Discover why financial professionals around the world use S&P's credit ratings, research and analytics to help capitalize on investment opportunities and mitigate risk.2026 S&P Global Ratingshttps://www.spglobal.com/ratings/en/indexS&P Global Ratings Podcast. Tune in for S&P Global Ratings analysts' opinions on trends and events that affect the global markets and your investment decisions. Download the S&P Global Ratings' Podcast to any portable audio device or your desktop. Make the most of your time and stay on top of important business developments around the world. Listen in! Our CreditMatters videos and podcasts provide an easy and informative way to keep up with S&P Global Ratings' global perspective on important credit market developments anytime, anywhere.en-UScreditmatters@spglobal.comS&P Global RatingsS&P Global RatingsS&P Global RatingsNOBusiness<![CDATA[ This report does not constitute a rating action. In third-quarter 2026, S&P Global Ratings took 82 total rating actions within the U.S. public finance housing sector, which consisted of 17 positive rating actions, 47 affirmations, and 18 new ratings. The 17 positive rating actions, including outlook revisions, consisted of the following: Eight upgrades on rental housing bond (RHB) military housing issuers, with ratings ranging from the ‘BBB+’ to ‘AA’, three outlooks revised to positive from stable; and one rating removed from CreditWatch with negative implications in the military housing subsector; Three upgrades on mobile homes issuers, with ratings ranging from the ‘A-‘ to ‘A+’; and One upgrade on a community development financial institution (CDFI) to ‘AA-‘ from ‘A+’, and one ]]>Housing, U.S. Public Finance, Tue, 03 Nov 2026 18:19:32 GMT<![CDATA[ U.S. Public Finance Housing Rating Actions, Third-Quarter 2026 ]]>00:01:00Financial Services, Tue, 03 Nov 2026 15:47:51 GMT<![CDATA[ Second Party Opinion: Bancóldex's Sustainable Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The recently concluded COP17, held this year in Armenia, revealed a critical implementation challenge: 40% of participating countries still have to develop their national biodiversity strategies and action plans. S&P Global Ratings believes sustainable issuance is the primary avenue for debt capital markets to support the objectives of the U.N.'s global Convention on Biological Diversity (CBD), although broader structural impediments remain. At each biodiversity conference, the 196 participating countries meet to agree on decisions, targets, frameworks, and guidance for putting the CBD into practice. Most of these agreements are non-binding, however. Key agreements made at COP17 with implications for capital markets centered on three pillars: Understanding where corporates depend on nature for ]]>Corporates, Governments, U.S. Public Finance, Energy Transition, SustainabilityTue, 03 Nov 2026 15:08:50 GMT<![CDATA[ Sustainability Insights: From Nature Finance To Nature Value: COP17's Implications For Corporates And Sovereigns ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The significant risk transfer market is gaining momentum. These instruments, generally known as SRTs, help banks manage capital and risks by offloading portions of lending portfolio credit risk to investors. Assessing underlying asset quality is crucial to determining investment fund risk. Private credit funds, among the largest SRT investors, increasingly seek leverage and credit ratings. Funds may use back leverage, including net asset value (NAV) facilities, repo and other forms of asset leverage. Some funds also use rated note feeders to attract prudentially regulated investors and create levered returns for the residual equity holders. Here, S&P Global Ratings answers investor questions about how we apply our Alternative Investment Funds (AIF) methodology to ]]>Financial Services, Funds, Collateralized Loan Obligation (CLO), Structured Finance, Private Markets, Leveraged Finance, Private MarketsTue, 03 Nov 2026 01:59:54 GMT<![CDATA[ Credit FAQ: Fund Finance Trends: How We Assess SRT Investment Funds ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The following list ranks North American regulated utility companies rated by S&P Global Ratings based on rating, outlook, stand-alone credit profile (SACP), and business and financial risk profile assessment. We rank investment-grade companies (rated 'BBB-' or higher) with the same rating and outlook first by SACP, then business risk profile, and then financial risk profile. Speculative-grade companies (rated 'BB+' or lower) with the same rating and outlook are ordered by SACP, then financial risk profile, and then business risk profile. If not distinguished by these factors, companies are listed in alphabetical order. The ratings and scores in this report are as of Nov. 1, 2026. Issuer ranking: North American utility companies Issuer ]]>Corporates, Infrastructure, Mon, 02 Nov 2026 21:36:20 GMT<![CDATA[ Issuer Ranking: North American Electric, Gas, And Water Regulated Utilities, Strongest To Weakest ]]>00:01:00<![CDATA[ This report does not constitute a rating action. HONG KONG (S&P Global Ratings) Nov. 3, 2026--S&P Global Ratings said today that China Chengtong Hong Kong Co. Ltd.'s Green Finance Framework is aligned with the following: Green Bond Principles, ICMA, 2025 (with June 2022 Appendix 1) Green Loan Principles, LMA/LSTA/APLMA, 2025 We assess China Chengtong Hong Kong Co. Ltd.'s Green Finance Framework as Medium green, which indicates activities that represent significant steps toward a low-carbon climate resilient (LCCR) future but will require further improvements to be long-term LCCR solutions. The Second Party Opinion (SPO) report " China Chengtong Hong Kong Co. Ltd. Green Finance Framework ," is available on RatingsDirect and on spglobal.com. In our SPO, we do not assess the ]]>Financial Services, Insurance Markets, Non-banks, Mon, 02 Nov 2026 21:05:11 GMT<![CDATA[ SPO Assesses China Chengtong Hong Kong Green Finance Framework As Aligned With Principles; Medium Green Shade Assigned ]]>00:01:00<![CDATA[ S&P Global Ratings assesses China Chengtong Hong Kong Co. Ltd.'s Green Finance Framework as Medium green, indicating activities that represent significant steps toward a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. China Chengtong Hong Kong is the primary offshore asset-holding and financing platform for China Chengtong Holdings Group Ltd. ]]>Financial Services, Insurance Markets, Non-banks, Mon, 02 Nov 2026 20:50:05 GMT<![CDATA[ Second Party Opinion: China Chengtong Hong Kong Co. Ltd. Green Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Current rating Issuance Rating ABCP notes(i) A-1 (sf) (i)The ABCP notes can be issued at a discount or on an interest-bearing basis at either a fixed or floating rate. For floating-rate ABCP, identifiable and quantifiable cash flows from liquidity facilities cover any liabilities. Aquitaine Funding Co. LLC's ABCP notes are denominated in U.S. dollars. Aquitaine Funding Co. (Europe) Ltd.'s ABCP notes can be denominated in any currency. ABCP--Asset-backed commercial paper. S&P Global Ratings’ short-term ratings on Aquitaine Funding Co. LLC ’s (Aquitaine U.S.) U.S. dollar-denominated asset-backed commercial paper (ABCP) notes is 'A-1 (sf)'. Aquitaine Funding Co. (Europe) Ltd. (Aquitaine Europe) is a co-issuer with Aquitaine U.S. and can issue ABCP notes denominated ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Mon, 02 Nov 2026 20:08:37 GMT<![CDATA[ Aquitaine Funding Co. LLC/Aquitaine Funding Co. (Europe) Ltd.--ABCP Conduit Profile ]]>00:01:00<![CDATA[ This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings expects U.S. nonfarm payrolls to rise by 60,000 in October and the unemployment rate to hold at 4.2%. In Canada, we expect employment to rebound by 15,000 after a combined loss of 110,000 jobs in August and September. Canada's unemployment rate will likely hold steady at 6.5%. Both labor markets appear to be stabilizing, but Canada's recovery looks much more fragile. Our expectation for nonfarm payrolls to rise by 60,000 in October would follow a surprisingly weak gain of 29,000 in September. It would also be about double our estimated break-even pace of roughly 30,000 jobs per month, enough to absorb new ]]>Macroeconomics Economic Research, Credit Outlook, Credit ConditionsMon, 02 Nov 2026 16:57:01 GMT<![CDATA[ U.S. And Canada Economic Data Highlights: Week Of Nov. 2, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Nov. 2, 2026--Please join S&P Global Ratings leading sovereign analysts for a live interactive webinar on Nov. 4, 2026, for their perspectives on key takeaways from the IMF meetings, a review of sovereigns in transition within the BBB category, and the potential impact of the Middle East conflict on sovereign ratings. Key discussion points: BBB's in transitions, focus on: Hungary, Romania, Mexico, Indonesia, Philippines and Panama Brazil after the elections, what are we looking at? How can an escalation in the Middle East impact the ratings in the GCC and elsewhere DATE: Wednesday, Nov. 4, 2026 TIME: 9:00 AM EST DURATION: 1 hour MODERATOR: Roberto Sifon Arevalo, ]]>Governments, Emerging Markets, Global Trade, Credit Conditions, Credit Conditions, Emerging MarketsMon, 02 Nov 2026 15:37:10 GMT<![CDATA[ S&P Global Ratings Webinar: Global Sovereign Ratings Webinar ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The resurgence in interest rates could threaten the recovery in valuations after the severe correction over 2022-2023. Since then, the recovery has been uneven. As of June 30, 2026, non-prime office and German residential REITs were reporting asset values which were still 16% and 15% below their peak in mid-2022. At the same time, the valuations of hotel and retail REITs had exceeded their mid-2022 level by 6% and 3%, respectively. Chart 1 Valuations of rated European REITs could decline by up to 10% by 2027. This outlook follows our Sept. 23, 2026, upward revision of European government long-term rate expectations to 20-50 basis points (bps) over 2026-2027. Even though many European ]]>Corporates, Homebuilding, Real Estate Themes, Market DynamicsMon, 02 Nov 2026 15:06:15 GMT<![CDATA[ European REITs Face Another Round Of Property Devaluations ]]>00:01:00<![CDATA[ This report does not constitute a rating action. AI will boost industrial robotics’ long-term growth prospects by reducing the cost and complexity of deploying automation. As a result, applications involving frequent changes in production processes or substantial programming requirements could become increasingly economical to automate. However, robot manufacturers may see less benefit than their customers; greater equipment flexibility and utilization could partly offset demand for additional robots, while software providers may capture a share of the resulting economic value. According to the International Federation of Robotics (IFR), global industrial robot installations rose 11% to a record 603,000 units in 2025, while operational stock increased 9% to about 5.1 million units. Structural demand drivers, including labor shortages, productivity requirements, and manufacturing ]]>Autos & Capital Goods, Corporates, Macroeconomics Economic Research, Technology, Media & Telecom, Information and Communications Technology (ICT), Market Dynamics, Digital InfrastructureMon, 02 Nov 2026 14:42:41 GMT<![CDATA[ AI-Powered Robotics: Expanding The Market, Reshaping The Economics ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Europe is entering a period of demographic transformation. In the EU, deaths have exceeded births every year since 2012, a trend that resulted in a natural population decline of about 1.35 million people in 2025. Nevertheless, strong net migration continues to support overall population growth. Eurostat, the EU's statistical office, projects the EU population will increase modestly to a peak of 453.3 million inhabitants in 2029. Beyond that, the EU is expected to enter a prolonged period of population decline, making migration an increasingly important driver of demographic stability. The growing importance of migration creates political risks; immigration has become an increasingly sensitive issue in many European countries and anti-immigration parties are ]]>Governments, International Public Finance, Government-Related Entities, Mon, 02 Nov 2026 14:17:37 GMT<![CDATA[ European Demographic Transition Will Shape Subnational Governments' Credit Quality ]]>00:01:00<![CDATA[ This report does not constitute a rating action. PARIS (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings today published the latest edition of its weekly newsletter, " This Week In Credit ," a data-driven research snapshot that provides forwardlooking, actionable insights on weekly market-moving credit trends every Monday. Upgrades equaled downgrades last week, at eight each, including two sovereign upgrades, on Laos and Nicaragua. Health care also recorded two upgrades, reflecting EssilorLuxottica’s stronger business profile and Convatec’s sustained profitable growth. Downgrades were led by consumer products, with three, and also included one new fallen angel, Luxembourg-based metals and mining company Nexa Resources S.A. on weaker importance to its new parent. We recorded one default last week: Getty Images Inc., a ]]>Corporates, Covered Bonds, Credit Markets, Structured Finance, U.S. Public Finance, Credit Conditions, Default Transition, Credit ConditionsMon, 02 Nov 2026 11:14:46 GMT<![CDATA[ Nov. 2 "This Week In Credit" Newsletter Published: The Consumer Products Sector Leads Downgrades ]]>00:01:00<![CDATA[ • Upgrades equaled downgrades last week, at eight each, including two sovereign upgrades, on Laos and Nicaragua. Health care also recorded two upgrades, reflecting EssilorLuxottica’s stronger business profile and Convatec’s sustained profitable growth.• Downgrades were led by consumer products, with three, and also included one new fallen angel, Luxembourg-based metals and mining company Nexa Resources S.A. on weaker importance to its new parent.• We recorded one default last week: Getty Images Inc., a U.S.-based visual content creator, was downgraded to ‘D’ after Chapter 11 bankruptcy filing. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 02 Nov 2026 11:10:08 GMT<![CDATA[ The Consumer Products Sector Leads Downgrades: This Week In Credit (Nov. 2) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Among the U.K. public-sector entities, English local governments seem to be the prime beneficiaries of the recently released Autumn budget. The government has confirmed its commitment to increasing the sharing of budget revenue and spending responsibilities with local governments in its Fiscal Devolution Roadmap, with more details expected later this year and in 2027. S&P Global Ratings understands the central government plans to transfer a share of receipts from business rates (corporate property tax), income tax, and tourism tax to strategic authorities (one type of local government in England) from 2028 to replace grants. Moreover, the central government plans to transfer proceeds from all business rates to local governments by the end ]]>Governments, International Public Finance, Mon, 02 Nov 2026 10:33:01 GMT<![CDATA[ U.K. Budget Signals Tentative Steps Toward Greater Local Control ]]>00:01:00<![CDATA[ S&P Global Ratings assesses ICA Gruppen's Green Finance Framework as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. ICA has almost 1,300 grocery stores operated by independent retailers across Sweden. ]]>Retail & Consumer Products, Corporates, Retailing, Mon, 02 Nov 2026 09:00:32 GMT<![CDATA[ Second Party Opinion: ICA Gruppen Green Finance Framework ]]>00:01:00<![CDATA[ S&P Global Ratings assesses CTP N.V.’s green bond allocations as consistent with pre-issuance commitments. CTP is a leading logistics real estate player in Central and Eastern Europe. ]]>Corporates, Real Estate Themes, Structured Finance, Mon, 02 Nov 2026 08:51:18 GMT<![CDATA[ Post-Issuance Review: Allocation And Impact Reporting: CTP N.V. Green Bond Report ]]>00:01:00Banking, Financial Services, Mon, 02 Nov 2026 08:34:50 GMT<![CDATA[ Second Party Opinion: Caja Los Héroes Social Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Like many sectors in China, leasing companies are in transition. Growth is driven by new economy areas such as tech and green financing, while exposures remain weighted in traditional segments. Not every lessor will successfully make the transition. S&P Global Ratings anticipates more consolidation in the leasing industry. Already, thousands of Shangzu have exited or been cleared from the market since 2021, whereas Jinzu numbers have remained largely stable. The leasing sector is challenged by tighter regulations, as well as moderating credit demand from the traditional segments. Uncertainty regarding underlying assets related to shipping and airlines is also taking a toll, given fuel and geopolitics. We expect Jinzu will continue to outgrow ]]>Financial Services, Non-banks, Mon, 02 Nov 2026 04:37:40 GMT<![CDATA[ China's Leasing Firms: Parent Strength Matters For An Industry In Flux ]]>00:01:00Aerospace & Defense, Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Credit Markets, Energy and Oil & Gas, Financial Services, Governments, Health Insurance, Health Care, Gaming & Leisure, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Residential Mortgage-Backed Securities (RMBS), Retailing, Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Utilities, Fri, 30 Oct 2026 19:27:06 GMT<![CDATA[ Credit Trends: Investment-Grade Credit Check Q4 2026: Despite Improving Trends, Fallen Angel Activity Rises ]]>00:01:00Macroeconomics Economic Research, Governments, Government-Related Entities, Sovereigns, Global Trade, Credit OutlookThu, 29 Oct 2026 18:24:17 GMT<![CDATA[ Economic Research: Canada Macroeconomic Snapshot: Growth Is Holding Up ]]>00:01:00<![CDATA[ Global bond issuance has risen strongly in 2026, up 13% through September, despite challenges across every major asset class. We expect this broad-based growth to continue through year-end, with the total rising 12% to $11.7 trillion. ]]>Credit Markets, Credit Conditions, Credit ConditionsThu, 29 Oct 2026 18:15:00 GMT<![CDATA[ Global Credit Markets Update Q4 2026: Increasing risks imperil positive momentum ]]>00:01:00<![CDATA[ The Federal Reserve held rates steady yesterday after a 25-basis-points (bps) hike in September. With ongoing wars still pushing up near-term inflationary pressures, we continue to expect another 25 bps hike in December. The twin drivers of higher near-term inflation and an expected higher fed funds rate are in large part what’s been pushing up yields in the U.S. since March. The yield on 10-year U.S. Treasuries has recently risen to its highest level since 2002. Given that is the principal benchmark used internationally to price long-term borrowing costs, the cost of any debt that references it also increases--generally adding friction to markets and the global economy. However, historically tight corporate spreads in the U.S. show that investors perceive low ]]>Corporates, Governments, Government-Related Entities, Sovereigns, Thu, 29 Oct 2026 17:48:23 GMT<![CDATA[ CreditWeek: What’s Behind Higher U.S. Treasury Yields And Tighter Corporate Spreads? ]]>00:01:00<![CDATA[ This newsletter offers at-a-glance insight and a recap of the U.S. CLO sector and its rating performance for third-quarter 2026. ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceThu, 29 Oct 2026 17:47:17 GMT<![CDATA[ U.S. CLO Newsletter Third-Quarter 2026 ]]>00:01:00<![CDATA[ During third-quarter 2026 (July 1 to Sept. 30), S&P Global Ratings changed its rating or revised the outlook on 17 U.S. charter schools while assigning three new ratings and maintaining 51 ratings across the sector. The rating actions are broken out as follows: S&P Global Ratings took two positive rating actions during the third quarter, raising one rating and revising one outlook to positive from stable. These actions were a result of growing enrollment and strong demand profiles that translated into sustained improvements in key financial metrics, including healthier operating margins, strengthened lease-adjusted maximum annual debt service (MADS) coverage, growing liquidity, and moderating debt ratios. S&P Global Ratings took 15 negative rating actions during the quarter, lowering eight ratings and ]]>U.S. Local Governments, U.S. Public Finance, Thu, 29 Oct 2026 17:20:54 GMT<![CDATA[ U.S. Charter Schools Rating Actions, Third-Quarter 2026 ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. €)† Class size (%) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 177.45 80.5 19.5 One-month EURIBOR plus 0.98% July 25, 2039 B-Dfrd AA (sf) 13.20 6.0 13.5 One-month EURIBOR plus 1.75% July 25, 2039 C-Dfrd A (sf) 11.00 5.0 8.5 One-month EURIBOR plus 2.10% July 25, 2039 D-Dfrd BBB (sf) 9.90 4.5 4.0 One-month EURIBOR plus 3.25% July 25, 2039 E-Dfrd BB+ (sf) 6.60 3.0 1.0 One-month EURIBOR plus 3.70% July 25, 2039 F NR 2.25 1.0 0.0 Fixed July 25, 2039 X BB+ (sf) 2.76 1.2 N/A One-month EURIBOR plus 4.50% July 25, 2039 R NR 0.100 0.00 N/A Variable return July 25, 2039 *Our rating on the class A ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Thu, 29 Oct 2026 16:37:46 GMT<![CDATA[ New Issue: Youni Italy 2026-1 S.r.l. ]]>00:01:00Banking, Financial Services, Governments, Sovereigns, Thu, 29 Oct 2026 15:10:09 GMT<![CDATA[ Banking Industry Country Risk Assessment: Kazakhstan ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Corporates, Credit Markets, Credit Conditions, Credit ConditionsThu, 29 Oct 2026 13:38:06 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Oct. 28, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Most major rated insurers and reinsurers in Europe, the Middle East, and Africa (EMEA) reported robust operational and financial results in the first half of 2026. Re/insurers have demonstrated that they can consistently deliver on their financial targets even when facing economic uncertainty and geopolitical instability. EMEA re/insurers are likely to continue performing robustly in the full year, judging by their strong discounted combined ratios of around 89% in the first half of 2026. In this report, S&P Global Ratings outlines performance trends for 50 rated EMEA-based publicly listed or debt-issuing re/insurers. Of these, 46 have reported operating and financial results for the first half of 2026. The 50 rated re/insurers in ]]>Financial Services, Insurance Markets, Thu, 29 Oct 2026 13:24:53 GMT<![CDATA[ EMEA Re/Insurers Target Growth Amid Favorable Claims Conditions ]]>00:01:00Governments, Credit Conditions, Credit ConditionsThu, 29 Oct 2026 11:14:04 GMT<![CDATA[ Polish Cities Brief: Krakow And Lodz Remain Vulnerable To Higher Interest Rates ]]>00:01:00Asset-Backed Commercial Paper (ABCP), Structured Finance, Thu, 29 Oct 2026 09:48:25 GMT<![CDATA[ New Issue: Auto ABS French Leases 2026 ]]>00:01:00<![CDATA[ S&P Global Ratings considers IDFM's European Green Bond Impact Report to be aligned with the European Green Bond Regulation. IDFM is a public body responsible for financing, organizing, and developing public passenger transport services and coordinating mobility-related policies in the Île-de-France region. ]]>Corporates, Transportation, Thu, 29 Oct 2026 07:19:23 GMT<![CDATA[ EuGB Post-Issuance Impact Report Review: IDFM European Green Bond Impact Report ]]>00:01:00<![CDATA[ S&P Global Ratings considers IDFM's European Green Bond Allocation Report to be aligned with the European Green Bond Regulation. We consider Dark green to be representative of the allocation. IDFM is a public body responsible for financing, organizing, and developing public passenger transport services and coordinating mobility-related policies in the Île-de-France region. ]]>Corporates, Transportation, Thu, 29 Oct 2026 07:17:14 GMT<![CDATA[ EuGB Post-Issuance Review: IDFM European Green Bond Allocation Report ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japan's local government sector can manage the burden of rising long-term interest rates. We believe debt balances will continue easing moderately thanks to higher local tax revenues and ongoing central government support. Japanese long-term interest rates are rising. The Bank of Japan (BoJ) raised the policy rate to 1.25% at the September 2026 monetary policy meeting. Long-term interest rates have risen by over 200 basis points (bps) since the BoJ ended its negative interest rate policy in 2024. The pace of increases accelerated over the past year, briefly exceeding 3%. A sharp rise in rates can worsen debt burdens and fiscal balances through higher interest payments. Local and regional governments (LRGs) in ]]>Governments, Government-Related Entities, Sovereigns, Thu, 29 Oct 2026 06:50:35 GMT<![CDATA[ Japan Local Governments Brief: Decreasing Debt Helps Manage Higher Rates ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The year 2026 has been tough for