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Global downgrades outnumber upgrades in rated debt


Standard & Poor's Ratings Services downgraded 244 issuers worth USD1.2 trillion in rated debt and upgraded just 125 issuers with USD621 billion in rated debt in the second quarter of 2015.

 The firm says that downgrades eclipsed upgrades around the world as geopolitical and economic risks rose, including concerns about Greece's potential exit from the Eurozone, the so-called Grexit, a slowdown in economic growth in China, and the credit effect from interest rate normalisation on part of the Federal Reserve System in the US.
"Downgrades surpassed upgrades across the globe in the second quarter of 2015, with most regions seeing two downgrades for every one upgrade—slightly above historical averages," says Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Europe was the lone exception, where downgrades still exceeded upgrades, but at a tighter margin of 1.7 to 1; the three downgrades of Greece (Hellenic Republic) in the second quarter boosted Europe's share of downgraded debt to account for nearly two-thirds of the global total."

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