Credit Market Research
Our credit market research encompasses ratings performance indicators (including upgrades and downgrades, defaults, outlook changes, weakest links, rising stars, and fallen angels) alongside default and issuance forecasts and financing conditions coverage.
Trending
Credit Trends
Global Issuance Forecast And Financing Conditions Q2 2026: Expansion Still Expected This Year
The war in the Middle East has had a noticeable impact on financial markets, with bond issuance seeing both pullbacks and pull-forwards in March.
The normal pace of issuance slowed for many countries and sectors in March, but U.S. nonfinancials were an exception, rising 85% over March 2025, partly due to still strong totals from hyperscalers.
We anticipate aggregate bond issuance to expand by more than 4% this year, led by nonfinancial corporates.
Downside risks remain high, and if the war and its subsequent economic disruptions continue for an extended period, we could see slight declines in issuance totals.
This Week In Credit
Muted Week For Rating Activity
There were seven downgrades last week, including five issuers rated 'B-' and below. This included one new risky credit, where we lowered our rating on the issuer to 'CCC+' or below, U.S.-based entity Peraton Corp.
There were the fewest number of upgrades since the second week of March, all six occurred across six different sectors. There were two speculative-grade upgrades to issuers rated 'CCC+' or below.
There was one default last week. We downgraded U.S.-based QVC Group Inc., a live social shopping, video commerce, and online retailer, to 'D' from 'CCC' on Chapter 11 bankruptcy filing.
This Month In Credit
Rising Strains Amid Market Volatility
Downgrades increased to 31 in February, outnumbering upgrades by more than onethird. Chemicals, packaging, and environmental services and consumer products accounted for more than 50% of the downgrades.
Potential fallen angels--issuers rated 'BBB-' with negative outlooks or ratings on CreditWatch negative--increased to 51, the highest total since August 2021. Utilities (nine) and chemicals, packaging, and environmental services (six) are the two sectors with the highest number of issuers at risk of being downgraded to speculative-grade.
Monthly corporate defaults declined to eight in February, bringing the year-to-date total to 18, slightly above 17 last February. Furthermore, the share of repeat defaulters reached 50% year-to-date.
U.S. BSL CLO exposure to obligors rated 'CCC' increased to 5.18% as of Feb. 24, 2026, and European exposure declined to 4.5% as of Feb. 25, 2026.
Default & Issuance Forecasts
Default & Transition Studies
Ratings Performance
Latest Research
Take a look at all of our latest credit market research.