Credit upgrades outpaced downgrades for a second consecutive week, according to S&P Global Ratings, as market momentum builds despite a slowdown in overall rating activity. Upgrades more than doubled downgrades in the week ending June 22, 2026, marking sustained positive momentum in credit markets after a spike in rating actions the prior week.
Two companies earned upgrades to investment-grade status: Metro AG, a food retailer, was upgraded to ‘BBB-‘ from ‘BB+’ on parental support, while CrowdStrike, a cybersecurity solutions provider, was upgraded to ‘BBB-‘ from ‘BB+’ on strong growth prospects. Mountain Province Diamonds Inc., which mines and markets rough diamonds, was downgraded to ‘SD’ from ‘CCC-‘ on a deferred interest payment—the only default noted in the week, according to S&P Global.
The positive trend follows an exceptionally active week prior. On June 15, S&P Global reported that upgrades had more than tripled from the previous week’s level and outnumbered downgrades, driven in part by a major sovereign rating action. S&P upgraded Argentina’s long-term sovereign credit rating to ‘B-‘ from ‘CCC+’ on June 10, citing easing economic vulnerabilities and improved fiscal conditions. The Argentina upgrade cascaded into additional rating actions on several Argentina-based corporate and infrastructure entities linked to the sovereign move.
Broader credit market conditions are supporting the upgrade momentum. S&P Global’s 2026 Global Credit Outlook notes that sustained resilient credit conditions are expected to continue throughout the year, supported by economic growth and technology investments. The recent upgrades reflect improving credit fundamentals across diverse sectors and geographies, though rating activity has moderated from its recent peaks. Analysts note that while the number of upgrades has outpaced downgrades for two weeks running, the overall pace of rating actions has slowed, suggesting a stabilization rather than an acceleration in credit market sentiment.
Sources
- S&P Global Ratings — June 22, 2026 weekly credit report confirming upgrades more than doubled downgrades for the second consecutive week, with specific company upgrades and downgrades
- S&P Global Ratings — June 15, 2026 weekly credit report on upgrades tripling from the prior week and Argentina sovereign upgrade
- S&P Global Ratings — 2026 Global Credit Outlook on sustained resilient credit conditions