Australia's property sector. We think the malaise will continue into early 2027. But our analysis shows most sectors have the capital and other buffers within the ratings to handle a severe downside scenario. House prices are declining due to stretched affordability stemming from: Four 25 basis-point (bps) increases in central bank interest rates between February and September 2026; and Negative sentiment from tax policy changes announced in the May 2026 federal budget. We estimate average residential property prices will fall by at least 5% for the calendar year ending Dec. 31, 2026. We expect the weakness could persist in the first half of 2027 before ]]>Corporates, Macroeconomics Economic Research, Financial Services, Funds, Governments, Insurance Markets, Real Estate Themes, Credit ConditionsThu, 29 Oct 2026 03:05:09 GMT<![CDATA[ Scenario Analysis: Australian Credit Quality Holds Steady As Property Market Cools ]]>00:01:00Covered Bonds, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Credit ConditionsWed, 28 Oct 2026 22:19:37 GMT<![CDATA[ Economic Research: The Fed's Hold Points To Gradual Tightening ]]>00:01:00<![CDATA[ U.S. and Canadian spec-grade credit quality remained broadly resilient through Q3 2026, supported by solid median mid-single-digit EBITDA growth, although operating performance continued to diverge across sectors amid a less supportive macroeconomic backdrop. Rising interest rates, persistent inflationary pressure, and a cooling labor market weighed on business confidence and consumer spending, particularly among lower-income households. ]]>Corporates, Leveraged Finance & High Yield, Market Dynamics, Leveraged FinanceWed, 28 Oct 2026 19:33:31 GMT<![CDATA[ Q3 2026 U.S. And Canada Leveraged Finance Summary Report: Credit Resilience Meets Higher Rates and Costs ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 There was one default among corporate issuers rated by S&P Global Ratings in Asia-Pacific in 2025, maintaining the region's recent trend of exceptionally low defaults, with zero in 2024 and two in 2023. The lone default equated to a speculative-grade default rate of 0.7% in Asia-Pacific (see chart 1), compared with 3.1% globally, 3.7% in the U.S., and 4% in Europe. Last year's defaulter was Chinese real estate company China Vanke Co., which defaulted in December 2025 after bondholders agreed to extend a grace period. S&P Global Ratings viewed the extension as a distressed debt restructuring tantamount to a default (see " China Vanke Downgraded To 'SD' On Completed Distressed ]]>Credit Markets, Emerging Markets, Default Transition, Emerging MarketsWed, 28 Oct 2026 18:55:24 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual Asia-Pacific Corporate Default And Rating Transition Study ]]>00:01:00<![CDATA[ A roundup of the latest credit developments and underlying performance indicators observed across EMEA structured finance sectors, including the latest trends in CLOs. ]]>Covered Bonds, Structured Finance, Wed, 28 Oct 2026 18:53:45 GMT<![CDATA[ EMEA Structured Finance Chart Book: October 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings has revised its assessment of Maryland’s ratemaking framework for rated electricity, gas, and water utilities to more credit supportive from very credit supportive. We periodically assess every regulatory jurisdiction in the U.S. and Canada with a rated utility or where one operates, monitoring developments in several states and provinces. Our views, from credit supportive to most credit supportive, provide a reference when determining the regulatory risk of a regulated utility or a holding company with more than one utility. Quantitative and qualitative factors focus on stability, tariff-setting procedures and design, financial stability, independence, and insulation. Regulation across the continuum strengthens a utility’s business risk profile and generally underpins our ]]>Corporates, Utilities, Credit Conditions, Information and Communications Technology (ICT), Digital InfrastructureWed, 28 Oct 2026 16:11:49 GMT<![CDATA[ North American Utility Regulatory Jurisdictions: October 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Germany’s physical climate risk profile is shifting. Rising temperatures and changing precipitation patterns are projected to drive more frequent and extreme weather events, including heatwaves, heavy rainfall, droughts, and storms, as well as potentially compound exposures. These trends pose growing risks to the economy, public infrastructure, and households, in S&P Global Ratings’ view. According to S&P Global Energy’s Physical Climate Risk dataset, most German subsovereigns will see increased exposure to climate hazards over the next decade. Under a slow transition scenario (SSP3-7.0), physical climate risks are projected to worsen through to the 2050s (see Appendix for more details on the approach and the dataset). Chart 1 Climate change is expected to increase ]]>Financial Services, Governments, Insurance Markets, International Public Finance, Government-Related Entities, Sovereigns, LiquidityWed, 28 Oct 2026 14:57:06 GMT<![CDATA[ Sustainability Insights: When Nature Sends The Bill: Germany’s Public, Banking, And Insurance Sectors Show Resilience ]]>00:01:00<![CDATA[ Rating Class Rating* Amount (mil. €) Available credit enhancement (%)§ Interest Legal final maturity A AAA (sf) 500.00 6.9 1ME plus 0.48% December 2034 B NR 32.00 0.9 Fixed rate December 2034 Subordinated loan NR 5.00 N/A Fixed rate December 2034 *Our rating addresses timely payment of interest and ultimate payment of principal on the class A notes. §Available credit enhancement consists of subordination and a general reserve that is ultimately available to mitigate potential principal shortfalls. The reserve is funded through the subordinated loan's proceeds. 1ME--One-Month Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. Supporting ratings Institution/role Ratings Replacement trigger Collateral posting trigger U.S. Bank Europe DAC as bank account provider ICR: A+/Stable/A-1 A N/A Skandinaviska Enskilda Banken ICR: ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Wed, 28 Oct 2026 14:53:34 GMT<![CDATA[ New Issue: Silver Arrow S.A., Compartment 22 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' medians for U.S. long-term municipal pools reflect a sector with substantial financial cushion and a long record of strong performance. The sector includes Clean Water and Drinking Water SRFs, state bond banks and municipal lending programs, economic development pools, and guarantee programs. Although these programs differ in purpose and structure, most share several features that support high investment-grade ratings: diversified portfolios of public-sector borrowers, structural overcollateralization from reserves or excess loan repayments, and, in many cases, support mechanisms such as state aid intercepts or direct state funding. We generated these medians from 2026 and 2025 cash flow analyses for 65 distinct pools with public ratings under our criteria (see ]]>U.S. Public Finance, U.S. States, Wed, 28 Oct 2026 13:24:16 GMT<![CDATA[ U.S. Long-Term Municipal Pools 2026 Medians: Ample Overcollateralization Absorbs Rising Leverage As Federal Support Recedes ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Heightened geopolitical tensions and fuel price volatility continue to affect European airports, leading to a divergence in performance. While the sector has demonstrated short-term resiliency, macroeconomic uncertainty and competitive pressures continue to weigh on the outlook for 2027. Overall, we expect southern European leisure hubs to continue performing better than northern and central European hubs. At the same time, the industry is entering an intensive investment phase that will test balance sheet flexibility and regulatory frameworks. Shifting operational dynamics and rising capex needs will likely have differing rating implications for rated European airports. Resilient But Diverging Performance Travel demand has been more robust than we anticipated earlier in the year. Notwithstanding ongoing ]]>Aerospace & Defense, Corporates, Financial Services, Governments, Infrastructure, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Government-Related Entities, Sovereigns, Transportation, Market DynamicsWed, 28 Oct 2026 11:36:22 GMT<![CDATA[ European Airports: Balancing Demand Uncertainty With Expansion Needs ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japan's government-related entities that we rate will retain high policy importance, with some becoming even more pivotal. They are key policy implementers as the government expands investments to foster growth strategies and economic security. The government has set out to strengthen investment in growth and crisis management. In its record-breaking budget request for fiscal 2027, it has established the new "Strong and Prosperous Japan" investment framework, aiming to expand investment in priority areas like AI, semiconductors, and economic security. In the Fiscal Investment and Loan Program, some rated government-related entities (GREs) with strong links to growth strategies and priority policies have asked for increased funding, further elevating their roles as policy implementation ]]>Governments, Government-Related Entities, Credit Conditions, Artificial IntelligenceWed, 28 Oct 2026 05:15:30 GMT<![CDATA[ Japan Government-Related Entities Brief: Policy Importance Rising Alongside Growth Strategy ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Japanese auto loan asset-backed securities (ABS) issuance is growing as expectations of rising interest rates boost investment demand for securitized instruments with short economic life. Default rates for the underlying auto loan receivables remain low and show resilience to economic stress. Credit risk and commingling risk in auto loan ABS are typically mitigated by senior-subordinated structure. ABS backed auto loan receivables are a major asset class in Japan, as they are globally. We see rising issuance as investors seek short-duration securitized instruments amid higher interest rates. Despite a moderate increase since 2021, default rates for rated Japanese auto loan ABS remain low. ABS issuance in Japan totaled approximately ¥2.2 trillion in the ]]>Structured Finance, Wed, 28 Oct 2026 04:21:20 GMT<![CDATA[ A Primer On Japanese Auto Loan ABS ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Softer pricing could pressure Asia-Pacific reinsurers' profitability in the coming two years. Still, established domestic franchises, selective underwriting, and sufficient capital buffers should support creditworthiness and our stable sector view. Key risks include potential large losses from catastrophe events, financial-market and currency volatility, and geopolitical and macroeconomic uncertainty. Premium growth should remain modest, supported by domestic market expansion and measured diversification. Expansion into more complex business and exposure to higher-risk assets, meanwhile, could increase earnings volatility. We maintain our stable view of the Asia-Pacific reinsurance sector. Resilient earnings and sufficient capital buffers should help absorb moderate underwriting and financial-market volatility. Recent positive rating momentum reflects individual credit developments rather than broad-based strengthening ]]>Insurance Markets, Reinsurance, Wed, 28 Oct 2026 04:00:22 GMT<![CDATA[ Asia-Pacific Reinsurance In Charts: Discipline Will Differentiate ]]>00:01:00Structured Finance, Tue, 27 Oct 2026 17:32:45 GMT<![CDATA[ New Issue: Merrion Square Residential 2026-1 DAC ]]>00:01:00Financial Services, U.S. Public Finance, Tue, 27 Oct 2026 15:54:56 GMT<![CDATA[ Credit Conditions: North America Special Report: The U.S. Midterm Elections And The Effects On Credit ]]>00:01:00<![CDATA[ Ratings Class Rating* Amount (mil. €) Class size (% of pool balance) Available credit enhancement (%) Interest Legal final maturity A AAA (sf) 246.00 82.0 18.0 One-month EURIBOR plus 0.73% June 2037 B-Dfrd AA (sf) 14.40 4.8 13.2 One-month EURIBOR plus 1.25% June 2037 C-Dfrd A+ (sf) 13.50 4.5 8.7 One-month EURIBOR plus 1.45% June 2037 D-Dfrd BBB+ (sf) 12.30 4.1 4.6 One-month EURIBOR plus 1.65% June 2037 E-Dfrd BB (sf) 10.00 3.3 1.3 One-month EURIBOR plus 3.35% June 2037 F-Dfrd B (sf) 3.80 1.3 0 One-month EURIBOR plus 4.83% June 2037 *Our ratings address timely payment of interest and ultimate payment of principal on the class A notes, while our ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and ]]>Structured Finance, Tue, 27 Oct 2026 15:31:19 GMT<![CDATA[ New Issue: Treva Equipment Finance S.A., Compartment 2026-1 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Europe's digital buildout is expanding steadily, rather than spectacularly. Digital transformation in Europe is service-heavy and dispersed across countries, unlike the boom in the U.S. Nevertheless, the shift in the information and communication technology (ICT) sector is real and increasingly visible in trade, investment, employment, and productivity. Trade in computer services and rising investment in software, databases, and ICT equipment are helping to support the European economy's resilience to recent global shocks (see " Economic Outlook Europe Q4 2026: Resilient Demand Meets Persistent Pressure ," published Sept. 23, 2026). The ICT sector accounts for about 5.2% of total EU value added--this is more than the construction sector and similar to the financial ]]>Covered Bonds, Credit Markets, Macroeconomics Economic Research, Financial Services, Structured Finance, U.S. Public Finance, Tue, 27 Oct 2026 13:00:06 GMT<![CDATA[ Economic Research: Europe's Digital Transformation Supports Economic Resilience ]]>00:01:00<![CDATA[ This report does not constitute a rating action. European banks have substantial capital buffers relative to their regulatory requirements. This follows years of banks ramping up capitalization--on both a regulatory basis and based on our measurement of risk-adjusted capital (RAC)--since the global financial crisis and European sovereign debt crisis. Stronger profitability and typical low growth in risk exposures are providing an annual surplus of post-tax earnings, allowing management to make strategic choices. They can decide whether to maintain or reduce those buffers and whether to pay out the free capital to shareholders, pursue mergers and acquisitions (M&A), or both. This is likely to result in more divergence in capital trends across the region. Capitalization (measured on our RAC basis) remains ]]>Banking, Financial Services, Tue, 27 Oct 2026 10:59:42 GMT<![CDATA[ Credit FAQ: When Does More Capital Stop Lifting European Bank Ratings? ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Stadshypotek's European Green Bond Factsheet as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Stadshypotek is a wholly owned subsidiary of Handelsbanken, which is a leading Nordic bank headquartered in Stockholm. ]]>Banking, Financial Services, Tue, 27 Oct 2026 06:49:26 GMT<![CDATA[ Second Party Opinion And EuGB Pre-Issuance Review: Stadshypotek AB European Green Bond Factsheet ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The performance of underlying loans in Japanese private-sector residential mortgage-backed securities will likely be stable. We observe changes in borrower attributes and loan products in the mortgage market propelled by rising home prices, particularly in major metropolitan areas. There is an increasing trend in the use of pair-loans and loans with maturities exceeding 35 years to reduce monthly repayment burdens. While there are risk factors this trend is causing, such as longer repayment periods and increased total repayment amounts, asset performance has remained stable to date. As of September 2026, we forecast the unemployment rate will remain low and stable in the mid-2% range through 2029. A robust labor market will support ]]>Structured Finance, Tue, 27 Oct 2026 05:13:37 GMT<![CDATA[ Japan Private-Sector RMBS Performance Watch: Resilient Asset Performance Despite Rate Hikes ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Stronger ratings momentum and fewer weakest links contrasted with a historically high share of repeat defaults in September. Chart 1 Chart 2 Chart 3 Data as of Sept. 30, 2026. Net bias is the positive bias minus the negative bias (for both investment- and speculative-grade issuers). Default data has been updated to reflect confidential issuers. Weakest links--issuers rated 'B-' and below with a negative outlook or on CreditWatch Negative. Source: S&P Global Ratings Credit Research & Insights. Elevated benchmark yields are complicating the backdrop for corporate credit. The U.S. 10-year Treasury yield has reached its highest level since the early 2000s while comparable U.K. and Japanese benchmarks have climbed to levels last ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Banking, Building & Construction, Commercial Mortgage-Backed Securities (CMBS), Retail & Consumer Products, Corporates, Covered Bonds, Credit Markets, Energy & Commodities, Financial Services, Governments, Health Care, Homebuilding, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Real Estate Themes, Residential Mortgage-Backed Securities (RMBS), Retailing, Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Mon, 26 Oct 2026 19:56:56 GMT<![CDATA[ This Month In Credit: Headline Trends Strengthen As Stress Runs Deeper (October 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Table 1 Global issuance summary and forecast (Bil. $) Nonfinancials* Financial services Structured finance U.S. public finance International public finance Annual total 2022 1,952.6 2,716.0 1,183.1 389.3 1,066.7 7,307.57 2023 2,244.7 2,797.3 1,069.4 383.7 1,218.0 7,713.14 2024 2,829.8 3,293.8 1,323.8 512.8 1,357.3 9,317.38 2025 3,352.3 3,575.9 1,451.0 585.6 1,446.1 10,410.89 YTD 2025 2,592.3 2,812.2 1,047.7 440.1 1,194.7 8,086.96 YTD 2026 3,008.9 3,103.7 1,296.5 473.8 1,239.3 9,122.25 2026 forecast (YOY % change) 14 11 20 8 5 12.20 2026 ranges (%) 9-19 7-15 15-25 5-10 0-9 7.7-16.6 2027 forecast (YOY % change) 4.5 3.5 -7.0 4.0 7.0 2.7 2027 ranges (%) -2 to 10 -1 to 8 -14 to 0 0 ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 26 Oct 2026 19:28:46 GMT<![CDATA[ Credit Trends: Global Issuance Forecast And Financing Conditions Q3 2026: 12.2% Growth This Year Before A Dip To 2.7% In 2027 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. As year-end approaches, borrowers are facing simmering geopolitical risk, elevated yields, and AI concentration risk. Nevertheless, global debt issuance has remained strong as investor demand remains supportive. Corporate issuers continue to be broadly resilient, but we expect to see a widening dispersion between the stronger and weaker rated issuers as debt service costs rise and as older, cheaper debt gets refinanced at materially higher rates. Issuers refinanced upcoming maturities during the third quarter of 2026. Some of this might be frontloading of refinancing activity due to potential geopolitical uncertainty and market expectations for further rate hikes from major central banks, which is likely to lead to higher financing costs for corporate borrowers. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 26 Oct 2026 18:34:40 GMT<![CDATA[ Credit Trends: Global Refinancing: Risks Will Mount In 2028 As Uncertainty Grows ]]>00:01:00<![CDATA[ This report does not constitute a rating action. GDP in nominal terms has risen by nearly 27% since 2022 (the advent of ChatGPT) to $32.5 trillion in the second quarter of 2026. Meanwhile, tech-centric direct investment (broadly defined as the sum of information processing equipment, data center construction, software, and research and development outlays) has risen by 47% to $2.6 trillion (see chart 1 [and table 1 in the Appendix for category components]). The breakdown of tech-centric investment components shows us that outlays on data center construction (estimated $67 billion annualized in 2Q 2026) and information processing equipment (IPE; $836 billion annualized in 2Q 2026) have unmistakably moved up from their pre-Chat GPT 2022 trend (see chart 2). Investment in ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Covered Bonds, Macroeconomics Economic Research, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Market DynamicsMon, 26 Oct 2026 16:32:57 GMT<![CDATA[ Economic Research: How Have Tech-Centric Outlays Contributed To Investment And GDP Growth In The U.S.? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 This is our inaugural edition of our U.S. credit estimate default forecast. Credit estimates are point-in-time, confidential indications of our likely rating on unrated entities or instruments. Corporate credit estimates are primarily used in our analysis of middle-market CLOs. These are not the same as our long-term credit ratings, but they do offer a view of direct lending market, which is the largest strategy within private credit. S&P Global Ratings currently has over 4,000 unique credit estimates outstanding For more information on how credit estimates are derived and their meaning, please see " Credit FAQ: Anatomy Of A Credit Estimate: What It Means And How We Do It ," Jan. ]]>Credit Markets, , Default TransitionMon, 26 Oct 2026 14:37:03 GMT<![CDATA[ Default, Transition, and Recovery: U.S. Credit Estimate Default Forecast To Rise To 4.75% By September 2027 ]]>00:01:00<![CDATA[ Ratings Class Rating* Class size (mil. £) Available credit enhancement (%)§ Initial coupon Legal final maturity A AAA (sf) 429.578 19.0 Compounded daily SONIA plus 0.86% October 2040 B-Dfrd AA (sf) 33.412 12.7 Compounded daily SONIA plus 1.40% October 2040 C-Dfrd A (sf) 30.230 7.0 Compounded daily SONIA plus 1.70% October 2040 D-Dfrd BBB (sf) 19.623 3.3 Compounded daily SONIA plus 1.90% October 2040 E-Dfrd BB- (sf) 11.137 1. 2 Compounded daily SONIA plus 3.40% October 2040 F-Dfrd B- (sf) 5.834 0.1 Compounded daily SONIA plus a 3.90% October 2040 Z NR 0.530 0.0 Zero October 2040 X-Dfrd† B- (sf) 18.562 N/A Compounded daily SONIA plus a 3.50% October 2040 Certificates NR N/A N/A N/A NA *Our rating on the ]]>Structured Finance, Mon, 26 Oct 2026 14:17:02 GMT<![CDATA[ New Issue: Anchor ABS 2026-1 PLC ]]>00:01:00<![CDATA[ Rating Class ISIN Amount (€) Rating* Class size (%) Available credit enhancement (%)§ Interest (%) Legal final maturity A2026-01 FR001401AVG0 350,000,000 AA (sf) 94.5 5.5 2.00 Oct. 28, 2047 B N/A 20,380,000 NR 5.5 N/A 0.10 Oct. 28, 2047 *Our rating addresses payment of timely interest and ultimate principal on or before legal final maturity. §Indicates available credit enhancement through class subordination. NR--Not rated. N/A--Not applicable. S&P Global Ratings assigned its credit rating to Boursobank Master Consumer Loans France’s class A2026-01 fixed-rate notes. At closing, the issuer also issued unrated asset-backed fixed-rate class B notes. At closing, the issuer purchased a portfolio of French consumer loan receivables originated by Boursorama S.A. Boursorama is a leading online French bank originating consumer ]]>Structured Finance, Mon, 26 Oct 2026 13:26:29 GMT<![CDATA[ New Issue: BoursoBank Master Consumer Loans France ]]>00:01:00<![CDATA[ Downgrades doubled to 14 last week, the highest weekly count since the end of April, while upgrades declined to three from 10.There were rating actions in multiple sectors, the consumer products sector recorded the most downgrades at three. U.S.-based issuers accounted for nine downgrades and all three upgrades.New risky credits increased to three last week, from one a week earlier: We downgraded Sweden-based Polygon Group AB on elevated leverage and liquidity risk; we also downgraded U.S.-based Mega Broadband Investments Intermediate I LLC on restructuring and Planview Parent Inc. on refinancing risk.There was one default last week, a consumer products issuer, the same as the previous week. This brought the year-to-date total to 87, less than the 97 last year. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Mon, 26 Oct 2026 12:13:31 GMT<![CDATA[ This Week In Credit: Weekly Downgrades Doubled To Highest Since April (Oct. 26, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The Hongkong and Shanghai Banking Corp. Ltd. is using its retail franchise to gain a first-mover advantage in Hong Kong’s stablecoin market. Integration with the bank’s mobile payments app PayMe ensures a retail base for adoption of RedCoin. Tokenized investments and cross-border payments will likely follow. On Oct. 23, 2026, The Hongkong and Shanghai Banking Corp. Ltd. (HBAP) launched RedCoin, Hong Kong's first stablecoin for public use. Integrated directly into PayMe, users can activate an in-app wallet to make instant peer-to-peer transfers and direct peer-to-merchant payments using the stablecoin. We expectHBAP to drive early stablecoin adoption through its retail scale. Integrating RedCoin directly into PayMe helps overcome customer acquisition challenges. The bank ]]>Banking, Financial Services, Digital WalletsMon, 26 Oct 2026 08:06:21 GMT<![CDATA[ Digital Assets Brief: HSBC's Retail Franchise Will Accelerate Hong Kong Stablecoin Adoption ]]>00:01:00Structured Finance, Fri, 23 Oct 2026 20:48:14 GMT<![CDATA[ New Issue: Diameter Lending Fund II (Unlevered) RNF LP ]]>00:01:00<![CDATA[ This report highlights the key themes for the U.S. private credit and middle-market collateralized loan obligation sectors in fourth-quarter 2026. ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceFri, 23 Oct 2026 19:04:03 GMT<![CDATA[ Private Credit And Middle-Market CLO Quarterly: The Waiting (Is The Hardest Part) (Q4 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. What is happening: Community backlash against data center development is mounting and translating into policy action. Public scrutiny is primarily centered on resource allocation, environmental impact, social license, and tax treatment. These concerns include energy costs, power grid strain, water scarcity, air pollution, noise pollution, and disruption of natural resources. Data centers have also become a focal point for broader social impacts around AI, as the physical location of servers and chips. Why it matters: Construction risk is central to our credit analysis for data center transactions in development . To the extent that moratoriums, permitting slowdowns or potential reversals meaningfully delay projects, financial penalties in the form of rent credits and ]]>, Fri, 23 Oct 2026 16:38:20 GMT<![CDATA[ Credit FAQ: Data Centers Risk Being Unplugged By Heightened Scrutiny ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this edition of Instant Insights, our key takeaways from recent articles include physical AI in industrial automation, factors driving the U.S. 10-year yield and its implications on U.S. banks, and key takeaways from IMF-World Bank annual meetings. We also cover the global corporate default tally, the global fertilizer industry, global and Chinese autos, Korean battery makers, auto suppliers and food manufacturers in Europe, the impact of rising capex on hyperscalers’ credits, outdoor advertising market leaders, and cybersecurity in the education sector. We feature the North America data center roundup, data center development in emerging markets, the Healthcare Credit Beat, Latin American toll roads, social housing providers, insurers, and fixed telecom market ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Fri, 23 Oct 2026 15:09:58 GMT<![CDATA[ Instant Insights: Key Takeaways From Our Research ]]>00:01:00<![CDATA[ S&P Global Ratings has reviewed the term loan agreement dated Oct. 19, 2026, for Trinity Rail Leasing 2026 LLC. We believe the terms of the loan are consistent with the eligible green projects outlined in Trinity Industries’ Green Financing Framework, dated June 25, 2025. ]]>Autos & Capital Goods, Corporates, Transportation, Fri, 23 Oct 2026 15:08:24 GMT<![CDATA[ Pre-Issuance Alignment Letter: Trinity Rail Leasing 2026 LLC Green Term Loan ]]>00:01:00<![CDATA[ S&P Global Ratings views DekaBank's allocations as consistent with pre-issuance commitments. As of Aug. 31, 2026, all proceeds were allocated to loans for renewable energy projects (wind and solar) on a portfolio basis. DekaBank is a financial institution wholly owned by the German savings banks. ]]>Banking, Financial Services, Fri, 23 Oct 2026 09:50:38 GMT<![CDATA[ Post-Issuance Review: DekaBank Impact And Allocation Report ]]>00:01:00Credit Markets, , Default TransitionThu, 22 Oct 2026 17:47:01 GMT<![CDATA[ Credit Trends: Utilities Push European Distress Ratio Up ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings expects credit quality in the airport CONRAC sector will remain stable, supported by relatively good rate-setting flexibility and healthy liquidity, as well as the overall resilience of air travel demand. Our base case is for rental car transactions to climb at a modest pace in line with underlying passenger traffic growth rather than the outsize increases seen during the post-pandemic recovery. Although passenger growth moderated in 2025, with enplanements slightly dropping at many airports, total volumes remain near historically high levels at most major airports. Fiscal 2025 results demonstrate the sector has sustained the fundamental demand characteristics that underpin CFC-backed debt. Rental car transactions remain closely tied to air ]]>Corporates, Financial Services, U.S. Public Finance, Thu, 22 Oct 2026 15:06:15 GMT<![CDATA[ U.S. Transportation Infrastructure Consolidated Rental Car Facility Report Card: Credit Quality Remains Stable Amid Steady Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 22 Oct 2026 14:38:56 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Oct. 21, 2026 ]]>00:01:00<![CDATA[ Transaction profile Issuer Morton Funding 2026-1 PLC Collateral type Unsecured consumer loans Domicile of assets U.K. Seller Zopa Bank Ltd. Servicer Zopa Bank Ltd. Counterparties Citibank, N.A., London branch as issuer bank account provider and Lloyds Bank Corporate Markets PLC as interest rate swap provider Ratings Class Rating* Amount (mil. £) Initial credit enhancement (%)§ Coupon Legal final maturity A AAA (sf) 338.227 24.84 Compounded daily SONIA plus 0.84% August 2034 B-Dfrd AA (sf) 29.549 18.27 Compounded daily SONIA plus 1.10% August 2034 C-Dfrd A (sf) 26.140 12.46 Compounded daily SONIA plus 1.35% August 2034 D-Dfrd BBB (sf) 25.003 6.91 Compounded daily SONIA plus 1.70% August 2034 E-Dfrd BB- (sf) 15.911 3.37 Compounded daily SONIA plus 3.00% August 2034 F-Dfrd ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Thu, 22 Oct 2026 13:33:35 GMT<![CDATA[ New Issue: Morton Funding 2026-1 PLC ]]>00:01:00<![CDATA[ Climbing electricity prices across the U.S. are fueling concerns about how rapid data center development is affecting energy affordability. Our analysis indicates that factors beyond just data center power consumption, including inflationary costs and increased capital spending, are driving higher prices to date. However, we believe that even the perception of a link between data center expansion and rising electricity prices could lead to further local resistance and policy responses to the digital infrastructure buildout. There's already been pushback at the state level in the world’s most powerful economy: New York became the first U.S. state to ban new large-scale data center construction, while even projects in build-friendly Texas face a pause in permit approval . Oracle Corp. recently sent ]]>Corporates, Governments, Technology, Media & Telecom, Government-Related Entities, Sovereigns, U.S. Public Finance, Emerging Markets, Information and Communications Technology (ICT), Digital Infrastructure, Emerging MarketsThu, 22 Oct 2026 13:21:34 GMT<![CDATA[ CreditWeek: Are Emerging Markets The Next Frontier For Data Center Development? ]]>00:01:00<![CDATA[ Transaction profile Issuer Exmoor Funding 2026-1 PLC Collateral type RMBS prime Domicile of assets U.K. Seller LiveMore Investments Ltd. Servicer LiveMore Capital Ltd. Counterparties Citibank Europe PLC, U.K. branch, Citibank, N.A., London branch, National Westminster Bank PLC, and CSC Capital Markets UK Ltd. Capital structure Class Rating Amount (mil. £) Credit enhancement (%) Coupon (%) Step-up coupon (%) Step-up date Legal final maturity A AAA (sf) 191.9 9.50 Daily compounded SONIA + 95bps Daily compounded SONIA + 1.425% January 2031 April 2096 B-Dfrd* AA (sf) 9.1 5.20 Daily compounded SONIA + 125bps Daily compounded SONIA + 1.875% January 2031 April 2096 C-Dfrd* A (sf) 5.1 2.80 Daily compounded SONIA + 175bps Daily compounded SONIA + 2.625% January 2031 April 2096 ]]>Structured Finance, Thu, 22 Oct 2026 13:00:01 GMT<![CDATA[ New Issue: Exmoor Funding 2026-1 PLC ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The U.K. life and nonlife insurance markets remain very competitive despite significant consolidation in recent years, and we expect this to continue. Life insurers are more likely to find pockets of profitable growth than nonlife peers in 2027. In our view, while new entrants in the bulk purchase annuity (BPA) market have squeezed margins, demand is likely to remain strong due to higher interest rates and other lines, including workplace pensions and protection should continue growing. Life sector resilience will contrast with intensifying stress in property and casualty (P/C) lines in the U.K. insurance market through 2027. Despite significant consolidation over the past five years, the U.K. P/C market will remain one ]]>Insurance Markets, Life Insurance, Property & Casualty, Thu, 22 Oct 2026 12:01:03 GMT<![CDATA[ Heightened Competition Makes Growth Hard To Find For U.K. Insurers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On Oct. 5, 2026, BT Group PLC agreed a deal to acquire TalkTalk Telecommunications Ltd., taking the rival operator out of administration. The takeover adds 2.5 million customers for BT and follows a public interest intervention by the U.K. government. Meanwhile, the Competition and Markets Authority (CMA) has raised competition concerns regarding U.K. fiber optic operator Nexfibre’s proposed acquisition of Netomnia. Here, S&P Global Ratings presents our responses to a selection of common questions from investors about what these events could mean for the competitive landscape and credit outlook of the U.K. telecoms industry, and the potential impact on the three largest players, BT Group PLC, Vodafone Group PLC, and VMED O2 ]]>Corporates, Telecom Services, U.S. Public Finance, Thu, 22 Oct 2026 09:43:17 GMT<![CDATA[ Credit FAQ: Assessing Potential M&A Implications For The U.K. Fixed Telecoms Market ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Green Cargo's Sustainable Finance Framework as aligned with the Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; Sustainability-Linked Bond Principles, ICMA, 2024; and Sustainability-Linked Loan Principles, LMA/LSTA/APLMA, 2025. The state-owned company is the largest rail freight operator in Sweden. ]]>Infrastructure, Transportation, Thu, 22 Oct 2026 09:30:17 GMT<![CDATA[ Second Party Opinion: Green Cargo Sustainable Finance Framework ]]>00:01:00<![CDATA[ S&P Global Ratings assesses that Kempower Oyj meets all the criteria set out in the Nasdaq Green Equity Principles. Kempower designs, manufactures, and sells a range of direct-current fast-charging equipment and services for personal and commercial vehicles. ]]>Corporates, Energy & Commodities, Transportation, Thu, 22 Oct 2026 04:47:53 GMT<![CDATA[ Green And Transition Equity Designation External Review: Kempower Oyj ]]>00:01:00<![CDATA[ ICBC Financial Leasing Co. Ltd.'s Allocation And Impact Report meets the requirements for allocation and impact reporting contained in the ICMA Sustainable Bond Principles and commitments in ICBC Leasing’s Sustainable Finance Framework relating to allocation and impact reporting. ICBC Leasing is a financial leasing company and a wholly owned subsidiary of the Industrial and Commercial Bank of China (ICBC). The company was established in 2007 and is headquartered in Tianjin, China. ICBC Leasing provides asset-based financing and leasing solutions, primarily in three major sectors: aviation, shipping, and infrastructure assets. ]]>Financial Services, Non-banks, Wed, 21 Oct 2026 22:18:19 GMT<![CDATA[ Post-Issuance Review: ICBC Financial Leasing Co. Ltd.'s Allocation And Impact Report ]]>00:01:00Higher Education, U.S. Public Finance, Wed, 21 Oct 2026 19:16:55 GMT<![CDATA[ U.S. Higher Education Rating Actions, Third-Quarter 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. not-for-profit healthcare outstanding ratings and outlooks as of Sept. 30, 2026 Obligor State Rating Outlook Entity type Adena Health System OH A- Stable Stand-alone AdventHealth FL AA Stable System Adventist Health System/West CA BBB+ Stable System Adventist Healthcare MD BBB Stable System Advocate Health IL AA Stable System AHS Hospital Corporation NJ AA- Stable System Albany Medical Center Hospital NY A Stable System Allegheny Health Network PA A Negative System Allina Health MN A+ Negative System AnMed Health SC A+ Positive Stand-alone Ann & Robert H. Lurie Children's Hospital of Chicago IL AA- Stable Stand-alone Antelope Valley Hospital CA BBB- Stable Stand-alone Appalachian Regional Healthcare KY A Stable System Arkansas Children's ]]>U.S. Public Finance, Wed, 21 Oct 2026 17:04:48 GMT<![CDATA[ U.S. Not-For-Profit Healthcare Outstanding Ratings And Outlooks As Of Sept. 30, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' outlook bias on European auto suppliers is positive despite challenging market conditions. We now have positive outlooks on four of the largest European auto suppliers, Forvia S.E. (BB-/Positive/--), Valeo S.E. (BB/Positive/B), Mahle GmbH (BB-/Positive/--), and ZF Friedrichshafen AG (ZF; BB-/Positive/--), following rating actions earlier this year (see chart 1). We expect that the companies' profitability and cash conversion will continue to improve in the second half of 2026 and in 2027, translating into gradual deleveraging. Forvia's and ZF's planned disposals of their interiors and advanced driver assistance systems (ADAS) businesses should allow for further debt reduction. These positive rating actions followed several years of negative outlook bias due to ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Autos & Capital Goods, Commercial Mortgage-Backed Securities (CMBS), Corporates, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Social Infrastructure, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Energy TransitionWed, 21 Oct 2026 15:07:50 GMT<![CDATA[ Credit Conditions: European Auto Suppliers' Credit Outlook Defies The Odds ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings recently conducted risk-based deep dives into preliminary data released by U.K. social housing providers. We have incorporated these into our adjusted figures for fiscal 2026 to create updated estimates. These estimated financial metrics turned out slightly weaker compared with our published base-case scenarios, but are largely in line with those in 2024 and 2025. We now estimate that: Adjusted debt to nonsales EBITDA crept up to about 27x, from about 26x in fiscal 2025; Adjusted nonsales EBITDA interest coverage was stable at about 0.9x; and Adjusted EBITDA margins edged down to about 17%, from about 18% in fiscal 2025. Despite a difficult year, we view the U.K. social housing ]]>Governments, International Public Finance, Wed, 21 Oct 2026 15:07:36 GMT<![CDATA[ Sector Review: U.K. Social Housing Stumbles Toward A Slow Recovery ]]>00:01:00<![CDATA[ This report does not constitute a rating action. It's crunch time for local government financing vehicles (LGFVs). With less than a year remaining on a deadline to "commercialize" by mid-2027, progress is diverging. S&P Global Ratings believes many entities still lack the cash flow necessary to service interest payments and remain burdened by legacy mandates. This divergence is most visible in the evolving mandates of stronger LGFVs. These ones are pivoting away from traditional infrastructure financing and pursuing new investments that align with central or local government development goals. Some leading platforms have been reallocating resources toward strategic sectors such as AI to attract high-tech value chains, in a bid to create jobs and expand the local tax base. On ]]>Infrastructure, Wed, 21 Oct 2026 02:06:08 GMT<![CDATA[ China's LGFVs In Transition: Can Tech Help Firms Move Beyond Infrastructure? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In September 2026, S&P Global Ratings maintained 23 ratings without revising the outlooks, took three positive rating actions and two negative rating actions in the U.S. not-for-profit healthcare sector. In addition, we revised four outlooks favorably and one unfavorably without changing the ratings. We assigned ratings to 16 new debt issuances for 10 currently rated healthcare systems and six stand-alone hospitals, most of which were affirmed except for one upgrade, one downgrade, and two favorable outlook revisions. We also assigned a rating to one new issuer, Major Hospital , Indiana. The rating actions and outlook revisions included: Two upgrades on systems in the ‘A’ category, and one upgrade on a stand-alone hospital ]]>Health Care, U.S. Public Finance, Tue, 20 Oct 2026 22:04:14 GMT<![CDATA[ U.S. Not-For-Profit Healthcare Rating Actions, September And Third Quarter 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. colleges and universities are facing rising expenses for athletic programs from name, image, and likeness (NIL) payments to students; adverse effects on team rosters from the transfer portal; and escalating costs associated with conference re-alignment. This crisis comes at a time when the value proposition for higher education is being questioned, coaching and leadership turnover can hamper continuity of priorities, and the adverse impact of a demographic cliff for graduating high school seniors is depressing enrollment. In S&P Global Ratings' view, U.S. college sports are at a major inflection point, and we’re closely examining how universities can sustain athletic programs and financial viability, particularly when the benefits of athletic programs are ]]>Higher Education, U.S. Public Finance, Tue, 20 Oct 2026 15:52:16 GMT<![CDATA[ Red Flag: College Sports Are Emerging As A Financial Risk For U.S. Higher Education Budgets ]]>00:01:00<![CDATA[ Ratings Class Prelim. rating* Balance (mil. €) Credit enhancement (%) Interest rate§ X-R AAA (sf) 3.500 N/A Three/six-month EURIBOR plus 0.85% A-R AAA (sf) 240.000 40.00 Three/six-month EURIBOR plus 1.25% B-R AA (sf) 52.000 27.00 Three/six-month EURIBOR plus 1.75% C-R A (sf) 24.000 21.00 Three/six-month EURIBOR plus 1.95% D-R BBB- (sf) 28.000 14.00 Three/six-month EURIBOR plus 2.85% E-R BB- (sf) 16.000 10.00 Three/six-month EURIBOR plus 4.90% F B- (sf) 14.000 6.50 Three/six-month EURIBOR plus 9.09% Additional sub. notes NR 19.200 N/A N/A Sub. notes NR 31.100 N/A N/A *The ratings assigned to the class X-R, A-R, and B-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R, D-R, E-R, and F notes address ultimate ]]>Structured Finance, Tue, 20 Oct 2026 12:38:30 GMT<![CDATA[ New Issue: Carysfort Park CLO DAC (Reset) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Advances in AI have made machines remarkably adept at imitating human behavior in the digital world. In a University of California San Diego study of large language models (LLMs), OpenAI's GPT-4.5 was judged by humans to be human 74% of the time in a three-party Turing Test, while Meta's LLaMa-3.1-405B achieved 56% (see "Large language models pass a standard three-party Turing test," Proceedings of the National Academy of Sciences, May 19, 2026). The test, conceived by Alan Turing in 1950, assesses machine behavior based on conversation, but it leaves a much tougher question unanswered: can AI interact with the physical world like a human? That is the idea behind the Physical Turing ]]>Corporates, Technology, Media & Telecom, Tue, 20 Oct 2026 11:54:53 GMT<![CDATA[ Physical AI Promises A Step Change In Industrial Automation ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Protein is becoming a key growth driver in Europe's food industry. This is due to consumers' increasing prioritization of active lifestyles, healthy aging, and weight management. The growing use of appetite-suppressing weight-loss drugs could provide an additional catalyst, given the role of protein intake in helping preserve muscle mass during weight loss. Demand for protein is expanding beyond traditional supplements and naturally protein-rich foods, such as poultry and dairy. High-protein options are becoming increasingly common across everyday food categories, including beverages, snacks, cereals, ready meals, desserts, and even ice cream. Whey protein prices are reaching historically elevated levels. Specialized processing capacity is struggling to keep pace with fast-growing demand, supported by whey's ]]>Retail & Consumer Products, Corporates, Market DynamicsTue, 20 Oct 2026 10:28:04 GMT<![CDATA[ Consumer Brief: European Food Manufacturers Pivot To Protein ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' global corporate default count was seven in September 2026, after the following defaults in the month: Australia-based waste management solutions provider Recycle and Resource Operations Pty Limited France-based diagnostic operator Chrome Holdco S.A.S. Latvia-based air carrier Air Baltic Corp. AS Luxembourg-based manufacturer of specialty chemicals Herens Midco S.à r.l. U.S.-based chemicals manufacturer Advancion Holdings LLC U.S.-based business and consumer services provider Atlas CC Holding LLC U.S.-based hardware provider Oscar AcquisitionCo LLC Global corporate defaults declined to seven in September from 11 in August, reversing the elevated trend of the past two months and bringing the YTD tally to 81. The default count remains below both the 89 defaults recorded ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Chemical Themes, Commercial Mortgage-Backed Securities (CMBS), Retail & Consumer Products, Corporates, Credit Markets, Energy and Oil & Gas, Financial Services, Governments, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Metals & Mining, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Social Infrastructure, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, , Default TransitionTue, 20 Oct 2026 10:23:07 GMT<![CDATA[ Default, Transition, and Recovery: Repeat Defaults Reach Their Highest Share Since 2008 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chinese automakers' internationalization efforts will shake up markets. Domestically, tepid growth and compressed profitability continue to weigh on creditworthiness. Meanwhile, government policies and an oil price spike driven by the Middle East conflict have hastened the global transition toward electrification, creating growth opportunities. Globalizing will be challenging. Rising entry barriers are making overseas expansion more costly and complex. China's makers must contend with increasing localization requirements, heightened geopolitical scrutiny, and new trade measures including potential quotas on hybrid vehicle exports to the EU. Only automakers with strong products, sufficient scale, and solid financial capability are likely to sustain both overseas expansion and domestic competitiveness. We expect the performances of Chinese automakers to ]]>Autos & Capital Goods, Corporates, Emerging Markets, Market Dynamics, Emerging MarketsTue, 20 Oct 2026 05:11:27 GMT<![CDATA[ Chinese Automakers' Global Push Will Reverberate Across Markets ]]>00:01:00Asset-Backed Securities (ABS), Structured Finance, Information and Communications Technology (ICT), Digital Wallets, Asset-Backed SecuritiesMon, 19 Oct 2026 20:06:04 GMT<![CDATA[ ABS Frontiers: Bitcoin-Backed Lending Securitizations ]]>00:01:00Retail & Consumer Products, Corporates, Media & Entertainment, Market DynamicsMon, 19 Oct 2026 13:49:32 GMT<![CDATA[ Sector Profile: Comparing The Outdoor Advertising Market Leaders ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The education sector's growing adoption of cloud-based services and third-party technology is increasing both its cyberattack surface and the potential for incidents to cause broad and significant disruption. S&P Global Ratings considers this exposure to be an increasingly significant operational and credit quality risk for K-12 public schools and higher education institutions, with potential consequences including data breaches, service disruptions, and regulatory penalties. Chart 1 Educational entities increasingly rely on third-party Software as a Service (SaaS) and educational technology (EdTech) providers for critical operations. These include disaster recovery, server backups, student information systems--that manage personal and demographic data, attendance, and grades--and learning management systems that host assignments, lectures, and enable hybrid learning. ]]>Governments, Higher Education, U.S. Local Governments, U.S. Public Finance, Mon, 19 Oct 2026 13:26:40 GMT<![CDATA[ Cyber Brief: Third-Party Tech Adoption Is Testing Education Sector Cybersecurity ]]>00:01:00<![CDATA[ Positive rating actions outpaced negative ones last week. The media and entertainment and high technology sectors led upgrades with two each.There were two new rising stars: U.S.-based equipment rental firm United Rentals Inc. and tech provider Sandisk Corp. This brought the year-to-date total to 24, compared with 21 in the same period last year.The consumer products and healthcare sectors led downgrades, with two each. U.S.-based Cogent Communications Group LLC was the only new risky credit following a downgrade due to increasing refinancing risk.Weekly defaults fell to one, from three the previous week, driven by the distressed debt restructuring of Canada-based Corus Entertainment Inc. The year-to-date total of 86 remains below last year’s level of 95. