September Credit Update: Consensus Downgrades Outweigh Upgrades

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Credit Benchmark has published the latest monthly credit consensus data (from August 2019) based on contributions from 40+ financial institutions, covering 50,000 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:

  • 321 obligors improved their credit standing by at least one notch.
  • 345 obligors deteriorated.
  • 57 moved more than one notch.
  • The frequency of upgrades and downgrades has slightly decreased.

Last month showed improvements across 324 obligors and deterioration across 356, with 66 moving by more than one notch.


  • Upgrades dominate downgrades in four out of the ten reported industries and five out of ten have more downgrades.
  • The industries showing an improvement in credit quality include:
    • Financials with 112 upgrades and 84 downgrades.
    • Oil & Gas with 21 upgrades and seven downgrades.
    • Health Care with seven upgrades and three downgrades.
  • The industries showing deteriorations are:
    • Consumer Services with 18 upgrades and 47 downgrades.
    • Industrials with 21 upgrades and 42 downgrades.
    • Technology with three upgrades and 12 downgrades.

Note: Monthly upgrade / downgrade movement is based on 26,000 individual Consensus PDs.

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.