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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

Defaults Back In Focus (Sept. 25, 2023)

Five corporate defaults last week was the highest weekly count in six weeks, and followed the highest monthly tally for August since 2009. Meanwhile, weak September PMI data for some economies is raising concerns about slower growth, while recent comments by the ECB and the Fed hint at even-higher-for-longer rates. A light data week ahead will put more focus on Friday's releases of euro area inflation numbers and U.S. PCE inflation. In China, markets will be watching the official September PMI on Saturday.



This Month In Credit

At A Crossroads

Rating actions turned more positive in July with upgrades outnumbering downgrades for the first time in three months, and in all rating categories ‘B’ and higher.

Despite higher interest rates, the homebuilders and real estate sector saw a mix of rating actions in July, including the month's largest downgrade, as well as two of the 10 largest upgrades and two rising stars.

A slowdown in China may be starting to have spillover effects. The chemicals, packaging, and environmental services sector added four new potential downgrades during the month, as a couple cited slowing demand from Chinese buyers as a factor.

The weakest links tally increased to 312 in July, with the U.S. health care sector leading the increase.


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 believes 2023 will begin as a journey through intensifying credit pressures, leading to (if all goes well) more stable financing conditions by year-end.

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