.S. tariffs on imported pharma is more headline than impact, why the Middle East conflict thus far has had only a minimal negative effect on the U.S. health care industry, and our continued concerns for health care sector following the recent 2.48% rate increase for Medicare Advantage for the 2027 plan year. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/healthcare-credit-beat-ep-2zKg72d1f74bxMyfuPMDPxFBusiness<![CDATA[ The Health Care Credit Beat: Thoughts on 100% Pharma Tariffs, Middle East Conflict Impact, and Medicare Advantage 2.48% ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/TNAreT6AQP4EiwFaLhmB1N.jpgTNAreT6AQP4EiwFaLhmB1Nhttps://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1Nhttps://share.vidyard.com/watch/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. ]]>Wed, 25 Mar 2026 13:20:00 GMT00:12:36<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/26-03-25-clos-and-levfin-podcast-s8e2TNAreT6AQP4EiwFaLhmB1NBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>Thttp://play.vidyard.com/HG2yVitgN26L1RNEbGsDho.jpgHG2yVitgN26L1RNEbGsDhohttps://share.vidyard.com/watch/HG2yVitgN26L1RNEbGsDhohttps://share.vidyard.com/watch/HG2yVitgN26L1RNEbGsDho<![CDATA[ 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. ]]>Wed, 25 Mar 2026 05:00:00 GMT00:11:16<![CDATA[ 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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/middle-east-credit-gateway-strait-of-hormuzHG2yVitgN26L1RNEbGsDhoBusiness<![CDATA[ Middle East Credit Gateway: How Important Is The Strait Of Hormuz To Global Energy Markets? ]]>T<![CDATA[ Jose Coballasi ]]>http://play.vidyard.com/nGu7gU9cDayCYpVPD8BzAb.jpgnGu7gU9cDayCYpVPD8BzAbhttps://share.vidyard.com/watch/nGu7gU9cDayCYpVPD8BzAbhttps://share.vidyard.com/watch/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. ]]>Fri, 20 Feb 2026 13:28:00 GMT00:09:16<![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. ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-tendencias-y-riesgos-en-el-sector-de-materiales-de-construccion-en-america-latinanGu7gU9cDayCYpVPD8BzAbBusiness<![CDATA[ Tendencias y Riesgos en el Sector de Materiales de Construcción en América Latina ]]><![CDATA[ Jose Coballasi ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/Vi1pyNeN14AHzg66e2j2eR.jpgVi1pyNeN14AHzg66e2j2eRhttps://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRhttps://share.vidyard.com/watch/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. ]]>Fri, 13 Feb 2026 13:20:00 GMT00:15:32<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/26-02-13-clos-and-levfin-podcast-s8e1Vi1pyNeN14AHzg66e2j2eRBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Jadson Andrade ]]>http://play.vidyard.com/EBvVrzbTYwcvEmb7TQbUe6.jpgEBvVrzbTYwcvEmb7TQbUe6https://share.vidyard.com/watch/EBvVrzbTYwcvEmb7TQbUe6https://share.vidyard.com/watch/EBvVrzbTYwcvEmb7TQbUe6<![CDATA[ No episódio de hoje, recebemos dois especialistas para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. ]]>Mon, 09 Feb 2026 09:52:00 GMT00:46:57<![CDATA[ No episódio de hoje, recebemos dois especialistas para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/fayga-delbem-itau-asset-sobre-credito-privado-e-tendencias-para-2026EBvVrzbTYwcvEmb7TQbUe6Business<![CDATA[ Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 ]]><![CDATA[ Jadson Andrade ]]>T<![CDATA[ Joydeep Mukherji,Jose Coballasi ]]>http://play.vidyard.com/umE4fN7bbE5zAGLKJqRuxn.jpgumE4fN7bbE5zAGLKJqRuxnhttps://share.vidyard.com/watch/umE4fN7bbE5zAGLKJqRuxnhttps://share.vidyard.com/watch/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. ]]>Fri, 23 Jan 2026 14:19:00 GMT00:13:31<![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. ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base---elecciones-en-america-latina-durante-2026umE4fN7bbE5zAGLKJqRuxnBusiness<![CDATA[ Elecciones en América Latina durante 2026 ]]><![CDATA[ Joydeep Mukherji,Jose Coballasi ]]>T<![CDATA[ Tom Schopflocher ]]>http://play.vidyard.com/euiQcUcYcjyB5d7ZFiRHRv.jpgeuiQcUcYcjyB5d7ZFiRHRvhttps://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvhttps://share.vidyard.com/watch/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, ]]>Thu, 15 Jan 2026 13:00:00 GMT00:14:37<![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, ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-93euiQcUcYcjyB5d7ZFiRHRvBusiness<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]><![CDATA[ Tom Schopflocher ]]>T<![CDATA[ Tom Schopflocher ]]>http://play.vidyard.com/e2NTxj5TWwzzwJ3xczEAcx.jpge2NTxj5TWwzzwJ3xczEAcxhttps://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxhttps://share.vidyard.com/watch/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. ]]>Thu, 18 Dec 2025 13:00:00 GMT00:08:48<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-92e2NTxj5TWwzzwJ3xczEAcxBusiness<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]><![CDATA[ Tom Schopflocher ]]>Thttp://play.vidyard.com/XdLy6qAV7uNyWytBrpqxgk.jpgXdLy6qAV7uNyWytBrpqxgkhttps://share.vidyard.com/watch/XdLy6qAV7uNyWytBrpqxgkhttps://share.vidyard.com/watch/XdLy6qAV7uNyWytBrpqxgk<![CDATA[ En este episodio, Rafael Janequine, Director de Finanzas Sostenibles para América Latina, y Victor Laudisio, Especialista en Naturaleza Global, conversan sobre los resultados de la COP 30 y como se comparan con las expectativas. Los especialistas hablan sobre los avances en la agenda de adaptación climática, los desafíos para la transición climática, la situación en torno a la eliminación de combustibles fósiles, y sobre la suficiencia de las inversiones e iniciativas para la adaptación al cambio climático. Asimismo, comentan sobre el rol del Tropical Forest Forever Facility (TFFF), anunciado formalmente en la COP 30, y las novedades de la conferencia Principios de Inversión Responsable (PRI in Person) que ocurrió en Sao Paulo este año. ]]>Thu, 18 Dec 2025 12:40:00 GMT00:23:49<![CDATA[ En este episodio, Rafael Janequine, Director de Finanzas Sostenibles para América Latina, y Victor Laudisio, Especialista en Naturaleza Global, conversan sobre los resultados de la COP 30 y como se comparan con las expectativas. Los especialistas hablan sobre los avances en la agenda de adaptación climática, los desafíos para la transición climática, la situación en torno a la eliminación de combustibles fósiles, y sobre la suficiencia de las inversiones e iniciativas para la adaptación al cambio climático. Asimismo, comentan sobre el rol del Tropical Forest Forever Facility (TFFF), anunciado formalmente en la COP 30, y las novedades de la conferencia Principios de Inversión Responsable (PRI in Person) que ocurrió en Sao Paulo este año. ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/resultados-de-la-cop-30-mas-financiamiento,-pero-aun-sin-plan-definido-para-eliminacion-de-combustibles-fosilesXdLy6qAV7uNyWytBrpqxgkBusiness<![CDATA[ Resultados de la COP 30: Más financiamiento, pero aún sin plan definido para eliminación de combustibles fósiles ]]>Thttp://play.vidyard.com/nJsWtLEDVcSTkd81ht4rmp.jpgnJsWtLEDVcSTkd81ht4rmphttps://share.vidyard.com/watch/nJsWtLEDVcSTkd81ht4rmphttps://share.vidyard.com/watch/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. ]]>Mon, 08 Dec 2025 17:53:00 GMT00:14:26<![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. ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-pemex-y-su-relacion-con-el-gobiernonJsWtLEDVcSTkd81ht4rmpBusiness<![CDATA[ Pemex y su relación con el Gobierno ]]>Thttp://play.vidyard.com/uPHMZ2SZXQqmGJuq4H6ubE.jpguPHMZ2SZXQqmGJuq4H6ubEhttps://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubEhttps://share.vidyard.com/watch/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. ]]>Tue, 11 Nov 2025 13:00:00 GMT00:19:19<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-french-market-insights-and-our-updated-methodologyuPHMZ2SZXQqmGJuq4H6ubEBusiness<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/7vkSUPxgfp6ERUpqagTE6s.jpg7vkSUPxgfp6ERUpqagTE6shttps://share.vidyard.com/watch/7vkSUPxgfp6ERUpqagTE6shttps://share.vidyard.com/watch/7vkSUPxgfp6ERUpqagTE6s<![CDATA[ Host Osman Sattar is joined by Nicolas Charnay, Giles Edwards, and Miriam Fernandez to discuss all things European Bank Conferences, which took place across EMEA in Q3 2025. Together, they explore the main themes highlighted by keynote speakers — including the growing role of AI in banking — and share their key insights and takeaways from the events. ]]>Mon, 27 Oct 2025 13:00:00 GMT00:15:17<![CDATA[ Host Osman Sattar is joined by Nicolas Charnay, Giles Edwards, and Miriam Fernandez to discuss all things European Bank Conferences, which took place across EMEA in Q3 2025. Together, they explore the main themes highlighted by keynote speakers — including the growing role of AI in banking — and share their key insights and takeaways from the events. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/banknotes27vkSUPxgfp6ERUpqagTE6sBusiness<![CDATA[ BankNotes: European Bank Conferences ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/NEUX6eUc1EaX7eGjW1iYc8.jpgNEUX6eUc1EaX7eGjW1iYc8https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8https://share.vidyard.com/watch/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. ]]>Tue, 14 Oct 2025 12:20:00 GMT00:15:15<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25-10-14-clos-and-levfin-podcast-s7e7NEUX6eUc1EaX7eGjW1iYc8Business<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>Thttp://play.vidyard.com/G4iVdapYMawAhcfLKciVVN.jpgG4iVdapYMawAhcfLKciVVNhttps://share.vidyard.com/watch/G4iVdapYMawAhcfLKciVVNhttps://share.vidyard.com/watch/G4iVdapYMawAhcfLKciVVN<![CDATA[ Confira o lançamento da S&P National Ratings, que reforça nosso compromisso com o mercado de capitais brasileiro. Por meio de análises aprofundadas e critérios personalizados, fornecemos aos investidores, emissores e instituições as ferramentas necessárias para tomadas de decisões em um ambiente financeiro dinâmico. ]]>Mon, 18 Aug 2025 12:00:00 GMT00:01:26<![CDATA[ Confira o lançamento da S&P National Ratings, que reforça nosso compromisso com o mercado de capitais brasileiro. Por meio de análises aprofundadas e critérios personalizados, fornecemos aos investidores, emissores e instituições as ferramentas necessárias para tomadas de decisões em um ambiente financeiro dinâmico. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/sp-national-ratings-solucoes-personalizadas-exclusivamente-para-o-mercado-nacionalG4iVdapYMawAhcfLKciVVNBusiness<![CDATA[ S&P National Ratings: Soluções personalizadas exclusivamente para o mercado nacional ]]>T<![CDATA[ Casper Andersen,Andrew South,Antonio Farina ]]>http://play.vidyard.com/Fp8if2ozWD8a3xnFCiu4Jr.jpgFp8if2ozWD8a3xnFCiu4Jrhttps://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4Jrhttps://share.vidyard.com/watch/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. ]]>Tue, 29 Jul 2025 12:00:00 GMT00:25:19<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_07_29-covered-bonds-uncovered-covered-bonds-midyear-outlookFp8if2ozWD8a3xnFCiu4JrBusiness<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]><![CDATA[ Casper Andersen,Andrew South,Antonio Farina ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8K.jpguqVVY7PJibCHy1DsaJoK8Khttps://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8Khttps://share.vidyard.com/watch/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. ]]>Fri, 18 Jul 2025 12:00:00 GMT00:12:09<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-90uqVVY7PJibCHy1DsaJoK8KBusiness<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/vUhcD2pTTHFjPxZ1TRbCyr.jpgvUhcD2pTTHFjPxZ1TRbCyrhttps://share.vidyard.com/watch/vUhcD2pTTHFjPxZ1TRbCyrhttps://share.vidyard.com/watch/vUhcD2pTTHFjPxZ1TRbCyr<![CDATA[ Host Osman Sattar sits down with Nicolas Charnay and Brendan Brown to talk about all things G-SIB. Global systemically important banks were the main topic of a report we published recently and are characterized by several unique features. In this episode, Osman and his guests discuss G-SIBs' performance against a bleak economic outlook, the differences between U.S. and European G-SIBs, and the effects of regulatory simplification. ]]>Wed, 02 Jul 2025 12:00:00 GMT00:23:17<![CDATA[ Host Osman Sattar sits down with Nicolas Charnay and Brendan Brown to talk about all things G-SIB. Global systemically important banks were the main topic of a report we published recently and are characterized by several unique features. In this episode, Osman and his guests discuss G-SIBs' performance against a bleak economic outlook, the differences between U.S. and European G-SIBs, and the effects of regulatory simplification. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/banknotesvUhcD2pTTHFjPxZ1TRbCyrBusiness<![CDATA[ BankNotes: G-SIB Monitor 2025: Powering Through ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/uqVVY7PJibCHy1DsaJoK8K.jpguqVVY7PJibCHy1DsaJoK8Khttps://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8Khttps://share.vidyard.com/watch/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. ]]>Wed, 02 Jul 2025 12:00:00 GMT00:12:09<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-89uqVVY7PJibCHy1DsaJoK8KBusiness<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>Thttp://play.vidyard.com/SgWjBK5hLyWnoNFLd7iXd7.jpgSgWjBK5hLyWnoNFLd7iXd7https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7https://share.vidyard.com/watch/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. ]]>Tue, 08 Apr 2025 12:00:00 GMT00:33:52<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_03_20-covered-bonds-uncoveredSgWjBK5hLyWnoNFLd7iXd7Business<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>T<![CDATA[ Déborah Siqueira,Victor Laudisio,Rafael Janequine ]]>http://play.vidyard.com/MyYKWSCyo6yaE6AbaczPyR.jpgMyYKWSCyo6yaE6AbaczPyRhttps://share.vidyard.com/watch/MyYKWSCyo6yaE6AbaczPyRhttps://share.vidyard.com/watch/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. ]]>Mon, 07 Apr 2025 12:00:00 GMT00:25:49<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/2025-04-07-sustainable-finance-in-latam-desenvolvimento-do-mercado-de-titulos-sustentaveisMyYKWSCyo6yaE6AbaczPyRBusiness<![CDATA[ Desenvolvimento do mercado de títulos sustentáveis ]]><![CDATA[ Déborah Siqueira,Victor Laudisio,Rafael Janequine ]]>Thttp://play.vidyard.com/nQufgnAbh2rf2WrDzN7p6T.jpgnQufgnAbh2rf2WrDzN7p6Thttps://share.vidyard.com/watch/nQufgnAbh2rf2WrDzN7p6Thttps://share.vidyard.com/watch/nQufgnAbh2rf2WrDzN7p6T<![CDATA[ In this episode, Joost Beaumont, Head of Bank Research at ABN AMRO, joins analysts Casper Andersen and Judit Papp to share insights on the Dutch covered bond market, following S&P Global Ratings’ recent publication on the topic. Also, our analyst Andrew O’Neill explains how recent digital Pfandbrief issuances have sparked discussions about integrating blockchain technology in covered bond issuances. ]]>Fri, 21 Mar 2025 12:00:00 GMT00:34:55<![CDATA[ In this episode, Joost Beaumont, Head of Bank Research at ABN AMRO, joins analysts Casper Andersen and Judit Papp to share insights on the Dutch covered bond market, following S&P Global Ratings’ recent publication on the topic. Also, our analyst Andrew O’Neill explains how recent digital Pfandbrief issuances have sparked discussions about integrating blockchain technology in covered bond issuances. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-dutch-covered-bond-insights-and-blockchain-meets-covered-bondsnQufgnAbh2rf2WrDzN7p6TBusiness<![CDATA[ Covered Bonds Uncovered: Dutch Covered Bond Insights and Blockchain Meets Covered Bonds ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana,Marta Stojanova ]]>http://play.vidyard.com/uzFQYayufSLk8wYbP8CKVu.jpguzFQYayufSLk8wYbP8CKVuhttps://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuhttps://share.vidyard.com/watch/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. ]]>Fri, 21 Mar 2025 12:00:00 GMT00:11:40<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_03_21-clos-and-levfin-podcast-s7e1uzFQYayufSLk8wYbP8CKVuBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Marta Stojanova ]]>Thttp://play.vidyard.com/Was776bzphmnbfiEwsuTCe.jpgWas776bzphmnbfiEwsuTCehttps://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCehttps://share.vidyard.com/watch/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. ]]>Fri, 06 Dec 2024 12:00:00 GMT00:07:45<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024-12-06-take-notes-ep-84Was776bzphmnbfiEwsuTCeBusiness<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>T<![CDATA[ Joseph Cass ]]>http://play.vidyard.com/PDacqqpXT5t3cnWz5ZKVDw.jpgPDacqqpXT5t3cnWz5ZKVDwhttps://share.vidyard.com/watch/PDacqqpXT5t3cnWz5ZKVDwhttps://share.vidyard.com/watch/PDacqqpXT5t3cnWz5ZKVDw<![CDATA[ In this episode, Joe is joined by Michael Arougheti, CEO & Co-Founder of Ares and Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings. ]]>Thu, 21 Nov 2024 12:00:00 GMT00:36:18<![CDATA[ In this episode, Joe is joined by Michael Arougheti, CEO & Co-Founder of Ares and Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep53-michael-aroughetPDacqqpXT5t3cnWz5ZKVDwBusiness<![CDATA[ Fixed Income In 15 Ep 53 with Michael Aroughet ]]><![CDATA[ Joseph Cass ]]>Thttp://play.vidyard.com/XgUbyDMES3MBQgffzRri33.jpgXgUbyDMES3MBQgffzRri33https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33https://share.vidyard.com/watch/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. ]]>Fri, 15 Nov 2024 12:00:00 GMT00:12:05<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024-11-15-take-notes-ep-83XgUbyDMES3MBQgffzRri33Business<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>T<![CDATA[ Annia Mayerstein ]]>http://play.vidyard.com/DuUrZz8ZzS8EtiCbbm6E6t.jpgDuUrZz8ZzS8EtiCbbm6E6thttps://share.vidyard.com/watch/DuUrZz8ZzS8EtiCbbm6E6thttps://share.vidyard.com/watch/DuUrZz8ZzS8EtiCbbm6E6t<![CDATA[ En nuestro episodio inaugural, Annia Mayerstein, antropóloga social y analista de finanzas sostenibles, nos ofrece un panorama del mercado de finanzas sostenibles en América Latina y nos guiará para c ]]>Mon, 28 Oct 2024 12:00:00 GMT00:04:21<![CDATA[ En nuestro episodio inaugural, Annia Mayerstein, antropóloga social y analista de finanzas sostenibles, nos ofrece un panorama del mercado de finanzas sostenibles en América Latina y nos guiará para c ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2024/2024-10-28-sustainable-finance-in-latam-explorando-el-mercado-de-finanzas-sosteniblesDuUrZz8ZzS8EtiCbbm6E6tBusiness<![CDATA[ Explorando el Mercado de Finanzas Sostenibles ]]><![CDATA[ Annia Mayerstein ]]>T<![CDATA[ Déborah Siqueira ]]>http://play.vidyard.com/htfNwnDJp3d12U5PA3gE4w.jpghtfNwnDJp3d12U5PA3gE4whttps://share.vidyard.com/watch/htfNwnDJp3d12U5PA3gE4whttps://share.vidyard.com/watch/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. ]]>Mon, 28 Oct 2024 12:00:00 GMT00:05:29<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2024/2024-10-28-sustainable-finance-in-latam-explorando-o-mercado-financeiro-sustentavelhtfNwnDJp3d12U5PA3gE4wBusiness<![CDATA[ Explorando o Mercado Financeiro Sustentável ]]><![CDATA[ Déborah Siqueira ]]>T<![CDATA[ Leandro Albuquerque,Victor Nomiyama, CFA ]]>http://play.vidyard.com/CzHA5tD3SX4Kk51prsmc5f.jpgCzHA5tD3SX4Kk51prsmc5fhttps://share.vidyard.com/watch/CzHA5tD3SX4Kk51prsmc5fhttps://share.vidyard.com/watch/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. ]]>Wed, 23 Oct 2024 12:00:00 GMT00:07:47<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2024/2024-10-23-expansao-da-securitizacao-do-saque-aniversario-fgts-e-suas-implicacoesCzHA5tD3SX4Kk51prsmc5fBusiness<![CDATA[ Expansão da securitização do Saque-Aniversário FGTS e suas implicações ]]><![CDATA[ Leandro Albuquerque,Victor Nomiyama, CFA ]]>T<![CDATA[ Sandeep Chana,Hina Shoeb ]]>http://play.vidyard.com/ZMQkT1qDD1Ydg34zXj97Lp.jpgZMQkT1qDD1Ydg34zXj97Lphttps://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97Lphttps://share.vidyard.com/watch/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. ]]>Fri, 04 Oct 2024 12:00:00 GMT00:10:23<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/04_10_24-clos-podcast-s6-e6ZMQkT1qDD1Ydg34zXj97LpBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>T<![CDATA[ Joseph Cass,Sudeep Kesh ]]>http://play.vidyard.com/s8R2rgogRGLeijLDZPejW2.jpgs8R2rgogRGLeijLDZPejW2https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2https://share.vidyard.com/watch/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 ]]>Wed, 04 Sep 2024 12:00:00 GMT00:43:13<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep50-mohamed-el-erians8R2rgogRGLeijLDZPejW2Business<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]><![CDATA[ Joseph Cass,Sudeep Kesh ]]>T<![CDATA[ José Coballasi,Antonio Zellek,Joydeep Mukherji,Alfredo Calvo,Claudia Sánchez,Daniel Castineyra,Omar A De la Torre Ponce De León ]]>http://play.vidyard.com/oMhRKWxTtqemMpFp8RNeZF.jpgoMhRKWxTtqemMpFp8RNeZFhttps://share.vidyard.com/watch/oMhRKWxTtqemMpFp8RNeZFhttps://share.vidyard.com/watch/oMhRKWxTtqemMpFp8RNeZF<![CDATA[ Escuche a los analistas líderes de S&P Global Ratings para México, junto a nuestro anfitrión José Coballasi, explorar los desafíos y condiciones que enfrentará el próximo gobierno del país, encabezado ]]>Thu, 20 Jun 2024 12:00:00 GMT00:14:21<![CDATA[ Escuche a los analistas líderes de S&P Global Ratings para México, junto a nuestro anfitrión José Coballasi, explorar los desafíos y condiciones que enfrentará el próximo gobierno del país, encabezado ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2024/2024-06-20-escenario-base-mexico-los-retos-del-proximo-gobiernooMhRKWxTtqemMpFp8RNeZFBusiness<![CDATA[ México, los retos del próximo gobierno ]]><![CDATA[ José Coballasi,Antonio Zellek,Joydeep Mukherji,Alfredo Calvo,Claudia Sánchez,Daniel Castineyra,Omar A De la Torre Ponce De León ]]>T<![CDATA[ Joseph Cass,Ruth Yang ]]>http://play.vidyard.com/nAq5SN9DSPyLU4hEEodYsR.jpgnAq5SN9DSPyLU4hEEodYsRhttps://share.vidyard.com/watch/nAq5SN9DSPyLU4hEEodYsRhttps://share.vidyard.com/watch/nAq5SN9DSPyLU4hEEodYsR<![CDATA[ James Keenan, CIO and Global Head of Private Debt at BlackRock and Ruth Yang, Global Head of Private Markets Analytics at S&P Global Ratings discuss the rise in popularity of private markets. ]]>Mon, 03 Jun 2024 12:00:00 GMT00:28:43<![CDATA[ James Keenan, CIO and Global Head of Private Debt at BlackRock and Ruth Yang, Global Head of Private Markets Analytics at S&P Global Ratings discuss the rise in popularity of private markets. