Downgrades affected 3% of global issuers at the start of the year, and upgrades 2% - a margin of downgrades to upgrades of 1.5 to 1.
By broad sector, financial issuer activity remained relatively balanced early in the year with downgrades of 2.6% modestly topping upgrades of 2%. Industrial rating activity showed slightly more strain with downgrades of 3.3% ahead of upgrades of 2%. Ukrainian entities accounted for 20% of industrial and 36% of financial institution downgrades.
Global corporate finance issuers assigned a Negative Outlook at the end of March exceeded the share carrying a Positive Outlook ? 13% to 5%, respectively, and aligned closely with prior quarter end results. Financial institution Negative Outlooks rose sharply quarter over quarter (16% vs. 11%), while Positive Outlooks were nearly even at 5%. Industrial Outlook assignments held firm quarter to quarter with a negative bias intact - Negative Outlook (11%) and Positive Outlook (5%).
For a full review of global rating activity by region and industry through 1Q'14, see the report titled 'Fitch Global Corporate Rating Activity - First Quarter 2014,' dated
Additional information is available at 'www.fitchratings.com'.
Source: Fitch Ratings
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