(The following statement was released by the rating agency)
Link to Fitch Ratings' Report: Fitch Global Corporate Rating
NEW YORK, August 28 (Fitch) The share of global corporate
downgraded in the second quarter of 2014 (2.2%) was modestly
lower than the
margin upgraded (2.4%) according to Fitch Ratings. Spain's
lifted several Spanish banks (and international subsidiaries),
with the overall
European corporate finance downgrade-to-upgrade ratio equalized
at 1 to 1 for
the first time since late 2012.
Financial institution rating activity was largely positive in
quarter. Downgrades (1.7%) trailed upgrades (3.4%), reversing
course from a
restrained negative rating drift in the prior quarter (2.6% vs.
downgrades surpassed upgrades globally by a modest margin of 1.6
to 1, mirroring
Industrial downgrades topped upgrades across both emerging (2.6%
and advanced economies (2.6% versus 1.8%), respectively.
Emerging market financial institution downgrades edged lower
quarter to quarter
(3.3% versus 4.8%), while upgrades climbed to 3.5% from 1.3%.
The developed market financial institutions downgrade to upgrade
ratio, 0.3 to
1, improved from the prior quarter's 0.7 to 1 margin.
Fitch recorded an issuer-based default rate of 0.35% in the
first half, in line
with 0.29% recorded a year prior.
At the end of June, those global corporate finance issuers
assigned a Negative
Outlook edged lower from March, to 12% from 13%. Positive
improved to 6% from 5%.
For a full review of global rating activity by region and
1H'14, see the report titled 'Fitch Global Corporate Rating
First-Half 2014,' dated Aug. 28, 2014, available on Fitch's
www.fitchratings.com under Credit Market Research, or by
clicking on the link
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