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q2_fixed-income-in-15_ep47-james-keenannAq5SN9DSPyLU4hEEodYsRBusiness<![CDATA[ Ep 47: BlackRock's James Keenan on Navigating the Private Markets Landscape ]]><![CDATA[ Joseph Cass,Ruth Yang ]]>Thttp://play.vidyard.com/2F1U2j6tbCSFsfaCeeVWhM.jpg2F1U2j6tbCSFsfaCeeVWhMhttps://share.vidyard.com/watch/2F1U2j6tbCSFsfaCeeVWhMhttps://share.vidyard.com/watch/2F1U2j6tbCSFsfaCeeVWhM<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Credit Fundamentals of Merlin ]]>Wed, 15 May 2024 12:00:00 GMT00:08:45<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Credit Fundamentals of Merlin ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/15-5-24-clo-podcast-s6e32F1U2j6tbCSFsfaCeeVWhMBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Credit Fundamentals of Merlin ]]>Thttp://play.vidyard.com/7mrh2MCetxK3xe254RgVdf.jpg7mrh2MCetxK3xe254RgVdfhttps://share.vidyard.com/watch/7mrh2MCetxK3xe254RgVdfhttps://share.vidyard.com/watch/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. ]]>Wed, 15 May 2024 12:00:00 GMT00:05:20<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024-05-15-take-notes-ep-827mrh2MCetxK3xe254RgVdfBusiness<![CDATA[ Take Notes: Update On The Covered Bond Markets For Norway, Finland, And Netherlands ]]>Thttp://play.vidyard.com/UdPv54TW4XreT5Z5CDeVAi.jpgUdPv54TW4XreT5Z5CDeVAihttps://share.vidyard.com/watch/UdPv54TW4XreT5Z5CDeVAihttps://share.vidyard.com/watch/UdPv54TW4XreT5Z5CDeVAi<![CDATA[ In this episode, Hina Shoeb and Mohamed Ali connect with Dr. Mohamed Damak, Analytical Manager, Cross Practice Rating, Middle East, to discuss the outlook for the GCC banking sector. ]]>Thu, 30 Apr 2026 04:00:00 GMT00:14:50<![CDATA[ In this episode, Hina Shoeb and Mohamed Ali connect with Dr. Mohamed Damak, Analytical Manager, Cross Practice Rating, Middle East, to discuss the outlook for the GCC banking sector. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/middle-east-credit-gateway-gcc-banking-sectorUdPv54TW4XreT5Z5CDeVAiBusiness<![CDATA[ Middle East Credit Gateway Episode 2 : Understanding the GCC banking sector ]]>T<![CDATA[ Casper Andersen,Alastair Bigley ]]>http://play.vidyard.com/FxvVyNpP6L1iZCYCSuCHkH.jpgFxvVyNpP6L1iZCYCSuCHkHhttps://share.vidyard.com/watch/FxvVyNpP6L1iZCYCSuCHkHhttps://share.vidyard.com/watch/FxvVyNpP6L1iZCYCSuCHkH<![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. ]]>Fri, 24 Apr 2026 12:00:00 GMT00:03:20<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/global-credit-conditions-q2-2026FxvVyNpP6L1iZCYCSuCHkHBusiness<![CDATA[ Global Credit Conditions Q2 2026 ]]><![CDATA[ Casper Andersen,Alastair Bigley ]]>T<![CDATA[ Casper Andersen,Alastair Bigley ]]>http://play.vidyard.com/ 9mSqqCJS1BL3P1KPvYhcZ7.jpg 9mSqqCJS1BL3P1KPvYhcZ7https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7https://share.vidyard.com/watch/ 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. ]]>Tue, 14 Apr 2026 12:00:00 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/26_04_14-covered-bonds-uncovered-dutch-market-dynamics-and-ai-in-mortgage-origination 9mSqqCJS1BL3P1KPvYhcZ7Business<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]><![CDATA[ Casper Andersen,Alastair Bigley ]]>T<![CDATA[ Jadson Andrade ]]>http://play.vidyard.com/2MMxTJsWFDeFVJetG6zHMd.jpg2MMxTJsWFDeFVJetG6zHMdhttps://share.vidyard.com/watch/2MMxTJsWFDeFVJetG6zHMdhttps://share.vidyard.com/watch/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. ]]>Thu, 09 Apr 2026 17:43:00 GMT00:43:24<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/henri-rysman-bnp-paribas-asset-management-sobre-esg-titulos-sustentaveis-credito-e-disciplina-de-mercado2MMxTJsWFDeFVJetG6zHMdBusiness<![CDATA[ Henri Rysman (BNP Paribas Asset Management) sobre ESG, títulos sustentáveis, crédito e disciplina de mercado ]]><![CDATA[ Jadson Andrade ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/dahQQFzY3cpnyToiWeNUCZ.jpgdahQQFzY3cpnyToiWeNUCZhttps://share.vidyard.com/watch/dahQQFzY3cpnyToiWeNUCZhttps://share.vidyard.com/watch/dahQQFzY3cpnyToiWeNUCZ<![CDATA[ Listen to the latest BankNotes podcast hosted by Osman Sattar with S&P Global Ratings’ analysts Richard Barnes and Brendan Browne, as they dive into the world of Significant Risk Transfers (SRTs). Key takeaways: • SRTs allow banks to offload credit risk to third-party investors, driven by regulatory capital relief & risk management. • Usage is increasing in both Europe & the US, with Europe leading the way. • Regulators are paying attention – the Fed clarified rules in 2023, and European regulators are generally constructive. • We assess banks’ use of SRTs within a bank’s overall risk and capital management framework ]]>Mon, 30 Mar 2026 12:00:00 GMT00:12:55<![CDATA[ Listen to the latest BankNotes podcast hosted by Osman Sattar with S&P Global Ratings’ analysts Richard Barnes and Brendan Browne, as they dive into the world of Significant Risk Transfers (SRTs). Key takeaways: • SRTs allow banks to offload credit risk to third-party investors, driven by regulatory capital relief & risk management. • Usage is increasing in both Europe & the US, with Europe leading the way. • Regulators are paying attention – the Fed clarified rules in 2023, and European regulators are generally constructive. • We assess banks’ use of SRTs within a bank’s overall risk and capital management framework ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/banknotesep4dahQQFzY3cpnyToiWeNUCZBusiness<![CDATA[ BankNotes: Significant Risk Transfers ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>T<![CDATA[ Jose Coballasi ]]>http://play.vidyard.com/TCnu1qJ1eZJjK7UrKhDewQ.jpgTCnu1qJ1eZJjK7UrKhDewQhttps://share.vidyard.com/watch/TCnu1qJ1eZJjK7UrKhDewQhttps://share.vidyard.com/watch/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! ]]>Thu, 26 Mar 2026 16:03:00 GMT00:15:28<![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! ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base-podcast-el-papel-de-la-banca-de-desarrollo-en-proyectos-clave-de-mexicoTCnu1qJ1eZJjK7UrKhDewQBusiness<![CDATA[ El papel de la Banca de Desarrollo en Proyectos Clave de México ]]><![CDATA[ Jose Coballasi ]]>T<![CDATA[ Jadson Andrade ]]>http://play.vidyard.com/YTxtcfNzbMXXkTWqM4tsB8.jpgYTxtcfNzbMXXkTWqM4tsB8https://share.vidyard.com/watch/YTxtcfNzbMXXkTWqM4tsB8https://share.vidyard.com/watch/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. ]]>Mon, 09 Mar 2026 14:44:00 GMT00:41:40<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/victor-tofolo-bradesco-asset-sobre-o-que-esperar-do-mercado-de-credito-em-2026YTxtcfNzbMXXkTWqM4tsB8Business<![CDATA[ Victor Tofolo (Bradesco Asset) sobre o que esperar do mercado de Crédito Brasileiro em 2026 ]]><![CDATA[ Jadson Andrade ]]>T<![CDATA[ Casper Andersen,Andrew South ]]>http://play.vidyard.com/ tNKeTWxxf2iHNofKwiU4Xn.jpg tNKeTWxxf2iHNofKwiU4Xnhttps://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4Xnhttps://share.vidyard.com/watch/ 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. ]]>Mon, 02 Mar 2026 13:00:00 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/26_03_02-covered-bonds-uncovered-danish-and-swedish-covered-bond-market-dynamics-and-rating-trends tNKeTWxxf2iHNofKwiU4XnBusiness<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]><![CDATA[ Casper Andersen,Andrew South ]]>Thttp://play.vidyard.com/c3MukhyTi8ELSmBgPBPejd.jpgc3MukhyTi8ELSmBgPBPejdhttps://share.vidyard.com/watch/c3MukhyTi8ELSmBgPBPejdhttps://share.vidyard.com/watch/c3MukhyTi8ELSmBgPBPejd<![CDATA[ In this, our inaugural episode of The Health Care Credit Beat podcast, we share our 2026 credit ratings outlook for the pharmaceutical industry, an industry that is facing a number of high profile legislative developments, such as most-favored-nation drug pricing and potential tariffs, major patent expirations in the next couple of years, and is also seeing increasing M&A activity. ]]>Wed, 25 Feb 2026 12:00:00 GMT00:31:37<![CDATA[ In this, our inaugural episode of The Health Care Credit Beat podcast, we share our 2026 credit ratings outlook for the pharmaceutical industry, an industry that is facing a number of high profile legislative developments, such as most-favored-nation drug pricing and potential tariffs, major patent expirations in the next couple of years, and is also seeing increasing M&A activity. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/pharmaceutical-industry-outlook-2026c3MukhyTi8ELSmBgPBPejdBusiness<![CDATA[ The Health Care Credit Beat: Pharmaceutical Industry Outlook 2026 ]]>T<![CDATA[ Jadson Andrade,Victor Laudisio ]]>http://play.vidyard.com/hjudGDoviwNDdiNYEZE554.jpghjudGDoviwNDdiNYEZE554https://share.vidyard.com/watch/hjudGDoviwNDdiNYEZE554https://share.vidyard.com/watch/hjudGDoviwNDdiNYEZE554<![CDATA[ Neste episódio, Jadson Andrade e Victor Laudisio, oferecem insights sobre o estresse hídrico enfrentado pelos data centers. ]]>Mon, 23 Feb 2026 18:19:00 GMT00:25:19<![CDATA[ Neste episódio, Jadson Andrade e Victor Laudisio, oferecem insights sobre o estresse hídrico enfrentado pelos data centers. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/o-estresse-hidrico-em-data-centers--um-risco-estrategico-para-inhjudGDoviwNDdiNYEZE554Business<![CDATA[ O estresse hídrico em data centers: um risco estratégico para investidores ]]><![CDATA[ Jadson Andrade,Victor Laudisio ]]>T<![CDATA[ Casper Andersen ]]>http://play.vidyard.com/oef7UvoFiAtPyz2hMTozXa.jpgoef7UvoFiAtPyz2hMTozXahttps://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXahttps://share.vidyard.com/watch/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. ]]>Fri, 30 Jan 2026 00:00:00 GMT00:23:09<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/26_01_30-covered-bonds-uncovered-outlook-spanish-market-dynamics-and-rating-trends1oef7UvoFiAtPyz2hMTozXaBusiness<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]><![CDATA[ Casper Andersen ]]>T<![CDATA[ Jadson Andrade ]]>http://play.vidyard.com/ppUwP9UJWc3BozFSKxzhkA.jpgppUwP9UJWc3BozFSKxzhkAhttps://share.vidyard.com/watch/ppUwP9UJWc3BozFSKxzhkAhttps://share.vidyard.com/watch/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. ]]>Wed, 21 Jan 2026 17:03:00 GMT00:00:49<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/bem-vindo-ao-alem-do-ratingppUwP9UJWc3BozFSKxzhkABusiness<![CDATA[ Bem-vindo ao Além do Rating! ]]><![CDATA[ Jadson Andrade ]]>T<![CDATA[ Casper Andersen,Frank Gill ]]>http://play.vidyard.com/Zv88vxT8baNMfaw7shknge.jpgZv88vxT8baNMfaw7shkngehttps://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngehttps://share.vidyard.com/watch/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. ]]>Fri, 19 Dec 2025 13:00:00 GMT00:26:59<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_12_19-covered-bonds-uncovered-german-market-dynamics-and-sovereign-rating-trendsZv88vxT8baNMfaw7shkngeBusiness<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]><![CDATA[ Casper Andersen,Frank Gill ]]>T<![CDATA[ Victor Laudisio,Rafael Janequine ]]>http://play.vidyard.com/6iuEVpwmnkRstbCnqbLxkE.jpg6iuEVpwmnkRstbCnqbLxkEhttps://share.vidyard.com/watch/6iuEVpwmnkRstbCnqbLxkEhttps://share.vidyard.com/watch/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. ]]>Thu, 18 Dec 2025 12:56:00 GMT00:26:31<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2025/resultados-da-cop-30-mais-financiamento-mas-ainda-falta-um-plano-claro-para-a-eliminacao-de-combustiveis-fosseis6iuEVpwmnkRstbCnqbLxkEBusiness<![CDATA[ Resultados da COP 30: Mais financiamento, mas ainda falta um plano claro para a eliminação de combustíveis fósseis ]]><![CDATA[ Victor Laudisio,Rafael Janequine ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/Pxn5fWFtSbG8dp7WhYow9a.jpgPxn5fWFtSbG8dp7WhYow9ahttps://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9ahttps://share.vidyard.com/watch/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 ]]>Tue, 16 Dec 2025 13:20:00 GMT00:11:32<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25-12-16-clos-and-levfin-podcast-s7e9Pxn5fWFtSbG8dp7WhYow9aBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/Heyhc2ieLJcDN8HUN35xfx.jpgHeyhc2ieLJcDN8HUN35xfxhttps://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxhttps://share.vidyard.com/watch/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. ]]>Thu, 27 Nov 2025 13:20:00 GMT00:12:26<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25-11-27-clos-and-levfin-podcast-s7e8Heyhc2ieLJcDN8HUN35xfxBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>Thttp://play.vidyard.com/QvKP1mqAZA7Chze6eyDjpr.jpgQvKP1mqAZA7Chze6eyDjprhttps://share.vidyard.com/watch/QvKP1mqAZA7Chze6eyDjprhttps://share.vidyard.com/watch/QvKP1mqAZA7Chze6eyDjpr<![CDATA[ En este episodio de “Escenario Base”, Jesús Sotomayor, Director en Instituciones Financieras, se une a José Coballasi, Sector Lead para América Latina, ambos expertos en S&P Global Ratings, para explorar los cambios que están revolucionando la banca en México. Desde la digitalización y la competencia que presentan los nuevos actores hasta las reformas regulatorias y la incertidumbre geopolítica, plantean los desafíos y oportunidades a los que se enfrenta la industria. Además, descubra qué papel jugarán los bancos tradicionales en la era digital y cómo influirá la digitalización en la penetración bancaria en el país. ]]>Mon, 03 Nov 2025 17:53:00 GMT00:12:23<![CDATA[ En este episodio de “Escenario Base”, Jesús Sotomayor, Director en Instituciones Financieras, se une a José Coballasi, Sector Lead para América Latina, ambos expertos en S&P Global Ratings, para explorar los cambios que están revolucionando la banca en México. Desde la digitalización y la competencia que presentan los nuevos actores hasta las reformas regulatorias y la incertidumbre geopolítica, plantean los desafíos y oportunidades a los que se enfrenta la industria. Además, descubra qué papel jugarán los bancos tradicionales en la era digital y cómo influirá la digitalización en la penetración bancaria en el país. ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/escenario-base---el-futuro-de-la-banca-en-mexico--desafios-y-opoQvKP1mqAZA7Chze6eyDjprBusiness<![CDATA[ El futuro de la banca en México: desafíos y oportunidades en la era digital ]]>T<![CDATA[ Casper Andersen ]]>http://play.vidyard.com/RM5NgbVzWNWkpvBBpz22QF.jpgRM5NgbVzWNWkpvBBpz22QFhttps://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFhttps://share.vidyard.com/watch/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. ]]>Fri, 12 Sep 2025 12:00:00 GMT00:17:08<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_09_12-covered-bonds-uncovered-commercial-real-estate-recovery-and-housing-prices-on-the-riseRM5NgbVzWNWkpvBBpz22QFBusiness<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]><![CDATA[ Casper Andersen ]]>T<![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>http://play.vidyard.com/qYb4UvhvziMkK7cXjeRRVm.jpgqYb4UvhvziMkK7cXjeRRVmhttps://share.vidyard.com/watch/qYb4UvhvziMkK7cXjeRRVmhttps://share.vidyard.com/watch/qYb4UvhvziMkK7cXjeRRVm<![CDATA[ Host Osman Sattar sits down with Giles Edwards, Stuart Plesser, and Kensuke Sugihara to explore current trends shaping bank regulation and supervision worldwide. Recent calls for regulatory simplification—particularly in the U.S., where regulators are reviewing capital requirements and considering adjustments for smaller banks—are prompting a re-evaluation. Discover how these shifts might impact bank ratings and learn what S&P Global Ratings is closely monitoring as the regulatory landscape continues to evolve. ]]>Fri, 15 Aug 2025 12:00:00 GMT00:22:17<![CDATA[ Host Osman Sattar sits down with Giles Edwards, Stuart Plesser, and Kensuke Sugihara to explore current trends shaping bank regulation and supervision worldwide. Recent calls for regulatory simplification—particularly in the U.S., where regulators are reviewing capital requirements and considering adjustments for smaller banks—are prompting a re-evaluation. Discover how these shifts might impact bank ratings and learn what S&P Global Ratings is closely monitoring as the regulatory landscape continues to evolve. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/banknotes1qYb4UvhvziMkK7cXjeRRVmBusiness<![CDATA[ BankNotes: Bank Regulation ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>Thttp://play.vidyard.com/ry7ku2ybAWWidRkHFKhZ6t.jpgry7ku2ybAWWidRkHFKhZ6thttps://share.vidyard.com/watch/ry7ku2ybAWWidRkHFKhZ6thttps://share.vidyard.com/watch/ry7ku2ybAWWidRkHFKhZ6t<![CDATA[ While European Structured Finance issuance has been strong in the first half of the year, some investors believe that deteriorating macro fundamentals and geopolitical risks are not being sufficiently priced in. We touch on the evolving European investor sentiment over the last few months, the growth of private credit markets (and increasing focus on asset-based finance), and our expectations for the second half of 2025 (in overall issuance, regional growth, regulations, etc.). ]]>Thu, 14 Aug 2025 12:00:00 GMT00:11:15<![CDATA[ While European Structured Finance issuance has been strong in the first half of the year, some investors believe that deteriorating macro fundamentals and geopolitical risks are not being sufficiently priced in. We touch on the evolving European investor sentiment over the last few months, the growth of private credit markets (and increasing focus on asset-based finance), and our expectations for the second half of 2025 (in overall issuance, regional growth, regulations, etc.). ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-91ry7ku2ybAWWidRkHFKhZ6tBusiness<![CDATA[ Take Notes: European Structured Finance Mid-Year Update: Issuance Is Strong, But Performance Concerns Remain ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/q9uHseFM8cepnH5kZDH8t1.jpgq9uHseFM8cepnH5kZDH8t1https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1https://share.vidyard.com/watch/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. ]]>Tue, 22 Jul 2025 12:20:00 GMT00:06:53<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_07_22-clos-and-levfin-podcast-s7e6q9uHseFM8cepnH5kZDH8t1Business<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/xKjcSRvrQvhbMkhQZm6hPV.jpgxKjcSRvrQvhbMkhQZm6hPVhttps://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVhttps://share.vidyard.com/watch/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. ]]>Thu, 17 Jul 2025 12:20:00 GMT00:09:29<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25-07-17-clos-and-levfin-podcast-s7e4xKjcSRvrQvhbMkhQZm6hPVBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>Thttp://play.vidyard.com/ABJxpADz6QN2ANe9uXXe1U.jpgABJxpADz6QN2ANe9uXXe1Uhttps://share.vidyard.com/watch/ABJxpADz6QN2ANe9uXXe1Uhttps://share.vidyard.com/watch/ABJxpADz6QN2ANe9uXXe1U<![CDATA[ In this episode, analyst Casper Andersen is joined by his colleagues Giles Edwards and Andrew South. They discuss recent positive rating actions on banks, the U.K. regulator’s view on covered bonds, and the effects of tariffs on the covered bond space. ]]>Fri, 06 Jun 2025 12:00:00 GMT00:26:27<![CDATA[ In this episode, analyst Casper Andersen is joined by his colleagues Giles Edwards and Andrew South. They discuss recent positive rating actions on banks, the U.K. regulator’s view on covered bonds, and the effects of tariffs on the covered bond space. