Fitch Sees Fewer Global Credit Rating Changes in Q3
The downgrade-to-upgrade ratio eased, while negative outlooks declined and investment-grade companies recorded more upgrades than downgrades.
Key takeaways
- Fitch recorded 90 corporate rating changes in the third quarter, down from 119 in the second.
- The share of companies with negative outlooks fell to 10% by quarter-end.
- Investment-grade companies had 14 upgrades and three downgrades.
Fitch reported 90 corporate credit rating changes in the third quarter, down from 119 in the second quarter and 98 in the same period last year. The ratio of downgrades to upgrades was 0.7, compared with 0.6 in the prior quarter and 1.1 a year earlier.
At quarter-end, 10% of companies had a negative outlook, down from 11% at the end of the second quarter and a year earlier. Among investment-grade companies, Fitch recorded 14 upgrades and three downgrades. High-yield issuers had 38 upgrades and 35 downgrades.
EMEA had 36 rating changes, including 20 upgrades and 16 downgrades. It also had the highest share of negative outlooks, at 13%, while North America recorded 24 changes and had equal shares of negative and positive outlooks, at 9% each.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
