March 2024 Financial Counterpart Monitor

Download the latest Financial Counterpart Monitor below.

The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions.

Credit Benchmark covers 10,642 Financial entities, 82% of which are not rated by a credit rating agency. Financials remain in the red, with a very slight trend towards net credit deterioration last month.


North American Banks (of which we cover 288 entities, 55% of which are not publicly rated) showed the strongest movement towards credit deterioration this month, with a ratio of 1 improvement to every 4.4 deteriorations. APAC Banks (541 entities; 55% unrated) followed, with a negative ratio of 1:2.1. The two strongest performers were LatAm Banks (198 entities; 52% unrated) and EMEA Banks (1,182 entities; 58% unrated), both with positive ratios of 1.4:1 improvements to deteriorations.


Credit movement skewed negative for the Intermediaries, with Custodians and Sub Custodians (150 entities; 35% unrated) showing the strongest negative ratio of 1:1.6 improvements to deteriorations. Prime Brokers (24 entities; 8% unrated) followed closely with a ratio of 1:1.5, which translated to a quarter of all entities deteriorating last month. CCPs (48 entities; 73% unrated) were the only group with positive credit quality, showing no instances of deterioration last month.

Buy Side

Buy Side Managers remained near neutral last month, with Asset Managers (992 entities; 92% unrated) and Insurance Companies (1,769 entities; 85% unrated) both showing slight negative ratios of 1:1.1. Of the Buy Side Owners, Pension Funds (2,044 entities; 100% unrated) and Sovereign Wealth Funds (37 entities; 92% unrated) both showed negative credit balances, with ratios of 1:2.2 and 1:2 improvements to deteriorations respectively.

The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions. The report, which covers banks, intermediaries, buy-side managers, and buy-side owners, summarizes the changes in credit consensus of each group as well as their current credit distribution and count of entities that have migrated from Investment Grade to High Yield.

The data, which is based on the credit risk views of Credit Benchmark’s contributing financial institutions, is also available at the legal entity level. Users of the data can monitor and be alerted to the changing credit consensus of their financial counterparts.

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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.