This report does not constitute a rating action. PARIS (S&P Global Ratings) Oct. 30, 2026--Investment-grade credit momentum remained positive throughout the third quarter of 2026, according to an S&P Global Ratings report published today titled"Investment-Grade Credit Check Q4 2026: Despite Improving Trends, Fallen Angel Activity Rises ."Upgrades outpaced downgrades by 3x during this period. This trend is expected to continue because positive outlook and CreditWatch changes increased by nearly 30%. Other key highlights from the report include: Financial institutions drove upgrade activity, led by Chinese banks, while U.S. consumer products accounted for the largest share of downgrades. Both the North America and Europe investment-grade negative outlook bias fell during the third quarter to their all-time lows. Fallen