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/covered-bonds-uncovered-tariffs-bank-ratings-and-uk-regulatorABJxpADz6QN2ANe9uXXe1UBusiness<![CDATA[ Covered Bonds Uncovered: Tariffs, Bank Ratings, And The U.K. Regulator ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana,Mohamed Damak,Matthew Mitchell ]]>http://play.vidyard.com/t356URbskpq8s8xQ4Uo2nU.jpgt356URbskpq8s8xQ4Uo2nUhttps://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nUhttps://share.vidyard.com/watch/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. ]]>Tue, 27 May 2025 12:20:00 GMT00:14:20<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_05_27-clos-and-levfin-podcast-s7e4t356URbskpq8s8xQ4Uo2nUBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Mohamed Damak,Matthew Mitchell ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/VigsWbveUG8j5Ya5Ve4gy4.jpgVigsWbveUG8j5Ya5Ve4gy4https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4https://share.vidyard.com/watch/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. ]]>Tue, 20 May 2025 12:20:00 GMT00:09:35<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_05_20-clos-and-levfin-podcast-s7e3VigsWbveUG8j5Ya5Ve4gy4Business<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana,Solene Van Eetvelde ]]>http://play.vidyard.com/ZWGfe94gS3EkVLu4uL65YP.jpgZWGfe94gS3EkVLu4uL65YPhttps://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPhttps://share.vidyard.com/watch/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. ]]>Wed, 23 Apr 2025 12:20:00 GMT00:09:21<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_04_23-clos-and-levfin-podcast-s7e2ZWGfe94gS3EkVLu4uL65YPBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Solene Van Eetvelde ]]>Thttp://play.vidyard.com/NJgpNEg7trHhm76nLBzmDX.jpgNJgpNEg7trHhm76nLBzmDXhttps://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXhttps://share.vidyard.com/watch/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. ]]>Mon, 07 Apr 2025 20:55:00 GMT00:28:05<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_02_07-covered-bonds-uncovered-ep-2NJgpNEg7trHhm76nLBzmDXBusiness<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>T<![CDATA[ Annia Mayerstein,Azul Ornelas,Rafael Janequine ]]>http://play.vidyard.com/fihHGWBiUWjiZJ4AMDvb5z.jpgfihHGWBiUWjiZJ4AMDvb5zhttps://share.vidyard.com/watch/fihHGWBiUWjiZJ4AMDvb5zhttps://share.vidyard.com/watch/fihHGWBiUWjiZJ4AMDvb5z<![CDATA[ En este episodio de nuestro podcast sobre finanzas sostenibles, Annia Mayerstein, Azul Ornelas y Rafael Janequine se reúnen para analizar las últimas tendencias y perspectivas del mercado de bonos sos ]]>Mon, 07 Apr 2025 12:00:00 GMT00:20:06<![CDATA[ En este episodio de nuestro podcast sobre finanzas sostenibles, Annia Mayerstein, Azul Ornelas y Rafael Janequine se reúnen para analizar las últimas tendencias y perspectivas del mercado de bonos sos ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2025/2025-04-07-sustainable-finance-in-latam-podcast-como-ha-evolucionado-el-mercado-de-bonos-sosteniblesfihHGWBiUWjiZJ4AMDvb5zBusiness<![CDATA[ Cómo ha evolucionado el mercado de bonos sostenibles ]]><![CDATA[ Annia Mayerstein,Azul Ornelas,Rafael Janequine ]]>T<![CDATA[ Thomas Schopflocher ]]>http://play.vidyard.com/rFrFyXJdz7NP1i71e5nfin.jpgrFrFyXJdz7NP1i71e5nfinhttps://share.vidyard.com/watch/rFrFyXJdz7NP1i71e5nfinhttps://share.vidyard.com/watch/rFrFyXJdz7NP1i71e5nfin<![CDATA[ Recent data regarding consumer credit--especially auto ABS collateral data--are showing signs of deteriorating performance. Moreover, we've seen some indication that consumer distress is spreading to higher credit score and income cohorts, despite a relatively low unemployment rate. ]]>Mon, 07 Apr 2025 12:00:00 GMT00:04:54<![CDATA[ Recent data regarding consumer credit--especially auto ABS collateral data--are showing signs of deteriorating performance. Moreover, we've seen some indication that consumer distress is spreading to higher credit score and income cohorts, despite a relatively low unemployment rate. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-88rFrFyXJdz7NP1i71e5nfinBusiness<![CDATA[ Take Notes: Consumers Facing Inflation And Affordability Challenges Despite Low Unemployment ]]><![CDATA[ Thomas Schopflocher ]]>Thttp://play.vidyard.com/WEKQNwGKTbcyc2RhkTsvnF.jpgWEKQNwGKTbcyc2RhkTsvnFhttps://share.vidyard.com/watch/WEKQNwGKTbcyc2RhkTsvnFhttps://share.vidyard.com/watch/WEKQNwGKTbcyc2RhkTsvnF<![CDATA[ We discuss the cross-sector impact of the Los Angeles wildfires on California's property insurance, housing finance, and state creditworthiness. As the wildfires are expected to result in substantial losses for insurers, we discuss how carriers are expected to raise rates and/or reduce coverage options in California and other at-risk areas; and how the FAIR Plan, an insurer of last resort, could exacerbate that. ]]>Tue, 04 Feb 2025 12:00:00 GMT00:07:54<![CDATA[ We discuss the cross-sector impact of the Los Angeles wildfires on California's property insurance, housing finance, and state creditworthiness. As the wildfires are expected to result in substantial losses for insurers, we discuss how carriers are expected to raise rates and/or reduce coverage options in California and other at-risk areas; and how the FAIR Plan, an insurer of last resort, could exacerbate that. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-87WEKQNwGKTbcyc2RhkTsvnFBusiness<![CDATA[ Take Notes: The Impact Of The LA Wildfires On California's Property Insurance, Housing Finance, And State Creditworthiness ]]>T<![CDATA[ Joseph Cass ]]>http://play.vidyard.com/R7TbvE9sQgvXhwGxP3kjm8.jpgR7TbvE9sQgvXhwGxP3kjm8https://share.vidyard.com/watch/R7TbvE9sQgvXhwGxP3kjm8https://share.vidyard.com/watch/R7TbvE9sQgvXhwGxP3kjm8<![CDATA[ In this episode, Joe is joined by John Zito, Co-President of Apollo Asset Management and Alex Birry, Global Head of Credit Research at S&P Global Ratings. ]]>Wed, 29 Jan 2025 12:00:00 GMT00:27:49<![CDATA[ In this episode, Joe is joined by John Zito, Co-President of Apollo Asset Management and Alex Birry, Global Head of Credit Research at S&P Global Ratings. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/fixed-income-in-15-ep54-john-zitoR7TbvE9sQgvXhwGxP3kjm8Business<![CDATA[ Fixed Income in 15: John Zito ]]><![CDATA[ Joseph Cass ]]>T<![CDATA[ Tom Schopflocher,James Manzi ]]>http://play.vidyard.com/G7YvdDJhPDnhA2EB6ZFfVJ.jpgG7YvdDJhPDnhA2EB6ZFfVJhttps://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJhttps://share.vidyard.com/watch/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. ]]>Wed, 22 Jan 2025 12:00:00 GMT00:08:39<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/25_1_22-take-notes-2025-outlookG7YvdDJhPDnhA2EB6ZFfVJBusiness<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]><![CDATA[ Tom Schopflocher,James Manzi ]]>Thttp://play.vidyard.com/3GQ6knPc5q4ydVNpSpdGad.jpg3GQ6knPc5q4ydVNpSpdGadhttps://share.vidyard.com/watch/3GQ6knPc5q4ydVNpSpdGadhttps://share.vidyard.com/watch/3GQ6knPc5q4ydVNpSpdGad<![CDATA[ Since CLO ETFs launched in late 2020, the investing landscape has changed, as retail investors can now access securities previously available only to institutional buyers. Driven by strong investor demand, CLO ETFs have injected new liquidity into CLO primary and secondary markets. ]]>Fri, 20 Dec 2024 12:00:00 GMT00:15:50<![CDATA[ Since CLO ETFs launched in late 2020, the investing landscape has changed, as retail investors can now access securities previously available only to institutional buyers. Driven by strong investor demand, CLO ETFs have injected new liquidity into CLO primary and secondary markets. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/take-notes-ep-853GQ6knPc5q4ydVNpSpdGadBusiness<![CDATA[ Take Notes: The Rise Of U.S. CLO ETFs ]]>T<![CDATA[ Leandro Albuquerque ]]>http://play.vidyard.com/Sr7hgBt6h6ghZEgdtE6h9f.jpgSr7hgBt6h6ghZEgdtE6h9fhttps://share.vidyard.com/watch/Sr7hgBt6h6ghZEgdtE6h9fhttps://share.vidyard.com/watch/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. ]]>Tue, 17 Dec 2024 12:00:00 GMT00:09:57<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2024/2024-12-17-excesso-de-liquidez-no-credito-privado-impulsiona-emissoes-de-fidcSr7hgBt6h6ghZEgdtE6h9fBusiness<![CDATA[ Excesso de liquidez no crédito privado impulsiona emissões de FIDC ]]><![CDATA[ Leandro Albuquerque ]]>T<![CDATA[ Victor Laudisio,Azul Ornelas ]]>http://play.vidyard.com/oAC6Sz2p46khYQ1mvQ4Nft.jpgoAC6Sz2p46khYQ1mvQ4Nfthttps://share.vidyard.com/watch/oAC6Sz2p46khYQ1mvQ4Nfthttps://share.vidyard.com/watch/oAC6Sz2p46khYQ1mvQ4Nft<![CDATA[ En este episodio de Sustainable Finance in LatAm, Azul Ornelas, analista de Finanzas Sostenibles en S&P Global, conversa con Victor Laudisio, Director Asociado de S&P Global Ratings, sobre la importan ]]>Tue, 03 Dec 2024 12:00:00 GMT00:27:10<![CDATA[ En este episodio de Sustainable Finance in LatAm, Azul Ornelas, analista de Finanzas Sostenibles en S&P Global, conversa con Victor Laudisio, Director Asociado de S&P Global Ratings, sobre la importan ]]>Spanishhttps://www.spglobal.com/ratings/es/multimedia/2024/2024-12-03-sustainable-finance-in-latam-importancia-de-la-cop-de-biodiversidad-bonos-azules-y-el-camino-a-una-economia-verdeoAC6Sz2p46khYQ1mvQ4NftBusiness<![CDATA[ Importancia de la COP de Biodiversidad, bonos azules y el camino a una economía verde ]]><![CDATA[ Victor Laudisio,Azul Ornelas ]]>T<![CDATA[ Victor Laudisio,Déborah Siqueira ]]>http://play.vidyard.com/MqQ1xPDAPWSjkRGDhXTVD4.jpgMqQ1xPDAPWSjkRGDhXTVD4https://share.vidyard.com/watch/MqQ1xPDAPWSjkRGDhXTVD4https://share.vidyard.com/watch/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. ]]>Tue, 03 Dec 2024 12:00:00 GMT00:29:34<![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. ]]>Portuguesehttps://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-verdeMqQ1xPDAPWSjkRGDhXTVD4Business<![CDATA[ Importância da COP de Biodiversidade, dos blue bonds e da transição para economia verde ]]><![CDATA[ Victor Laudisio,Déborah Siqueira ]]>T<![CDATA[ Sandeep Chana,Hina Shoeb ]]>http://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQ.jpgscfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/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. ]]>Thu, 07 Nov 2024 12:00:00 GMT00:08:37<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e7scfx2H8QmsxXiKSgUxS5eQBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>T<![CDATA[ Sandeep Chana,Hina Shoeb ]]>http://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQ.jpgscfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/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. ]]>Thu, 07 Nov 2024 12:00:00 GMT00:08:37<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e712scfx2H8QmsxXiKSgUxS5eQBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>T<![CDATA[ Sandeep Chana,Hina Shoeb ]]>http://play.vidyard.com/scfx2H8QmsxXiKSgUxS5eQ.jpgscfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQhttps://share.vidyard.com/watch/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. ]]>Thu, 07 Nov 2024 12:00:00 GMT00:08:37<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/07_11_24-clos-podcast-s6-e711scfx2H8QmsxXiKSgUxS5eQBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>T<![CDATA[ Joseph Cass ]]>http://play.vidyard.com/JuBqPDnYuWqyiKCi2Zzds5.jpgJuBqPDnYuWqyiKCi2Zzds5https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5https://share.vidyard.com/watch/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 ]]>Tue, 29 Oct 2024 12:00:00 GMT00:32:18<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep52-jon-grayJuBqPDnYuWqyiKCi2Zzds5Business<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]><![CDATA[ Joseph Cass ]]>T<![CDATA[ Joseph Cass ]]>http://play.vidyard.com/44KvMALGujS5UyPfJdUGsC.jpg44KvMALGujS5UyPfJdUGsChttps://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsChttps://share.vidyard.com/watch/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 ]]>Wed, 09 Oct 2024 12:00:00 GMT00:34:35<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q4_fixed-income-in-15_ep51-richard-attias44KvMALGujS5UyPfJdUGsCBusiness<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]><![CDATA[ Joseph Cass ]]>T<![CDATA[ Leandro Albuquerque,Wendell Sacramoni,Marcus Fernandes,Valeria Marquez ]]>http://play.vidyard.com/wasod42b2bH95are21aRKD.jpgwasod42b2bH95are21aRKDhttps://share.vidyard.com/watch/wasod42b2bH95are21aRKDhttps://share.vidyard.com/watch/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. ]]>Thu, 19 Sep 2024 12:00:00 GMT00:20:53<![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. ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2024/240919-classe-senior-panorama-do-credito-imobiliariowasod42b2bH95are21aRKDBusiness<![CDATA[ Panorama do crédito imobiliário ]]><![CDATA[ Leandro Albuquerque,Wendell Sacramoni,Marcus Fernandes,Valeria Marquez ]]>T<![CDATA[ Joseph Cass,Raam Ratnam ]]>http://play.vidyard.com/yAFgV5fUTmxzw7euwv9kwy.jpgyAFgV5fUTmxzw7euwv9kwyhttps://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyhttps://share.vidyard.com/watch/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. ]]>Wed, 14 Aug 2024 12:00:00 GMT00:25:30<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024q3_fixed-income-in-15_ep49-jay-sammonsyAFgV5fUTmxzw7euwv9kwyBusiness<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]><![CDATA[ Joseph Cass,Raam Ratnam ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/GFr6MEpkHjWDk8CYz6a4TZ.jpgGFr6MEpkHjWDk8CYz6a4TZhttps://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZhttps://share.vidyard.com/watch/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 ]]>Wed, 31 Jul 2024 12:00:00 GMT00:08:51<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/24_07_31-clo-podcast-s6-e5GFr6MEpkHjWDk8CYz6a4TZBusiness<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Hina Shoeb,Sandeep Chana ]]>http://play.vidyard.com/MhDpXWKeSq3iznyiwdpsj8.jpgMhDpXWKeSq3iznyiwdpsj8https://share.vidyard.com/watch/MhDpXWKeSq3iznyiwdpsj8https://share.vidyard.com/watch/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. ]]>Mon, 08 Jul 2024 12:00:00 GMT00:10:29<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/24_07_08-clos-podcast-s6-e4MhDpXWKeSq3iznyiwdpsj8Business<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How Does ASDA, Bellis Finco PLC’s, Rating Stack Up ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>T<![CDATA[ Joseph Cass,Alexandra Dimitrijevic ]]>http://play.vidyard.com/KqcvyyVqmrTq4Qjzcgmz39.jpgKqcvyyVqmrTq4Qjzcgmz39https://share.vidyard.com/watch/KqcvyyVqmrTq4Qjzcgmz39https://share.vidyard.com/watch/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 ]]>Wed, 03 Jul 2024 12:00:00 GMT00:38:20<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/03-07-24-e48-fixed-income-in-15KqcvyyVqmrTq4Qjzcgmz39Business<![CDATA[ Ep 48: T Rowe Price CIO Sebastien Page on Mega Trends, Leadership & Building a Linkedin Following ]]><![CDATA[ Joseph Cass,Alexandra Dimitrijevic ]]>T<![CDATA[ Leandro Albuquerque,Talita Aragaki,Renan Rego ]]>http://play.vidyard.com/MZ4j1aE7F7dv1cnKjDuT4M.jpgMZ4j1aE7F7dv1cnKjDuT4Mhttps://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4Mhttps://share.vidyard.com/watch/MZ4j1aE7F7dv1cnKjDuT4M<![CDATA[ O novo episódio do ]]>Fri, 10 May 2024 00:00:00 GMT00:23:20<![CDATA[ O novo episódio do ]]>Portuguesehttps://www.spglobal.com/ratings/pt/multimedia/2024/2024-05-10-mercado-aquecido-debentures-de-infraestrutura-em-altaMZ4j1aE7F7dv1cnKjDuT4MBusiness<![CDATA[ Mercado aquecido: debêntures de infraestrutura em alta ]]><![CDATA[ Leandro Albuquerque,Talita Aragaki,Renan Rego ]]>Thttp://play.vidyard.com/Cm75m3Yf9AtiEJAHgZYVmT.jpgCm75m3Yf9AtiEJAHgZYVmThttps://share.vidyard.com/watch/Cm75m3Yf9AtiEJAHgZYVmThttps://share.vidyard.com/watch/Cm75m3Yf9AtiEJAHgZYVmT<![CDATA[ For our first episode in 2024, our host, Tom Schopflocher, is joined by Cian Chandler, S&P Global Ratings’ Global Structured Finance Chief Analytical Officer, to introduce our “ABS Frontiers” article series. ]]>Wed, 08 May 2024 12:00:00 GMT00:05:31<![CDATA[ For our first episode in 2024, our host, Tom Schopflocher, is joined by Cian Chandler, S&P Global Ratings’ Global Structured Finance Chief Analytical Officer, to introduce our “ABS Frontiers” article series. ]]>Englishhttps://www.spglobal.com/ratings/en/multimedia/2024-05-10-take-notes-ep-81Cm75m3Yf9AtiEJAHgZYVmTBusiness<![CDATA[ Take Notes: Introducing Our “ABS Frontiers” Article Series ]]>TThu, 30 Apr 2026 17:05:29 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Since the inception of non-qualified mortgages (non-QM) and related residential mortgage-backed securities (RMBS) over a decade ago, the collateral characteristics have remained largely consistent over time with generally prudent underwriting. The steady growth of non-QM RMBS (the largest non-agency submarket at around 40% by securitized issuance) has been driven both by housing supply/demand fundamentals as well as strong investor demand for non-QM whole loans and RMBS. In December, we forecast non-QM bond issuance to be $100 billion in 2026. Through the end of April we have seen the tally hit almost $40 billion, suggesting that we are on track to exceed our initial forecast. Assuming about half of non-QM loan originations are ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-as-affordability-constraints-soften-hpa-how-will-non-qm-be-affected-s101678978Business<![CDATA[ Credit Trends: As Affordability Constraints Soften HPA, How Will Non-QM Be Affected? ]]>T<![CDATA[ This report does not constitute a rating action. Property taxes are the finance backbone for local governments in the U.S., supporting everything from government operations to public safety and public education. The enduring strength and stability of the revenue stream--even in tumultuous economic times--is a major factor to the overall creditworthiness of U.S. local governments rated by S&P Global Ratings. So, when property tax reform is passed, or proposed, it can call into question how essential government services would be funded if the revenue stream is reduced or eliminated. Policy changes at the state and federal level routinely require spending adjustments for local governments, but major changes to property tax collections (amount or timing) can disrupt budgets if they are ]]>Thu, 30 Apr 2026 14:57:12 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Property taxes are the finance backbone for local governments in the U.S., supporting everything from government operations to public safety and public education. The enduring strength and stability of the revenue stream--even in tumultuous economic times--is a major factor to the overall creditworthiness of U.S. local governments rated by S&P Global Ratings. So, when property tax reform is passed, or proposed, it can call into question how essential government services would be funded if the revenue stream is reduced or eliminated. Policy changes at the state and federal level routinely require spending adjustments for local governments, but major changes to property tax collections (amount or timing) can disrupt budgets if they are ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-is-property-tax-reform-a-growing-concern-for-us-local-government-credit-quality-s101682426Business<![CDATA[ Credit FAQ: Is Property Tax Reform A Growing Concern For U.S. Local Government Credit Quality? ]]>T<![CDATA[ This report does not constitute a rating action. The recent proliferation of general partner (GP) led secondary transactions, especially continuation vehicles, has created a structural demand for hybrid/dual-pledge financing facilities, due to how these vehicles are constructed and capitalized. With private equity remaining in a difficult environment for asset monetization, GPs have turned to continuation funds to provide liquidity to LPs without sacrificing upside risk for assets that need more time to unleash their growth potential. Furthermore, continuation vehicle usage is moving beyond private equity exposures into the private credit space. This is driven by overall growth in private credit markets, fueled by increased allocations from institutional investors including sovereign wealth funds, pension funds, and insurance companies. In particular, private ]]>Thu, 30 Apr 2026 14:26:37 GMT00:01:00<![CDATA[ This report does not constitute a rating action. The recent proliferation of general partner (GP) led secondary transactions, especially continuation vehicles, has created a structural demand for hybrid/dual-pledge financing facilities, due to how these vehicles are constructed and capitalized. With private equity remaining in a difficult environment for asset monetization, GPs have turned to continuation funds to provide liquidity to LPs without sacrificing upside risk for assets that need more time to unleash their growth potential. Furthermore, continuation vehicle usage is moving beyond private equity exposures into the private credit space. This is driven by overall growth in private credit markets, fueled by increased allocations from institutional investors including sovereign wealth funds, pension funds, and insurance companies. In particular, private ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/fund-finance-trends-continuation-funds-drive-dual-pledge-facility-growth-s101681798Business<![CDATA[ Fund Finance Trends: Continuation Funds Drive Dual-Pledge Facility Growth ]]>T<![CDATA[ This report does not constitute a rating action. As diplomatic efforts in the Middle East become more drawn out, the duration of disrupted energy and shipping flows is increasingly shaping global credit conditions. The ceasefire will only alleviate credit pressure when it leads to a durable reopening of the Strait of Hormuz. Even then, the credit impact will not unwind immediately. Beyond the immediate price impact, the loss of crude oil and refined product flows has already intensified into an acute supply challenge--particularly for refined fuels--with depleted inventories and operational bottlenecks. Pricing and supply disruptions are expanding to other commodities and products beyond energy (e.g., fertilizers), amplifying the potential credit and economic impact. As oil shortages persist, second and third ]]>Thu, 30 Apr 2026 10:28:08 GMT00:01:00<![CDATA[ This report does not constitute a rating action. As diplomatic efforts in the Middle East become more drawn out, the duration of disrupted energy and shipping flows is increasingly shaping global credit conditions. The ceasefire will only alleviate credit pressure when it leads to a durable reopening of the Strait of Hormuz. Even then, the credit impact will not unwind immediately. Beyond the immediate price impact, the loss of crude oil and refined product flows has already intensified into an acute supply challenge--particularly for refined fuels--with depleted inventories and operational bottlenecks. Pricing and supply disruptions are expanding to other commodities and products beyond energy (e.g., fertilizers), amplifying the potential credit and economic impact. As oil shortages persist, second and third ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-special-update-time-compounds-the-credit-implications-of-the-war-s101683149Business<![CDATA[ Credit Conditions: Special Update: Time Compounds The Credit Implications Of The War ]]>T<![CDATA[ This report does not constitute a rating action. Potential spillovers from the Middle East war are front-and-center as the greatest credit risk for Asia-Pacific financial institutions. Under our base case, Asia-Pacific banks have low direct exposure to the Middle East, and indirect exposure to the region's economies is manageable (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March 24, 2026). We believe that most banks have sufficient capacity to absorb related pressures at current rating levels, assuming an agreement is struck by the end of May to ease the effective blockage of the Strait of Hormuz . A downside scenario of a protracted war in the Middle East would be painful for Asia-Pacific banks. Our ]]>Thu, 30 Apr 2026 00:20:50 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Potential spillovers from the Middle East war are front-and-center as the greatest credit risk for Asia-Pacific financial institutions. Under our base case, Asia-Pacific banks have low direct exposure to the Middle East, and indirect exposure to the region's economies is manageable (see " Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ," March 24, 2026). We believe that most banks have sufficient capacity to absorb related pressures at current rating levels, assuming an agreement is struck by the end of May to ease the effective blockage of the Strait of Hormuz . A downside scenario of a protracted war in the Middle East would be painful for Asia-Pacific banks. Our ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-financial-institutions-2q-2026-monitor-war-nonbank-finance-and-ai-are-on-the-radar-s101680646Business<![CDATA[ Asia-Pacific Financial Institutions 2Q 2026 Monitor: War, Nonbank Finance, And AI Are On The Radar ]]>T<![CDATA[ In this week's summary of ratings views: We have raised our 2026-2027 oil price assumptions given ongoing supply disruption. We still expect global bond issuance to grow 4% as hyperscaler issuance counters war-related market volatility. Refinancing efforts have pushed out peak speculative-grade maturities to 2029. ]]>Wed, 29 Apr 2026 19:15:00 GMT00:01:00<![CDATA[ In this week's summary of ratings views: We have raised our 2026-2027 oil price assumptions given ongoing supply disruption. We still expect global bond issuance to grow 4% as hyperscaler issuance counters war-related market volatility. Refinancing efforts have pushed out peak speculative-grade maturities to 2029. