Euro Credit Resilience: Upgrades Outpace Downgrades

  • European credit remained resilient in early 2026 despite geopolitical instability and slower growth
  • Upgrades outnumbered downgrades by 4:1
  • EUR 2.9b was upgraded to investment grade
  • But potential rising stars (upgrade to investment grade) are fewer than fallen angels (downgrade to high-yield)

Read in-depth insights in our Fixed Income Credit Markets – April 2026