articles Ratings /ratings/en/research/articles/230524-sector-and-industry-variables-published-for-banking-industry-country-risk-assessment-update-for-may-2023-12742442 content esgSubNav
In This List

Sector And Industry Variables Published For Banking Industry Country Risk Assessment Update For May 2023


Bank of New Zealand Perpetual Preference Shares Rated 'BBB'


India Banks' Strong Performance Set To Continue


EMEA Financial Institutions Monitor 2Q2023: Steering Through Volatility


Japan Brokerages' Resilience Hinges On Managing Market Changes

Sector And Industry Variables Published For Banking Industry Country Risk Assessment Update For May 2023

MEXICO CITY (S&P Global Ratings) May 24, 2023--S&P Global Ratings today published its sector and industry variables for "Banking Industry Country Risk Assessment Update: May 2023." The article provides additional information on the variables derived from the application of the criteria "Banking Industry Country Risk Assessment Methodology And Assumptions," Dec. 9, 2021. These variables are used primarily when applying our methodologies to develop the stand-alone credit profile and issuer credit rating of a financial institution ("Financial Institutions Rating Methodology," Dec. 9, 2021). In addition, some variables covered in this report are derived from our "Financial Institutions Rating Methodology," Dec. 9, 2021 and "Risk-Adjusted Capital Framework Methodology," July 20, 2017. This report is intended to be read and applied in conjunction with those criteria.

We typically update this information every month to summarize our latest BICRA assessments, economic and industry risk scores and components, and related assessments. These variables were last published in "Banking Industry Country Risk Assessment Update: April 2023."

A sector and industry variables report is a publicly available criteria-related publication that describes sector, industry, asset class, or regional variables that we expect to periodically update mainly to reflect our views on changing macroeconomic and market conditions. Sector and industry variables reports are not criteria because they do not establish a methodological framework for determining credit ratings.

Since we last published the BICRA update on April 28, 2023, we have revised:

  • Italy: Our economic risk trend to positive from stable; and
  • New Zealand: Our economic risk trend to stable from negative.

Since we last published the BICRA update on April 28, 2023, we have published comprehensive BICRA reports on Armenia, Brunei, Cyprus, New Zealand, Panama, and Singapore.


Related Criteria

Related Research

This report does not constitute a rating action.

The report is available to subscribers of RatingsDirect at If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box located in the left column at Members of the media may request a copy of this report by contacting the media representative provided.

Analytical Contact:Alfredo E Calvo, Mexico City + 52 55 5081 4436;
Emmanuel F Volland, Paris + 33 14 420 6696;
Devi Aurora, New York + 1 (212) 438 3055;
Elena Iparraguirre, Madrid + 34 91 389 6963;
Sharad Jain, Melbourne + 61 3 9631 2077;
Michael L Forbes, Toronto + 1 (416) 507 2525;
Methodology Contact:Michelle M Brennan, London + 44 20 7176 7205;
Matthew B Albrecht, CFA, Englewood + 1 (303) 721 4670;
Steven Ader, New York + 1 (212) 438 1447;

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, (free of charge), and (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at

Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back