...Measured Stability: Fitch's global corporate finance ratings (including financial institutions and industrials) exhibited moderate rating activity. Downgrades trailed upgrades for the first time since 2010, albeit at a slender margin of 0.9 to 1. The share of issuers downgraded ¡ 7% ¡ fell from 8.9% a year earlier, while upgrades ¡ 7.6% ¡ were in line with the 7.8% recorded in 2013. The year-over-year stability rate of 76.3% was progressively higher than 2013's 74.4% and 2012's 72.7%. Mixed Regional Activity: A challenged European economic environment alongside geopolitical risks (Ukraine) pressured credit conditions, while the U.S. economy found its footing after a protracted recovery. The share of European corporate downgrades, 9.4%, topped upgrades of 5.9%. The reverse was true for North American rating activity with a downgrade rate of 5.6% lagging the upgrade rate of 9.6%. FI/Industrials Divided: Sovereign and M&A activity contributed to actions both up and down the rating scale across...
