Discover why financial professionals around the world use S&P's credit ratings, research and analytics to help capitalize on investment opportunities and mitigate risk.2026 S&P Global Ratingshttps://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! Our CreditMatters videos and podcasts provide an easy and informative way to keep up with S&P Global Ratings' global perspective on important credit market developments anytime, anywhere.en-UScreditmatters@spglobal.comS&P Global RatingsS&P Global RatingsS&P Global RatingsNOBusiness<![CDATA[ This report does not constitute a rating action. The summit between U.S. President Donald Trump and Chinese President Xi Jinping ended with a plan to establish trade and investment boards, some reported goods-purchasing agreements, and an invitation for Xi to visit Washington in September. The meeting may have eased tensions in the short-term but did little to lessen the broader geopolitical strains and structural frictions that pose significant risks to credit conditions around the globe. The first U.S. presidential visit to mainland China since 2017 occurred amid rapidly shifting global economic and geopolitical landscape (see chart 1). The Trump administration’s sharp turn toward a more transactional approach to trade has reshaped economic relationships—not just for the U.S. but around the ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Credit ConditionsMon, 18 May 2026 19:35:52 GMT<![CDATA[ Credit Conditions Brief: Trump-Xi Summit Is Progress, Not A Solution ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes the federal‑state Medicaid funding partnership has reached an inflection point, following the enactment of H.R. 1, as the federal government shifts greater financial risk and cost variability onto states. According to the Congressional Budget Office (CBO), net spending reductions are estimated to total approximately $900 billion between 2025 and 2034. The evolving Medicaid policy landscape has uneven credit implications across the state sector as it moves from a program with a historically predictable federal-state relationship to one with a source of state budgetary uncertainty. The ability to adjust policies and align future Medicaid spending growth amid a shifting funding environment, while preserving structural budgetary balance and financial reserves, ]]>Health Care, U.S. Public Finance, U.S. States, Mon, 18 May 2026 15:43:53 GMT<![CDATA[ Under The Knife: U.S. States Prepare For Federal Medicaid Cuts As H.R. 1 Leaves Less Operating Room ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes many U.S. states entered fiscal 2026 in a position of financial and reserve strength to manage higher Medicaid costs in the near term, but the combination of evolving structural pressures and policy shifts that affect the federal-state funding partnership will increasingly test the resilience of state financial performance within the next decade. For more information on the Medicaid effects of H.R. 1 on states, please see our companion commentary, “ Under The Knife: U.S. States Prepare For Federal Medicaid Cuts As H.R. 1 Leaves Less Operating Room , ” May 18, 2026. Medicaid remains one of the largest--and fastest growing--components of state operating budgets. The median for state-share ]]>Health Care, U.S. Public Finance, U.S. States, Mon, 18 May 2026 15:38:00 GMT<![CDATA[ Medicaid Check-Up: Where U.S. States' Spending And Enrollment Stand As Funding Shifts Continue ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following list ranks the global portfolio of investment-grade aerospace and defense companies rated by S&P Global Ratings, from strongest to weakest. The cohort includes 25 investment-grade companies, with 13 based in North America, nine in Europe, two in the Middle East, and one in South America. We have ranked these companies by rating, outlook, stand-alone credit profile (SACP), and business risk and financial risk profiles. Companies are then listed in alphabetical order if not distinguished by these factors. All the companies are either what we call primes or tier 1 original equipment manufacturers (OEMs), with some business activities spanning both definitions. We define primes as companies that design, assemble, and market ]]>Aerospace & Defense, Corporates, Market DynamicsMon, 18 May 2026 11:20:50 GMT<![CDATA[ Global Aerospace And Defense Investment-Grade Companies: Strongest To Weakest ]]>00:01:00<![CDATA[ Rating activity picked up from the previous week, with upgrades tripling to 12 and outpacing downgrades--which increased to nine from four. The oil and gas sector led upgrade activity, with three upgrades, followed by media and entertainment, with two upgrades. We upgraded Deutsche Telekom AG to 'A-' from 'BBB+', marking the largest rating action by rated debt volume during the week. Downgrades were more broadly distributed across sectors, led by consumer products, with two downgrades. Two defaults were recorded last week. We downgraded Colisee Group SAS, a nursing home operator, to 'SD' (selective default) from 'CCC-' following a debt exchange transaction, we subsequently upgraded it to 'CCC+' after restructuring. We downgraded United FP Holdings LLC, a fitness clubs developer and operator, to 'D' (default) from 'CCC-' on missed interest payments and an announced forbearance agreement. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 18 May 2026 10:18:19 GMT<![CDATA[ This Week In Credit: Rebound In Rating Activity (May 18, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On Feb. 17, 2026, two of the U.K.'s financial regulators launched a joint consultation outlining proposed reforms to their securitization rules. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have continually engaged with the securitization industry on perceived shortcomings in the regulations that were inherited from the EU after Brexit, occasionally making minor modifications. However, this consultation proposes more fundamental changes, mostly to the conduct rules. Meanwhile, the EU authorities are also in the midst of finalizing a wide-ranging redesign of both conduct rules and prudential treatment relating to securitization. In S&P Global Ratings’ view, the U.K. proposals significantly simplify investor due diligence and issuer disclosure requirements, which could ]]>Structured Finance, Mon, 18 May 2026 10:03:02 GMT<![CDATA[ Proposed Changes To U.K. Securitization Rules Could Deepen The Market ]]>00:01:00<![CDATA[ We assess Investment AB Latour's Green Financing Framework as Dark green. The Swedish investment company operates primarily through wholly owned industrial operations and a portfolio of partially owned listed holdings. Its industrial segment represents approximately 47% of Latour’s holdings (including net debt) and generated roughly Swedish krona 28 billion (€2.3 billion) in 2025 turnover. ]]>Retail & Consumer Products, Corporates, Retailing, Mon, 18 May 2026 07:23:02 GMT<![CDATA[ Second Party Opinion: Investment AB Latour Green Financing Framework ]]>00:01:00<![CDATA[ K2A Knaust & Andersson Fastigheter AB (publ) is a Swedish real estate company, focusing on development and long-term management of its own rental properties in Stockholm, the Mälardalen region, and selected university towns in Sweden. We assess the company's green finance framework as Medium green. ]]>Corporates, Real Estate Themes, Structured Finance, Mon, 18 May 2026 03:24:31 GMT<![CDATA[ Second Party Opinion: K2A Knaust & Andersson Fastigheter AB (publ) Green Finance Framework ]]>00:01:00Financial Services, Mon, 18 May 2026 02:11:08 GMT<![CDATA[ China Bank-Affiliated Leasing Companies: Oil Vulnerabilities And Defenses ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China's ports should manage to navigate a path through difficult waters. We believe new markets, higher value-added shipments and leading technology will drive modest annual growth in container throughput over the next three to five years. Resilience comes from export growth, supported by China's robust supply chains and focus on emerging markets. Additionally, China's prime hub ports benefit from their ability to accommodate large container vessels that consolidate cargo from regional ports. Coastal container throughput posted strong 8% year over year in the first quarter of 2026. Our assumptions take account of likely disruptions to shipping routes due to the Middle East war. Trade policy, though less in the spotlight now, remains ]]>Corporates, Energy and Oil & Gas, Infrastructure, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Social Infrastructure, Transportation, Mon, 18 May 2026 01:11:53 GMT<![CDATA[ China Ports: Adaptability Keeps Growth Above Water ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects Commonwealth of Virginia counties and municipalities’ (collectively, local governments or LGs) credit quality will remain stable and strong. Local economies that continue to experience good economic growth support this credit quality, buoyed by below-average unemployment, strong economic activity and income metrics, and typically robust reserves maintained by seasoned management teams that adhere to formalized financial policies. We expect many LGs will offset rising expenditures through growing real and personal property tax revenues, as well as other economically sensitive revenues including sales taxes and business license tax revenues, which historically have showed good growth over various economic cycles throughout the commonwealth. Much of the personal property tax revenue growth ]]>U.S. Local Governments, U.S. Public Finance, Thu, 14 May 2026 21:10:07 GMT<![CDATA[ U.S. Local Governments Credit Brief: Virginia Counties And Municipalities Means And Medians ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects the U.S. trailing-12-month speculative-grade corporate default rate to edge up to 4.0% by March 2027 from 3.9% in March 2026 (see chart below). This will be because of strong corporate earnings and a resilient economy run up against the negative fallout from the war with some preexisting vulnerabilities. Thus far, U.S. credit and market trends have remained much more constructive than those of other regions since the war's onset. The U.S. has more of its own energy sources (particularly natural gas) that shields it from some of the price spikes for energy sources from the Middle East. But this does not mean the U.S. is immune, as West ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, , Default TransitionThu, 14 May 2026 19:39:27 GMT<![CDATA[ Default, Transition, and Recovery: U.S. Default Rate Forecast: Iran War To Keep Default Rate Near Current Levels ]]>00:01:00<![CDATA[ Neste episódio de Além do Rating, Jadson Andrade recebe Lilian Coutinho (SMBC) e Flávia Bedran (S&P Global Ratings) para discutir a crescente pressão sobre as empresas latino-americanas. Explorando e os impactos dos recentes downgrades e os caminhos possíveis para a recuperação e desalavancagem financeira. ]]>https://share.vidyard.com/watch/ndN3L7StGmFKTCqy6NLQwoCorporates, Financial ServicesThu, 14 May 2026 17:53:00 GMT<![CDATA[ Lilian Coutinho (Sumitomo Mitsui Banking Corporation) sobre os desafios de governança e as estratégias de financiamento corporativo na América Latina ]]><![CDATA[ Jadson Andrade ]]>00:52:37<![CDATA[   Hyperscalers continue to spend record sums on AI-related investments. We estimate that the five large cloud service providers, which feature massive infrastructure to meet data demands, that we rate-- Alphabet (AA+/Stable/A-1+), Amazon (AA/Stable/A-1+), Meta (AA-/Stable/--), Microsoft (AAA/Stable/A-1+), and Oracle (BBB/Negative/A-2)--will spend about $750 billion on capital expenditures (capex) in 2026, representing 38% of their revenue. While these investments are beginning to lift hyperscalers' revenue and net income growth, they're also pressuring their free cash flow, which we expect to weaken over the next few years as these companies continue to invest in AI-related infrastructure. S&P Global Ratings believes most hyperscalers currently possess the balance sheet headroom to manage these investments. Yet the rising prevalence of circular investments and contingent ]]>Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Structured Finance, U.S. Public Finance, Information and Communications Technology (ICT)Thu, 14 May 2026 17:02:23 GMT<![CDATA[ CreditWeek: Will Rising Capex Test Hyperscalers’ Credit Strength? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 14 May 2026 15:35:38 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of May 13, 2026 ]]>00:01:00Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 13 May 2026 20:46:04 GMT<![CDATA[ The Ratings View: May 13, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In April 2026, S&P Global Ratings maintained 25 ratings without revising the outlooks, took one positive and two negative rating actions in the U.S. not-for-profit health care sector. In addition, we revised seven outlooks favorably and two unfavorably without changing the ratings. We also revised the outlook to developing from negative on Garnet Health with upside to the rating should the proposed affiliation with Montefiore Health System , New York close, but downside if not, reflecting rating pressure from a strained financial profile. In addition, we assigned ratings to 15 new debt issuances for 12 currently rated systems and three stand-alone hospitals, all of which were affirmed except for one outlook revision ]]>Health Care, U.S. Public Finance, Wed, 13 May 2026 20:01:46 GMT<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, April 2026 ]]>00:01:00Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceWed, 13 May 2026 15:52:41 GMT<![CDATA[ European Leveraged Loan Price Bifurcation Creates New Challenges For CLOs ]]>00:01:00<![CDATA[ S&P Global Ratings revised up its oil price assumptions. We now expect a further delay in meaningful supply through the Strait of Hormuz through the end of May. A prolonged shock from the Middle East war would create uneven but significant credit pressure on emerging market corporations. ]]>Financial Services, Emerging Markets, Emerging MarketsWed, 13 May 2026 14:51:08 GMT<![CDATA[ Emerging Markets Monthly Highlights: Oil Prices Stay High, Ripples Spread ]]>00:01:00Banking, Financial Services, Private Markets, Private MarketsWed, 13 May 2026 08:59:43 GMT<![CDATA[ European Banking Brief: Private Credit Exposure Remains Contained, But Risks Loom ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Alinma Bank's Sustainable Finance Framework as aligned with: Social Bond Principles, ICMA, 2025; Social Loan Principles, LMA/LSTA/APLMA, 2025; Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. Alinma Bank, founded in 2006 and headquartered in Riyadh, Saudi Arabia, offers a range of banking and investment services. ]]>Banking, Financial Services, Wed, 13 May 2026 05:11:42 GMT<![CDATA[ Second Party Opinion: Alinma Bank Sustainable Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. New rules for capital gains tax and negative gearing unveiled in Australia’s Budget will have widespread impact. The investor footprint is large across the country's residential mortgage-backed securities (RMBS) sector and the broader mortgage market. However, we believe these reforms are unlikely to fundamentally alter investor mortgage loan performance or property price dynamics. In this Credit FAQ, we explore how these reforms could affect investors in terms of Australian RMBS transactions, property prices, and housing affordability. In the 2026 Federal Budget, the Australian government has announced it will cut the 50% discount for capital gains tax (CGT) for assets held more than 12 months and curb negative gearing (a policy that allows ]]>Structured Finance, Tue, 12 May 2026 23:34:29 GMT<![CDATA[ Credit FAQ: How Will Capital Gains Tax And Negative Gearing Reforms Impact Australian RMBS? ]]>00:01:00<![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 Affordability Concerns Drive Credit Risks In U.S. Data Center Expansion , April 30, 2026 Credit Conditions: Special Update: Time Compounds The Credit Implications Of The War , ]]>U.S. Public Finance, Tue, 12 May 2026 19:12:13 GMT<![CDATA[ U.S. Public Finance Rating Activity Brief: April 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On May 4, 2026, the Brazilian government announced the launch of the Desenrola Familias program. It's aimed to alleviate debt burden among low-income individuals by facilitating loan renegotiations between banks and borrowers, and is a revamp of the Desenrola Brasil, a consumer debt relief program between July 2023 and mid-2024. The government has unveiled the program because of the following factors: High household debt that reached 49.9% of family annual income in February 2026; An uncertain economic scenario due to rising oil prices, steep domestic interest rate, and rising inflation rate projections; and Rising delinquency of unsecured consumer loans. Larger banks are joining the program due to additional incentives such as government ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Banking, Commercial Mortgage-Backed Securities (CMBS), Financial Services, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, Emerging MarketsTue, 12 May 2026 17:18:19 GMT<![CDATA[ Credit FAQ: Will Banks Reap The Benefits From Brazil's New Consumer Debt Relief Program? ]]>00:01:00<![CDATA[ As of Dec. 31, 2025, allocations consisted of a portfolio of investments in nine companies, with renewable energy projects accounting for approximately 90% of the allocation, with smaller shares allocated to natural resources and land use (9%) and pollution prevention and control (1%). The renewable energy projects are in wind and solar projects as well as in grids with low emissions intensity factors, aligning with the Dark green portions of the project category. We believe the forestry-related natural resources and land use project are representative of the project category, which we assigned a Dark green shade at pre issuance, and the battery-related pollution prevention and control project as sufficiently in line with a Dark green solution. ]]>Financial Services, Tue, 12 May 2026 12:32:34 GMT<![CDATA[ Post-Issuance Review: Ontario Teachers' Finance Trust's Green Bond Report ]]>00:01:00<![CDATA[ In this episode, Hina and Sandeep are joined by Oliver Vande Stouwe to uncover the largest LBOs in recent history and take a deep dive into Electronic Arts’ evolving credit story. Listen now to explore what defeasance means for Electronic Arts’ outstanding notes and the key assumptions underpinning its recovery ratings. ]]>https://share.vidyard.com/watch/iDJmitisvRv1xRBA41tiQ3Leveraged Finance & High Yield, Leveraged FinanceTue, 12 May 2026 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Electronic Arts’ Evolving Credit Story ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:13:52<![CDATA[ This report does not constitute a rating action. Bank creditworthiness and sovereign risk are key drivers of covered bond ratings. S&P Global Ratings’ scenario analysis finds that most covered bond ratings remain resilient even under a two-notch issuer or sovereign downgrade. A two-notch ICR downgrade would result in downgrades for less than a quarter of our rated programs, although nearly half would require increased overcollateralization to maintain their current ratings. Since most covered bonds already have ‘AAA’ ratings or have their ratings capped by the sovereign default risk analysis, a two-notch ICR upgrade would lead to upgrades for