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.
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Credit Trends
What Will Drive Primary Market Issuance In 2026?
After expected growth of 12% in 2025, we forecast that global issuance growth will slow to roughly 5% in 2026.
Investment-grade bond issuance in the technology sector had exceeded $200 billion by mid-November. We expect debt financing will remain a key component in the 2026 funding mix.
Refinancing for issuers rated 'CCC+' and below has lagged behind, resulting in 2026 maturities that are more than twice as high than those of 'B-' rated issuers.
This Week In Credit
Downgrades Reach 24-Week High
Downgrades rose to 15 last week--their highest weekly total since the end of June. All but one were speculative-grade issuers, with a concentration at the lower end. Four U.S.-based issuers across four sectors were downgraded to the 'CCC' category.
Upgrades declined from the previous week, totaling six and including predominantly speculative-grade issuers. We added a rising star for the third consecutive week; Spirit AeroSystems Inc. was upgraded to 'BBB-' following its acquisition by Boeing Co., with our rating subsequently withdrawn.
Defaults jumped to four last week, occurring across four sectors and including three U.S.-based issuers. Distressed exchanges were the reason behind three of the defaults.
This Month In Credit
Potential Fallen Angels Rise
Downgrades in October outnumbered upgrades for the first time since June, as investment-grade downgrades increased to their highest level since May. Potential fallen angels edged upward for the third month in a row to 39, reaching their highest total since February 2023.
On a positive note, net bias improved to its best level since May, primarily driven by a sharp (25 basis points) decrease in negative bias.
New additions to weakest links declined to eight last month, but half of the new entrants are in the high technology sector (four).
Structured finance: CLO downgrades increased to 27 last month from 15 in September, although there have been no defaults since August. Meanwhile, exposure to corporate obligors rated 'CCC' within CLOs continued to increase.
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