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-29-2026-s101683156Business<![CDATA[ The Ratings View: Apr. 29, 2026 ]]>T<![CDATA[ This report does not constitute a rating action. Colleges and universities are finding different ways to adapt to the changing realities in the U.S. privatized student housing sector brought about by demographic challenges, the evolving job market, and enhanced technology, among other things. Many continue to use public-private partnerships to fund much needed new housing on campus. Although this strategy tends to improve efficiencies and time to opening by outsourcing housing expertise, it also means lower auxiliary revenues for the institutions. On the heels of the global pandemic when student housing revenue was severely affected, most rated student housing entities were able to stay afloat, in some instances because schools were willing to pass on some emergency federal funds to ]]>Wed, 29 Apr 2026 17:25:42 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Colleges and universities are finding different ways to adapt to the changing realities in the U.S. privatized student housing sector brought about by demographic challenges, the evolving job market, and enhanced technology, among other things. Many continue to use public-private partnerships to fund much needed new housing on campus. Although this strategy tends to improve efficiencies and time to opening by outsourcing housing expertise, it also means lower auxiliary revenues for the institutions. On the heels of the global pandemic when student housing revenue was severely affected, most rated student housing entities were able to stay afloat, in some instances because schools were willing to pass on some emergency federal funds to ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-privatized-student-housing-credit-quality-improves-on-stable-demand-and-higher-coverage-although-risks-persist-s101676476Business<![CDATA[ U.S. Privatized Student Housing Credit Quality Improves On Stable Demand And Higher Coverage Although Risks Persist ]]>T<![CDATA[ S&P Global Ratings assesses City Of Atlanta Water And Wastewater Subordinate Lien Revenue And Revenue Refunding Bonds, Series 2026 as aligned with Green Bond Principles, ICMA, 2025; Social Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. The City of Atlanta expects to allocate all but $70 million of the proceeds to refinancing projects. The remaining $70 million in funds will be allocated to capital projects. ]]>Wed, 29 Apr 2026 08:29:32 GMT00:01:00<![CDATA[ S&P Global Ratings assesses City Of Atlanta Water And Wastewater Subordinate Lien Revenue And Revenue Refunding Bonds, Series 2026 as aligned with Green Bond Principles, ICMA, 2025; Social Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. The City of Atlanta expects to allocate all but $70 million of the proceeds to refinancing projects. The remaining $70 million in funds will be allocated to capital projects. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-city-of-atlanta-water-and-wastewater-subordinate-lien-revenue-and-revenue-refunding-bonds-s101683045Business<![CDATA[ Second Party Opinion: City Of Atlanta Water And Wastewater Subordinate Lien Revenue And Revenue Refunding Bonds ]]>T<![CDATA[ This report does not constitute a rating action. Efficient capital markets can transform Africa's limited domestic financial assets into investments that spur economic growth. By increasing available funding for long-term projects and connecting institutional investors, pension funds, and foreign investors, capital markets enhance economic development. Efficient domestic capital markets can not only address governments' significant funding gaps but can also ensure that critical infrastructure developments--such as transportation, energy, and telecommunications--are adequately financed, ultimately driving economic growth and employment. Supported by transparent and comparable risk frameworks, efficient domestic capital markets can build domestic and foreign investor confidence and enhance resilience during periods of global risk aversion. In our view, African capital markets currently lack two key building blocks. Firstly, with limited ]]>Wed, 29 Apr 2026 07:02:13 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Efficient capital markets can transform Africa's limited domestic financial assets into investments that spur economic growth. By increasing available funding for long-term projects and connecting institutional investors, pension funds, and foreign investors, capital markets enhance economic development. Efficient domestic capital markets can not only address governments' significant funding gaps but can also ensure that critical infrastructure developments--such as transportation, energy, and telecommunications--are adequately financed, ultimately driving economic growth and employment. Supported by transparent and comparable risk frameworks, efficient domestic capital markets can build domestic and foreign investor confidence and enhance resilience during periods of global risk aversion. In our view, African capital markets currently lack two key building blocks. Firstly, with limited ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/efficient-capital-markets-can-unlock-africas-domestic-savings-s101676262Business<![CDATA[ Efficient Capital Markets Can Unlock Africa's Domestic Savings ]]>T<![CDATA[ This report highlights the key themes for the U.S. private credit and middle-market collateralized loan obligation sectors in second-quarter 2026. ]]>Tue, 28 Apr 2026 14:54:25 GMT00:01:00<![CDATA[ This report highlights the key themes for the U.S. private credit and middle-market collateralized loan obligation sectors in second-quarter 2026. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/private-credit-and-middle-market-clo-quarterly-house-of-the-rising-spread-q2-2026-s101682817Business<![CDATA[ Private Credit And Middle-Market CLO Quarterly: House Of The Rising Spread (Q2 2026) ]]>T<![CDATA[ This report does not constitute a rating action. After peaking at 3.5% in May 2024--a nearly eight-year high--the global structured finance trailing 12-month default rate declined throughout 2025, reversing a sharp increase in 2024. The rate eased to 1.4% by year-end, down from 2.7% at the beginning of the year. Legacy U.S. residential mortgage-backed securities (RMBS) transactions drove the increase in global structured finance defaults in 2024, accounting for 93% of the year’s total. In 2025, defaults from these transactions still remained significant at 80%, but declined as overall default volume dropped by 47%. S&P Global Ratings had 35,116 ratings outstanding on global structured finance securities at the start of 2025. The sector's global average change in credit quality (ACCQ; ]]>Tue, 28 Apr 2026 14:13:12 GMT00:01:00<![CDATA[ This report does not constitute a rating action. After peaking at 3.5% in May 2024--a nearly eight-year high--the global structured finance trailing 12-month default rate declined throughout 2025, reversing a sharp increase in 2024. The rate eased to 1.4% by year-end, down from 2.7% at the beginning of the year. Legacy U.S. residential mortgage-backed securities (RMBS) transactions drove the increase in global structured finance defaults in 2024, accounting for 93% of the year’s total. In 2025, defaults from these transactions still remained significant at 80%, but declined as overall default volume dropped by 47%. S&P Global Ratings had 35,116 ratings outstanding on global structured finance securities at the start of 2025. The sector's global average change in credit quality (ACCQ; ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-global-structured-finance-default-and-rating-transition-study-s101641052Business<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Structured Finance Default And Rating Transition Study ]]>T<![CDATA[ This report does not constitute a rating action. Heathrow's direct and indirect exposure to the Middle East is the highest in our rated European airport portfolio. About 10% of Heathrow passengers traveled to or from the Middle East before the war, and the region accounts for more than 55% of the U.K.'s jet fuel imports. Even so, we think the headroom in Heathrow's credit metrics could help mitigate potential negative effects of the war and support the current rating, with funds from operations (FFO) to senior debt of 8.1% and FFO to debt of 6.4% in 2025. Here, we answer frequently asked questions about the potential effect of the war on Heathrow's credit quality. Heathrow's direct exposure to the Middle ]]>Tue, 28 Apr 2026 08:43:57 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Heathrow's direct and indirect exposure to the Middle East is the highest in our rated European airport portfolio. About 10% of Heathrow passengers traveled to or from the Middle East before the war, and the region accounts for more than 55% of the U.K.'s jet fuel imports. Even so, we think the headroom in Heathrow's credit metrics could help mitigate potential negative effects of the war and support the current rating, with funds from operations (FFO) to senior debt of 8.1% and FFO to debt of 6.4% in 2025. Here, we answer frequently asked questions about the potential effect of the war on Heathrow's credit quality. Heathrow's direct exposure to the Middle ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-does-the-middle-east-war-affect-heathrows-credit-quality-s101679280Business<![CDATA[ Credit FAQ: How Does The Middle East War Affect Heathrow's Credit Quality? ]]>T<![CDATA[ This report does not constitute a rating action. Rising interest rates in Japan will likely have only limited impact on existing borrowers' creditworthiness. A continued rise, however, may start to have an effect as repayment burdens for new borrowers would grow with increase total borrowing amid higher real estate prices. Japanese residential mortgage-backed securities (RMBS) transactions that we rate are mostly backed by fixed-rate loans. Long-term interest rates and long-term fixed-rate housing loans are highly correlated, and both are on an upward trend. The 10-year JGB interest rates rose by 0.86 percentage points from the previous year to 2.34% as of March 31, 2026. At the same time, the most frequent interest rate of Japan Housing Finance Agency (JHF)'s Flat ]]>Tue, 28 Apr 2026 05:27:54 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Rising interest rates in Japan will likely have only limited impact on existing borrowers' creditworthiness. A continued rise, however, may start to have an effect as repayment burdens for new borrowers would grow with increase total borrowing amid higher real estate prices. Japanese residential mortgage-backed securities (RMBS) transactions that we rate are mostly backed by fixed-rate loans. Long-term interest rates and long-term fixed-rate housing loans are highly correlated, and both are on an upward trend. The 10-year JGB interest rates rose by 0.86 percentage points from the previous year to 2.34% as of March 31, 2026. At the same time, the most frequent interest rate of Japan Housing Finance Agency (JHF)'s Flat ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-japan-rmbs-can-weather-rising-interest-rates-s101679026Business<![CDATA[ Scenario Analysis: Japan RMBS Can Weather Rising Interest Rates ]]>T<![CDATA[ This report does not constitute a rating action. War in the Middle East is testing Australia's economic and credit resilience. Despite being a net energy exporter, the country remains exposed to oil price volatility and demand. Many rated entities have buffers to deal with the oil crisis, but we believe sustained energy volatility will strain balance sheets, particularly if our alternative downside scenario materializes. Australia's airports and tollways face immediate pressure from rising fuel costs and falling demand, while ratings on the government, banks, structured finance, and insurance sectors should remain robust. Corporate ratings can manage fuel cost pressures but remain exposed to availability risks should these eventuate. On April 21, 2026, S&P Global Ratings held its "The Middle East ]]>Tue, 28 Apr 2026 02:28:25 GMT00:01:00<![CDATA[ This report does not constitute a rating action. War in the Middle East is testing Australia's economic and credit resilience. Despite being a net energy exporter, the country remains exposed to oil price volatility and demand. Many rated entities have buffers to deal with the oil crisis, but we believe sustained energy volatility will strain balance sheets, particularly if our alternative downside scenario materializes. Australia's airports and tollways face immediate pressure from rising fuel costs and falling demand, while ratings on the government, banks, structured finance, and insurance sectors should remain robust. Corporate ratings can manage fuel cost pressures but remain exposed to availability risks should these eventuate. On April 21, 2026, S&P Global Ratings held its "The Middle East ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-war-in-the-middle-east-can-australia-withstand-the-headwinds-s101681391Business<![CDATA[ Credit FAQ: War In The Middle East: Can Australia Withstand The Headwinds? ]]>T<![CDATA[ This report does not constitute a rating action. Another year and banks are facing new macroeconomic uncertainties. Last year, tariffs posed significant risks. This year, the conflict in the Mideast has resulted in a spike in the price of oil and downside risk to the economy with a possible rebound of inflation. If the conflict turns out to be protracted, it could prove difficult for global banks if business volumes decline. However, some of the largest banks we rate have substantial capital markets operations that may prove advantageous, depending on how the economy plays out this year. Such banks may be best positioned, as trading revenue--as long as it is done in a risk-prudent manner--tends to pick up when market ]]>Mon, 27 Apr 2026 18:31:06 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Another year and banks are facing new macroeconomic uncertainties. Last year, tariffs posed significant risks. This year, the conflict in the Mideast has resulted in a spike in the price of oil and downside risk to the economy with a possible rebound of inflation. If the conflict turns out to be protracted, it could prove difficult for global banks if business volumes decline. However, some of the largest banks we rate have substantial capital markets operations that may prove advantageous, depending on how the economy plays out this year. Such banks may be best positioned, as trading revenue--as long as it is done in a risk-prudent manner--tends to pick up when market ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/capital-markets-activity-should-bolster-revenue-of-large-banks-if-risk-managed-properly-s101679783Business<![CDATA[ Capital Markets Activity Should Bolster Revenue Of Large Banks If Risk-Managed Properly ]]>T<![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 3,366.0 2,693.3 861.5 481.1 1,128.5 8,530.40 2021 3,000.7 3,155.8 1,308.2 477.9 1,203.5 9,146.10 2022 1,953.2 2,716.2 1,197.5 389.3 1,065.2 7,321.40 2023 2,250.8 2,794.0 1,088.7 383.7 1,214.5 7,731.70 2024 2,826.9 3,289.6 1,313.0 512.8 1,350.7 9,293.00 2025 3,345.5 3,575.5 1,424.1 585.5 1,436.3 10,366.90 2025YTD 861.6 913.6 333.1 120.9 398.6 2,627.75 2026YTD 979.3 857.9 327.4 129.5 428.0 2,722.14 2026 forecast (YOY % change) 8.0% 2.5% 2.0% 2.0% 4.0% 4.4% 2026 ranges (3%) to 17% (7%) to 6% (5%) to 7% (5%) to 6% (4%) to 12% (5%) to 10.5% Data ]]>Mon, 27 Apr 2026 17:56:59 GMT00:01:00<![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 3,366.0 2,693.3 861.5 481.1 1,128.5 8,530.40 2021 3,000.7 3,155.8 1,308.2 477.9 1,203.5 9,146.10 2022 1,953.2 2,716.2 1,197.5 389.3 1,065.2 7,321.40 2023 2,250.8 2,794.0 1,088.7 383.7 1,214.5 7,731.70 2024 2,826.9 3,289.6 1,313.0 512.8 1,350.7 9,293.00 2025 3,345.5 3,575.5 1,424.1 585.5 1,436.3 10,366.90 2025YTD 861.6 913.6 333.1 120.9 398.6 2,627.75 2026YTD 979.3 857.9 327.4 129.5 428.0 2,722.14 2026 forecast (YOY % change) 8.0% 2.5% 2.0% 2.0% 4.0% 4.4% 2026 ranges (3%) to 17% (7%) to 6% (5%) to 7% (5%) to 6% (4%) to 12% (5%) to 10.5% Data ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-global-issuance-forecast-and-financing-conditions-q2-2026-expansion-still-expected-this-year-s101680346Business<![CDATA[ Credit Trends: Global Issuance Forecast And Financing Conditions Q2 2026: Expansion Still Expected This Year ]]>T<![CDATA[ This report does not constitute a rating action. Threats are growing and converging at the frontier of cyber risk. That may appear contradictory but consider three key technologies: crypto, AI, and quantum computing. Here, the expansion of the crypto ecosystem and decentralized finance is increasing their importance just as AI offers new and powerful means to attack them, and quantum computing promises to unlock the cryptography that underpins their security. S&P Global Ratings considers the threats emanating from the frontier of cyber to already be a risk factor, with the potential to pose systemic dangers and to threaten issuers’ reputation, operations, and finances. This view is consistent with our conviction that cyber risk is credit risk; and our treatment of ]]>Mon, 27 Apr 2026 13:02:21 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Threats are growing and converging at the frontier of cyber risk. That may appear contradictory but consider three key technologies: crypto, AI, and quantum computing. Here, the expansion of the crypto ecosystem and decentralized finance is increasing their importance just as AI offers new and powerful means to attack them, and quantum computing promises to unlock the cryptography that underpins their security. S&P Global Ratings considers the threats emanating from the frontier of cyber to already be a risk factor, with the potential to pose systemic dangers and to threaten issuers’ reputation, operations, and finances. This view is consistent with our conviction that cyber risk is credit risk; and our treatment of ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-crypto-ai-and-quantums-compounding-threats-s101681695Business<![CDATA[ The Frontier Of Cyber Risk: Crypto, AI, And Quantum’s Compounding Threats ]]>T<![CDATA[ There were seven downgrades last week, including five issuers rated 'B-' and below. This included one new risky credit, where we lowered our rating on the issuer to 'CCC+' or below, U.S.-based entity Peraton Corp.There were the fewest number of upgrades since the second week of March, all six occurred across six different sectors. There were two speculative-grade upgrades to issuers rated 'CCC+' or below.There was one default last week. We downgraded U.S.