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Global Actions On Corporations, Sovereigns, International Public Finance, And Project Finance To Date In 2021

The number of rating actions increased in August and through Sept. 3, with positive rating actions far outpacing negative ones. The downgrade ratio (downgrades as a percentage of total rating actions) declined further in August 2021, as there were only 26 downgrades compared with 53 upgrades. So far in 2021, there have been 474 issuers that have had a negative rating action and 1,352 issuers with a positive rating action. The largest percentage of rating actions has been due to an outlook revision to stable from positive, as much of the recovery has been largely due to stabilization.

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Table 1

Global Corporate Rating Actions By Region
--Q2 2021-- --Q1 2021-- --Q4 2020-- --Q3 2020--
Region Number of upgrades Number of downgrades Downgrade ratio (%) Number of upgrades Number of downgrades Downgrade ratio (%) Number of upgrades Number of downgrades Downgrade ratio (%) Number of upgrades Number of downgrades Downgrade ratio (%)
North America 127 52 0.3 102 70 0.4 65 92 0.6 45 111 0.7
Europe 33 30 0.5 21 22 0.5 15 43 0.7 5 47 0.9
Emerging Markets 6 28 0.8 13 19 0.6 10 24 0.7 7 37 0.8
Asia-Pacific 4 12 0.8 6 6 0.5 3 9 0.8 3 17 0.9
EEMEA 1 4 0.8 1 3 0.8 3 2 0.4 3 5 0.6
Latin America 1 12 0.9 6 10 0.6 4 13 0.8 1 15 0.9
Total 166 110 0.4 136 111 0.4 90 159 0.6 57 195 0.8
Rating changes exclude entities with no rated debt. Data as of Sept. 3, 2021. Source: S&P Global Ratings.

Table 2

Breakdown Of Rating Actions By Debt Amount Affected (Bil. $)
--Q2 2021-- --Q1 2021-- --Q4 2020-- --Q3 2020--
Region Volume of debt affected by downgrades Volume of debt affected by upgrades Volume of debt affected by downgrades Volume of debt affected by upgrades Volume of debt affected by downgrades Volume of debt affected by upgrades Volume of debt affected by downgrades Volume of debt affected by upgrades
North America 461.0 293.0 256.0 358.3 206.3 400.9 127.6 455.8
Europe 86.6 289.4 95.4 233.8 19.0 163.4 15.3 129.3
Emerging Markets 9.6 44.8 14.2 37.1 21.1 38.3 4.8 68.1
Asia-Pacific 8.4 24.5 10.4 9.8 1.4 13.8 2.0 28.6
EEMEA 0.8 4.4 0.9 8.2 3.7 1.6 2.5 23.9
Latin America 0.4 15.9 2.8 19.1 16.1 22.9 0.3 15.5
Total 557.2 627.2 365.6 629.1 246.4 602.7 147.7 653.2
Rating changes exclude entities with no rated debt. Data as of Sept. 3, 2021. Source: S&P Global Ratings.

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Related Research

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Sudeep K Kesh, New York + 1 (212) 438 7982;
sudeep.kesh@spglobal.com
Secondary Contact:Shripati Pranshu, Mumbai;
shripati.pranshu@spglobal.com

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