This report does not constitute a rating action. Stronger ratings momentum and fewer weakest links contrasted with a historically high share of repeat defaults in September. Chart 1 Chart 2 Chart 3 Data as of Sept. 30, 2026. Net bias is the positive bias minus the negative bias (for both investment- and speculative-grade issuers). Default data has been updated to reflect confidential issuers. Weakest links--issuers rated'B-'and below with a negative outlook or on CreditWatch Negative. Source: S&P Global Ratings Credit Research&Insights. Elevated benchmark yields are complicating the backdrop for corporate credit. The U.S. 10-year Treasury yield has reached its highest level since the early 2000s while comparable U.K. and Japanese benchmarks have climbed to levels last
