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Russia-Ukraine Conflict Stalls 2022's Global Positive Rating Action Momentum

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Russia-Ukraine Conflict Stalls 2022's Global Positive Rating Action Momentum

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So far this year, rating actions have been largely positive, with upgrades and positive outlook/CreditWatch revisions constituting 60% of total rating actions. However, there are signs that this positive momentum could be slowing: The percentage of upgrades has been falling, while the percentages of downgrades and negative outlook/CreditWatch revisions have been rising (see Charts 1). In addition, negative rating actions surpassed positive ones this past week for the first time since December 2020. This was due to the rating actions related to the Russia-Ukraine conflict, energy prices, or both (see "Ratings Actions Waypoint: The Russia-Ukraine Conflict," March 10, 2022).

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Related Research

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Patrick Drury Byrne, Dublin (00353) 1 568 0605;
patrick.drurybyrne@spglobal.com
Research Contributor:Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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