November 21, 2023/Fitch Ratings

Global financial institution (FI) upgrades materially outnumbered downgrades in 3Q23, largely driven by sovereign linkages, stronger capitalisation and better profitability, Fitch Ratings says in a new report. There were 49 upgrades and 10 downgrades, with positive rating actions representing 26% of total actions and negative actions representing only 6%.

Fitch took 403 actions on FI Long-Term Issuer Default Ratings and Insurer Financial Strength ratings in 3Q23. More than two thirds resulted in no rating, Outlook, or Watch change.