-based QVC Group Inc., a live social shopping, video commerce, and online retailer, to 'D' from 'CCC' on Chapter 11 bankruptcy filing. ]]>Mon, 27 Apr 2026 09:50:54 GMT00:01:00<![CDATA[ There were seven downgrades last week, including five issuers rated 'B-' and below. This included one new risky credit, where we lowered our rating on the issuer to 'CCC+' or below, U.S.-based entity Peraton Corp.There were the fewest number of upgrades since the second week of March, all six occurred across six different sectors. There were two speculative-grade upgrades to issuers rated 'CCC+' or below.There was one default last week. We downgraded U.S.-based QVC Group Inc., a live social shopping, video commerce, and online retailer, to 'D' from 'CCC' on Chapter 11 bankruptcy filing. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-muted-week-for-rating-activity-april-27-2026-s101682462Business<![CDATA[ This Week In Credit: Muted Week For Rating Activity (April 27, 2026) ]]>T<![CDATA[ This report does not constitute a rating action. China's oil majors face a mixed credit impact from the war in the Middle East. We expect higher prices to lift upstream earnings, but feedstock shortages and price controls will squeeze downstream. China imports about 70% of its oil, more than half of which comes from the Middle East, creating high exposure. Investors are asking how disruptions to flow through the Strait of Hormuz could affect demand, upstream and downstream operations, and the credit strength of China's national oil companies (NOCs). We expect growth in oil demand to stagnate in 2026, reflecting our view that China's economic growth will slow this year. China has had temporary relief from U.S. tariffs, but weak ]]>Mon, 27 Apr 2026 06:38:25 GMT00:01:00<![CDATA[ This report does not constitute a rating action. China's oil majors face a mixed credit impact from the war in the Middle East. We expect higher prices to lift upstream earnings, but feedstock shortages and price controls will squeeze downstream. China imports about 70% of its oil, more than half of which comes from the Middle East, creating high exposure. Investors are asking how disruptions to flow through the Strait of Hormuz could affect demand, upstream and downstream operations, and the credit strength of China's national oil companies (NOCs). We expect growth in oil demand to stagnate in 2026, reflecting our view that China's economic growth will slow this year. China has had temporary relief from U.S. tariffs, but weak ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-mideast-war-splits-fortunes-of-chinas-oil-majors-s101680628Business<![CDATA[ Credit FAQ: Mideast War Splits Fortunes Of China's Oil Majors ]]>T<![CDATA[ This report does not constitute a rating action. China's decades of investment in low-carbon energy are paying off. Nonfossil fuels account for about 40% of its power generation, providing buffers in this period of oil-price volatility. We believe that after an initial phase of overinvestment, the sector is moving toward greater cost discipline with more focus on profits. China's renewables sector has in many ways followed a pattern common to several capital-intensive industries, such as its electric vehicle (EV) sector and certain commodity industries. An earlier phase of accelerated capacity expansion--encouraged by generous subsidies and guaranteed grid offtake--prioritized scale over returns. This rush to invest led to oversupply, excess and even losses among renewable power firms. The current phase is ]]>Mon, 27 Apr 2026 03:34:52 GMT00:01:00<![CDATA[ This report does not constitute a rating action. China's decades of investment in low-carbon energy are paying off. Nonfossil fuels account for about 40% of its power generation, providing buffers in this period of oil-price volatility. We believe that after an initial phase of overinvestment, the sector is moving toward greater cost discipline with more focus on profits. China's renewables sector has in many ways followed a pattern common to several capital-intensive industries, such as its electric vehicle (EV) sector and certain commodity industries. An earlier phase of accelerated capacity expansion--encouraged by generous subsidies and guaranteed grid offtake--prioritized scale over returns. This rush to invest led to oversupply, excess and even losses among renewable power firms. The current phase is ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-chinas-energy-transition-renewable-sector-pivots-from-growth-to-efficiency-s101679257Business<![CDATA[ Sustainability Insights: China's Energy Transition: Renewable Sector Pivots From Growth To Efficiency ]]>T<![CDATA[ This report does not constitute a rating action. The worst of China's food delivery excesses may be over. The government just fined the biggest on-demand platforms for food safety violations, which we consider a likely bid to end a ruinous price war. If giants Meituan, Alibaba, and JD.com now compete more on quality than subsidies, profits could rise. But lasting change hinges on rule enforcement. China's State Administration for Market Regulation recently fined several food delivery platforms and their representatives by more than Chinese renminbi (RMB) 3.6 billion (US$527.3 million) after an investigation into food safety. This follows value-destroying competition in the market over the past 12 months. The regulator determined that by allowing unverified "ghost" shops to operate, online ]]>Mon, 27 Apr 2026 01:25:14 GMT00:01:00<![CDATA[ This report does not constitute a rating action. The worst of China's food delivery excesses may be over. The government just fined the biggest on-demand platforms for food safety violations, which we consider a likely bid to end a ruinous price war. If giants Meituan, Alibaba, and JD.com now compete more on quality than subsidies, profits could rise. But lasting change hinges on rule enforcement. China's State Administration for Market Regulation recently fined several food delivery platforms and their representatives by more than Chinese renminbi (RMB) 3.6 billion (US$527.3 million) after an investigation into food safety. This follows value-destroying competition in the market over the past 12 months. The regulator determined that by allowing unverified "ghost" shops to operate, online ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/china-delivery-brief-the-worst-of-the-subsidy-war-may-be-over-s101681395Business<![CDATA[ China Delivery Brief: The Worst Of The Subsidy War May Be Over ]]>T<![CDATA[ This report does not constitute a rating action. During the first quarter of 2026 (Jan. 1, to March 31), S&P Global Ratings changed its rating or revised the outlook on 21 U.S. charter schools, assigned eight new ratings, and maintained 46 ratings across the sector. The rating actions are broken out as follows: S&P Global Ratings took five positive rating actions during the quarter, raising three ratings and favorably revising two outlooks (one to positive from stable and one to stable from negative). These actions reflect our view of sustained improvements in key financial metrics, including strengthened operating margins that outperformed budget expectations, stable lease-adjusted maximum annual debt service (MADS) coverage, and growing liquidity, all while the charter schools sustained ]]>Fri, 24 Apr 2026 15:58:05 GMT00:01:00<![CDATA[ This report does not constitute a rating action. During the first quarter of 2026 (Jan. 1, to March 31), S&P Global Ratings changed its rating or revised the outlook on 21 U.S. charter schools, assigned eight new ratings, and maintained 46 ratings across the sector. The rating actions are broken out as follows: S&P Global Ratings took five positive rating actions during the quarter, raising three ratings and favorably revising two outlooks (one to positive from stable and one to stable from negative). These actions reflect our view of sustained improvements in key financial metrics, including strengthened operating margins that outperformed budget expectations, stable lease-adjusted maximum annual debt service (MADS) coverage, and growing liquidity, all while the charter schools sustained ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-charter-schools-rating-actions-first-quarter-2026-s101681763Business<![CDATA[ U.S. Charter Schools Rating Actions, First-Quarter 2026 ]]>TFri, 24 Apr 2026 09:03:39 GMT00:01:00<![CDATA[ As of Dec. 31, 2025, allocations consist of a portfolio of projects across the Framework’s green and social categories in the U.S., Canada, Norway, and France. We consider projects for renewable energy and clean transportation Dark green and projects for green buildings and energy efficiency Light green. The financed social projects include those related to access to essential services, socioeconomic advancement and empowerment, and affordable housing. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-sun-life-financials-7th-annual-sustainability-bond-use-of-proceeds-report-s101682218Business<![CDATA[ Post-Issuance Review: Sun Life Financial's 7th Annual Sustainability Bond Use Of Proceeds Report ]]>T<![CDATA[ This report does not constitute a rating action. Gulf Cooperation Council (GCC) countries, particularly the United Arab Emirates (UAE) and Saudi Arabia, are scaling up renewable energy investment as part of broader efforts to decarbonize their economies, diversify revenue streams, and preserve hydrocarbons for export. So far, S&P Global Ratings sees limited evidence that the war in the Middle East has materially altered these countries’ renewable energy strategies, although the duration and extent of the conflict may influence the sequencing of projects and pace of capital deployment. The war is likely to accelerate a global shift toward greater energy self-sufficiency and could boost demand for renewables across emerging markets . Saudi Arabia is targeting around 50% of its power mix ]]>Thu, 23 Apr 2026 15:37:16 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Gulf Cooperation Council (GCC) countries, particularly the United Arab Emirates (UAE) and Saudi Arabia, are scaling up renewable energy investment as part of broader efforts to decarbonize their economies, diversify revenue streams, and preserve hydrocarbons for export. So far, S&P Global Ratings sees limited evidence that the war in the Middle East has materially altered these countries’ renewable energy strategies, although the duration and extent of the conflict may influence the sequencing of projects and pace of capital deployment. The war is likely to accelerate a global shift toward greater energy self-sufficiency and could boost demand for renewables across emerging markets . Saudi Arabia is targeting around 50% of its power mix ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-can-battery-storage-charge-up-gulf-nations-renewable-energy-push-s101682001Business<![CDATA[ CreditWeek: How Can Battery Storage Charge Up Gulf Nations' Renewable Energy Push? ]]>T<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Thu, 23 Apr 2026 14:45:04 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-22-2026-s101681985Business<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 22, 2026 ]]>T<![CDATA[ This report does not constitute a rating action. Bulgaria's adoption of the euro in January 2026--alongside former president Rumen Radev's center-left Progressive Bulgaria (PB) party winning a snap election on April 19, 2026--present opportunities for higher regional and municipal investment after years of political instability. This is because we believe that the eurozone membership strengthens Bulgarian issuers' access to euro-denominated commercial debt markets while higher stability at the central government level should support more timely budget adoption, including more predictable transfers to municipalities--a long-standing key revenue source for them. However, we expect comparatively weak financial management and insufficient long-term planning will continue to hinder locally-driven investment and constrain growth, despite municipalities' currently low debt burden. Additionally, it remains to be ]]>Thu, 23 Apr 2026 14:44:20 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Bulgaria's adoption of the euro in January 2026--alongside former president Rumen Radev's center-left Progressive Bulgaria (PB) party winning a snap election on April 19, 2026--present opportunities for higher regional and municipal investment after years of political instability. This is because we believe that the eurozone membership strengthens Bulgarian issuers' access to euro-denominated commercial debt markets while higher stability at the central government level should support more timely budget adoption, including more predictable transfers to municipalities--a long-standing key revenue source for them. However, we expect comparatively weak financial management and insufficient long-term planning will continue to hinder locally-driven investment and constrain growth, despite municipalities' currently low debt burden. Additionally, it remains to be ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/post-election-political-shift-in-bulgaria-unlikely-to-lift-municipalities-weak-investment-levels-s101681720Business<![CDATA[ Post-Election Political Shift In Bulgaria Unlikely To Lift Municipalities' Weak Investment Levels ]]>T<![CDATA[ This report does not constitute a rating action. Europe is no stranger to energy supply shocks. Most recently, in 2022, the region was roiled by the sudden loss of Russian oil and gas imports following international sanctions responding to the Russia-Ukraine war. S&P Global Ratings considers that tensions in the Middle East, which are again disrupting Europe’s energy markets, are giving rise to risks to the broader economic landscape. Energy shocks are rarely a single blow; instead, they tend to unfold in stages. The first phase is the direct hit, with higher oil and gas prices squeezing households and businesses and increasing costs across the economy--though oil prices and gas prices feed into European end markets at different speeds. These ]]>Thu, 23 Apr 2026 14:12:31 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Europe is no stranger to energy supply shocks. Most recently, in 2022, the region was roiled by the sudden loss of Russian oil and gas imports following international sanctions responding to the Russia-Ukraine war. S&P Global Ratings considers that tensions in the Middle East, which are again disrupting Europe’s energy markets, are giving rise to risks to the broader economic landscape. Energy shocks are rarely a single blow; instead, they tend to unfold in stages. The first phase is the direct hit, with higher oil and gas prices squeezing households and businesses and increasing costs across the economy--though oil prices and gas prices feed into European end markets at different speeds. These ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-europes-middle-east-dependencies-price-surges-precede-supply-chain-vulnerabilities-s101681922Business<![CDATA[ Economic Research: Europe’s Middle East Dependencies: Price Surges Precede Supply Chain Vulnerabilities ]]>T<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across EMEA structured finance sectors, including the latest trends in ABS and RNFs. ]]>Thu, 23 Apr 2026 13:10:42 GMT00:01:00<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across EMEA structured finance sectors, including the latest trends in ABS and RNFs. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-april-2026-s101681788Business<![CDATA[ U.S. Structured Finance Chart Book: April 2026 ]]>T<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across EMEA structured finance sectors, including the latest trends in CLO, CMBS, and covered bonds. ]]>Thu, 23 Apr 2026 13:03:04 GMT00:01:00<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across EMEA structured finance sectors, including the latest trends in CLO, CMBS, and covered bonds. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/emea-structured-finance-chart-book-april-2026-s101681789Business<![CDATA[ EMEA Structured Finance Chart Book: April 2026 ]]>T<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' outlook for sovereign credit in Africa was positive at the outset of 2026 following two years of net improvements in regional ratings. The Middle East conflict has dampened this outlook by pushing Brent oil prices up by 50% in the year to date and raising refinancing costs. We now assume an average price of $85 per barrel for the rest of 2026 (see " S&P Global Ratings Raises WTI and Brent Price Assumptions Amid Uncertainty Following Announced Ceasefire ," April 10, 2026). The rise in the cost of imported energy will weaken most African sovereigns' regional balances of payments and could intensify the pressure on some sovereigns to reintroduce ]]>Thu, 23 Apr 2026 09:56:31 GMT00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' outlook for sovereign credit in Africa was positive at the outset of 2026 following two years of net improvements in regional ratings. The Middle East conflict has dampened this outlook by pushing Brent oil prices up by 50% in the year to date and raising refinancing costs. We now assume an average price of $85 per barrel for the rest of 2026 (see " S&P Global Ratings Raises WTI and Brent Price Assumptions Amid Uncertainty Following Announced Ceasefire ," April 10, 2026). The rise in the cost of imported energy will weaken most African sovereigns' regional balances of payments and could intensify the pressure on some sovereigns to reintroduce ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/african-sovereign-ratings-assessing-exposures-to-the-middle-east-conflict-s101678356Business<![CDATA[ African Sovereign Ratings: Assessing Exposures To The Middle East Conflict ]]>T<![CDATA[ This report does not constitute a rating action. PDLs are a key loss-provisioning mechanism for issuers of European asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions featuring a separate principal and interest waterfall. Acting as essentially “the canary in the coal mine,” PDLs can provide warning signals of potential losses to noteholders as transaction performance deteriorates, whether that be due to collateral defaults/losses or reduced transaction excess spread. The PDL mechanism prevents an immediate write down on the notes, which enables the structure to apply any future excess spread to offset and cure accumulated losses over time. Individual PDL ledgers or sub-ledgers are created for each class of notes, and debits and any subsequent credits are registered in line ]]>Thu, 23 Apr 2026 08:55:50 GMT00:01:00<![CDATA[ This report does not constitute a rating action. PDLs are a key loss-provisioning mechanism for issuers of European asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions featuring a separate principal and interest waterfall. Acting as essentially “the canary in the coal mine,” PDLs can provide warning signals of potential losses to noteholders as transaction performance deteriorates, whether that be due to collateral defaults/losses or reduced transaction excess spread. The PDL mechanism prevents an immediate write down on the notes, which enables the structure to apply any future excess spread to offset and cure accumulated losses over time. Individual PDL ledgers or sub-ledgers are created for each class of notes, and debits and any subsequent credits are registered in line ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-deep-dive-into-european-abs-and-rmbs-principal-deficiency-ledgers-s101672125Business<![CDATA[ Credit FAQ: Deep Dive Into European ABS And RMBS Principal Deficiency Ledgers ]]>T<![CDATA[ This report does not constitute a rating action. This reflects a broader trend toward portfolio diversification and yield enhancement. Certain segments--such as distressed debt, junior securitization tranches, and leveraged buyout debt funds--may carry higher risks than others. However, re/insurers' relatively low exposure to these segments limits their effect on investment portfolios' risk-return profiles. We will continue to monitor EU re/insurers' rising exposure to private credit, given its illiquidity and distinct risk profile. This is according to the European Insurance and Occupational Pensions Authority (EIOPA). The increase reflects re/insurers' aim to diversify investment portfolios and achieve higher yields. Even excluding traditional private placements, mortgages, and alternatives, the small private credit subset of privately placed and privately rated bonds and loans alone ]]>Thu, 23 Apr 2026 07:55:12 GMT00:01:00<![CDATA[ This report does not constitute a rating action. This reflects a broader trend toward portfolio diversification and yield enhancement. Certain segments--such as distressed debt, junior securitization tranches, and leveraged buyout debt funds--may carry higher risks than others. However, re/insurers' relatively low exposure to these segments limits their effect on investment portfolios' risk-return profiles. We will continue to monitor EU re/insurers' rising exposure to private credit, given its illiquidity and distinct risk profile. This is according to the European Insurance and Occupational Pensions Authority (EIOPA). The increase reflects re/insurers' aim to diversify investment portfolios and achieve higher yields. Even excluding traditional private placements, mortgages, and alternatives, the small private credit subset of privately