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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.

Credit Research & Insights

We deliver forward-looking, actionable insights on market-moving trends and their effects on credit—leveraging our proprietary data, analytical expertise, and cross-discipline approach. Our research includes ratings analyses, risk assessments, and credit market forecasts.

This Week In Credit

European Issuers Dominate Rating Activity (July 15, 2024)

Rating activity slowed last week, with much of the action concentrated on European issuers. Positive rating actions continued to outnumber negative ones.

There were no defaults last week, the first time since mid-April.

We added one risky credit last week: Luxembourg-based debt collection company Garfunkelux Holdco 2 S.A. (which trades as Lowell), due to an increasing risk of distressed debt restructuring.

A mixed week for credit pricing--while corporate spreads predominantly widened, CDS spreads tightened across the board.


This Month In Credit

Inflation Cools As Geopolitics Heats Up

Headline inflation slowed in the U.S. as May’s consumer price index (CPI) reading came in below expectations, just as upgrades outnumbered downgrades for a fourth consecutive month--reflecting issuers’ improving credit quality.

But not all is well in credit, as signs point to heightened geopolitical risk. There were four sovereign downgrades in the month, including three in Eastern Europe affected by the extended conflict in Ukraine.

Weakness persists at the low end of credit: downgrades into the ‘CCC’/’C’ category continued to rise even as upgrades out of the category continued to decline.

Despite fewer defaults in May, the global default tally remains elevated, and Europe’s year-to-date tally remains at its highest since 2008.


Go Deeper Into Weekly & Monthly Credit Trends

Make decisions with conviction with a short- and longer-term perspective on current ratings trends. This Week In Credit is a data-driven research snapshot that delivers forward-looking, actionable insights on market-moving credit trends every Monday. On a monthly basis, This Month In Credit provides a comprehensive overview of weakest links, distressed debt, rising stars, and fallen angels, among other credit indicators.

Market Pricing

Confronting Credit Headwinds

In the near term, we expect credit pressures to intensify—with a world order that's increasingly fragmented and fragile.

Ratings Performance


What We're Watching

S&P Global Ratings expects additional credit deterioration in 2024, largely at the lower end of the ratings scale. An environment of increasingly rapid change requires financial market participants to adapt their playbooks.

Credit Conditions

Our regional and global Credit Conditions Committees—and the research publications we produce—provide financial market participants around the world with an essential resource for identifying and understanding prevailing and potential credit risks.

Our People