...For the first time since the financial crisis, global structured finance (SF) upgrades exceeded downgrades by a 1.7:1 margin in 2014, as 12% of ratings improved, compared with 7% being downgraded. Regionally, Asia-Pacific (APAC), Europe, Middle East & Africa (EMEA) and North America (NA) all exhibited high levels of rating stability, with 99%, 78% and 82% of ratings, respectively, either remaining unchanged or being paid in full (PIF) last year....