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.
Assessing Global Macro-Credit Risks
As an assessment of the external operating environment, our regional and global Credit Conditions Committee forums—covering Asia-Pacific, Emerging Markets, Europe, and North America, which cascade into our global coverage—form an integral part of S&P Global Ratings’ credit rating analysis.
At the CCCs, our senior researchers, economists, and analysts (covering corporates, financial institutions, insurance, structured finance, sovereigns, and U.S. public finance) meet each quarter to evaluate the trends affecting the current and future states of economies, industries, and credit markets. The CCCs identify base case and downside scenarios, and rank exogenous risks. These views are cascaded to our analytical teams to inform their rating deliberations.
Our quarterly and special CCC reports crystallize the Committees’ conclusions, backed by a host of proprietary data, and with an eye toward helping investors make decisions—providing financial market participants around the world with a primary resource for identifying and understanding prevailing and potential credit risks.
Global
Global Credit Conditions And Outlook Q4 2026: Eroding Immunity
Global credit resilience is holding, but on a narrower base. Overall economic, market, and credit stability in recent years has hinted at immunity to multiple stressors. But positive momentum will be harder to sustain, with economic growth somewhat reliant on continued technology capital expenditure (capex) and sustained investor appetite coming at the cost of higher yields. Pressures are intersecting.
North America
Credit Conditions & Outlook North America Q4 2026: Risk Trifecta—War, AI, Rates
North American credit conditions face a more challenging risk backdrop, with a wider Middle East war, uncertainty around the returns on AI investment, and rising financing costs likely to weigh on borrowers' confidence and spending. U.S. policy direction could become more executive-action-driven after the midterms, making trade and foreign policy key areas to watch for potential economic, market, and geopolitical ramifications. Ratings pressure remains contained but uneven.
Europe
Credit Conditions & Outlook Europe Q4 2026: Solid Demand, Slimmer Buffers
Credit performance remains resilient thanks to healthy earnings, liquidity, and generally conservative financial policies. However, the financial and policy cushions that helped absorb recent shocks are becoming thinner.
Asia-Pacific
Credit Conditions & Outlook Asia-Pacific Q4 2026: Compounding Risks, Amplified Effects
Asia-Pacific's supportive credit conditions reflect economic resilience, constructive funding, and demand for AI-linked technology. But the margin for error is shrinking. Credit cushions are thinning on energy disruption, weaker currencies, potentially higher funding costs, and fiscal strains.
Emerging Markets
Credit Conditions & Outlook: Emerging Markets Q4 2026 Resilience Tested, Outcomes Diverge
Emerging markets continue to withstand external pressures, but buffers are eroding. Earnings, market access, and rating performance remain broadly supportive, while overlapping energy, food, and financing pressures are beginning to test weaker borrowers. Second-round effects will determine the next phase. Higher costs are impacting real incomes, corporate margins, and government finances to varying degrees; net energy importers and borrowers with limited buffers are most exposed.
Latest Research
Take a look at all of our latest credit conditions research.