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[ In this episode, Hina Shoeb and Mohamed Ali connect with Zahabia Gupta, Managing Director, Head of Credit Research, Emerging Markets at S&P Global Ratings, to examine how the Middle East war has shifted the outlook for emerging markets in 2026. The shock is increasingly driven by risks to energy supply chains, particularly through the Strait of Hormuz, leading to uneven impacts across regions. We discuss considerations for investors, including tightening financing conditions, evolving energy security strategies, and broader structural shifts that may shape credit differentiation across emerging markets, with a special focus on markets in the Middle East. ]]>https://share.vidyard.com/watch/NC8JmT7Cpzn9cfGzA39NbpCorporates, Governments, Islamic Finance, Emerging MarketsMon, 15 Jun 2026 04:00:00 GMT<![CDATA[ Middle East Credit Gateway Episode 3: The Shift in Emerging Market Credit Conditions ]]>00:15:57<![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[ 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[ 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[ As the Middle East crisis evolves, our new podcast edition features Zahabia Gupta, Head of Emerging Markets Credit Research, and Andrew South, Head of European Structured Finance Research at S&P Global Ratings. In this episode, hosts Hina and Sandeep discuss S&P’s base case, key risk indicators to monitor, and the implications for the structured finance sector. ]]>https://share.vidyard.com/watch/TNAreT6AQP4EiwFaLhmB1NLeveraged Finance & High Yield, Leveraged FinanceWed, 25 Mar 2026 13:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Impact of the Middle East Crisis on Structured Finance ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:12:36<![CDATA[ In this episode, Hina Shoeb and Mohamed Ali connect with Rawan Oueidat, CFA, Director in our Corporate Ratings practice covering the oil and gas sector. ]]>https://share.vidyard.com/watch/HG2yVitgN26L1RNEbGsDhoCorporates, Governments, Islamic Finance, Emerging MarketsWed, 25 Mar 2026 05:00:00 GMT<![CDATA[ Middle East Credit Gateway: How Important Is The Strait Of Hormuz To Global Energy Markets? ]]>00:11:16<![CDATA[ In this episode, hosts Hina and Sandeep delve into a range of topics with Alex, including U.S. policy uncertainty, the changing global economic landscape, ongoing trade tensions amid an evolving world order, and emerging market CLOs. ]]>https://share.vidyard.com/watch/Vi1pyNeN14AHzg66e2j2eRLeveraged Finance & High Yield, Leveraged FinanceFri, 13 Feb 2026 13:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What’s Next For 2026 ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:15:32<![CDATA[ No episódio de hoje, recebemos dois especialistas para uma conversa aprofundada sobre os rumos do mercado de crédito em 2026. ]]>https://share.vidyard.com/watch/EBvVrzbTYwcvEmb7TQbUe6Empresas, Operações estruturadas, Corporates, Structured Finance, Financial ServicesMon, 09 Feb 2026 09:52:00 GMT<![CDATA[ Fayga Delbem (Itaú Asset) sobre Crédito Privado & Tendências para 2026 ]]><![CDATA[ Jadson Andrade ]]>00:46:57<![CDATA[ Third-party loan origination legal and regulatory risks in U.S. consumer loan securitizations have continued to evolve in recent years. Of note, once an originating bank transfers or assigns a loan to a non-bank partner, ]]>https://share.vidyard.com/watch/euiQcUcYcjyB5d7ZFiRHRvStructured Finance, Structured FinanceThu, 15 Jan 2026 13:00:00 GMT<![CDATA[ Take Notes: Third-Party Loan Origination Legal Risks For U.S. Consumer Loan ABS Are Evolving ]]><![CDATA[ Tom Schopflocher ]]>00:14:37<![CDATA[ We’re joined by Robert Jacques, Stephen Anderberg, and Deborah Newman to recap some of the hot topics at the recent CLO OPAL Summit, whose increasing popularity reflects the maturity of U.S. CLOs as a trillion dollar asset class. Some of these topics included middle market CLOs (an asset class that has seen significant growth), alternative and bespoke CLO structures (the convergence between CLOs and fund finance), and CLO refinancings and resets, as well as a popular roundtable on the state of liability management transactions in CLOs. We also recapped a S&P Global Ratings-hosted investor and issue roundtable, where we discussed the S&P Global Ratings surveillance process and the CLO bond downgrades over the past couple of months. ]]>https://share.vidyard.com/watch/e2NTxj5TWwzzwJ3xczEAcxStructured Finance, Structured FinanceThu, 18 Dec 2025 13:00:00 GMT<![CDATA[ Take Notes: Highlights From The 2025 OPAL CLO Summit ]]><![CDATA[ Tom Schopflocher ]]>00:08:48<![CDATA[ S&P Global Ratings credit analyst Casper Andersen and covered bond sector lead Antonio Farina talk about the effects of our updated covered bond methodology on overcollateralization requirements. Casper is then joined by his colleague Denitsa Carouget and Natixis analyst Jennifer Levy to discuss the latest trends in the French covered bond market. ]]>https://share.vidyard.com/watch/uPHMZ2SZXQqmGJuq4H6ubEStructured Finance, Covered BondsTue, 11 Nov 2025 13:00:00 GMT<![CDATA[ Covered Bonds Uncovered: French Market Insights & What Our Updated Methodology Means For Overcollateralization ]]>00:19:19<![CDATA[ Host Osman Sattar is joined by Nicolas Charnay, Giles Edwards, and Miriam Fernandez to discuss all things European Bank Conferences, which took place across EMEA in Q3 2025. Together, they explore the main themes highlighted by keynote speakers — including the growing role of AI in banking — and share their key insights and takeaways from the events. ]]>https://share.vidyard.com/watch/7vkSUPxgfp6ERUpqagTE6sFinancial Services, Financial ServicesMon, 27 Oct 2025 13:00:00 GMT<![CDATA[ BankNotes: European Bank Conferences ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:15:17<![CDATA[ In this special edition, hosts Hina and Sandeep engage in a thought-provoking discussion with Yann Marty and William Sweat about a novel transaction that highlights the increasingly blurred lines between fund finance and traditional securitization. This episode delves into complex and innovative transactions concerning sublines, for which we may not have established published criteria. ]]>https://share.vidyard.com/watch/NEUX6eUc1EaX7eGjW1iYc8Leveraged Finance & High Yield, Leveraged FinanceTue, 14 Oct 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Assessing Bespoke Transactions ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:15:15<![CDATA[ Confira o lançamento da S&P National Ratings, que reforça nosso compromisso com o mercado de capitais brasileiro. Por meio de análises aprofundadas e critérios personalizados, fornecemos aos investidores, emissores e instituições as ferramentas necessárias para tomadas de decisões em um ambiente financeiro dinâmico. ]]>https://share.vidyard.com/watch/G4iVdapYMawAhcfLKciVVNEmpresas, Fundos, Instituições financeiras, Infraestrutura, Seguros, Project Finance, Operações estruturadas, Finanças públicas internacionaisMon, 18 Aug 2025 12:00:00 GMT<![CDATA[ S&P National Ratings: Soluções personalizadas exclusivamente para o mercado nacional ]]>00:01:26<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses the midyear outlook for covered bonds with his colleagues Antonio Farina and Andrew South. He is then joined by NORD/LB’s mortgage market expert Dr. Frederik Kunze to talk about the European Banking Authority’s review of the implementation of the covered bond directive across EU member states. ]]>https://share.vidyard.com/watch/Fp8if2ozWD8a3xnFCiu4JrStructured Finance, Covered Bonds, Covered BondsTue, 29 Jul 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered Podcast: Covered Bonds Midyear Outlook And The EBA’s Harmonization Review ]]><![CDATA[ Casper Andersen,Andrew South,Antonio Farina ]]>00:25:19<![CDATA[ Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general. ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KStructured Finance, Structured FinanceFri, 18 Jul 2025 12:00:00 GMT<![CDATA[ Take Notes: Airline Loyalty ABS Have Lift Off ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:12:09<![CDATA[ Host Osman Sattar sits down with Nicolas Charnay and Brendan Brown to talk about all things G-SIB. Global systemically important banks were the main topic of a report we published recently and are characterized by several unique features. In this episode, Osman and his guests discuss G-SIBs' performance against a bleak economic outlook, the differences between U.S. and European G-SIBs, and the effects of regulatory simplification. ]]>https://share.vidyard.com/watch/vUhcD2pTTHFjPxZ1TRbCyrFinancial Services, Financial ServicesWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ BankNotes: G-SIB Monitor 2025: Powering Through ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:23:17<![CDATA[ Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view. ]]>https://share.vidyard.com/watch/uqVVY7PJibCHy1DsaJoK8KStructured Finance, Structured FinanceWed, 02 Jul 2025 12:00:00 GMT<![CDATA[ Take Notes: How ETFs Are Enabling The Transformation Of Capital Markets ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:12:09<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Structured Finance, Covered BondsTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>00:33:52<![CDATA[ Neste episódio de nosso podcast sobre financiamento sustentável, Deborah Siqueira, Victor Laudisio e Rafael Janequine se reúnem para discutir as últimas tendências e perspectivas do mercado de títulos sustentáveis na região. ]]>https://share.vidyard.com/watch/MyYKWSCyo6yaE6AbaczPyRFinanças sustentáveisMon, 07 Apr 2025 12:00:00 GMT<![CDATA[ Desenvolvimento do mercado de títulos sustentáveis ]]><![CDATA[ Déborah Siqueira,Victor Laudisio,Rafael Janequine ]]>00:25:49<![CDATA[ In this episode, Joost Beaumont, Head of Bank Research at ABN AMRO, joins analysts Casper Andersen and Judit Papp to share insights on the Dutch covered bond market, following S&P Global Ratings’ recent publication on the topic. Also, our analyst Andrew O’Neill explains how recent digital Pfandbrief issuances have sparked discussions about integrating blockchain technology in covered bond issuances. ]]>https://share.vidyard.com/watch/nQufgnAbh2rf2WrDzN7p6TStructured Finance, Covered BondsFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Dutch Covered Bond Insights and Blockchain Meets Covered Bonds ]]>00:34:55<![CDATA[ Hina and Sandeep discuss Infragroup’s strong operating performance with Christopher Ewert, our current expectations for the company's performance, and the areas we are closely monitoring. ]]>https://share.vidyard.com/watch/uzFQYayufSLk8wYbP8CKVuLeveraged Finance & High Yield, Leveraged FinanceFri, 21 Mar 2025 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Infragroup ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Marta Stojanova ]]>00:11:40<![CDATA[ We’re joined by esoteric ABS credit analyst Christine Dalton to do a deep dive on the Nov. 4, 2024, downgrade of TGIF Funding LLC’s series 2017-1 class A-2. We look back at the deteriorating operating performance of TGI Friday's casual dining restaurants, the impact of the COVID-19 pandemic, increased securitization expenses following the manager transition a (manger termination event was declared on Sept. 5, 2024), potential disruption stemming from TGI Friday's Inc.'s bankruptcy filing on Nov. 2, 2024, and the virtual certainty of a payment default over the next 12 months. ]]>https://share.vidyard.com/watch/Was776bzphmnbfiEwsuTCeStructured Finance, Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceFri, 06 Dec 2024 12:00:00 GMT<![CDATA[ Take Notes: Why TGIF Funding LLC’s Series 2017-1 Class A-2 Was Downgraded ]]>00:07:45<![CDATA[ In this episode, Joe is joined by Michael Arougheti, CEO & Co-Founder of Ares and Lynn Maxwell, Global Chief Commercial Officer at S&P Global Ratings. ]]>https://share.vidyard.com/watch/PDacqqpXT5t3cnWz5ZKVDwCorporates, CorporatesThu, 21 Nov 2024 12:00:00 GMT<![CDATA[ Fixed Income In 15 Ep 53 with Michael Aroughet ]]><![CDATA[ Joseph Cass ]]>00:36:18<![CDATA[ After two years of muted issuance, the U.S. BSL CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. ]]>https://share.vidyard.com/watch/XgUbyDMES3MBQgffzRri33Structured Finance, Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceFri, 15 Nov 2024 12:00:00 GMT<![CDATA[ Take Notes: U.S. BSL CLO Market Roars Back To Life In 2024, With Cautious Optimism For Leveraged Finance ]]>00:12:05<![CDATA[ En nuestro episodio inaugural, Annia Mayerstein, antropóloga social y analista de finanzas sostenibles, nos ofrece un panorama del mercado de finanzas sostenibles en América Latina y nos guiará para c ]]>https://share.vidyard.com/watch/DuUrZz8ZzS8EtiCbbm6E6tFinanzas SosteniblesMon, 28 Oct 2024 12:00:00 GMT<![CDATA[ Explorando el Mercado de Finanzas Sostenibles ]]><![CDATA[ Annia Mayerstein ]]>00:04:21<![CDATA[ Em nosso episódio inaugural, Déborah Siqueira, analista de finanças sustentáveis da S&P Global Ratings, economista, mestranda em Governança Corporativa e especialista em Estratégia de Sustentabilidade, expõe uma visão geral do mercado de finanças sustentáveis na América Latina. Ela explica como os investimentos sustentáveis transformam o mercado financeiro e a relevância dos insights independentes e avaliações de transição climática produzidos por nossa equipe de especialistas. ]]>https://share.vidyard.com/watch/htfNwnDJp3d12U5PA3gE4wFinanças sustentáveisMon, 28 Oct 2024 12:00:00 GMT<![CDATA[ Explorando o Mercado Financeiro Sustentável ]]><![CDATA[ Déborah Siqueira ]]>00:05:29<![CDATA[ No novo episódio do “Classe Sênior”, os analistas da S&P Global Ratings Leandro Albuquerque e Victor Nomiyama discutem a expansão da securitização do Saque-Aniversário FGTS e as razões por trás dela, os riscos específicos nestas estruturas e as novas propostas em discussão pelo governo federal para um novo formato de crédito consignado privado. ]]>https://share.vidyard.com/watch/CzHA5tD3SX4Kk51prsmc5fOperações estruturadasWed, 23 Oct 2024 12:00:00 GMT<![CDATA[ Expansão da securitização do Saque-Aniversário FGTS e suas implicações ]]><![CDATA[ Leandro Albuquerque,Victor Nomiyama, CFA ]]>00:07:47<![CDATA[ After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance. ]]>https://share.vidyard.com/watch/ZMQkT1qDD1Ydg34zXj97LpCollateralized Loan Obligation (CLO), Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceFri, 04 Oct 2024 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: What's New For CLOs? ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>00:10:23<![CDATA[ In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings ]]>https://share.vidyard.com/watch/s8R2rgogRGLeijLDZPejW2Corporates, CorporatesWed, 04 Sep 2024 12:00:00 GMT<![CDATA[ Fixed Income In 15: Ep 50 Mohamed El-Erian ]]><![CDATA[ Joseph Cass,Sudeep Kesh ]]>00:43:13<![CDATA[ Neste episódio do Além do Rating, Jadson Andrade conversa com Juliana Tomaz, da Asset Management by Warren, e Luisa Vilhena, da S&P Global Ratings, sobre como choques globais, volatilidade em commodities, juros elevados e tensões geopolíticas estão reconfigurando o crédito privado no Brasil. Ao longo da conversa, as convidadas discutem os impactos desse novo ambiente sobre spreads, liquidez, percepção de risco, construção de portfólios e dispersão setorial, além de refletirem sobre os desafios e oportunidades para investidores e emissores no mercado atual. ]]>Mon, 06 Jul 2026 16:07:00 GMT<![CDATA[ Juliana Tomaz (Asset Management by Warren) sobre choques globais, impactos locais e crédito privado ]]><![CDATA[ Jadson Andrade ]]>00:01:00<![CDATA[ In this episode, Hina and Sandeep welcome special guest Alex Roig to discuss key takeaways from the Global ABS Conference in Barcelona. With over 5,500 attendees, the event highlighted significant themes in the CLO market, particularly in navigating complex macroeconomic conditions. The speakers explore the evolution of CLO investing strategies, the importance of CLO documentation and the growing risk of downgrades. ]]>https://share.vidyard.com/watch/r9pjbuGCbxKs4N1A12FZ1JLeveraged Finance & High Yield, Leveraged FinanceTue, 23 Jun 2026 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Key Insights from Global ABS 2026 Conference ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:16:51<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Norwegian and Finnish covered bond markets. Mr. Andersen is then joined by Anders Lund Francke, Head of Research at Eiendomsverdi, to discuss Norwegian house prices, high household leverage, and the role of oil in the economy. Finally, he chats with his colleague and sovereign sector lead Frank Gill about the recent rating action on Finland. ]]>https://share.vidyard.com/watch/ ci2jpNQ6Hfpn4ASxofN2FjStructured Finance, Covered Bonds, Covered BondsThu, 28 May 2026 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Norwegian House Prices And The Finnish Sovereign ]]><![CDATA[ Casper Andersen,Andrew South,Frank Gill ]]>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 ]]>00:14:50<![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[ 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[ Neste episódio do Além do Rating, discutimos como o crédito atrelado a KPIs de sustentabilidade está evoluindo no Brasil e na América Latina — e exploramos possíveis impactos para investidores. Com a visão de Henri Rysman (BNP Paribas Asset Management) e Rafael Janequine (S&P Global Ratings), a conversa explora materialidade, risco de crédito, custo de capital e o papel do ESG na disciplina de mercado. ]]>https://share.vidyard.com/watch/2MMxTJsWFDeFVJetG6zHMdFinanças sustentáveisThu, 09 Apr 2026 17:43:00 GMT<![CDATA[ Henri Rysman (BNP Paribas Asset Management) sobre ESG, títulos sustentáveis, crédito e disciplina de mercado ]]><![CDATA[ Jadson Andrade ]]>00:43:24<![CDATA[ Listen to the latest BankNotes podcast hosted by Osman Sattar with S&P Global Ratings’ analysts Richard Barnes and Brendan Browne, as they dive into the world of Significant Risk Transfers (SRTs). Key takeaways: • SRTs allow banks to offload credit risk to third-party investors, driven by regulatory capital relief & risk management. • Usage is increasing in both Europe & the US, with Europe leading the way. • Regulators are paying attention – the Fed clarified rules in 2023, and European regulators are generally constructive. • We assess banks’ use of SRTs within a bank’s overall risk and capital management framework ]]>https://share.vidyard.com/watch/dahQQFzY3cpnyToiWeNUCZFinancial Services, Financial ServicesMon, 30 Mar 2026 12:00:00 GMT<![CDATA[ BankNotes: Significant Risk Transfers ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:12:55<![CDATA[ Com juros elevados e um cenário geopolítico complexo, como se preparar para 2026? Jadson Andrade, analisa com Victor Tofolo (BRAM) e Wendell Sacramoni as perspectivas para o mercado de crédito, os setores mais resilientes e as estratégias para maximizar os retornos. ]]>https://share.vidyard.com/watch/YTxtcfNzbMXXkTWqM4tsB8Corporates, Structured Finance, Financial ServicesMon, 09 Mar 2026 14:44:00 GMT<![CDATA[ Victor Tofolo (Bradesco Asset) sobre o que esperar do mercado de Crédito Brasileiro em 2026 ]]><![CDATA[ Jadson Andrade ]]>00:41:40<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and his colleague Andrew South talk about the latest rating trends in the Danish & Swedish covered bond markets. Mr. Andersen is then joined by Nordea’s Director and Head of Trading Strategy Anders Skytte Aalund and Swedbank’s Head of Long-Term Funding and Sustainability Kerstin Ahlqvist to discuss euro issuance and the role of leverage fund investors in the Danish and Swedish covered bond markets. ]]>https://share.vidyard.com/watch/ tNKeTWxxf2iHNofKwiU4XnStructured Finance, Covered Bonds, Covered BondsMon, 02 Mar 2026 13:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Danish And Swedish Covered Bond Market Dynamics And Rating Trends ]]><![CDATA[ Casper Andersen,Andrew South ]]>00:01:00<![CDATA[ In this, our inaugural episode of The Health Care Credit Beat podcast, we share our 2026 credit ratings outlook for the pharmaceutical industry, an industry that is facing a number of high profile legislative developments, such as most-favored-nation drug pricing and potential tariffs, major patent expirations in the next couple of years, and is also seeing increasing M&A activity. ]]>https://share.vidyard.com/watch/c3MukhyTi8ELSmBgPBPejdHealth Care, CorporatesWed, 25 Feb 2026 12:00:00 GMT<![CDATA[ The Health Care Credit Beat: Pharmaceutical Industry Outlook 2026 ]]>00:31:37<![CDATA[ Neste episódio, Jadson Andrade e Victor Laudisio, oferecem insights sobre o estresse hídrico enfrentado pelos data centers. ]]>https://share.vidyard.com/watch/hjudGDoviwNDdiNYEZE554Sustainability, Finanças sustentáveis, SustentabilidadeMon, 23 Feb 2026 18:19:00 GMT<![CDATA[ O estresse hídrico em data centers: um risco estratégico para investidores ]]><![CDATA[ Jadson Andrade,Victor Laudisio ]]>00:25:19<![CDATA[ S&P Global Ratings’ covered bond sector leads, Casper Andersen and Antonio Farina, discuss what’s in store for covered bonds in 2026. Mr. Andersen is then joined by colleagues Elena Iparraguirre, Senior Financial Institutions Analyst, and Marta Escutia, Senior Covered Bond Analyst, to discuss the latest trends in the Spanish covered bond market. ]]>https://share.vidyard.com/watch/oef7UvoFiAtPyz2hMTozXaStructured Finance, Covered Bonds, Covered BondsFri, 30 Jan 2026 00:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Outlook, Spanish Market Dynamics, And Rating Trends ]]><![CDATA[ Casper Andersen ]]>00:23:09<![CDATA[ Este podcast é dedicado à análise aprofundada do mercado de crédito na América Latina. Nosso objetivo é oferecer uma visão clara e fundamentada sobre as principais dinâmicas do setor, discutir projeções setoriais e avaliar tendências que impactam o mercado de crédito e renda fixa. Em cada episódio, você terá acesso a insights exclusivos de especialistas, gestores e analistas, com análises de risco e oportunidades para apoiar decisões estratégicas. ]]>https://share.vidyard.com/watch/ppUwP9UJWc3BozFSKxzhkAEmpresas, Pesquisa econômica, Fundos, Instituições financeiras, Governos, Infraestrutura, Seguros, Project Finance, Operações estruturadas, SustainabilityWed, 