Mid-July Industry Monitor


Download the Mid-July Industry Monitor infographic below.

Credit Benchmark have released the mid-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 June End-of-Month Update, the July Mid-Month Industry Monitor shows:

  • The bias towards deterioration flagged by the opinion indicator ratio has increased slightly in Financials (up from 3.1:1 to 4.6:1)
  • The percentage of Corporate Fallen Angels (Investment Grade corporate entities migrating to High-Yield) increased from 1.0% to 2.6%
  • There is a 5.4:1 deteriorating/improving ratio for Oil & Gas entities (down from 7:1 in the flash update)
  • US Oil & Gas showed the highest percentage of fallen angels, with 3.7% of IG entities migrating to HY

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 Mid-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.