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.
Italian Corporate Outlook 2026
Credit stability masks challenges ahead of the new trade context
85% of rated Italian companies have a stable outlook, indicating credit resilience amid geopolitical and trade tensions. Credit quality is broadly on par with European peers’.
We upgraded some companies in 2025 after we raised the sovereign rating to ‘BBB+’. Revenue growth should modestly exceed nominal GDP growth in 2025-2026, as moderate price increases outpace cost inflation.
The volume contribution will likely be nil in 2025 before rebounding slightly in 2026.
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.
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