21 Jan 2026 17:03:00 GMT<![CDATA[ Bem-vindo ao Além do Rating! ]]><![CDATA[ Jadson Andrade ]]>00:00:49<![CDATA[ S&P Global Ratings’ covered bond sector lead Casper Andersen and Olaf Pimper of Commerzbank discuss the latest developments in the German covered bond market. Casper is then joined by sovereign sector lead Frank Gill and senior covered bond analyst Denitsa Carouget to examine current sovereign rating trends and their potential implications for covered bonds. ]]>https://share.vidyard.com/watch/Zv88vxT8baNMfaw7shkngeStructured Finance, Covered Bonds, Covered BondsFri, 19 Dec 2025 13:00:00 GMT<![CDATA[ Covered Bonds Uncovered: German Market Dynamics And Sovereign Rating Trends ]]><![CDATA[ Casper Andersen,Frank Gill ]]>00:26:59<![CDATA[ Neste episódio, Rafael Janequine, Diretor de Finanças Sustentáveis para a América Latina, e Victor Laudisio, Especialista em Natureza Global, discutem os resultados da COP 30 e se eles corresponderam às expectativas. Eles falam sobre os avanços na agenda de adaptação climática, os desafios para a transição climática, a situação em torno da eliminação de combustíveis fósseis, e se os investimentos e iniciativas para a adaptação às mudanças climáticas são suficientes. Também comentam sobre a importância do Tropical Forest Forever Facility (TFFF), que foi anunciado oficialmente na COP 30, e as novidades da conferência PRI in Person (PRI – Princípios para o Investimento Responsável, na sigla em inglês) realizada em São Paulo este ano. ]]>https://share.vidyard.com/watch/6iuEVpwmnkRstbCnqbLxkEFinanças sustentáveisThu, 18 Dec 2025 12:56:00 GMT<![CDATA[ Resultados da COP 30: Mais financiamento, mas ainda falta um plano claro para a eliminação de combustíveis fósseis ]]><![CDATA[ Victor Laudisio,Rafael Janequine ]]>00:26:31<![CDATA[ In this episode, Hina and Sandeep wrap up developments across the European Leveraged Finance and CLO markets, joined by Marta Stojanova, Head of European Leveraged Finance. Together, they unpack the major themes shaping the market, including: • Nearly $250 billion in issuance in 2025 • Key trends in credit estimates • Shifts in the average EBITDA size of issuers • What these developments mean for mid-market CLOs going into 2026 ]]>https://share.vidyard.com/watch/Pxn5fWFtSbG8dp7WhYow9aLeveraged Finance & High Yield, Leveraged FinanceTue, 16 Dec 2025 13:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Trends in European Leveraged Finance and Private Credit ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:11:32<![CDATA[ In this edition, Hina and Sandeep are joined by Frank Gill, our EMEA Sovereign Sector Lead, to explore how the sovereign downgrade of France has impacted the European CLO market. ]]>https://share.vidyard.com/watch/Heyhc2ieLJcDN8HUN35xfxLeveraged Finance & High Yield, Leveraged FinanceThu, 27 Nov 2025 13:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: How France’s Downgrade Impacts European CLOs ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:12:26<![CDATA[ In this episode, S&P Global Ratings credit analyst Casper Andersen discusses recent developments in the commercial real estate (CRE) market and their implications for covered bonds with his colleague and commercial mortgage-backed securities expert Mathias Herzog. He is then joined by S&P Global Ratings EMEA economist Aude Guez to talk about the recently published European housing price forecast and what to look out for in the second half of 2025. ]]>https://share.vidyard.com/watch/RM5NgbVzWNWkpvBBpz22QFStructured Finance, Covered Bonds, Covered BondsFri, 12 Sep 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered Podcast: Commercial Real Estate Recovery and Housing Prices On The Rise ]]><![CDATA[ Casper Andersen ]]>00:17:08<![CDATA[ Host Osman Sattar sits down with Giles Edwards, Stuart Plesser, and Kensuke Sugihara to explore current trends shaping bank regulation and supervision worldwide. Recent calls for regulatory simplification—particularly in the U.S., where regulators are reviewing capital requirements and considering adjustments for smaller banks—are prompting a re-evaluation. Discover how these shifts might impact bank ratings and learn what S&P Global Ratings is closely monitoring as the regulatory landscape continues to evolve. ]]>https://share.vidyard.com/watch/qYb4UvhvziMkK7cXjeRRVmFinancial ServicesFri, 15 Aug 2025 12:00:00 GMT<![CDATA[ BankNotes: Bank Regulation ]]><![CDATA[ Osman Sattar,Nicolas Charnay,Brendan Browne ]]>00:22:17<![CDATA[ While European Structured Finance issuance has been strong in the first half of the year, some investors believe that deteriorating macro fundamentals and geopolitical risks are not being sufficiently priced in. We touch on the evolving European investor sentiment over the last few months, the growth of private credit markets (and increasing focus on asset-based finance), and our expectations for the second half of 2025 (in overall issuance, regional growth, regulations, etc.). ]]>https://share.vidyard.com/watch/ry7ku2ybAWWidRkHFKhZ6tStructured Finance, Structured FinanceThu, 14 Aug 2025 12:00:00 GMT<![CDATA[ Take Notes: European Structured Finance Mid-Year Update: Issuance Is Strong, But Performance Concerns Remain ]]>00:11:15<![CDATA[ In this episode, Hina and Sandeep are joined by Remi Bringuier to take a closer look at Colisee’s credit profile. We break down the most recent performance data, walk through our rationale for CCC rating category, and spotlight the key credit factors and trends we’re monitoring closely. ]]>https://share.vidyard.com/watch/q9uHseFM8cepnH5kZDH8t1Leveraged Finance & High Yield, Leveraged FinanceTue, 22 Jul 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Colisee’s Credit Profile & Performance Trends ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:06:53<![CDATA[ In this episode Hina and Sandeep are joined by Alphee Roumens to provide a granular view of Babilou’s credit Profile; the latest performance trends, discuss our rationale behind the CCC rating category, and highlight key areas we're monitoring closely. ]]>https://share.vidyard.com/watch/xKjcSRvrQvhbMkhQZm6hPVLeveraged Finance & High Yield, Leveraged FinanceThu, 17 Jul 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Examining Babilou’s Credit Profile ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:09:29<![CDATA[ In this episode, analyst Casper Andersen is joined by his colleagues Giles Edwards and Andrew South. They discuss recent positive rating actions on banks, the U.K. regulator’s view on covered bonds, and the effects of tariffs on the covered bond space. ]]>https://share.vidyard.com/watch/ABJxpADz6QN2ANe9uXXe1UStructured Finance, Covered BondsFri, 06 Jun 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Tariffs, Bank Ratings, And The U.K. Regulator ]]>00:26:27<![CDATA[ In this episode Sandeep and Hina explore the future of securitization in Saudi Arabia, sharing key takeaways from a recent S&P Global Ratings roundtable in Riyadh with Mohamed Damak and Matthew Mitchell. ]]>https://share.vidyard.com/watch/t356URbskpq8s8xQ4Uo2nULeveraged Finance & High Yield, Leveraged FinanceTue, 27 May 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: The Future of Securitization in Saudi Arabia ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Mohamed Damak,Matthew Mitchell ]]>00:14:20<![CDATA[ Hina and Sandeep are joined by Raquel Delgado Galicia to discuss Merlin’s recent performance, our expectations for 2025, and the areas we are closely monitoring. ]]>https://share.vidyard.com/watch/VigsWbveUG8j5Ya5Ve4gy4Leveraged Finance & High Yield, Leveraged FinanceTue, 20 May 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Merlin’s Credit Story ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:09:35<![CDATA[ Hina and Sandeep are joined by Solene Van Eetvelde to discuss Athena’s rating drivers, our current expectations for the company's performance, and the areas we are closely monitoring, including U.S. tariffs. ]]>https://share.vidyard.com/watch/ZWGfe94gS3EkVLu4uL65YPLeveraged Finance & High Yield, Leveraged FinanceWed, 23 Apr 2025 12:20:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Why does Athena’s recovery rating matter? ]]><![CDATA[ Hina Shoeb,Sandeep Chana,Solene Van Eetvelde ]]>00:09:21<![CDATA[ In this episode, Casper Andersen is joined by Nicolas Charnay to discuss our 2025 bank outlook. We also cover key developments in emerging covered bond markets, together with background and insights from mortgage market expert Richard Kemmish. ]]>https://share.vidyard.com/watch/SgWjBK5hLyWnoNFLd7iXd7Structured Finance, Covered BondsTue, 08 Apr 2025 12:00:00 GMT<![CDATA[ Covered Bonds Uncovered: Bank Outlook for 2025 and Insights on Emerging Covered Bond Markets ]]>00:33:52<![CDATA[ In this episode, Casper is joined by Andy South to discuss our 2025 issuance outlook. We also cover key takeaways from our recent publication on the Danish market, together with background and insights from Jakob Skinhøj of Nykredit. ]]>https://share.vidyard.com/watch/NJgpNEg7trHhm76nLBzmDXStructured Finance, Covered BondsMon, 07 Apr 2025 20:55:00 GMT<![CDATA[ Covered Bonds Uncovered: 2025 Covered Bond Outlook and Danish Covered Bond Insights ]]>00:28:05<![CDATA[ Recent data regarding consumer credit--especially auto ABS collateral data--are showing signs of deteriorating performance. Moreover, we've seen some indication that consumer distress is spreading to higher credit score and income cohorts, despite a relatively low unemployment rate. ]]>https://share.vidyard.com/watch/rFrFyXJdz7NP1i71e5nfinStructured Finance, Structured FinanceMon, 07 Apr 2025 12:00:00 GMT<![CDATA[ Take Notes: Consumers Facing Inflation And Affordability Challenges Despite Low Unemployment ]]><![CDATA[ Thomas Schopflocher ]]>00:04:54<![CDATA[ We discuss the cross-sector impact of the Los Angeles wildfires on California's property insurance, housing finance, and state creditworthiness. As the wildfires are expected to result in substantial losses for insurers, we discuss how carriers are expected to raise rates and/or reduce coverage options in California and other at-risk areas; and how the FAIR Plan, an insurer of last resort, could exacerbate that. ]]>https://share.vidyard.com/watch/WEKQNwGKTbcyc2RhkTsvnFStructured Finance, Structured FinanceTue, 04 Feb 2025 12:00:00 GMT<![CDATA[ Take Notes: The Impact Of The LA Wildfires On California's Property Insurance, Housing Finance, And State Creditworthiness ]]>00:07:54<![CDATA[ In this episode, Joe is joined by John Zito, Co-President of Apollo Asset Management and Alex Birry, Global Head of Credit Research at S&P Global Ratings. ]]>https://share.vidyard.com/watch/R7TbvE9sQgvXhwGxP3kjm8Corporates, CorporatesWed, 29 Jan 2025 12:00:00 GMT<![CDATA[ Fixed Income in 15: John Zito ]]><![CDATA[ Joseph Cass ]]>00:27:49<![CDATA[ Our 2025 U.S. and Canada structured finance outlook forecasts total structured finance issuance of $839 billion, up across the board in all sectors. ]]>https://share.vidyard.com/watch/G7YvdDJhPDnhA2EB6ZFfVJStructured Finance, Structured FinanceWed, 22 Jan 2025 12:00:00 GMT<![CDATA[ Take Notes: 2025 Structured Finance Outlook ]]><![CDATA[ Tom Schopflocher,James Manzi ]]>00:08:39<![CDATA[ Since CLO ETFs launched in late 2020, the investing landscape has changed, as retail investors can now access securities previously available only to institutional buyers. Driven by strong investor demand, CLO ETFs have injected new liquidity into CLO primary and secondary markets. ]]>https://share.vidyard.com/watch/3GQ6knPc5q4ydVNpSpdGadStructured Finance, Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceFri, 20 Dec 2024 12:00:00 GMT<![CDATA[ Take Notes: The Rise Of U.S. CLO ETFs ]]>00:15:50<![CDATA[ Neste episódio do Classe Sênior, os analistas da S&P Global Ratings Leandro de Albuquerque, Marcus Fernandes e Victor Nomiyama, discutem o excesso de liquidez no crédito privado, seus impactos nos volumes de emissões de FIDCs e riscos associados. Eles também falam sobre a perspectiva das principais classes de ativos avaliadas pela S&P Global Ratings para 2025. ]]>https://share.vidyard.com/watch/Sr7hgBt6h6ghZEgdtE6h9fOperações estruturadasTue, 17 Dec 2024 12:00:00 GMT<![CDATA[ Excesso de liquidez no crédito privado impulsiona emissões de FIDC ]]><![CDATA[ Leandro Albuquerque ]]>00:09:57<![CDATA[ En este episodio de Sustainable Finance in LatAm, Azul Ornelas, analista de Finanzas Sostenibles en S&P Global, conversa con Victor Laudisio, Director Asociado de S&P Global Ratings, sobre la importan ]]>https://share.vidyard.com/watch/oAC6Sz2p46khYQ1mvQ4NftFinanzas SosteniblesTue, 03 Dec 2024 12:00:00 GMT<![CDATA[ Importancia de la COP de Biodiversidad, bonos azules y el camino a una economía verde ]]><![CDATA[ Victor Laudisio,Azul Ornelas ]]>00:27:10<![CDATA[ Neste episódio de Sustainable Finance in LatAm, nossos analistas Déborah Siqueira e Victor Laudisio conversam sobre a importância da biodiversidade na transição para uma economia verde. ]]>https://share.vidyard.com/watch/MqQ1xPDAPWSjkRGDhXTVD4Finanças sustentáveisTue, 03 Dec 2024 12:00:00 GMT<![CDATA[ Importância da COP de Biodiversidade, dos blue bonds e da transição para economia verde ]]><![CDATA[ Victor Laudisio,Déborah Siqueira ]]>00:29:34<![CDATA[ The podcast episode discusses key insights from the latest CLO market trends and their implications for investors and the economy. Discover more. ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQCollateralized Loan Obligation (CLO), Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>00:08:37<![CDATA[ The podcast episode analyzes trends in the CLO market, offering valuable insights for investors and financial professionals. Discover more. ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQCollateralized Loan Obligation (CLO), Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>00:08:37<![CDATA[ The podcast episode explores recent developments in the CLO market, providing insights for investors and industry stakeholders. Learn more. ]]>https://share.vidyard.com/watch/scfx2H8QmsxXiKSgUxS5eQCollateralized Loan Obligation (CLO), Credit Markets, Collateralized Loan Obligation (CLO), Leveraged FinanceThu, 07 Nov 2024 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Series 6, Episode 7 ]]><![CDATA[ Sandeep Chana,Hina Shoeb ]]>00:08:37<![CDATA[ In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, J ]]>https://share.vidyard.com/watch/JuBqPDnYuWqyiKCi2Zzds5Corporates, CorporatesTue, 29 Oct 2024 12:00:00 GMT<![CDATA[ Ep 52: Blackstone’s Jon Gray on Private Markets, Career Advice & Jogging on LinkedIn ]]><![CDATA[ Joseph Cass ]]>00:32:18<![CDATA[ In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard ]]>https://share.vidyard.com/watch/44KvMALGujS5UyPfJdUGsCCorporates, CorporatesWed, 09 Oct 2024 12:00:00 GMT<![CDATA[ Ep 51: Richard Attias on FII8 & Networking With Super VIPs ]]><![CDATA[ Joseph Cass ]]>00:34:35<![CDATA[ Neste episódio do Classe Sênior, Leandro Albuquerque, Managing Director da S&P Global Ratings, conversa com Wendell Sacramoni, Valeria Marquez e Marcus Fernandes sobre o momento do crédito imobiliário no Brasil. Eles discutem o atual estágio do programa Minha Casa Minha Vida, a recuperação da margem operacional das construtoras e incorporadoras, bem como o momento dos CRIs lastreados por propriedades comerciais e home equity. ]]>https://share.vidyard.com/watch/wasod42b2bH95are21aRKDOperações estruturadasThu, 19 Sep 2024 12:00:00 GMT<![CDATA[ Panorama do crédito imobiliário ]]><![CDATA[ Leandro Albuquerque,Wendell Sacramoni,Marcus Fernandes,Valeria Marquez ]]>00:20:53<![CDATA[ In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. ]]>https://share.vidyard.com/watch/yAFgV5fUTmxzw7euwv9kwyCorporates, CorporatesWed, 14 Aug 2024 12:00:00 GMT<![CDATA[ Fixed Income In 15: Ep 49 Jay Sammons ]]><![CDATA[ Joseph Cass,Raam Ratnam ]]>00:25:30<![CDATA[ Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas ]]>https://share.vidyard.com/watch/GFr6MEpkHjWDk8CYz6a4TZCollateralized Loan Obligation (CLO), Leveraged Finance, Collateralized Loan Obligation (CLO)Wed, 31 Jul 2024 12:00:00 GMT<![CDATA[ Leveraged Finance & CLOs Uncovered Podcast: Story Behind Ardagh Group And Its Debt Restructuring Risk ]]><![CDATA[ Hina Shoeb,Sandeep Chana ]]>00:08:51<![CDATA[ This report does not constitute a rating action. (Editor’s Note: CreditWeek is a weekly research offering from S&P Global Ratings, answering market participants’ questions about the emerging and established credit risks shaping markets. Subscribe to receive new editions every Thursday at: https://www.linkedin.com/newsletters/creditweek-7478072371208196097/ ) We believe that talks between the U.S. and Iran have reduced the tail risks to global credit conditions. But the recent resumption of strikes highlights how fraught the negotiations are. And the signing of a formal agreement won’t necessarily erase the longer-lasting credit and macroeconomic effects of the war. At the same time, AI-related spending continues unabated, providing critical short-term support to the resilience of credit conditions while creating new potential forms of concentration and vulnerability. Credit ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Energy TransitionThu, 09 Jul 2026 17:14:05 GMT<![CDATA[ CreditWeek: What Do The Fraught U.S.-Iran De-Escalation Negotiations Mean For Global Credit Conditions? ]]>00:01:00<![CDATA[ Interest coverage ratios will remain under pressure in 2026-2027 for half of the REIT companies that we rate in Europe. REITs are still refinancing debt maturities at higher rates, while low-rate interest hedging is decreasing and rental growth is decelerating. Yields and spreads have also increased. ]]>Corporates, Real Estate Themes, Thu, 09 Jul 2026 15:10:34 GMT<![CDATA[ European REIT 2026 Mid-Year Outlook: Higher Rates: Delaying, Not Derailing, The Recovery ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates the Finnish property/casualty (P/C) insurance sector’s underwriting performance to remain robust, following a clear recovery in 2025. After a challenging 2024, where elevated weather-related claims drove the combined ratio to 96.7%, profitability improved significantly in 2025, reaching a combined ratio of 91.9%, as claims experience normalized. We forecast the combined ratio to remain within a range of 92%-94%, reflecting sustained pricing actions and normalized loss costs. This is balanced against potential earnings and capital volatility stemming from geopolitical instability and global market fluctuations. We expect Finnish P/C insurers’ profitability to remain resilient but moderate, constrained by normalized investment returns. After a robust 2025, which saw return on equity ]]>Insurance Markets, Property & Casualty, Thu, 09 Jul 2026 08:46:43 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Finland Property/Casualty ]]>00:01:00<![CDATA[ S&P Global Ratings expects the Swedish property/casualty (P/C) market to maintain stable earnings over 2026–2027, underpinned by resilient underwriting profitability. We estimate a non-life combined ratio of approximately 87% in 2025 from the top players in the market, supported by disciplined pricing adjustments and a generally benign claims environment. We anticipate continued robust technical results through 2027, with combined ratios projected in the 88%–92% range. Furthermore, the highly concentrated market structure--where the four largest players account for approximately 79% of gross written premiums (GWP) in 2025--provides high barriers to entry that support earnings stability. Disciplined underwriting and robust investment income will continue to underpin solid profitability. Following a return on equity (ROE) of 15% in 2025, largely driven by strong ]]>Insurance Markets, Property & Casualty, Thu, 09 Jul 2026 08:45:19 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Sweden Property/Casualty ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We expect Norwegian property/casualty (P/C) insurers will continue to record strong profits and demonstrate disciplined underwriting over 2026-2027. The Norwegian P/C insurance sector remains among the most profitable insurance markets in Europe, the Middle East, and Africa (EMEA). Even though claims inflation impaired motor results over 2024-2025 and results in the wider sector suffered from weather-related claims in 2023, the combined ratios in the sector exceeded those of most European peers. The combined ratio improved to 86% in 2025, as disciplined pricing adjustments effectively mitigated much of the inflationary impact on claims. We forecast the net combined ratio to remain within the 87%-91% range over 2026-2027, underpinned by the market's continued adherence ]]>Insurance Markets, Property & Casualty, Thu, 09 Jul 2026 08:30:10 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Norway Property/Casualty Insurance ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects the Danish property and casualty (P/C) sector will remain profitable, driven by strong underwriting fundamentals and robust investment income. The sector achieved a five-year average combined ratio of about 85% over 2021-2025, which demonstrates underwriting discipline in challenging market conditions. We estimate a combined ratio of approximately 83% for the leading three players in the market and anticipate continued robust technical results through 2028, with combined ratios projected in the range of 84%-86%. In terms of ROE, we estimate 20.2% for 2025, supported by strong technical margins and improved investment income, and forecast it to moderate between 11% and 13% through 2028, as results stabilize and rate increases ]]>Insurance Markets, Property & Casualty, Thu, 09 Jul 2026 08:30:07 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Denmark Property/Casualty ]]>00:01:00<![CDATA[ A dramatic increase in global IT spending continues to boost Taiwan's tech-heavy export sector, with no sign of cooling in the second half of 2026. Non-tech players could see tail risks decline as the Strait of Hormuz gradually reopens but weak China demand and heightened geopolitical and trade uncertainties continue to weigh on performance. ]]>Corporates, Financial Services, Thu, 09 Jul 2026 02:01:27 GMT<![CDATA[ 2026 Taiwan Mid-Year Outlook - Riding The AI Wave: Rising