only 9% of our rated programs. Public sector programs show greater sensitivity to sovereign rating movements than mortgage-backed bonds. A two-notch sovereign ]]>Covered Bonds, Financial Services, Governments, Sovereigns, Structured Finance, Tue, 12 May 2026 09:56:43 GMT<![CDATA[ Scenario Analysis: How Bank And Sovereign Rating Actions Affect Covered Bonds ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Stonewater's Sustainable Finance Framework as aligned with: Social Bond Principles, ICMA, 2025; Social Loan Principles, LMA/LSTA/APLMA, 2025; Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. Stonewater offers social housing services in the U.K. ]]>Corporates, Real Estate Themes, Structured Finance, Tue, 12 May 2026 09:42:18 GMT<![CDATA[ Second Party Opinion: Stonewater Sustainable Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Recent investor redemptions and the potential for AI disruption are putting private credit under fresh scrutiny. While they present challenges to the private credit market, we believe the current stresses are unlikely to pose a systemic risk that would threaten the financial sector or the broader economy. This is because current exposure to private credit, particularly among systemically important banks and insurers, is limited and generally well managed. However, as the market continues to expand, the potential for systemic risk is rising. Concerns about potential disruptions in the software sector have contributed to significant outflows and redemptions from semi-liquid business development companies (BDCs) and private credit funds, given concentrated software exposure. We ]]>Corporates, Financial Services, Leveraged Finance & High Yield, Private Markets, Leveraged Finance, Market Dynamics, Private MarketsTue, 12 May 2026 08:22:00 GMT<![CDATA[ Pressure Points To Watch For Potential Systemic Risk From Private Credit ]]>00:01:00Insurance Markets, Life Insurance, Tue, 12 May 2026 03:45:46 GMT<![CDATA[ Taiwan Life Insurers: Increased Focus On Asset-Liability Mismatch Is Credit Positive ]]>00:01:00<![CDATA[ This report does not constitute a rating action. After an extended period at zero, the default rate rose to 0.7% last December. But now the region faces an energy shock. Our base case assumes the U.S. and Iran will reach an agreement that eases the effective blockage of the Strait of Hormuz, allowing meaningful oil and product flows to resume by the end of May. However, we expect any reopening to be fragile, with the risk of intermittent disruptions. Even if the strait were to open fully, it would take several months for oil and gas supply to return to normal. As a result, energy prices are likely to stay above where they were before the Middle East war for ]]>Credit Markets, Financial Services, , Default TransitionTue, 12 May 2026 00:18:47 GMT<![CDATA[ Default, Transition, and Recovery: The Iran War Could Push The Asia-Pacific Speculative-Grade Default Rate Up To 2.25% By March 2027 ]]>00:01:00<![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. ]]>Structured Finance, Tue, 12 May 2026 00:04:52 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) March 2026 ]]>00:01:00<![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. ]]>Structured Finance, Tue, 12 May 2026 00:03:45 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) March 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The evolution of credit scoring has been topical in the U.S. residential mortgage market for the past several years. However, the topic gained traction recently following the Federal Housing Finance Agency's (FHFA) April 22, 2026, announcement of the immediate acceptance of VantageScore 4.0 credit score (with loan pricing specific to VantageScore 4.0) for certain lenders in lieu of the classic FICO score. The government sponsored enterprises (GSEs) are also updating their selling guides related to VantageScore 4.0 and FICO 10T. Therefore, S&P Global Ratings expects credit risk transfer (CRT) pools to eventually contain loans with VantageScore 4.0 scores. FICO 10T scores are also expected to be included eventually, but the data haven't ]]>Structured Finance, Mon, 11 May 2026 22:06:07 GMT<![CDATA[ U.S. Mortgage Credit Scoring: Assessing The Latest VantageScore 4.0 Update ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The 828 upgrades included 62 upgrades in the housing sector and 766 upgrades in nonhousing sectors; the 654 downgrades included 11 in the housing sector and 643 in nonhousing sectors (see table 1). In 2024, there were fewer total upgrades (743) and fewer total downgrades (490). Two U.S. public finance (USPF) obligors rated by S&P Global Ratings defaulted last year (down from eight in 2024), and the overall default rate for 2025 was 0.01% (down from 0.03% in 2024). The current 10-year average (2016-2025) is 8.4 defaults per year, slightly higher than the 7.2 average over the previous 10-year period. Appropriation-backed debt was the sector with the highest upgrade rate at 7.0%, ]]>Credit Markets, U.S. Public Finance, , Default TransitionMon, 11 May 2026 18:55:45 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual U.S. Public Finance Default And Rating Transition Study ]]>00:01:00<![CDATA[ This report does not constitute a rating action. For much of the past six years, S&P Global Ratings maintained a negative ratings outlook on the North America investor-owned regulated utility sector, reflecting a downgrade-to-upgrade ratio exceeding 2 to 1. The median issuer credit rating on industry entities also fell to 'BBB+' from 'A-'. We believe now that the industry has stabilized. Currently, the proportion of companies with either negative outlooks or ratings on CreditWatch with negative implications has fallen below 5% because of improved financial performance, favorable rate case outcomes, and increased equity or equity-like issuance. While affordability and credit-supportive funding of capital spending remain risks, we expect the industry will remain generally stable for the next two years. Chart ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Corporates, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Utilities, Mon, 11 May 2026 16:26:22 GMT<![CDATA[ North America Investor-Owned Regulated Utility Industry Outlook Reverses Trend To Stable ]]>00:01:00<![CDATA[ Ratings assigned Program Rating* Program limit (bil. € equivalent) Type of conduit Euro CP A-1 (sf) Up to 10.0§ Investments-backed U.S. CP A-1 (sf) Up to 10.0§ Investments-backed *Our ratings address timely interest and ultimate principal. §Euro CP and U.S. CP combined. CP--Commercial paper. Program participants Issuer (Luxembourg) Verto Capital I Compartment E Co-issuer (Delaware) Verto Capital I-E LLC Management company ADG Verto Capital Management S.a.r.l. Arranger Barclays Bank PLC ECP dealers Barclays Bank PLC, J.P. Morgan Securities PLC, J.P. Morgan SE, ADG Verto Advisers LLP, and Citigroup Global Markets Ltd. U.S. CP placement agents JP Morgan Securities LLC, Barclays Capital Inc, and Citigroup Global Markets Ltd. U.K. issuing and paying agent The Bank of New York Mellon, London branch ]]>Structured Finance, Mon, 11 May 2026 11:38:13 GMT<![CDATA[ New Issue: Verto Capital I Compartment E ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Despite the Italian banking sector’s overall stability, some of the country’s smallest banks are suffering from poor governance, weak risk management, and questionable underwriting standards. These problems are largely concentrated among a small number of domestic Less Significant Institutions (LSI) that didn’t go through the deep restructuring and significant balance sheet cleanup seen across the broader system in the past few years--either because these entities did not yet exist or because of the recent growth of riskier segments. S&P Global Ratings expects asset quality metrics for some of these smaller players to remain structurally weaker than the system average. We anticipate that the economic slowdown could drive further deterioration. Even among these ]]>Banking, Financial Services, LiquidityMon, 11 May 2026 09:58:14 GMT<![CDATA[ Italian Banking Brief: Larger Banks Can Withstand Less Significant Institutions’ Struggles ]]>00:01:00<![CDATA[ There were just seven rating actions (upgrades and downgrades) last week, the lowest totalsince the week ending Jan. 29, 2026. There were four downgrades, including two issuersdowngraded to ‘CCC+’ or below. Negative outlook and CreditWatch changes outnumbered positive ones. Six of the negative changes were to issuers rated ‘B+’ or below and with the majority in three sectors: consumer products, capital goods, and media and entertainment. Defaults increased to three last week. We downgraded two France-based issuers, one in high technology and one in consumer products, due to missed payments. A U.S.-based auto company defaulted following a distressed exchange. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 11 May 2026 09:42:36 GMT<![CDATA[ This Week In Credit: Defaults Increase Amid Limited Rating Activity (May 11, 2026) ]]>00:01:00<![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. Key Takeaways The Middle East war has significantly affected the economic growth outlook in some core Islamic finance countries, reducing sukuk issuance and growth opportunities for the banking systems of these countries. We expect global Islamic finance industry growth to slow in 2026 before recovering ]]>Banking, Financial Services, Emerging Markets, Islamic Finance, Liquidity, Emerging MarketsMon, 11 May 2026 08:37:50 GMT<![CDATA[ Industry Report Card: Islamic Finance 2026-2027: Navigating Rough Waters ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 Chart 7 Data as of March. 31, 2026. *Captures year-to-date default tally. Direction of arrow indicates month-over-month change. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Credit Research & Insights, S&P Global Market Intelligence's CreditPro®. Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Chart 13 Table 1 Bond spread (12 months) ‎‎‎‎‎‎‎‎‎‎ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ Bond yield (12 months) Ratings ‎ Ratings 'BB' 'B' 'BB' 'B' Minimum 184 371 Minimum 4.18 5.95 Maximum 289 495 Maximum 5.27 7.67 Average 217 429 Average 4.44 6.56 As of April 30, 2026 210 452 As of April 30, 2026 4.88 7.29 ]]>Aerospace & Defense, Autos & Capital Goods, Building & Construction, Business Services, Autos & Capital Goods, Chemical Themes, Commercial & Professional Services, Commercial Mortgage-Backed Securities (CMBS), Retail & Consumer Products, Containers & Packaging, Corporates, Energy & Commodities, Health Care, Homebuilding, Gaming & Leisure, Technology, Media & Telecom, Insurance Markets, Media & Entertainment, Metals & Mining, Paper & Forest Products, Real Estate Themes, Retailing, Structured Finance, Telecom Services, Transportation, Market Dynamics, Leveraged FinanceMon, 11 May 2026 07:47:30 GMT<![CDATA[ European Leveraged Finance Monthly: April 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. MILAN (S&P Global Ratings) May 11, 2026--Our slide deck " Covered Bond Ratings: The Essentials ," published today, illustrates how our analysis of resolution regimes, jurisdictional support, and collateral support determines the maximum achievable covered bond rating, and how we assess the sovereign default risk. The publication covers all countries with active bond markets. Resolution regime and jurisdictional support assessments of covered bonds in the Czech Republic, Hungary, Slovakia, and Switzerland are solely based on publicly available information and have not yet been reviewed by a rating committee. "In line with our recently updated methodology for rating covered bonds, we may raise covered bond ratings above the issuer rating. The maximum collateral-based ]]>Covered Bonds, Structured Finance, Mon, 11 May 2026 07:43:42 GMT<![CDATA[ Slide Deck Outlines The Essentials Of Covered Bond Ratings ]]>00:01:00<![CDATA[ We discuss how our analysis of resolution regimes, jurisdictional support, and collateral support determines the maximum achievable covered bond rating, and how we assess the sovereign default risk. ]]>Covered Bonds, Structured Finance, Mon, 11 May 2026 07:40:45 GMT<![CDATA[ Covered Bond Ratings: The Essentials ]]>00:01:00<![CDATA[ Re-defaults in China's bond market are rising, signaling continued strain in the property sector despite tightened default restrictions. Since 2020, about 40% of restructured onshore property bonds have defaulted again, with renewed stress emerging in 2023 and 2025. ]]>Corporates, Mon, 11 May 2026 06:22:09 GMT<![CDATA[ China Default Review 2026: Where Stress Shows In The Five-Year Crisis ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Plummeting revenues from land sales in China are unlikely to rebound. That has local and regional governments in the country eyeing a largely underutilized resource: state-owned assets. This will, in our view, reshape local fiscal landscapes. Land sales could remain weak for the next two to three years. They have been heading down since 2021. Land-related policies are focused on inventory destocking and mitigating related financial risks. The Chinese government is not looking to reignite a previously overheated land and housing market. A historic shift in public finance is set to take place. Local authorities are working to unlock value from the assets on their books. We think success of being able ]]>Governments, Infrastructure, International Public Finance, Government-Related Entities, Sovereigns, Mon, 11 May 2026 02:13:00 GMT<![CDATA[ Credit Trends: Chinese Local Governments' Pursuit Of Asset-Based Revenue Is Bearing Fruit ]]>00:01:00<![CDATA[   Private markets participants convened at S&P Global Ratings’ inaugural U.S. Private Markets Forum on May 6 in New York to explore how private capital is being deployed today to support the economy of the future. The broad themes of the conference covered stresses in the market, the rise of sophisticated structures, and private credit’s role in the changing infrastructure landscape. This edition of CreditWeek recaps our specialists’ insights on how S&P Global Ratings can provide transparency into this often-opaque market--focusing particularly on business development companies (BDCs), insurers’ role in this market, and data center development. We expect the market to continue to grow, creating more opportunities (and risks) for varied market participants who will want increasing transparency across their ]]>Financial Services, Private Markets, Private MarketsFri, 08 May 2026 16:00:22 GMT<![CDATA[ CreditWeek: Has The Private Credit Test Just Started? ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Deutsche Pfandbriefbank AG's green bond framework as aligned with the Green Bond Principles, ICMA, 2025. Deutsche Pfandbriefbank specializes in commercial real estate and is active in Western and Central Europe. It is one of the largest issuers in the Pfandbrief market, with about €20 billion Pfandbriefe outstanding. ]]>Banking, Financial Services, Fri, 08 May 2026 06:55:13 GMT<![CDATA[ Second Party Opinion: Deutsche Pfandbriefbank AG Green Bond Framework ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Avanse Financial Services Ltd.'s Social Financing Framework as aligned with Social Bond Principles, ICMA, 2025 and Social Loan Principles, LMA/LSTA/APLMA, 2025. Avanse is an education-focused NBFC with the sole purpose of enabling students to achieve their academic aspirations. The company was established in 2013, and is based in Mumbai, India. ]]>Financial Services, Non-banks, Thu, 07 May 2026 23:08:44 GMT<![CDATA[ Second Party Opinion: Avanse Financial Services Ltd. Social Financing Framework ]]>00:01:00Structured Finance, Private Markets, Private MarketsThu, 07 May 2026 21:45:27 GMT<![CDATA[ How We Rate Alternative Investment Funds ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We periodically assess every regulatory jurisdiction in the U.S. and Canada with a rated utility or where a rated entity operates. Our last full assessment was in November 2025, in which we examined developments in numerous jurisdictions (see “ North American Utilities Regulatory Jurisdictions Update: South Carolina Assessment Revised; Other Notable Developments ”). Our regulatory assessments, from credit supportive to most credit supportive, provide a reference when determining the regulatory risk of a regulated utility or a holding company with more than one utility. We base our jurisdictional analyses on quantitative and qualitative factors, focusing on regulatory stability, tariff-setting procedures and design, financial stability, and regulatory independence and insulation. Regulation, no matter ]]>Corporates, Energy & Commodities, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Transportation, Utilities, Market Dynamics, Energy TransitionThu, 07 May 2026 19:46:12 GMT<![CDATA[ North American Utility Regulatory Jurisdictions: Notable Developments ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Following a choppy start to the year, secondary pricing in the broadly syndicated loan (BSL) market found some stability in April. Despite numerous ongoing uncertainties in the market--including the unpredictable nature of the war in the Middle East and elevated energy prices raising the prospect of renewed inflation--the loan market found some footing last month as prices rebounded. These gains come alongside a broader rally of risk assets, with stock indices reaching new records in April on optimism about AI-related investment early in the month, a ceasefire in the war with Iran, and a solid corporate earnings season. Even though secondary loan prices rose last month, issuance lagged in the primary loan ]]>, Private Markets, Private MarketsThu, 07 May 2026 18:33:22 GMT<![CDATA[ Secondary Markets: Loan Prices Stabilize As New Issuance Stalls ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes 2025 preliminary median trends, based on 238 audits, are largely in line with expectations outlined in its 2026 outlook (see “ U.S. Not-For-Profit Acute Health Care 2026 Outlook: Resilient For Now, With Increased Credit Risks On The Horizon ”, Dec. 1, 2025). The preliminary medians reflect management’s continued focus on margins in advance of the expected obstacles from 2025’s tax and spending bill, as well as a resilient investment market that supported healthy growth in unrestricted reserves concurrent with higher capital spending and, in some cases, new debt issuances. Nevertheless, operating margins are still below historical levels due to higher labor and drug costs, coupled with broader inflationary ]]>Health Care, U.S. Public Finance, Thu, 07 May 2026 18:29:47 GMT<![CDATA[ Preliminary 2025 Medians For U.S. Not-For-Profit Acute Health Care Providers Indicate Incremental Improvement ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. hyperscalers’ accelerating investments could reach $1 trillion in 2027 as AI demand, rising component costs, and supply constraints drive both capacity expansion and cost inflation. IT spending among large enterprises remains resilient but increasingly selective, with budgets concentrating on AI infrastructure, data architectures, and modernization while buyers accelerated demand to beat component-driven price increases. Software is evolving into the control layer for agentic AI, with demand shifting toward data pipelines, integration, and orchestration while monetization models are evolving to incorporate usage-driven frameworks. AI is driving broad-based semiconductor demand