March Credit Update: Consensus Upgrades Outweigh Downgrades

Credit Benchmark has published the latest monthly credit consensus data (from February 2019) based on contributions from 30+ financial institutions, covering over 27,200 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:

  • 415 obligors improved their credit standing by at least one notch.
  • 295 obligors deteriorated.
  • 39 moved more than one notch.
  • The frequency of upgrades has increased while the frequency of downgrades has decreased.

Last month showed improvements across 365 obligors and deterioration across 322, with 62 moving by more than one notch.


  • Upgrades dominate downgrades in seven out of ten reported industries.
  • The industries showing an improvement in credit quality include:
    • Financials with 84 upgrades and 40 downgrades.
    • Consumer Goods with 41 upgrades and 12 downgrades
    • Oil & Gas with 17 upgrades and nine downgrades.
  • The industries showing balance are:
    • Consumer Services with 23 upgrades and 19 downgrades.
    • Telecommunications with four upgrades and four downgrades.
    • Industrials with 44 upgrades and 42 downgrades.

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.