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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.


What We're Watching

The intensifying global trade war will likely weaken global credit conditions, threatening what has been a fairly favorable environment for most borrowers. While market volatility is likely to continue, ratings performance has so far exhibited resilience.


This Week In Credit

Rating Actions Drop

The number of rating actions declined last week, with rating activity net positive. Downgrades dropped to three, including one new risky credit (issuers in the ‘CCC’ rating category)—independent exploration and production company Canacol Energy Ltd.

There were no defaults last week. The year-to-date total (27) is materially below this point last year (47).

Credit pricing deteriorated last week, with corporate spreads widening across investment and speculative grades, leading the U.S. distress ratio to climb to 7.7%. In addition, the credit VIX spiked to its highest level since its inception in 2023.

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This Month In Credit

Positive Momentum Amid Market Volatility

Rating activity continued its positive trend despite market volatility. Upgrades (39) outnumbered downgrades (28) for the second consecutive month.

Weakest links dropped by 10 in February--reaching the lowest level since October 2022. The number of defaults as the reason for removals from the weakest links list remains limited, accounting for less than 30% in February.

Despite February recording the first fallen angels of the year, rising stars continued to outnumber fallen angels. However, potential rising stars declined, for the second month in a row, to 19.

The default count eased in February to seven, driven by a decline in the U.S. Meanwhile, monthly defaults in Europe outnumbered the U.S. for the first time since September 2022.

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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.



Ratings Performance

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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.



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.


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