This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Oct. 26, 2026--Upgrades exceeded downgrades for a fourth consecutive month in September, and net bias reached its highest level in more than four years. However, the positive ratings momentum remained concentrated in a few sectors, led by financial institutions, S&P Global Ratings said today in a report titled"This Month In Credit: Headline Trends Strengthen As Stress Runs Deeper (October 2026) ."Distressed exchanges continued to dominate default activity, but repeat defaulters accounted for 31% of year-to-date defaults through Sept. 30, signaling rising liquidity pressure. Weakest links fell to their lowest in four years as improving outlooks helped removals outpace additions. However, additions from high technology reflected
