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Technology movers and shakers: Credit Benchmark Consensus on Microsoft, IBM and Uber downgraded, while Yahoo and LinkedIn see improved credit quality

Technology companies have been bucking the market recently with many stock prices rising to all-time highs. The S&P 500 closed at a record high on Monday, driven in large part by tech firms. With share prices rising, credit quality has not always been following the same path. Looking at the credit risk trends in the sector, there have been some notable upgrades (Yahoo, LinkedIn) and downgrades (Microsoft, IBM, Uber) over the last six months

Latest Credit Update: Downgrades and Upgrades Balanced; coverage includes Saudi Aramco with a CBC of a-

Latest published credit data (March 2017), with 12 contributor banks now providing crowd-sourced views (CBCs) on more than 8,200 separate legal entities.

Understanding the Credit Benchmark Consensus (CBC) Indicator

David Carruthers, Credit Benchmark’s Head of Research breaks down the basics of the CBC - which is linked explicitly to Probability of Default estimates - and discusses the value of CBCs as a true market view of credit risk. Monthly Credit Data Review

"Credit risk data is widely available for sovereigns and large corporates, but updates are infrequent and smaller companies are often ignored." In this series of monthly articles from and Risk magazine, David Carruthers, head of research at Credit Benchmark, discusses monthly credit risk trends in rated and unrated obligors based on bank-sourced data.

Driverless cars expected to change the auto credit landscape

Auto companies and software providers are manoeuvring for position in the Advanced Driver Assistance Systems market. This report looks at the current credit position of some of the key players.

Crowd-sourced Credit Transitions

Transition matrices can provide considerable insight into the likely pattern of losses over various time horizons - providing support for compliance with the CECL and IFRS9 accounting rules that require banks and corporates to estimate potential losses over the entire life of a loan. A recent whitepaper published by Credit Benchmark, compares bank-sourced transition matrices with the traditional estimates published by the main credit rating agencies.

Bank credit analysts turning positive on Italy despite rising yields and “Italexit” risks

The European Central Bank’s tapering of QE purchases has had a negative impact on Italian government bond yields. The Eurozone’s third biggest economy has been burdened by debt, political uncertainty and economic stagnation. However, with signs that these problems are finally being addressed, bank credit views of Italy are improving.

Turkish vote potential lose-lose for credit

Turkey’s sovereign Credit Benchmark Consensus rating is moving further from investment grade and the probability of default is rising. The macro picture is poor and the constitutional referendum next week could be the catalyst for more volatility.

February Credit Update: More Downgrades Than Upgrades

We have published credit data for February, with 12 contributor banks now providing crowd-sourced credit views (CBC*) on more than 8,000 separate legal entities. Downgrades outnumber upgrades this month.

Credit analysts positive as Deutsche’s €8 billion rights issue comes to market

Deutsche Bank has tapped equity investors for more capital three times since 2013. The coolheaded reaction of credit analysts to its latest rights issue suggests that they believe the €8 billion in new funding will put the bank on a surer footing, giving new management a realistic chance of executing its ambitious restructuring plan