This report does not constitute a rating action. Chart 1 Chart 2 Investment-grade upgrades (35) significantly outpaced downgrades (12) in the third quarter, continuing the trend seen so far in 2026. Financial institutions (11) led upgrades, four of which were Chinese--China Minsheng Banking Corp. Ltd., Bank of Communications Co. Ltd., GF Securities Co. Ltd. and Shanghai Pudong Development Bank Co. Ltd. Conversely, the consumer products sector led downgrades with four, spread across the U.S. and Europe. Outlook and CreditWatch changes were also net positive, with positive revisions outpacing negative ones by more than double, signaling potential for continued upgrade momentum in the coming months. Table 1 What to Watch Highest potential for downgrades Highest potential for upgrades Highest number of