Demand Brings More Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rating actions were up quarter-on-quarter-- 251 versus 84, across 54 transactions, representing about 10% of our rated ABS and RMBS universe. The resolution of under criteria observation (UCO) placements following the publication of our revised U.K. RMBS and rating above the sovereign criteria drove this increase. Downgrades remained scarce at three, versus two during Q1 2026. We reviewed 39 ABS and 101 RMBS transactions--representing about 26% of our total rated ABS and RMBS universe--through rating actions and annual surveillance reviews. The number of new transactions we rated more than doubled quarter-on-quarter--36 versus 17. We rated 22 ABS transactions (Q1 2026: seven; five from existing platforms/trusts) and 14 RMBS transactions (Q1 2026: 10). ]]>Structured Finance, Wed, 08 Jul 2026 14:29:03 GMT<![CDATA[ EMEA RMBS And ABS Monitor Q2 2026 ]]>00:01:00<![CDATA[ First-lien debt recoveries in Europe marginally improved in recent years, rising to a six-year average of 71% from an average of 68% between 2015 and 2025. ]]>Autos & Capital Goods, Corporates, Structured Finance, Leveraged FinanceWed, 08 Jul 2026 11:01:20 GMT<![CDATA[ European Corporate Default Recoveries 2003-2025: Have First-Lien Recoveries Turned The Corner? ]]>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, Wed, 08 Jul 2026 06:15:39 GMT<![CDATA[ RMBS Trends: RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) May 2026 ]]>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, Wed, 08 Jul 2026 00:56:11 GMT<![CDATA[ Auto ABS Arrears Statistics: Australia - May 2026 ]]>00:01:00Credit Markets, Structured Finance, Private Markets, Private MarketsTue, 07 Jul 2026 20:07:37 GMT<![CDATA[ Fund Finance Trends: Unlocking Liquidity With GP Financing ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings publishes the rating component scores report for its public issuer credit ratings in Europe. This article reflects the scores defined in our Corporate Methodology, which is the criteria we use for rating corporate industrial companies and utilities. We list the scores for the 1038 public ratings in Europe that are within the scope of our corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating levels for all market participants. The scores reflect the building blocks of the corporate rating framework. Modifiers and components related to our group rating methodology or ]]>Credit Markets, Tue, 07 Jul 2026 16:09:45 GMT<![CDATA[ Corporate Rating Component Scores: Europe Q2 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings publishes the rating component scores report for its public issuer credit ratings in Latin America. This article reflects the scores defined in our Corporate Methodology, which is the criteria we use for rating corporate industrial companies and utilities. We list the scores for the 143 public ratings in Latin America that are within the scope of our corporate methodology, accompanied by charts that show the distribution of aggregated scores. We believe that the list and charts enhance benchmarking across industries and rating levels for all market participants. The scores reflect the building blocks of the corporate rating framework. Modifiers and components related to our group rating ]]>Credit Markets, Tue, 07 Jul 2026 16:08:50 GMT<![CDATA[ Corporate Rating Component Scores: Latin America Q2 2026 ]]>00:01:00<![CDATA[ Transaction profile Issuer Tampa Finance 2026-1 DAC Collateral type RMBS Domicile of assets France Domicile of transaction Ireland Originator HSBC Continental Europe Servicer Credit Commercial de France (CCF) Corporate services provider CSC Capital Markets (Ireland) Ltd. Issuer counterparties Banco Santander, S.A. and US Bank Europe DAC AssetCo counterparty BRED Banque Populaire Capital structure Class Rating* Amount (€) Class size (%) Credit enhancement (%)§ Coupon Step-up coupon Step-up date Legal final maturity A AAA (sf) 482,071,000 95.45 5.05 Three-month EURIBOR + 0.70% Three-month EURIBOR + 1.05% July 28, 2031 Jan. 28, 2058 B-Dfrd AA+ (sf) 6,314,000 1.25 3.80 Three-month EURIBOR + 0.98% Three-month EURIBOR + 1.47% July 28, 2031 Jan. 28, 2058 C-Dfrd A (sf) 8,333,000 1.65 2.15 Three-month EURIBOR + ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Tue, 07 Jul 2026 08:59:52 GMT<![CDATA[ New Issue: Tampa Finance 2026-1 DAC ]]>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 June 30, 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), Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, Tue, 07 Jul 2026 08:40:30 GMT<![CDATA[ EMEA ABS And RMBS Counterparty Monitor Q2 2026 ]]>00:01:00<![CDATA[ S&P Global Ratings assesses ShafDB's Sustainable Finance Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. ShafDB is a multilateral development bank that provides financing for housing and related infrastructure across Africa. ]]>Banking, Financial Services, Tue, 07 Jul 2026 05:50:00 GMT<![CDATA[ Second Party Opinion: Shelter Afrique Development Bank (ShafDB) Sustainable Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. municipalities rated 'AAA': current list As of July 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of July 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.spglobal.com/ratings. Organization State Rating Outlook/CreditWatch Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California AAA ]]>U.S. Local Governments, U.S. Public Finance, Mon, 06 Jul 2026 18:59:28 GMT<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. counties rated 'AAA': current list As of July 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of July 1, 2026. For the most up to date, accurate, and complete information on any credit ratings referenced in this list, please visit www.spglobal.com/ratings. Organization State Rating Outlook/CreditWatch Maricopa County Arizona AAA Stable Alameda County California AAA Stable Contra Costa County California AAA Stable Los Angeles County California AAA Stable Marin County California AAA Stable Orange County California AAA Stable San Diego County California AAA Stable San Luis Obispo County California AAA Stable San Mateo County California AAA Stable Santa ]]>U.S. Local Governments, U.S. Public Finance, Mon, 06 Jul 2026 18:57:42 GMT<![CDATA[ 'AAA' Rated U.S. Counties: Current List ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On June 24, 2026, S&P Global Ratings hosted Shawn Anderson, CFO of NiSource Inc. (BBB+/Stable/A-2), as part of its ongoing CFO webinar series. NiSource has demonstrated a strong commitment toward credit quality, maintaining our ‘BBB+’ issuer credit rating and stable outlook during the past six years, when the broader utility industry recorded more downgrades than upgrades and the industry’s median rating declined by one notch. During our webinar, we explored NiSource’s growth opportunities and its ability to effectively manage regulatory risks despite general concerns regarding the affordability of customer utility bills. NiSource currently has about 4 gigawatts (GW) of electric generation capacity, but it has signed contracts with hyperscalers for 4 GW ]]>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, Transportation, Utilities, Mon, 06 Jul 2026 18:32:12 GMT<![CDATA[ Data Center Expansion Drives NiSource Inc.'s Growth And Credit Discipline Amid Customer Affordability Pressures ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings lists 82 financial sponsor-owned issuers in the U.S. capital goods, building materials, and packaging sectors. We rank the companies by rating and outlook only. If not distinguished by these factors, we list the companies in alphabetical order. Year-end 2025 credit ratios and financial sponsors are provided for informational purposes. All ratings in this report are as of June 30, 2026. We rate all 82 issuers in the speculative-grade category with our 'FS-6' financial policy designation, meaning they are owned and controlled by financial sponsors. We distinguish these from another 17 highly leveraged issuers we rate in the low speculative-grade category, which include public companies or family-owned ]]>Building & Construction, Autos & Capital Goods, Commercial & Professional Services, Containers & Packaging, Corporates, Technology, Media & Telecom, Media & Entertainment, Metals & Mining, Paper & Forest Products, Retailing, Transportation, Mon, 06 Jul 2026 17:11:02 GMT<![CDATA[ Issuer Ranking: Financial Sponsor-Owned Companies In The U.S. Capital Goods, Building Materials, And Packaging Sectors ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Our 70 downgrades s ince interest rates rose in 2022 have reshaped credit prospects for 82 sponsor-owned manufacturers (see “ Issuer Ranking: Financial Sponsor-Owned Companies In The U.S. Capital Goods, Building Materials, And Packaging Sectors ”, published July 6, 2026). Refinancing for almost a quarter of these leveraged buyouts (LBO) in U.S. capital goods, building materials, and packaging now relies on a bounce in earnings and cash flow to improve credit ratios ahead of sharply higher maturities in 2028. And those improved credit ratios often depend on lower nonrecurring costs, many of which have been addbacks to management-adjusted EBITDA. Ambitious plans for synergy-rich, debt-fueled consolidation in these U.S. manufacturing sectors have yielded ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Building & Construction, Autos & Capital Goods, Commercial Mortgage-Backed Securities (CMBS), Containers & Packaging, Corporates, Covered Bonds, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Other Infrastructure Entities, Paper & Forest Products, Power Generation and Transmission, Project Developers, Project Finance, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Mon, 06 Jul 2026 16:56:51 GMT<![CDATA[ Profit Misses, Higher Rates Weigh On Refinancing For LBOs In U.S. Capital Goods, Building Materials, And Packaging ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' Canadian Credit Card Quality Index (CCQI) is a monthly performance index that aggregates performance information of securitized credit card receivables in key risk areas: receivables outstanding, yield, payment rate, net loss rate, excess spread, and delinquencies (see the Appendix). The table shows the CCQI's historical monthly performance for bankcard trusts for the past 12 months. For the full dataset, see our extended table: Click here . For more information on performance trends among individual credit card pools, see " 2026 U.S. And Canada Credit Card ABS Review ," published Feb. 4, 2026. Table 1 S&P Global Ratings' Credit Card Quality Index (CCQI): Canadian ABS credit card--bankcard 12-month summary Month/year ]]>Asset-Backed Securities (ABS), Structured Finance, Mon, 06 Jul 2026 15:55:25 GMT<![CDATA[ Canadian Credit Card Quality Index: Monthly Performance--May 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. The U.S.-Iran memorandum of understanding (MOU) is only the first step on the road to a full resolution. Flare-ups and shuttle diplomacy since the MOU’s signing suggest that the path to the new normal will be a rocky one. The MOU does not remove the risk of ]]>Retail & Consumer Products, Corporates, Retailing, Mon, 06 Jul 2026 15:54:33 GMT<![CDATA[ European Consumer And Retail: Hormuz Aftershocks Likely To Linger ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Credit Card Quality Index (CCQI) is a monthly performance index that aggregates performance information of securitized credit card receivables in key risk areas: receivables outstanding, yield, payment rate, net loss rate, excess spread, and delinquencies (see the Appendix). The tables show the historical monthly performance of S&P Global Ratings' U.S. CCQI for bankcard trusts for the past 12 months. For the full dataset, see our extended table: Click here . For more information on performance trends among individual credit card pools, see " 2026 U.S. And Canada Credit Card ABS Review ," published Feb. 4, 2026. S&P Global Ratings' CCQI: U.S. ABS credit card--bankcard 12-month summary Month/year Outstanding amount ($) Yield ]]>U.S. Public Finance, Mon, 06 Jul 2026 15:46:18 GMT<![CDATA[ U.S. Credit Card Quality Index: Monthly Performance--May 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This calendar sets out potential dates for the publication of credit rating actions on sovereign, regional, and local government ratings and related outlooks in accordance with regulatory requirements. S&P Global Ratings has nominated two or three publication dates in 2026 for each sovereign and regional and local government it currently rates, on a solicited or unsolicited basis, from its offices in Dubai, Dublin, Frankfurt, Johannesburg, London, Madrid, Milan, Paris, and Stockholm. As required by regulation, all such publication dates are on Fridays. Regulations allow credit rating agencies to deviate from their announced calendar where necessary to comply with their other legal obligations, for example, to disclose credit ratings based on all available ]]>Governments, International Public Finance, Government-Related Entities, Sovereigns, Mon, 06 Jul 2026 14:40:59 GMT<![CDATA[ Calendar Of 2026 EMEA Sovereign, Regional, And Local Government Rating Publication Dates: Midyear Update ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A string of downward revisions to Germany's real GDP growth prospects highlights the economic pressures on the country's 16 federal states. S&P Global Ratings’ forecast for German real GDP growth in 2026 now stands at 0.4%, down from 1.1% at the beginning of the year (see chart 1). While the war in the Middle East has clearly had a negative impact on the country’s GDP growth outlook, structural issues are also at play. Chart 1 According to Germany's Ministry of Finance, the states' collection of shared taxes grew by 3.3% between January and May 2026 compared to the same period in 2025. Payroll tax (+5.2%) and VAT (+3.3%) remain the most important ]]>Financial Services, Collateralized Loan Obligation (CLO), Structured Finance, Mon, 06 Jul 2026 11:49:07 GMT<![CDATA[ German States' Budgetary Pressures Intensify ]]>00:01:00<![CDATA[ This report does not constitute a rating action. European secured notes (ESNs) are dual recourse bonds funding loans to small and midsize enterprises (SMEs). ESNs replicate some of the basic structural characteristics of covered bonds, notably dual recourse. However, unlike covered bonds, they are backed by assets such as loans to SMEs, which are generally considered riskier than mortgages or public sector loans typically seen in covered bond programs. As long as the issuer is solvent, it is obliged to repay its ESNs in full on their scheduled maturity dates. If the issuer defaults, the proceeds from the pool of assets will be used to repay the bonds (see " Understanding The Role Of European Secured Notes In Funding SME ]]>Covered Bonds, Structured Finance, Mon, 06 Jul 2026 11:11:11 GMT<![CDATA[ Credit FAQ: How We Rate European Secured Notes ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Scant rains, soaring prices. India's rural economy faces a dual threat: An unusually dry southwest monsoon and higher agro-input costs driven by geopolitical conflict. The agricultural sector is the most exposed, in S&P Global Ratings' view. Farmers face lower yields and therefore lower incomes. This will have knock-on effects for food prices and tractor and two-wheeler manufacturers. Microfinance institutions (MFIs) are more vulnerable than banks, and we anticipate a dip in agriculture-linked asset quality. Still, there are offsetting factors. Other non-agricultural growth engines are emerging in India, and the financial system remains resilient. Prudent underwriting and regulatory agility should contain broader credit risks, even if the monsoon fails to deliver. India's agriculture ]]>Financial Services, Mon, 06 Jul 2026 00:59:03 GMT<![CDATA[ A Weak Monsoon Will Strain India's Rural Sector ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides insights on Germany’s local covered bond market, its relevant legal framework, and the local mortgage market. We also compare key characteristics of our rated programs in this jurisdiction. The German covered bond market is well-established and maintains its position as the third-largest after Denmark and France, with outstanding issuances totaling nearly €411 billion at the end of 2025. This marks the first time in nearly 11 years that outstanding issuances have significantly exceeded €400 billion. Furthermore, Germany continues to contribute significantly to the European market activity, with €21.9 billion in issuances, or about 19% of the total European investor-placed benchmark issuance, through June 2026 (already ]]>Covered Bonds, Structured Finance, Fri, 03 Jul 2026 11:40:27 GMT<![CDATA[ German Covered Bond Market Insights 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The impact of artificial intelligence (AI) on credit ratings has been growing over the last few years. S&P Global Ratings took 54 rating actions on 37 issuers globally between January 2023 and May 2026 where we identified the effect of AI as a main factor of the rating change. These actions span both nonfinancial corporates and financial institutions. The majority of these rating actions related to positive impacts from AI adoption, particularly within the high technology sector, and investments in data center infrastructure. While risks exist, we think AI has largely been a net positive for credit ratings to date. As AI advancement intensifies, it's materially affecting a growing number of corporates, ]]>Credit Markets, Thu, 02 Jul 2026 16:00:01 GMT<![CDATA[ Most AI-Related Rating Actions Have Been Positive To Date ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Federal Reserve conducted its annual stress test and determined that the 32 banks subject to this year’s test have sufficient capital to withstand a severe recession and continue lending. (Of the 32 banks, 24 are U.S.-domiciled, and eight are U.S.-based subsidiaries of foreign banks.) The Fed projected that the banks’ aggregate common equity Tier 1 (CET1) capital ratio would decline by 160 basis points (bps), to 11.2%, before rising to 12.7% in the final quarter of the stress test. This is the smallest decline in aggregate bank capital ratios in at least the last seven years (see chart 1). Banks benefited from solid earnings power and a boost to net interest ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Banking, Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Insurance Markets, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, U.S. Public Finance, Thu, 02 Jul 2026 14:10:34 GMT<![CDATA[ The Fed's Stress Test Indicates A Continued Capital Decline For Banks ]]>00:01:00<![CDATA[ S&P Global Ratings assesses International Finance Corp.'s green bond framework as aligned with ICMA's Green Bond Principles and its Green Enabling Projects Guidance. IFC has comprehensive, robust and internationally recognized project selection processes and safeguards. Project selection criteria are strong across the framework, adhering to recognized external taxonomies and guidelines. IFC is a global development finance institution focused on private sector investment in emerging and developing economies. ]]>Governments, Government-Related Entities, Thu, 02 Jul 2026 13:18:56 GMT<![CDATA[ Second Party Opinion: International Finance Corp. (IFC) Green Bond Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses A mature and highly transparent intergovernmental system LRGs’ inability to veto unwanted changes from central government A prudent fiscal policy framework and strong central government oversight of LRGs Central government’s weak fiscal position Balanced revenue and expenditure thanks to ongoing support from the central government Japan’s public finance system is mature, changes rarely, and continues steady fiscal consolidation. Tax revenues have increased for both central and local and regional governments (LRGs) as inflation continues in Japan and the economy recovers. The adequacy of balance between revenues and expenditures continues to support the high predictability of the system. But a build-up of long-term structural challenges such as rising social welfare ]]>Governments, Infrastructure, International Public Finance, Thu, 02 Jul 2026 04:20:40 GMT<![CDATA[ Institutional Framework Assessment: Japanese Prefectures And Cities Set On A Sustainable Fiscal Path ]]>00:01:00<![CDATA[ This report does not constitute a rating action. HONG KONG (S&P Global Ratings) July 2, 2026--Supply is no longer the main swing factor for lithium prices. More decisive is the leverage China exerts in midstream processing and downstream demand for the metal. We believe this is reshaping dynamics across the value chain for lithium-related products. That’s according to a report we published today, titled “ China Is Redefining Lithium Price-Setting .” “We believe global lithium prices are increasingly determined by China's dominance in mid-to downstream activity, rather than upstream fundamentals,” said S&P Global Ratings credit analyst Annie Ao. “This results in more timely price responses to downstream demand, with upstream miners more exposed to earnings volatility.” Over the past decade, ]]>Corporates, Metals & Mining, Thu, 02 Jul 2026 02:08:48 GMT<![CDATA[ China Is Redefining Lithium Price-Setting ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The recent Wall Street Journal article " Americans Are Falling Behind on Their $1.25 Trillion Credit-Card Bill " (published May 29, 2026) used the 13.12% credit card 90-plus days delinquency rate (for the first quarter of 2026) from the Federal Reserve Bank of New York's (FRBNY's) May 26 " Quarterly Report on Household Debt and Credit " to highlight mounting consumer debt loads and the erosion of affordability in the U.S. This number is higher than comparable delinquencies for student loans, auto loans, and mortgages, as reported by the FRBNY. While the 13.12% delinquency rate is technically correct under a particular definition, it is important to understand what exactly is being measured. ]]>Asset-Backed Securities (ABS), Structured Finance, Wed, 01 Jul 2026 19:54:49 GMT<![CDATA[ Credit FAQ: Credit Card Delinquency Rates Depend On How They Are Measured ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The data center industry is undergoing rapid transformation, as seen in significant changes in the sector's dynamics over the past few years. Once characterized by relatively small, long-term contracted facilities with investment-grade tenants and fully mitigated construction risk, today's project finance data centers have evolved into massive complexes, sometimes exceeding 2 gigawatts capacity. Alongside this growth, the risk landscape has shifted, introducing new challenges such as construction, operational, refinancing and, increasingly, reletting risks. The latter risk, in particular, has generated a considerable amount of inquiry from market participants, especially regarding S&P Global Ratings' assessment of it from a ratings perspective. This article is the first in a series that will explore the ]]>Corporates, Technology, Media & Telecom, Information and Communications Technology (ICT)Wed, 01 Jul 2026 17:48:29 GMT<![CDATA[ Decoding Data Center Risk: A Multi-Dimensional Analysis ]]>00:01:00<![CDATA[ In this week's summary of ratings views: The global economy is wrestling between energy-supply disruption and AI. U.S.