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 19 Oct 2026 11:23:05 GMT<![CDATA[ This Week In Credit: Two New Rising Stars (Oct. 19, 2026) ]]>00:01:00<![CDATA[ Issuance trends and outlooks for U.S. structured finance esoteric ABS sectors. ]]>Structured Finance, Fri, 16 Oct 2026 18:45:08 GMT<![CDATA[ Structured Finance Esoteric Quarterly Roundup: Q4 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The global data center sector is experiencing unprecedented demand and growth, driven by exponential data growth, cloud migration, and the ongoing digitization of the global economy. S&P Global Ratings currently rates 32 digital infrastructure transactions in North America across Project Finance (PF), Corporates, and Structured Finance asset-backed securities (SF ABS). The majority are SF ABS issuers (50%), followed by PF issuers (28%), and Corporates (22%) based on the number of issuers. The rated transactions are backed by 141 properties with approximately 8.9 gigawatts of capacity available to tenants in North America. We provide a roundup of our S&P Global Ratings-rated universe of data centers. Date Center Sector Outlook We continue to expect ]]>Asset-Backed Securities (ABS), Structured Finance, , Digital InfrastructureFri, 16 Oct 2026 17:53:41 GMT<![CDATA[ North America Data Center Roundup: Fourth-Quarter 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' quarterly review of the U.S. commercial mortgage-backed securities (CMBS) market reflects credit and issuance conditions, including delinquency and special servicing rates, for conduit and single-borrower (SASB) transactions as of third-quarter 2026. The overall 30-plus day delinquency (DQ) rate for U.S. CMBS transactions was 6.5% as of the end third-quarter 2026--a 66 basis points (bps) increase quarter-over-quarter (QoQ). The office rate finished at 10.2%, up 40 bps q/q, but down from the 10.6% peak reached in January 2026. Still, office easily maintains the highest DQ rate of the five major property types, with retail a distant second at 5.7%. Lodging notched the highest QoQ gains in delinquency during the third ]]>, Fri, 16 Oct 2026 17:36:00 GMT<![CDATA[ U.S. CMBS Update Q3 2026: Rising Rates In Focus ]]>00:01:00Chemical Themes, Corporates, Credit Markets, Global TradeFri, 16 Oct 2026 15:17:41 GMT<![CDATA[ Credit Trends: Ratings On Global Fertilizer Industry Largely Stable Despite Strait Of Hormuz Conflict ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rating actions were down quarter-on-quarter--227 versus 251, across 56 transactions, representing about 11.4% of our rated ABS and RMBS universe. Despite the quarterly decline, the activity is still higher than the historical average due to the rating actions related to the resolution of CreditWatch placements following the update of our sector and industry variables for U.K. RMBS transactions and the publication of our revised rating above the sovereign criteria. Downgrades increased to 15, versus three during Q2 2026. We reviewed 32 ABS and 87 RMBS transactions--representing about 24.2% of our total rated ABS and RMBS universe--through rating actions and annual review surveillance reviews. The number of new transactions we rated also decreased ]]>Asset-Backed Securities (ABS), Residential Mortgage-Backed Securities (RMBS), Structured Finance, Fri, 16 Oct 2026 14:48:39 GMT<![CDATA[ EMEA RMBS And ABS Monitor Q3 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The factors influencing the yield have continued to shift in importance in the last nine months. Earlier in the year, it was due to the rising term premium (see chart 1), which was followed by changes in expectation of the Fed's monetary policy over the summer that drove the increased yield. But since Sept. 18 after the Federal Open Market Committee meeting, a renewed rise in term premium has been contributing to the yield continuing to rise. Chart 1 The expected path of short-term rates accounted for more than three-fifths of the overall rise since February. According to the widely used decomposition models (see chart 2 and chart 3), the rise in ]]>Covered Bonds, Macroeconomics Economic Research, Structured Finance, U.S. Public Finance, Liquidity, Market Dynamics, Credit ConditionsFri, 16 Oct 2026 00:08:21 GMT<![CDATA[ Economic Research: The Times They Are A-Yielding: Unpacking The Rise In The 10-year Bond Yield ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings anticipates modest traffic growth of 2%-3% for Latin American toll roads over the next 12-24 months, in line with our regional GDP growth projections. Historically, traffic growth has been sensitive to macroeconomic volatility. Individual projects' growth rates will also vary based on local economic conditions, the specific mix of light versus heavy vehicle traffic, and the emergence of competing or improved road infrastructure (see charts 1 and 2). We continue to tie toll roads' creditworthiness to sovereign credit quality. Sovereign credit ratings remain a primary factor influencing the ratings on toll roads in the region, limiting the likelihood of upgrades within the next 12-24 months. Meanwhile, downgrades could occur ]]>Corporates, Infrastructure, International Public Finance, Transportation, Market Dynamics, Emerging Markets, Emerging MarketsThu, 15 Oct 2026 20:56:10 GMT<![CDATA[ Latin American Toll Roads Will Show Modest Traffic Growth Through 2028 ]]>00:01:00<![CDATA[ In the latest copy of our triple-net lease ABS newsletter, we discuss rating performance and credit trends in the sector as of October 2026. ]]>, Thu, 15 Oct 2026 20:07:47 GMT<![CDATA[ North America Triple-Net Lease ABS Newsletter: October 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Global asset-backed commercial paper (ABCP) continues its upward path in 2026, with outstandings increasing to $636.2 billion as of July 2026 from $557.6 billion at year-end 2025. Chart 1 shows that, since 2023, global ABCP has grown approximately 56%. Growth was driven primarily by alternative non-bank-sponsored programs, reflecting the evolving funding, capital efficiency, and balance sheet management needs of financial institutions, as well as structural innovations and fintech-driven technological advancements in asset optimization. Since 2023, alternative non-bank-sponsored programs expanded 178% to $278.9 billion, and alternative bank-sponsored programs increased approximately 100% to $72.8 billion. Multiseller programs have experienced more modest growth of 5%, reaching $284.6 billion; they now make up 45% of total ]]>Asset-Backed Commercial Paper (ABCP), Structured Finance, Thu, 15 Oct 2026 18:47:53 GMT<![CDATA[ Inside Global ABCP: The Growing Prominence Of Non-Bank Sponsors In ABCP Funding ]]>00:01:00<![CDATA[   Hyperscalers continue to spend record sums on AI-related investments. We estimate that the six large cloud service providers, which feature massive infrastructure to meet data demands, that we rate-- Alphabet (AA+/Stable/A-1+), Amazon (AA/Stable/A-1+), Meta (AA-/Stable/--), Microsoft (AAA/Stable/A-1+), Oracle (BBB-/Stable/A-3), and SpaceX (BBB/Stable/--)-- will spend $1.3 trillion on capital expenditures (capex) in 2027 . This is nearly tripling from two years ago, up from $870 billion in 2026 and $470 billion in 2025. S&P Global Ratings expects the aggressive capex will continue to diminish the balance sheet headroom these hyperscalers currently possess at their respective rating levels over the next 1-2 years. The investment-grade ratings on the six hyperscalers reflect their highly profitable core businesses with very predictable revenue and ]]>Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Structured Finance, Telecom Services, U.S. Public Finance, Thu, 15 Oct 2026 17:47:04 GMT<![CDATA[ CreditWeek: How Will Rising Capex Test Hyperscalers’ Credit Strength? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This article updates " Global Sovereign Ratings Trends Midyear 2026: Resilience Amid Geopolitical Risks ," published July 27, 2026. We have updated the charts and tables to reflect sovereign ratings and outlooks as of Oct. 4, 2026. We plan to publish the next global and regional sovereign rating trends in January 2027. All ratings referred to in the tables and charts here are long-term foreign currency ratings. For a list of all our sovereign ratings, see the monthly " Sovereign Ratings List ," last published Sept. 15, 2026. Sovereign Ratings List , Sept. 15, 2026 Sovereign Ratings History , Sept. 15, 2026 Sovereign Ratings Score Snapshot , Sept. 7, 2026 Global Sovereign ]]>Governments, Government-Related Entities, Sovereigns, Thu, 15 Oct 2026 16:51:26 GMT<![CDATA[ Global Sovereign Rating Trends Third-Quarter 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 15 Oct 2026 14:20:49 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Oct. 14, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Russia’s invasion of Ukraine in 2022 ended Europe’s longstanding reliance on the post-Cold War peace dividend and brought security to the forefront of the continental policy agenda. The conflicts in Russia and Ukraine and more recently the Middle East have strained transatlantic relations and prompted European policymakers to prioritize strategic autonomy. Consequently, efforts to bolster domestic defense capabilities are gaining momentum. Most nations have committed to reaching NATO’s new defense-spending target of 5% of GDP by 2035. But pressures to increase defense investment compete with other domestic priorities such as pensions, welfare, or migration, sometimes amid political instability and fiscal constraints. In this Credit FAQ, S&P Global Ratings examines how countries are ]]>Governments, Government-Related Entities, Sovereigns, Global TradeThu, 15 Oct 2026 13:51:35 GMT<![CDATA[ Credit FAQ: Assessing Europe's Fiscal Trade-Offs Amid Rearmament Push ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' downgrade of Senegal on Sept. 4, 2026, indicates a significantly rising likelihood of the first external default in the West African Economic and Monetary Union (WAEMU) region since 2011. We lowered the long-term foreign currency rating to 'CC' and the long-term local currency rating to 'CCC', in both cases with a negative outlook. The rating action followed the Senegalese government's announcement of an external debt restructuring plan under an enhanced G20 Common Framework. We currently view the financial buffers of banking systems in the WAEMU at sufficiently high levels to absorb potential adverse shocks from the announced debt restructuring. Even though WAEMU residents hold a substantial share of Senegalese ]]>Governments, Sovereigns, Emerging Markets, Default Transition, Climate Credit Risk, Emerging MarketsThu, 15 Oct 2026 10:37:00 GMT<![CDATA[ Credit FAQ: What Does Senegal's Planned Debt Restructuring Mean For Regional Sovereigns? ]]>00:01:00Corporates, Metals & Mining, , SustainabilityThu, 15 Oct 2026 02:51:51 GMT<![CDATA[ Sustainability Insights: How Australian Sustainable Finance Taxonomy Could Unlock Mining Capital ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Since the start of the pandemic, a convergence of geopolitical tensions--including military conflicts, political polarization, and trade disputes--has driven inflation and increased global funding costs. In addition, sustained high fiscal spending in many developed economies is exacerbating refinancing risks. While transitory pressures are typically absorbable, persistent shocks can strain fiscal headroom, potentially leading to negative rating pressure. Vulnerabilities in emerging and frontier markets are frequently characterized by high interest-service burdens relative to constrained revenue bases, compared with more-developed markets. Specifically, the Russia-Ukraine conflict and the war in the Middle East have led to an abnormal rise in energy and food prices, both of which are significant components of headline inflation. And rather ]]>Governments, Government-Related Entities, Sovereigns, Thu, 15 Oct 2026 01:27:33 GMT<![CDATA[ Scenario and Sensitivity Analysis: Assessing Sovereign Resilience In A Higher Rate Regime ]]>00:01:00Structured Finance, Wed, 14 Oct 2026 22:09:58 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Excluding Noncapital Market Issuance) August 2026 ]]>00:01:00<![CDATA[ "RMBS Arrears Statistics: Australia" provides a comprehensive analysis of arrears statistics on loans underlying Australian RMBS. We also publish monthly arrears data for investor and owner-occupier loans. These data cover the entire Australian RMBS portfolio of loans. The latest Standard & Poor's Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>Structured Finance, Wed, 14 Oct 2026 22:09:02 GMT<![CDATA[ RMBS Arrears Statistics: Australia (Including Noncapital Market Issuance) August 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Each year, S&P Global Ratings publishes global and regional structured finance default and rating transition studies that provide a broad overview of ratings performance by region and major asset class. Market participants have frequently asked for greater subsector-level detail beyond the ABS-level results presented in our studies. Given the continued focus on the U.S. consumer, this report examines ratings performance across four major consumer ABS subsectors: prime and subprime auto loan ABS, credit card ABS, and student loan ABS. We compare recent rating migration and average changes in credit quality (ACCQ) with prior periods of market stress and long-term averages to provide historical context. The exhibits generally present annual ratings performance beginning ]]>Asset-Backed Securities (ABS), Credit Markets, Structured Finance, Wed, 14 Oct 2026 19:51:48 GMT<![CDATA[ Default, Transition, and Recovery: A Deeper Dive Into U.S. Consumer ABS Ratings Performance Through Market Cycles ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Table 1 Iowa municipalities: medians State median AAA AA+ AA AA- A+ A A- Below BBB+ County GCP (% of the U.S.) 88.66 144.22 123.4 81.68 95.8 88.82 71.14 61.23 91.25 County PCPI (% of the U.S.) 89.34 95.77 95.77 93.38 89.79 90.82 77.87 75.32 90.82 Local HHEBI (% of the U.S.) 94.63 134.68 121.43 95.58 94.63 96.78 86.37 85.47 92.82 Local PCEBI (% of the U.S.) 85.28 139.55 114.17 90.05 97.91 84.32 77.23 80.48 104.95 3-year performance average (% of revenue) 3.88 1.78 7.45 4.47 4.64 5.89 0.56 -0.94 1.23 Available reserves (% of operating revenue) 55.97 58.73 58.26 41.71 78.95 89.13 40.02 23.46 40.98 Debt service (% of revenue) 14.52 ]]>U.S. Local Governments, U.S. Public Finance, Wed, 14 Oct 2026 17:44:00 GMT<![CDATA[ Iowa Municipalities And Counties Ratings And Outlooks: Current List ]]>00:01:00<![CDATA[ S&P Global Ratings today published slides providing additional details behind its new criteria for assigning bank ratings excluding government support (RXGs). ]]>Banking, Financial Services, Wed, 14 Oct 2026 16:45:10 GMT<![CDATA[ SLIDES: Details Behind The New Criteria For Assigning Bank Ratings Excluding Government Support (RXGs) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Several San Francisco Bay Area regional transit operators--including Bay Area Rapid Transit (BART), San Francisco Municipal Transportation Agency (SFMTA or Muni), Alameda-Contra Costa Transit District (AC Transit), and Peninsula Corridor Joint Powers Board (PCJPB or Caltrain)--are each confronting a fiscal cliff due to the confluence of several factors years in the making. If not addressed, S&P Global Ratings believes these fiscal challenges will weigh on the operators' credit quality. Table 1 Ratings and outlooks for select San Francisco Bay Area regional transit operators Issuer name Transportation Infrastructure Enterprise (TIE) ratings Priority lien/sales tax ratings San Francisco Bay Area Rapid Transit District (BART) AA-/Negative AA+/Negative Alameda-Contra Costa Transit District (AC Transit) AA+/Negative N/A ]]>Corporates, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Transportation, U.S. Public Finance, Wed, 14 Oct 2026 16:21:18 GMT<![CDATA[ Tax Support Or Tough Choices: The Fiscal Fate Of San Francisco Bay Area Public Transit ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Full details of USPF monthly and year-to-date rating activity are available through our interactive dashboard, here . An Excel workbook containing a master list of rating actions by security type and by issues year-to-date can be downloaded here . Additional contacts Name Contact type Location Email address Deegant Pandya Research contributor New York deegant.pandya@spglobal.com Sahay Senathikagu Research contributor New York sahayajayaseelan.sen@spglobal.com Bushra Dawawala Research contributor Mumbai bushra.dawawala@spglobal.com Heather McArdle Investor contact New York heather.mcardle@spglobal.com Jeff Sexton Media contact New York jeff.sexton@spglobal.com Proposed Florida Property Tax Reform Could Affect Local Government Ratings Absent Operating Changes, Sept. 30, 2026 Absence Of Legislative Reform In California Leads To Persistent Wildfire Risks ]]>U.S. Public Finance, Wed, 14 Oct 2026 16:21:12 GMT<![CDATA[ U.S. Public Finance Rating Activity Brief: September 2026 ]]>00:01:00<![CDATA[ Expectations of further tightening by the Federal Reserve have tested the resilience of capital flows to emerging markets in September. Flows into emerging market debt turned negative in September for the first time since March, when the outbreak of the Iran war triggered capital outflows. If the recent strengthening of the U.S. dollar persists, it could continue to weigh on emerging market capital flows in the coming months. ]]>Financial Services, Energy Transition, Emerging Markets, Emerging MarketsWed, 14 Oct 2026 14:13:44 GMT<![CDATA[ Emerging Markets Monthly Highlights: High Energy Costs And Tighter Policy Pose Risks ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Over the past several weeks, S&P Global Ratings has published its “U.S. Affordability” series, which takes a deep dive into how affordability issues are affecting each U.S. public finance sector. Affordability has pressured credit ratings and contributed to negative sector outlooks in not-for-profit public power and electric cooperatives and in small water utility systems, to name some examples. Policy shifts and broader macroeconomic trends are trickling down to U.S. states and local governments, affecting everyday pocketbook issues while resulting in outcomes with measurable effects on credit quality. These include voter reluctance to approve levy increases and residents' diminished capacity to pay higher user fees, which together pressure revenue raising and misalign budgets ]]>U.S. Public Finance, Wed, 14 Oct 2026 13:32:18 GMT<![CDATA[ Under Pressure: The Growing Impact Of Affordability Issues On U.S. Public Finance Credit Ratings ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Bank Asia's Sustainable Subordinated Bond Framework as aligned with: Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Founded in 1999 and headquartered in Dhaka, Bangladesh, Bank Asia provides both conventional and Islamic commercial banking services. ]]>Financial Services, Wed, 14 Oct 2026 05:08:12 GMT<![CDATA[ Second Party Opinion: Bank Asia PLC Sustainable Subordinated Bond Framework ]]>00:01:00Covered Bonds, Financial Services, Project Finance, Project Finance, Structured Finance, U.S. Public Finance, Artificial Intelligence, Digital InfrastructureTue, 13 Oct 2026 20:32:16 GMT<![CDATA[ Data Center Force Majeure: A Little Room To Breathe Or One Step Closer To The Edge? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Cities, states, transit operators, and riders are at a crossroads regarding who pays their fair share for mass transportation. Transit networks--especially those serving large metropolitan regions--face difficult choices between meeting public mobility mandates and addressing a growing cost structure. And with November midterm elections approaching, affordability is top of mind for many voters. This report explores initiatives that some cities and states are considering for supporting transportation in addressing general affordability concerns, and the credit implications of such initiatives for transit providers and their key stakeholders. The fundamental purpose of a transit system is to provide affordable or alternative transportation options to those who lack the means or who prefer to use ]]>Transportation, U.S. Public Finance, Tue, 13 Oct 2026 19:18:08 GMT<![CDATA[ U.S. Affordability: Mass Transit Operators Are Thinking Outside The Farebox ]]>00:01:00<![CDATA[ This report does not constitute a rating action. California school districts entered fiscal 2027 with healthy fund balances, but we expect weakening financial performance and reserve levels, driven by the expiration of one-time funding, rising fixed costs, and the state’s softening economic fundamentals, which could pose a risk to per-pupil state funding. However, the approved 2027 state budget includes several measures, including a sizable cost-of-living adjustment (COLA) and a boost to special education funding that could temporarily offset some of these budget risks. S&P Global Ratings expects that the current operating environment will yield limited positive rating actions over the upcoming year as districts continue to right-size operations. While new state funding initiatives might act as a stabilizer over the ]]>U.S. Public Finance, Tue, 13 Oct 2026 19:08:30 GMT<![CDATA[ U.S. Local Governments Credit Brief: California School Districts Means And Medians ]]>00:01:00<![CDATA[ This report does not constitute a rating action. While affordability and access have long been structural challenges for the not-for-profit (NFP) acute healthcare sector, a confluence of recent legislative and macroeconomic factors could amplify pressure on provider margins. Historically, the sector has struggled to pass rising costs through to payors due to a complex reimbursement landscape as well as the increasing burden on individual consumers. However, the intersection of rising healthcare inflation, the expiration of subsidies from the Affordable Care Act (ACA), the shifting of Medicaid eligibility, and the growing Medicare payor mix could create operating volatility for hospitals and health systems. Chart 1 The number of uninsured and underinsured individuals will likely rise during the next two years. The ]]>Health Care, U.S. Public Finance, Tue, 13 Oct 2026 17:07:48 GMT<![CDATA[ U.S. Affordability: Coverage Reduction And Rising Costs Could Compress Margins For Not-For-Profit Acute Care Providers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In an effort to increase the transparency of exposures to financial counterparties in European asset-backed securities (ABS) and residential mortgage-backed securities (RMBS) transactions, this report summarizes the counterparties supporting the ratings on publicly rated ABS (see table 1) and RMBS (see table 2) transactions. The report was produced with information as of Oct. 2, 2026. When rating structured finance transactions, S&P Global Ratings’ criteria consider the materiality of exposures to financial counterparties and any mitigants to their credit risk. For example, counterparties typically commit to replace themselves with a higher-rated alternative if they are downgraded below a minimum eligible counterparty rating (“minimum rating”). For derivative obligations, counterparties often complement this replacement commitment ]]>Commercial Mortgage-Backed Securities (CMBS), Collateralized Loan Obligation (CLO), Structured Finance, Tue, 13 Oct 2026 16:06:44 GMT<![CDATA[ EMEA ABS And RMBS Counterparty Monitor Q3 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Global auto markets are diverging, as competitive advantages shift and management teams increasingly prioritize restructuring over expansion. China sits at the center of these changes: Once a key growth engine, it has become a significant source of industry pressure. For global incumbents, this transformation represents a complex challenge. The approximately 20% decline in Chinese light-vehicle demand during the first half of 2026 far exceeds our previous expectation of a single-digit correction. The downturn confirms the transition toward a more market-oriented environment after years of extensive policy support. Against a backdrop of weak consumer confidence, slowing domestic demand, and a gradual withdrawal of tax exemptions, Chinese manufacturers are increasingly exporting excess ]]>Autos & Capital Goods, Corporates, Market DynamicsTue, 13 Oct 2026 14:51:38 GMT<![CDATA[ Global Autos Outlook: Declining Demand Spurs Restructuring Drive ]]>00:01:00<![CDATA[ Positive rating momentum continued for the second consecutive quarter, with upgrades and positive outlook revisions outpacing negative ones. Overall rating activity fell more than 20%, largely due to a 30% decline in downgrades. