May Credit Update: Consensus Upgrades and Downgrades are in Balance

Credit Benchmark has published the latest monthly credit consensus data (from April 2019) based on contributions from 30+ financial institutions, covering over 27,600 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:

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

Last month showed improvements across 267 obligors and deterioration across 241, with 43 moving by more than one notch.


  • Upgrades dominate downgrades in one out of ten reported industries and three out of ten have more downgrades.
  • The industry showing an improvement in credit quality is:
    • Basic Materials with 16 upgrades and six downgrades.
  • The industries showing deteriorations are:
    • Consumer Goods with 13 upgrades and 30 downgrades
    • Consumer Services with 24 upgrades and 26 downgrades.
    • Health Care with three upgrades and eight 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.