-Iran talks won’t prevent sustained credit and economic effects from the war. The outlook for global banks remains steady. Digital neobanks are coming of age. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 01 Jul 2026 15:15:29 GMT<![CDATA[ The Ratings View: Jul. 1, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. MILAN (S&P Global Ratings) July 1, 2026--Following annual reviews of EMEA RMBS in March 2026, S&P Global Ratings has published the transaction updates listed below. Transaction updates published following our annual reviews of EMEA RMBS: Atlas Funding 2023-1 PLC , June 9, 2026 Castell 2023-1 PLC , May 20, 2026 Polaris 2024-1 PLC , May 20, 2026 Elstree 2025-1 1ST PLC , May 18, 2026 Fondo de Titulizacion de Activos Santander Hipotecario 2 , May 18, 2026 Lansdowne Mortgage Securities No. 1 PLC , April 30, 2026 BBVA RMBS 21 Fondo de Titulizacion , April 7, 2026 CAIXA PENEDES 1 TDA Fondo de Titulizacion de Activos , April 7, 2026 Stratton Mortgage ]]>Residential Mortgage-Backed Securities (RMBS), Structured Finance, Wed, 01 Jul 2026 14:15:32 GMT<![CDATA[ EMEA ABS And RMBS Structured Finance Transaction Updates Published Following Annual Reviews ]]>00:01:00<![CDATA[ This report does not constitute a rating action. List of global international public finance entities: Europe, the Middle East, and Africa Entity Sector LT FC rating Outlook National scale rating Outlook Austria Öesterreichische Entwicklungsbank Government Agency Financial Institution AA+ Stable Oesterreichische Kontrollbank AG Government Agency Financial Institution AA+ Stable Autobahnen- und Schnellstrassen-Finanzierungs-Aktiengesellschaft Infrastructure AA+ Stable OeBB-Infrastruktur AG Infrastructure AA+ Stable State of Burgenland LRG AA Negative State of Lower Austria LRG AA Negative State of Styria LRG AA Negative State of Tyrol LRG AA+ Negative State of Upper Austria LRG AA+ Stable Erdoel-Lagergesellschaft m.b.H. Other AA+ Stable Wohnbau Burgenland GmbH Other AA Negative Belgium Infrabel Infrastructure AA- Stable Region of Brussels-Capital LRG A Negative Bosnia and Herzegovina Federation of Bosnia ]]>Corporates, Governments, International Public Finance, Wed, 01 Jul 2026 14:11:22 GMT<![CDATA[ Global Ratings List: International Public Finance Entities June 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Digital-native neobanks are ready to shed their newcomer status and forge a new financial services landscape. In a diverse field, the most successful neobanks have proven their profitability and become serious competitors to incumbent banks. The convergence of smartphones and e-commerce began to reshape customer expectations in the 2010s. Smartphone adoption transformed banking into an “always-online” experience, replacing costly, branch-based client interactions with intuitive, real-time mobile apps. Simultaneously, the e-commerce boom drove the demand for fast, frictionless digital payments. Consumer preference shifted toward convenience and transparency, exposing the limitations of traditional banks. With their mobile-first, low-cost, app-based models, neobanks and adjacent fintech offerings began to flourish. The COVID pandemic accelerated growth by ]]>Financial Services, BankingWed, 01 Jul 2026 11:35:28 GMT<![CDATA[ Future Of Banking: Neobanks Come Of Age ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Our outlook for global banks remains steady, with broad ratings stability anticipated over the rest of this year and into 2027. As of June 20, 2026, 82% of our bank ratings were on a stable outlook, while a further 13% had a positive outlook or were on CreditWatch positive. Our midyear updates of regional banking outlooks provide additional region-specific insights into how we see evolving economic and credit conditions play out for banks in that region, and our assessment of key risks: Global Banking Outlook 2026--Midyear Update: Asia-Pacific , June 29, 2026 Global Banking Outlook 2026--Midyear Update: Emerging Europe, Middle East, And Africa , June 30, 2026 Global Banking Outlook 2026--Midyear Update: ]]>Banking, Financial Services, Credit OutlookWed, 01 Jul 2026 07:51:00 GMT<![CDATA[ Global Banking Outlook 2026--Midyear Update: Global Summary ]]>00:01:00<![CDATA[ Rating as of July 1, 2026 Rating Amount (Bil. ¥) Coupon type Legal final maturity date Overcollateralization ratio (%) § AAA (sf) 30.0 2.61% July 10, 2061 23.8 §We define the overcollateralization ratio as: 1-(A+B)/(C-D-E); A: the rated obligations and equally ranked obligations; B: prior obligations to the rated obligations; C: underlying assets (including cash); D: liquidity reserves; E: obligations, except for senior, mezzanine, or subordinate obligations (seller's interest, etc.). The ratio in this report represents the transaction structure's minimum maintenance ratio for the overcollateralization of pro rata pay. Profile Closing date July 1, 2026 Collateral An entrusted pool of residential mortgage loans Originator/Servicer Japan Housing Finance Agency Collateral trustee Sumitomo Mitsui Trust Bank Ltd. Beneficiary representative Sumitomo Mitsui Banking ]]>Financial Services, Structured Finance, Wed, 01 Jul 2026 05:15:00 GMT<![CDATA[ New Issue: Japan Housing Finance Agency (Series E55-4) ]]>00:01:00Residential Mortgage-Backed Securities (RMBS), Structured Finance, Wed, 01 Jul 2026 03:35:44 GMT<![CDATA[ RMBS Trends: What Do Changes To Australia's SMSF Lending Rules Mean For Nonbanks? ]]>00:01:00Banking, Financial Services, Tue, 30 Jun 2026 19:50:16 GMT<![CDATA[ Rating Component Scores For U.S., Canadian, And Bermudian Banks (June 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. While the direct effects of the Middle East war on Latin America are minimal due to limited trade ties, the region is still experiencing indirect consequences. Higher energy and food costs—primarily driven by increased oil and fertilizer prices—are contributing to elevated inflation. In turn, rising inflation and interest rates could result in higher credit losses and slower credit growth across the region. Additionally, ongoing uncertainty over U.S. trade policy remains a significant risk, particularly for Mexico . The mitigating factors for Latin American banks are solid capitalization levels, stable funding profiles, and healthy liquidity. Nevertheless, we continue to closely monitor economic trends, especially in Mexico and Colombia , and assess their potential ]]>Financial Services, Credit OutlookTue, 30 Jun 2026 16:33:01 GMT<![CDATA[ Global Banking Outlook 2026--Midyear Update: Latin America ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. housing remains overvalued by 10% in aggregate. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was soft with a 0.7% increase nationally as of first-quarter 2026, compared to the 0.6% increase as of the fourth quarter 2025. Meanwhile, total disposable income growth was roughly 1.5%, outpacing HPI for the quarter. Our current assessment shows that 82% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while 10% are neutral (0% over/undervaluation) and 8% are undervalued. In addition, home prices have decreased in six states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' ]]>Corporates, Real Estate Themes, Tue, 30 Jun 2026 16:30:58 GMT<![CDATA[ U.S. Home Price Overvaluation Remains 10% ]]>00:01:00<![CDATA[ The budgetary performance of Spanish regions continued to improve in 2025, despite slower revenue growth. Managing expenditure will be key to sustaining this trend. ]]>Governments, International Public Finance, Tue, 30 Jun 2026 15:15:45 GMT<![CDATA[ Spanish Regions: Spending Moderates Amid Slower Revenue Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Sidecars began to be widely adopted in the mid-2000s, primarily to channel third-party capital into property catastrophe reinsurance following significant hurricane losses. Since then, sidecars have become an effective way of transferring risk from insurers and reinsurers (re/insurers) to investors and supporting the amount of capacity in the global reinsurance market. More recently, attention has shifted toward life insurance sidecars. These have seen substantial growth in the U.S., particularly in the asset-intensive reinsurance market, as the long-term, illiquid cash flow profile of life insurance has proved attractive to third-party investors. Casualty sidecars are now exhibiting a similar trend, benefiting from favorable economic conditions to expand beyond traditional property catastrophe risks. This Credit ]]>Credit Markets, Tue, 30 Jun 2026 15:11:33 GMT<![CDATA[ Credit FAQ: Assessing The Rise Of P/C Insurance Sidecars ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On June 15, 2026, S&P Global Ratings hosted Mike Dunne, CFO of NextEra Energy Inc. (A-/Stable/--), as part of its ongoing CFO webinar series. NextEra has demonstrated a strong commitment to credit quality, maintaining our ‘A-’ issuer credit rating and stable outlook for more than 15 years, even during the past six years, when the broader utility industry experienced more downgrades than upgrades and the industry’s median rating declined to ‘BBB+’ from ‘A-’. During our webinar, we explored NextEra’s pending merger with Dominion Energy Inc. (BBB+/Positive/A-2), including the following key areas: The strategic motivations and financial implications of the merger; The anticipated impact on credit quality and the integration process; and Approaches ]]>Credit Markets, Tue, 30 Jun 2026 14:47:55 GMT<![CDATA[ Credit Trends: Exploring NextEra Energy Inc.’s Merger With Dominion Energy Inc. ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Rhode Island Housing And Mortgage Finance Corp.'s Impact Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. RIHousing is a public corporation of the State of Rhode Island. As the state’s primary housing agency, RIHousing provides affordable financing options and assistance programs for both multifamily and single-family housing. ]]>U.S. Public Finance, Tue, 30 Jun 2026 14:11:40 GMT<![CDATA[ Second Party Opinion: Rhode Island Housing And Mortgage Finance Corp.'s Impact Framework ]]>00:01:00Banking, Financial Services, Credit OutlookTue, 30 Jun 2026 11:56:44 GMT<![CDATA[ Global Banking Outlook 2026--Midyear Update: Europe ]]>00:01:00<![CDATA[ This report does not constitute a rating action. As of May 31, 2026, the European distress ratio inched down to 6.8% from 7.0% in April, reflecting tighter credit spreads and fewer bonds trading at distressed levels. However, the improvement was driven by a single financial institutions issuer, the bond spreads of which narrowed below the distress threshold. Given that this issuer accounted for all four distressed bonds in the sector, its repricing led to a full exit of financial institutions from the distressed bucket, rather than signaling a broad-based improvement in fundamentals. Unlike the broad-based decline in April, May showed early signs of renewed pressure in selected sectors. Distress ratios rose at the sharpest rate in the FP&BM (up 3.6 ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Fri, 26 Jun 2026 16:51:06 GMT<![CDATA[ Credit Trends: European Distress Ratio: Headline Improvement Masks Renewed Sector Pressure ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings uses the Priority-Lien Tax Revenue Debt Rating model (R) to analyze priority-lien tax revenue debt issued by U.S. municipal governments, state governments, or other U.S. public finance obligors where the pledged revenue stream is typically limited, in conjunction with its criteria “ Priority-Lien Tax Revenue Debt ," published Oct. 22, 2018. We consider bonds to have a priority lien when there is a specific statutory or contractual claim on pledged revenues that occurs prior to other claims on those revenues, except for the payment of other debt (or, in limited cases, certain fixed and nominal operating expenses) with a specific superior claim on the pledged revenues. The model is ]]>U.S. Local Governments, U.S. Public Finance, U.S. States, Fri, 26 Jun 2026 14:55:24 GMT<![CDATA[ Credit Rating Model: Priority-Lien Tax Revenue Debt Rating Model (R) ]]>00:01:00Aerospace & Defense, Asset-Backed Commercial Paper (ABCP), Autos & Capital Goods, Banking, 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, Financial Services, Governments, Health Care, Homebuilding, Gaming & Leisure, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Metals & Mining, Non-banks, Paper & Forest Products, Project Developers, Project Finance, Real Estate Themes, Retailing, Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Collateralized Loan Obligation (CLO), Structured Finance, Telecom Services, Transportation, U.S. Public Finance, Utilities, Thu, 25 Jun 2026 19:04:06 GMT<![CDATA[ This Month In Credit: 2026 Data Companion ]]>00:01:00<![CDATA[ Global corporate defaults reached a one-year high in May, driven by a surge in U.S. activity, but the year-to-date total (45) remains below the year-to-date 2020-2025 average (60), leaving open whether this reflects a sustained upturn or a temporary spike. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Thu, 25 Jun 2026 19:00:49 GMT<![CDATA[ This Month In Credit: Defaults Rise Despite Overall Improving Rating Trends (June 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings assigns credit ratings to local and regional governments (LRGs) based on its qualitative and quantitative analysis of a range of financial, economic, managerial, and institutional factors. Our analytical framework for rating LRGs is articulated around six major components, resulting from our methodology: The institutional framework; Economy; Financial management; Budgetary performance; Liquidity; and Debt burden. Our assessment of the institutional framework is an important component of the rating. The institutional and legislative environment in which an LRG operates provides an important context in which to evaluate the LRG's individual credit profile. Therefore, we combine our assessment of the institutional framework and the five other factors listed above to determine an ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, U.S. Public Finance, Thu, 25 Jun 2026 15:58:02 GMT<![CDATA[ Comparative Statistics: Local And Regional Government (LRG) Risk Indicators For Asia-Pacific, Canada, Europe, and Latin America ]]>00:01:00<![CDATA[ In this week's summary of ratings views: Energy and supply disruptions continue to cloud regional credit conditions. Global economic growth is resilient, but inflation and energy pressures are risks. Defaults surged in May, primarily in the U.S. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Thu, 25 Jun 2026 14:46:13 GMT<![CDATA[ The Ratings View: Jun. 25, 2026 ]]>00:01:00Corporates, Technology, Media & Telecom, Thu, 25 Jun 2026 08:47:26 GMT<![CDATA[ Webinar Debrief: AI Sparks Public Retreat And Private Opportunity In Software And Services ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks High level of stable, core customer deposits that support bank funding. High competition with low earnings capacity. Solid economic growth, supported by a dynamic and entrepreneurial private sector. High proportion of government ownership in banks leads to some distortions in the competitive landscape. Strong household financial position mitigates high private sector debt. Economic risk for the Taiwan banking sector remains low, reflecting Taiwan's solid economic growth and strong household net financial position. In our view, Taiwan's robust net external asset position, strong fiscal position and monetary flexibility underpin its economic resilience. The global dominance of Taiwan's semiconductor sector coupled with the ongoing AI boom are the main ]]>Banking, Financial Services, Thu, 25 Jun 2026 07:43:41 GMT<![CDATA[ Banking Industry Country Risk Assessment: Taiwan ]]>00:01:00<![CDATA[ The reopening of the Strait of Hormuz would lower tail risk, but supply normalization will be uneven and costly. Second-order shocks could cause more credit pains. Tighter monetary policy to stem inflation could come amid capital outflows, potentially at the expense of growth. Additional policy support may narrow fiscal space. AI-demand is cushioning Asia-Pacific's growth from a supply shock, but overlapping strains will widen the credit gap. Prioritization of supply security over cost could drive a structural rewiring of trade flows. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Credit Conditions, Credit ConditionsThu, 25 Jun 2026 06:35:44 GMT<![CDATA[ Credit Conditions Asia-Pacific Q3 2026: Hormuz Reopens, Fragility Remains ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japan's major insurers' creditworthiness will remain solid. Rising domestic interest rates and higher stock prices will benefit the insurers. Strong earnings and capital will further bolster their positions. All is not perfect. In Japan, growth is slowing and there is pressure from the market to shift to shareholder-oriented management. Japan's major insurers are therefore likely to further diversify their business portfolios to improve profitability, in our view. Their appetite for growth investments remains high. We are watching for whether insurers can seize acquisition opportunities and appropriately manage diversified risk and return. Many Japanese insurers are constrained by Japan's sovereign rating. However, S&P Global Ratings is examining whether the geographic diversification of some ]]>Insurance Markets, Life Insurance, Property & Casualty, Thu, 25 Jun 2026 06:22:20 GMT<![CDATA[ Japan's Major Insurers Will Continue Diversifying ]]>00:01:00Asset-Backed Commercial Paper (ABCP), Covered Bonds, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Credit OutlookWed, 24 Jun 2026 18:33:48 GMT<![CDATA[ Economic Research: Economic Outlook U.S. Q3 2026: Resilient To Layered Supply Shocks ]]>00:01:00<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across U.S. structured finance sectors, including the latest trends in life insurance premium and data center ABS. ]]>Covered Bonds, Structured Finance, Wed, 24 Jun 2026 15:28:26 GMT<![CDATA[ U.S. Structured Finance Chart Book: June 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 RMBS, data center ABS, and covered bonds. ]]>Covered Bonds, Structured Finance, Wed, 24 Jun 2026 15:27:29 GMT<![CDATA[ EMEA Structured Finance Chart Book: June 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This article presents updates to S&P Global Ratings' views on the 89 banking systems that it currently reviews under its criteria " Banking Industry Country Risk Assessment Methodology And Assumptions ," published Dec. 9, 2021, which it uses primarily when applying its methodologies to develop the stand-alone credit profile and issuer credit rating on a financial institution (see " Financial Institutions Rating Methodology ," Dec. 9, 2021). We typically update this publication every month to summarize our latest BICRA assessments by group and country (table 1), economic and industry risk scores--summarized in chart 1--and components (table 2), and related assessments (government support assessments by region [table 3] and BICRA scores for estimates ]]>Asset-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, Wed, 24 Jun 2026 13:56:22 GMT<![CDATA[ Banking Industry Country Risk Assessment Update: June 2026 ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. PLN) Available credit enhancement (%)§ Interest (%)‡ Legal final maturity A AA- (sf) 745.0 22.4 Three-month WIBOR plus 1.20%, floored at zero June 2034 B-Dfrd BB (sf) 148.1 6.6 Three-month WIBOR plus 5.50%, floored at zero June 2034 Z NR 62.1 N/A Three-month WIBOR, floored at zero June 2034 *Our rating on the class A notes addresses timely payment of interest and ultimate payment of principal, while our rating on the class B-Dfrd notes addresses the ultimate payment of principal and ultimate payment of interest until it becomes the most senior class, with timely payments thereafter. §Credit enhancement figures indicate the enhancement available, which comprises class subordination and the general reserve. PLN--Polish zloty. WIBOR--Warsaw Interbank ]]>Structured Finance, Wed, 24 Jun 2026 12:11:26 GMT<![CDATA[ New Issue: Vehis Auto Leasing 2026 DAC ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Swiss Financial Market Supervisory Authority is proposing legislative reinforcement aligning it with international standards. Its shift from reactive enforcement to proactive risk mitigation will alleviate a critical weakness, in our view. The Swiss Financial Market Supervisory Authority (FINMA) is seeking more proactive, preventive, and decisive intervention capabilities. The regulatory body made a series of proposals on June 15, 2026, that will likely affect the broader banking sector. FINMA's proposed framework represents a necessary alignment toward common supervisory standards, in our view. The regulator will gain clout allowing it to match operational agility seen in EU and U.K. regulatory responses. Proposed legislation to stop action amid appeals would remediate a critical weakness. ]]>Financial Services, LiquidityWed, 24 Jun 2026 10:58:40 GMT<![CDATA[ Swiss Banking Brief: Regulator Steps Up ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Even though 83% of rated LRGs globally have stable outlooks, geopolitical uncertainty puts pressure on credit quality, and the outlook bias remains tilted to the downside (see chart 1). The outlook bias has remained broadly unchanged for at least the past 12 months. Around 13% of the ratings have negative outlooks, with the majority being in developed markets across Europe, Canada, and Asia-Pacific. Chart 1 In the first half of 2026, LRG rating volatility decreased, and we anticipate the lowest number of rating actions on LRGs in a decade by the end of the year. This follows 61 rating actions in 2025 and 71 in 2024 (see chart 2, and for further ]]>Governments, International Public Finance, Government-Related Entities, Wed, 24 Jun 2026 10:39:51 GMT<![CDATA[ Subnational Government Outlook Midyear 2026: LRGs Show Their Mettle Amid Ongoing Conflicts ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rising European defense spending has been prompted by a shift from U.S.