S&P Global Ratings upgrades TIM and Genmab, cuts Salesforce and BMW in weekly credit review
Credit quality shifts across telecoms, health care, technology and autos mark S&P Global Ratings' latest weekly review of rating actions. The update also shows three new defaults in the past week, including Paraguay-based Ueno Bank S.A. after central bank intervention.
Highlights
- S&P Global Ratings upgrades TIM SpA and Genmab AS to 'BBB-', while downgrading Salesforce Inc. to 'A' and BMW AG to 'A-'.
- Credit review shows mixed sector trends, with European upgrades contrasting against pressures on major corporates and parts of the financial sector.
- Year-to-date defaults stand at 91, below last year's pace, with Ueno Bank S.A. downgraded to 'D' after central bank intervention.
Weekly rating actions across sectors
As reported by S&P Global, citing S&P Global Ratings, Italy-based telecommunications company TIM SpA and Denmark-based health care company Genmab AS are this week's two new rising stars, with both upgraded to 'BBB-'. The rating agency also said downgrades ease to seven, although the week's actions include two large cuts by debt volume, with Salesforce Inc. lowered to 'A' and BMW AG cut to 'A-'.The latest review spans several industries and regions, pointing to mixed credit conditions rather than a uniform trend. While upgrades emerge for issuers in Europe, pressure remains visible in major corporate names and in parts of the financial sector.
Defaults remain below last year's pace
S&P Global Ratings says it records three defaults last week, each in a different sector. Among them, Paraguay-based Ueno Bank S.A. is downgraded to 'D' from 'BB' following central bank intervention.Year-to-date defaults total 91, according to the review, staying below the level indicated for the comparable earlier period. The weekly figures suggest default pressure persists, but the broader pace remains contained relative to that benchmark.
In earlier coverage, we reported that Mario Draghi warned interest rates above growth rates can raise public debt burdens.
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