across compute, memory, power, and networking, with system-wide supply constraints and unprecedented pricing power reinforcing a multi-year upcycle. Credit trends across U.S. technology ]]>Corporates, Technology, Media & Telecom, Market Dynamics, Information and Communications Technology (ICT), Artificial IntelligenceThu, 07 May 2026 18:15:37 GMT<![CDATA[ AI Investment Accelerates Across U.S. Tech While Cost Pressures Intensify Broadly; Ratings Impact Mostly Positive ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Hungary’s Prime Minister-elect Péter Magyar has officially pledged to adopt the euro by 2030 . His goal has substantial public backing: according to the Eurobarometer survey conducted on behalf of the European Commission in 2025, about 75% of Hungarians support joining the eurozone--the highest level of support among non-eurozone EU member states. This represents a significant shift from the more euroskeptic stance of the outgoing government. At present, Hungary does not meet any of the requirements for joining the eurozone: the so-called Maastricht convergence criteria. These include maintaining low inflation, sound public finances, a stable exchange rate, and low long-term interest rates. Hungary’s fiscal deficits are well above the 3% threshold, while ]]>Governments, Government-Related Entities, Thu, 07 May 2026 16:20:21 GMT<![CDATA[ What Eurozone Accession Could Mean For Hungary's Creditworthiness ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 07 May 2026 16:15:49 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of May 6, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The interactive version of this report is available here . This includes interactive charts to capture data on total delinquencies, payment rates, and charge-off rates for U.K. and European credit cards collateral. Table 1 Key performance indicators: U.K. Index (%) Q1 2026 Q4 2025 Q3 2O25 Q2 2O25 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Total delinquency rate* 1.40 1.32 1.31 1.32 1.35 1.28 1.26 1.43 1.46 1.38 1.31 1.37 1.38 1.38 1.38 1.50 Charge-off rate* 3.45 3.06 2.72 2.86 2.57 2.63 2.72 3.03 2.94 2.72 3.18 2.86 2.90 3.04 2.88 3.10 Payment rate* 36.07 ]]>Asset-Backed Securities (ABS), Structured Finance, Thu, 07 May 2026 13:08:06 GMT<![CDATA[ European And U.K. Credit Card ABS Index Report Q1 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. For a more dynamic, visual, and comparative view of the data presented in this report, access our new interactive European Auto ABS Index dashboard here . The dashboard tracks the collateral performance of all our rated European auto ABS transactions and enables the filtering of data to identify key metrics and trends. Table 1 Key performance indicators Index Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Total delinquencies (%) 0.96 0.86 0.74 0.82 0.78 0.78 90+ day delinquencies (%) 0.34 0.34 0.30 0.32 0.29 0.31 Net losses (%) 0.12 0.08 0.08 0.06 0.06 0.04 Constant prepayment rate (% annualized) 18.2 10.6 15.3 12.9 17.5 10.5 Effective yield (% ]]>Asset-Backed Securities (ABS), Structured Finance, Thu, 07 May 2026 13:04:51 GMT<![CDATA[ European Auto ABS Index Report Q1 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. First-quarter results from Barclays PLC , HSBC Holdings PLC , Lloyds Banking Group PLC , Santander UK Group Holdings PLC , and NatWest Group PLC mostly reaffirmed their 2026 guidance. S&P Global Ratings considers that results reflected disciplined balance sheet and risk management, a supportive interest rate environment, and good cost control despite external headwinds. Strong net interest margins have been underpinned by higher structural hedge yields and solid domestic loan growth. At the same time, increased noninterest income gives U.K. banks greater earnings flexibility. Rate expectations have risen meaningfully over the quarter, as the Middle East war pushed swap rates higher and reversed the easing that markets had priced in late ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Corporates, Financial Services, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, U.S. Public Finance, LiquidityThu, 07 May 2026 12:52:02 GMT<![CDATA[ U.K. Banks Make Solid Start To 2026 Amid Heightened Global Uncertainty ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Little is known publicly about the European private market for leveraged buyout (LBO) financing, despite this market having funded most middle-market LBOs since the 2008 global financial crisis. Recently, private lenders have also targeted larger capital structures, providing European public debt financing with serious competition. In S&P Global Ratings' opinion, the private debt market's lack of transparency raises questions about the size of its borrowers' leverage. Uncertainty about private funds' asset valuations and liquidity has also sparked concerns about the risks to the financial markets' stability, given these funds' links to banks. When we analyzed the creditworthiness of private LBO financing, we found that private debt borrowers' median earnings are roughly five ]]>Corporates, Leveraged Finance & High Yield, Collateralized Loan Obligation (CLO), Structured Finance, Leveraged Finance, Market DynamicsThu, 07 May 2026 10:59:10 GMT<![CDATA[ European LBOs: Private Debt Terms Mitigate Borrowers' Weak Credit Profiles ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Middle East war, particularly the disruption of the Strait of Hormuz, continues to affect supply chains and has caused an energy price shock, which is now the top risk to European credit conditions. This shock has disrupted Europe’s economic recovery by increasing inflation and weighing on growth prospects. Our base case assumes the U.S. and Iran will reach an agreement that eases the effective blockage of the Strait of Hormuz, allowing meaningful oil and product flows to resume by the end of May without further material damage to critical energy infrastructure. However, we expect any reopening to be fragile, with the risk of intermittent disruptions. Moreover, even if the Strait were ]]>Banking, Financial Services, Thu, 07 May 2026 10:50:31 GMT<![CDATA[ European Banks: Energy Shock Clouds The Asset Quality Outlook ]]>00:01:00Structured Finance, Thu, 07 May 2026 05:36:36 GMT<![CDATA[ Sector Review: China Securitization Performance Watch 1Q 2026: Asset Class Trends Vary ]]>00:01:00Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 06 May 2026 20:44:13 GMT<![CDATA[ The Ratings View: May 6, 2026 ]]>00:01:00<![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 March 2012 through March 2026. For the full dataset beginning January 2006, see our extended tables: Click here . Table 1 Prime 14-month summary Prime composite Outstanding amount ($) Annualized losses (%) Recovery rate (%) 60+ day DQ (%) 30+ day DQ (%) U.S. unemployment rate U.S. CPI(i) Mar/2026 101,406,364,596 0.64 62.76 0.52 1.80 4.30 3.30 Feb/2026 107,104,622,709 0.65 58.71 0.56 1.76 4.40 2.40 Jan/2026 102,150,323,931 0.83 54.46 0.65 2.01 4.30 2.40 ]]>Structured Finance, Wed, 06 May 2026 19:17:52 GMT<![CDATA[ U.S. Auto Loan ABS Tracker: March 2026 Performance ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings looks at the role of evolving market conditions and underwriting standards in shaping credit risk across recent vintages of leveraged loans in North America. We compare new issuers rated ‘B’ and ‘B-’ from 2017 through 2025 and track how their performance has diverged since origination. To frame the analysis, we group vintages by the credit cycle conditions that shaped them at origination. Each period had a different mix of economic conditions, market liquidity, and investor appetite (from risk-seeking to more cautious capital deployment). Those conditions helped define both the volume and profile of new issuers in each vintage. Table 1 Notable cohorts of new issuers rated ]]>Corporates, Leveraged Finance & High Yield, Market Dynamics, Leveraged FinanceWed, 06 May 2026 17:38:31 GMT<![CDATA[ U.S. Leveraged Finance Q1 2026 Update: Encouraging Discipline In Recent Deals, Lingering Default Risk In Legacy Vintages ]]>00:01:00<![CDATA[ The early stages of the Q1 2026 results season show strong results but sentiment slipping. The season for rated nonfinancial corporates is near one-third complete, with results in for781 companies that report quarterly, 31% of the average total. The war in the Middle East, which began on Feb. 28, has not had a significant impact on reported earnings at this point, with earnings momentum strong and still led by technology and the AI-capex cycle. Measured at an annual rate, Q1 2026 revenues for companies rated by S&P Global Ratings that report quarterly are up 7.3% (from 5.9% in Q4) and EBITDA has risen 12.5% (versus 7.2%). However, transcript sentiment analysis suggests concern about the impact of war. Sentiment has dipped across all regions, with median sentiment now negative for all regions except for North America. 17 out of 22 industries have lower median sentiment than expressed in the prior season’s earnings calls. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 06 May 2026 17:00:37 GMT<![CDATA[ Corporate Results Roundup Q1 2026: Strong results but sentiment sours ]]>00:01:00<![CDATA[ Fast growth in lending to nonbanks is the biggest driver of bank loan expansion. Since 2021, S&P Global Ratings estimates that non-depository financial institutions (NDFI) lending growth, including to private credit, accounted for 25%-30% of total loan growth. ]]>Financial Services, Private Markets, Private MarketsWed, 06 May 2026 15:16:00 GMT<![CDATA[ U.S. Banks Look Resilient To Growing Private Credit And Nonbank Exposure ]]>00:01:00<![CDATA[ What's new this quarter:- Pace of innovation and geopolitics overshadows solid credit fundamentals- AI-driven disruption will have a nonlinear credit impact- Default rates stagnate just below 4% and could remain under pressure- Recovery and LMT risks persist ]]>Covered Bonds, Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceWed, 06 May 2026 14:55:08 GMT<![CDATA[ U.S. Leveraged Finance And BSL CLO Quarterly: Waiting For The World To Change ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Turkiye’s participation banks are still eyeing an increase in their market share of the country's overall banking sector to 15%, having missed their goal of doing this by 2025. S&P Global Ratings expects these banks to continue growing, but they will have to contend with economic and geopolitical volatility in the next few years. In particular, the sector will have to navigate the still-volatile economic environment in Turkiye and increased tensions in the region through 2026 and 2027, which could ultimately lead to Gulf Cooperation Council (GCC)-owned participation banks focusing on their home countries, while dealing with the Middle East conflict's fallout. Conversely, the changing competitive landscape, with potential consolidation of state ]]>Banking, Financial Services, Wed, 06 May 2026 14:21:33 GMT<![CDATA[ Sector Review: Turkish Participation Banks Grapple With Growth Constraints ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Table 1 European-domiciled 'AAAm' rated MMF indices--averages from March 2026 Index Seven-day net yield (%) WAM to reset (days) Net assets (bil.) 'A-1+' credit quality (%) AUD 'AAAm' MMFs 3.9 25 4.2 76 CAD 'AAAm' MMFs 2.3 41 0.5 71 EUR 'AAAm' MMFs 1.9 39 301.6 65 GBP 'AAAm' MMFs 3.7 43 262.1 64 SGD 'AAAm' MMFs 1.1 40 3.1 98 USD 'AAAm' MMFs 3.6 41 792.6 75 AUD--Australian dollar. CAD--Canadian dollar. SGD--Singapore dollar. WAM--Weighted average maturity. Source: S&P Global Ratings. As of March 2026, European-domiciled MMFs rated 'AAAm' by S&P Global Ratings held €1.371 trillion in AUM, a 12% year-over-year increase. AUM increased across currencies to: Australian dollar (AUD) 4.2 billion ]]>Asset Managers, Financial Services, Funds, LiquidityWed, 06 May 2026 09:58:10 GMT<![CDATA[ Sector Review: European 'AAAm' Money Market Fund Trends (March 2025 - March 2026) ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Orion Telekom Group's green bond framework as Light green: Activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term LCCR solutions. Orion Telekom Group operates within the ICT sector and consists of six subsidiaries. Orion Telekom Serbia (Orion Telekom d.o.o. Beograd), in Belgrade, serves as the group’s core business and main revenue factor, and will issue the upcoming green financing instrument. ]]>Corporates, Telecom Services, Wed, 06 May 2026 07:06:09 GMT<![CDATA[ Second Party Opinion: Orion Telekom Group Green Bond Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Official guidance to pay suppliers faster will hit the working capital of Chinese carmakers. As payment periods shorten, their liquidity will weaken and their borrowing needs will likely rise. Major Chinese carmakers have been shortening payments to their suppliers since the second half of 2025. This followed the government's campaign against excessive competition and price cutting (anti-involution). The government's guidance also encourages automakers to pay their small and midsize suppliers within 60 days after product delivery, to ease pressure on these vulnerable firms (see " China Industrials In Charts: How Entities Will Adapt To Faster Payments ," Feb. 12, 2026). While anti-involution will ease price competition, it will also squeeze carmakers' cash ]]>Autos & Capital Goods, Corporates, , Emerging MarketsWed, 06 May 2026 06:46:12 GMT<![CDATA[ China Carmakers' Push To Pay Suppliers Faster Will Reduce Capacity For Price Wars ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rated developers handled Hong Kong's property downturn deftly, by trimming investments and bolstering balance sheets. Now the question is whether they will throw caution to the wind as demand revives. S&P Global Ratings believes that upcoming land auctions could test market discipline. We see a risk of intense bidding because Hong Kong's property market is known for its pronounced upcycles. In our view, this time around the recovery could be moderate--with price increases of 3%-5% for the remainder of this year, softening to 0%-3% in 2027. Hong Kong's traditional supply-demand imbalances likely won't be as pronounced as they have often been in the past. Any purchases of land at inflated prices could ]]>Corporates, Real Estate Themes, Wed, 06 May 2026 01:00:31 GMT<![CDATA[ Hong Kong Residential Property: The Recovery May Test Developers' Financial Discipline ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 For a commodity-rich country, Australia is unusually exposed to the energy market volatility caused by the effective closure of the Strait of Hormuz. We expect that the shock will come first via prices, with outright shortages a small but distinct possibility. Political imperatives will likely force Australia's federal and state governments to cushion households through tax cuts and subsidies. Such an approach, in our view, risks entrenching inflation, distorting the price signals that help to correct supply-demand imbalances, and pushing a few stretched state budgets further into deficit. We think Australia (AAA/Stable/A-1+) will continue to secure fuel, albeit at elevated prices. Its relative wealth means it can outbid most other ]]>Corporates, Governments, Government-Related Entities, Sovereigns, Tue, 05 May 2026 22:55:59 GMT<![CDATA[ Straitjacket: Implications Of The Mideast War For Australia's Fuel Security And Budget ]]>00:01:00<![CDATA[ This report does not constitute a rating action. "Ahead Of The Curve" is S&P Global Ratings' quarterly outlook on nonbank financial institutions (NBFIs), where we explore the evolving macroeconomic, market, and credit forces shaping the world of NBFIs. Insurance capital has been a primary driver of growth for large alternative asset managers since 2020, helping fuel private credit and assetbacked financing and accounting for an increasing portion of their assets under management (AUM) and revenue. Partnerships between alternative asset managers and insurers, particularly annuity writers, have accelerated, ranging from full acquisitions and majority ownership structures to capitallight investment management and reinsurance arrangements. Alternative asset managers have also boosted their AUM by raising funds from retail investors, particularly high-net-worth investors, in ]]>Asset Managers, Financial Services, Insurance Markets, Private Markets, Private MarketsTue, 05 May 2026 20:49:44 GMT<![CDATA[ Ahead of the Curve: Insurance Capital Adds Earnings And Risks For Alternative Asset Managers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. broadly syndicated loan collateralized loan obligations' (BSL CLOs) overall credit quality remained mostly stable in April 2026, though with some developing nuances. Average 'B-' exposure continued to decline and is currently at a recent low of slightly over 20%, while exposure to defaulted assets remained range bound at approximately 0.5% (see table 1). The weighted average loan prices across CLO portfolios showed marginal improvement by second-quarter 2026, benefiting from a recovery in prices for software issuers that saw steep declines in the first quarter. Despite these shifts, the average BSL CLO 'CCC’ bucket and the average exposure to issuers with a negative rating outlook both increased to one-year highs of 4.9% ]]>Structured Finance, Leveraged FinanceTue, 05 May 2026 20:36:31 GMT<![CDATA[ SF Credit Brief: CLO Insights U.S. BSL Index: 'B-' Assets At Six-Year Low; 'CCC' Assets Reached New High; Pandemic Downgrade Comparisons ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Gencau's green framework as light green, indicating activities representing transition steps in the near-term that avoid emissions lock-in but do not represent long-term low-carbon climate resilient solutions. Gencau is a privately held Brazilian company in the cocoa processing sector, with operations in the states of Espírito Santo, Pará, Bahia, and São Paulo. ]]>Retail & Consumer Products, Corporates, Retailing, Tue, 05 May 2026 17:18:37 GMT<![CDATA[ Second Party Opinion: Gencau São Paulo Indústria e Comércio de Ingredientes Alimentícios S.A. Green Framework ]]>00:01:00Corporates, Financial Services, Governments, Infrastructure, Insurance Markets, Project Finance, Structured Finance, U.S. Public Finance, Funds, Government-Related Entities, Emerging MarketsTue, 05 May 2026 12:00:00 GMT<![CDATA[ Vietnam Corporate Bond Market Forum 2026 ]]>00:03:50<![CDATA[ S&P Global Ratings assesses Øyfjellet’s Green Bond Framework as Dark green, with activities that correspond to the long-term vision of a low-carbon climate resilient future. Øyfjellet Wind AS was established to develop and operate the Øyfjellet Wind Park in Vefsn municipality, Nordland County, Norway. ]]>Corporates, Energy & Commodities, Infrastructure, Power Generation and Transmission, Tue, 05 May 2026 05:28:25 GMT<![CDATA[ Second Party Opinion: Øyfjellet Green Bond Framework ]]>00:01:00<![CDATA[ "Auto ABS Arrears Statistics: Australia" provides an analysis of arrears statistics on receivables underlying Australian auto ABS. The report tracks the arrears performance of Australian closed pool auto and mixed auto transactions. We also publish monthly arrears data for auto receivables. These data cover the Australian auto ABS portfolio of receivables. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>Structured Finance, Tue, 05 May 2026 04:12:15 GMT<![CDATA[ Auto ABS Arrears Statistics: Australia - March 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. No corporate issuers rated by TRC defaulted in 2025, for the ninth year in a row. Meanwhile, downgrades exceeded upgrades eight to three, and the stability rate (the proportion of ratings that remained the same throughout the year) fell to 85.6% from the all-time high of 93.1% in 2024. The stability rate remained well above its long-term average of 80.6%. Chart 1 This default and rating transition study closely examines the history of the 359 corporate issuer credit ratings that TRC has assigned since its operations began in 1998. We primarily measure rating migration over time and provide quantitative measures of rating distribution and movement. Ratings covered in this study are those ]]>Credit Markets, Financial Services, Emerging Markets, Default Transition, Emerging MarketsMon, 04 May 2026 20:11:22 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' previous analyses of business development company (BDC) investments considered the companies' portfolios as of September 2025 (see “ Business Development Companies Sector View 2026: Balancing Origination Growth And Credit Discipline ,” Jan. 21, 2026) and as of June 2025 (see " Credit Estimates Provide Transparency Into BDCs' Investments ," Dec. 4, 2025). Here, we update our analysis as of year-end 2025. BDCs and broader private credit players continue to face increased scrutiny due to the potential impact of AI on software companies and elevated redemption requests for perpetual, nontraded BDCs that have well exceeded 5% of net asset value. BDCs are often managed by asset managers that also manage ]]>Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Non-banks, Structured Finance, Private Markets, Private MarketsMon, 04 May 2026 18:33:26 GMT<![CDATA[ Credit Estimates In BDC Portfolios: Stable Underlying Credit Fundamentals For Now (As Of Dec. 31, 2025) ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Massachusetts Housing Finance Agency's Impact Framework as Light green. MassHousing is an independent, quasi-public agency created in 1966 in the Commonwealth of Massachusetts. The agency provides affordable mortgage loans and other assistance for low- and moderate-income homebuyers, as well as financing to build and preserve affordable and mixed-income rental housing. ]]>U.S. Public Finance, Mon, 04 May 2026 17:08:45 GMT<![CDATA[ Second Party Opinion: Massachusetts Housing Finance Agency (MassHousing) Impact Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Canada is one of only 11 rated sovereigns (out of 143) that has a ‘AAA’ rating (the others are Australia, Denmark, Germany, Liechtenstein, Luxembourg, the Netherlands, Norway, Singapore, Sweden, and Switzerland). Our rating reflects the country's strong institutions, a wealthy and flexible economy, a sound external position with an actively traded currency, a credible monetary policy, and moderate net government debt. Close economic and other links with its only land neighbor, the U.S., have allowed Canada to prosper over the years but have also made it vulnerable to adverse policy changes in that country. In 2025, the U.S. applied new trade barriers on Canada, imposing tariffs on steel, aluminum, and potash, and ]]>Governments, International Public Finance, Government-Related Entities, Mon, 04 May 2026 14:25:53 GMT<![CDATA[ Canada's Rating Profile Remains Solid Despite Growing Challenges ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Recent events surrounding the termination notice of two contracts with Italian company Infrastrutture Wireless Italiane (INWIT) will test some of the key assumptions underpinning S&P Global Ratings’ view of the credit quality of telecom tower companies, which provide the passive infrastructure used by mobile telecommunications providers. The termination notice of INWIT contracts by Swisscom and TIM is a rare example of renewal risk manifesting via a contract termination notice. As such it raises questions about the tower market dynamics and tests the robustness of our methodology for assessing the credit quality of tower companies. We believe that our methodology sufficiently accounts for this renewal risk, though we will continue to watch developments ]]>Corporates, Telecom Services, Market DynamicsMon, 04 May 2026 14:24:47 GMT<![CDATA[ Italian Case Study Tests Telco Towerco Assumptions ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings includes a reference in its credit rating rationales when one or more of the below ESG factors were a key driver behind a change to the credit rating, outlook, or CreditWatch status. We consider ESG credit factors to be those that can materially influence the creditworthiness of a rated entity or issue and about which we have sufficient visibility and certainty to include in our credit rating analysis. They are not an assessment of an entity's sustainability profile or ESG performance. This report provides additional data and insights on ESG credit factors that have been key drivers behind changes to our credit ratings. All 2026 ESG-related rating actions, as ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 04 May 2026 13:56:43 GMT<![CDATA[ ESG In Credit Ratings Q1 2026: Actions Reach Record Low, Governance Dominates ]]>00:01:00Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 04 May 2026 11:04:28 GMT<![CDATA[ This Week In Credit: Downgrades More Than Doubled (May 4, 2026) ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Sydvatten’s Green & Blue Financing Framework as Medium green, with activities that represent significant steps toward a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Sydvatten AB is a municipally owned company producing drinking water for one million inhabitants, companies, and public organisations in 17 municipalities in the region of Skane in southern Sweden. ]]>Corporates, Mon, 04 May 2026 09:25:05 GMT<![CDATA[ Second Party Opinion: Sydvatten Green & Blue Financing Framework ]]>00:01:00<![CDATA[ We assess Nord Trøndelag Elektrisitetsverk AS' Green Financing Framework as Dark green. The Norwegian renewable energy and telecommunications company is headquartered in Steinkjer and owned by 19 municipalities in Trøndelag. In 2025, it reported revenue of about Norwegian krone 3.9 billion (approximately €330 million). ]]>Corporates, Mon, 04 May 2026 07:43:31 GMT<![CDATA[ Second Party Opinion: Nord Trondelag Elektrisitetsverk AS Green Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In the last few months, private credit has experienced a shift in perception from being an enviable and almost impenetrable class to one that is facing heightened scrutiny. This is due to the following factors: Exposure to software companies whose business model could be threatened by AI; Redemption challenges for nonperpetual business development companies (BDCs) from retail investors; and Questions around valuation process in some pockets of the market. To explore how private credit is positioned against these headwinds, S&P Global Ratings held a webinar where we discussed the above factors in addition to growth in bank lending to nonbank financial institutions (NBFI), our credit views including payment-in-kind (PIK) performance and nonaccruals. ]]>Banking, Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Technology, Media & Telecom, Non-banks, Collateralized Loan Obligation (CLO), Structured Finance, Private Markets, Private MarketsFri, 01 May 2026 16:23:00 GMT<![CDATA[ Credit FAQ: What Is The Impact Of Recent Redemptions And Software Concerns On U.S. Private Credit Vehicles? ]]>00:01:00<![CDATA[ U.S. and Canadian speculative-grade credit quality has remained relatively stable through the first quarter of 2026, although uneven economic and market dynamics, continued policy uncertainties, and a prolonged war in the Middle East could further disrupt supply chains, fuel inflationary pressures, and weigh on consumer spending. Consumer sentiment fell in April as the war drove up the cost of gas and other essential goods. Expectations for consumer spending -- a fundamental measure of economic growth in the U.S. -- are under strain as lower-income households scale back consumption. ]]>Corporates, Leveraged Finance & High Yield, Leveraged FinanceFri, 01 May 2026 14:58:35 GMT<![CDATA[ Q1 2026 U.S. And Canada Leveraged Finance Summary Report: Resiliency Tested ]]>00:01:00Housing, U.S. Public Finance, Thu, 30 Apr 2026 21:50:01 GMT<![CDATA[ U.S. Public Finance Report Card: U.S. Public Finance Housing Rating Actions, First-Quarter 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following is a list of 'AAAm' rated U.S. local government investment pools and their key money market fund metrics, as reported in their last March 2026 surveillance reports. See "Related Criteria" for our money market fund (principal stability fund rating) criteria. U.S. local government investment pool 'AAAm' money market fund metrics As of March 31, 2026 Fund name Domicile Fund classification Net assets (mil.) 'A-1+' credit quality (%) Net asset value (NAV) WAM (reset) - days WAM (final) - days Seven-day net yield (%) U.S. dollar Alaska Municipal League Investment Pool U.S. Prime 847 88 0.9998 14 68 3.53 CalTRUST Liquidity Fund U.S. Prime 3,497 54 1.0000 39 72 3.76 California ]]>Financial Services, Funds, LiquidityThu, 30 Apr 2026 21:42:20 GMT<![CDATA[ Comparative Statistics: U.S. Local Government Investment Pool 'AAAm' Money Market Fund Metrics ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following is a list of U.S.-domiciled 'AAAm' rated money market funds and their key metrics, as reported in their March 2026 surveillance reports. See "Related Criteria" for our money market fund (principal stability fund rating) criteria. U.S. 'AAAm' money market fund metrics As of March 31, 2026 Fund name Domicile Fund classification Net assets (mil.) 'A-1+' credit quality (%) Net asset value (NAV) WAM (reset) - days WAM (final) - days Seven-day net yield (%) U.S. dollar Allspring 100% Treasury Money Market Fund U.S. Govt 18,285 100 1.0000 54 99 3.51 Allspring Government Money Market Fund U.S. Govt 141,347 93 0.9999 48 114 3.53 Allspring Treasury Plus Money Market Fund U.S. ]]>Asset Managers, Financial Services, Funds, LiquidityThu, 30 Apr 2026 21:37:05 GMT<![CDATA[ Comparative Statistics: U.S. 'AAAm' Money Market Fund Metrics ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following is a list of European 'AAAm' rated money market funds and their key metrics, as reported in their March 2026 surveillance reports. See "Related Criteria" for our money market fund (principal stability fund rating) criteria. European 'AAAm' money market fund metrics As of March 31, 2026 Fund name Domicile Fund classification Net assets (mil.) 'A-1+' credit quality (%) Net asset value (NAV) WAM (reset) - days WAM (final) - days Seven-day net yield (%) Australian dollar HSBC Global Liquidity Funds PLC - HSBC Australian Dollar Liquidity Fund Ireland LVNAV 1,008 82 0.9998 16 53 3.89 JPMorgan Liquidity Funds - AUD Liquidity LVNAV Fund Luxembourg LVNAV 3,208 70 0.9999 34 50 ]]>Asset Managers, Financial Services, Funds, LiquidityThu, 30 Apr 2026 21:24:36 GMT<![CDATA[ Comparative Statistics: European 'AAAm' Money Market Fund Metrics ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following is a list of global 'AAAm' rated money market funds and their key metrics, as reported in their March 2026 surveillance reports. See "Related Criteria" for our money market fund (principal stability fund rating) criteria. Global 'AAAm' money market fund metrics As of March 31, 2026 Fund name Domicile Fund classification Net assets (mil.) 'A-1+' credit quality (%) Net asset value (NAV) WAM (reset) - days WAM (final) - days Seven-day net yield (%) Australian dollar BlackRock Cash Fund Australia - 806 74 1.0000 53 53 4.29 First Sentier Premium Cash Fund Australia - 8 100 1.0000 1 1 3.84 HSBC Global Liquidity Funds PLC - HSBC Australian Dollar Liquidity ]]>Asset Managers, Financial Services, Funds, LiquidityThu, 30 Apr 2026 21:19:07 GMT<![CDATA[ Comparative Statistics: Global 'AAAm' Money Market Fund Metrics ]]>00:01:00<![CDATA[ Even if the U.S. and Iran soon reach an agreement that fully opens the Strait of Hormuz, the lag in resuming energy production and commercial shipping could lead to a continued unfolding of supply-chain related credit risk. As the war in the Middle East enters its third month--with diplomatic efforts becoming more drawn out--the passage of time itself is becoming a key driver of credit risk . Given the continued disruption of the energy markets, the prevailing ceasefire will only alleviate credit pressure when it leads to a durable reopening of the Strait of Hormuz. Even if the effective blockage ends tomorrow, we expect it will take months until tanker traffic through the Strait normalizes. As commodities reserves dwindle, transportation ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Thu, 30 Apr 2026 17:53:51 GMT<![CDATA[ CreditWeek: What Does The Fragile Middle East Ceasefire Mean For Credit? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Steady collateral performance, short duration, and rapidly amortizing structures have contributed to stable ratings and continued investment demand for auto loan asset-backed securities (ABS) globally. S&P Global Ratings expects overall global auto loan ABS issuance volumes to remain robust in 2026, with volumes rising in the Asia-Pacific markets, declining modestly in the U.S., and remaining flat in Europe. On the collateral performance side, the uptick in arrears seen in multiple markets appears manageable. APAC, EMEA, and U.S. prime auto loan ABS rating performance has been stable overall as a result, and we expect it to remain that way this year. Chart 1 Steady vehicle sales, strong consumer loan and ABS investor demand, ]]>Asset-Backed Securities (ABS), Structured Finance, Thu, 30 Apr 2026 17:34:49 GMT<![CDATA[ Global Auto Loan ABS: Stable Performance Amid Robust Issuance Levels ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The outbreak of the Middle East war in late February triggered the effective closure of the Strait of Hormuz, a critical waterway for approximately 20% of the global oil supply. Additionally, there have been closures of Middle East airspace and airport shutdowns, which have significantly affected international air traffic. The impact on crude oil and fuel prices was immediate and substantial. The price of Brent crude oil surged, over less than 10 days, to $99 per barrel from $72.25 at the start of the war--even hitting over $120 per barrel intraday. And jet fuel prices more than doubled in a few weeks amid a widening of jet fuel crack spreads (the refining ]]>Aerospace & Defense, Corporates, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, Transportation, Thu, 30 Apr 2026 17:07:42 GMT<![CDATA[ Credit FAQ: How Could The Middle East War Affect Latin American Airlines? ]]>00:01:00<![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 ]]>Credit Markets, Residential Mortgage-Backed Securities (RMBS), Structured Finance, Thu, 30 Apr 2026 17:05:29 GMT<![CDATA[ Credit Trends: As Affordability Constraints Soften HPA, How Will Non-QM Be Affected? ]]>00:01:00<![CDATA[ Despite upgrades outnumbering downgrades, investment-grade downgrades increased to 18--the greatest total since March 2022--and exceeded investment-grade upgrades for the first time in six months. Positive momentum in net outlook bias halted following five consecutive months of improvement, primarily driven by a weakening in speculative-grade net bias. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Thu, 30 Apr 2026 15:44:22 GMT<![CDATA[ This Month In Credit: Conflicting Signals As Uncertainty Grows (April 2026) ]]>00:01:00<![CDATA[ Ratings Class ISIN Code Rating* Amount (mil. €) Class size (%) Available credit enhancement (%)§ Interest Step up date Step up margin Legal final maturity A-2026-01 FR0014017ON2 AAA (sf) 1,000.00 56.00 16.00 One-month EURIBOR plus 0.75 per annum, floored at 0% N/A N/A Sept. 30, 2044 A-2026-02 FR0014017OM4 AAA (sf) 500.00 28.00 16.00 One-month EURIBOR plus 0.68 per annum, floored at 0% April 2031 One-month EURIBOR plus 1.36 per annum, floored at 0% Jan. 31, 2046 B NR 285.8 16.00 N/A 0.2% N/A N/A *Our ratings address timely receipt of interest and ultimate repayment of principal for the class A-2026-01 and A-2026-02 notes §The available credit enhancement percentage reflects only subordination and is expressed as a percentage of the pool ]]>, Thu, 30 Apr 2026 15:04:14 GMT<![CDATA[ New Issue: Cronos Master Consumer Loans ]]>00:01:00<![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 ]]>U.S. Local Governments, U.S. Public Finance, Thu, 30 Apr 2026 14:57:12 GMT<![CDATA[ Credit FAQ: Is Property Tax Reform A Growing Concern For U.S. Local Government Credit Quality? ]]>00:01:00<![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 ]]>Structured Finance, Private Markets, Private MarketsThu, 30 Apr 2026 14:26:37 GMT<![CDATA[ Fund Finance Trends: Continuation Funds Drive Dual-Pledge Facility Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We have created the S&P UBS Leveraged Loan Index Issuer default rate to calculate new defaults of index constituents over a trailing-12-month (TTM) period. This calculation allows us to create a proprietary view of defaults in the S&P UBS Leveraged Loan Index. The TTM leveraged loan issuer default rate serves as a credit-market indicator to gauge credit quality in the leveraged loan market. S&P Global Ratings developed its proprietary TTM leveraged loan issuer default rate referencing the S&P UBS Leveraged Loan Index (LLI), which measures the market-value-weighted performance of broadly syndicated U.S. dollar-denominated leveraged loans. We take the loans within this index as a representative sample for the wider broadly syndicated leveraged ]]>, Leveraged FinanceThu, 30 Apr 2026 14:10:44 GMT<![CDATA[ White Paper: Introducing The S&P UBS Leveraged Loan Index Issuer Default Rate ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 30 Apr 2026 13:17:43 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 29, 2026 ]]>00:01:00<![CDATA[ This report explores an evolving topic relating to sustainability. It reflects research conducted by and contributions from S&P Global Ratings’ sustainability research and sustainable finance teams as well as credit rating analysts (where listed). This report does not constitute a rating action. Rising electricity prices across the U.S. are prompting concerns about the impact of rapid data center development on energy affordability. Retail rates have risen by 38% over the last five years and by as much as 96% in the District of Columbia, according to the U.S. Energy Information Administration. These price increases have largely been driven by inflationary costs and increased capital spending on safety, reliability, and decarbonization, as well as electrification trends, higher capacity prices, and rising ]]>Corporates, Infrastructure, Other Infrastructure Entities, Project Finance, Power Generation and Transmission, Project Developers, Project Finance, Project Finance, Social Infrastructure, Project Finance, U.S. Local Governments, U.S. Public Finance, Utilities, Information and Communications Technology (ICT), SustainabilityThu, 30 Apr 2026 13:04:03 GMT<![CDATA[ Sustainability Insights: Affordability Concerns Drive Credit Risks In U.S. Data Center Expansion ]]>00:01:00Banking, Financial Services, Thu, 30 Apr 2026 10:46:32 GMT<![CDATA[ Second Party Opinion: Banco Davivienda's Climate Change Adaptation And Resilience Framework ]]>00:01:00<![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 ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Global TradeThu, 30 Apr 2026 10:28:08 GMT<![CDATA[ Credit Conditions: Special Update: Time Compounds The Credit Implications Of The War ]]>00:01:00<![CDATA[ This report does not constitute a rating action. After decades of hibernation, Japanese inflation is waking up. We think this shift is becoming entrenched and that it will allow the central bank to raise its policy rate toward 1.5%. While stagnant wages remain a risk, the economy can absorb the cost. Higher yields are back, and that's ok, in our view. It suggests a healthier domestic economy. The era of flat prices is ending . While inflation surged in the wake of the pandemic, headline rates have dipped in 2026, in part due to fuel subsidies. Stripping away volatile energy and fresh food prices, "core-core" inflation tells a steadier story. Though it has been affected by rice price swings, it ]]>Macroeconomics Economic Research, Financial Services, Thu, 30 Apr 2026 07:17:36 GMT<![CDATA[ Economic Research: Japan's Higher Interest Rates Are Here To Stay, And That's OK ]]>00:01:00<![CDATA[ This report does not constitute a rating action. India's fincos have solid defenses that could still come under stress. Risks from the Middle East war primarily center on higher energy prices and supply-chain disruptions. These factors could weaken cash flows, compress margins, and raise refinancing risks for corporate and micro, small and midsized enterprises (MSMEs) borrowers. In turn, nonpayment rates may rise, straining the fincos' credit health. Fincos also lend to households and farmers, the latter of whom may face a fertilizer crisis. Both niches are likely to face pressure from higher inflation and reduced disposable incomes. Other indirect hits for finance companies can come through capital losses in their investment portfolios or refinancing risk in a tighter liquidity environment. ]]>Financial Services, Non-banks, Thu, 30 Apr 2026 06:37:58 GMT<![CDATA[ Scenario Analysis: Rated Indian Fincos Are Buffered Against Oil-Shock Impact ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We expect China's proposed new rules on small rural banks to propel greater centralized oversight and higher capitalization requirements. This will boost the sector's resilience by reducing the tail risks of these institutions. The National Financial Regulatory Administration (NFRA), China's financial super-regulator, recently outlined a more rigorous framework governing rural banking institutions. Key changes include higher capitalization requirements, and strengthened ownership and accountability standards. The key proposed changes of the guidelines* Adjusted items Current rules (2019 version) Proposed rules Key changes Registered capital of village banks County level ≥RMB3 million, Village/town level ≥RMB1 million No less than RMB30 million (paid-in capital) Removal of regional differentiation; significant increase in threshold Registered capital of ]]>Financial Services, Thu, 30 Apr 2026 05:01:31 GMT<![CDATA[ China Banking Brief: New Rules Could Tackle Excesses Of Rural Lenders ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A US$1.3 billion support package comes at a good time for Malaysian banks. We think it will prevent a spike in nonperforming loans (NPLs) among banks' core borrowers: small and midsize enterprises (SMEs). While banks are sound, after low credit losses in 2025, this package will reinforce asset quality. Bank Negara Malaysia has announced a Malaysian ringgit (MYR) 5 billion facility for micro, small, and medium enterprises (MSMEs) affected by energy price increase and supply-chain disruptions from the Iran War. Eligible MSMEs can access up to MYR750,000 for up to five years, at a maximum 3.75% annual rate, with guarantees capped at 80% of financing. SMEs are a key credit growth driver ]]>Banking, Financial Services, Thu, 30 Apr 2026 04:16:13 GMT<![CDATA[ Malaysian Banking Brief: US$1.3 Billion SME Support Package Is Timely ]]>00:01:00<![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. ]]>https://share.vidyard.com/watch/UdPv54TW4XreT5Z5CDeVAiCorporates, Governments, Islamic Finance, Emerging MarketsThu, 30 Apr 2026 04:00:00 GMT<![CDATA[ Middle East Credit Gateway Episode 2 : Understanding the GCC banking sector ]]>00:14:50Financial Services, Thu, 30 Apr 2026 00:20:50 GMT<![CDATA[ Asia-Pacific Financial Institutions 2Q 2026 Monitor: War, Nonbank Finance, And AI Are On The Radar ]]>00:01:00<![CDATA[ The Middle East war's impact on corporate rating performance has been limited to date. Regional spreads widening has been contained despite the war. The chemicals, packaging, and environmental services sector is seeing the highest downward pressure. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 29 Apr 2026 21:12:41 GMT<![CDATA[ Global Credit Markets Update Q2 2026: Resilience Despite Pressure Beneath The Surface ]]>00:01:00<![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. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 29 Apr 2026 19:15:00 GMT<![CDATA[ The Ratings View: Apr. 29, 2026 ]]>00:01:00<![CDATA[ The Middle East war is posing a threat to frontier markets (FMs) on three fronts--energy, food, and financing. The effective closure of the Strait of Hormuz has cut about 20% of global oil/liquefied natural gas supply and one-third of fertilizer trade, pushing fuel prices above 2022-2023 highs. Central banks poised to ease are now boxed in by cost-push inflation. ]]>Corporates, Energy & Commodities, Emerging Markets, Emerging MarketsWed, 29 Apr 2026 18:37:09 GMT<![CDATA[ Frontier Markets Quarterly Highlights: The Growing Risk Of A Prolonged Energy Shock ]]>00:01:00<![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 ]]>Higher Education, U.S. Public Finance, Wed, 29 Apr 2026 17:25:42 GMT<![CDATA[ U.S. Privatized Student Housing Credit Quality Improves On Stable Demand And Higher Coverage Although Risks Persist ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Although structural risks to state credit quality--such as elevated debt, rising costs, and climate impacts--remain key considerations, these emerging risks pose a more immediate threat to credit stability. Chart 1 Initial state fiscal 2027 budget proposals collectively recommend raising appropriations to approximately $1.45 trillion, a 1.3% increase from estimated fiscal 2026 appropriations, while revenue estimates suggest a comparatively slight 0.1% rise to $1.43 trillion. On average, states expect to maintain rainy-day funds near their historical highs, which we project at approximately 13% of fiscal 2027 revenue estimates. This reflects a modest two percentage point decrease from fiscal 2026 estimates as some state budgets include reserve draws to help manage rising spending demands ]]>U.S. Public Finance, U.S. States, Wed, 29 Apr 2026 17:02:27 GMT<![CDATA[ Slowing Revenue And Federal Funding Shifts Test U.S. State 2027 Budgets ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. £) Available credit enhancement at closing (%)§ Interest Legal final maturity A AAA (sf) 222.6 35.05 Daily compounded SONIA plus 0.90% May 2033 B AA (sf) 34.1 25.05 Daily compounded SONIA plus 1.10% May 2033 C-Dfrd A (sf) 24.7 17.80 Daily compounded SONIA plus 1.40% May 2033 D-Dfrd BBB (sf) 19.6 12.05 Daily compounded SONIA plus 1.65% May 2033 E-Dfrd BB (sf) 17.0 7.05 Daily compounded SONIA plus 2.50% May 2033 F-Dfrd B- (sf) 23.0 0.30 Daily compounded SONIA plus 4.70% May 2033 X1-Dfrd† B (sf) 29.0 0.00 Daily compounded SONIA plus 3.75% May 2033 X2† NR 13.6 0.00 Daily compounded SONIA plus 4.50% May 2033 *Our ratings on the class A and B notes ]]>Structured Finance, Wed, 29 Apr 2026 14:19:05 GMT<![CDATA[ New Issue: Dowson 2026-1 PLC ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings reviewed its hydrocarbon price deck and raised its WTI and Brent oil price assumptions by $15/bbl for the remainder of 2026 and $5/bbl for 2027. Our 2026 assumptions are now $95/bbl for WTI and $100/bbl for Brent, reflecting the longer‑than‑expected persistence of supply disruptions and the cumulative effect of lost and damaged supply. Our 2027 assumptions are now $70/bbl for WTI and $75/bbl for Brent. Our assumptions for 2028-2029 WTI and Brent prices remain unchanged. Our Henry Hub, AECO, and TTF natural gas price assumptions for 2026-2029 are also unchanged. Table 1 S&P Global Ratings' oil and natural gas price assumptions --New prices-- --Old prices-- WTI ($/bbl) Brent ($/bbl) ]]>, Energy Transition, Global TradeWed, 29 Apr 2026 14:03:43 GMT<![CDATA[ S&P Global Ratings Raises WTI And Brent Price Assumptions Due To Ongoing Effective Closure Of The Strait Of Hormuz ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. £) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 339.5 26.2 Daily compounded SONIA plus 0.90% January 2033 B AA (sf) 52.1 14.7 Daily compounded SONIA plus 1.05% January 2033 C-Dfrd A (sf) 43.0 4.0 Daily compounded SONIA plus a 1.25% January 2033 D-Dfrd BBB+ (sf) 10.9 1.6 Daily compounded SONIA plus a 1.55% January 2033 E-Dfrd BB+ (sf) 7.3 0 Daily compounded SONIA plus a 2.65% January 2033 Z NR 5.482 0 N/A January 2033 Note: *Our ratings on the class A and B notes address the timely payment of interest and ultimate payment of principal, while those assigned to the class C-Dfrd, D-Dfrd, and E-Dfrd notes address the ultimate payment ]]>Structured Finance, Wed, 29 Apr 2026 13:47:27 GMT<![CDATA[ New Issue: Satus 2026-1 PLC ]]>00:01:00<![CDATA[ Despite net positive investment-grade rating actions overall in first-quarter 2026, the gap between positive and negative actions narrowed. Diverging sector rating performance trends were the primary factor behind this, with specific sector concentration among upgrades (led by utilities) and downgrades (led by chemicals, packaging, and environmental services). While the Middle East war has yet to have a material impact upon rating performance, S&P Global Ratings thinks net positive trends could continue, as positive outlook and CreditWatch revisions currently outnumber negative actions. ]]>Credit Markets, Wed, 29 Apr 2026 10:14:54 GMT<![CDATA[ Investment-Grade Credit Check Q2 2026: Downgrades Accelerate ]]>00:01:00<![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. ]]>U.S. Public Finance, Wed, 29 Apr 2026 08:29:32 GMT<![CDATA[ Second Party Opinion: City Of Atlanta Water And Wastewater Subordinate Lien Revenue And Revenue Refunding Bonds ]]>00:01:00<![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 ]]>Financial Services, Governments, Emerging Markets, Liquidity, Emerging MarketsWed, 29 Apr 2026 07:02:13 GMT<![CDATA[ Efficient Capital Markets Can Unlock Africa's Domestic Savings ]]>00:01:00Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Banking, Commercial Mortgage-Backed Securities (CMBS), Financial Services, Insurance Markets, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, BankingWed, 29 Apr 2026 02:04:21 GMT<![CDATA[ AI Could Be A Boon For Australian Banks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings took 31 rating actions, made 35 outlook revisions, and placed 24 ratings on CreditWatch within the U.S. municipal water and sewer utilities sector in the first quarter of 2026. These totals include our ratings on municipal utility pools. We also affirmed 91 ratings with no outlook revisions. Table 1 U.S. municipal water and sewer utilities rating actions, and municipal utility pools, 2025 and first-quarter 2026 2025 2026 Second quarter Third quarter Fourth quarter First quarter Upgrades 8 12 5 10 Downgrades 18 16 14 21 Favorable outlook revisions 12 11 12 17 Unfavorable outlook revisions 16 17 20 18 Removed from CreditWatch 12 5 1 2 CreditWatch with negative ]]>U.S. Public Finance, Tue, 28 Apr 2026 19:51:40 GMT<![CDATA[ U.S. Municipal Water And Sewer Utilities Rating Actions, First-Quarter 2026 ]]>00:01:00<![CDATA[ This report highlights the key themes for the U.S. private credit and middle-market collateralized loan obligation sectors in second-quarter 2026. ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged Finance, Private Markets, Private MarketsTue, 28 Apr 2026 14:54:25 GMT<![CDATA[ Private Credit And Middle-Market CLO Quarterly: House Of The Rising Spread (Q2 2026) ]]>00:01:00<![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; ]]>Credit Markets, Structured Finance, Tue, 28 Apr 2026 14:13:12 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual Global Structured Finance Default And Rating Transition Study ]]>00:01:00<![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. ]]>https://share.vidyard.com/watch/zKg72d1f74bxMyfuPMDPxFHealth Care, CorporatesTue, 28 Apr 2026 11:00:00 GMT<![CDATA[ The Health Care Credit Beat: Thoughts on 100% Pharma Tariffs, Middle East Conflict Impact, and Medicare Advantage 2.48% ]]>00:11:46<![CDATA[ S&P Global Ratings assesses NP3 Fastigheter's Green Finance Framework as Medium green, indicating activities that represent significant steps toward a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. NP3 Fastigheter is a publicly listed Swedish real estate company founded in 2010, focusing on commercial properties primarily located in northern Sweden. ]]>Corporates, Real Estate Themes, Structured Finance, Tue, 28 Apr 2026 09:25:39 GMT<![CDATA[ Second Party Opinion: NP3 Fastigheter Green Finance Framework ]]>00:01:00<![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 ]]>Aerospace & Defense, Corporates, Energy and Oil & Gas, Governments, Infrastructure, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Social Infrastructure, Government-Related Entities, Sovereigns, Global Trade, Market DynamicsTue, 28 Apr 2026 08:43:57 GMT<![CDATA[ Credit FAQ: How Does The Middle East War Affect Heathrow's Credit Quality? ]]>00:01:00<![CDATA[ Sustainable debt financing continues to favor mature climate transition technologies, a trend evident across the 1,000 SPOs we've analyzed as of April 21, 2026. We believe this reflects investors’ continued preference for proven, lower‑risk decarbonization solutions. At the same time, our analyses point to a market that has become progressively disciplined in how sustainable debt frameworks are designed, alongside increasing, albeit uneven, attention to post‑issuance impact reporting. Our SPOs cover at least $1.25 trillion in sustainable debt, starting from CICERO Shades of Green's first green bond framework assessment in 2008, through S&P Global’s acquisition and subsequent integration of Shades of Green in 2022. Taken together, they offer insights into the evolution of the sustainable finance market and the structural challenges ]]>Financial Services, , SustainabilityTue, 28 Apr 2026 07:59:16 GMT<![CDATA[ Sustainability Insights: 1,000 SPOs, A Sustainable Finance Milestone ]]>00:01:00<![CDATA[ This report does not constitute a rating action. CEE housing markets have been among the fastest growing in Europe over the past few years. While the sharp rise in interest rates from 2022 caused meaningful price corrections across much of Western Europe, CEE markets proved more resilient. In most cases, price declines were temporary and modest, and several countries continued to post substantial real growth. Specifically, real house prices in CEE markets have risen by a median of 16% between December 2022 and December 2025. The highest cumulative growth over that period occurred in Albania (65%), Bulgaria (28%), Bosnia (28%), Hungary (25%) and Croatia (24%). In contrast, real house prices in the rest of Europe have largely stagnated. Chart 1 ]]>Banking, Corporates, Financial Services, Homebuilding, Real Estate Themes, Market Dynamics, Emerging Markets, Liquidity, Emerging MarketsTue, 28 Apr 2026 07:36:29 GMT<![CDATA[ Rapid House Price And Mortgage Growth In Central And Eastern Europe May Test Banking Sector ]]>00:01:00<![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 ]]>, Tue, 28 Apr 2026 05:27:54 GMT<![CDATA[ Scenario Analysis: Japan RMBS Can Weather Rising Interest Rates ]]>00:01:00<![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 ]]>Corporates, Covered Bonds, Macroeconomics Economic Research, Financial Services, Governments, Infrastructure, Insurance Markets, Structured Finance, Tue, 28 Apr 2026 02:28:25 GMT<![CDATA[ Credit FAQ: War In The Middle East: Can Australia Withstand The Headwinds? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Amid supportive financing conditions over the past year, companies' refinancing efforts and new issuance have pushed the peak year for global speculative-grade corporate debt maturities to 2029 from 2028. Given speculative-grade (rated 'BB+' or lower) issuers tend to refinance their debt 12-18 months ahead of its maturity, the sizable debt maturing in 2028 had loomed large recently. In S&P Global Ratings' estimates from a year ago, issuers faced more than $1 trillion in speculative-grade nonfinancial corporate debt that was scheduled to mature in 2028, but that total fell by nearly 25% over the past 12 months as companies refinanced. Meanwhile, companies have also reduced debt maturities through 2027. Primary markets showed resilience ]]>Credit Markets, Financial Services, Liquidity, Leveraged FinanceMon, 27 Apr 2026 22:56:41 GMT<![CDATA[ Credit Trends: Global Refinancing: Speculative-Grade Maturities Now Peak In 2029 ]]>00:01:00<![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 ]]>Banking, Financial Services, LiquidityMon, 27 Apr 2026 18:31:06 GMT<![CDATA[ Capital Markets Activity Should Bolster Revenue Of Large Banks If Risk-Managed Properly ]]>00:01:00<![CDATA[ This report does not constitute a rating action. More than three months since the apprehension of Nicolás Maduro, the market has a cautiously optimistic outlook regarding Venezuela, underpinned by the U.S. three-stage plan of stabilization, economic recovery, and democratic transition. In just a short time, key legislation has been enacted aimed at revitalizing the oil sector, a political reshuffling is underway led by President Delcy Rodriguez, and some international private investors have touted attractive investment opportunities. Several key stakeholders are focused on recovery. The debt restructuring will be one piece of a broader economic normalization but requires some minimum stability in key macroeconomic variables. Negotiations will need to consider monetary adjustments, complicated by entrenched distortions such as multiple exchange rates ]]>Governments, Sovereigns, Mon, 27 Apr 2026 18:23:07 GMT<![CDATA[ The Venezuelan Sovereign Debt Restructuring Question ]]>00:01:00<![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 ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Global Trade, LiquidityMon, 27 Apr 2026 17:56:59 GMT<![CDATA[ Credit Trends: Global Issuance Forecast And Financing Conditions Q2 2026: Expansion Still Expected This Year ]]>00:01:00<![CDATA[ Transaction profile Issuer Curzon Mortgages No. 2 PLC Collateral type RMBS nonconforming Domicile of assets U.K. Seller Isle of Wight Home Loans Ltd. Servicer Topaz Finance Ltd. Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 415.66 22.75 Daily 3M compounded SONIA + 85 bps Daily 3M compounded SONIA + 170 bps April 28, 2029 July 2049 B AA+ (sf) 26.65 17.75 Daily 3M compounded SONIA + 130 bps Daily 3M compounded SONIA + 195 bps April 28, 2029 July 2049 C-Dfrd* AA (sf) 22.65 13.50 Daily 3M compounded SONIA + 160 bps Daily 3M compounded SONIA + 240 bps April 28, 2029 July 2049 D-Dfrd* ]]>Structured Finance, Mon, 27 Apr 2026 17:28:42 GMT<![CDATA[ New Issue: Curzon Mortgages No. 2 PLC ]]>00:01:00<![CDATA[ Ratings Class* Rating Amount (mil. €) Available credit support (%)§ Interest Legal final maturity A AAA (sf) 420.0 9.0 One-month EURIBOR plus 0.69%, with a minimum interest rate of 0% April 2049 B NR 41.60 N/A 0.00% April 2049 *Our rating addresses timely interest and ultimate principal payments on all rated notes. §Indicates available credit enhancement through class subordination. EURIBOR--Euro interbank offered rate. . NR--Not rated. N/A--Not applicable. S&P Global Ratings Services has assigned its 'AAA (sf)' credit rating to TitriSocram 2026 's class A notes. At closing, TitriSocram 2026 also issued unrated class B notes. The issuer is a newly set up "fonds commun de titrisation" (FCT). This is the eleventh transaction backed by receivables originated and serviced by ]]>Structured Finance, Mon, 27 Apr 2026 15:41:59 GMT<![CDATA[ New Issue: TitriSocram 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings assigns issuer credit ratings (ICRs) to public and nonprofit social housing providers (SHPs) based on their qualitative and quantitative analysis of industry risk, market position, management and governance, financial performance, debt profile, and liquidity. We assess financial performance and debt profile on a five-year average basis, typically including two historical years, the current year, and two forecast years. This report provides comparative statistics for the 58 publicly rated SHPs outside the U.S. Our ratings have remained broadly stable with a limited number of rating changes over the last 12 months ending March 31, 2026. That said, English SHPs continue to face headwinds with nine outlooks revised downwards, either from ]]>Governments, Infrastructure, International Public Finance, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Transportation, Mon, 27 Apr 2026 15:16:31 GMT<![CDATA[ Comparative Statistics: Non-U.S. Social Housing Providers Ratings Risk Indicators: Ratings Hold Steady Despite Negative Bias ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We have taken 15 rating actions since March 31, 2025, mostly with a negative bias. This excludes withdrawals and assignment of new ratings. Overall, we have seen a gradual decline in rating actions over the past three years after a peak of 28 rating actions in 2022 (see chart 1). While the vast majority of ratings have stable outlooks, the net balance continues to be more negative. As of March 31, 2026, 19% of the ratings had a negative outlook--slightly higher than 15% on March 31, 2025. Only one rating had a positive outlook, compared with four ratings during the same time last year. As of March 31, 2026, S&P Global Ratings ]]>Corporates, Governments, Infrastructure, Other Infrastructure Entities, Social Infrastructure, Government-Related Entities, Sovereigns, Mon, 27 Apr 2026 15:12:00 GMT<![CDATA[ Non-U.S. Social Housing Providers Ratings History: March 2026 ]]>00:01:00<![CDATA[ Ratings Class Rating* Current amount (mil. SEK) Maximum commitment amount (mil. SEK) Minimum available credit enhancement (%)§ Interest (%) Legal final maturity A1 AAA (sf) 3,853.2 5,000.0 8.4 1MS + 0.85 November 2035 A2 AAA (sf) 2,074.8 2,250.0 8.4 1MS + 0.85 November 2035 Subordinated loan NR 572.0 N/A N/A 1MS + a margin November 2035 *Our ratings address timely payment of interest and ultimate principal. §Reflects the documented minimum figures in the early amortization triggers and includes subordination and amounts in the accumulation accounts. SEK--Swedish krona. 1MS--One-month Stockholm Interbank Offered Rate (STIBOR). NR—Not rated. S&P Global Ratings has assigned its credit rating to Driver Sweden Master S.A., acting for and on behalf of its Compartment 1 (DSM 1)'s class ]]>Structured Finance, Mon, 27 Apr 2026 14:30:11 GMT<![CDATA[ New Issue: Driver Sweden Master S.A., Compartment 1 ]]>00:01:00<![CDATA[ Transaction profile Issuer Dutch Mortgage Finance 2026-1 B.V. Collateral type RMBS buy-to-let Domicile of assets The Netherlands Originators RNHB B.V., FGH Bank N.V., and Vesting Finance Servicing B.V. Primary servicer Vesting Finance Servicing B.V. Original seller, master servicer, and special servicer RNHB B.V. Arranger and lead manager Citibank Europe PLC Swap counterparty NatWest Markets N.V. Capital structure Class Rating* Amount (mil. €) Class size (%)§ Credit enhancement (%)† Interest (%) Step-up interest (%) Step-up date Legal final maturity A AAA (sf) 332.4 87.50 13.50 3M EURIBOR plus 0.75% 3M EURIBOR plus 1.125% August 2031 May 2058 B-Dfrd AA (sf) 17.1 4.50 9.00 3M EURIBOR plus 1.15% 3M EURIBOR plus 1.725% August 2031 May 2058 C-Dfrd A (sf) 12.3 3.25 5.75 ]]>Asset-Backed Securities (ABS), Structured Finance, Mon, 27 Apr 2026 14:22:51 GMT<![CDATA[ New Issue: Dutch Mortgage Finance 2026-1 B.V. ]]>00:01:00<![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 ]]>Corporates, Technology, Media & Telecom, Market Dynamics, Cyber Risk, Artificial Intelligence, Digital WalletsMon, 27 Apr 2026 13:02:21 GMT<![CDATA[ The Frontier Of Cyber Risk: Crypto, AI, And Quantum’s Compounding Threats ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Here, S&P Global Ratings provides the institutional framework assessments it derives from the application of, and uses to apply, the criteria " Methodology For Rating Local And Regional Governments Outside Of The U.S. ," published on July 15, 2019. This commentary is intended to be read in conjunction with those criteria. This article is related to " Methodology For Rating Local And Regional Governments Outside Of The U.S. ," published on July 15, 2019. Since our last publication, we updated the IF assessments for Australian States, Canadian Municipalities, First Nations, Provinces, and Territories, and French Cities and Intercities with no change. We revised the trend for Croation Municipalities to improving from stable. ]]>Governments, International Public Finance, Government-Related Entities, Mon, 27 Apr 2026 12:11:12 GMT<![CDATA[ Institutional Framework Assessments For Local And Regional Governments Outside Of The U.S. ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Private credit has long been a staple of life insurers' investment strategies. In recent years, its share of insurers' portfolios has meaningfully grown, while at the same time expanding beyond the private placements that life insurers have traditionally managed into a variety of asset classes and structures that can be more complex and less transparent. This development--alongside the growing skepticism of private credit by the financial press, regulators, and other market observers--has understandably raised questions in the market as to how exposed life insurers are to private credit, and how they might be impacted if the performance of their private credit investments were to deteriorate. This article describes our attempt to quantify ]]>Insurance Markets, Life Insurance, Private Markets, Private MarketsMon, 27 Apr 2026 11:02:41 GMT<![CDATA[ Scenario Analysis: North American Life Insurers Can Manage Private Credit Market Stress, If One Occurs ]]>00:01:00<![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. ]]>Covered Bonds, Financial Services, Structured Finance, Mon, 27 Apr 2026 09:50:54 GMT<![CDATA[ This Week In Credit: Muted Week For Rating Activity (April 27, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings has reassessed overvaluation in four residential real estate markets: Portugal, Austria, Sweden and the U.K. (London and the Southeast). Our update reflects the house price and income movements we have observed since our previous update, as well as our forward-looking expectations. Our assessments of under- or overvaluation differ by country, but we still consider most European countries' housing markets to be overvalued, relative to the long-term trend in affordability metrics. The credit impact house price overvaluation could have on European RMBS and covered bonds depends on the geographic distribution of the mortgage pools and when the underlying properties backing the loans in those pools were last valued. Our view ]]>Covered Bonds, Residential Mortgage-Backed Securities (RMBS), Structured Finance, Mon, 27 Apr 2026 09:38:58 GMT<![CDATA[ House Price Overvaluation Largely Unchanged For Europe's RMBS And Covered Bond Markets ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Germany’s private pension shakeup could breathe new life into the country’s financial services market. The country’s private pension scheme is set to change from 2027 after the national parliament approved a reform to expand the types of investment within subsidized pension savings accounts. As a result, schemes will be able to include funds in risk classes 1-5, EU sovereign bonds, and money market funds without a capital guarantee. In contrast, the current Riester scheme prioritizes safe assets because it guarantees 100% of capital back at retirement. In S&P Global Ratings' opinion, the reform could revitalize the private pension market by allowing significant potential inflows into the space. Banks that offer asset-management products ]]>Asset Managers, Financial Services, Insurance Markets, Life Insurance, Mon, 27 Apr 2026 08:56:17 GMT<![CDATA[ Germany’s Pension Reform Offers Major Business Potential ]]>00:01:00<![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 ]]>Corporates, Energy & Commodities, Mon, 27 Apr 2026 06:38:25 GMT<![CDATA[ Credit FAQ: Mideast War Splits Fortunes Of China's Oil Majors ]]>00:01:00<![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 ]]>Corporates, Energy & Commodities, Energy and Oil & Gas, Infrastructure, Other Infrastructure Entities, Transportation, Utilities, Energy Transition, SustainabilityMon, 27 Apr 2026 03:34:52 GMT<![CDATA[ Sustainability Insights: China's Energy Transition: Renewable Sector Pivots From Growth To Efficiency ]]>00:01:00<![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 ]]>Business Services, Corporates, Retailing, Mon, 27 Apr 2026 01:25:14 GMT<![CDATA[ China Delivery Brief: The Worst Of The Subsidy War May Be Over ]]>00:01:00<![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 ]]>U.S. Local Governments, U.S. Public Finance, Fri, 24 Apr 2026 15:58:05 GMT<![CDATA[ U.S. Charter Schools Rating Actions, First-Quarter 2026 ]]>00:01:00Asset-Backed Commercial Paper (ABCP), Structured Finance, Fri, 24 Apr 2026 13:17:25 GMT<![CDATA[ New Issue: Silver Arrow S.A., Compartment 21 ]]>00:01:00<![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. ]]>https://share.vidyard.com/watch/FxvVyNpP6L1iZCYCSuCHkHCredit ConditionsFri, 24 Apr 2026 12:00:00 GMT<![CDATA[ Global Credit Conditions Q2 2026 ]]><![CDATA[ Casper Andersen,Alastair Bigley ]]>00:03:20<![CDATA[ This report does not constitute a rating action. Some European real estate open-ended funds are experiencing increased levels of redemption requests from investors, presenting a potential liability mismatch between funds. This comes at a tough time for the sector, with asset sales proving difficult to execute amid the current economic uncertainty. S&P Global Ratings believes that elevated redemption requests could affect European corporate real estate funds in very different ways. While these periods of stress inevitably raise concerns on all the rated funds, we see crucial differences within funds’ structures and investor bases that mean some funds are less exposed than others. Fortunately, most of our rated European real estate funds have embedded protection mechanisms, with the majority allowing the ]]>Corporates, Homebuilding, Real Estate Themes, Collateralized Loan Obligation (CLO), Structured Finance, Market DynamicsFri, 24 Apr 2026 11:56:06 GMT<![CDATA[ Credit FAQ: Why European Real Estate Funds Differ Under Redemption Pressure ]]>00:01:00<![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. ]]>Financial Services, Fri, 24 Apr 2026 09:03:39 GMT<![CDATA[ Post-Issuance Review: Sun Life Financial's 7th Annual Sustainability Bond Use Of Proceeds Report ]]>00:01:00<![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 ]]>Corporates, Energy & Commodities, Emerging Markets, Emerging MarketsThu, 23 Apr 2026 15:37:16 GMT<![CDATA[ CreditWeek: How Can Battery Storage Charge Up Gulf Nations' Renewable Energy Push? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 23 Apr 2026 14:45:04 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 22, 2026 ]]>00:01:00<![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 ]]>Governments, International Public Finance, Government-Related Entities, Thu, 23 Apr 2026 14:44:20 GMT<![CDATA[ Post-Election Political Shift In Bulgaria Unlikely To Lift Municipalities' Weak Investment Levels ]]>00:01:00<![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 ]]>Corporates, Macroeconomics Economic Research, Energy & Commodities, Financial Services, Global Trade, Energy TransitionThu, 23 Apr 2026 14:12:31 GMT<![CDATA[ Economic Research: Europe’s Middle East Dependencies: Price Surges Precede Supply Chain Vulnerabilities ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The past decade has seen solid growth in global financial assets outside the banking system. NBFIs grew 9.7% in 2024, to account for 51% of total financial assets (2023: 49%) in the major economies that report to the Financial Stability Board (FSB; chart 1). These economies generate about 88% of global GDP in aggregate. Chart 1 NBFIs represent a wide variety of subsectors (chart 2). Within this, the FSB’s narrow measure of NBFIs--those that are involved in credit intermediation activities that could give rise to bank-like vulnerabilities--grew even faster, by 12.7%. These shadow banks held about $76.3 trillion in financial assets in 2024, representing 86% of global GDP compared to $28 trillion ]]>Financial Services, Private Markets, Private MarketsThu, 23 Apr 2026 14:08:04 GMT<![CDATA[ Systemic Risk: The Rise Of The NBFI-Bank Nexus Is Now The Top Risk ]]>00:01:00<![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. ]]>Structured Finance, Thu, 23 Apr 2026 13:10:42 GMT<![CDATA[ U.S. Structured Finance Chart Book: April 2026 ]]>00:01:00<![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. ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Covered Bonds, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Collateralized Loan Obligation (CLO), Structured Finance, Thu, 23 Apr 2026 13:03:04 GMT<![CDATA[ EMEA Structured Finance Chart Book: April 2026 ]]>00:01:00<![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 ]]>Governments, Global Trade, Emerging Markets, Emerging MarketsThu, 23 Apr 2026 09:56:31 GMT<![CDATA[ African Sovereign Ratings: Assessing Exposures To The Middle East Conflict ]]>00:01:00<![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 ]]>Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), Structured Finance, Thu, 23 Apr 2026 08:55:50 GMT<![CDATA[ Credit FAQ: Deep Dive Into European ABS And RMBS Principal Deficiency Ledgers ]]>00:01:00<![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 ]]>Health Insurance, Insurance Markets, Life Insurance, Property & Casualty, Reinsurance, Private Markets, Private MarketsThu, 23 Apr 2026 07:55:12 GMT<![CDATA[ Insurance Brief: EU Re/Insurers Eye Private Credit ]]>00:01:00Governments, Sovereigns, Thu, 23 Apr 2026 04:05:45 GMT<![CDATA[ Second Party Opinion: Republic of South Africa Use of Proceeds Sustainable Finance Framework ]]>00:01:00<![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 ]]>, Thu, 23 Apr 2026 03:50:05 GMT<![CDATA[ Japan Electronics' Journey Beyond Japan Electronics ]]>00:01:00Credit Markets, Higher Education, U.S. Public Finance, Wed, 22 Apr 2026 19:55:32 GMT<![CDATA[ U.S. Higher Education Rating Actions, First-Quarter 2026 ]]>00:01:00<![CDATA[ In this week's summary of ratings views: Increased capital spending is putting pressure on hyperscalers’ financial capacity. Cyclical sectors dominated corporate defaults in the first quarter. A prolonged oil shock could hurt credit quality for 15% of rated Asia-Pacific corporates. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 22 Apr 2026 18:59:42 GMT<![CDATA[ The Ratings View: Apr. 22, 2026 ]]>00:01:00<![CDATA[ Issuance trends and outlooks for U.S. structured finance esoteric ABS sectors. ]]>, Wed, 22 Apr 2026 18:53:48 GMT<![CDATA[ Structured Finance Esoteric Quarterly Roundup: Q2 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Higher crude oil prices and an unprecedented increase in jet crack spreads--the gap between crude oil and jet fuel prices--have added further costs for a volatile industry already under margin pressure (see chart 1; please note that these forecasts are subject to change due to ongoing volatility). Previously, the Middle East supplied nearly half of Europe’s jet fuel imports, but the effective closure of the Strait of Hormuz and damage to regional refineries have significantly curtailed supply. Continued conflict could worsen physical supply disruptions, potentially leading to widespread flight cancellations and further airfare hikes. Chart 1 Most of the airlines that we rate in the region (see table 1) are larger, more ]]>Corporates, Transportation, Global TradeWed, 22 Apr 2026 14:07:34 GMT<![CDATA[ European Airlines Navigate Record High Jet Fuel Prices And Supply Constraints ]]>00:01:00<![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Medium green to Heba Fastighets AB. Heba is a Swedish real estate company that develops, owns, and manages residential and care facilities in the Stockholm and Mälaren regions. ]]>Corporates, Structured Finance, Wed, 22 Apr 2026 08:20:24 GMT<![CDATA[ Climate Transition Assessment: Heba Fastighets AB ]]>00:01:00Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Technology, Media & Telecom, Media & Entertainment, Retailing, Structured Finance, U.S. Public Finance, Tue, 21 Apr 2026 19:57:15 GMT<![CDATA[ Credit FAQ: Will Weakened Cash Flow Hurt Ratings On The Hyperscalers? ]]>00:01:00<![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 ]]>Corporates, Transportation, Global TradeTue, 21 Apr 2026 18:54:11 GMT<![CDATA[ Fuel Disruption Poses Downside Risk For Europe's Transport Infrastructure ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Following tight first-round presidential election results in Peru, right-wing Keiko Fujimori will compete in a second round on June 7, 2026, with either left-wing Roberto Sanchez or right-wing Rafael Lopez Aliaga. On the legislative front, the path forward will depend on the ability of the next president to navigate a still-fragmented Congress and an inaugural Senate that will hold significant power. Our credit rating on Peru (foreign currency: BBB-/Stable/A-3) incorporates long-standing macroeconomic prudency, currently bolstered by favorable terms of trade. Political instability remains a key risk to economic growth and fiscal performance. On April 12, 2026, Peru held the first round of presidential and legislative elections. With almost 94% of votes counted, ]]>Asset-Backed Securities (ABS), Financial Services, Governments, Government-Related Entities, Collateralized Loan Obligation (CLO), Structured Finance, Liquidity, Global Trade, Emerging Markets, Market Dynamics, Emerging MarketsTue, 21 Apr 2026 18:51:21 GMT<![CDATA[ Peru Brief: Political Uncertainty Persists Following First-Round Elections ]]>00:01:00Financial Services, Tue, 21 Apr 2026 16:27:45 GMT<![CDATA[ Post-Issuance Review: Titularizacion Transporte Masivo Sostenible de Bogota Sustainable Bond Allocation Report ]]>00:01:00<![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, ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Energy TransitionTue, 21 Apr 2026 13:23:28 GMT<![CDATA[ Sustainability Insights: Climate Transition Trends: A Crude Reality For Oil And Gas ]]>00:01:00<![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 ]]>Structured Finance, Tue, 21 Apr 2026 12:24:42 GMT<![CDATA[ New Issue: Fondo de Titulizacion RMBS Prado XII ]]>00:01:00<![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 ]]>Building & Construction, Autos & Capital Goods, Chemical Themes, Corporates, Covered Bonds, Energy & Commodities, Financial Services, Metals & Mining, Project Finance, Paper & Forest Products, Project Finance, Project Finance, Structured Finance, Transportation, U.S. Public Finance, Energy TransitionTue, 21 Apr 2026 12:07:47 GMT<![CDATA[ Sustainability Insights: CBAM’s Initial Impact Signals Divergent Prospects For Companies' Earnings ]]>00:01:00<![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 ]]>Structured Finance, Tue, 21 Apr 2026 12:03:31 GMT<![CDATA[ New Issue: Harvest Funding PLC ]]>00:01:00Governments, International Public Finance, Government-Related Entities, Tue, 21 Apr 2026 07:50:13 GMT<![CDATA[ Spending Pressures Could Weigh On Spanish Regions' Finances ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japanese real estate majors remain on a growth trajectory. Office rents are rising nationwide, particularly in major cities. New supply in central Tokyo, their core market, will remain relatively limited over the next few years. We forecast continued modest improvements in occupancy rates and rents, supported by sustained demand. A stable balance between the debt and cash flow generation is likely for the five major real estate companies: Mitsui Fudosan (A-/Stable/A-2); Mitsubishi Estate (A/Stable/A-1); Sumitomo Realty & Development; Tokyu Fudosan Holdings; and Nomura Real Estate Holdings. Debt will remain high due to property development investments across various asset classes, both domestically and internationally, and shareholder returns. As a result, cash flow metrics ]]>Corporates, Tue, 21 Apr 2026 07:42:43 GMT<![CDATA[ Japan Real Estate: Solid Market Eases Financial Stresses ]]>00:01:00Corporates, Infrastructure, Utilities, Tue, 21 Apr 2026 05:10:32 GMT<![CDATA[ EuGB Post-Issuance Review: Terna European Green Bond Allocation Report ]]>00:01:00, Mon, 20 Apr 2026 23:29:17 GMT<![CDATA[ Pain Looms For Australia And New Zealand Infrastructure Sector ]]>00:01:00<![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. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 20 Apr 2026 09:44:58 GMT<![CDATA[ This Week In Credit: Speculative Grade Leads Rating Actions (April 20, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Table 1 Key strengths Key weaknesses Mature and stable intergovernmental system, with any proposed reforms subject to extensive consultation. Taxation powers are concentrated at the Commonwealth level, resulting in vertical fiscal imbalance. Sound fiscal equalization framework supported by extension of federal "no worse off guarantee" to 2030. Some states are incurring large deficits and rising debt to finance infrastructure investment, primarily to cater for population growth. Very high levels of budget transparency and accountability. Absence of external fiscal rules. In December 2023, the Commonwealth agreed to extend the "no worse off guarantee" (NWOG) for goods-and-services tax (GST) grants by three years to the end of fiscal 2030. This improved certainty for states' ]]>Governments, International Public Finance, Government-Related Entities, Mon, 20 Apr 2026 06:07:01 GMT<![CDATA[ Institutional Framework Assessment: Australian States And Territories Have Fiscal Autonomy To Manage Deficits ]]>00:01:00<![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. ]]>Corporates, Paper & Forest Products, Mon, 20 Apr 2026 06:00:52 GMT<![CDATA[ Second Party Opinion: Tornator Green Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The war in the Middle East has led to strong volatility in financial markets, and credit yields have risen again. Real estate investment trusts (REITs) are vulnerable to interest rates, given their capital-intensive nature and the sensitivity of their property valuations to sovereign bond yields. As a result, higher rates are denting REITs’ capacity to cover interest, sell assets, and maintain headroom under loan-to-value covenants. However, unlike in 2022-2023, REITs should see only a moderate rating impact because their existing properties and a significant portion of their debt have been repriced since the pre-2022 low-rate era and access to funding is holding up well. Our negative outlooks on 10% of rated REITs ]]>Corporates, Homebuilding, Real Estate Themes, Global Trade, Market DynamicsFri, 17 Apr 2026 15:51:00 GMT<![CDATA[ Scenario and Sensitivity Analysis: Most European REITs Should Cope With Current Yield Volatility ]]>00:01:00Banking, Financial Services, Fri, 17 Apr 2026 07:33:13 GMT<![CDATA[ European Banks' First Quarter Results Will Offer Clues To Middle East War Effects ]]>00:01:00<![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 ]]>Structured Finance, Leveraged FinanceThu, 16 Apr 2026 19:08:09 GMT<![CDATA[ U.S. BSL CLO Top Obligors And Industries Report: First-Quarter 2026 ]]>00:01:00<![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 ]]>Structured Finance, Thu, 16 Apr 2026 19:06:19 GMT<![CDATA[ Servicer Evaluation Spotlight Report: Modest AI Adoption By Loan Servicers So Far ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Middle East war’s effect on emerging markets (EMs) has so far been uneven. It is largely based on the extent of countries’ exposure to Middle East supply chains and the size of net energy imports. To date, we have seen four rating actions in EMs related to the war. Meanwhile, the supply shock is offsetting the macro tailwinds and accommodative financing conditions that EMs had been enjoying over 2025. Our base case assumes the war’s intensity will peak and the Strait of Hormuz’s effective closure will ease in the coming weeks, but some disruption is likely to persist for months. This reflects port congestion, insurance delays, the time taken to restart ]]>Covered Bonds, Financial Services, Structured Finance, Emerging MarketsThu, 16 Apr 2026 17:31:29 GMT<![CDATA[ Credit FAQ: How The Middle East War Will Test Emerging Markets ]]>00:01:00<![CDATA[ I spent the week in Washington D.C. attending the Spring Meetings of the IMF and World Bank, along with events from the Institute of International Finance, Council of Foreign Relations and the World Economic Forum. My schedule comprised panels, roundtables, one-on-one meetings, press interviews, and catching up with friends and former colleagues. As always it was a week of learning, note comparing and networking. ]]>Macroeconomics Economic Research, Thu, 16 Apr 2026 16:37:48 GMT<![CDATA[ Economic Research: Spring Meetings 2026: Middle East War And The AI Revolution Face Off ]]>00:01:00<![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 ]]>Corporates, Financial Services, Technology, Media & Telecom, Thu, 16 Apr 2026 16:28:34 GMT<![CDATA[ CreditWeek: How Are Crypto, Quantum, And AI Redefining Cyber Risks? ]]>00:01:00Credit Markets, Thu, 16 Apr 2026 14:24:10 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of April 15, 2026 ]]>00:01:00<![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 ]]>Banking, Financial Services, Governments, International Public Finance, Thu, 16 Apr 2026 12:36:05 GMT<![CDATA[ Bund Yields Peak: German Homes Are Resilient, Balance Sheets Aren't ]]>00:01:00<![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 ]]>Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), Structured Finance, Thu, 16 Apr 2026 09:16:14 GMT<![CDATA[ EMEA RMBS And ABS Monitor Q1 2026 ]]>00:01:00<![CDATA[ We apply our Shades of Green approach in the context of our SPOs on sustainable finance frameworks or transactions and in our Climate Transition Assessments (see " Analytical Approach: Climate Transition Assessments ,” May 29, 2025). An S&P Global Ratings Shade of Green (shade) represents our qualitative opinion on how consistent an economic activity or financial instrument is with a low-carbon, climate resilient future. In this report, we explain how we use our Shades of Green analytical approach to assess activities in the oil and gas sector, specifically upstream and midstream activities and downstream infrastructure. End-use combustion is excluded from this report since it is addressed in “ Behind The Shades: Power Generation, Transmission, And Distribution ,” June 23, 2025. ]]>, Energy Transition, SustainabilityThu, 16 Apr 2026 08:48:03 GMT<![CDATA[ Sustainability Insights: Behind The Shades: Oil And Gas ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We reviewed five transactions managed by three collateral managers as part of surveillance rating activity for European CLOs during Q1 2026. Rating transitions--mainly upgrades (67% of classes reviewed) and affirmations (33%)--were positive, reflecting stable credit performance and higher credit enhancement spurred by deleveraging. Rating action severities were 2.6 notches for upgrades and 1.8 for all rating actions during the quarter. We affirmed the ratings on 16 tranches in nine refinanced transactions. We reviewed 117 transactions as part of our annual review surveillance process. We rated 62 new broadly syndicated loan CLO transactions (including 29 resets and 10 refinances). We withdrew ratings on 265 tranches in 43 transactions, mainly due to redemptions and ]]>Collateralized Loan Obligation (CLO), Structured Finance, Thu, 16 Apr 2026 08:37:48 GMT<![CDATA[ European CLO Monitor Q1 2026 ]]>00:01:00<![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 ]]>Banking, Financial Services, Thu, 16 Apr 2026 07:48:10 GMT<![CDATA[ Philippine Banking Brief: War Relief Measures Could Dampen Profitability ]]>00:01:00<![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 ]]>Credit Markets, , Default TransitionThu, 16 Apr 2026 07:38:51 GMT<![CDATA[ Default, Transition, and Recovery: Cyclical Sectors Record Most Defaults In The First Quarter ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Danantara is looking more like an active corporate shareholder. The Indonesia sovereign wealth fund, launched in February 2025, is focusing on profit and efficiencies. And so far, it's been unencumbered by bureaucratic constraints. Some Indonesian state-owned enterprises (SOEs) have received shareholder loans or capital injections, and consolidation within the sector has accelerated. S&P Global Ratings also sees an intent to clearly demarcate the role of the Ministry of State-Owned Enterprises (MSOE), known as the SOE Regulatory Agency since October 2025, to focus more on policy objectives. We believe this trend will persist as Daya Anagata Nusantara Investment Management Board (Danantara) works to reform the SOE sector. It aims to free up capital, ]]>Corporates, Thu, 16 Apr 2026 06:31:43 GMT<![CDATA[ Indonesia's SOE Shake-Up Spurs Growth Potential ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A robust labor market and an increase in the value of owned assets caused by appreciation of property prices should support performance. This is despite changes in borrowers' preferences. The number of loans with maturities exceeding 35 years is increasing. There is also a trend for couple to take out pair-loans, in which both partners take out separate mortgages to purchase properties. A survey from Japan Housing Finance Agency in January 2026 found 75% of new mortgage borrowers selected floating rate loans. However, the proportion of fixed-rate mortgage loans rose from a year earlier. We believe borrowers are interested in fixed-rate mortgage loans because they anticipate higher interest rates going forward. Furthermore, ]]>Structured Finance, Thu, 16 Apr 2026 04:06:24 GMT<![CDATA[ Japan Private-Sector RMBS Performance Watch: Borrower Preferences Are Shifting ]]>00:01:00<![CDATA[ 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 corporates will feel uneven pain from a prolonged oil shock. The potential impact varies by firms even within the same sector--and across countries. S&P Global Ratings believes firms with limited financial buffer against supply disruption and/or higher energy and raw material costs could see credit deterioration. ]]>Autos & Capital Goods, Chemical Themes, Corporates, Energy & Commodities, Transportation, Thu, 16 Apr 2026 04:04:02 GMT<![CDATA[ Scenario and Sensitivity Analysis: One In Six Asia-Pacific Companies Would Face Credit Pressure In A Prolonged Oil Shock ]]>00:01:00Corporates, Energy & Commodities, Thu, 16 Apr 2026 03:01:39 GMT<![CDATA[ Climate Transition Assessment: Ecoener ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China is signaling a greater urgency on technology self-sufficiency. The country's latest five-year plan (2026-2030) focuses on strengthening areas seen as strategically important and weak links in the supply chain. S&P Global Ratings believes these supports will include funding, tax breaks, and protectionist or targeted demand. In our view, upstream technology hardware sectors will be top beneficiaries of the policy, especially those companies that support the AI supply chain. This likely points to an influx of capital to the semiconductor manufacturing and related semiconductor equipment and materials companies. Such backing is important given some of these companies face low returns and low profitability as they invest in new capabilities. On the flip ]]>Corporates, Thu, 16 Apr 2026 01:08:37 GMT<![CDATA[ How China's Self-Sufficiency Drive Will Benefit Tech Leaders ]]>00:01:00<![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 ]]>Governments, Sovereigns, Credit ConditionsWed, 15 Apr 2026 21:13:23 GMT<![CDATA[ Credit Conditions: U.S. Aluminum Supply Chain Takes A Strait Hit ]]>00:01:00<![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. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 15 Apr 2026 21:05:53 GMT<![CDATA[ The Ratings View: Apr. 15, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings rates 184 U.S. retail electric utilities and 23 retail natural gas utilities using its " U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions ," criteria (Sept. 27, 2018). This group of utilities includes debt issued by retail electric and/or natural gas utilities as well as combined utilities whereas the majority of net revenues available for debt service from the combined system are predominantly from a combination of electric and gas operations. The 184 rated utilities include the issuer credit ratings (ICRs) we have assigned to Massachusetts utilities that have not issued direct debt, in addition to ICRs on the distribution cooperatives for which we do not rate ]]>U.S. Public Finance, Utilities, Wed, 15 Apr 2026 19:58:10 GMT<![CDATA[ U.S. Rated Not-For-Profit Retail Electric And Natural Gas Utilities Medians ]]>00:01:00<![CDATA[ Energy prices have reemerged as a key inflation risk for emerging markets (EMs). Higher energy prices due to the Middle East war have pushed median EM inflation to a post‑2024 high, driven by housing and transport energy costs. Price controls eased impact in some countries last month, but persistent energy pressures risk broader second‑round effects. ]]>Corporates, Energy & Commodities, Financial Services, Energy Transition, Emerging Markets, Emerging MarketsWed, 15 Apr 2026 18:18:55 GMT<![CDATA[ Emerging Markets Monthly Highlights: Energy Shock Tests Resilience ]]>00:01:00<![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. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 15 Apr 2026 17:25:06 GMT<![CDATA[ Ratings Performance Insights Q1 2026: Downside Risks Persist ]]>00:01:00<![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 ]]>Commercial Mortgage-Backed Securities (CMBS), Structured Finance, Wed, 15 Apr 2026 16:51:19 GMT<![CDATA[ European CMBS Monitor Q1 2026 ]]>00:01:00<![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, ]]>Governments, International Public Finance, Government-Related Entities, Wed, 15 Apr 2026 14:17:35 GMT<![CDATA[ Credit FAQ: What's Behind Our Proposed Criteria For Rating Public-Purpose Entities Outside Of The U.S. ]]>00:01:00<![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+ ]]>Structured Finance, Wed, 15 Apr 2026 12:57:28 GMT<![CDATA[ New Issue: Bridgegate Funding PLC ]]>00:01:00<![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 ]]>Covered Bonds, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Emerging MarketsWed, 15 Apr 2026 10:52:34 GMT<![CDATA[ Economic Research: AI Leaves Central And Eastern Europe's IT Success At A Crossroads ]]>00:01:00<![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 ]]>Banking, Financial Services, Non-banks, Wed, 15 Apr 2026 10:03:39 GMT<![CDATA[ Credit FAQ: Markets Financing 101 ]]>00:01:00<![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 ]]>Banking, Financial Services, Insurance Markets, Non-banks, Collateralized Loan Obligation (CLO), Structured Finance, U.S. Public Finance, Wed, 15 Apr 2026 09:58:15 GMT<![CDATA[ Systemic Risk: Trading Firms' Expansion Affects Selected Ratings ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Competition remains heated for major players in China's on‑demand delivery market. S&P Global Ratings sees increasing risk that a price war may continue for an extra year and that substantial cuts to subsidies may be pushed out into 2028. This would hurt all players. Meituan , JD.com Inc. , and Alibaba Group Holding Ltd. are the three major platform operators spending aggressively to capture or maintain shares in the market for on-demand deliveries: namely food and instant retail. They are grappling over a fast-growing segment--with deliveries arriving in under an hour--that makes up over 6% of China's retail sector. The fallout from the price war will likely be rougher than we had ]]>Business Services, Corporates, Retailing, Wed, 15 Apr 2026 08:28:26 GMT<![CDATA[ Credit FAQ: China's On-Demand Delivery Competition To Remain Heated ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks A wealthy economy with one of the highest GDPs per capita globally Small economy with high reliance on tourism and gaming Customer deposits and support from parent banks enhance funding stability Developing regulatory framework Branches and subsidiaries of major Chinese banks, as the dominant players, promote healthy competition and industry stability Still-high credit losses with high private-sector debt and exposure to Chinese developers The special administrative region's per capita GDP grew 4.7% to US$74,888 in 2025, placing it among the top 10 wealthiest regions globally. However, limited monetary policy flexibility, high income inequality, and economic concentration in gaming and tourism constrain its resilience. The government is actively ]]>Banking, Financial Services, Wed, 15 Apr 2026 06:45:29 GMT<![CDATA[ Banking Industry Country Risk Assessment: Macao ]]>00:01:00<![CDATA[ S&P Global Ratings assesses the City of Vasteras’ Green Bond Framework as Medium green, with activities that represent significant steps toward a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Vasteras is a municipality located in central Sweden, with a population of over 160,000. ]]>Governments, International Public Finance, Wed, 15 Apr 2026 06:17:20 GMT<![CDATA[ Second Party Opinion: City of Vasteras Green Bond Framework ]]>00:01:00<![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 ]]>Asset Managers, Banking, Financial Services, Funds, Non-banks, Wed, 15 Apr 2026 03:39:56 GMT<![CDATA[ Asia-Pacific Banks: The US$180 Billion Downside Scenario ]]>00:01:00<![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 ]]>Corporates, Tue, 14 Apr 2026 22:37:04 GMT<![CDATA[ Segunda Opinión: Marco de Financiamiento Sostenible de Bepensa Bebidas ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Bepensa Bebidas' Sustainable Financing Framework as aligned with: Social Bond Principles, ICMA, 2025; Social Loan Principles, LMA/LSTA/APLMA, 2025; Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Bepensa Bebidas S.A. de C.V. is a Mexico-based company that produces, bottles, and distributes nonalcoholic beverages under franchise agreements, primarily within the soft drinks category. ]]>Retail & Consumer Products, Corporates, Tue, 14 Apr 2026 22:31:44 GMT<![CDATA[ Second Party Opinion: Bepensa Bebidas’ Sustainable Financing Framework ]]>00:01:00<![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%; ]]>, Tue, 14 Apr 2026 20:45:18 GMT<![CDATA[ U.S. CMBS Update Q1 2026: Downgrades Abate As Headwinds Persist ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings is publishing a weekly update summarizing the rating actions we have taken globally due to the credit implications from the Middle East war. These are public issuer ratings in which the Middle East conflict was identified as the primary driver of the action. The update covers issuer credit ratings in the nonfinancial and financial corporate and sovereign sectors. Rating actions include upgrades, downgrades, outlook revisions, and CreditWatch placements as of April 10, 2026, unless noted otherwise. Chart 1 Chart 2 Table 1 Chart 3 Chart 4 Appendix Table 1 Middle East war-driven rating actions by country and action type Country Downgrade CreditWatch negative Negative outlook revision Upgrade Total U.S. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Global TradeTue, 14 Apr 2026 19:50:13 GMT<![CDATA[ Middle East War: Rating Action Tracker (As Of April 10, 2026) ]]>00:01:00<![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. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Emerging MarketsTue, 14 Apr 2026 16:12:44 GMT<![CDATA[ GEMs Data Highlight Strong Recoveries In Emerging Markets ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. not-for-profit health care outstanding ratings and outlooks as of March 31, 2026 Obligor State Rating Outlook Entity type Adena Health System OH A- Negative Stand-alone AdventHealth FL AA Stable System Adventist Health System/West CA BBB+ Negative System Adventist Healthcare MD BBB Stable System Advocate Aurora Health IL AA Stable System AHS Hospital Corporation NJ AA- Stable System Albany Medical Center Hospital NY A Stable System Allegheny Health Network PA A Negative System Allina Health MN A+ Negative System AnMed Health SC A+ Positive Stand-alone Ann & Robert H. Lurie Children's Hospital of Chicago IL AA- Stable Stand-alone Antelope Valley Hospital CA BBB- Stable Stand-alone Appalachian Regional Healthcare KY A Stable System ]]>Health Care, U.S. Public Finance, Tue, 14 Apr 2026 15:18:44 GMT<![CDATA[ U.S. Not-For-Profit Health Care Outstanding Ratings And Outlooks As Of March 31, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In an effort to increase the transparency of exposures to financial counterparties in European asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions, this report summarizes the counterparties supporting the ratings on publicly rated ABS (see table 1) and RMBS (see table 2) transactions. The report was produced with information as of April 1, 2026. When rating structured finance transactions, S&P Global Ratings’ criteria consider the materiality of exposures to financial counterparties and any mitigants to their credit risk. For example, counterparties typically commit to replace themselves with a higher-rated alternative if they are downgraded below a minimum eligible counterparty rating (“minimum rating”). For derivative obligations, counterparties often complement this replacement commitment ]]>Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Structured Finance, Tue, 14 Apr 2026 15:01:43 GMT<![CDATA[ EMEA ABS And RMBS Counterparty Monitor Q1 2026 ]]>00:01:00<![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 ]]>Structured Finance, Tue, 14 Apr 2026 14:51:08 GMT<![CDATA[ European CMBS Sustains Momentum Beyond The Refinance Wall ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects stability in New York State local government (LG) credit quality, specifically in the higher-rated categories given demonstrated revenue and expenditure flexibility. We believe that effective budget management and built-up reserve positions for LGs will help mitigate current economic headwinds and support steady operations for many across the state. However, we expect more downside rating pressure for those LGs with thinner reserves or significant fixed costs relative to operations. Notably, we have observed stronger sales tax revenue growth compared with 2024 levels, which has helped buffer rising costs. On a regional basis, sales tax revenue grew, with all but five counties in New York State experiencing some form of ]]>U.S. Local Governments, U.S. Public Finance, Tue, 14 Apr 2026 13:22:07 GMT<![CDATA[ U.S. Local Governments Credit Brief: New York Counties And Municipalities Means And Medians ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Here S&P Global Ratings shares messages related to its recent webinar Consumer Products: Alcoholic Beverage Industry Update (replay). See all our coming events here ). Despite high debt, the alcoholic beverages industry is highly profitable and cash generative. The 14 global companies we rate in the industry have combined S&P Global Ratings-adjusted debt of over $140 billion, while generating adjusted EBITDA of more than $50 billion and free operating cash flow (after capex and working capital needs) of about $25 billion annually. The industry faces a period of significant adjustments. The post-pandemic surge (see chart 1), fueled by positioning premium products with superior quality at elevated price points (premiumization), is waning, as ]]>Retail & Consumer Products, Corporates, Retailing, Tue, 14 Apr 2026 12:53:25 GMT<![CDATA[ Webinar Debrief: The Global Alcohol Industry Faces A Sobering Reality ]]>00:01:00Asset-Backed Commercial Paper (ABCP), Banking, Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Governments, Insurance Markets, International Public Finance, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, U.S. Public Finance, Tue, 14 Apr 2026 12:34:46 GMT<![CDATA[ Ratings Component Scores For The Top 200 Banks Globally--April 2026 ]]>00:01:00<![CDATA[ Stable collateral performance, favorable economic conditions, and an expanded investor base are setting the stage for healthy activity this year. Increasing competition is expected to drive product innovation, with growing interest in securitizing products. ]]>https://share.vidyard.com/watch/StB9vfxsrhHrxHt9YUaK3HStructured FinanceTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ Australia’s Securitization Market: Strong Fundamentals, Expanding Frontiers ]]>00:03:52<![CDATA[ In 2025, S&P Global Ratings established presence at India’s Gujarat International Finance Tec‑City (GIFT City), marking an important milestone in our long‑standing commitment to India. Since then, S&P Global Ratings has been engaging with issuers, investors, regulators, and market participants - bringing actionable, data-backed and forward-looking perspectives on India. From contributing to key industry forums to supporting landmark transactions, we are committed to be a trusted partner in the development of India’s capital markets. ]]>https://share.vidyard.com/watch/StB9vfxsrhHrxHt9YUaK3HAPACTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ S&P Global Ratings at India's Gujarat International Finance Tec-City (GIFT City) ]]>00:03:52<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Judit Papp talk about the latest rating trends in the Dutch covered bond market. Mr. Andersen is then joined by Maureen Schuller, Head of Financials Sector Strategy at ING, to discuss the Dutch pension market reform and the role of securitization in the Dutch covered bond market. Finally, he chats with his colleague and RMBS sector lead Alastair Bigley about the adoption of agentic AI in mortgage origination. ]]>https://share.vidyard.com/watch/ 9mSqqCJS1BL3P1KPvYhcZ7Structured Finance, Covered Bonds, Covered BondsTue, 14 Apr 2026 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Dutch Market Dynamics And AI In Mortgage Origination ]]><![CDATA[ Casper Andersen,Alastair Bigley ]]>00:01:00<![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 ]]>Corporates, Utilities, Emerging Markets, Global Trade, Energy Transition, Emerging MarketsTue, 14 Apr 2026 11:42:26 GMT<![CDATA[ Contractual Cash Flow Protection Supports Abu Dhabi-Linked Utilities Projects Amid War ]]>00:01:00<![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 ]]>Governments, International Public Finance, Government-Related Entities, Tue, 14 Apr 2026 11:12:15 GMT<![CDATA[ European Subnational Governments Brief: LRG Ratings Would Be Resilient To An Oil Price Shock ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Sukuk market issuance has not yet been significantly affected by the Middle East war. Total issuance reached $62.4 billion in first-quarter 2026 compared with $52.6 billion in first-quarter 2025. This increase included an uptick in foreign currency-denominated sukuk, which reached almost 20% over the same period. In GCC countries S&P Global Ratings observed a slight increase in overall issuances, though there was a decline in those denominated in foreign currency (see chart 1). We expect this slowdown to continue until the war concludes and its implications for GCC economies and sukuk issues become clearer. The war may also bring some risks that are unique to sukuk, relating to their underlying assets. GCC ]]>Banking, Financial Services, Islamic Finance, Liquidity, Emerging Markets, Global Trade, Emerging MarketsTue, 14 Apr 2026 06:44:02 GMT<![CDATA[ Industry Report Card: The Middle East War Could Test Sukuk Legal Contracts ]]>00:01:00Asset-Backed Securities (ABS), Governments, Government-Related Entities, Structured Finance, Tue, 14 Apr 2026 02:36:41 GMT<![CDATA[ Southeast Asia Sovereigns: A Prolonged Energy Shock Would Erode External And Fiscal Buffers ]]>00:01:00<![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 ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Tue, 14 Apr 2026 02:17:10 GMT<![CDATA[ Scenario Analysis: India's Strong Fundamentals Would Cushion The Blow Of An Oil Shock ]]>00:01:00<![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 ]]>Corporates, Energy & Commodities, Energy and Oil & Gas, Infrastructure, International Public Finance, Other Infrastructure Entities, Project Finance, Project Developers, Project Finance, Social Infrastructure, Transportation, Utilities, Liquidity, Emerging Markets, Global Trade, Emerging MarketsMon, 13 Apr 2026 17:48:11 GMT<![CDATA[ Mexico's Electricity Sector Eyes Private-Sector Investment ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 Data as of Feb. 28, 2026. *Captures year-to-date default tally. Direction of arrow indicates month-over-month change. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Credit Research & Insights, S&P Global Market Intelligence's CreditPro®. Chart 7 Chart 8 Chart 9 Chart 10 Chart 11 Chart 12 Table 1 Bond spread (12 months) ‎‎‎‎‎‎‎‎‎‎ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ Bond yield (12 months) Ratings ‎ Ratings 'BB' 'B' 'BB' 'B' Minimum 1.84 3.71 Minimum 4.18 5.95 Maximum 3.57 5.43 Maximum 5.54 7.64 Average 2.24 4.30 Average 4.45 6.52 As of March 27, 2026 2.41 4.86 As of March 27, 2026 5.19 7.64 Data as ]]>Corporates, Health Care, Leveraged Finance & High Yield, Retailing, Telecom Services, Leveraged Finance, Market DynamicsMon, 13 Apr 2026 14:27:27 GMT<![CDATA[ European Leveraged Finance Monthly: March 2026 ]]>00:01:00<![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 ]]>Corporates, Infrastructure, Insurance Markets, Information and Communications Technology (ICT)Mon, 13 Apr 2026 14:25:10 GMT<![CDATA[ Data Centers Offer A Hyperscale Pool Of Insurable Risks ]]>00:01:00<![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 ]]>Autos & Capital Goods, Corporates, Market DynamicsMon, 13 Apr 2026 13:53:03 GMT<![CDATA[ North American Auto Industry’s 2026 Hangover: High Costs, Stretched Consumers, Slowing Sales ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Cellnex's Sustainability-Linked Financing Framework as aligned with Sustainability-Linked Bond Principles, ICMA, 2024, and Sustainability-Linked Loan Principles, LMA/LSTA/APLMA, 2025. Cellnex is the leading independent infrastructure operator for wireless telecommunications in Europe. ]]>Corporates, Technology, Media & Telecom, Media & Entertainment, Telecom Services, Mon, 13 Apr 2026 10:07:07 GMT<![CDATA[ Second Party Opinion: Cellnex Sustainability-Linked Financing Framework ]]>00:01:00<![CDATA[ Downgrades outnumbered upgrades for the second consecutive week. Nearly half of the downgrades were of entities based in Latin America, including five Colombia-based corporates following the sovereign downgrade. There were two fallen angels last week: U.S. health insurer Centene Corp. and Chile-based utility Enel Americas S.A. This brings the year-to-date total to seven, ahead of the total of four fallen angels this time in 2025. There was one default last week of U.S.-based consumer products issuer CoolSys, Inc. due to a distressed exchange, bringing the year-to-date total to 26. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Mon, 13 Apr 2026 10:05:34 GMT<![CDATA[ This Week In Credit: Latin America Drives Downgrades (April 13, 2026) ]]>00:01:00<![CDATA[ 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. Israeli insurance companies’ performance and credit quality is unlikely to have suffered material deterioration due to the Middle East war and should continue to prove resilient. S&P Global Ratings expects Israeli insurers are well positioned to weather increased market volatility in early 2026 due to their robust ]]>Insurance Markets, Mon, 13 Apr 2026 07:41:01 GMT<![CDATA[ Insurance Brief: Israeli Insurers Demonstrate Resilience During Conflict ]]>00:01:00<![CDATA[ S&P Global Ratings considers VGP's allocations to be consistent with pre-issuance commitments. VGP acquires, develops, and manages logistics and semi-industrial buildings. It is headquartered in Belgium and operates in 18 European countries. VGP has released an annual sustainable bond report since 2022. ]]>Corporates, Real Estate Themes, Structured Finance, Mon, 13 Apr 2026 05:19:37 GMT<![CDATA[ VGP Sustainable Bond Report 2025 ]]>00:01:00<![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 ]]>Autos & Capital Goods, Retail & Consumer Products, Corporates, Technology, Media & Telecom, Mon, 13 Apr 2026 01:14:14 GMT<![CDATA[ Asia Tech Hardware: Middle East Risks Will Weigh On Supply And Demand ]]>00:01:00<![CDATA[ This report does not constitute a rating action. As debt binges go, those by the Australia states and territories seem well timed. The subnational debt market is growing in size and liquidity while many global investors are looking to diversify risk. Foreign participation in this market has been expanding, a trend that should help to contain borrowing costs for these governments. S&P Global Ratings believes Australia's "semi," or subnational debt market also benefits from the country's benign political landscape and lower geopolitical tensions, compared with other regions. Australia's constitutional stability, intergovernmental support, and comprehensive financial disclosure are positives for its credit markets. Nonetheless, rising fiscal pressures will test these credit fundamentals in coming years, particularly strains linked to growing populations ]]>Governments, Sovereigns, Mon, 13 Apr 2026 00:02:47 GMT<![CDATA[ Australian States And Territories: A Timely Rise In Investor Interest ]]>00:01:00<![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 ]]>Corporates, Metals & Mining, Sun, 12 Apr 2026 23:16:11 GMT<![CDATA[ China Commodities In Charts: Strong Balance Sheets Support Miners' Global Expansion ]]>00:01:00<![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 ]]>U.S. Public Finance, Fri, 10 Apr 2026 18:56:49 GMT<![CDATA[ U.S. Public Finance Rating Activity Brief: March 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In March 2026, S&P Global Ratings maintained 28 ratings without revising the outlooks, and took one negative rating action in the U.S. not-for-profit health care sector. In addition, we revised two outlooks favorably and three outlooks unfavorably without changing the ratings. Included in the month’s activity were ratings assigned to eight new debt issuances for currently rated systems, all of which were affirmed. The six rating actions and outlook revisions consisted of the following: One downgrade on a stand-alone hospital in the ‘BBB’ category. Two outlook revisions to positive from stable on one stand-alone hospital and one system, both in the ‘A’ category. Three outlooks revised to negative from stable on two ]]>Health Care, U.S. Public Finance, Fri, 10 Apr 2026 18:19:02 GMT<![CDATA[ U.S. Not-For-Profit Health Care Rating Actions, March And First Quarter 2026 ]]>00:01:00<![CDATA[ The global data center market is experiencing unprecedented growth, fueled by AI and exponential computing needs. Construction spending could reach $300 billion annually, with Asia Pacific driving 25% of that expansion. ]]>https://share.vidyard.com/watch/StB9vfxsrhHrxHt9YUaK3HStructured FinanceFri, 10 Apr 2026 12:00:00 GMT<![CDATA[ Data Center: Global Growth with Asia Pacific at the Forefront ]]>00:03:52<![CDATA[ S&P Global Ratings has assigned a Climate Transition Assessment Future Shade of Light green to Sunborn International Plc. Sunborn develops, owns, and operates hotel yachts and is headquartered in Finland. ]]>Corporates, Structured Finance, Fri, 10 Apr 2026 11:45:43 GMT<![CDATA[ Climate Transition Assessment: Sunborn International Plc ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Two stablecoin issuers in Hong Kong will have a first-mover advantage as the city develops into a digital asset hub. The first licenses issued today involve a bank and a bank-led joint venture. We believe this signals that the regulator will take a conservative approach, with banks, rather than less-regulated types of players, in the forefront of this market development. The Hong Kong Monetary Authority (HKMA) has awarded two licenses to issue stablecoin backed in Hong Kong: Anchorpoint Financial Ltd., a strategic partnership led by Standard Chartered Bank (Hong Kong Ltd.). Hongkong and Shanghai Banking Corp. Ltd. (HBAP), the largest bank in Hong Kong. As stablecoin issuers, HBAP and Standard Chartered may ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Banking, Corporates, Financial Services, Structured Finance, Banking, Digital AssetsFri, 10 Apr 2026 11:06:52 GMT<![CDATA[ Digital Assets Brief: Hong Kong Makes A Conservative Start To Stablecoin Issuance ]]>00:01:00<![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. ]]>Banking, Financial Services, Fri, 10 Apr 2026 09:46:18 GMT<![CDATA[ Second Party Opinion: BKS Bank AG Sustainable Bond Framework ]]>00:01:00<![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 ]]>Insurance Markets, Fri, 10 Apr 2026 08:12:57 GMT<![CDATA[ Asia-Pacific Insurers: Market Volatility Is The Largest War-Related Impact ]]>00:01:00