-led multilateralism and "peace dividends" to heightened geopolitical volatility. S&P Global Ratings expects defense budgets to grow unevenly among European nations due to political and fiscal fragmentation. Defense companies will be the immediate beneficiaries of increased spending, while sovereigns will likely see little near-term GDP growth and may face unpopular budget trade-offs, such as welfare spending cuts. Nonetheless, common procurement and issuance, alongside a preference for European solutions, could ultimately yield beneficial outcomes. Doubts about the strength of the U.S. commitment to NATO and the shadow of the Russia-Ukraine war are forcing European nations to reassess their military capabilities and budgets. ]]>Aerospace & Defense, Corporates, Market Dynamics, Global TradeWed, 24 Jun 2026 09:18:11 GMT<![CDATA[ Defense Brief: European Defense Spending's Battle With Fragmentation ]]>00:01:00<![CDATA[ This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) June 24, 2026--We revised our 2026 inflation forecast upward by an average of 0.7 percentage point (ppt) and lowered our 2026 growth forecast by 0.3 ppt across European countries. Even so, we still expect only one additional rate hike from the European Central Bank (ECB) and no more than one rate hike from the Bank of England (BoE) in third-quarter 2026 (see " Economic Outlook Europe Q3 2026: Energy Shock Rekindles Stagflation Risks ," published today). "The Middle East war continues to affect macroeconomic conditions in Europe. Our new baseline is largely consistent with our interim forecast revision in April this year. This is because oil and gas ]]>Corporates, Energy & Commodities, Governments, Wed, 24 Jun 2026 07:36:09 GMT<![CDATA[ Economic Outlook Europe Q3 2026 Says Energy Shock Rekindles Stagflation Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Middle East war continues to affect macroeconomic conditions in Europe. Our new baseline is largely consistent with our interim forecast revision in April this year. This is because oil and gas price assumptions have changed only marginally since then and GDP growth in first-quarter 2026 was broadly in line with our expectations. However, the balance of risks is shifting rapidly. While the probability of upside outcomes is increasing, a quick and sustained recovery in oil and gas flows remains uncertain. We therefore created two alternative scenarios--severe and milder--that are based on different assumptions for energy prices and financial conditions. We revised our 2026 inflation forecasts upward by 0.7 ppt for the ]]>Covered Bonds, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Credit OutlookWed, 24 Jun 2026 07:31:18 GMT<![CDATA[ Economic Research: Economic Outlook Europe Q3 2026: Energy Shock Rekindles Stagflation Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Japanese regional banks we rate are set to post record high profits in fiscal 2026. Net interest income will likely continue growing, with rising interest rates providing an additional boost. As domestic interest rates rise moderately, repricing of loans will have a growing effect. However, rated regional banks have a higher proportion of loans linked to the short-term prime rate than major banks. This will delay improvement in loan yields and be reflected in interest income. We see the creditworthiness of the regional banks we rate as somewhat resilient to geopolitical risk. Market volatility and economic uncertainty stemming from conflict in the Middle East could continue to pose downside risks to ]]>Banking, Financial Services, Wed, 24 Jun 2026 06:19:10 GMT<![CDATA[ Japan Regional Banks Seek Sustainability While The Going Is Good ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Korean insurers are tightening their risk management frameworks as market caution on overseas alternative investments rises. Risk-adjusted returns on these assets appear to be deviating from their insurers' initial expectations. Insurers are therefore shifting their focus toward highly rated bonds and fixed income securities to bolster capital buffers. Insurers' exposure to high-risk alternative investments, such as overseas real estate and private credit funds, remains modest at about 5% of total invested assets as of the end of 2025. In our view, these allocations support insurers’ portfolio diversification and yield enhancement without compromising their capital stability. Even if stress in commercial real estate and private credit in North Amercia and Europe intensifies, our ]]>Insurance Markets, Life Insurance, Property & Casualty, Reinsurance, Private Markets, Private MarketsWed, 24 Jun 2026 04:24:19 GMT<![CDATA[ Scenario Analysis: Korean Insurers Are Turning Cautious On Overseas Alternative Investments ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China's insurers are being pushed further up the risk curve as low interest rates erode investment returns. In our view, this will heighten their sensitivity to capital market volatility. Our economists still expect only limited monetary policy change in the next six months. For life insurers, declining reinvestment yields will intensify the pressure on asset-liability management and make it harder to balance growth, product competitiveness, and profitability. Property and casualty (P/C) insurers are less exposed but still face earnings stress as investment income becomes less supportive of overall returns. Small and midsize insurers with strained capital positions are particularly vulnerable, given they have limited headroom to recalibrate their business and investment strategies ]]>Insurance Markets, Life Insurance, Reinsurance, Wed, 24 Jun 2026 01:21:44 GMT<![CDATA[ Sector Review: China Insurance In Charts: Volatility Could Wedge Firms ]]>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. The Asia-Pacific economic outlook is shaped by resilient global activity, energy market stress, and an AI-driven tech export boom. While growth is largely holding up, our forecast revisions differ materially across economies as energy shocks, export performance and domestic conditions interact. The global economy seems to have ]]>Macroeconomics Economic Research, Credit Outlook, Global Trade, Artificial IntelligenceWed, 24 Jun 2026 00:41:55 GMT<![CDATA[ Economic Outlook Asia-Pacific Q3 2026: AI-Exposed Markets To Outperform ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects Pennsylvania local government (LG) credit quality to remain stable in the near term despite inflationary pressures and an economy projected to grow slightly slower than the nation. The portfolio's sensitive but steady revenue sources and strengthened reserves in recent years provide stability to its general creditworthiness. Pennsylvania's fiscal 2026 state budget was delayed by 135 days, which created financial uncertainty for some counties during that time, but the impasse did not directly affect ratings on individual issuers. The fiscal 2027 budget may be delayed again as time is waning until the new fiscal year begins (July 1). However, should another state budget impasse occur, healthy reserve positions for ]]>U.S. Local Governments, U.S. Public Finance, Tue, 23 Jun 2026 21:20:53 GMT<![CDATA[ U.S. Local Governments Credit Brief: Pennsylvania Counties And Municipalities Means And Medians ]]>00:01:00<![CDATA[ Rating confirmed Class Rating ECP notes(i) A-1+ (sf) Class Rating USCP notes(ii) A-1+ (sf) (i)The ECP notes can be denominated in various currencies and can be issued at a discount or on an interest-bearing basis at either a fixed or floating rate. (ii)The USCP notes are denominated in U.S. dollars and can be issued at a discount or on an interest-bearing basis at either a fixed or floating rate. USCP—U.S. commercial paper. ECP—European commercial paper. S&P Global Ratings' short-term 'A-1+ (sf)' rating on the series Knightsbridge European commercial paper (ECP) notes and the U.S. commercial paper (USCP) notes issued by SFP Funding (International) DAC and SFP Funding LLC , respectively, (collectively, SFP) reflects: The program's legal structure, including the intended ]]>Structured Finance, Tue, 23 Jun 2026 18:28:05 GMT<![CDATA[ New Issue: SFP Funding LLC And SFP Funding (International) DAC--Series Knightsbridge ]]>00:01:00<![CDATA[ A high-level summary of the key elements of our analytical framework for rating pharmaceutical companies. ]]>Corporates, Health Care, Tue, 23 Jun 2026 17:12:12 GMT<![CDATA[ Key Rating Subscores, Leverage Thresholds, And Estimated Debt Capacity For Pharmaceutical Companies ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This article describes S&P Global Ratings' analytical approach for providing an external review of an entity's green equity and/or transition equity designations. As of the date of this publication, designations in scope are: World Federation of Exchanges Green Equity Principles Nasdaq Green Designations: Nasdaq Green Equity Designation Nasdaq Green Equity Designation Private Company Nasdaq Green Equity Transition Designation Nasdaq Green Equity Transition Designation Private Company B3 Ações Verdes SIX Swiss Exchange 1.5°C Climate Equity Flag Philippine Green Equity Label Throughout this analytical approach, we refer to provisions contained in various designation requirements. However, for the full and detailed requirements, please refer to the documentation for the applicable designation. We do not provide ]]>Corporates, Financial Services, , SustainabilityTue, 23 Jun 2026 14:23:07 GMT<![CDATA[ Analytical Approach: Green And Transition Equity Designation External Reviews ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Credit pressure is building across the Coastal Bend region through multiple distinct channels: prolonged drought conditions, high industrial demand, execution delays on new supply development, rising capital costs, and the complexity of Texas’ dual groundwater and surface water regulatory regimes. As Corpus Christi Water (CCW) is the region’s largest water provider, the supply risks it faces extends beyond the city to communities and water systems across the region. As evidenced by recent negative rating actions taken on Corpus Christi and in the Coastal Bend (see media release , May 6, 2026; Beeville, Texas , Nov. 19, 2025; Alice, Texas , March 2, 2026), we believe drought and subsequent water scarcity ]]>U.S. Local Governments, U.S. Public Finance, Utilities, Tue, 23 Jun 2026 13:31:33 GMT<![CDATA[ Dry Bend: How Drought Is Straining Credit Quality Of Utilities And Local Governments In The Texas Coastal Bend ]]>00:01:00<![CDATA[ This report does not constitute a rating action. While 90% of rated local and regional governments (LRGs) remain investment-grade, the share of high-quality ratings ('AA' and above) has declined from 70% in 2023 to 58%, primarily due to credit weakening in France. As of mid-June 2026, rating volatility has decelerated, with negative actions reaching near parity with positive actions globally. Our global LRG coverage has expanded to 198 entities after we added 10 new ratings since early 2025, in Europe, Middle East, and Africa (EMEA). Rating actions in EMEA are currently balanced. In 2025, credit pressure was concentrated in France, where we downgraded 12 LRGs following similar action on the sovereign. The Region of Brussels-Capital was also downgraded to 'A' ]]>Governments, International Public Finance, Tue, 23 Jun 2026 12:20:23 GMT<![CDATA[ Global LRGs Rating History List ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Table 1 Buy-to-let (BTL)--Key features Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Number of loans 58,968 65,628 70,092 68,395 72,837 75,595 Total current balance (mil. £) 12,401 14,009 14,870 14,697 15,636 16,032 Average original balance (£) 216,724 217,906 217,340 220,344 220,006 215,802 Average current balance (£) 210,297 213,465 212,146 214,881 214,675 212,076 90+ delinquencies (% of total current balance) 1.34 1.23 1.14 1.02 1.15 1.01 WA original loan term (years) 22.3 22.3 22.1 22.0 21.9 22.1 Five-year fixed term (% of loans originated in the quarter) 77.8 71.5 87.3 83.7 88.6 84.4 WA current interest rate - loans currently on a fixed rate (%) 4.9 4.8 4.7 ]]>, Tue, 23 Jun 2026 10:07:51 GMT<![CDATA[ U.K. Post-2014 Buy-To-Let Monitor Q1 2026 ]]>00:01:00<![CDATA[ Here S&P Global Ratings shares messages related to its recent webinar " Can Data Centers Be Green? How S&P Global Ratings Analyzes Data Center Financings in its Second Party Opinions (replay) " . We summarize the key messages from the webinar and answer questions we received from attendees. See all our upcoming events here . This report does not constitute a rating action. The data center boom shows no signs of slowing down. Since the launch of ChatGPT, the data center sector has entered a period of extraordinary growth, fueled by an unprecedented surge in AI-related demand for computational power. This expansion is most visible among the largest U.S. technology leaders, whose capital expenditure (capex) surpassed $400 billion in 2025 ]]>Corporates, Technology, Media & Telecom, Media & Entertainment, Project Finance, Real Estate Themes, Project Finance, Telecom Services, Energy Transition, Information and Communications Technology (ICT), Digital Infrastructure, SustainabilityTue, 23 Jun 2026 07:27:11 GMT<![CDATA[ Sustainability Insights: Webinar Debrief: Can Data Centers Be Green? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) June 19, 2026 --Please join our leading S&P Global Ratings analysts for a live interactive webinar on June 22, 2026, for their perspectives on the new ratings, proposed debt issuance, key credit considerations on SpaceX, and then open it up to Q&A. DATE: Monday, June 22, 2026 TIME: 3:00 PM EDT DURATION: 45 minutes MODERATOR: Lindsay Alvarez, Associate Director, Market Outreach SPEAKER: Naveen Sarma, Managing Director and Sector Lead, Media and Telecom, North America ------------------------------------------------------ Click here to register (or copy and paste the website address into your browser): URL: https://event.on24.com/wcc/r/5402920/9C8BDDA1BCBFDB3F46002B7EFDE06194?partnerref=outlookcalendar ------------------------------------------------------ ]]>Aerospace & Defense, Corporates, Tue, 23 Jun 2026 03:41:39 GMT<![CDATA[ S&P Global Ratings Webinar: Launching S&P’s Ratings on SpaceX ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The overall credit quality of European structured finance transactions continued to improve in 2025, following the trend set in March 2021 (see chart 1). The average change in credit quality (ACCQ; see definition in Appendix I) for European structured finance improved to +0.14 notches by the end of 2025 from +0.10 notches a year earlier. This metric had been largely positive since the end of 2015, only briefly turning negative in January and February 2021. Chart 1 The 2025 downgrade rate fell by more than half to 1.0% in 2025 from 2.2% in 2024. Meanwhile, the upgrade rate slipped to 7.6% from 7.9% in 2024. There were five defaults in European structured ]]>Credit Markets, , Default TransitionMon, 22 Jun 2026 14:18:13 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual European Structured Finance Default And Rating Transition Study ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings is publishing this report to provide key metrics on the credit-estimated companies with loans in U.S. middle market collateralized loan obligations (MM CLOs), as well as CLO performance indicators. Our private credit and middle market CLO slide deck is published in the first month of each quarter (see " Private Credit And Middle-Market CLO Quarterly: House Of The Rising Spread (Q2 2026) ," published April 28, 2026). As of the start of June, S&P Global Ratings has now rated 322 rated U.S. middle market (MM) collateralized loan obligation (CLO) transactions rated across 43 CLO managers, up from 307 at the start of the year. These MM CLO transactions are ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged Finance, Private Markets, Private MarketsMon, 22 Jun 2026 14:10:12 GMT<![CDATA[ SF Credit Brief: U.S. Private Credit CLO Insights 2026: Another Month Of Stable Performance; A Look At Issuers With PIK Toggles This Year ]]>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, Mon, 22 Jun 2026 14:06:38 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of June 17, 2026 ]]>00:01:00Insurance Markets, Property & Casualty, Mon, 22 Jun 2026 11:29:58 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Saudi Arabia Property/Casualty ]]>00:01:00<![CDATA[ Upgrades more than doubled downgrades for the second consecutive week, though rating activity slowed from previous highs. There were two new rising stars: Metro AG (a food retailer) and CrowdStrike (a cybersecurity solutions provider) were upgraded to 'BBB-' from 'BB+', driven by parental support and strong growth prospects, respectively. Mountain Province Diamonds Inc., which mines and markets rough diamonds, was downgraded to 'SD' from 'CCC-' on a deferred interest payment--the only default last week. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 22 Jun 2026 10:04:56 GMT<![CDATA[ This Week In Credit: Positive Momentum Continues (June 22, 2026) ]]>00:01:00Financial Services, Funds, Thu, 18 Jun 2026 21:25:28 GMT<![CDATA[ Credit FAQ: How Do We Assess Tokenized Money Market And Bond Funds? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default count was 17 in May 2026, after the following defaults in the month: France-based payment terminal company Poseidon BidCo S.A.S. France- based gluten and milk free biscuits manufactures Biscuit Holding S.A.S. U.S.- based manufacture and sell consumer automotive accessories for pickups and Jeeps RealTruck, Inc. U.S. based Spanish-language media and entertainment company Spanish Broadcasting System Inc . France- based operates nursing homes Colisee Group, S.A.S . U.S.- based operates fitness clubs under the Planet Fitness brand United PF Holdings, LLC U.S.- based manufactures sensing, control, and sealing components Sensience Inc. U.S.- based designs and develops cloud-based application software that provides communication and network infrastructure services West ]]>Credit Markets, , Default TransitionThu, 18 Jun 2026 09:40:23 GMT<![CDATA[ Default, Transition, and Recovery: Defaults Quadruple In May ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Gasum Oy’s Green Finance Framework as Dark green, with activities that correspond to the long-term vision of a low-carbon climate resilient future. Gasum Oy is an energy company operating in the Nordic market and owned entirely by the Finnish government. ]]>Corporates, Energy & Commodities, Thu, 18 Jun 2026 07:05:05 GMT<![CDATA[ Second Party Opinion: Gasum Oy Green Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Malaysia's banking sector is at an inflection point. Lenders remain resilient, benefiting from a stable economy and steady household finances. Nevertheless, banks are set to increase dividends just as the volume of bad loans could rise. Banks are heavily capitalized, which weighs on their returns on equity (ROE). The adoption of Basel 3 reforms in the country in July will add to capital buffers. This all argues in favor of higher dividend payouts, which the Malaysian banks are signaling and investors are expecting. On the flip side, the complex effects of the war on the Middle East will likely lead to a modest increase in NPLs. There is always a possibility of ]]>Banking, Financial Services, Thu, 18 Jun 2026 04:52:51 GMT<![CDATA[ Scenario Analysis: Can Malaysian Banks' Capital Return Plans Withstand An NPL Shock? ]]>00:01:00Housing, U.S. Public Finance, Wed, 17 Jun 2026 18:30:39 GMT<![CDATA[ U.S. Public Housing Authorities Capital Fund Ratings Hold Steady Even As The Number Of Transactions Shrinks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings’ median financial metrics for U.S. rated charter schools in fiscal 2025 continued to reflect a sector that has matured over time, despite some evidence of year-over-year weakening. The fiscal 2025 medians provide the first sectorwide view of shifts associated with the rolloff of ESSER funding, following years of margins being supported by extraordinary one-time funds during the pandemic. Although margin compression occurred, in line with our expectations, operating cash flow remains positive, supporting healthier liquidity positions. In our view, while aided by ESSER funding in recent years, the longer track record of growth in median days’ cash on hand also demonstrates the maturity of the sector, as the first ]]>Higher Education, U.S. Public Finance, Wed, 17 Jun 2026 13:35:49 GMT<![CDATA[ U.S. Charter Schools Fiscal 2025 Medians: Resilient Liquidity Tempered By Declining Margins And Slower Enrollment Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. European carmakers' options to support their pressured credit quality remain few and uncertain amid U.S. tariffs that are likely to persist through 2027 and ongoing volatility in EU-U.S. trade relations. S&P Global Ratings considers EU original equipment makers (OEMs) have two main levers: near-term cost cutting and longer-term localization of production in the U.S. Our view of cost cutting as the key near-term option is underpinned by producers limited pricing power in the U.S. market, where inflation has increased vehicle costs and lending metrics suggest that car buyers' budgets are already stretched. Over the longer-term, shifting manufacturing to the U.S. would help circumvent tariffs but localization can be a lengthy process and ]]>Autos & Capital Goods, Corporates, Global Trade, Market DynamicsWed, 17 Jun 2026 13:19:02 GMT<![CDATA[ Cost Cutting Is EU Automaker's Best Near-Term Defense Against U.S. Tariff Pressures ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In February 2026, the Dutch Authority for Consumers and Markets (ACM) published its final method decisions for the 2027-2031 regulatory period, marking a pivotal shift from incentive-based model to cost-plus model. The regulator’s main goal in this period is to grant network operators greater flexibility and financial certainty to help them address major energy-transition challenges, electricity capacity shortages, and the uncertain phaseout of gas. Table 1 Dutch electricity and gas market Regulator Netherlands Authority for Consumers and Markets (ACM) Key rated players --Gas TSO: N.V. Nederlandse Gasunie (AA-/Stable/A-1+) --Power TSO: TenneT Holding B.V. (BBB+/Stable/A-2) --Power & Gas DSOs: Alliander N.V. (A/Stable/A-1), Stedin Holding N.V.