Governments
An ever evolving and dynamic geopolitical scenario continues to shape the future of global economic growth. Its consequences affect all aspects and actors in the private and public sector across the world. Government’s preparedness, capacity, effectiveness and speed of response will prove crucial to go through these diverse sets of conditions. Here you will find our insights about governments and public sector entities around the world, its challenges ahead and our views on where they stand in the face of current and future market developments.
Subnational Government Outlook 2026: Resilient, But Signs Of Stress Emerge
S&P Global Ratings anticipates a quieter year ahead for subnational governments outside the U.S. While the sector remains resilient, risks are tilted to the downside, particularly in developed markets where there are 28 negative outlooks. In emerging markets, positive and negative outlooks are balanced, though most ratings are speculative grade and so subject to greater vulnerability.
Subnational Government Outlook 2026: Emerging Markets Resilient So Far While Market Access Diverges
Despite persistent global geopolitical and economic uncertainties that could generate downside risk, S&P Global Ratings doesn't expect meaningful changes in emerging market local and regional government financial and borrowing trends in 2026. However, most of the rated EM subnational governments are in speculative-grade category, and consequently, more vulnerable than their higher rated counterparts.
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