Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions - S&P Global Ratings’ Credit Research

Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions

Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions - S&P Global Ratings’ Credit Research
Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions
Published May 08, 2018
80 pages (42001 words) — Published May 08, 2018
Price US$ 850.00  |  Buy this Report Now

About This Report

  
Abstract:

In 2017, there were six defaults among the sovereign obligors that S&P Global Ratings rates. This is the highest number of sovereign defaults in a single year, though there were only five defaulting sovereigns, as El Salvador defaulted twice. The other defaulters were Belize, Congo-Brazzaville, Mozambique, and Venezuela. All but El Salvador had also defaulted in previous years. Last year's total was four more sovereign defaults than in 2016, and 2017 was the sixth consecutive year with at least one. Including the defaults, we lowered 22 sovereign ratings and raised 13 in 2017. Rating actions in 2017 were less numerous and had a more positive bias than in 2016, with significantly more upgrades and fewer downgrades. The resulting ratio of

  
Brief Excerpt:

...May 8, 2018 In 2017, there were six defaults among the sovereign obligors that S&P Global Ratings rates. This is the highest number of sovereign defaults in a single year, though there were only five defaulting sovereigns, as El Salvador defaulted twice. The other defaulters were Belize, Congo-Brazzaville, Mozambique, and Venezuela. All but El Salvador had also defaulted in previous years. Last year's total was four more sovereign defaults than in 2016, and 2017 was the sixth consecutive year with at least one. Including the defaults, we lowered 22 sovereign ratings and raised 13 in 2017. Rating actions in 2017 were less numerous and had a more positive bias than in 2016, with significantly more upgrades and fewer downgrades. The resulting ratio of downgrades to upgrades was lower in 2017 than in 2016, but downgrades still outnumbered upgrades. Rating-action triggers were unusually varied in 2017. Defaults were the most common reason for downgrades, but six other factors were also cited...

  
Report Type:

Commentary

Sector
Global Issuers, Public Finance, Structured Finance
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions" May 08, 2018. Alacra Store. Jan 22, 2021. <http://www.alacrastore.com/s-and-p-credit-research/Default-Transition-and-Recovery-2017-Annual-Sovereign-Default-Study-And-Rating-Transitions-2052685>
  
APA:
S&P Global Ratings’ Credit Research. (). Default, Transition, and Recovery: 2017 Annual Sovereign Default Study And Rating Transitions May 08, 2018. New York, NY: Alacra Store. Retrieved Jan 22, 2021 from <http://www.alacrastore.com/s-and-p-credit-research/Default-Transition-and-Recovery-2017-Annual-Sovereign-Default-Study-And-Rating-Transitions-2052685>
  
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