Rating activity during the first half of 2024 was overall positive, with upgrades outpacing downgrades by 60%. This was partly owing to Argentina’s upgrade but also to improving conditions for sugarcane producers, some telecom and cable companies, and oil and gas producers, among others. Downgrade activity was mostly among retailers, chemicals producers, and a few real estate and homebuilders. The net bias remained slightly negative at -7%, which indicates a fairly stable horizon for corporate ratings.