placed and privately rated bonds and loans alone ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/insurance-brief-eu-reinsurers-eye-private-credit-s101680435Business<![CDATA[ Insurance Brief: EU Re/Insurers Eye Private Credit ]]>T<![CDATA[ This report does not constitute a rating action. Japan's electronics makers will look to further strengthen business portfolios in the coming years. This will contribute to stable earnings and profit growth, and underpin creditworthiness. The eight largest players have refocused their business areas over the past ten to fifteen years, leading to more stable and profitable business mixes. Continuing to review and bolster portfolios will be pivotal to the quality of their credit. Competition from overseas peers remains severe and the business environment will likely change rapidly. Disciplined financial management can mitigate the financial burden of related investments. The eight major players have increasingly moved into non-electronics areas including entertainment, service solutions, IT services, and branded consumer appliances since the ]]>Thu, 23 Apr 2026 03:50:05 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Japan's electronics makers will look to further strengthen business portfolios in the coming years. This will contribute to stable earnings and profit growth, and underpin creditworthiness. The eight largest players have refocused their business areas over the past ten to fifteen years, leading to more stable and profitable business mixes. Continuing to review and bolster portfolios will be pivotal to the quality of their credit. Competition from overseas peers remains severe and the business environment will likely change rapidly. Disciplined financial management can mitigate the financial burden of related investments. The eight major players have increasingly moved into non-electronics areas including entertainment, service solutions, IT services, and branded consumer appliances since the ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/japan-electronics-journey-beyond-japan-electronics-s101678577Business<![CDATA[ Japan Electronics' Journey Beyond Japan Electronics ]]>T<![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 21 rating actions and maintained 78 ratings in the U.S. not-for-profit higher education sector during the first quarter of 2026. The 21 rating actions include one new rating and are broken out as follows: The three upgrades reflected our view of sustained enrollment growth and solid demand, improved balance sheet strength, and consistent operating surpluses. The three outlook revisions to positive reflected our view of financial resources growth, consistent operating performance, and sustained demand strength. The two outlook revisions to stable from negative reflected our view of continued enrollment growth and improved operations. The five downgrades and four outlook revisions to negative reflected our view of declining enrollment ]]>Wed, 22 Apr 2026 19:55:32 GMT00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 21 rating actions and maintained 78 ratings in the U.S. not-for-profit higher education sector during the first quarter of 2026. The 21 rating actions include one new rating and are broken out as follows: The three upgrades reflected our view of sustained enrollment growth and solid demand, improved balance sheet strength, and consistent operating surpluses. The three outlook revisions to positive reflected our view of financial resources growth, consistent operating performance, and sustained demand strength. The two outlook revisions to stable from negative reflected our view of continued enrollment growth and improved operations. The five downgrades and four outlook revisions to negative reflected our view of declining enrollment ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-higher-education-rating-actions-first-quarter-2026-s101681155Business<![CDATA[ U.S. Higher Education Rating Actions, First-Quarter 2026 ]]>T<![CDATA[ This report does not constitute a rating action. This commentary summarizes S&P Global Ratings' credit view on the five rated hyperscalers-- Alphabet , Amazon , Meta , Microsoft , and Oracle . First we answer frequently asked questions about how we arrive at our ratings for these issuers as a group. Then we lay out our expectations for leverage and free cash flow through 2029, including the analytical adjustments that we apply to arrive at our adjusted credit metrics. For a dynamic and visual view of the AI ecosystem, hyperscalers, and the evolving credit landscape, access our new interactive dashboard . The dashboard gives an overview of the roles and funds in the AI ecosystem, a relationship map of key ]]>Tue, 21 Apr 2026 19:57:15 GMT00:01:00<![CDATA[ This report does not constitute a rating action. This commentary summarizes S&P Global Ratings' credit view on the five rated hyperscalers-- Alphabet , Amazon , Meta , Microsoft , and Oracle . First we answer frequently asked questions about how we arrive at our ratings for these issuers as a group. Then we lay out our expectations for leverage and free cash flow through 2029, including the analytical adjustments that we apply to arrive at our adjusted credit metrics. For a dynamic and visual view of the AI ecosystem, hyperscalers, and the evolving credit landscape, access our new interactive dashboard . The dashboard gives an overview of the roles and funds in the AI ecosystem, a relationship map of key ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-will-weakened-cash-flow-hurt-ratings-on-the-hyperscalers-s101681215Business<![CDATA[ Credit FAQ: Will Weakened Cash Flow Hurt Ratings On The Hyperscalers? ]]>T<![CDATA[ This report does not constitute a rating action. Reduced fuel availability could affect Europe's transportation infrastructure if the Strait of Hormuz's effective closure endures. S&P Global Ratings' base case assumes the Middle East war's intensity will peak and the Strait of Hormuz's effective closure will ease during April, although some disruptions are likely to persist for months. However, if the conflict or the Strait's effective closure is prolonged, we view downside risks as increasing, which could negatively affect our European airport portfolio. Table 1 Our European transportation portfolio is not directly affected by the military conflict. As a result, our primary focus is on long-term consequences from 2027. Our ratings primarily assess issuers' ability to sustain credit metrics aligned with ]]>Tue, 21 Apr 2026 18:54:11 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Reduced fuel availability could affect Europe's transportation infrastructure if the Strait of Hormuz's effective closure endures. S&P Global Ratings' base case assumes the Middle East war's intensity will peak and the Strait of Hormuz's effective closure will ease during April, although some disruptions are likely to persist for months. However, if the conflict or the Strait's effective closure is prolonged, we view downside risks as increasing, which could negatively affect our European airport portfolio. Table 1 Our European transportation portfolio is not directly affected by the military conflict. As a result, our primary focus is on long-term consequences from 2027. Our ratings primarily assess issuers' ability to sustain credit metrics aligned with ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/fuel-disruption-poses-downside-risk-for-europes-transport-infrastructure-s101680488Business<![CDATA[ Fuel Disruption Poses Downside Risk For Europe's Transport Infrastructure ]]>TTue, 21 Apr 2026 13:23:28 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Most oil and gas companies globally are planning to reduce emissions from their own operations. Yet many of them still focus on activities that are incompatible with a low-carbon, climate-resilient future. S&P Global Ratings undertook Climate Transition Assessments on a sample of 81 oil and gas companies representing 50% of the world's listed oil and gas assets. Our Shades of Green represent our qualitative opinion of how consistent a company’s activities are with a low-carbon, climate-resilient future (see " Analytical Approach: Climate Transition Assessments ," May 29, 2025). We found that most of the 81 companies would receive a Red shade, meaning that their activities are inconsistent with a low-carbon, climate-resilient future, ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-climate-transition-trends-a-crude-reality-for-oil-and-gas-s101679275Business<![CDATA[ Sustainability Insights: Climate Transition Trends: A Crude Reality For Oil And Gas ]]>T<![CDATA[ Transaction profile Issuer Fondo de Titulizacion Prado XII Collateral type RMBS Domicile of assets Spain Seller Union de Creditos Inmobiliarios, S.A., Establecimiento Financiero de Credito Servicer and back-up servicer facilitator Union de Creditos Inmobiliarios, S.A., Establecimiento Financiero de Credito Management company Santander de Titulizacion SGFT S.A. Counterparty Banco Santander, S.A. Capital structure Class Rating Class size (Mil. €) Credit enhancement (%) * Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 572 12 Three-month EURIBOR + 0.60% Three-month EURIBOR + 1%† June 2031 September 2058 B-Dfrd§ AA+ (sf) 39 6 2.5% N/A N/A September 2058 C NR 39 N/A 3% N/A N/A September 2058 *Credit enhancement calculation only considers subordination. §Our ratings address timely receipt of ]]>Tue, 21 Apr 2026 12:24:42 GMT00:01:00<![CDATA[ Transaction profile Issuer Fondo de Titulizacion Prado XII Collateral type RMBS Domicile of assets Spain Seller Union de Creditos Inmobiliarios, S.A., Establecimiento Financiero de Credito Servicer and back-up servicer facilitator Union de Creditos Inmobiliarios, S.A., Establecimiento Financiero de Credito Management company Santander de Titulizacion SGFT S.A. Counterparty Banco Santander, S.A. Capital structure Class Rating Class size (Mil. €) Credit enhancement (%) * Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 572 12 Three-month EURIBOR + 0.60% Three-month EURIBOR + 1%† June 2031 September 2058 B-Dfrd§ AA+ (sf) 39 6 2.5% N/A N/A September 2058 C NR 39 N/A 3% N/A N/A September 2058 *Credit enhancement calculation only considers subordination. §Our ratings address timely receipt of ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-fondo-de-titulizacion-rmbs-prado-xii-s101678372Business<![CDATA[ New Issue: Fondo de Titulizacion RMBS Prado XII ]]>T<![CDATA[ This report does not constitute a rating action. This is the first earnings season since CBAM began on Jan. 1, and its effects paint a nuanced picture. We have analyzed 52 earnings transcripts that have mentioned CBAM since the start of the year, looking at which companies globally have most actively discussed CBAM in the past quarter and what their primary areas of focus are. Here, we identify the main themes that companies—and industry analysts—are discussing as CBAM enters its definitive phase and what that could mean for the markets. Market players are anticipating increased costs for imports into Europe, but the impact will be far from uniform. CBAM (and the EU Emissions Trading Scheme [ETS]) implies long-term structural cost ]]>Tue, 21 Apr 2026 12:07:47 GMT00:01:00<![CDATA[ This report does not constitute a rating action. This is the first earnings season since CBAM began on Jan. 1, and its effects paint a nuanced picture. We have analyzed 52 earnings transcripts that have mentioned CBAM since the start of the year, looking at which companies globally have most actively discussed CBAM in the past quarter and what their primary areas of focus are. Here, we identify the main themes that companies—and industry analysts—are discussing as CBAM enters its definitive phase and what that could mean for the markets. Market players are anticipating increased costs for imports into Europe, but the impact will be far from uniform. CBAM (and the EU Emissions Trading Scheme [ETS]) implies long-term structural cost ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-cbams-initial-impact-signals-divergent-prospects-for-companies-earnings-s101676323Business<![CDATA[ Sustainability Insights: CBAM’s Initial Impact Signals Divergent Prospects For Companies' Earnings ]]>T<![CDATA[ Transaction profile Issuer Harvest Funding PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller Bank of Scotland PLC Servicer Bank of Scotland PLC Dependent counterparty Bank of Scotland PLC as issuer bank account. Capital structure Class Preliminary rating* Class size (%) Credit enhancement (%)§ Interest (%) Legal final maturity A AAA (sf) 87.00 13.00 Compounded daily SONIA plus 90 bps November 2069 B-Dfrd AA (sf) 3.50 9.50 Compounded daily SONIA plus 130 bps November 2069 C-Dfrd A (sf) 3.00 6.50 Compounded daily SONIA plus 170 bps November 2069 D-Dfrd BBB+ (sf) 1.50 5.00 Compounded daily SONIA plus 200 bps November 2069 E-Dfrd BB- (sf) 1.50 3.50 Compounded daily SONIA plus 300 bps November 2069 F-Dfrd B- (sf) 1.00 2.50 ]]>Tue, 21 Apr 2026 12:03:31 GMT00:01:00<![CDATA[ Transaction profile Issuer Harvest Funding PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller Bank of Scotland PLC Servicer Bank of Scotland PLC Dependent counterparty Bank of Scotland PLC as issuer bank account. Capital structure Class Preliminary rating* Class size (%) Credit enhancement (%)§ Interest (%) Legal final maturity A AAA (sf) 87.00 13.00 Compounded daily SONIA plus 90 bps November 2069 B-Dfrd AA (sf) 3.50 9.50 Compounded daily SONIA plus 130 bps November 2069 C-Dfrd A (sf) 3.00 6.50 Compounded daily SONIA plus 170 bps November 2069 D-Dfrd BBB+ (sf) 1.50 5.00 Compounded daily SONIA plus 200 bps November 2069 E-Dfrd BB- (sf) 1.50 3.50 Compounded daily SONIA plus 300 bps November 2069 F-Dfrd B- (sf) 1.00 2.50 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-harvest-funding-plc-s101680495Business<![CDATA[ New Issue: Harvest Funding PLC ]]>TMon, 20 Apr 2026 09:44:58 GMT00:01:00<![CDATA[ Upgrades exceeded downgrades last week, with downgrades more than halving from the previous week's level. The number of positive outlook and CreditWatch revisions continued to outpace the negative ones. Speculative-grade issuers dominated rating changes last week, accounting for six of seven upgrades and five of six downgrades across multiple sectors. There was one default last week: We downgraded U.S.-based Hubbard Radio LLC, a broadcast radio company, to selective default ('SD') from 'CCC-' on a below-par debt purchase. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/this-week-in-credit-speculative-grade-leads-rating-actions-april-20-2026-s101681104Business<![CDATA[ This Week In Credit: Speculative Grade Leads Rating Actions (April 20, 2026) ]]>T<![CDATA[ Tornator Oyj is a forest management company established in 2002. It owns forests totalling 819,000 hectares across Finland, Estonia, and Romania, with Finnish assets accounting for approximately 90% of its business. All proceeds will finance sustainable forest management projects, with minor investments dedicated to the restoration of biodiversity and conservation activities. We assess Tornator’s Green Finance Framework as Dark green. ]]>Mon, 20 Apr 2026 06:00:52 GMT00:01:00<![CDATA[ Tornator Oyj is a forest management company established in 2002. It owns forests totalling 819,000 hectares across Finland, Estonia, and Romania, with Finnish assets accounting for approximately 90% of its business. All proceeds will finance sustainable forest management projects, with minor investments dedicated to the restoration of biodiversity and conservation activities. We assess Tornator’s Green Finance Framework as Dark green. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-tornator-green-finance-framework-s101680857Business<![CDATA[ Second Party Opinion: Tornator Green Finance Framework ]]>TThu, 16 Apr 2026 19:08:09 GMT00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings has updated its quarterly lists of the top companies with loan issuances held by U.S. broadly syndicated collateralized loan obligations (BSL CLOs) and the industry categories these companies operate within, both ranked on a dollar-weighted basis. The information is based on the most recent trustee reports available to us as of the end of first-quarter 2026. To access our interactive dashboard, click this link . For the past several years, the top 250 obligors have represented about half of the assets under management across U.S. BSL CLO exposures rated by S&P Global Ratings. Historically, the top 250 obligors have had stronger credit quality, as measured by ratings, relative to ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-bsl-clo-top-obligors-and-industries-report-first-quarter-2026-s101680248Business<![CDATA[ U.S. BSL CLO Top Obligors And Industries Report: First-Quarter 2026 ]]>T<![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 ]]>Thu, 16 Apr 2026 19:06:19 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/servicer-evaluation-spotlight-report-modest-ai-adoption-by-loan-servicers-so-far-s101674558Business<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]>T<![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 ]]>Thu, 16 Apr 2026 16:28:34 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-how-are-crypto-quantum-and-ai-redefining-cyber-risks-s101678916Business<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>T<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Thu, 16 Apr 2026 14:24:10 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-april-15-2026-s101680695Business<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>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 ]]>Thu, 16 Apr 2026 12:36:05 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/bund-yields-peak-german-homes-are-resilient-balance-sheets-arent-s101680172Business<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>T<![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 ]]>Thu, 16 Apr 2026 09:16:14 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-and-abs-monitor-q1-2026-s101680394Business<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>T<![CDATA[ This report does not constitute a rating action. The Middle East war could strain Philippine banks. The central bank has temporarily suspended loan repayments for borrowers affected by higher energy prices and supply-chain disruptions. We believe the move may undermine bank profitability as net interest margins peak and credit losses remain elevated. But it could avoid a spike in nonperforming loans (NPLs). The relief measures apply to all supervised financial institutions until March 24, 2027. These include: A six-month grace period for loan repayments for affected borrowers; 12 months for agricultural loans. Exclusion of affected loans from reported NPLs and past due classifications. Encouragement for banks to waive transaction fees on digital money transfers. Philippine banks have no significant direct ]]>Thu, 16 Apr 2026 07:48:10 GMT00:01:00<![CDATA[ This report does not constitute a rating action. The Middle East war could strain Philippine banks. The central bank has temporarily suspended loan repayments for borrowers affected by higher energy prices and supply-chain disruptions. We believe the move may undermine bank profitability as net interest margins peak and credit losses remain elevated. But it could avoid a spike in nonperforming loans (NPLs). The relief measures apply to all supervised financial institutions until March 24, 2027. These include: A six-month grace period for loan repayments for affected borrowers; 12 months for agricultural loans. Exclusion of affected loans from reported NPLs and past due classifications. Encouragement for banks to waive transaction fees on digital money transfers. Philippine banks have no significant direct ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/philippine-banking-brief-war-relief-measures-could-dampen-profitability-s101680612Business<![CDATA[ Philippine Banking Brief: War Relief Measures Could Dampen Profitability ]]>T<![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 ]]>Thu, 16 Apr 2026 07:38:51 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-cyclical-sectors-record-most-defaults-in-the-first-quarter-s101679680Business<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>T<![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. ]]>Thu, 16 Apr 2026 03:01:39 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/climate-transition-assessment-ecoener-s101680475Business<![CDATA[ Climate Transition Assessment: Ecoener ]]>T<![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 ]]>Wed, 15 Apr 2026 21:13:23 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-us-aluminum-supply-chain-takes-a-strait-hit-s101673963Business<![CDATA[ Credit Conditions: U.S. Aluminum Supply Chain Takes A Strait Hit ]]>T<![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. ]]>Wed, 15 Apr 2026 21:05:53 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-15-2026-s101680584Business<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>T<![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. ]]>Wed, 15 Apr 2026 17:25:06 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/ratings-performance-insights-q1-2026-downside-risks-persist-s101680509Business<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>T<![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 ]]>Wed, 15 Apr 2026 16:51:19 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-monitor-q1-2026-s101679660Business<![CDATA[ European CMBS Monitor Q1 2026 ]]>T<![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, ]]>Wed, 15 Apr 2026 14:17:35 GMT00:01:00<![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, ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-whats-behind-our-proposed-criteria-for-rating-public-purpose-entities-outside-of-the-us-s101675409Business<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>T<![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+ ]]>Wed, 15 Apr 2026 12:57:28 GMT00:01:00<![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+ ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-bridgegate-funding-plc-s101678787Business<![CDATA[ New Issue: Bridgegate Funding PLC ]]>T<![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 ]]>Wed, 15 Apr 2026 10:52:34 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-ai-leaves-central-and-eastern-europes-it-success-at-a-crossroads-s101678600Business<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>T<![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 ]]>Wed, 15 Apr 2026 10:03:39 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-markets-financing-101-s101678601Business<![CDATA[ Credit FAQ: Markets Financing 101 ]]>T<![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 ]]>Wed, 15 Apr 2026 09:58:15 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/systemic-risk-trading-firms-expansion-affects-selected-ratings-s101674386Business<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>T<![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 ]]>Wed, 15 Apr 2026 03:39:56 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-banks-the-us180-billion-downside-scenario-s101679418Business<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>T<![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 ]]>Tue, 14 Apr 2026 22:37:04 GMT00:01:00<![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 ]]>Spanishhttps://www.spglobal.com/ratings/es/regulatory/article/segunda-opinin-marco-de-financiamiento-sostenible-de-bepensa-bebidas-s101680378Business<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]>T<![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%; ]]>Tue, 14 Apr 2026 20:45:18 GMT00:01:00<![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%; ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-cmbs-update-q1-2026-downgrades-abate-as-headwinds-persist-s101679698Business<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>T<![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. ]]>Tue, 14 Apr 2026 16:12:44 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/gems-data-highlight-strong-recoveries-in-emerging-markets-s101679461Business<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>T<![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 ]]>Tue, 14 Apr 2026 14:51:08 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/european-cmbs-sustains-momentum-beyond-the-refinance-wall-s101674202Business<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>TTue, 14 Apr 2026 12:34:46 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/ratings-component-scores-for-the-top-200-banks-globally-april-2026-s101679547Business<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>T<![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 ]]>Tue, 14 Apr 2026 11:42:26 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/contractual-cash-flow-protection-supports-abu-dhabi-linked-utilities-projects-amid-war-s101679641Business<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>T<![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 ]]>Tue, 14 Apr 2026 11:12:15 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/european-subnational-governments-brief-lrg-ratings-would-be-resilient-to-an-oil-price-shock-s101679453Business<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>T<![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 ]]>Tue, 14 Apr 2026 02:17:10 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/scenario-analysis-indias-strong-fundamentals-would-cushion-the-blow-of-an-oil-shock-s101678305Business<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>T<![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 ]]>Mon, 13 Apr 2026 17:48:11 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/mexicos-electricity-sector-eyes-private-sector-investment-s101674456Business<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]>T<![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 ]]>Mon, 13 Apr 2026 14:25:10 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/data-centers-offer-a-hyperscale-pool-of-insurable-risks-s101669146Business<![CDATA[ Data Centers Offer A Hyperscale Pool Of Insurable Risks ]]>T<![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 ]]>Mon, 13 Apr 2026 13:53:03 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/north-american-auto-industrys-2026-hangover-high-costs-stretched-consumers-slowing-sales-s101679197Business<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]>T<![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 ]]>Mon, 13 Apr 2026 01:14:14 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asia-tech-hardware-middle-east-risks-will-weigh-on-supply-and-demand-s101676539Business<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]>T<![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 ]]>Sun, 12 Apr 2026 23:16:11 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/china-commodities-in-charts-strong-balance-sheets-support-miners-global-expansion-s101671542Business<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]>T<![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 ]]>Fri, 10 Apr 2026 18:56:49 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-public-finance-rating-activity-brief-march-2026-s101679520Business<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]>T<![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. ]]>Fri, 10 Apr 2026 09:46:18 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bks-bank-ag-sustainable-bond-framework-s101679648Business<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]>T<![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 ]]>Fri, 10 Apr 2026 08:12:57 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-insurers-market-volatility-is-the-largest-war-related-impact-s101677786Business<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]>T<![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 ]]>Thu, 09 Apr 2026 16:06:18 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-what-does-europes-defense-push-mean-for-sovereign-and-corporate-credit-s101677939Business<![CDATA[ CreditWeek: What Does Europe's Defense Push Mean For Sovereign And Corporate Credit? ]]>T<![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 ]]>Thu, 09 Apr 2026 13:36:46 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/emea-rmbs-can-withstand-middle-east-conflict-payment-shock-s101677900Business<![CDATA[ EMEA RMBS Can Withstand Middle East Conflict Payment Shock ]]>T<![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 ]]>Thu, 09 Apr 2026 13:08:33 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/how-supply-chain-risk-affects-credit-quality-across-us-public-finance-sectors-s101678175Business<![CDATA[ How Supply Chain Risk Affects Credit Quality Across U.S. Public Finance Sectors ]]>T<![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 ]]>Thu, 09 Apr 2026 06:19:36 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/middle-east-conflict-gcc-downstream-sectors-brace-for-broader-impact-s101678714Business<![CDATA[ Middle East Conflict: GCC Downstream Sectors Brace For Broader Impact ]]>T<![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. ]]>Thu, 09 Apr 2026 02:56:59 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-february-2026-s101679415Business<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) February 2026 ]]>T<![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. ]]>Thu, 09 Apr 2026 02:56:08 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-excluding-noncapital-market-issuance-february-2026-s101679413Business<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) February 2026 ]]>T<![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 ]]>Thu, 09 Apr 2026 01:41:54 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asiapacifics-energy-flows-and-gaps-in-10-charts-s101678160Business<![CDATA[ Asia‑Pacific's Energy Flows And Gaps In 10 Charts ]]>T<![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, ]]>Wed, 08 Apr 2026 20:21:09 GMT00:01:00<![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, ]]>Englishhttps://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-s101676190Business<![CDATA[ The Health Care Credit Beat: 2027 Medicare Advantage Rates: Insurers And Acute Providers Navigate A Modest Increase Amid Rising Costs ]]>T<![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. ]]>Wed, 08 Apr 2026 19:58:36 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-apr-8-2026-s101679372Business<![CDATA[ The Ratings View: Apr. 8, 2026 ]]>T<![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. ]]>Wed, 08 Apr 2026 14:49:18 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/pre-issuance-alignment-letter-trinity-rail-leasing-2025-llc-secured-green-standard-railcar-notes-series-2026-1-s101679356Business<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2025 LLC Secured Green Standard Railcar Notes, Series 2026-1 ]]>T<![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. ]]>Wed, 08 Apr 2026 13:27:59 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-we-consider-pool-audits-in-our-emea-rmbs-and-abs-rating-process-s101676677Business<![CDATA[ Credit FAQ: How We Consider Pool Audits In Our EMEA RMBS And ABS Rating Process ]]>T<![CDATA[ S&P Global Ratings assesses Nacional Financiera's allocations as consistent with pre-issuance commitments. ]]>Wed, 08 Apr 2026 10:50:20 GMT00:01:00<![CDATA[ S&P Global Ratings assesses Nacional Financiera's allocations as consistent with pre-issuance commitments. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-nacional-financieras-allocation-and-impact-report-2025-s101679306Business<![CDATA[ Post-Issuance Review: Nacional Financiera's Allocation And Impact Report 2025 ]]>TTue, 07 Apr 2026 14:15:05 GMT00:01:00<![CDATA[ This report does not constitute a rating action. The obscure topic of central bank reserve remuneration is an unlikely inclusion in the U.K. political debate. Voices across the political spectrum have called for the Bank of England (BoE) to pay tiered interest rates on reserves to offset the direct loss on its quantitative easing (QE) program. BoE reserves represent the majority of U.K. banks' domestic liquid assets and lower remuneration could reduce their revenue and increase liquidity risk. The Chancellor of the Exchequer and BoE Governor have defended the current approach to reserve remuneration as the most effective means to support financial stability and effective monetary policy transmission. BoE reserves are declining as the QE program unwinds, and a growing ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/uk-debate-on-central-bank-reserve-remuneration-poses-limited-risk-to-banks-s101675315Business<![CDATA[ U.K. Debate On Central Bank Reserve Remuneration Poses Limited Risk To Banks ]]>T<![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. ]]>Tue, 07 Apr 2026 07:14:22 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/scenario-and-sensitivity-analysis-taiwan-life-insurers-after-forex-rules-shakeup-risk-will-linger-s101676058Business<![CDATA[ Scenario and Sensitivity Analysis: Taiwan Life Insurers: After Forex Rules Shakeup, Risk Will Linger ]]>T<![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 ]]>Tue, 07 Apr 2026 02:42:14 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-australian-governments-in-brief-oil-crisis-to-test-resolve-s101678326Business<![CDATA[ Credit Trends: Australian Governments In Brief: Oil Crisis To Test Resolve ]]>T<![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 ]]>Mon, 06 Apr 2026 19:47:33 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-home-price-overvaluation-steady-at-10-s101676127Business<![CDATA[ U.S. Home Price Overvaluation Steady At 10% ]]>T<![CDATA[ This report does not constitute a rating action. S&P Global Ratings adjusts reported financials in our analysis of credit metrics in line with our methodologies, in part to increase comparability. Here, we provide the annual update to our analytical adjustments for EBITDA and debt for the five major U.S. telecommunications and cable companies we rate: AT&T Inc., Charter Communications Inc., Comcast Corp., T-Mobile US Inc., and Verizon Communications Inc. Table 1 U.S. telecom and cable companies: peer risk profile comparison Company Rating Business/financial risk profile Adjusted leverage threshold upside (x) Adjusted leverage threshold downside (x) Last-12-months adjusted leverage (x) AT&T Inc. BBB/Stable/A-2 Strong / Significant 3.25 4 3.3 Charter Communications Inc. BB+/Stable/-- Strong / Aggressive 4 4.5 4.2 Comcast Corp. ]]>Mon, 06 Apr 2026 15:40:05 GMT00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings adjusts reported financials in our analysis of credit metrics in line with our methodologies, in part to increase comparability. Here, we provide the annual update to our analytical adjustments for EBITDA and debt for the five major U.S. telecommunications and cable companies we rate: AT&T Inc., Charter Communications Inc., Comcast Corp., T-Mobile US Inc., and Verizon Communications Inc. Table 1 U.S. telecom and cable companies: peer risk profile comparison Company Rating Business/financial risk profile Adjusted leverage threshold upside (x) Adjusted leverage threshold downside (x) Last-12-months adjusted leverage (x) AT&T Inc. BBB/Stable/A-2 Strong / Significant 3.25 4 3.3 Charter Communications Inc. BB+/Stable/-- Strong / Aggressive 4 4.5 4.2 Comcast Corp. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-calculating-leverage-for-selected-us-telecommunications-and-cable-companies-2026-update-s101677347Business<![CDATA[ Credit FAQ: Calculating Leverage For Selected U.S. Telecommunications And Cable Companies (2026 Update) ]]>T<![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 ]]>Mon, 06 Apr 2026 15:33:08 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/aaa-rated-us-municipalities-current-list-s101678478Business<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>TFri, 03 Apr 2026 20:46:18 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-solid-jobs-numbers-for-march-overstate-the-us-labor-markets-momentum-s101678793Business<![CDATA[ Economic Research: Solid Jobs Numbers For March Overstate The U.S. Labor Market's Momentum ]]>T<![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 ]]>Thu, 02 Apr 2026 17:09:21 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-global-financial-services-default-and-rating-transition-study-s101676096Business<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Financial Services Default And Rating Transition Study ]]>T<![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, ]]>Thu, 02 Apr 2026 14:11:33 GMT00:01:00<![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, ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/inside-global-abcp-2026-market-expected-to-remain-stable-but-geopolitical-events-may-slow-issuance-s101676671Business<![CDATA[ Inside Global ABCP 2026: Market Expected To Remain Stable, But Geopolitical Events May Slow Issuance ]]>T<![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 ]]>Thu, 02 Apr 2026 13:55:16 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-lng-perspectives-from-our-ceraweek-meetings-s101678404Business<![CDATA[ Credit FAQ: LNG Perspectives From Our CERAWeek Meetings ]]>T<![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 ]]>Thu, 02 Apr 2026 07:59:06 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/how-will-the-middle-east-war-affect-the-insurance-sector-s101675506Business<![CDATA[ How Will The Middle East War Affect The Insurance Sector? ]]>T<![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 ]]>Wed, 01 Apr 2026 18:43:48 GMT00:01:00<![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 $335 billion in refunds will be issued between Jan. 26 and June 30 this year, up 11.2% from 2025, according to the S&P Global Market Intelligence Tax Refund Tracker. However, a thinner savings buffer, real income stress, along with a softening job market and lower population growth, could weigh on credit conditions, especially in sectors like retail and media/entertainment. Reduced spending ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/consumer-pulse-us-consumers-resilience-could-be-tested-across-sectors-s101675447Business<![CDATA[ Consumer Pulse: U.S. Consumers' Resilience Could Be Tested Across Sectors ]]>T<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. auto loan asset-backed securities (ABS) tracker report provides monthly historical performance data for prime and subprime auto loans. Tables 1 and 2 show performance data for the past 14 months, while charts 1-4 illustrate performance from February 2012 through February 2026. For the full dataset beginning in January 2006, see our extended tables: Click here . For more information on sector and performance trends, see our latest full year-end tracker, " U.S. Auto Loan ABS Tracker: Full-Year And December 2025 Performance ," published Feb. 12, 2026. Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day ]]>Wed, 01 Apr 2026 15:46:02 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-auto-loan-abs-tracker-february-2026-performance-s101677773Business<![CDATA[ U.S. Auto Loan ABS Tracker: February 2026 Performance ]]>T<![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. ]]>Wed, 01 Apr 2026 13:58:47 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/challenges-at-the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101678143Business<![CDATA[ Challenges At The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>T<![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 ]]>Wed, 01 Apr 2026 13:26:07 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-crypto-quantum-and-ai-s101671336Business<![CDATA[ The Frontier Of Cyber Risk: Crypto, Quantum, And AI ]]>T<![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 ]]>Wed, 01 Apr 2026 12:04:40 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-quantum-computing-is-a-threat-to-cryptography-today-s101672434Business<![CDATA[ The Frontier Of Cyber Risk: Quantum Computing Is A Threat To Cryptography Today ]]>T<![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 ]]>Wed, 01 Apr 2026 12:03:07 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-frontier-of-cyber-risk-ai-will-multiply-threats-and-bolster-defenses-s101672778Business<![CDATA[ The Frontier Of Cyber Risk: AI Will Multiply Threats And Bolster Defenses ]]>T<![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. ]]>Wed, 01 Apr 2026 08:04:05 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/spo-and-eugb-pre-issuance-review-redeia-eugb-factsheet-s101678377Business<![CDATA[ SPO And EuGB Pre-Issuance Review: Redeia EuGB Factsheet ]]>TTue, 31 Mar 2026 19:50:14 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/global-credit-conditions-q2-2026-narrow-strait-broad-implications-s101678271Business<![CDATA[ Global Credit Conditions Q2 2026: Narrow Strait, Broad Implications ]]>T<![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 ]]>Tue, 31 Mar 2026 15:34:02 GMT00:01:00<![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 ]]>Englishhttps://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-s101678026Business<![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 ]]>T<![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 ]]>Tue, 31 Mar 2026 15:23:31 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/its-too-soon-for-a-boom-though-a-bust-could-sting-mineral-producing-us-states-s101677727Business<![CDATA[ It's Too Soon For A Boom Though A Bust Could Sting Mineral-Producing U.S. States ]]>T<![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 ]]>Tue, 31 Mar 2026 13:46:14 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/reading-the-fine-print-evaluating-shifts-in-european-clo-documentation-s101676337Business<![CDATA[ Reading The Fine Print: Evaluating Shifts In European CLO Documentation ]]>T<![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 ]]>Tue, 31 Mar 2026 12:43:57 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/institutional-framework-assessment-weak-safeguards-could-leave-norwegian-lrgs-imbalances-unchecked-s101667523Business<![CDATA[ Institutional Framework Assessment: Weak Safeguards Could Leave Norwegian LRGs' Imbalances Unchecked ]]>T<![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 ]]>Tue, 31 Mar 2026 09:23:53 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-cycle-indicator-q2-2026-the-middle-east-war-could-accelerate-credit-deterioration-s101677494Business<![CDATA[ Credit Cycle Indicator Q2 2026: The Middle East War Could Accelerate Credit Deterioration ]]>T<![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 ]]>Tue, 31 Mar 2026 07:35:24 GMT00:01:00<![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 ]]>Englishhttps://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-s101672338Business<![CDATA[ RFC Process Summary: RFC Results For Proposed Notching For Issue Ratings Of Senior Secured Debt Of Asset-Intensive Investment-Grade Issuers ]]>T<![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. ]]>Tue, 31 Mar 2026 05:36:12 