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, , Credit ConditionsTue, 13 Oct 2026 08:20:36 GMT<![CDATA[ Ratings Performance Insights Q3 2026: Positive Rating Momentum Holds ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Mesabi Metallics' Green Financing Framework as Medium green and aligned with Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; and The Green Enabling Projects Guidance, ICMA, 2024. ]]>Corporates, Tue, 13 Oct 2026 08:08:42 GMT<![CDATA[ Second Party Opinion: Mesabi Metallics Green Financing Framework ]]>00:01:00Insurance Markets, Life Insurance, LiquidityTue, 13 Oct 2026 02:24:52 GMT<![CDATA[ Singapore's Life Insurers: Why Health And Wealth Will Drive Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. India's PM Dhara scheme is well aimed. It will provide funds and support to the weakest links of the country's ambitious renewables energy buildout. A quick fix is not possible, however. The weak links are the infrastructure needed to store and transmit the renewable capacity that has been swiftly rolling out. Indeed, grid constraints cause about two-thirds of curtailment in renewable electricity (see chart 1). The government addresses those gaps in an Indian rupee (INR) 1.86 trillion (about US$20 billion) scheme called Developing Harmonized and Accelerated Renewable-Energy Access, or PM-Dhara. Announced on Sept. 30, 2026, it targets: INR1.36 trillion over five years for intra-state transmission connectivity. INR500 billion over the next five ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Energy and Oil & Gas, Financial Services, Governments, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Sovereigns, Collateralized Loan Obligation (CLO), Structured Finance, Transportation, U.S. Public Finance, Utilities, Tue, 13 Oct 2026 01:30:23 GMT<![CDATA[ Indian Renewables: Dhara's Benefits Will Come With A Gap ]]>00:01:00U.S. Public Finance, U.S. States, Mon, 12 Oct 2026 17:53:43 GMT<![CDATA[ U.S. Affordability: U.S. States Are Pressured To Balance Increasing Costs Against Lower Tax Expectations ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In the U.S., residence typically determines where children attend school, but school choice programs broaden parental options across the education spectrum. Program types vary and include Education Savings Accounts (ESAs), vouchers, and tax-credit scholarship programs. Choice programs were first established in the early 1990s; however, recently their popularity has risen across the country, with an increasing number of states passing expansive bills that provide state funds for homeschooling or private school tuition. Support at the federal level is high as well, as shown by passage of the first federal school choice nonrefundable income tax credit, which will begin in 2027. Over time, these program expansions may dampen demand for traditional public and ]]>Higher Education, U.S. Public Finance, Mon, 12 Oct 2026 16:45:38 GMT<![CDATA[ U.S. Affordability: Amid Growing Voucher Programs For K-12, Where Are All The Students Going? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. U.S. social housing providers posted generally stable operating margins in 2025 and the first half of 2026, with median credit ratings remaining at 'A+'. Although there is bipartisan support for Section 8 programming, appropriations have struggled to keep pace with ongoing operating and deferred maintenance costs, resulting in lingering funding gaps for public housing authorities (PHAs). Debt profiles might weaken in the short term as issuers tap the public bond markets to expand their portfolios, and stringent management of growth strategies will be imperative to ensure stable credit quality. S&P Global Ratings' U.S. social housing provider (SHP) ratings are mostly in the 'AA' and 'A' categories given providers' strong enterprise risk profiles ]]>Housing, U.S. Public Finance, Mon, 12 Oct 2026 16:04:19 GMT<![CDATA[ U.S. Social Housing Providers Tackle Funding Challenges And Expansion Plans ]]>00:01:00<![CDATA[ This report does not constitute a rating action. There is nothing quite like a shared belief that things are going well to make a banking conference a little uneasy. This tension was evident in the cautious optimism that provided the backdrop to S&P Global Ratings' European Financial Institutions Conferences 2026, held in Frankfurt on Sept. 22, London on Sept. 24, and Paris on Oct. 1. The conferences heard how prudent management and relatively benign industry conditions have delivered notable European banking strength. Across much of the region, banks are characterized by robust balance sheets, ample liquidity, and strong profitability that support credit quality, and, in many instances, improved valuations. Yet there were also notes of caution, with keynote speakers, roundtable ]]>Financial Services, Mon, 12 Oct 2026 11:02:05 GMT<![CDATA[ Resilient Banks Face Market, Geopolitical, And Digital Risks: Highlights From Our 2026 European Financial Institutions Conferences ]]>00:01:00<![CDATA[ Consumer products and capital goods led upgrades, with two each. Belgium-basedconstruction materials manufacturer Titan S.A. was the only rising star. There have been 22rising stars year to date, compared with 21 in the same time period in 2025.There were three downgrades in the consumer products sector, and two each in thetelecommunications and health care sectors. Balrog Acquisition Inc. joined risky credits after adowngrade on weak credit metrics. Risky credits remain below last year's level, 51 in 2026compared with 69 year to date in 2025.There were three defaults last week: Two in the telecommunications sector--Syniverse Corp.driven by a distressed exchange, and TalkTalk Holdings Ltd. driven by bankruptcy. The thirdwas in the retail sector--Leslie's Poolmart Inc. driven by a bankruptcy filing. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Mon, 12 Oct 2026 10:53:57 GMT<![CDATA[ This Week In Credit: Telecoms Weigh On Credit Trends (Oct. 12, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Data centers are becoming critical to the GCC region's digital and AI ambitions, as governments and businesses seek to build the computing infrastructure needed to support the rapid growth of AI and cloud services. In just a few years, GCC countries have moved from hosting relatively small enterprise colocation facilities to announcing some of the world's largest AI-focused data center campuses. Rather than mere IT or real estate assets, data centers are increasingly being treated as a critical part of national infrastructure, alongside power, water, transport, and industrial infrastructure. Digital sovereignty, including the growing need to keep data within national borders and to develop local capacities in the required infrastructure, compute, and ]]>Corporates, Technology, Media & Telecom, Information and Communications Technology (ICT), Market Dynamics, Emerging Markets, Digital Infrastructure, Emerging MarketsMon, 12 Oct 2026 07:48:12 GMT<![CDATA[ Gulf Data Centers: What Will Make The AI Infrastructure Build-Out Bankable? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Solar power is booming in South and Southeast Asia. Battery storage is not. S&P Global Ratings thinks that will change. We anticipate that if countries are to meet their renewable energy goals, they will invest more in battery energy storage systems (BESS). These systems help balance the grid, ease transmission bottlenecks, and prevent the loss of power. In many markets, utilities are installing solar power paired with batteries (solar + BESS) more quickly than they are installing storage alone. The ability to grow these storage projects depends on having clear regulations and predictable income. While falling costs are making storage of about four hours more affordable, developers must still manage risks related ]]>Corporates, Infrastructure, Utilities, Mon, 12 Oct 2026 07:03:53 GMT<![CDATA[ South And Southeast Asia Energy Transition In Charts: The Rise Of Power Storage ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings uses the Rating Excluding Government Support model to derive a bank rating excluding government support (RXG). These ratings are applicable to entities that fall within the scope of the Basel III capital standard regarding bank ratings excluding implicit government support. The model applies the criteria framework “ Methodology For Bank Ratings Excluding Implicit Government Support ,” published Oct. 12, 2026 (RXG Criteria), to our existing credit analysis by excluding--unless the entity is a public bank owned by its government–those elements of extraordinary government support incorporated in the issuer credit rating (ICR). In applying the criteria framework, the model produces an indicative RXG. The RXG criteria's flowcharts and corresponding tables ]]>Financial Services, LiquidityMon, 12 Oct 2026 06:21:09 GMT<![CDATA[ Credit Rating Model: Rating Excluding Government Support ]]>00:01:00<![CDATA[ This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Oct. 12, 2026--S&P Global Ratings today published " Methodology For Bank Ratings Excluding Implicit Government Support ." This article presents our criteria for determining a special-purpose issuer-level global scale rating type called a bank rating excluding government support (RXG). The RXG rating addresses changes stemming from implementation of a part of the Basel III capital standards contained in "Basel III: A Global Regulatory Framework For More Resilient Banks And Banking Systems," published by the Basel Committee on Banking Supervision. The rating reflects an assessment of an issuer's creditworthiness without considering extraordinary government support. This methodology follows our request for comment, titled " Request For Comment: Methodology For Bank ]]>Financial Services, Mon, 12 Oct 2026 06:07:49 GMT<![CDATA[ Bank Ratings Excluding Government Support Methodology Published ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On March 4, 2026, S&P Global Ratings published a request for comment (RFC) on its proposed criteria, " Request For Comment: Methodology For Bank Ratings Excluding Implicit Government Support ." We finalized and published our criteria, " Methodology For Bank Ratings Excluding Implicit Government Support ," on Oct. 12, 2026. We'd like to thank those who provided feedback. This article provides an overview of substantive comments received. We published the final criteria without making any significant analytical changes. S&P Global Ratings received 15 responses to this RFC. Several of them asked administrative and procedural questions, including questions about: Our plans to address the aspect of the Basel standards relating to bank ratings ]]>Financial Services, Mon, 12 Oct 2026 05:57:16 GMT<![CDATA[ RFC Process Summary: RFC Results For Methodology For Bank Ratings Excluding Implicit Government Support ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Trelleborg Municipality's Green and Blue Bond Framework as Dark green, representing activities that correspond to the long-term vision of a low-carbon climate resilient future. Trelleborg is Sweden’s southernmost municipality. ]]>Governments, International Public Finance, Mon, 12 Oct 2026 05:40:13 GMT<![CDATA[ Second Party Opinion: Trelleborg Municipality Green And Blue Bond Framework ]]>00:01:00Corporates, Infrastructure, Utilities, Mon, 12 Oct 2026 02:26:49 GMT<![CDATA[ Post-Issuance Review: Korea Electric Power Corp. Green & Sustainability Bond Report ]]>00:01:00Structured Finance, , Asset-Backed SecuritiesFri, 09 Oct 2026 17:13:15 GMT<![CDATA[ ABS Frontiers: Royalty-Backed Securitization Is A Shot In The Arm For Pharma Funding ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Over 130 investors, issuers, and other market participants attended the inaugural S&P Global Ratings North American Structured Finance Conference on Oct. 1, 2026. During the morning session, S&P Global Ratings senior analysts held six workshops to provide an overview of market fundamentals and to answer questions. The main event in the afternoon consisted of four panel discussions, featuring nine external panelists, as well as two “hot topics” presentations, and a fireside chat. Highlights are described below. Affordability remains a concern for a substantial segment of U.S. consumers as inflation persists and interest rates remain elevated. In the housing market, the effects of the K-shaped economy are less pronounced because 90% of mortgagors ]]>Structured Finance, Fri, 09 Oct 2026 17:11:13 GMT<![CDATA[ Highlights From S&P Global Ratings' Americas Structured Finance Conference 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We are seeking feedback from market participants on clauses that trigger a change to the payments made on sovereign debt. These pause and step-down clauses allow a borrower to change debt payments based on triggers documented in the instrument's terms and conditions. We encourage market participants to indicate whether their views on pause clauses and step-down clauses are similar or different. The issuer credit rating on a sovereign reflects its willingness and capacity to meet all debt obligations. Historically, these obligations have consisted of plain-vanilla, pari passu, senior unsecured debt. Consequently, we've traditionally aligned issuer and issue ratings. The emergence of new debt instruments that incorporate payment pause and step-down features effectively ]]>Governments, Fri, 09 Oct 2026 16:00:37 GMT<![CDATA[ Discussion Paper: Debt Pause And Step-Down Clauses In Sovereign Debt ]]>00:01:00<![CDATA[ This report does not constitute a rating action. As the fall season starts and temperatures drop, average collateralized loan obligation (CLO) metrics across our BSL CLO Insights Index continue another month of mild deterioration. There has been an uptick in broadly syndicated loan (BSL) CLO 'CCC' baskets, reaching a high for the year, at 5%, following some recent actions on widely held obligors that saw ratings either lowered into the 'CCC' category (see table 2) or 'B-' ratings placed on CreditWatch negative (and were thus treated as falling into the 'CCC' category). One example is software company, Sophos, ranked 155th on our list of widely held BSL CLO obligors, which saw its 'B-' rating placed on CreditWatch negative in mid-August ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Building & Construction, Business Services, Autos & Capital Goods, Commercial & Professional Services, Commercial Mortgage-Backed Securities (CMBS), Corporates, Technology, Media & Telecom, Residential Mortgage-Backed Securities (RMBS), Servicer Ranking & Evaluations, Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceFri, 09 Oct 2026 14:23:17 GMT<![CDATA[ SF Credit Brief: CLO Insights 2026 U.S. BSL Index: AI Exposure In BSL CLOs Isn’t Too Spooky Yet; Metrics Show Mild Deterioration ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Our recently revised European government long-term rate expectations remain within our previously published 50-bps sensitivity analysis for European REITs (see " Most European REITs Should Cope With Current Yield Volatility ," April 17, 2026). Because the evolution of risk premium and geopolitical developments are highly uncertain, we believe European REITs may end up refinancing at higher rates than expected in our base-case scenario. Moreover, we cannot rule out that REITs' valuation losses will be wider than expected in our base-case scenario if real interest rates remain higher for longer. Therefore, we have rerun our sensitivity analysis on interest coverage (ICR) and debt to debt and equity (D/D+E) ratios. On Sept. 23, 2026, ]]>Corporates, Homebuilding, Real Estate Themes, Market DynamicsThu, 08 Oct 2026 17:13:50 GMT<![CDATA[ Scenario and Sensitivity Analysis: European REITs Are Better Armed To Fight Rising Interest Rates Than In 2023 ]]>00:01:00<![CDATA[ As global benchmark long-term yields have recently risen to levels not seen in two decades, bond market volatility is rippling through credit markets. Our analysis shows that resilience is holding, but on a narrower base . Year-to-date defaults are low compared with the same period in 2025, but weakness persists among lower-rated companies. S&P Global Ratings expects defaults to remain concentrated by region (the U.S. and Europe), sector (consumer products and five others), and type (primarily distressed exchanges). We anticipate that rising rates will be particularly punitive for issuers at the lowest end of the ratings spectrum, especially those with significant floating-rate debt or near-term refinancing needs. Even where spreads remain manageable, higher risk-free yields are lifting all-in borrowing costs. ]]>Credit Markets, , Default TransitionThu, 08 Oct 2026 13:40:52 GMT<![CDATA[ CreditWeek: Which Default Trends Could Signal Broader Stress? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 08 Oct 2026 13:38:36 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Oct. 7, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings is updating its metals price assumptions to reflect shifts in market conditions and supply chains on a case-by-case basis. Metal premiums in some markets remain significant, especially for aluminum, because of tariffs. We are raising our price assumptions for copper, metallurgical and thermal coal, and zinc for the rest of 2026 by an average of 10%, with 2027 price assumptions also up, except for zinc. Meanwhile, we are lowering our rest-of-2026 assumptions for aluminum and gold, but adjusting our long-term 2028 gold price up to $3,500 per ounce (/oz). Our assumptions for iron ore and nickel are unchanged. These revisions supersede our last metal price update published May 25, ]]>Building & Construction, Autos & Capital Goods, Corporates, Homebuilding, Metals & Mining, Market DynamicsThu, 08 Oct 2026 12:39:46 GMT<![CDATA[ S&P Global Ratings' Metal Price Assumptions: Edging Up Further For 2027 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Insurance is about managing uncertainty. But in today's world, uncertainty has taken on new dimensions--both in scale and interconnectedness. That will make it all the harder for insurers in Asia-Pacific to balance growth and resilience. Participants at our recent event discussed where they are seeking growth opportunities. From a life insurance perspective, significant opportunities lie in healthcare, retirement, and estate planning. The property and casualty (P&C) insurance and reinsurance sectors are also seeing emerging potential driven by global renewal transition trends and a tech boom. We forecast new demand for coverage on data centers could generate US$10 billion in global insurance premiums in 2026. "There is no shortage of growth opportunities for ]]>Health Insurance, Insurance Markets, Life Insurance, Property & Casualty, Reinsurance, Thu, 08 Oct 2026 08:50:16 GMT<![CDATA[ Event Debrief: Risk Is Accelerating For Asia-Pacific Insurers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. HONG KONG (S&P Global Ratings) Oct. 8, 2026--China's approach to its digital renminbi is unique. The country reclassified it from central bank digital currency to bank deposit since Jan. 1, 2026, bringing it back to the banking system, in the tokenized form. The move encourages tokenized deposit uptake, because depositors can earn interest while still accessing potentially faster, cheaper payment routes. Banks could gain, too. S&P Global Ratings anticipates new use cases in payments and lending will create revenue opportunities for Chinese banks. That's according to a report we published today, titled " China's Deposit Tokenization: What's In It For Banks? ". KEY TAKEAWAYS Digital renminbi will stay on banks' books, anchoring ]]>Banking, Financial Services, Thu, 08 Oct 2026 07:13:01 GMT<![CDATA[ China’s Digital Renminbi 2.0: Growing Opportunities Could Test Banks' Liquidity ]]>00:01:00<![CDATA[ S&P Global Ratings considers Elenia's Green Bond Allocation And Impact Report to be aligned with the European Green Bond Regulation. We consider Dark green to be representative of the allocation. Elenia is a Finnish electricity distribution company headquartered in Tampere. ]]>Corporates, Utilities, Thu, 08 Oct 2026 04:42:32 GMT<![CDATA[ EuGB Post-Issuance Review And Impact Report Review: Elenia European Green Bond Allocation And Impact Report ]]>00:01:00Governments, International Public Finance, Market Dynamics, Liquidity, Credit Conditions, Emerging MarketsThu, 08 Oct 2026 02:27:42 GMT<![CDATA[ China's Provincial Capitals See Uneven Momentum In The Quest For Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Will China's property downturn last seven or 23 years? This is a salient question based on patterns seen in other major housing crises. S&P Global Ratings believes China's property market stabilization will not follow the two-decade trajectory seen in Japan. We predict average primary home prices could hit bottom in the third quarter of 2028. Tier-one cities will likely recover sooner, in 2027, driven by more resilient homebuying demand in these large cities. History shows that drivers of asset bubbles are similar but the routes to recovery vary. Some crises are stemmed thanks to full-scale monetary and administrative actions to support developers and lenders. Other times, such support only extends the rot, ]]>Corporates, Real Estate Themes, Thu, 08 Oct 2026 01:59:26 GMT<![CDATA[ China Property: Past Global Housing Crises Point The Way To Recovery ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Korea Electric Power Corp.'s Sustainable Finance Framework as aligned with: Social Bond Principles, ICMA, 2025; Social Loan Principles, LMA/LSTA/APLMA, 2025; Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. Korea Electric Power Corp. is the sole transmission and distribution operator in Korea. The company is also a dominant power generator, accounting for two-thirds of the country's generation. ]]>Corporates, Infrastructure, Utilities, Wed, 07 Oct 2026 23:12:49 GMT<![CDATA[ Second Party Opinion: Korea Electric Power Corp.'s Sustainable Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings believes rising U.S. rental costs are magnifying the overall cost-of-living squeeze in high-growth corridors (see: “ The U.S. Affordability Squeeze: A Widening Divide ,” Aug. 18, 2026). According to the “ State of the Nation’s Housing 2026 ” report from the Joint Center For Housing Studies of Harvard University, rents have remained elevated since the pandemic, and the number of cost-burdened renters is up 2.3 million since 2019, an increase of 12%. This growing share of stressed households, spending more than 30% of their income on rent, further amplifies the shortage of affordable options (see: “ The U.S. Affordable Rental Housing Sector Shows Mixed Signs Of Resilience And Challenges ]]>Housing, U.S. Public Finance, Wed, 07 Oct 2026 20:57:56 GMT<![CDATA[ U.S. Affordability: Meeting The “Missing Middle” With Innovative Housing Finance Strategies ]]>00:01:00<![CDATA[ This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Oct. 7, 2026--S&P Global Ratings is requesting comments on its proposed new global criteria for rating asset-backed securities (ABS) backed by distributed generation solar financings (solar ABS), as well as ABS involving associated technologies, specifically battery storage, electric vehicle (EV) chargers, and electric heat pumps. The proposed methodology is detailed in " Request For Comment: Methodology For Rating Solar And Associated Equipment ABS Transactions ," published today. If adopted, these criteria would apply to all new and existing solar ABS and supersede " Global Methodology For Solar ABS Transactions ," July 26, 2024. We propose to: Expand the scope beyond photovoltaic (PV) installations to include associated technologies frequently ]]>Asset-Backed Securities (ABS), Structured Finance, Wed, 07 Oct 2026 16:52:22 GMT<![CDATA[ Comments Requested On Proposed Changes To Methodology For Rating Solar ABS And Associated Equipment ABS Transactions ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Middle market collateralized loan obligations (MM CLOs) have seen remarkable growth in recent years, and middle market warehouse lines have expanded alongside them. At the start of 2020, just before the arrival of the COVID-19 pandemic, S&P Global Ratings had ratings on 86 MM CLO transactions and five warehouse line transactions. By mid-2026, those figures had increased sharply: we now rate more than 330 U.S. MM CLOs and 47 U.S. middle market warehouse transactions. These warehouses come from 12 managers and represent about $41.9 billion in assets. These warehouse transactions serve a useful purpose in allowing direct lenders to scale their businesses, and their growth has also drawn investor attention. We routinely ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged Finance, Private MarketsWed, 07 Oct 2026 15:09:47 GMT<![CDATA[ Credit FAQ: Warehouse Shopping: How S&P Global Ratings Analyzes Middle Market CLO Warehouse Lines ]]>00:01:00<![CDATA[ We explain how we rate various business-to-consumer (B2C) fintech companies, including neobanks, neobrokers, payment companies, and digital asset platforms. ]]>Financial Services, Banking, Digital Wallets, LiquidityWed, 07 Oct 2026 14:07:01 GMT<![CDATA[ How We Rate Fintech Companies: Financial Institutions Ratings ]]>00:01:00<![CDATA[ Profit growth will underpin the credit quality of Japanese companies over the next one to two years. Higher cash flow will ease the financial burden of growth investments. But acquisitions at home and abroad will constrain improvement in key financial ratios. ]]>Aerospace & Defense, Asset-Backed Securities (ABS), Autos & Capital Goods, Building & Construction, Business Services, Autos & Capital Goods, Chemical Themes, Commercial & Professional Services, Retail & Consumer Products, Containers & Packaging, Corporates, Energy & Commodities, Financial Services, Health Care, Homebuilding, Gaming & Leisure, Technology, Media & Telecom, Media & Entertainment, Metals & Mining, Paper & Forest Products, Real Estate Themes, Retailing, Collateralized Loan Obligation (CLO), Structured Finance, Telecom Services, Transportation, U.S. Public Finance, Utilities, Market DynamicsWed, 07 Oct 2026 02:33:36 GMT<![CDATA[ Japan's Top 100 Corporates: Profit Surge Offsets Investment Strain ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Credit profiles across the Australian sub-national sector will stay pressured over the next few years. S&P Global Ratings sees three primary factors: rising spending on services and cost of living relief, escalating debt-servicing costs, and record-high infrastructure investment. States continue to ramp up spending on health and education to support growing populations, and have committed to a capital expenditure program that totals about A$290 billion across fiscals 2027 to 2029 (ending June 30). Simultaneously, the rapid rise in interest expenses--projected by states to reach nearly A$40 billion by fiscal 2029--is reducing fiscal flexibility, limiting the capacity of governments to fund essential services or respond to economic shocks absent new taxes or levies. ]]>Asset-Backed Commercial Paper (ABCP), Asset-Backed Securities (ABS), Commercial Mortgage-Backed Securities (CMBS), Corporates, Financial Services, Governments, Residential Mortgage-Backed Securities (RMBS), Collateralized Loan Obligation (CLO), Structured Finance, Tue, 06 Oct 2026 23:54:21 GMT<![CDATA[ Australian States: Stalled Consolidations Are Straining Credit Profiles ]]>00:01:00U.S. Public Finance, Utilities, Tue, 06 Oct 2026 19:28:49 GMT<![CDATA[ For U.S. Small Water Utilities, Big Problems Remain ]]>00:01:00<![CDATA[ U.S. school districts rated 'AAA': current list As of Oct. