This report does not constitute a rating action. ENGLEWOOD (S&P Global Ratings) Nov. 5, 2026--There is a wide-ranging spread in credit resilience within the ‘B-/Stable’ cohort of North American corporate issuers. Although credit quality is stable at the cohort-level, a dive into thematic drivers reveals a divergence within this cohort, driven by the interaction of prevailing macroeconomic forces with three key issuer-specific factors: capital intensity, operating leverage, and demand resilience. This is according to a report we published today, titled"U.S. Leveraged Finance Q3 2026 Update: How Robust Are Rating Buffers Within The'B-/Stable'Cohort?""Our analysis looks at the robustness of earnings headroom for North American corporate entities currently rated'B-/Stable'. If this headroom fully erodes, there
