Transition Matrices: Multi-Notch Downgrades
Credit Benchmark’s Transition Matrices show that post-COVID credit recovery has been strong across most credit categories, but at the same time a significant number of investment grade firms have started to be subject to multi-notch downgrades.
Credit Portfolios and Rising Defaults: Tracking Credit Risk Correlation Shifts
Credit portfolio managers face spiking interest rates and rising defaults, and contagion from one sector to another is a major concern. Consensus credit aggregates show how credit risk correlations between sectors are changing.
CCP Monitor: Improving Risk Trends, Member Upgrades Dominate
The latest Central Counterparty Clearing House (CCP) monitor produced by Credit Benchmark shows further improvements in credit quality in North American and European CCPs. However, as the monitor demonstrates, CCP member risk does not always reflect that of the CCP itself.
August 2022 Financial Counterpart Monitor
The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions.
August 2022 Industry Monitor
Credit Benchmark have released the latest end-month industry update, based on the final and complete set of the contributed credit risk estimates from 40+ global financial institutions.
Declining Credit Quality: Is Global Tobacco Being Stubbed Out?
Global Tobacco credit quality has weakened by 3.4% month-on-month. The introduction of stricter tobacco measures globally, as well as COVID-19, all contribute to this change.
August Credit Consensus Indicators (CCIs) – UK, EU and US Oil & Gas
Credit Benchmark have released the August 2022 Credit Consensus Indicators (CCIs). UK Oil & Gas firms recent run of improvements ends after 6 months. EU Oil & Gas firms have experienced some instability in their collective credit quality this year, however, their CCI score has been above 50 for 3 consecutive months now. US Oil & Gas firms have gone from strength to strength, boasting CCI scores above 50 for 17 consecutive months.
August Credit Consensus Indicators (CCIs) – UK, EU and US Industrials
Credit Benchmark have released the August 2022 Credit Consensus Indicators (CCIs). UK Industrial firms are in a positive position for the second time this month, but they have been unable to maintain a consistent trend since mid-2021. EU Industrial firms have registered another positive CCI for this month, which is the eleventh consecutive instance of a positive score. This month US Industrial firms ended their streak of 17 consecutive months of positive credit quality.
Q2 2022 Quarterly Review: Credit at a Turning Point?
This whitepaper from Credit Benchmark illustrates the global credit trends in the second quarter of 2022. Widening credit spreads show a major shift to a “risk-off” mindset, as supply shocks and rate hikes show no sign of abating. Corporate default rates are likely to spike, and across sectors correlations between default risk are changing. This whitepaper tracks these shifts across many otherwise unrated countries/sectors, as well as illustrating other global trends in Q2 2022.
July Credit Consensus Indicators (CCIs) – UK, EU and US Oil & Gas
Credit Benchmark have released the July 2022 Credit Consensus Indicators (CCIs). UK and US Oil & Gas firms continue their streaks of consistently positive CCI scores, with 7 months and 17 months of net credit improvement respectively. EU Oil & Gas firms have travelled a bumpier road, with alternating positive and negative scores this year, ending on a neutral credit quality position in the most recent update.