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Oct. 1, 2026. For the most up-to-date, accurate, and complete information on any credit ratings referenced in this list, please visit www.spglobal.com/ratings. Organization State Rating Outlook CreditWatch Mountain Brook Board of Education Alabama AAA Stable Campbell Union High School District California AAA Stable Carmel Unified School District California AAA Stable Cold Spring Elementary School District California AAA Stable Fremont Union High School District California AAA Stable Hillsborough City School District California AAA Stable Kenwood School District California AAA Stable Laguna Beach Unified School District California AAA Stable ]]>U.S. Public Finance, Tue, 06 Oct 2026 17:17:51 GMT<![CDATA[ 'AAA' Rated U.S. School Districts: Current List ]]>00:01:00<![CDATA[ U.S. municipalities rated 'AAA': current list As of Oct. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Oct. 1, 2026. For the most up-to-date, accurate, and complete information on any credit ratings referenced in this list, please visit www.spglobal.com/ratings. Organization State Rating Outlook CreditWatch Hoover Alabama AAA Stable Huntsville Alabama AAA Stable Pelham Alabama AAA Stable Chandler Arizona AAA Stable Gilbert Arizona AAA Stable Scottsdale Arizona AAA Stable Tempe Arizona AAA Stable Alameda California AAA Stable Arcadia California AAA Stable Beverly Hills California AAA Stable Burbank California AAA Stable Burlingame California AAA Stable Camarillo California AAA Stable Campbell California AAA Stable Carlsbad California AAA Stable ]]>U.S. Local Governments, U.S. Public Finance, Tue, 06 Oct 2026 17:08:22 GMT<![CDATA[ 'AAA' Rated U.S. Municipalities: Current List ]]>00:01:00<![CDATA[ U.S. counties rated 'AAA': current list As of Oct. 1, 2026 This list was prepared by individuals on behalf of the USPF Group of S&P Global Ratings and is current as of Oct. 1, 2026. For the most up-to-date, accurate, and complete information on any credit ratings referenced in this list, please visit www.spglobal.com/ratings. Organization State Rating Outlook CreditWatch Maricopa County Arizona AAA Stable Alameda County California AAA Stable Contra Costa County California AAA Stable Los Angeles County California AAA Stable Marin County California AAA Stable Orange County California AAA Stable San Diego County California AAA Stable San Luis Obispo County California AAA Stable San Mateo County California AAA Stable Santa Barbara County California AAA Stable Santa Clara County California ]]>U.S. Local Governments, U.S. Public Finance, Tue, 06 Oct 2026 17:02:46 GMT<![CDATA[ 'AAA' Rated U.S. Counties: Current List ]]>00:01:00<![CDATA[ S&P Global Ratings evalúa el Marco de financiamiento verde de Genneia como Verde oscuro, lo que indica que las actividades se alinean con la visión de largo plazo de un futuro bajo en carbono y resiliente al cambio climático. Genneia es una empresa de energía con sede en Buenos Aires, Argentina, que desarrolla, construye, posee y opera activos de generación de energía renovable. ]]>Corporates, Tue, 06 Oct 2026 16:41:18 GMT<![CDATA[ Segunda Opinión: Marco de financiamiento verde de Genneia ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Genneia's Green Financing Framework as Dark green, indicating activities that correspond to the long-term vision of a low-carbon climate-resilient future. Genneia is an energy company headquartered in Buenos Aires, Argentina, that develops, constructs, owns, and operates renewable energy generation assets. ]]>Infrastructure, Power Generation and Transmission, Tue, 06 Oct 2026 16:08:30 GMT<![CDATA[ Second Party Opinion: Genneia's Green Financing Framework ]]>00:01:00Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Emerging MarketsTue, 06 Oct 2026 13:57:24 GMT<![CDATA[ Highlights From S&P Global Ratings' Global Emerging Markets Conference ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Dubai's residential real estate market has seen a significant drop in transaction volumes as a result of the Middle East war. However, specific segments of the market are now experiencing a price correction, albeit a moderate one. That’s because of a change in market dynamics over the past several years, with the United Arab Emirates' (UAE's) visa reforms supporting a higher proportion of long-term investors and end users. S&P Global Ratings' base case is that the Middle East disruptions will continue into 2027. This, together with new deliveries due in 2027-2028, could accelerate the price correction, particularly in investor-driven apartment segments. However, the four real estate development companies we rate in Dubai-- ]]>Corporates, Homebuilding, Real Estate Themes, Global Trade, Emerging Markets, Emerging MarketsTue, 06 Oct 2026 11:56:18 GMT<![CDATA[ Credit FAQ: How Will The Middle East War Reshape Dubai's Residential Property Market In 2027? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Contributor: Mai Barakat, Senior Analyst, Datacenter Services and Infrastructure, EMEA, 451 Research by S&P Global. Saudi Arabia's economy is at a pivotal stage. Despite fiscal and geopolitical challenges, the country is advancing its goals to become a multimodal economy through rising non-oil revenue and rapid digital expansion. But the financing needs of this transition are high, and the banking sector alone will not be able to meet them. To bridge the financing gap, Saudi banks must innovate, for example by leveraging structured finance instruments and targeting local and international investors. Overall, disciplined capital allocation and new funding pipelines will determine the pace and durability of Saudi Arabia's metamorphosis. A structural shift in ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Emerging Markets, Market Dynamics, Emerging MarketsTue, 06 Oct 2026 07:51:41 GMT<![CDATA[ How Innovation Is Reshaping Saudi Arabia's Economic Development ]]>00:01:00Autos & Capital Goods, Autos & Capital Goods, Retail & Consumer Products, Corporates, Tue, 06 Oct 2026 02:53:39 GMT<![CDATA[ Slowing EV Sales To Steer Battery Makers Further Toward Energy Storage ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Saigon-Hanoi Commercial Joint Stock Bank's Sustainable Finance Framework as aligned with Social Bond Principles, ICMA, 2025, Social Loan Principles, LMA/LSTA/APLMA, 2025, Green Bond Principles, ICMA, 2025, Green Loan Principles, LMA/LSTA/APLMA, 2025, Sustainability Bond Guidelines ICMA, 2021, and Guidelines for Blue Finance, IFC, 2025. Saigon-Hanoi Bank is among Vietnam's six largest private commercial banks. It was established in 1993 and is headquartered at Hanoi. The bank's total assets reached Vietnamese dong 892.0 trillion at end-2025. ]]>Banking, Financial Services, Tue, 06 Oct 2026 00:16:36 GMT<![CDATA[ Second Party Opinion: Saigon-Hanoi Bank Sustainable Finance Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings maintains public ratings on 211 U.S. municipal and distribution cooperative retail electric and gas utilities. This report covers retail public power utilities, distribution cooperatives, and combined retail utilities that derive most of their net revenue from electric operations. The report excludes wholesale public power utilities and generation and transmission cooperatives. The utility sector has faced a six-year period marked by an amalgam of credit pressures, including inflation, extreme weather events, increased exposure to wildfires, and aging infrastructure. These challenges coincide with intense capital requirements stemming from decarbonization and rising load growth. However, 2026 data indicates that utilities are implementing rate increases that are producing financial metrics that align with ]]>U.S. Public Finance, Utilities, Mon, 05 Oct 2026 20:32:39 GMT<![CDATA[ 2026 Rating Action Update On U.S. Not-For-Profit Retail Electric And Gas Utilities ]]>00:01:00<![CDATA[ U.S. housing remains overvalued by 10% in aggregate. The quarterly growth in the non-seasonally adjusted All-Transactions Federal Housing Finance Agency House Price Index (FHFA HPI) was soft, with a 1.08% increase nationally as of second-quarter 2026, compared to the 0.7% increase as of the first quarter 2026. Meanwhile, total disposable income growth was 0.88%, trailing HPI for the quarter. Our current assessment shows that 87% of metropolitan statistical areas or divisions (which we refer to collectively as MSAs) are overvalued, while 7% are neutral (0% over/undervaluation) and 6% are undervalued. In addition, home prices have decreased in six states (see charts 1 and 2). Our overall assessment reflects S&P Global Ratings' updated U.S. home price overvaluation assessment and related FHFA ]]>Residential Mortgage-Backed Securities (RMBS), Structured Finance, Mon, 05 Oct 2026 20:23:04 GMT<![CDATA[ U.S. Home Price Overvaluation For Second-Quarter 2026 Remains 10% ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The 3rd annual European Private Markets Conference on Sept. 23, 2026, in London highlighted the credit fundamentals underlying this evolving and expanding market, and the global challenges it faces from trade conflicts, energy and supply chain disruptions, geopolitical fragmentation, and rapid technological change. The market expansion reflects rising volume and increasing diversity in funding sources and geographies. The proliferation of specialized vehicles and bespoke lending represents a market that is adapting to the needs of borrowers and the immense capital demands for the digital and energy infrastructure of the future. European private credit fundraising reached new heights this year. According to With Intelligence by S&P Global, €62.2 billion had already been raised ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Private MarketsMon, 05 Oct 2026 20:11:49 GMT<![CDATA[ Highlights From S&P Global Ratings' European Private Markets Conference 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. A provisional measure in Brazil to ban online gaming and sports betting activities, ahead of the presidential election, could weaken the growth trajectory of rated international gaming operators. S&P Global Ratings believes the credit impact will depend on individual operators’ exposure to Brazil, existing leverage, and rating headroom. While the suspension alone is unlikely to trigger immediate rating actions, it could reduce rating headroom for issuers already facing operating or regulatory pressures. On Sept. 25, 2026, ahead of the presidential elections, Brazil’s President Luiz Inacio Lula da Silva issued a provisional measure prohibiting online sports betting and internet gaming, aimed at addressing concerns around gambling addiction and rising household debt. The move ]]>Retail & Consumer Products, Corporates, Gaming & Leisure, Media & Entertainment, Market DynamicsMon, 05 Oct 2026 17:05:51 GMT<![CDATA[ Brazil Gaming Brief: Online Gambling Ban Could Curb Operators’ Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The number of defaults among European corporations rated by S&P Global Ratings fell to 30 in 2025 from 33 in 2024, though this tally remained relatively elevated, marking the first time European defaults have reached at least 30 for three consecutive years (see chart 1). All of the defaulters in 2025 were rated speculative-grade ('BB+' or lower) to start the year, including one, Kleopatra Holdings 2 S.C.A., which defaulted twice in the year. There have been no investment-grade (rated 'BBB-' or higher) European corporate defaults since 2009. The overall default rate fell to 1.7% in 2025 from 2.0% in 2024, and the speculative-grade default rate fell to 4.0% from 4.5%. The total ]]>Credit Markets, , Default TransitionMon, 05 Oct 2026 16:08:56 GMT<![CDATA[ Default, Transition, and Recovery: 2025 Annual European Corporate Default And Rating Transition Study ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We reviewed 16 transactions managed by 12 collateral managers as part of our European CLO surveillance activity during Q3 2026. Rating transitions--mainly upgrades (51% of classes reviewed) and affirmations (34%)--were positive, reflecting stable credit performance and higher credit enhancement spurred by deleveraging. We downgraded 15 tranches (14% of all classes reviewed). Additionally, we removed our CreditWatch negative placement for the ‘CCC+ (sf)’ rated class F notes of MAN GLG Euro CLO III DAC, following confirmation that noteholders have received full redemption (see " MAN GLG Euro CLO III DAC European Cash Flow Class F Notes Removed From CreditWatch Negative ,” July 20, 2026). Rating action severities were 1.9 notches for upgrades, 1.3 ]]>Structured Finance, Leveraged FinanceMon, 05 Oct 2026 14:44:29 GMT<![CDATA[ European CLO Monitor Q3 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In this report, S&P Global Ratings provides insights on Sweden’s local covered bond market, its relevant legal framework, and the local mortgage market. We also compare key characteristics of our rated programs in this jurisdiction. Sweden remains one of the world’s four largest covered bond markets--together with Denmark, Germany, and France--with outstanding issuance totaling SEK2.7 trillion (€241 billion) as of June 2026. Covered bonds are a vital funding instrument for Swedish financial institutions, constituting approximately 44% of all debt issued by Swedish financial institutions as of June 2026. As of June 2026, approximately 86% of outstanding covered bonds are denominated in SEK; most new issuance is also in SEK. According to the ]]>Covered Bonds, Structured Finance, Mon, 05 Oct 2026 14:39:42 GMT<![CDATA[ Swedish Covered Bond Market Insights 2026 ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Région Pays de la Loire's European Green Bond Factsheet as Medium green, indicating activities that represent significant steps towards a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. Pays de la Loire is one of France’s 18 administrative regions. ]]>Governments, International Public Finance, Mon, 05 Oct 2026 12:19:15 GMT<![CDATA[ EuGB Pre-Issuance Review: Région Pays de la Loire European Green Bond Factsheet ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Région Pays de la Loire's Sustainable Bond Framework as aligned with: Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines, ICMA, 2021. Pays de la Loire is one of France’s 18 administrative regions. ]]>Governments, International Public Finance, Mon, 05 Oct 2026 12:17:43 GMT<![CDATA[ Second Party Opinion: Région Pays de la Loire Sustainable Bond Framework ]]>00:01:00<![CDATA[ • Upgrades outpaced downgrades by one last week, continuing the trend of net positive rating activity for the eighth week. Financial institutions led upgrades with four. We also upgraded two Indian airports last week, one of which--GMR Hyderabad International Airport Ltd.--became this year's 21st rising star.• Seven of the eight downgrades were on U.S. corporates last week. We also lowered our long-term foreign currency rating on Mozambique to 'CCC' from 'CCC+' on a rising likelihood of a restructuring of outstanding debt. • Defaults increased to five last week, the highest weekly count since July. Three defaults were due to distressed exchanges, across different corporate sectors and regions. This brings the year-to-date total to 82, compared with 89 at the same point last year. ]]>Covered Bonds, Credit Markets, Structured Finance, U.S. Public Finance, Mon, 05 Oct 2026 11:33:27 GMT<![CDATA[ This Week In Credit: Distressed Exchanges Drive Defaults Up (Oct. 5, 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Consumer spending has exceeded S&P Global Ratings’ expectations since the onset of the Middle East war. Nevertheless, several factors risk eroding this resilience, including inflation pressures and supply-chain disruptions stemming from the conflict, pressure on real household disposable incomes in many key markets, and a rising cost of debt. Inflationary pressures will likely intensify. Gas prices are rising as the cold weather approaches, and Europe’s summer drought will hit agricultural output and the packaged food sector. As the cost of essentials continues to climb, a further cooling in consumer demand may squeeze the broader consumer products sector. These strains are reflected in our ratings: 18% of our outlooks on European-headquartered consumer goods ]]>Asset-Backed Securities (ABS), Business Services, Autos & Capital Goods, Retail & Consumer Products, Corporates, Structured Finance, Market DynamicsMon, 05 Oct 2026 11:16:58 GMT<![CDATA[ European Consumer Products: Spending Becomes More Selective Amid Uncertainty ]]>00:01:00Banking, Financial Services, Mon, 05 Oct 2026 09:36:20 GMT<![CDATA[ Second Party Opinion: Banco Internacional's Social Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Energy efficiency--broadly defined as achieving the same outcomes with less energy--is a key part of the transition to a low-carbon, climate resilient future across a range of activities, including building performance, transportation systems, industrial processes, equipment and appliances, and data centers and other digital infrastructure. An S&P Global Ratings Shade of Green (shade) represents our qualitative opinion on how consistent an economic activity or financial instrument is with a low-carbon, climate resilient future. In this report, we explain how we use our Shades of Green analytical approach (see " Analytical Approach: Shades Of Green Assessments ," July 27, 2023) to assess energy efficiency measures and the distribution of shades for ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Energy Transition, Sustainability, Climate Credit RiskMon, 05 Oct 2026 09:25:48 GMT<![CDATA[ Sustainability Insights: Behind The Shades: Energy Efficiency Measures ]]>00:01:00<![CDATA[ This report is partly based on information first published in the EM Asia F inancial I nstitutions section of our " Credit Conditions & Outlook: Emerging Markets Q4 2026 Resilience Tested, Outcomes Diverge , " Sept. 24, 2026 . This report does not constitute a rating action. An unusually strong El Niño, which is expected to further intensify over the remainder of 2026, poses environmental and economic challenges across Asia. These will include reduced crop and livestock output, and possible water shortages, hydropower disruptions, and infrastructure damage. The resulting pressures on business, including potential operational interruptions, will inevitably weigh on regional financial institutions. S&P Global Ratings expects the impacts on banks to vary both in nature and degree, with geography ]]>Financial Services, Mon, 05 Oct 2026 06:48:59 GMT<![CDATA[ Asia's Emerging Market Banks Have The Buffers To Weather El Nino ]]>00:01:00<![CDATA[ The Islamic Finance Industry Outlook: 2027 Edition. The ongoing conflict in the Middle East has cast a shadow over the economic outlook for core Islamic finance countries in the Gulf Cooperation Council (GCC). Sukuk issuance in the GCC is down and banking systems' growth prospects have weakened. A robust 10.2% rise in global Islamic finance assets in 2025 is likely to give way to slower growth in 2026.Beyond the GCC, elevated oil prices and energy scarcity will shape economic outcomes and banking opportunities. Nevertheless, Islamic banks are likely to continue gaining market share from conventional institutions across core countries, supporting the industry's overall growth. Sukuk show similar momentum, with local-currency issuances in selected markets bolstering volumes in the first half of 2026. ]]>Financial Services, Islamic Finance, Emerging Markets, Emerging MarketsMon, 05 Oct 2026 06:17:46 GMT<![CDATA[ The Islamic Finance Industry Outlook: 2027 Edition ]]>00:01:00<![CDATA[ This report does not constitute a rating action. AI is fueling a fresh wave of investment in data centers, with hyperscalers continuing to increase spending and reinforcing the secto r's long-term growth outlook. Concretely, we expect aggregate hyperscalers' capex to reach $1.3 trillion globally in 2027, with cumulative spending set to exceed $7 trillion by 2030 (see " Credit Outlook For Hyperscalers: A Temperature Check ," Sept. 3, 2026). Still, risks for owners, operators, and investors vary across types of facilities and financing sources. The UAE And Saudi Arabia Are Major Growth Markets We expect the UAE and Saudi Arabia will add about 2 gigawatt (GW) to 3 GW of IT power to the Middle East's data center market by ]]>Corporates, Covered Bonds, Financial Services, Structured Finance, Telecom Services, U.S. Public Finance, Information and Communications Technology (ICT), Emerging Markets, Market Dynamics, Digital Infrastructure, Emerging MarketsMon, 05 Oct 2026 04:01:31 GMT<![CDATA[ Middle East Data Centers: How Telcos Fuel The AI Boom ]]>00:01:00<![CDATA[ Rising mortgage rates and dampened purchasing power will test residential demand in Indonesia, Vietnam, and the Philippines. We think developers with a higher proportion of recurring lease income will be better positioned to ride out this period of tepid demand. ]]>Corporates, Real Estate Themes, Mon, 05 Oct 2026 02:09:36 GMT<![CDATA[ Southeast Asia Property: How Developers Are Building Resilience To A Slower Cycle ]]>00:01:00Infrastructure, Mon, 05 Oct 2026 00:55:27 GMT<![CDATA[ New Zealand Regulatory Brief: Framework Changes Will Benefit Infrastructure Sectors ]]>00:01:00<![CDATA[ This report does not constitute a rating action. LONDON (S&P Global Ratings) Oct. 4, 2026--S&P Global Ratings published its " Analytical Approach: Vault Risk Assessments ," for assessing risk in lending vaults today. A lending vault is a smart contract that pools and allocates digital assets to provide liquidity to blockchain-based lending markets collateralized by crypto or tokenized real-world assets. For more information, see " FAQ: Vault Risk Assessments ," also published today. Our Vault Risk Assessment (VRA) is a forward-looking and relative opinion about the overall risk of impairment to an investor’s position in a lending vault. It indicates credit risks inherent in a vault's underlying assets and lending markets, while accounting for protocol and blockchain risks and the ]]>Financial Services, Digital WalletsSun, 04 Oct 2026 21:34:13 GMT<![CDATA[ S&P Global Ratings Releases Analytical Approach For Vault Risk Assessments ]]>00:01:00<![CDATA[ This report does not constitute a rating action. On Oct. 5, 2026, S&P Global Ratings published its " Analytical Approach: Vault Risk Assessments ," which applies to assessing risk in lending vaults. A lending vault is a smart contract that pools and allocates digital assets to provide liquidity to blockchain-based lending markets collateralized by crypto or tokenized real-world assets (RWAs). Here, we respond to questions related to vaults and our analytical approach. A lending vault is a smart contract that pools and allocates digital assets to provide liquidity to blockchain-based lending markets collateralized by crypto or tokenized real-world assets. Such vaults support secured and unsecured lending and can operate in environments that are permissioned, where access is restricted to verified ]]>Financial Services, Digital WalletsSun, 04 Oct 2026 21:11:07 GMT<![CDATA[ FAQ: Vault Risk Assessments ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This article describes S&P Global Ratings' analytical approach for assessing risk in lending vaults. A lending vault is a smart contract that pools and allocates digital assets to provide liquidity to blockchain-based lending markets collateralized by crypto or tokenized real-world assets. Such vaults support secured and unsecured lending and can operate in environments that are permissioned, where access is restricted to verified and approved users; or permissionless, which are open to anyone with a digital wallet. We use the term "vault" throughout this article in reference to the overall risk profile that a vault investor is exposed to, including intermediary dependencies and other smart contracts a vault may interact with, rather than ]]>Financial Services, Digital WalletsSun, 04 Oct 2026 21:03:25 GMT<![CDATA[ Analytical Approach: Vault Risk Assessments ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' latest survey indicates that most U.S. states are entering the second half of the decade from a position of relative credit strength when it comes to addressing their combined debt, pension, and other postemployment benefit (OPEB) liabilities, which remain affordable relative to revenue and economic measures. While the one-year trend indicates that the aggregate debt burden of U.S. states has increased compared with fiscal 2024, their net direct debt load has declined since 2020. At the same time, robust investment performance for the third-consecutive year improved median state pension plan funded ratios to over 80% (the highest level since fiscal 2021), while median OPEB plan funded ratios exceeded 15% ]]>U.S. Public Finance, Thu, 01 Oct 2026 19:56:58 GMT<![CDATA[ U.S. States Face Long-Term Debt And Liability Affordability Challenges Despite Recent Improvement ]]>00:01:00<![CDATA[ Economic tailwinds from the AI buildout and surprisingly enduring demand have bolstered credit conditions in many major economies this year. But the positive momentum of overall credit stability seen over the past few years will become more difficult to sustain. Heading into the fourth quarter, S&P Global Ratings believes resilience is holding, but on a narrower base as pressures intersect. Risks are building amid the sharp rise in benchmark borrowing costs--including yields on government debt--as investors bet that major central banks have a complex challenge in their fight against inflation. Spending on AI and the broader technology sector continues to drive a growing share of private-sector spending, capital flows, and growth--most visibly in the U.S. Data center investment looks set ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Thu, 01 Oct 2026 18:57:21 GMT<![CDATA[ CreditWeek: Can Global Credit Conditions Withstand Compounding Pressures? