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This Week In Credit - June 20, 2022

The Top Line
• Global credit ratings remain resilient, despite market turmoil fueled by unexpected monetary policy actions. Primary issuance remains subdued, and credit spreads are widening.

Key Takeaways
• Upgrades outpaced downgrades last week, aided by strong financial performances from media and entertainment issuers, some which continue to benefit from a postpandemic bounce.
• Revlon Inc. filed for Chapter 11 Bankruptcy last week, pushing the global default tally to 34,with year-to-date defaults approximately one-quarter of 2021 levels.
• No respite for markets this week as the gap between year-to-date 2021 and 2022 global issuance volumes further widened to 22% below last year levels. U.S. and European speculative-grade credit spreads widened to over 500 basis points.

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