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End-July Industry Monitor

Posted by on Aug, 1 2020.

Download the End-July Industry Monitor infographic below.

Credit Benchmark have released the end-month industry update for July, based on a partial subset of the contributed credit risk estimates from 40+ global financial institutions.

In the update, you will find:

  • Opinion Indicator: Assesses the month over month observation-level net downgrades or upgrades.
  • Ratio: Ratio of Deteriorations and Improvements calculated as Deteriorations / Improvements
  • Distribution Changes: The increase or decrease in the percentage of entities in the given rating category
  • IG to HY Migration: The absolute and relative movement from investment-grade to high-yield

Compared to the figures seen in the July Mid-Month Industry Monitor, the July End-Month Industry Monitor shows:

  • The bias towards deterioration flagged by the opinion indicator ratio has increased slightly in Consumer Services (up from 4.6:1 to 5.3:1)
  • Travel & Leisure remains a heavily impacted industry with a 12.4:1 deteriorating/improving ratio, up from 8.6:1
  • Telecommunications is the only industry showing a positive ratio of deteriorations to improvements based on the opinion indicator
  • The percentage of Oil & Gas Fallen Angels (Investment Grade entities migrating to High-Yield) increased from 1.6% to 4.0%
  • US Oil & Gas entities migrated from investment grade to high-yield at a rate of 7.4% in the end-month Monitor vs. lower migration rate of 3.7% in the mid-month Monitor

Credit Benchmark will continue to provide regular reports on these migration rates. If you have any questions about the contents of this update, please get in touch.

For full details, please download the End-July Industry Monitor infographic here:

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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.


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