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings hosted Jeanne Jones, CFO of Exelon Corp. on Sept. 18, 2026, part of its ongoing CFO webinar series. She discussed how Exelon has strengthened its credit profile since separating from its higher-risk generation business, culminating in a one-notch upgrade to ‘A-’ in 2025. At the same time, our broader ratings on U.S. regulated utilities have drifted lower amid rising capital spending and weaker cash flow coverage. Here, we outline Exelon’s actions to maintain credit quality: a strong balance sheet, regulatory diversity across its footprint, and efforts to control customer costs. Foundational to Exelon’s strategy is maintaining a strong balance sheet. The company is capital intensive, with about $42 billion ]]>Corporates, Energy and Oil & Gas, Financial Services, Governments, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Other Infrastructure Entities, Power Generation and Transmission, Project Developers, Project Finance, Social Infrastructure, Government-Related Entities, Sovereigns, Transportation, Utilities, Market Dynamics, Digital Wallets, Information and Communications Technology (ICT), Digital InfrastructureThu, 01 Oct 2026 18:13:12 GMT<![CDATA[ How Exelon Corp. Safeguards Credit Quality Against Data Center Growth And Affordability Pressures ]]>00:01:00<![CDATA[ Over the past decade, S&P Global Ratings has seen consistent growth in the number of nonbank financial services (FS) companies accessing rated public and private debt markets.We analyze a range of nonbank FS companies under our financial institutions and corporate ratings methodologies.This primer explores the nonbank FS companies we analyze in two groups: Financial institutions and corporate-like financial institutions. Ratings in these groups range from 'AA' to 'CCC’.We distinguish between these two groups of nonbank FS companies based on what we see as their primary financial risks: either balance sheet risk or cash flow risk. This drives our criteria choice. In all cases, our analysis considers an institution’s strategic position, financial risk, risk appetite, funding and liquidity risks, and their rating position versus peers. ]]>Financial Services, Thu, 01 Oct 2026 15:05:39 GMT<![CDATA[ How We Rate Nonbank Financial Services Companies ]]>00:01:00<![CDATA[ Climate Week, held on the sidelines of the UN General Assembly last week, united bankers, assetmanagers , investors , and multilateral banks. Front of mind was the deployment of climatetechnologies, especially for AI expansion and growth in emerging markets. So too was theimportance of understanding and accounting for rising physical risks, which are increasinglyaffecting the broader economy. ]]>Covered Bonds, Financial Services, Structured Finance, U.S. Public Finance, Energy Transition, SustainabilityThu, 01 Oct 2026 14:14:47 GMT<![CDATA[ New York Climate Week 2026:Sustainability, Growth, And Energy Security Are No Longer At Odds ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 01 Oct 2026 14:11:25 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Sept. 30, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Amid a period of “reset mania” and par losses, European CLO collateral managers and investors face challenging decisions on which CLOs are best for reset following their non-call periods and any structural improvements after CLOs have reset. In this report, S&P Global Ratings analyzes par changes and other key benchmarks for European CLOs that have reset and that have maintained their ratings from 2021 to March 2026. Despite more recent CLO resets masking underlying par losses driven by large obligor downgrades, the credit profiles of these CLOs are strengthening through significant reductions in ‘CCC’ category rated and nonperforming assets. However, this improvement requires new money injections to clean up portfolios and restore ]]>Structured Finance, Leveraged FinanceThu, 01 Oct 2026 14:02:02 GMT<![CDATA[ Masking The Par: What European CLO Resets Are Not Telling You ]]>00:01:00<![CDATA[ This report does not constitute a rating action. European life insurers are entering a dynamic era marked by substantial reforms, shifting consumer demand, and higher interest rates. Yet insurers' own measures will keep credit on a stable path, S&P Global Ratings believes. Firms are also tailoring their products to address aging populations and pension reforms. We believe insurers face a basket of risks and opportunities that will reward the most adaptive enterprises. Rising interest rates will generally bolster entities' profitability and investment results. However, rising interest rates are--and will continue to be--a two-edged sword. Insurers will be in greater competition with banks and asset managers to offer products with the best returns. And, while insurers will profit from rising rates, ]]>Insurance Markets, Life Insurance, LiquidityThu, 01 Oct 2026 13:41:06 GMT<![CDATA[ How European Life Insurers Will Navigate Product Shifts And Market Transitions ]]>00:01:00Corporates, Infrastructure, Transportation, Thu, 01 Oct 2026 12:55:55 GMT<![CDATA[ Post-Issuance Review: Empresa de Transporte de Pasajeros Metro S.A.'s Allocation And Impact Report ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Empresa de Transporte de Pasajeros Metro S.A.'s Green Financing Framework as aligned with: Green Bond Principles, ICMA, 2025 and Green Loan Principles, LMA/LSTA/APLMA, 2025. Empresa de Transporte de Pasajeros Metro S.A. is a state-owned company that provides suburban passenger rail transportation services in Santiago, Chile. Founded in 1968, the company operates seven lines, 143 stations, and 149 kilometers of track across 27 municipalities. ]]>Corporates, Infrastructure, Transportation, Thu, 01 Oct 2026 12:48:19 GMT<![CDATA[ Second Party Opinion: Empresa de Transporte de Pasajeros Metro S.A.'s Green Financing Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Adaptation and resilience emerged across New York Climate Week (NYCW) as vital to long-term value. This event drew over 100,000 participants to more than 1,000 climate-related sessions and coincided with the United Nations General Assembly (UNGA). At the UNGA, alongside talks on international security and AI, African nations called for two permanent Security Council seats. S&P Global Ratings believes Africa’s strategic importance in climate discussions could grow over the coming decade. AI, energy, water infrastructure, garnering community support, and financing for emerging markets were central to discussions throughout the week. We also anticipate discussions at COP31, which takes place in Antalya, Türkiye on Nov. 9-Nov. 20, 2026, will center on priorities like ]]>Corporates, Financial Services, Energy Transition, SustainabilityThu, 01 Oct 2026 11:33:05 GMT<![CDATA[ Sustainability Insights: Our Take On New York Climate Week 2026: Strategic Shifts Build Resilience ]]>00:01:00<![CDATA[ In this week's summary of ratings views: Resilient economic growth drives rates higher. Credit conditions remain steady, but the support base is narrowing. AI and digital infrastructure investment is driving debt market expansion. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 30 Sep 2026 18:38:38 GMT<![CDATA[ The Ratings View: Sep. 30, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings received information from 90 rated local government (LG) issuers on potential losses and mitigation strategies should Amendment 3 pass in November. Responses indicate that many will be challenged to balance essential services against significantly diminished revenue; how those losses are managed could trigger longer-term credit deterioration for some. Following Florida’s 2026 spring legislative session when the legislature did not pass various property tax reform proposals, the governor called a special session to add a constitutional amendment to the ballot. As a result, on the November ballot, Amendment 3 will ask voters whether homestead tax exemptions on primary residences for non-school taxes should be raised to $150,000 in 2027 and ]]>U.S. Local Governments, U.S. Public Finance, Wed, 30 Sep 2026 18:27:45 GMT<![CDATA[ Proposed Florida Property Tax Reform Could Affect Local Government Ratings Absent Operating Changes ]]>00:01:00<![CDATA[ This report provides a comparative overview of U.S. and European BSL CLOs in 2026. We compare certain credit metrics, liability spreads and the weighted average cost of debt, exposures to downgrades, debt maturities, and regional challenges to reveal some nuances that differentiate European and U.S. BSL CLOs. ]]>Collateralized Loan Obligation (CLO), Structured Finance, Leveraged FinanceWed, 30 Sep 2026 16:01:34 GMT<![CDATA[ U.S. And European BSL CLOs Comparison Q3 2026: Same Winds, Different Sails ]]>00:01:00<![CDATA[ S&P Global Ratings evalúa el Marco de bono vinculado a la sostenibilidad de Inventa Leasing como alineado con los Principios de los Bonos Vinculados a la Sostenibilidad, ICMA, 2024. Inventa Leasing se constituyó en 2018 bajo el nombre de Arrendadora IL S.A.P.I. de C.V. y forma parte del Grupo de Inventa Equity Holding S.A.P.I. de C.V. (Inventa Financial Services), con sede en la Ciudad de México. La empresa ofrece soluciones de arrendamiento de activos de transporte, maquinaria, equipo de cómputo, equipo médico y equipo en general para personas físicas, personas físicas con actividades comerciales y personas morales ]]>Financial Services, Wed, 30 Sep 2026 11:16:54 GMT<![CDATA[ Segunda Opinión: Marco de bono vinculado a la sostenibilidad de Inventa Leasing ]]>00:01:00<![CDATA[ S&P Global Ratings evalúa el Marco de financiación para la adaptación y resiliencia climática y frente a otros desastres de origen natural de Banco Davivienda como alineado con los Principios de los Bonos Sociales, ICMA, 2025, los Principios de los Bonos Verdes, ICMA, 2025 y la Guía de los Bonos Sostenibles ICMA, 2021 ]]>Financial Services, Wed, 30 Sep 2026 10:54:03 GMT<![CDATA[ Segunda Opinión: Marco de financiación para la adaptación y resiliencia climática y frente a otros desastres de origen natural de Banco Davivienda ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Inventa Leasing's Sustainability-Linked Bond Framework as aligned with Sustainability-Linked Bond Principles, ICMA, 2024. Inventa Leasing was incorporated in 2018 under the name Arrendadora II S.A.P.I. de C.V. and is part of the Inventa Equity Holding S.A.P.I. de C.V. group (Inventa Financial Services) based in Mexico City. The company provides leasing solutions for transportation assets, machinery, computer equipment, medical equipment, and other equipment for individuals, individuals with business activities, and legal entities. ]]>Financial Services, Wed, 30 Sep 2026 10:07:09 GMT<![CDATA[ Second Party Opinion: Inventa Leasing's Sustainability-Linked Bond Framework ]]>00:01:00<![CDATA[ This report does not constitute a rating action. MUMBAI (S&P Global Ratings) Sept. 30, 2026--India's central bank digital currency (CBDC), the digital rupee, should be judged on programmability and settlement efficiency, not retail wallet adoption. "India's CBDC has struggled to gain retail traction by design. Adoption is negligible against Unified Payments Interface (UPI) transaction volumes," said S&P Global Ratings credit analyst. "But in agricultural credit, carbon credit disbursement and government securities settlement, the digital rupee is emerging as money that carries embedded conditions. This reflects its actual value proposition as a programmable settlement layer, with banks, rather than consumers, positioned as the primary beneficiaries." That's according to a report issued today by issued by the S&P Global Institute, titled " ]]>Financial Services, Wed, 30 Sep 2026 09:44:38 GMT<![CDATA[ Report Examines India’s CBDC Moment: From Digital Cash To Programmable Money ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Banco Davivienda's Adaptation And Resilience Framework as aligned with Social Bond Principles, ICMA, 2025; Green Bond Principles, ICMA, 2025; and Sustainability Bond Guidelines ICMA, 2021. ]]>Banking, Financial Services, Wed, 30 Sep 2026 09:31:12 GMT<![CDATA[ Second Party Opinion: Banco Davivienda's Adaptation And Resilience Framework ]]>00:01:00<![CDATA[ Global credit resilience is holding, but on a narrower base. Overall economic, market, and credit stability in recent years has hinted at immunity to multiple stressors. But positive momentum will be harder to sustain, with economic growth somewhat reliant on continued technology capital expenditure (capex) and sustained investor appetite coming at the cost of higher yields. Pressures are intersecting. We assume disruptions from the Middle East war will persist into 2027, keeping upward pressure on refined products, even as local and global actors adapt. Lingering effects from inflation, supply-chain reconfiguration, AI capex, and heavy issuance--including from governments--make higher long-term yields look structural rather than a passing stress. ]]>, Credit Conditions, Credit ConditionsWed, 30 Sep 2026 09:17:42 GMT<![CDATA[ Global Credit Conditions And Outlook Q4 2026: Eroding Immunity ]]>00:01:00<![CDATA[ Here S&P Global Ratings shares messages related to two recent events: our live China Credit Spotlight Conference 2026 , held in Hong Kong on Sept. 22; and virtual webinar " S&P Global Ratings Upgrades Four Chinese Banks And One Securities Firms (replay) " on Sept. 21. We summarize the key messages and answer questions received from attendees at these events. See all our upcoming events here . This report does not constitute a rating action. China's financial risks have received much market attention in recent years--its resilience less so. S&P Global Ratings spoke about both the risks and the resilience at recent investor events. "We believe China is well placed to contend with future shocks, given the banking sector has ]]>Asset Managers, Banking, Financial Services, Insurance Markets, Life Insurance, Non-banks, Wed, 30 Sep 2026 02:44:36 GMT<![CDATA[ Events Debrief: Top Questions On China's Banks And Broader Financial Ratings ]]>00:01:00<![CDATA[ This report does not constitute a rating action. So far this year, Mexican rated consumer products and retailer's entities have remained largely resilient. However, they are navigating a sluggish economy shaped by volatile geopolitical events and evolving trade policies. These factors have driven up input costs across the value chain--notably in energy, food commodities, packaging (aluminum, and PET), steel, and transportation, while labor costs in Mexico keep rising. S&P Global Ratings expects sluggish GDP growth in Mexico of approximately 1.3% in 2026 and 1.8% in 2027. With average consumer price index (CPI) and policy rates likely to remain sticky at 4.2% and 6.75% in 2026, and 3.9% and 6.5% in 2027, respectively, we believe consumer confidence is likely to remain ]]>Retail & Consumer Products, Corporates, Retailing, Tue, 29 Sep 2026 21:23:54 GMT<![CDATA[ Mexican Consumer Products And Retailer Rated Entities Show Resilience Amid Sluggish Economy And Trade Policy Volatility ]]>00:01:00<![CDATA[ This report does not constitute a rating action. As technological advancement in AI--with the potential to disrupt the software industry--shows no signs of slowing down, investors continue to question how this will affect credit quality in private credit. In our view, the impact of AI disruption on software companies poses more of a threat over the medium term, particularly considering the rise in maturities in 2028 and after, and the risks vary across the sector. Earlier this year, capital markets swiftly reacted to rapid technological advancement in AI--leading to volatility in market prices for equities and broadly syndicated loans (BSL). This raised concerns about private credit, which has been increasing lending to software companies in recent years. Loans to these ]]>Corporates, Leveraged Finance & High Yield, Artificial Intelligence, Leveraged Finance, Credit Conditions, Private MarketsTue, 29 Sep 2026 19:57:37 GMT<![CDATA[ How Private Credit Is Navigating Potential AI Disruption In Software Lending ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings' U.S. Credit Card Quality Index (CCQI) is a monthly performance index that aggregates performance information of securitized credit card receivables in key risk areas: receivables outstanding, yield, payment rate, net loss rate, excess spread, and delinquencies (see the Appendix). The table below shows the U.S. CCQI's 12-month historical monthly performance for bankcard trusts. For the full dataset, see our extended table: Click here . For more information on performance trends among individual credit card pools, see " 2026 U.S. And Canada Credit Card ABS Review ," published Feb. 4, 2026. S&P Global Ratings' CCQI: U.S. ABS credit card--bankcard 12-month summary Month/year Outstanding amount ($) Yield (%) Net loss rate ]]>, Tue, 29 Sep 2026 18:09:49 GMT<![CDATA[ U.S. Credit Card Quality Index: Monthly Performance--August 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The U.S. affordable rental housing sector continues to grapple with a long-standing imbalance between limited supply and mounting demand. A growing share of households remains cost burdened, spending more than 30% of income on housing as a result of rising rents, stagnant incomes, and broader economic pressures, amplifying the shortage of affordable rental units. At the same time, this sector must monitor for severe natural disasters and extreme weather events that could contribute to residential displacement and infrastructure. We observe divergent financial and operational performance trends across our nonmilitary, stand-alone rental housing bond (RHB) subsectors. In the mobile home park (MHP) subsector, revenue has outpaced expenses, leading to improved debt service coverage ]]>Housing, U.S. Public Finance, Tue, 29 Sep 2026 17:43:13 GMT<![CDATA[ The U.S. Affordable Rental Housing Sector Shows Mixed Signs Of Resilience And Challenges ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Rating performance strengthened in August, supported by broad-based sector improvement and investment-grade upgrades. Chart 1 Chart 2 Chart 3 Data as of Aug. 31, 2026. Net bias is the positive bias minus the negative bias (for both investment- and speculative-grade issuers). MM&S--Metals, mining, and steel. IG--Investment-grade. SG--Speculative-grade. Sources: S&P Global Ratings Credit Research & Insights. Benchmark yields continue to climb, with the U.S. 10-year Treasury recently reaching its highest level since July 2007. The move is far from isolated. Government bond yields have risen across major markets, pushing corporate borrowing costs higher, with yields on U.S. 