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 Midyear 2026: LRGs Show Their Mettle Amid Ongoing Conflicts
- Our global local and regional government (LRG) ratings remain broadly resilient to macroeconomic headwinds. However, a moderately negative outlook bias persists.
- Geopolitical uncertainty remains elevated due to the ongoing conflicts in Ukraine and the Middle East, alongside broader global economic fragmentation. In parallel, upcoming elections and leadership challenges are likely to increase policy uncertainty.
- Some LRGs' financial performance is likely to be weaker than we expected at the start of the year. Their operating results are underperforming our earlier assumptions, while elevated investment needs are set to push debt higher.
- Several LRGs in Australia, New Zealand, and Canada, as well as Brussels-Capital, face pressure from high spending and rising debt. Conversely, most LRGs in developed Europe and Japan maintain largely balanced budgets. Some emerging-market LRGs are returning to the capital markets to fund deficits.
Comparative Statistics: Non-U.S. Social Housing Providers Ratings Risk Indicators: Ratings Hold Steady Despite Negative Bias
S&P Global Ratings assigns issuer credit ratings (ICRs) to public and nonprofit social housing providers (SHPs) based on their qualitative and quantitative analysis of industry risk, market position, management and governance, financial performance, debt profile, and liquidity. We assess financial performance and debt profile on a five-year average basis, typically including two historical years, the current year, and two forecast years. This report provides comparative statistics for the 58 publicly rated SHPs outside the U.S.
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