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Credit Trends: Global Credit Markets Update Q2 2023: Riding Out Higher Rates

Volatility may remain a strong undercurrent for financing conditions. Rating actions were less negative in the first quarter, although downgrades still outpaced upgrades. The health care and retail sectors had the largest net downgrades (downgrades minus upgrades), driven by the North American region. The downgrade ratio fell across regions in the first quarter compared with the previous quarter.


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