'BBB' rated debt up materially from last year. Despite the higher-rate environment, credit spreads remain relatively ]]>Asset-Backed Commercial Paper (ABCP), Banking, Commercial Mortgage-Backed Securities (CMBS), Retail & Consumer Products, Corporates, Covered Bonds, Credit Markets, Energy and Oil & Gas, Financial Services, Governments, Health Care, Technology, Media & Telecom, Infrastructure, Insurance Markets, International Public Finance, Media & Entertainment, Non-banks, Other Infrastructure Entities, Paper & Forest Products, Power Generation and Transmission, Project Developers, Project Finance, Real Estate Themes, Servicer Ranking & Evaluations, Social Infrastructure, Government-Related Entities, Collateralized Loan Obligation (CLO), Structured Finance, Telecom Services, Transportation, U.S. Public Finance, , Default Transition, Credit ConditionsTue, 29 Sep 2026 17:39:10 GMT<![CDATA[ This Month In Credit: Rating Trends Improve Despite Persistent Areas Of Stress (September 2026) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Favorable financing conditions and robust issuance activity, including financing tied to AI and digital infrastructure investment, continued to support growth in the global corporate debt market despite periods of market volatility and geopolitical uncertainty. The size of the global corporate debt market, based on the par value of outstanding instruments rated by S&P Global Ratings, reached $26.1 trillion as of July 1, 2026 (see chart 1). That is a 3.3% increase (or $829 billion) from the total debt level since mid-2025. Investment-grade debt led the expansion, growing 4.8%, while speculative-grade debt declined 2.2% over the same period. Speculative-grade debt also declined slightly as a share of total debt, dipping to 20.8% from ]]>Credit Markets, Information and Communications Technology (ICT), Artificial Intelligence, Digital Infrastructure, Credit ConditionsTue, 29 Sep 2026 15:28:12 GMT<![CDATA[ Global State Of Play: AI And Digital Infrastructure Fuel Corporate Debt Market Growth ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The global macro tug of war continues. Economies around the world continue to respond to large, opposing shocks. We mainly see negative shocks to the supply side and positive ones for demand. At a conceptual level, the net effect of these shocks on prices is unambiguous: prices will rise. For output, the net effect is more ambiguous and will depend on the relative magnitudes of the opposing shocks. If the positive effects outweigh the negative ones, then output will rise (see chart 1). Turning to specifics, the supply-side shocks to energy markets from the severe disruption in the Strait of Hormuz, plus the lingering effects of tariff and policy uncertainty, are depressing ]]>Macroeconomics Economic Research, Credit OutlookTue, 29 Sep 2026 13:00:05 GMT<![CDATA[ Global Economic Outlook Q4 2026: Resilient Growth Drives Rates Higher ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Pension funds are key investors in global capital markets. In its recent publication, the Thinking Ahead Institute estimates that assets owned by global pension funds totaled close to $73 trillion in 2025. By asset size, more than $68 trillion were in the top 22 pension fund markets that the institute covered in its report. The U.S. alone was estimated to account for about $45 trillion. Similarly, preliminary OECD data for 2025 also suggests a global total of approximately $72 trillion across all OECD countries and 38 non-OECD countries that OECD covers in their publication. According to the OECD, estimated pension fund assets increased to about $70.3 trillion for the 38 OECD countries, ]]>Financial Services, Emerging Markets, Emerging MarketsTue, 29 Sep 2026 08:36:56 GMT<![CDATA[ How Pension Funds Can Deepen Capital Markets ]]>00:01:00<![CDATA[ This report does not constitute a rating action. For the first time since 2012, Italian asset-backed securities (ABS) are achieving ‘AAA’ ratings again due to recent criteria updates. S&P Global Ratings recently assigned its ‘AAA’ rating to the class A notes issued by Golden Bar Securitisation S.r.l. (series 2026-2) and upgraded the senior notes in five other Italian ABS transactions to ‘AAA’, marking the first ‘AAA’ ratings for Italian ABS securitizations since 2012. This shift reflects recent criteria updates that have created a pathway for Italian ABS to achieve ‘AAA’ ratings. Our updated criteria now allow for an eight-notch uplift above the sovereign rating for transactions with low sensitivity to sovereign default risk and a short economic life, if the ]]>Asset-Backed Securities (ABS), Structured Finance, Tue, 29 Sep 2026 08:20:46 GMT<![CDATA[ ABS Brief: 'AAA' Ratings Return For Italian ABS ]]>00:01:00<![CDATA[ "Auto ABS Arrears Statistics: Australia" provides an analysis of arrears statistics on receivables underlying Australian auto ABS. The report tracks the arrears performance of Australian closed pool auto and mixed auto transactions. We also publish monthly arrears data for auto receivables. These data cover the Australian auto ABS portfolio of receivables. The latest S&P Performance Index (SPIN) data are available separately at https://www.spglobal.com/sfsurveillance. ]]>Structured Finance, Tue, 29 Sep 2026 04:07:40 GMT<![CDATA[ Auto ABS Arrears Statistics: Australia - August 2026 ]]>00:01:00<![CDATA[ Asia-Pacific sectors will face diverging credit prospects as concentrated growth drivers widen the gap between winners and losers. The issuers that are more resilient tend to have supply-chain flexibility, pricing power, favorable financing, and exposure to AI demand. ]]>Financial Services, Tue, 29 Sep 2026 03:17:45 GMT<![CDATA[ Asia-Pacific Sector Outlook Q4 2026: Widening Cracks On Uneven Ground ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Retail electricity rate inflation continues to meaningfully outpace recent years’ sharp increases in the prices of goods and services embedded in the Consumer Price Index (CPI), reducing ratemaking flexibility (see chart 1). Chart 1 Because investor-owned utilities (IOU) account for nearly two-thirds of national retail electricity sales, their rate increases heavily influence the Bureau of Labor Statistics’ (BLS) retail electricity price metrics (chart 2). Chart 2 Nevertheless, many public power and electric cooperative utilities’ retail rate hikes reflect the same inflationary pressures as those affecting IOU rates. For example, charts 3 and 4 illustrate two of many public power utilities whose elevated operating expenses and infrastructure investment costs led to rate increases ]]>U.S. Public Finance, Utilities, Mon, 28 Sep 2026 18:56:06 GMT<![CDATA[ U.S. Affordability: Not-For-Profit Power Utilities’ Ratemaking Authority And Financial Stability Are Tested By Inflation ]]>00:01:00<![CDATA[ This report does not constitute a rating action. In general, water and sewer rates at rated utilities remain at levels that we consider affordable. However, rate inflation in the sector has been higher than in many other utility sectors, and we expect this trend will continue given the need to replace aging infrastructure and mitigate physical risks. For example, the Federal Reserve Bank of St. Louis reported that for the 12 months ended July 2026, water, sewer, and trash collection services increased charges by 4.8% compared with electricity costs that rose by 3.8%, and piped gas service that went up by 4.4%, according to the U.S. Bureau of Labor Statistics. S&P Global Ratings does not prescribe an “ideal” affordability level ]]>U.S. Public Finance, Utilities, Mon, 28 Sep 2026 18:55:02 GMT<![CDATA[ U.S. Affordability: Not-For-Profit Water And Sewer Utilities Work To Balance Affordability And Financial Metrics ]]>00:01:00<![CDATA[ This report does not constitute a rating action. S&P Global Ratings is publishing this report to provide key metrics on the credit-estimated companies with loans in U.S. middle market collateralized loan obligations (MM CLOs), as well as CLO performance indicators. Our private credit and middle market CLO slide deck is published in the first month of each quarter (see " Private Credit And Middle-Market CLO Quarterly: What Lies Beneath (Q3 2026) , " July 24, 2026). As of mid-September, we have rated 347 U.S. middle market collateralized loan obligation (MM CLO) transactions across 45 CLO managers, up from 307 at the start of the year. In August, we assigned new credit estimates to 54 companies with a median EBITDA of ]]>Structured Finance, Private Markets, Leveraged Finance, Private MarketsMon, 28 Sep 2026 17:35:41 GMT<![CDATA[ SF Credit Brief: U.S. Private Credit CLO Insights 2026: A Tale Of Two Cohorts ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Emerging market (EM) financing conditions are entering a more challenging phase. Higher developed-market borrowing needs and tighter global financing conditions raise questions about whether EMs can continue to fund themselves as easily as in recent years. If external conditions become less supportive, outcomes will vary increasingly across countries and sectors, reflecting differences in refinancing needs, policy settings, and domestic market depth. Rising U.S. Treasury yields affect various EM local-currency bonds differently. Currently high global geopolitical uncertainty and ongoing inflationary pressures also play a role. Sensitivity varies considerably by market, with Mexico, Chile, South Africa, Turkiye, and the Philippines among the markets displaying greater correlation to U.S. Treasury movements lately. EM exposure to ]]>Governments, Sovereigns, Energy Transition, Liquidity, Sustainability, Climate Credit Risk, Emerging MarketsMon, 28 Sep 2026 17:08:12 GMT<![CDATA[ Emerging Markets’ Funding Resilience Could Be Tested ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This article presents updates to S&P Global Ratings' views on the 90 banking systems that it currently reviews under its criteria " Banking Industry Country Risk Assessment Methodology And Assumptions ," published Dec. 9, 2021, which it uses primarily when applying its methodologies to develop the stand-alone credit profile and issuer credit rating on a financial institution (see " Financial Institutions Rating Methodology ," Dec. 9, 2021). We typically update this publication every month to summarize our latest BICRA assessments by group and country (table 1), economic and industry risk scores--summarized in chart 1--and components (table 2), and related assessments (government support assessments by region [table 3] and BICRA scores for estimates ]]>Banking, Financial Services, Mon, 28 Sep 2026 15:10:36 GMT<![CDATA[ Banking Industry Country Risk Assessment Update: September 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Sept. 28, 2026--The multitrillion-dollar AI infrastructure buildout will test insurers' capacity to manage casualty risk. The central credit question is whether insurers are being adequately compensated for their exposure. This is according to an FAQ-style commentary we published today, titled " Why The AI Boom And Social Inflation Are Emerging As Key Risks For U.S. Casualty Insurers ." "Estimating long-tail casualty liabilities is becoming more difficult due to a shifting legal environment, predominantly in the U.S., where actual losses can exceed expected losses," said S&P Global Ratings credit analyst Patricia Kwan. "Insurers are absorbing escalating costs from lawsuits, litigation and other unexpected losses from insurance policies written ]]>Insurance Markets, Property & Casualty, Artificial IntelligenceMon, 28 Sep 2026 14:36:28 GMT<![CDATA[ FAQ Asks Why AI Boom, Social Inflation Are Risks For Casualty Insurers ]]>00:01:00<![CDATA[ This report does not constitute a rating action. The multitrillion-dollar AI infrastructure buildout will test insurers' capacity to manage casualty risk. The central credit question is whether insurers are being adequately compensated for their exposure. Estimating long-tail casualty liabilities is becoming more difficult due to a shifting legal environment, predominantly in the U.S., where actual losses can exceed expected losses. Insurers are absorbing escalating costs from lawsuits, litigation and other unexpected losses from insurance policies written many years ago. Here, S&P Global Ratings presents frequently asked questions from investors about insurers' U.S. casualty exposure given these emerging risks. Chart 1 By rapidly expanding the pool of liability exposures. These exposures primarily come from AI industries supporting digital infrastructure, including utilities, ]]>Insurance Markets, Project Finance, Property & Casualty, U.S. Public Finance, Artificial Intelligence, LiquidityMon, 28 Sep 2026 14:28:53 GMT<![CDATA[ Credit FAQ: Why The AI Boom And Social Inflation Are Emerging As Key Risks For U.S. Casualty Insurers ]]>00:01:00<![CDATA[ Transaction profile Issuer Golden Bar Securitisation S.r.l. Collateral type Auto loans Domicile of assets Italy Seller Santander Consumer Bank SpA Servicer Santander Consumer Bank SpA Counterparties Banco Santander, S.A., Milan Branch, Citibank N.A., Milan Branch, Banco Santander, S.A., and Open Bank, S.A. Capital structure Class Rating* Amount (mil. €) Credit enhancement (%)§ Coupon Step-up coupon Step-up date Legal final maturity A AAA (sf) 630.00 11.00 Three-month EURIBOR plus 0.64% N/A N/A June 20, 2046 B-Dfrd AA+ (sf) 38.50 5.50 Three-month EURIBOR plus 0.85% N/A N/A June 20, 2046 C-Dfrd AA- (sf) 24.50 2.00 Three-month EURIBOR plus 1.05% N/A N/A June 20, 2046 D-Dfrd BBB+ (sf) 7.00 1.00 Three-month EURIBOR plus 1.34% N/A N/A June 20, 2046 E-Dfrd BBB (sf) 7.00 ]]>Structured Finance, Mon, 28 Sep 2026 14:07:06 GMT<![CDATA[ New Issue: Golden Bar Securitisation S.r.l. (Series 2026-2) ]]>00:01:00<![CDATA[ This report does not constitute a rating action. This research report explores an evolving topic relating to sustainability. It reflects research conducted by and contributions from S&P Global Ratings' sustainability research and sustainable finance teams as well as our credit rating analysts (where listed). Chart 1 This forecast is based on broadly favorable external financing conditions in most African countries, a gradually growing track record of sustainable debt issuance, as well as a need to finance projects related to the energy transition and infrastructure development. We also expect the continent to continue to drive innovation in the sustainable finance space, with issuance to come from new labels, such as blue, nature, and, potentially, transition-labeled instruments. Labelled bond issuance (green, social, ]]>Governments, Government-Related Entities, Liquidity, Energy Transition, Sustainability, Climate Credit Risk, Emerging MarketsMon, 28 Sep 2026 13:01:27 GMT<![CDATA[ Sustainability Insights: Sustainable Finance Volume In Africa Is Rising But Remains Insufficient ]]>00:01:00<![CDATA[ Positive rating actions outpaced negative ones for the seventh consecutive week, with 10 upgrades versus seven downgrades. Meanwhile, four U.S.-based issuers were downgraded to 'CCC+' and below, two being from the media and entertainment sector. Upgrades included Cyprus, for which we raised our long-term rating to 'A' on continued external and fiscal deleveraging. We recorded two defaults last week, both on U.S.-based companies, bringing the year-to-date total to 77, compared with 85 at the same point last year. Chemical manufacturer Advancion Holdings LLC was downgraded to 'D' on completion of debt exchange, and business and consumer services provider Atlas CC Holding LLC was downgraded to 'D' following debt amendment. ]]>Covered Bonds, Credit Markets, Structured Finance, U.S. Public Finance, , Credit ConditionsMon, 28 Sep 2026 11:22:39 GMT<![CDATA[ This Week In Credit: Vulnerable Issuers Under Pressure (Sept. 28, 2026) ]]>00:01:00U.S. Public Finance, Fri, 25 Sep 2026 21:28:06 GMT<![CDATA[ U.S. Local Governments Credit Brief: Massachusetts Municipalities Means And Medians ]]>00:01:00<![CDATA[ This report does not constitute a rating action. We expect the Turkish property/casualty (P/C) market’s return on equity (ROE) will remain robust at above 30% over the next two years. The ratio consistently exceeded 40% over the past three years as investment income, led by high interest rates, and revaluation gains offset marginal underwriting losses. We forecast this trend will continue and that even as the ratio declines marginally, it will remain above 30% as inflation cools and interest rates offered by local banks ease. The market has reported a net combined ratio in excess of 100% for more than five years, reflecting that underwriting performance remains loss making. Though most lines of business have typically reported technical profits, motor ]]>Insurance Markets, Property & Casualty, Emerging Markets, Market Dynamics, Emerging MarketsFri, 25 Sep 2026 09:54:53 GMT<![CDATA[ Insurance Industry And Country Risk Assessment: Türkiye Property/Casualty ]]>00:01:00<![CDATA[ S&P Global Ratings considers the Kingdom of Denmark's European Green Bond Allocation Report 2025 to be aligned with the European Green Bond Regulation. We consider Dark green to be representative of the allocation. ]]>Governments, Sovereigns, Fri, 25 Sep 2026 08:41:12 GMT<![CDATA[ EuGB Post-Issuance Review: Kingdom of Denmark European Green Bond Allocation Report 2025 ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Qingdao Conson Development (Group) Co. Ltd. (QCD's) Social Finance Framework as aligned with Social Bond Principles, ICMA, 2025; and Social Loan Principles, LMA/LSTA/APLMA, 2025. Founded in 2008, QCD operates its municipality’s assets, including social infrastructure, public transportation, and fish farming in Qingdao city, Shandong province of China. ]]>Autos & Capital Goods, Corporates, Thu, 24 Sep 2026 23:32:47 GMT<![CDATA[ Second Party Opinion: Qingdao Conson Development (Group) Co. Ltd. Social Finance Framework ]]>00:01:00<![CDATA[ Another summer of record-breaking temperatures and wildfires in Europe, floods and storms across Asia, and extreme heat and drought in North America has reinforced a stark reality: Climate change is no longer a future risk. For the investors, policymakers, and companies convening at Climate Week NYC 2026, conversations have focused on how resilience is no longer optional, but becoming essential to protecting economies, businesses, and long-term value in a more volatile climate. Attention and action are increasingly shifting from mitigation (reducing emissions) to adaptation (identifying climate-related risks and developing strategies to reduce their impact and improve resilience). From a credit perspective, the key question is whether issuers can absorb climate-related disruptions without a decline in credit quality. So far, physical ]]>, Energy Transition, Climate Credit RiskThu, 24 Sep 2026 20:27:51 GMT<![CDATA[ CreditWeek: Will Climate Events Lead To More Rating Actions? ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 ]]>Credit Markets, Thu, 24 Sep 2026 14:31:39 GMT<![CDATA[ Credit Trends: U.S. Corporate Bond Yields As Of Sept. 23, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. European insurers’ operating results are largely unaffected by geopolitical turmoil. Following the first half of 2026 with some natural catastrophe and large loss events, third-quarter claims picked up with some hail events. While the summer heat waves, wildfires, and drought affected Europe, insurance claims have been somewhat limited. Commercial lines' primary insurers and property re-insurers face continued pressure on premium rates and a further softening market environment. In the absence of major claims events, we expect this trend to continue, with still-solid technical margins. Despite the spread widening in AI sectors and many discussions around insurers’ investment exposure to illiquid assets such as private credit, we maintain our view on the prudence ]]>Bond Insurance, Health Insurance, Insurance Markets, Life Insurance, Property & Casualty, Reinsurance, Thu, 24 Sep 2026 14:04:23 GMT<![CDATA[ European Insurers' Credit Conditions In Autumn 2026: Resilient Amid Turbulence ]]>00:01:00<![CDATA[ North American credit conditions face a more challenging risk backdrop, with a wider Middle East war, uncertainty around the returns on AI investment, and rising financing costs likely to weigh on borrowers' confidence and spending. U.S. policy direction could become more executive-action-driven after the midterms, making trade and foreign policy key areas to watch for potential economic, market, and geopolitical ramifications. Ratings pressure remains contained but uneven. Despite the region’s net outlook bias improving to -5.3%, sectors including telecom, building materials, and chemicals face elevated negative bias. We expect the U.S. speculative-grade default rate to remain near current levels at 3.75% by June 2027. ]]>, Credit OutlookThu, 24 Sep 2026 13:31:52 GMT<![CDATA[ Credit Conditions: Credit Conditions & Outlook North America Q4 2026: Risk Trifecta—War, AI, Rates ]]>00:01:00<![CDATA[ Emerging markets continue to withstand external pressures, but buffers are eroding. Earnings, market access, and rating performance remain broadly supportive, while overlapping energy, food, and financing pressures are beginning to test weaker borrowers. Second-round effects will determine the next phase. Higher costs are impacting real incomes, corporate margins, and government finances to varying degrees; net energy importers and borrowers with limited buffers are most exposed. Financing conditions could expose vulnerabilities. Higher developed-market yields and tighter or cautious monetary policy will most affect leveraged, lower-rated, and weaker unrated entities, particularly where local funding markets are shallow. Divergence in credit quality is likely to widen. Commodity and technology exporters retain important offsets, but these benefits are concentrated, while demand-sensitive sectors and economies with limited policy flexibility face mounting pressure. ]]>, Credit Outlook, Credit ConditionsThu, 24 Sep 2026 09:46:20 GMT<![CDATA[ Credit Conditions & Outlook: Emerging Markets Q4 2026 Resilience Tested, Outcomes Diverge ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Senegal's plan to restructure foreign-currency denominated debt won't hurt rated banks in Sub-Saharan Africa. That's because the banks are only exposed to local-currency debt and have limited exposure to Senegal sovereign debt. Even under our severe-stress scenario, the banks could use pre-provision earnings to cover any sovereign-related losses without depleting capital. But a broader rollout would increase credit costs. In early September, the Senegalese government announced a debt treatment plan. This was aimed at restructuring the country's foreign currency debt and excluded local-currency (CFA franc) debt from the process. The exclusion implies that the debt renegotiation will result in foreign-currency creditors facing haircuts through either a reduction in principal, interest or payment ]]>Banking, Financial Services, Market Dynamics, Emerging Markets, Emerging MarketsThu, 24 Sep 2026 09:05:33 GMT<![CDATA[ Bank Brief: Why Senegal's Debt Plan Won't Trouble Sub-Saharan Africa Banks ]]>00:01:00<![CDATA[ Credit performance remains resilient thanks to healthy earnings, liquidity, and generally conservative financial policies. However, the financial and policy cushions that helped absorb recent shocks are becoming thinner. ]]>Covered Bonds, Structured Finance, Credit Outlook, Credit ConditionsThu, 24 Sep 2026 08:21:36 GMT<![CDATA[ Credit Conditions & Outlook Europe Q4 2026: Solid Demand, Slimmer Buffers ]]>00:01:00<![CDATA[ S&P Global Ratings assesses AS Augstsprieguma tīkls (AST)'s European Green Bond Factsheet as Medium green, indicating activities that represent significant steps towards a low-carbon, climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. AST is a government-owned, independent electricity transmission system operator in Latvia. ]]>Corporates, Thu, 24 Sep 2026 05:18:26 GMT<![CDATA[ EuGB Pre-Issuance Review: AS Augstsprieguma tīkls (AST) European Green Bond Factsheet ]]>00:01:00<![CDATA[ S&P Global Ratings assesses that Maynilad Water Services Inc. meets the requirements of the Guidelines on Philippine Green Equity by the Philippine Securities and Exchange Commission under Memorandum Circular No. 13, series of 2025. The company provides water and wastewater services to over 10 million people across 11 cities in Metro Manila, and three cities and three municipalities in the Cavite province of the Philippines. ]]>Corporates, Utilities, Thu, 24 Sep 2026 05:11:49 GMT<![CDATA[ Green Equity Designation External Review: Maynilad Water Services Inc. ]]>00:01:00<![CDATA[ Asia-Pacific's supportive credit conditions reflect economic resilience, constructive funding, and demand for AI-linked technology. But the margin for error is shrinking. Credit cushions are thinning on energy disruption, weaker currencies, potentially higher funding costs, and fiscal strains. ]]>, Credit Outlook, Credit ConditionsThu, 24 Sep 2026 04:49:31 GMT<![CDATA[ Credit Conditions & Outlook Asia-Pacific Q4 2026: Compounding Risks, Amplified Effects ]]>00:01:00<![CDATA[ S&P Global Ratings assesses Southeast Asia Commercial Joint Stock Bank's sustainable finance framework is aligned with: Social Bond Principles, ICMA, 2025; Social Loan Principles, LMA/LSTA/APLMA, 2025; Green Bond Principles, ICMA, 2025; Green Loan Principles, LMA/LSTA/APLMA, 2025; Sustainability Bond Guidelines ICMA, 2021; and Guidelines for Blue Finance, IFC, 2025.Headquartered in Hanoi, Southeast Asia Commercial Joint Stock Bank was founded in 1994. It is the 12th largest private sector bank in Vietnam, with total assets reaching Vietnamese dong 396.4 trillion (US$15.04 billion) as of end-2025. ]]>Banking, Financial Services, Thu, 24 Sep 2026 04:31:36 GMT<![CDATA[ Second Party Opinion: Southeast Asia Commercial Joint Stock Bank Sustainable Finance Framework ]]>00:01:00<![CDATA[ In this week's summary of ratings views: Our global Credit Cycle Indicator stalled as corporate and household credit diverged. Regional economic outlooks show resilient demand despite inflation and rate worries. We look at which Asia-Pacific tech firms are resilient to an AI-spending slowdown. ]]>Covered Bonds, Credit Markets, Financial Services, Structured Finance, U.S. Public Finance, Wed, 23 Sep 2026 19:23:28 GMT<![CDATA[ The Ratings View: Sep. 23, 2026 ]]>00:01:00<![CDATA[ This report does not constitute a rating action. Since our last forecast update, the Canadian economy rebounded strongly in the second quarter, expanding 3.3% annualized after an upwardly revised 0.3% gain in the first quarter. Talk of recession has quieted with the strong rebound, but renewed Canada-U.S. trade-related uncertainty means our base-case expectation is that the Canadian output gap will narrow only gradually over the next year. Net trade was the single largest contributor to the second-quarter rebound. Exports surged 15.1% annualized--the biggest gain in over three years--led by a 21% jump in goods exports. Imports rose just 1.1%. More encouragingly, domestic demand rose 3.9% annualized after contracting in the first quarter. Household spending grew 3.3%, and business fixed investment ]]>Macroeconomics Economic Research, Credit Outlook, Credit ConditionsWed, 23 Sep 2026 19:08:13 GMT<![CDATA[ Canada Outlook Q4 2026: Trade Uncertainty Limits Economic Growth ]]>00:01:00