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This Month In Credit: Gathering Risks (September 2023)

Rating actions took a negative turn in August. While speculative-grade led downgrades, investment-grade downgrades--led by financials--rose to their highest level since March. The global net bias has stabilized, but the ‘B-‘ and lower negative bias rose to its highest level in two years, and the number of issuers downgraded to the ‘CCC’ category jumped to 13 in August (from three).