Last week saw five defaults--the third-highest weekly total this year--primarily driven by four distressed exchanges. Two of the defaults were entities in the high technology sector: Emerald Technologies (U.S.) AcquisitionCo., Inc. and Optiv Inc. The companies were subsequently upgraded to 'CCC' and 'CCC+', respectively. Of the seven upgrades, there were two new rising stars: gold mining company AngloGold Ashanti PLC and Japan-based emiconductor company Kioxia Holdings Corp. Year-todate rising stars total 11--outpacing the nine recorded at this point in 2025. Downgrades were concentrated among entities rated 'B' or below, including Odyssey Logistics and Technology Corporation to 'CCC+' from 'B-' and Telesat GEO Inc. to 'CC' from 'CCC-'. Make decisions with conviction with #ThisWeekInCredit: https://okt.to/FhWKf2
About us
S&P Global Ratings is the world’s leading provider of independent credit ratings. Our analyst-driven credit ratings, research, and sustainable finance opinions provide critical insights that are essential to translating complexity into clarity so market participants can unlock opportunities and make decisions with conviction. By bringing transparency to the market through high-quality independent opinions on creditworthiness, we enable growth across a wide variety of organizations, including businesses, governments, and institutions. S&P Global Ratings is a division of S&P Global (NYSE: SPGI). S&P Global enables businesses, governments, and individuals with trusted data, expertise, and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape. Learn more at www.spglobal.com/ratings.
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https://www.spglobal.com/ratings
External link for S&P Global Ratings
- Industry
- Financial Services
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- 10,001+ employees
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- New York, NY
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- Credit Ratings
Updates
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Multilateral lending institutions saw a 15% average improvement in their risk-adjusted capital ratios by the end of 2025, following updates to S&P Global Ratings' criteria. The stronger capital position, combined with large equity buffers, ensures that the sector is well positioned to withstand external shocks, such as the Middle East war or energy price volatility, and can provide countercyclical support to member countries, if necessary. Read the full report here: https://okt.to/cCGmrd
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Register now for our Asia-Pacific Structured Finance Virtual Conference on Tuesday, June 16, where we’ll explore the latest trends and opportunities shaping structured finance across Asia-Pacific. Hear from our senior analysts, alongside leading industry speakers, as they share insights on the macroeconomic backdrop, sector outlooks, emerging securitization markets, covered bonds, alternative investments, data centers, and private-market influences in the structured finance space, helping you stay ahead of the curve and gain valuable perspectives from across the region. Save your spot today: https://okt.to/DmvFcY
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In the latest Covered Bonds Uncovered episode, Casper Andersen and Andrew South talk about the latest rating trends in the Norwegian and Finnish covered bond markets. Mr. Andersen is then joined by Anders Lund Francke, Head of Research at Eiendomsverdi, to discuss Norwegian house prices, high household leverage, and the role of oil in the economy. Finally, he speaks with sovereign sector lead Frank Gill about the recent rating action on Finland. Listen to the full episode here: https://okt.to/DNLd2c
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S&P Global Ratings is honoured to have been recognized as Outstanding Institution of the Year at the 12th Annual Conference of the China Securitization Forum. This award reflects our continued commitment to serving our customers in the region and the role we play in supporting global capital markets. We thank our customers and the organizers for this meaningful recognition. We were also proud to be a part of insightful discussions on the key developments shaping China’s securitization market, the broader structured finance landscape, and issuance trends across asset classes.
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Highlights from the 2026 Global Structured Finance Summit At S&P Global Ratings’ Global Structured Finance Summit 2026 in Tokyo, senior analysts and industry leaders examined key trends shaping the market, including macro uncertainty, credit performance, and shifting investor appetite across CLOs, private credit, fund finance, and APAC ABS/RMBS. Understanding these shifts is critical to staying ahead, watch the highlights and explore our latest insights: https://okt.to/R7OkNJ
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Several recent hacks of decentralized finance (DeFi) protocols underscore that robust risk management is essential to defend against bad actors. S&P Global Ratings believes it will be key for DeFi protocols to both ensure operational security around token minting and burning and to recognize individual asset-level risk when onboarding and integrating new collateral into the lending protocols. Read the latest: https://okt.to/2GkwzB
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Join leading analysts from the Multilateral Institutions and Supranationals team for a live, interactive webinar to discuss the sector’s performance, emergent credit risks and balance sheet developments. Register Today! https://okt.to/ZEOLQw
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Registration is now open for the S&P Global Ratings' European Structured Finance Conference 2026. Join us in London on September 10, for a day of insights, discussion, and networking with participants from across the structured finance ecosystem. This year’s conference will explore the key trends shaping the next phase of the European structured finance market, featuring perspectives from S&P Global Ratings’ analysts and leading industry participants. Register early to secure your place. Register now: https://okt.to/FoJ0kQ
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We are proud to highlight that S&P Global Ratings was named CLO Rating Agency of the Year at the 2026 GlobalCapital U.S. Securitization Awards. This recognition reflects our ongoing commitment to delivering independent credit analysis that brings transparency to the #CLO market and contributes to market understanding. With decades of experience and continued momentum across both the U.S. and Europe, this award recognizes the expertise and dedication our teams bring to structured finance every day. Read more here: https://okt.to/YOwMBy
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