S&P Global says upgrades continue to outpace downgrades as U.S. corporate risks rise
Credit rating activity remains net positive for an eighth straight week, with upgrades exceeding downgrades by one in the latest weekly tally. The balance is tempered by mounting pressure on U.S. corporates and a lower foreign currency rating for Mozambique amid growing recession concerns.
Highlights
- S&P Global Ratings reported upgrades outpaced downgrades last week by one, marking eight consecutive weeks of net positive rating activity.
- Seven of the eight downgrades last week targeted U.S. corporates, underscoring persistent stress in that sector despite overall credit improvement.
- S&P Global lowered Mozambique’s long-term foreign currency rating to 'CCC' from 'CCC+', citing recession risks and deteriorating debt-servicing capacity.
Weekly rating changes highlight mixed credit conditions
As reported by S&P Global, citing S&P Global Ratings, upgrades outpaced downgrades by one last week, extending the run of net positive rating activity to eight consecutive weeks. Financial institutions led the positive actions with four upgrades during the period.The report also said two Indian airports were upgraded last week. One of them, GMR Hyderabad International Airport Ltd., became the 21st rising star this year, indicating an issuer moving back into investment-grade territory.
U.S. corporates and Mozambique face greater pressure
Despite the overall positive balance, seven of the eight downgrades last week were on U.S. corporates, pointing to more concentrated stress in that segment. The pattern suggests that while credit conditions are improving in some areas, risk remains elevated for parts of the U.S. corporate market.S&P Global Ratings also lowered its long-term foreign currency rating on Mozambique to 'CCC' from 'CCC+'. The agency said a rising likelihood of recession in the country is likely to weaken the government's ability to meet its debt obligations.
In our earlier article on S&P Global Ratings’ recent upgrades for several institutions, we highlighted how improved financial metrics and a more favorable operating environment were supporting stronger credit profiles. We also noted that such rating actions can bolster market confidence and potentially lower funding costs, pointing to improving conditions in parts of the financial sector even as risks remain uneven across the market.
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