This report does not constitute a rating action. PARIS (S&P Global Ratings) Nov. 2, 2026--S&P Global Ratings today published the latest edition of its weekly newsletter,"This Week In Credit ,"a data-driven research snapshot that provides forwardlooking, actionable insights on weekly market-moving credit trends every Monday. Upgrades equaled downgrades last week, at eight each, including two sovereign upgrades, on Laos and Nicaragua. Health care also recorded two upgrades, reflecting EssilorLuxottica’s stronger business profile and Convatec’s sustained profitable growth. Downgrades were led by consumer products, with three, and also included one new fallen angel, Luxembourg-based metals and mining company Nexa Resources S.A. on weaker importance to its new parent. We recorded one default last week: Getty Images Inc., a