(A-/Stable/A-2) Tariff-setting methodology Cost-plus regulatory method with nominal pre-tax ]]>Corporates, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Project Developers, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Transportation, Utilities, Wed, 17 Jun 2026 11:39:16 GMT<![CDATA[ Dutch Electricity And Gas Transmission And Distribution Regulatory Frameworks: Supportive ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Proposed changes to the EU AI Act seek to simplify and address implementation issues by clarifying rules, roles, definitions, and by extending deadlines for high-risk AI applications--a welcome development for those companies struggling to meet the original timeline. However, S&P Global Ratings considers these changes, once formally adopted, could create potential operational risks and unintended consequences, particularly for smaller companies. On June 16, the European Parliament voted in support of amendments, agreed in May with the Council of the European Union negotiators, to the EU AI Act. The proposals, part of the Omnibus VII legislative package (Digital Omnibus), aim to balance industry demands to extend timelines with regulators' efforts to strengthen protection ]]>Governments, Information and Communications Technology (ICT), Digital InfrastructureWed, 17 Jun 2026 11:01:11 GMT<![CDATA[ AI Brief: EU AI Act Amendment Extends Deadlines, Creates New Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks A wealthy economy with high GDP per capita High dependence on oil and gas sector amid volatility in commodity prices Low build-up of economic imbalances supported by generous social compact and exposure to government-related lending Significant sector and borrower concentration, and high real estate exposure pose risks to asset quality Banks' strong liquidity buffers, very strong capital levels, and low loan-to-deposit (LTD) ratios A narrow and shallow debt capital market, with limited activity, limiting investment options domestically Weaker regulatory standards than international peers' even though they are improving Brunei's economic diversification continues although the oil and gas sector dominates the economy. Brunei's status as an oil exporter ]]>Banking, Financial Services, Governments, Government-Related Entities, Sovereigns, Wed, 17 Jun 2026 07:24:51 GMT<![CDATA[ Banking Industry Country Risk Assessment: Brunei ]]>00:01:00<![CDATA[ This report includes views from both S&P Global Energy and S&P Global Ratings. S&P Global Ratings and S&P Global Energy are separate and independent divisions of S&P Global. This report does not constitute a rating action. Asia-Pacific steel supply is still outpacing demand. This creates intensifying competition and trade tensions. S&P Global anticipates greater divergence among markets and producers, and discussed the likely winners and losers at a recent investor webcast. The winners--at least for now--include those with exposure to markets protected by rising trade barriers. Hence, Indian steelmakers are benefiting from higher barriers on domestic imports, while some Japanese and Australian producers are gaining from owning businesses in the tariffed U.S. market. Korea's tariffs should also start to provide ]]>Corporates, Metals & Mining, Wed, 17 Jun 2026 04:02:05 GMT<![CDATA[ Asia-Pacific Steel: Why Capacity Is Still (Somehow) Growing ]]>00:01:00Covered Bonds, Financial Services, Structured Finance, Tue, 16 Jun 2026 12:14:55 GMT<![CDATA[ Covered Bonds In New Markets: CEE Leads The Surge Amid Global Volatility ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This report contains updates on federal spending associated with federal-aid highway and transit programs and summarizes S&P Global Ratings’ ratings on grant-secured issues outstanding. The IIJA, the 2021 five-year surface transportation reauthorization for the Federal-Aid Highway Program and Federal Transit Program, expires Sept. 30, 2026. The first draft of the BUILD America 250 Act, the successor surface transportation act, includes $474.4 billion of contract authority from the Highway Trust Fund (HTF), a 23.7% increase compared with that of the IIJA. The $474.4 billion includes $376.0 billion for the Federal Highway Administration (FHWA), $87.6 billion for the Federal Transit Administration (FTA), $5.7 billion for the National Highway Traffic Safety Administration, and $5.0 billion ]]>Transportation, U.S. Public Finance, Mon, 15 Jun 2026 15:33:50 GMT<![CDATA[ U.S. Public Finance Report Card: With A New Surface Transportation Act Looming, GARVEE Ratings Remain Stable ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The war in the Middle East has swung the global petrochemical market into a supply deficit after years of the market being oversupplied. We think this temporary deficit and attendant price gains will extend at least briefly beyond the conclusion of the war. Here, S&P Global Ratings presents frequently asked questions from investors about the war’s impact on credit quality at U.S. petrochemical companies and specifically on The Dow Chemical Co. (BBB-/Negative/--). The war has constrained global petrochemical supply at least temporarily, leading to elevated petrochemical product prices. This has created credit-favorable conditions, and potential windfalls, for U.S. petrochemicals. We anticipate higher prices will boost 2026 U.S. petrochemical EBITDA compared with our ]]>Chemical Themes, Corporates, Global Trade, Energy TransitionMon, 15 Jun 2026 14:27:23 GMT<![CDATA[ Credit FAQ: Rising U.S. Petrochemical Earnings Could Lift Credit Quality ]]>00:01:00<![CDATA[ S&P Global Ratings assesses that Vitro Inc. is aligned with the requirements for the Philippine Green Equity Label set out in the Guidelines on Philippine Green Equity. Vitro builds and operates data centers in the Philippines. It has a portfolio of nine data centers across the country. ]]>Corporates, Technology, Media & Telecom, Mon, 15 Jun 2026 07:46:57 GMT<![CDATA[ Climate Transition Assessment: Vitro Inc. ]]>00:01:00Business Services, Retail & Consumer Products, Corporates, Mon, 15 Jun 2026 02:08:21 GMT<![CDATA[ Credit FAQ: How China Education Group Addresses Structural Subordination Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. (CreditWeek is a weekly research offering from S&P Global Ratings, answering investors’ questions about emerging and established credit risks moving markets today. Subscribe to receive new editions every Thursday at: https://www.linkedin.com/newsletters/creditweek-7115686044951273472/) South Africa started this latest period of heightened global uncertainty tied to the conflict in the Middle East from a relatively stable position. The country retains important shock absorbers--including deep domestic capital markets, the credibility of an independent central bank, and exchange rate stability with the largely free-floating rand able to absorb shocks. But as discussions during S&P Global Ratings’ 2026 South Africa Conference last week in Johannesburg consistently underscored, this resilience remains contingent on the country sustaining reform momentum. A ]]>Asset-Backed Securities (ABS), Corporates, Governments, Residential Mortgage-Backed Securities (RMBS), Government-Related Entities, Structured Finance, Emerging Markets, Emerging MarketsFri, 12 Jun 2026 21:43:43 GMT<![CDATA[ CreditWeek: How Resilient Is South Africa In An Era Of Geopolitical And Economic Uncertainty? ]]>00:01:00Credit Markets, , Default TransitionFri, 12 Jun 2026 16:22:52 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual U.S. Corporate Default And Rating Transition Study ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Not all is well for Thai Inc. A fresh wave of defaults among small borrowers in late May 2026 signaled amplified refinancing risk. Banks and bond investors are turning more wary of lending to this group of borrowers. Smaller borrowers were already facing a liquidity crunch due to financial institutions' selective willingness to lend (see " Thailand Inc.: Stress Test Exposes Thin Shock Absorbers ," Feb. 11, 2026 and " Stress Tests Show How Thai Banks Would Handle A 10% NPL Shock ," April 6, 2026). A Thai baht (THB) 14.5 billion bond restructuring by one of the country's largest engineering and construction firms, combined with this fresh wave of defaults, may ]]>Banking, Corporates, Energy & Commodities, Financial Services, Telecom Services, Thu, 11 Jun 2026 07:56:46 GMT<![CDATA[ Credit FAQ: What A Wave Of Corporate Defaults Means For Thai Inc. ]]>00:01:00<![CDATA[ This report does not constitute a rating action. What goes up must continue going up and up. That may be the new received wisdom in the Korean memory chip sector, amid a sustained, AI-driven supercycle. S&P Global Ratings assumes the credit impact will be positive for Korea's memory specialists, Samsung Electronics and SK Hynix . The entities are the world's two largest memory-chip producers. They have been strategic in maintaining sales dominance, and lucky in having caught massive demand flowing from AI. Such is the strength of demand and profits that Samsung Electronics reportedly recently committed to paying memory-chip staff an average bonus of about US$400,000. SK Hynix is on course to pay out a package that will likely be ]]>Autos & Capital Goods, Corporates, Technology, Media & Telecom, Thu, 11 Jun 2026 07:14:52 GMT<![CDATA[ Korea's Memory Sector: Dissecting A Supercycle ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Indian states exhibit varying credit quality. Disparities in development progress and differing demographics will keep growth rates wide among states. Meanwhile, the state governments will continue to require high spending to close the large infrastructure gaps in India. We believe India's state governments will play an increasingly crucial role in driving the country's economic development. States are responsible for roughly two thirds of total public expenditure, yet local infrastructure needs continue to be large. Closer integration between central and states in project execution will be essential to closing India's infrastructure gap. Even with a tax-sharing framework and local revenue generation, there are persistent revenue-expenditure mismatches and high fiscal deficits across states. We ]]>Financial Services, Thu, 11 Jun 2026 04:48:49 GMT<![CDATA[ Indian States: Strong Growth Softens The Blow Of Fiscal Imbalances ]]>00:01:00<![CDATA[ SMBC Indonesia operates in wholesale, corporate, business, and retail banking, through 57 branches and 164 sub-branch offices. The company published an ESG deposit framework in March 2026, with a second party opinion from S&P Global Ratings. ]]>Banking, Financial Services, Thu, 11 Jun 2026 03:36:04 GMT<![CDATA[ Post-Issuance Review: Bank SMBC Indonesia Tbk. PT Allocation Of ESG Deposit Proceeds Report ]]>00:01:00<![CDATA[ Data as of May 31, 2026. In this report we present rating actions at the debt type level (e.g., general obligation, sales tax, parking revenue, etc.) rather than at the issuer level. Therefore, an issuer may have multiple rating actions associated with it in different sectors in the tables and charts. Because we present the rating actions at the debt level, the metrics presented may not be comparable to other research published by S&P Global Ratings or by other S&P Global divisions. This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating ]]>U.S. Public Finance, Wed, 10 Jun 2026 19:42:20 GMT<![CDATA[ U.S. Public Finance Rating Activity Brief: May 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. With the Middle East war now in its fourth month, S&P Global Ratings expects chemical supply disruptions and higher prices to increase market stress, albeit in an uneven and non-linear way. Our base case assumes that supply disruptions in the Strait of Hormuz will ease in the second half of the year, but with possible periodic stoppages. Even after the Strait reopens, shipping and energy flows will likely take months to recover and could remain below pre-war levels until the end of 2026. The European chemical industry remains vulnerable to these developments, as its heavy dependency on imports of hydrocarbons and petrochemical feedstocks exposes it to disruption to both prices and global ]]>Chemical Themes, Corporates, Market Dynamics, Energy Transition, Global TradeWed, 10 Jun 2026 10:01:18 GMT<![CDATA[ European Chemicals: Hormuz Reopening Could Offset Fading Middle East Tailwinds ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Severe supply constraints will shape the competitive landscape of Japan's data center market. Limitations, and their duration, will have a clear impact on growth prospects. Setting up large centers is becoming increasingly time consuming due to the need for power capacity and grid connections, suitable land, and construction resources. These constraints will have a significant impact on operators in the Japanese data center market over the next several years, in S&P Global Ratings' view. Access to power and land, development and operating records, customer bases, and funding channels differ for incumbents, new entrants including overseas operators, and other domestic players. To what extent supply constraints will remain in place beyond 2030 is ]]>Corporates, Infrastructure, Information and Communications Technology (ICT), Digital InfrastructureWed, 10 Jun 2026 04:09:17 GMT<![CDATA[ Japan Data Centers: Supply Squeeze Will Shape Competition ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China's power storage sector is the missing piece to many energy puzzles. It will support the integration of wind and solar, reduce curtailment, and enhance system reliability. It will also contribute to the country's decarbonization targets. More storage should also help rated renewable power firms transition to market-based pricing. Grid firms' pumped-hydro projects have dominated energy storage. Now, battery energy storage systems (BESS) will expand at an even faster rate as the renewable energy mix increases. The power-grid firms will lead development of BESS, but independent power producers (IPPs) such as China Huaneng Group , China Huadian and State Power Investment Corp will also be active. IPPs that develop battery storage will ]]>Corporates, Energy & Commodities, Energy and Oil & Gas, Infrastructure, Other Infrastructure Entities, Project Developers, Project Finance, Social Infrastructure, Transportation, Energy Transition, SustainabilityWed, 10 Jun 2026 03:28:04 GMT<![CDATA[ Sustainability Insights: China's Energy Transition: Cracking The Profit Puzzle Of Power Storage ]]>00:01:00U.S. Local Governments, U.S. Public Finance, Tue, 09 Jun 2026 14:47:02 GMT<![CDATA[ U.S. Local Governments Credit Brief: Florida Counties, Municipalities, And School Districts Means And Medians ]]>00:01:00Corporates, Technology, Media & Telecom, Media & Entertainment, Telecom Services, Tue, 09 Jun 2026 10:48:16 GMT<![CDATA[ Second Party Opinion: Legend Internet PLC Sustainable Bond Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rated note feeders (RNFs) have become a popular fundraising vehicle in private markets, enabling fund managers to attract investment commitments from prudentially regulated institutions in a capital-efficient manner by transforming limited partner (LP) exposure into separate debt and residual equity exposures (see “ Fund Finance Trends: Rated Note Feeders Support Private Credit Fundraising ,” March 11, 2026). As their uses expand across private credit, private equity, infrastructure and real asset strategies, market participants have raised a range of questions regarding how S&P Global Ratings approaches the analysis and rating of these structures. This Credit FAQ describes how our alternative investment fund (AIF) rating methodology is applied to assess the creditworthiness of RNFs ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Tue, 09 Jun 2026 09:10:17 GMT<![CDATA[ Credit FAQ: How We Assess Rated Note Feeders ]]>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, 09 Jun 2026 05:59:18 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) April 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, 09 Jun 2026 05:58:24 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) April 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Indian steel can afford an upcoming growth spurt. Strong earnings and trade protections will keep debt and credit metrics stable as the sector accelerates capacity expansion. India's top four listed steel producers announced a 40% year-on-year increase in aggregate capital expenditure (capex) for fiscal 2027 (ending March 31). This represents an investment of Indian rupee (INR) 700 billion (US$7.5 billion), up from INR500 billion in fiscal 2026.This is the start of a multi-year capex cycle as India aims to increase steel capacity to 300 million ton by 2030. The top four account for half of the country's steel output. The rising capex cycle aligns with strong growth in domestic steel demand. We ]]>Corporates, Metals & Mining, Tue, 09 Jun 2026 05:20:25 GMT<![CDATA[ India Steel Brief: Strong Balance Sheets Will Support Growth Aspirations ]]>00:01:00<![CDATA[ This report does not constitute a rating action. While governance failures and unethical behaviors occasionally happen in both developed and emerging markets, we've seen a surge in governance issues across corporate, infrastructure, and financial institutions in Latin America over the past decade. These have included corruption scandals, accounting fraud, money laundering, and other cases of poor risk management and unethical behavior. S&P Global Ratings analyzed over 50 high-profile governance failures of rated and unrated entities (including issuers that had the rating withdrawn or that ceased operations) in the past decade. Two-thirds of these cases happened after the pandemic (see chart 1). Brazil had the most reported high-profile cases in the period, which may be in part because Brazil has a ]]>Corporates, Financial Services, Infrastructure, Emerging Markets, Emerging MarketsMon, 08 Jun 2026 14:29:18 GMT<![CDATA[ Rising Governance Failures In Latin America Weigh On Creditworthiness ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects global insurers' strong capital buffers will position the sector well to absorb ongoing geopolitical and financial market volatility. After capital adequacy peaked in 2025, we expect a modest deterioration globally in 2026 as shareholder returns and capital allocations to support growth slightly outpace earnings in our base case. This dynamic is most evident in the U.S., where capital returns remain elevated, while European and Asia-Pacific insurers are likely to maintain a more balanced approach to capital management. Based on our capital model, we estimate total available capital for insurers rated by S&P Global Ratings increased to roughly $5.0 trillion at year-end 2025 from $4.9 trillion a year earlier, ]]>Insurance Markets, Mon, 08 Jun 2026 13:03:58 GMT<![CDATA[ Insurers' Capital Positions Set The Stage For Ongoing Resilience ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Capital spending to build hyperscale data center campuses has reached tens-of-billions of dollars per site, pushing beyond the levels at which traditional property and construction insurance markets have historically provided full replacement-style coverage at a single location. These constraints primarily apply to physical construction and real asset development. As a result, insurance for data centers is increasingly structured through probable maximum loss (PML) or maximum foreseeable loss (MFL)-based and layered programs that may only cover part of the total project value, leaving a larger share of exposure outside the insurance coverage than has been typical for large-scale infrastructure. By contrast, insurance coverage for high-value computing equipment- particularly GPUs- may present a distinct ]]>Corporates, Technology, Media & Telecom, Insurance Markets, Project Finance, Property & Casualty, Reinsurance, Project Finance, Information and Communications Technology (ICT), Digital InfrastructureMon, 08 Jun 2026 12:59:32 GMT<![CDATA[ The Insurance Gap Is Reshaping Hyperscale Data Center Finance ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The reelection of Armenia's center right Civil Contract in parliamentary elections on Sunday, June 7, provides the government with a new mandate to pursue its policy agenda and reduces near-term political uncertainty. S&P Global Ratings considers the result to be broadly supportive of Armenia’s credit quality because it bolsters policy continuity and could strengthen the government’s ability to advance peace negotiations with Azerbaijan. However, Armenia’s efforts to deepen engagement with Western partners will continue to prove difficult, given its significant economic and energy ties with Russia. The electoral commission today announced that Civil Contract, led by incumbent Prime Minister Nikol Pashinyan, has retained an outright parliamentary majority. In our view, the result ]]>Governments, Government-Related Entities, Mon, 08 Jun 2026 11:22:08 GMT<![CDATA[ Armenia's Credit Profile Benefits From Election Outcome While Geopolitical Risks Remain ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Hong Kong banks will likely face more regulatory controls and monitoring for investment accounts held by mainland Chinese residents. In our view, recent regulatory moves in Hong Kong and mainland China are aimed at unauthorized activities. They are not a broad tightening of capital controls that would slow business growth for banks. At this stage, any impact for Hong Kong insurers would be indirect. Since June 3, 2026, some Hong Kong banks reportedly suspended the opening of new investment accounts for residents in mainland China. This followed new guidance from the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) requiring banks to tighten controls over investment accounts held by ]]>Financial Services, Mon, 08 Jun 2026 09:57:50 GMT<![CDATA[ Hong Kong Brief: Banks And Insurers Face Friction On Tighter Cross-Border Monitoring ]]>00:01:00<![CDATA[ There were no defaults last week--for the first week since the end of March. Year-to-date defaults total 45, behind the 55 seen at this point in 2025. Downgrades continue to be concentrated among entities rated 'B' or below. Five of the seven issuers downgraded last week are now rated 'CCC+' or below. This includes one downgrade to 'CC'--System1 Inc.