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/asia-pacific-sector-roundup-q2-2026-energy-supply-hit-is-the-bigger-test-s101678093Business<![CDATA[ Asia-Pacific Sector Roundup Q2 2026: Energy-Supply Hit Is The Bigger Test ]]>T<![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 ]]>Tue, 31 Mar 2026 02:20:41 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/emerging-asia-fincos-fast-times-will-test-funding-and-asset-quality-s101675088Business<![CDATA[ Emerging Asia Fincos: Fast Times Will Test Funding And Asset Quality ]]>T<![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 ]]>Mon, 30 Mar 2026 19:46:06 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/executive-comment-sector-update-insights-from-power-sector-ceos-at-ceraweek-s101677919Business<![CDATA[ Executive Comment: Sector Update: Insights From Power Sector CEOs At CERAWeek ]]>TMon, 30 Mar 2026 15:19:21 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-together-asset-backed-securitisation-15-2026-1st1-plc-s101675433Business<![CDATA[ New Issue: Together Asset Backed Securitisation 15 2026-1ST1 PLC ]]>T<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Thu, 26 Mar 2026 18:24:20 GMT00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-trends-us-corporate-bond-yields-as-of-march-25-2026-s101677472Business<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of March 25, 2026 ]]>T<![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. ]]>Thu, 26 Mar 2026 17:54:58 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-26-2026-s101677591Business<![CDATA[ The Ratings View: Mar. 26, 2026 ]]>T<![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 ]]>Thu, 26 Mar 2026 17:38:25 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/metropolitan-transportation-authority-nys-congestion-pricing-one-year-later-successes-risks-opportunities-and-credit-implications-s101667385Business<![CDATA[ Metropolitan Transportation Authority, N.Y.’s Congestion Pricing One Year Later: Successes, Risks, Opportunities, And Credit Implications ]]>T<![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 ]]>Thu, 26 Mar 2026 16:58:15 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/spains-solar-boom-some-producers-at-risk-utilities-protected-s101627699Business<![CDATA[ Spain's Solar Boom: Some Producers At Risk, Utilities Protected ]]>T<![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. ]]>Thu, 26 Mar 2026 16:28:07 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/this-month-in-credit-rising-strains-amid-market-volatility-s101677541Business<![CDATA[ This Month In Credit: Rising Strains Amid Market Volatility ]]>T<![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 ]]>Thu, 26 Mar 2026 16:06:02 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/regulatory-proposals-to-revise-capital-rules-could-increase-risks-for-us-banks-s101676807Business<![CDATA[ Regulatory Proposals To Revise Capital Rules Could Increase Risks For U.S. Banks ]]>T<![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 ]]>Thu, 26 Mar 2026 14:41:37 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-transportation-infrastructure-companies-s101673105Business<![CDATA[ Issuer Ranking: EMEA Transportation Infrastructure Companies ]]>T<![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 ]]>Thu, 26 Mar 2026 14:33:04 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/north-american-credit-conditions-for-q2-2026-are-on-a-narrow-path-report-says-s101677506Business<![CDATA[ North American Credit Conditions For Q2 2026 Are On A Narrow Path, Report Says ]]>TThu, 26 Mar 2026 12:13:21 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-climate-transition-trends-real-estate-faces-concrete-challenges-to-decarbonizing-s101675864Business<![CDATA[ Sustainability Insights: Climate Transition Trends: Real Estate Faces Concrete Challenges To Decarbonizing​ ]]>T<![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. ]]>Thu, 26 Mar 2026 09:50:17 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sveaskog-green-bond-framework-s101676928Business<![CDATA[ Second Party Opinion: Sveaskog Green Bond Framework ]]>T<![CDATA[ Geopolitical risks cloud the European macro-credit outlook, which started the year fairly positively. ]]>Thu, 26 Mar 2026 08:49:15 GMT00:01:00<![CDATA[ Geopolitical risks cloud the European macro-credit outlook, which started the year fairly positively. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-europe-q2-2026-supply-strains-credit-pains-s101677429Business<![CDATA[ Credit Conditions Europe Q2 2026: Supply Strains, Credit Pains ]]>T<![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 ]]>Thu, 26 Mar 2026 06:57:33 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/japans-power-industry-recovers-momentum-10-years-after-liberalization-s101672328Business<![CDATA[ Japan's Power Industry Recovers Momentum 10 Years After Liberalization ]]>T<![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. ]]>Thu, 26 Mar 2026 04:28:37 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-asia-pacific-q2-2026-choke-point-to-stress-points-s101677398Business<![CDATA[ Credit Conditions Asia-Pacific Q2 2026: Choke Point To Stress Points ]]>TWed, 25 Mar 2026 19:55:42 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-canada-q2-2026-trade-uncertainty-cautious-spending-constrain-growth-s101677093Business<![CDATA[ Economic Outlook Canada Q2 2026: Trade Uncertainty, Cautious Spending Constrain Growth ]]>TWed, 25 Mar 2026 17:25:02 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-montgomery-square-consumer-funding-1-plc-s101676555Business<![CDATA[ New Issue: Montgomery Square Consumer Funding 1 PLC ]]>TWed, 25 Mar 2026 15:26:20 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-emerging-markets-q2-2026-inflation-risks-reemerge-s101675942Business<![CDATA[ Economic Outlook Emerging Markets Q2 2026: Inflation Risks Reemerge ]]>T<![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 ]]>Wed, 25 Mar 2026 11:57:25 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-research-economic-outlook-europe-q2-2026-global-shock-leaves-recovery-uncertain-s101675412Business<![CDATA[ Economic Research: Economic Outlook Europe Q2 2026: Global Shock Leaves Recovery Uncertain ]]>T<![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. ]]>Wed, 25 Mar 2026 07:52:31 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-sparebanken-st-green-finance-framework-s101677130Business<![CDATA[ Second Party Opinion: Sparebanken Øst Green Finance Framework ]]>T<![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 ]]>Tue, 24 Mar 2026 23:23:51 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/economic-outlook-asia-pacific-q2-2026-geopolitical-strife-stalls-the-momentum-s101675873Business<![CDATA[ Economic Outlook Asia-Pacific Q2 2026: Geopolitical Strife Stalls The Momentum ]]>T<![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. ]]>Tue, 24 Mar 2026 17:59:00 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/mercury-rising-european-entities-show-some-adaptation-gains-as-physical-risks-mount-s101676992Business<![CDATA[ Mercury Rising: European Entities Show Some Adaptation Gains As Physical Risks Mount ]]>T<![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. ]]>Tue, 24 Mar 2026 17:17:48 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/apac-structured-finance-chart-book-march-2026-s101676975Business<![CDATA[ APAC Structured Finance Chart Book: March 2026 ]]>T<![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. ]]>Tue, 24 Mar 2026 17:15:17 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-structured-finance-chart-book-march-2026-s101676967Business<![CDATA[ U.S. Structured Finance Chart Book: March 2026 ]]>T<![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 ]]>Tue, 24 Mar 2026 13:12:03 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/everywhere-all-at-once-how-the-growth-of-data-centers-could-carry-risks-for-us-local-governments-s101673051Business<![CDATA[ Everywhere, All At Once: How The Growth Of Data Centers Could Carry Risks For U.S. Local Governments ]]>T<![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. ]]>Tue, 24 Mar 2026 10:45:15 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/ericsson-green-financing-framework-s101676879Business<![CDATA[ Ericsson Green Financing Framework ]]>TMon, 23 Mar 2026 14:53:18 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-trinity-industries-green-financing-framework-s101676728Business<![CDATA[ Second Party Opinion: Trinity Industries Green Financing Framework ]]>T<![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 ]]>Mon, 23 Mar 2026 13:34:40 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/default-transition-and-recovery-2025-annual-emerging-and-frontier-markets-corporate-default-and-rating-transition-study-s101669762Business<![CDATA[ Default, Transition, and Recovery: 2025 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study ]]>T<![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 ]]>Sun, 22 Mar 2026 22:42:14 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/australias-expanded-support-for-homebuyers-could-backfire-s101664310Business<![CDATA[ Australia's Expanded Support For Homebuyers Could Backfire ]]>TFri, 20 Mar 2026 14:59:02 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-real-time-data-energy-related-inflation-risks-rise-against-steady-growth-momentum-s101672676Business<![CDATA[ U.S. Real-Time Data: Energy-Related Inflation Risks Rise Against Steady Growth Momentum ]]>T<![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, ]]>Thu, 19 Mar 2026 16:10:51 GMT00:01:00<![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, ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/creditweek-to-what-extent-will-ai-disruption-hit-private-credit-s101667613Business<![CDATA[ CreditWeek: To What Extent Will AI Disruption Hit Private Credit? ]]>T<![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 ]]>Thu, 19 Mar 2026 14:35:41 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/dry-run-the-high-stakes-race-redefining-the-colorado-rivers-downstream-credit-challenges-s101674755Business<![CDATA[ Dry Run: The High Stakes Race Redefining The Colorado River’s Downstream Credit Challenges ]]>T<![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 ]]>Thu, 19 Mar 2026 14:24:53 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/norwegian-and-finnish-covered-bond-market-insights-2026-s101668935Business<![CDATA[ Norwegian And Finnish Covered Bond Market Insights 2026 ]]>T<![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 ]]>Thu, 19 Mar 2026 12:43:35 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-middle-east-war-is-adding-uncertainty-to-an-already-fragile-global-autos-outlook-s101675552Business<![CDATA[ The Middle East War Is Adding Uncertainty To An Already Fragile Global Autos Outlook ]]>T<![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 ]]>Thu, 19 Mar 2026 09:41:46 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sustainability-insights-sustainable-finance-faq-how-views-on-responsible-investment-and-defense-are-evolving-s101673980Business<![CDATA[ Sustainability Insights: Sustainable Finance FAQ: How Views On Responsible Investment And Defense Are Evolving ]]>T<![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 ]]>Thu, 19 Mar 2026 07:38:31 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/how-japanese-companies-will-handle-middle-east-risk-varies-across-sectors-s101675576Business<![CDATA[ How Japanese Companies Will Handle Middle East Risk Varies Across Sectors ]]>T<![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. ]]>Thu, 19 Mar 2026 06:34:18 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-asia-pacific-energy-shock-will-test-credit-resilience-s101676062Business<![CDATA[ Corporate Top Trends Update 2026 Asia-Pacific: Energy Shock Will Test Credit Resilience ]]>T<![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%). ]]>Thu, 19 Mar 2026 05:25:40 GMT00:01:00<![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%). ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-volvo-car-ab-green-financing-framework-s101676079Business<![CDATA[ Second Party Opinion: Volvo Car AB Green Financing Framework ]]>TThu, 19 Mar 2026 03:03:55 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/how-we-factor-in-supply-chain-risks-to-corporate-ratings-analysis-s101675067Business<![CDATA[ How We Factor In Supply-Chain Risks To Corporate Ratings Analysis ]]>TWed, 18 Mar 2026 18:15:50 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/new-issue-velocity-2026-1-plc-s101675456Business<![CDATA[ New Issue: Velocity 2026-1 PLC ]]>T<![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 ]]>Wed, 18 Mar 2026 09:01:19 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/european-clos-top-30-b-rated-issuers-chemicals-and-building-materials-pose-most-risk-s101670022Business<![CDATA[ European CLOs' Top 30 'B-' Rated Issuers: Chemicals And Building Materials Pose Most Risk ]]>TTue, 17 Mar 2026 16:29:36 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-debt-2026-african-sovereigns-to-borrow-155-billion-s101672058Business<![CDATA[ Sovereign Debt 2026: African Sovereigns To Borrow $155 Billion ]]>TTue, 17 Mar 2026 14:29:55 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-republic-of-chile-sustainable-bond-framework-s101675751Business<![CDATA[ Second Party Opinion: Republic of Chile Sustainable Bond Framework ]]>T<![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 ]]>Tue, 17 Mar 2026 04:29:54 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/china-banking-brief-policy-support-for-priority-sectors-has-become-less-distortive-s101674706Business<![CDATA[ China Banking Brief: Policy Support For Priority Sectors Has Become Less Distortive ]]>TMon, 16 Mar 2026 17:11:05 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sp-global-ratings-raises-2026-oil-price-assumptions-on-longerthanexpected-oil-flows-disruption-s101675235Business<![CDATA[ S&P Global Ratings Raises 2026 Oil Price Assumptions On Longer‑Than‑Expected Oil Flows Disruption ]]>T<![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 ]]>Mon, 16 Mar 2026 15:20:04 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/resilient-gulf-banks-still-face-uncertainty-s101674982Business<![CDATA[ Resilient Gulf Banks Still Face Uncertainty ]]>T<![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 ]]>Mon, 16 Mar 2026 14:31:26 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/war-in-the-middle-east-risks-and-opportunities-for-global-infrastructure-s101674866Business<![CDATA[ War In The Middle East: Risks And Opportunities For Global Infrastructure ]]>T<![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. ]]>Mon, 16 Mar 2026 14:26:23 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/ai-can-add-an-edge-to-several-european-software-subsegments-s101675369Business<![CDATA[ AI Can Add An Edge To Several European Software Subsegments ]]>TMon, 16 Mar 2026 02:03:17 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/rmbs-arrears-statistics-australia-including-noncapital-market-issuance-january-2026-s101675335Business<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) January 2026 ]]>T<![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. ]]>Fri, 13 Mar 2026 08:40:15 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-skue-sparebanks-green-bond-framework-s101675116Business<![CDATA[ Second Party Opinion: Skue Sparebank's Green Bond Framework ]]>T<![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 ]]>Fri, 13 Mar 2026 04:58:17 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-what-the-middle-east-conflict-means-for-the-asia-pacific-chemicals-industry-s101673918Business<![CDATA[ Credit FAQ: What The Middle East Conflict Means For The Asia-Pacific Chemicals Industry ]]>T<![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 ]]>Thu, 12 Mar 2026 13:57:56 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-electric-utilities-ratemaking-flexibility-could-worsen-from-indirect-exposure-to-middle-east-conflict-s101674219Business<![CDATA[ U.S. Not-For-Profit Electric Utilities’ Ratemaking Flexibility Could Worsen From Indirect Exposure To Middle East Conflict ]]>T<![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 ]]>Thu, 12 Mar 2026 12:03:17 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/cyber-brief-the-middle-east-conflict-is-also-a-cyberwar-that-has-increased-digital-risk-s101673945Business<![CDATA[ Cyber Brief: The Middle East Conflict Is Also A Cyberwar That Has Increased Digital Risk ]]>T<![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. ]]>Thu, 12 Mar 2026 06:11:58 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/post-issuance-review-just-group-sustainability-allocation-report-s101674884Business<![CDATA[ Post-Issuance Review: Just Group Sustainability Allocation Report ]]>T<![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. ]]>Thu, 12 Mar 2026 03:45:29 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/corporate-top-trends-update-2026-japan-an-appetite-for-investment-amid-geopolitical-risk-s101674849Business<![CDATA[ Corporate Top Trends Update 2026: Japan: An Appetite For Investment Amid Geopolitical Risk ]]>T<![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. ]]>Wed, 11 Mar 2026 21:37:05 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/the-ratings-view-mar-11-2026-s101674809Business<![CDATA[ The Ratings View: Mar. 11, 2026 ]]>T<![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' ]]>Wed, 11 Mar 2026 20:22:42 GMT00:01:00<![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' ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/us-not-for-profit-health-care-rating-actions-february-2026-s101674728Business<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, February 2026 ]]>T<![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. ]]>Wed, 11 Mar 2026 19:10:57 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/emerging-markets-monthly-highlights-the-wars-scope-and-duration-shape-risks-s101674769Business<![CDATA[ Emerging Markets Monthly Highlights: The War's Scope And Duration Shape Risks ]]>T<![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 ]]>Wed, 11 Mar 2026 16:19:00 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sector-review-fund-finance-trends-rated-note-feeders-support-private-credit-fundraising-s101667999Business<![CDATA[ Sector Review: Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ]]>T<![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 ]]>Wed, 11 Mar 2026 16:12:13 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/pension-spotlight-illinois-s101669203Business<![CDATA[ Pension Spotlight: Illinois ]]>TWed, 11 Mar 2026 14:10:06 GMT00:01:00<![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, ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-how-could-ai-risks-weaken-ratings-s101673779Business<![CDATA[ Credit FAQ: How Could AI Risks Weaken Ratings? ]]>T<![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 ]]>Wed, 11 Mar 2026 05:39:11 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-conditions-watchpoints-for-asia-pacific-if-energy-supply-disruptions-persist-s101674437Business<![CDATA[ Credit Conditions: Watchpoints For Asia-Pacific If Energy Supply Disruptions Persist ]]>T<![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 ]]>Wed, 11 Mar 2026 05:25:21 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/prolonged-iran-conflict-can-breach-asian-oil-and-gas-defenses-s101673298Business<![CDATA[ Prolonged Iran Conflict Can Breach Asian Oil And Gas Defenses ]]>T<![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 ]]>Wed, 11 Mar 2026 04:24:51 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/korea-financials-brief-middle-east-war-induced-volatility-to-test-resilience-s101674143Business<![CDATA[ Korea Financials Brief: Middle East War-Induced Volatility To Test Resilience ]]>T<![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. ]]>Tue, 10 Mar 2026 22:16:06 GMT00:01:00<![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. ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/second-party-opinion-bank-smbc-indonesia-tbk-pt-esg-deposit-framework-s101674585Business<![CDATA[ Second Party Opinion: Bank SMBC Indonesia Tbk. PT ESG Deposit Framework ]]>T<![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 ]]>Tue, 10 Mar 2026 13:36:55 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/issuer-ranking-emea-health-care-services-companies-strongest-to-weakest-s101669085Business<![CDATA[ Issuer Ranking: EMEA Health Care Services Companies, Strongest To Weakest ]]>T<![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 ]]>Tue, 10 Mar 2026 06:24:09 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/credit-faq-chinas-two-sessions-beyond-the-headline-numbers-s101674117Business<![CDATA[ Credit FAQ: China's Two Sessions: Beyond The Headline Numbers ]]>T<![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 ]]>Mon, 09 Mar 2026 16:31:47 GMT00:01:00<![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 ]]>Englishhttps://www.spglobal.com/ratings/en/regulatory/article/sovereign-ratings-score-snapshot-s101673957Business<![CDATA[ Sovereign Ratings Score Snapshot ]]>T<![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 ]]>Mon, 09 Mar 2026 16:07:08 GMT00:01:00<![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 ]]>Englishhttps://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-s101673550Business<![CDATA[ What We’re Watching As New York City’s Fiscal Realities Bite Into The Big Apple’s Preliminary Fiscal 2027 Budget ]]>T