Corporates
S&P Global Ratings rates over 4,600 corporates globally, giving us timely insight into cross-industry credit trends. This page is dedicated to delivering our most far-reaching, thought-provoking opinions to our stakeholders.
U.S. Leveraged Finance Q4 2025 Update: Recovery Turbulence Triggered By Changing Debt Structures And Restructuring Tactics
While overall debt recoveries remain relatively stable at 50%-55%, first-lien recoveries have declined significantly, driven by shifts in debt structure, particularly the rise of priority debt.
Our analysis highlights that the debt mix and priority within the capital structure affect recovery outcomes more than simply the type of debt (secured versus unsecured).
Companies employing aggressive out-of-court restructurings, like lopsided loan exchanges, often experience lower overall recoveries and a reallocation of value among creditors.
Industries like oil and gas, metals/mining, and those facing secular decline tend to exhibit weaker and more volatile recovery rates due to cyclical downturns and asset-value markdowns.
Industry Report Card:
European Chemical Sector Pulse: Recovery Stalls, Divergence Increases
- Most major European chemical companies have revised their guidance for 2025 downward amid persistent demand weakness, pricing pressure, and intensifying trade and currency headwinds.
- Commodity chemicals and speculative-grade issuers face the harshest conditions, with shrinking margins, multiple downgrades over the past quarters, and little near-term relief in sight.
- Companies accelerate cost-cutting measures and increasingly focus on capital expenditure (capex) discipline to preserve cash and margins, but trade tensions and overcapacity limit upside.
- Persistently weak demand, elevated input costs, and trade-related uncertainty weigh on the sector-wide recovery, with any near-term improvements hinging on internal cost actions.
Featured Products
Latest Research & Insights
Talk to an Expert
Learn more about Corporates
Please fill out the form so we can connect you to the right person.