August Credit Update: Consensus Financial Upgrades Outweigh Downgrades

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Credit Benchmark has published the latest monthly credit consensus data (from July 2019) based on contributions from 40+ financial institutions, covering 50,000 separate legal entities.

The monthly upgrades and downgrades overview is now based on data adjusted for changes in contributor mix.

Monthly consensus upgrades and downgrades:

  • 338 obligors improved their credit standing by at least one notch.
  • 356 obligors deteriorated.
  • 66 moved more than one notch.
  • The size of upgrades and downgrades has increased.

Last month showed improvements across 324 obligors and deterioration across 416, with 58 moving by more than one notch.


  • Upgrades dominate downgrades in four out of the ten reported industries and four out of ten have more downgrades.
  • The industries showing an improvement in credit quality include:
    • Consumer Services with 37 upgrades and 26 downgrades.
    • Telecommunications with 12 upgrades and six downgrades.
    • Financials with 61 upgrades and 53 downgrades.
  • The industries showing deteriorations are:
    • Consumer Goods with 13 upgrades and 30 downgrades.
    • Industrials with 30 upgrades and 40 downgrades.
    • Technology with nine upgrades and 15 downgrades.

Note: Monthly upgrade / downgrade movement is based on 27,000 individual Consensus PDs.

To learn more about consensus ratings and analytics from Credit Benchmark, email [email protected].

Disclaimer: Credit Benchmark does not solicit any action based upon this report, which is not to be construed as an invitation to buy or sell any security or financial instrument. This report is not intended to provide personal investment advice and it does not take into account the investment objectives, financial situation and the particular needs of a particular person who may read this report.

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Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.