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Ratings Weekly Digest: May 26, 2021

Our weekly ratings digest, including key themes, publications, ratings changes, asset class trends, financing conditions, and debt issuance. This week: Sovereigns would likely cope with the first-order effects of a 300-bps interest rate shock. We expect U.S. and European 12-month trailing speculative-grade default rates to fall to 4% and 5.25%, respectively, by March 2022. U.S. banks reported negative aggregate quarterly provisions for the first time on record; we have taken number of positive ratings actions on several U.S. banks. Cyber risks present a growing threat to financial institutions.