--because of an announced debt restructuring. Upgrades equaled downgrades for the second week in a row, with sectoral concentration in high technology and consumer products, each contributing two out of a total of seven upgrades. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 08 Jun 2026 09:53:17 GMT<![CDATA[ This Week In Credit: The Second Default-Free Week Of 2026 (June 8, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses Debt-raising capacity benefits from low aggregate direct debt. Local governments' limited ability to influence decisions at the central government level, where the fiscal framework is adjusted. Completion of reforms is set to improve predictability, while revenue-expenditure balance has benefited from EU fund availability and a robust economy. Oversight over local and regional governments' (LRGs') finances includes strict direct debt limitations but inadequately addresses off-balance sheet debt; extraordinary support for LRGs with financial difficulties is limited. Gradual improvement in transparency and accountability standards, partly due to the importance of EU-funded investments and OECD accession. Significant economic and financial disparities between local governments. Even though Croatia's municipalities have posted strong budgetary ]]>Governments, International Public Finance, Mon, 08 Jun 2026 08:02:53 GMT<![CDATA[ Institutional Framework Assessment: Croatian Municipalities Benefit From Fiscal Reforms ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Profit will continue increasing for Japan's three major banking groups through fiscal 2026. Robust funding demand from large domestic corporations is likely to persist. Moderate interest rate hikes in Japan are a further benefit for the banks. Competition for deposits among domestic banks is intensifying. S&P Global Ratings believes this is in part because of a shift from customers’ savings to securities investment and the rise of online banking. Consequently, strengthening the stability and dominance of deposit bases has become a key determinant of business growth among the groups. Deterioration in the business environment and weakening of asset quality could trouble the banks if turmoil in the Middle East persists. In addition, ]]>Banking, Financial Services, Mon, 08 Jun 2026 06:10:26 GMT<![CDATA[ Japan's Megabanks Maintain Upward Momentum ]]>00:01:00Financial Services, Fri, 05 Jun 2026 14:27:53 GMT<![CDATA[ High Refinancing Costs Weigh On North American Nonbank Financial Institutions ]]>00:01:00<![CDATA[ Corem Property Group AB (publ) is a commercial real estate company. As of Dec. 31, 2025, Corem owns 244 properties with a value of Swedish krona 46.94 billion. Office properties were the largest property category, accounting for 52% of rentable area, followed by logistics (22%), retail (9%), and other properties (17%) such as health care and community facilities. Based on the project category's Shades of Green, the expected allocation of proceeds, and consideration of environmental ambitions reflected in Corem’s Green Finance Framework, we assess the framework Medium green. ]]>Corporates, Real Estate Themes, Fri, 05 Jun 2026 07:13:03 GMT<![CDATA[ Second Party Opinion: Corem Green Finance 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, Fri, 05 Jun 2026 01:46:36 GMT<![CDATA[ Auto ABS Arrears Statistics: Australia - April 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Europe’s nonbank lending sector is set for continued expansion, supported by tighter bank lending conditions and growing borrower demand for more flexible credit options. At the same time, nonbanks are increasingly able to scale through capital market funding and balance sheet partnerships, including securitization, warehouse lines, and forward‑flow agreements. Growth jurisdictions such as the Netherlands, the U.K., and Ireland are likely to deepen their nonbank lending penetration as digital adoption accelerates, mortgage broker networks expand, and securitization markets continue to grow. However, nonbank securitization lenders continue to face unique challenges, including volatile funding costs, asset-liability liquidity mismatches, and limited access to central bank support. In this report, S&P Global Ratings takes a ]]>Financial Services, Structured Finance, Thu, 04 Jun 2026 15:40:53 GMT<![CDATA[ European Nonbank Lending Growth Fuels Securitization ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Credit metrics in the BSL CLO Insights Index remained mostly stable this month, similar to our recent prior updates. However, the average 'CCC' bucket has seen a recent uptick, driven by approximately 13 U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) obligors being downgraded into the 'CCC' category since April (four of which were IT services and software issuers). Most of these issuers were thinly held (see " U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2026 (As Of May 22) ," published May 27, 2026), but the cumulative effect was visible in the metrics. The changes included Peraton, a widely held IT services issuer, seeing its rating lowered into the ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceThu, 04 Jun 2026 13:26:28 GMT<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: CLO Metrics Mostly Stable Despite Flurry Of Thinly Held Downgrades; A Brief History Of 'B-' Companies in CLO Portfolios ]]>00:01:00<![CDATA[ "ABS Performance Watch: Australia And New Zealand" provides a comprehensive analysis of the performance of ABS transactions in Australia and New Zealand and gives valuable insight into the performance of the programs' underlying assets and securities. The quarterly report provides comparative data on each program. ]]>Structured Finance, Thu, 04 Jun 2026 05:09:03 GMT<![CDATA[ ABS Performance Watch: Australia And New Zealand Q1 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China's shift to tech-driven growth is not without risk. The push for self-sufficiency could fuel overcapacity if production outpaces demand. If geopolitical tensions and trade barriers intensify, this could lead to a glut of unsold goods. This will make it harder for tech firms to service their debts and would leave banks exposed to rising bad loans, our downside scenario analysis shows. We expect bank lending to the tech sector to rise at 10% annually over the next two years, accelerating from 7.5% in 2025. The growing proportion--to 9% of system loans in 2028--could become problematic if external demand falters due to worsening geopolitical conditions or persistent trade barriers. We believe Beijing ]]>Financial Services, Thu, 04 Jun 2026 03:57:28 GMT<![CDATA[ Scenario Analysis: Can China's Banking Sector Buffer The Risks Of Its Tech-Driven Transition? ]]>00:01:00<![CDATA[ In this week's summary of ratings views: Risky credits in North America remain dominated by a small number of sectors. The tally has stabilized in Europe and is well below average in emerging markets. Capex for rated corporate issuers will likely grow 14% in 2026, totaling $4.2 trillion. Africa’s credit outlook faces significant pressure from the energy shock. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 03 Jun 2026 20:24:26 GMT<![CDATA[ The Ratings View: Jun. 3, 2026 ]]>00:01:00Structured Finance, Leveraged FinanceTue, 02 Jun 2026 09:46:25 GMT<![CDATA[ CLO Spotlight: European CLOs Grapple With Par Losses ]]>00:01:00Covered Bonds, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Emerging MarketsMon, 01 Jun 2026 18:59:18 GMT<![CDATA[ Economic Research: As Populations Age, Productivity Will Increasingly Determine Emerging Markets' GDP Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In the past 20 years, during a period when most state pension plans improved funding discipline and asset balances, Mississippi PERS’s funded status dropped to 58% in its most recent valuation (2025) from a peak of 79% in 2007. From the 1980s through the 2000s, the state increased various benefits with minimal corresponding contribution rate hikes, extending the amortization period of existing liabilities and driving liability growth. These actions, in addition to a lack of contribution rate increases paired with strong hesitancy about benefit reductions or controls, have contributed to the funded ratio decline. Although Mississippi has made efforts to raise contributions, successful increases have still fallen short of actuarial recommendations. Upcoming ]]>U.S. Local Governments, U.S. Public Finance, U.S. States, Mon, 01 Jun 2026 18:58:47 GMT<![CDATA[ Pension Spotlight: Mississippi ]]>00:01:00<![CDATA[ This report does not constitute a rating action. While many African economies have strong economic prospects, structural constraints, including shallow capital markets, a widespread dependence on imported energy, and ongoing insufficient infrastructure investment could weigh on future growth. S&P Global Ratings considers that those issues are often intertwined. Basic infrastructure gaps, fueled by long-term funding shortfalls, is a significant barrier to inclusive and sustainable progress. These reflect fragmented energy systems, underdeveloped transport and logistics networks, and a growing digital infrastructure gap with other regions. Together, these constrain productivity and competitiveness, limit industrial output, and hinder trade integration and connectivity across African markets. The small size of infrastructure projects remains a key constraint to financing, with the limited scale underscoring the ]]>Infrastructure, Market Dynamics, Emerging Markets, Emerging MarketsMon, 01 Jun 2026 16:03:09 GMT<![CDATA[ Africa’s Infrastructure Funding Gap Could Put Brakes On Economic Development ]]>00:01:00<![CDATA[ The prolonged effective closure of the Strait of Hormuz is a defining shock in 2026, cutting about 20% of global oil and liquefied natural gas, and one-third of fertilizer trade. Rising prices and physical energy shortages will affect African sovereigns through the three primary transmission channels: inflation, external balances, and fiscal policy. The risk of food crisis is building on a delayed fuse. We estimate that a full price pass-through along the energy fertilizer-cereals chain will take six to 18 months, meaning that CPI pressures haven't fully materialized. Meanwhile, shallow domestic capital markets and close sovereign-bank linkages limit Africa’s shock-absorption capacity. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Emerging MarketsMon, 01 Jun 2026 15:18:09 GMT<![CDATA[ African Markets Highlights: Global Energy Shock Tests Resilience ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rated African corporate issuers span diverse economic sectors, jurisdictional exposures, and rating levels. For analytical purposes, S&P Global Ratings considers issuers to be African if they are either headquartered in an African country, or if they source at least 50% of their earnings from operations in Africa. This definition captures issuers whose credit profiles are subject to African economic, regulatory, and sovereign risk dynamics, regardless of their place of incorporation or funding domicile. In this report, we group the African corporate universe into four cohorts, namely domestic focus, mining and metals, other commodities, and utilities and infrastructure. We look at each cohort's common rating drivers, key risk exposures, and earnings and leverage ]]>Corporates, Energy and Oil & Gas, Infrastructure, International Public Finance, Metals & Mining, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Retailing, Social Infrastructure, Telecom Services, Transportation, Utilities, Energy Transition, Market Dynamics, Emerging Markets, Emerging MarketsMon, 01 Jun 2026 14:01:52 GMT<![CDATA[ Credit Trends: African Corporates' Rating Evolution: Diverse Drivers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We expect the role of deposit brokerage in Europe will remain minor, even though agentic AI could change that over the medium term. Rising interest rates have increased European brokered deposits since 2022, albeit from a low basis. While these deposits offer a cost-efficient funding source for niche banks, they could prove less stable and are increasingly attracting regulatory scrutiny. Large banks with established funding franchises continue to dominate the European deposit landscape. Brokered deposits are increasing fast, albeit from a low base. Market leader Raisin reported that its brokered deposits, including in the U.S., exceeded €80 billion as of May 2026 from approximately €20 billion in 2021. We think higher rates ]]>Financial Services, BankingMon, 01 Jun 2026 10:38:35 GMT<![CDATA[ European Banking Brief: Brokered Deposits Remain A Sideshow ]]>00:01:00<![CDATA[ Last week saw five defaults--the third-highest weekly total this year--primarily driven by four distressed exchanges. Two of the defaults were entities in the high technology sector: Emerald Technologies (U.S.) AcquisitionCo., Inc. and Optiv Inc. The companies were subsequently upgraded to 'CCC' and 'CCC+', respectively. Of the seven upgrades, there were two new rising stars: gold mining company AngloGold Ashanti PLC and Japan-based semiconductor company Kioxia Holdings Corp. Year-to-date rising stars total 11--outpacing the nine recorded at this point in 2025. Downgrades were concentrated among entities rated 'B' or below, including Odyssey Logistics and Technology Corporation to 'CCC+' from 'B-' and Telesat GEO Inc. to 'CC' from 'CCC-'. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 01 Jun 2026 10:19:18 GMT<![CDATA[ This Week In Credit: Defaults Elevated For Second Consecutive Week (June 1, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The concentration of North American risky credits in certain sectors continues. The top-four sectors accounted for 58% of risky credits as of end-April 2026 (59% as of end-January). The composition of these leading sectors also remained stable, with consumer products (32) continuing to lead in April 2026, representing 22% of the total. This was followed by media and entertainment (18), high technology (18) and healthcare (16). The consumer products sector continues to have the highest number of risky credits. Some risky-credit issuers in the segment face increased competition, alongside demand and cost pressure that keep profits and credit measures weak. Sustained high oil prices will increase input and transport costs and strain ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 01 Jun 2026 10:12:38 GMT<![CDATA[ North American Risky Credits: Strains Concentrate Into A Handful Of Sectors ]]>00:01:00<![CDATA[ "RMBS Performance Watch: New Zealand" provides a comprehensive analysis of arrears statistics on loans underlying New Zealand RMBS. ]]>, Mon, 01 Jun 2026 06:10:09 GMT<![CDATA[ RMBS Performance Watch: New Zealand Q1 2026 ]]>00:01:00<![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. ]]>Structured Finance, Mon, 01 Jun 2026 06:02:12 GMT<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Incl. Noncapital Market Issuance) Q1 2026 ]]>00:01:00<![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. ]]>Structured Finance, Mon, 01 Jun 2026 06:00:49 GMT<![CDATA[ RMBS Performance Watch: Australia - Prime Arrears And Prepayment Statistics (Excl. Noncapital Market Issuance) Q1 2026 ]]>00:01:00<![CDATA[ "RMBS Performance Watch: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. ]]>Structured Finance, Mon, 01 Jun 2026 05:57:51 GMT<![CDATA[ RMBS Performance Watch: Australia - Prime Originator Reports 1 Q1 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which grew $6.1 billion month over month to $677.1 billion as of May 2026. The data in this report reflects activity as of the May payment date. The overall U.S. CMBS delinquency (DQ) rate increased 6 basis point (bps) month over month to 6.1% in May and remained unchanged year over year (see charts 1A and 1B). By dollar amount, total delinquencies were $41.5 billion, a net month-over-month increase of $0.77 billion (1.9%) and a net year-over-year increase of $1.2 billion (2.9%). Multifamily loans saw the largest delinquency rate decrease this month, ]]>, Fri, 29 May 2026 20:37:16 GMT<![CDATA[ SF Credit Brief: The U.S. CMBS Delinquency Rate Rose 6 Basis Points To 6.1% In May 2026 ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Entra’s Green Financing Framework as aligned with Green Bond Principles, ICMA, 2025, and Green Loan Principles, LMA/LSTA/APLMA, 2025 principles. Entra is one of Norway’s largest real estate companies, with a focus on developing, letting and managing environmentally friendly commercial buildings. ]]>Corporates, Structured Finance, Fri, 29 May 2026 03:17:34 GMT<![CDATA[ Second Party Opinion: Entra Green Financing Framework ]]>00:01:00Financial Services, Governments, International Public Finance, Sovereigns, Thu, 28 May 2026 20:16:30 GMT<![CDATA[ Abridged Supranationals Interim Edition 2026: Comparative Data For Multilateral Lending Institutions ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A significant increase in MLIs' capital ratios could bring about substantial additional financing following changes in our criteria, although we expect MLIs will maintain prudence in lending decisions. Of the 32 MLI RAC ratios, 21 institutions have a sovereign-lending oriented business model, and benefit from our criteria change, given all or partial sovereign lending exposure on their balance sheet. Thanks to a larger preferred creditor treatment (PCT) benefit--following the calibration of risk weights that incorporate more refined underlying assumptions based on MLIs' historical performance--and changes to the sovereign single-name concentration charge, the average RAC for this subset of sovereign-focused MLIs improved by 15% as of the end of 2025 from the end ]]>Financial Services, Governments, International Public Finance, Sovereigns, Thu, 28 May 2026 20:09:58 GMT<![CDATA[ Abridged Supranationals Interim Edition 2026: Multilateral Lending Institutions Sector Updates ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The global data center sector is experiencing unprecedented demand and growth, driven by rising data usage, cloud migration, and AI adoption. AI has significantly increased the need for data center infrastructure and power, particularly for the initial training of large language models (LLMs) and the expected widespread adoption of AI inference. As of March 31, 2026, S&P Global Ratings rates 15 data center ABS issuers in the U.S., with over $23 billion in balance outstanding. We rated $9.25 billion of new issuance in 2025, which represented a significant increase from $3.9 billion in 2024. The properties have approximately 2.3 gigawatts of completed turnkey capacity available to tenants located in the U.S. (91%) ]]>Asset-Backed Securities (ABS), Structured Finance, Information and Communications Technology (ICT)Thu, 28 May 2026 20:08:40 GMT<![CDATA[ North America Data Center ABS Roundup: Second-Quarter 2026 ]]>00:01:00<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across the U.S. structured finance RMBS, CMBS, ABS, CLO, and ABCP sectors. ]]>Covered Bonds, Structured Finance, Thu, 28 May 2026 18:05:30 GMT<![CDATA[ U.S. Structured Finance Chart Book: May 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. (CreditWeek is a weekly research offering from S&P Global Ratings, answering investors’ questions about emerging and established credit risks moving markets today. Subscribe to receive new editions every Thursday at: https://www.linkedin.com/newsletters/creditweek-7115686044951273472/ ) As the war in the Middle East enters its fourth month, S&P Global Ratings expects supply disruptions and higher prices to increasingly feed into market and credit stress—although this will be uneven and non-linear. The credit effects of losing about 15% of global oil and liquefied natural gas flows through the Strait of Hormuz will soon compound. Beyond the impact of higher prices, the prolonged disruption is evolving into a wider supply shock. As inventories decline, shortages of energy, refined ]]>Credit Markets, Thu, 28 May 2026 17:26:37 GMT<![CDATA[ CreditWeek: How Heavy--And For How Long--Will War Weigh On Credit? