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Credit Market Research

Our credit market research encompasses ratings performance indicators (including upgrades and downgrades, defaults, outlook changes, weakest links, rising stars, and fallen angels) alongside default and issuance forecasts and financing conditions coverage.

Credit Research & Insights

We deliver forward-looking, actionable insights on market-moving trends and their effects on credit—leveraging our proprietary data, analytical expertise, and cross-discipline approach. Our research includes ratings analyses, risk assessments, and credit market forecasts.

This Week In Credit

Upgrades Pick Up (June 10, 2024)

Last week saw the highest number of rating actions since early March. These rating actions were net positive.

There was one default, lower than the year-to-date average of three per week. Sound Inpatient Physicians Inc. completed a distressed exchange, which we consider tantamount to default.

We added one rising star--Masonite International Corp., a Canadian issuer from the forest products sector. There was also a fallen angel--CPI Property Group S.A., a Luxembourg commercial real estate company

Market pricing was mixed last week. Benchmark yields and CDS spreads dipped but secondary market corporate spreads mostly rose.


This Month In Credit

Fallen Angels Gain Steam

Upgrades outnumbered downgrades for a third consecutive month in April as credit quality picked up.

But positive trends are not universal--four fallen angels were added in April, doubling the year-to-date total, while downgrades of investment-grade issuers also rose.

Weakness persists at the low end of credit. Defaults more than doubled from March to 18, and the number of issuers downgraded to ‘CCC+’ or lower rose to a four-month high.

Geopolitical tensions remain a top risk for credit. The month’s two largest downgrades were sovereigns: Peru (citing political uncertainty) and Israel (on heightened geopolitical risk).


Go Deeper Into Weekly & Monthly Credit Trends

Make decisions with conviction with a short- and longer-term perspective on current ratings trends. This Week In Credit is a data-driven research snapshot that delivers forward-looking, actionable insights on market-moving credit trends every Monday. On a monthly basis, This Month In Credit provides a comprehensive overview of weakest links, distressed debt, rising stars, and fallen angels, among other credit indicators.

Market Pricing

Confronting Credit Headwinds

In the near term, we expect credit pressures to intensify—with a world order that's increasingly fragmented and fragile.

Ratings Performance


What We're Watching

S&P Global Ratings expects additional credit deterioration in 2024, largely at the lower end of the ratings scale. An environment of increasingly rapid change requires financial market participants to adapt their playbooks.

Credit Conditions

Our regional and global Credit Conditions Committees—and the research publications we produce—provide financial market participants around the world with an essential resource for identifying and understanding prevailing and potential credit risks.

Our People