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Changes to capital rules are unlikely to trigger rating changes for Australia's major banks. While the phasing-out of additional tier 1 (AT1) capital will lower our risk-adjusted capital (RAC) ratio for Commonwealth Bank of Australia (CBA) below the 10% threshold for our assessment, the bank's underlying credit strength remains robust. We consequently affirmed our ratings on the lender earlier today. We affirmed our ratings on CBA (AA-/Stable/A-1+) today. This comes despite our projected decline in CBA's RAC ratio to below 10%. We maintain our view that CBA will preserve the strength and quality of its capital and earnings as AT1 instruments cease to qualify as regulatory capital in 2027. The ratings on ]]>Banking, Corporates, Financial Services, Thu, 28 May 2026 02:18:34 GMT<![CDATA[ Australia Banks Brief: AT1 Phase-Out Will Have No Impact On Our Ratings On Majors ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Global data companies like Thomson Reuters, Wolters Kluwer, and Kantar Global collect, curate, and distribute high-value data and insights across specialized domains such as law, finance, and healthcare. They provide structured, verified, and context-rich datasets, often enhancing them with expert analysis, commentary, and standardized taxonomies. They monetize these datasets through subscriptions, licensing, and premium research products embedded in the daily workflows of their clients, most of which are professional enterprises. We include financial market infrastructure (FMI) companies in this report because parts of their business provide financial data, analytics as a service, and workflow solutions. In S&P Global Ratings' view, the rapid development of AI provides significant growth opportunities for well-established data ]]>Commercial & Professional Services, Corporates, Technology, Media & Telecom, Media & Entertainment, Market Dynamics, Information and Communications Technology (ICT)Wed, 27 May 2026 16:13:44 GMT<![CDATA[ AI Gains Ground In Media And Entertainment: The Durability Of Proprietary Data Moats ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Several recent hacks of decentralized finance (DeFi) protocols underscore that robust risk management is essential to defend against bad actors. This includes ensuring operational security for smart contracts and calibrating concentration limits to manage individual asset risks. A series of exploits in March and April targeting three decentralized finance (DeFi) protocols--Resolv, Drift, and KelpDAO--led to cumulative losses of around $600 million. The exploits did not result from smart contract code vulnerabilities, but rather from operational security weaknesses and a social engineering attack. Specific risk management failures in DeFi lending amplified the severity of their impact. As institutional adoption of tokenization and digital assets accelerates, addressing lessons learned from these exploits can ensure ]]>Financial Services, Digital WalletsWed, 27 May 2026 15:16:59 GMT<![CDATA[ Digital Assets Brief: DeFi Hacks Underscore The Significance Of Operational Security And Risk Management ]]>00:01:00<![CDATA[ Jernhusen AB is a Swedish state-owned real estate company that owns, develops, and manages properties connected to the national railway network. Its portfolio includes station areas, maintenance depots, freight terminals, offices, and one hotel. The majority of its market value--and most assets eligible for financing under the factsheet--are concentrated in Stockholm, Gothenburg, and Malmö. Based on the project categories, the expected allocation of proceeds, and a consideration of environmental ambitions reflected in Jernhusen's EuGB Factsheet, we assess the factsheet as Dark green. ]]>Corporates, Real Estate Themes, Wed, 27 May 2026 10:22:24 GMT<![CDATA[ Second Party Opinon And EuGB Pre-Issuance Review: Jernhusen AB European Green Bond Factsheet ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japan's world-beating automakers may find themselves further behind overseas competitors in electrification. Long pioneers in technologies for fuel efficiency, Japanese makers substantially lag global peers in battery electric vehicle and plug-in hybrid adoption. The gap between Japan's stated decarbonization commitments and its implementation trajectory for autos could grow, in S&P Global Ratings' view. Japanese battery electric vehicle (BEV) and plug-in hybrid (PHEV) adoption remains among the weakest in the G-7. The government, meanwhile, has crafted policy frameworks calibrated to minimize disruption to incumbent business models. Automakers in Japan face little pressure to decarbonize their vehicles. In other markets, such pressure has been a major determinant of electrification. Instead, Japanese policy focuses on ]]>Autos & Capital Goods, Corporates, , SustainabilityWed, 27 May 2026 04:08:20 GMT<![CDATA[ Sustainability Insights: Japanese Automakers' Hybrid Gambit Could Misfire ]]>00:01:00Structured Finance, Leveraged FinanceTue, 26 May 2026 21:03:54 GMT<![CDATA[ CLO Spotlight: Double-Booked: Examining Overlap Among U.S. BSL CLO Portfolios ]]>00:01:00Governments, Sovereigns, Tue, 26 May 2026 12:25:23 GMT<![CDATA[ Second Party Opinion: Republic of Peru's Sustainable Bond Framework ]]>00:01:00<![CDATA[ Ratings Class Amount (€) Rating* Class size (%) Available credit enhancement (%)§ Interest (%) Legal final maturity A1 350,000,000 AAA (sf) 79.6 9.0 One-month EURIBOR plus 0.66%, floored at 0% May 24, 2044 A2-Green 50,000,000 AAA (sf) 11.4 9.0 One-month EURIBOR plus 0.66%, floored at 0% May 24, 2044 B 39,570,000 NR 9.0 N/A 1.50 May 24, 2044 *Our ratings address timely interest and ultimate principal payments on all rated classes of notes. §Indicates available credit enhancement through class subordination. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. S&P Global Ratings assigned its credit ratings to BoursoBank Consumer Loans France 2026's class A1 and A2-Green floating-rate notes. At closing, the issuer also issued unrated asset-backed fixed-rate class B notes. At ]]>Structured Finance, Tue, 26 May 2026 11:26:18 GMT<![CDATA[ New Issue: BoursoBank Consumer Loans France 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Hong Kong's traditionally conservative GRE sector may be stepping into a new era. We anticipate the sector will grow in size and number, while taking on more debt and leverage. The catalyst for change is the Northern Metropolis tech hub. This new development area is Hong Kong's largest and most costly infrastructure undertaking yet (illustration 1). The proposed size alone is massive, taking up a third of Hong Kong's land mass. The area is also adjacent to Shenzhen, a hub of technological innovation in mainland China. Hong Kong authorities have previously estimated spending of HK$225 billion (US$28.8 billion) for just the site clearing and formation and other basic infrastructure. We believe the ]]>Corporates, Energy and Oil & Gas, Infrastructure, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Real Estate Themes, Social Infrastructure, Tue, 26 May 2026 01:50:21 GMT<![CDATA[ Hong Kong's Northern Metropolis Ambitions May Transform The City's GREs ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Strengths Weaknesses Low debt, anchored in Fiscal Discipline Law, which requires balanced budgets and limits deficit financing Short municipal mandates--and the upcoming loss of reelection--constrain planning horizons and knowledge transfer, complicating debt authorization and registration procedures Predictable revenue-sharing arrangement between federal government, states, and municipalities Strong reliance on federal transfers, with wide disparities in own-source revenue generation capacity between fiscally stronger and weaker entities Transparent debt oversight framework, including standardized reporting and debt sustainability alert system Limited ability to oppose fiscal reforms and decisions from higher tiers of government Municipalities have a structurally weak bargaining position within the intergovernmental system, a high reliance on federal transfers, and uneven administrative capacity, which ]]>Governments, International Public Finance, Emerging MarketsMon, 25 May 2026 18:02:01 GMT<![CDATA[ Institutional Framework Assessment: Mexican Municipalities' Steady Fiscal Results Belie Structural Revenue Disparities ]]>00:01:00Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Credit ConditionsThu, 21 May 2026 15:47:03 GMT<![CDATA[ Credit Conditions: Special Update: Prolonged Hormuz Disruptions Hurtling Towards Lasting Credit Implications ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Since the beginning of 2026, challenges facing borrowers in the direct lending market have grown. These include a wave of investor redemption requests for nontraded business development companies (BDCs), concerns for the software sector as investors continue to assess the impacts of potential AI disruption, and the war in the Middle East. These add to the macro and trade-policy uncertainties already confronting the market heading into 2026. These obstacles have already started to affect the macroeconomic outlook. S&P Global Ratings recently lowered its U.S. GDP forecast for 2026 to 1.9% and given expectations for higher inflation now anticipates no interest rate cuts this year from the Federal Reserve. This is revised from ]]>, Private Markets, Private MarketsThu, 21 May 2026 15:27:06 GMT<![CDATA[ Private Credit Fundamentals Remain Resilient ]]>00:01:00<![CDATA[ Mowi ASA is a Norway-based seafood company focused on Atlantic salmon farming, with harvest volumes equivalent to a global market share of approximately 20%. Mowi offers seafood products to more than 70 countries worldwide and is present in 26 countries. The company operates in three business segments: feed, farming, and sales and marketing. Based on the project categories, the expected allocation of proceeds, and consideration of environmental ambitions reflected in Mowi's Green Financing Framework, we assess the framework as Medium green. ]]>Business Services, Corporates, Thu, 21 May 2026 09:56:20 GMT<![CDATA[ Second Party Opinion: Mowi ASA Green Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Floods triggered by Storm Boris in 2024 were Austria's most damaging weather event in at least two decades, highlighting the growing financial toll of climate hazards. Assessing how physical climate hazards affect state’s creditworthiness requires an understanding of climate risk exposure and the fiscal responsibilities across levels of government for disaster-related costs. S&P Global Ratings’ analysis reveals a complex interplay between federal support, state-level co-financing, and preventative investment. Beyond immediate relief costs, frequent and intensifying climate events could disrupt economic activity, erode tax bases, and require sustained increases in spending on adaptation and resilience. Our research provides directional insight into evolving fiscal exposure to physical climate hazards--which are influenced by both natural ]]>Corporates, Energy Transition, SustainabilityThu, 21 May 2026 08:44:12 GMT<![CDATA[ Sustainability Insights: When Nature Sends The Bill: Austria’s Disaster Fund Shields States From Rising Costs ]]>00:01:00Corporates, Thu, 21 May 2026 02:44:09 GMT<![CDATA[ Shift To Electrification Will Test China's Heavy-Duty Truck Manufacturers ]]>00:01:00Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 20 May 2026 17:28:12 GMT<![CDATA[ The Ratings View: May 20, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The global data center sector is experiencing unprecedented demand and growth, driven by rising data usage, cloud migration, and AI adoption. AI has significantly increased the need for data center infrastructure and power, particularly for the initial training of large language models (LLMs) and the expected widespread adoption of AI inference. Global data center construction is set to increase to approximately $280 billion in 2026 and potentially to about $330 billion in 2027, according to 451 Research. S&P Global Ratings rates approximately $24 billion of data center asset-backed securities (ABS) notes across 17 master trusts globally as of first-quarter 2026, an increase from about $12 billion as of end of 2023. These ]]>Asset-Backed Securities (ABS), Structured Finance, Wed, 20 May 2026 13:20:33 GMT<![CDATA[ Scenario Analysis: Global Data Center ABS Ratings Are Holding Steady ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. € ) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 700.0 30.0 1ME + 0.61 (floored at 0%) May 2036 B AA+ (sf) 70.0 23.0 1ME + 0.95 (floored at 0%) May 2036 C NR 230.0 N/A 2.00 May 2036 *Our ratings address timely payment of interest and ultimate payment of principal on the class A and B notes. §Credit enhancement figures indicate the enhancement available, which comprises class subordination. NR--Not rated. N/A--Not applicable. EURIBOR--Euro Interbank Offered Rate. S&P Global Ratings assigned its 'AAA (sf)' credit rating to the class A floating-rate notes and its 'AA+ (sf)' credit rating to the class B floating-rate notes issued by Cars Alliance S.à r.l., Compartment ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Wed, 20 May 2026 10:11:04 GMT<![CDATA[ New Issue: Cars Alliance S.à r.l., Compartment Auto Leases Germany V 2026-1 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Corporate Japan's new normal is adapting to structural change. Factors specific to Japan are pushing a transformation. Those factors are a stagnating domestic market and growing emphasis on shareholder value. Global structural shifts related to AI and the energy transition add further impetus for change. We expect Japanese corporations to continue to redefine their core businesses to make strategic decisions around business reorganization and potential acquisitions. Event risk will likely increase as the number and size of acquisitions grow. Changes in business portfolios, as the companies pursue growth and improved capital efficiency, will have an impact on credit quality, too. Shifts in corporate behavior will also affect Japanese corporations' financing. Large investment ]]>Autos & Capital Goods, Building & Construction, Business Services, Commercial & Professional Services, Retail & Consumer Products, Corporates, Homebuilding, Technology, Media & Telecom, Media & Entertainment, Metals & Mining, Real Estate Themes, Retailing, Telecom Services, Transportation, Utilities, Wed, 20 May 2026 06:11:52 GMT<![CDATA[ Japanese Companies Embrace Change Amid Tepid Growth ]]>00:01:00Corporates, Energy & Commodities, Wed, 20 May 2026 02:12:20 GMT<![CDATA[ Post-Issuance Review: Allocation And Impact Reporting: Continuum Green Energy Ltd. Allocation and Impact Report ]]>00:01:00Corporates, Metals & Mining, Tue, 19 May 2026 14:41:17 GMT<![CDATA[ Second Party Opinion: Molymet’s Sustainability-Linked Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The management and governance (M&G) modifier is an important component of S&P Global Ratings' corporate rating methodology. Our M&G modifier assesses the direction and oversight of an issuer by its owners, board representatives, and executive managers, as these practices affect the issuer's creditworthiness. In this report, we look at how our M&G modifiers influence our issuer credit ratings in comparison with 2024, when we applied the modifier to close to 4,500 rated nonfinancial corporate and infrastructure entities worldwide following the publication of our global M&G criteria, " Management And Governance Credit Factors For Corporate Entities , Jan. 7, 2024. Several patterns emerge. The M&G modifiers are predominantly neutral. Negative and moderately negative ]]>Corporates, Infrastructure, Tue, 19 May 2026 08:03:28 GMT<![CDATA[ The Impact Of Management And Governance Factors On Corporate Ratings ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Baseline: S&P Global Ratings Credit Research & Insights expects the European trailing-12-month speculative-grade corporate default rate to reach 3.75% by March 2027. This is up from the 3.3% default rate as of March 2026, and one-tenth percentage point higher than the long-term average of 3.2% (see chart 1). The potential impact from higher energy prices resulting from the war in the Middle East is front-and-center, with interest rates now expected to rise. But lingering trade uncertainties also weigh on Europe’s economies, consumer confidence, and spending. Chart 1 Pessimistic scenario: We forecast that the default rate could rise to 5%. In this scenario, the disruption to energy and shipping flows through the Strait ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, , Default TransitionTue, 19 May 2026 06:37:10 GMT<![CDATA[ Default, Transition, and Recovery: European Default Rate Likely To Rise On Higher Energy Prices ]]>00:01:00<![CDATA[ As of April 30, 2026, S&P Global Ratings rated 82 government-related entities (GREs) in China. These comprised 43 GREs owned by the Chinese central government and 39 by local and regional governments. We consider an entity to be a GRE if we believe it could, in the event of stress, benefit from extraordinary government support, or we believe an entity controlled by a government could be subject to negative extraordinary government intervention if that government is under stress. We consider government support, or negative intervention, as extraordinary when it is temporary, entity-specific, and often related to financial stress at the GRE or at the government level. When rating GREs, our views on credit quality are based on the stand-alone credit ]]>Corporates, Tue, 19 May 2026 05:35:58 GMT<![CDATA[ China GRE Ratings List ]]>00:01:00<![CDATA[ This report does not constitute a rating action. China's internet giants are spending big to keep pace with global innovation in the cloud. Yet they likely won't be charging for many of AI tools they develop. We believe payback will come mostly via existing monetization paths and longer user engagement. ByteDance, Alibaba Group Holding , and Tencent Holdings will dominate cloud spending in China. We expect annual capital expenditure of Alibaba and Tencent--the two hyperscalers we rate--will increase to more than Chinese renminbi (RMB) 260 billion through 2027. This is a step up from about RMB150 billion in 2024, with a significant portion going toward building computing power and cloud infrastructure. By sharing their tools with users, leading Chinese players ]]>Business Services, Corporates, Technology, Media & Telecom, Media & Entertainment, Retailing, Telecom Services, Tue, 19 May 2026 03:03:39 GMT<![CDATA[ China's Cloud Market: Growth Now, Returns Later ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A crackdown on discounting practices could make it harder for Australian retailers to use promotions to attract customers. Retailers have endured a period of heightened political and public scrutiny at a time when consumers are price-conscious due to rising inflation. In our view, that may limit profitability, but the major retailers have the cash resources to cope. The Federal Court of Australia has ruled that Coles Group Ltd. misled consumers with a promotion that offered discounts too close on the heels of price increases. While the court deemed the price increases were justified, it felt the referenced period (before the promotions) needed to be longer in duration (see table). This has implications ]]>Corporates, Retailing, Tue, 19 May 2026 00:04:48 GMT<![CDATA[ Retail Brief: Australia's Ruling May Narrow Flexibility On Promotional Practices ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Australia and New Zealand RMBS securitizations we rate can largely handle the pressure triggered by ongoing macroeconomic uncertainty. Developments in the Middle East, elevated interest rates, and persistent inflation have led to significant changes in our macroeconomic outlook since January 2026. We are therefore assessing the sensitivity of the nonconforming borrower segment of the portfolio of Australia and New Zealand RMBS securitizations we rate. Nonconforming loans are more vulnerable to weakening financial and economic conditions. They are residential mortgage loans that would not typically qualify for a loan from a traditional prime lender. To evaluate the resilience of our RMBS ratings on these higher-risk loans to rising arrears, we stress-tested a representative ]]>Structured Finance, Tue, 19 May 2026 00:02:59 GMT<![CDATA[ Scenario Analysis: Australian Nonconforming RMBS Resilient To Arrears Strains ]]>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[ 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 ]]>00:01:00Corporates, 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[ Ratings Class Rating* Amount(mil.) Available credit support (%)§ Interest Legal final maturity A AAA (sf) €484.0 18.1 1ME + 0.68 (floored at 0%) Sept. 23, 2033 B-Dfrd AA (sf) €38.5 11.1 1ME + 0.90 (floored at 0%) Sept. 23, 2033 Sub loan† NR CHF32.3 N/A 1.838 Sept. 23, 2033 Note: Our ratings address timely payment of interest and ultimate repayment of principal on the class A notes, and the ultimate payment of interest and principal on the class B-Dfrd notes. Our rating on the class B-Dfrd notes also addresses timely payment of interest and full immediate repayment of previously deferred interest at maturity. §Includes subordination, a cash reserve and a subsidy payments ledger. †The sub loan comprises the subordinated loan ]]>Structured Finance, Fri, 15 May 2026 13:56:19 GMT<![CDATA[ New Issue: First Mobility S.à r.l., Compartment Swiss Lease 2026-1 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Overview Key strengths Key risks Adequate banking regulation and supervision. Oman's economy is highly correlated to oil price dynamics. Low corporate sector indebtedness. Concentrated banking system. Stable deposits from government and related enterprises. High single-name concentration on both sides of the balance sheet. Oman is less exposed to the impacts of the war in the Middle East than some peers in the Gulf. We forecast Oman’s GDP growth will slow to 1.4% in 2026 before recovering slightly over the next few years, assuming no major escalation in the war. While we expect its oil GDP will benefit from higher prices and stable volumes, ongoing disruptions to trade routes and increased shipping and ]]>Banking, Financial Services, Fri, 15 May 2026 09:26:23 GMT<![CDATA[ Banking Industry Country Risk Assessment: Oman ]]>00:01:00