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Annual Corporate Default Studies

2025 MARC Ratings Annual Corporate Default and Ratings Transition Study

Annual Corporate Default Studies /

Summary In 2025, MARC Ratings’ corporate portfolio recorded minimal rating migration compared to the preceding year, with only three upgrades and no downgrades or defaults. This stability was supported by the resilient economy and accommodative policy rate amid heightened uncertainties. Subsequently, the downgrade-to-upgrade ratio improved to 0.0x, compared to the prior year at 1.5x, which […]

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MARC Ratings publishes 2024 annual corporate default and ratings transition study

Annual Corporate Default Studies /

MARC Ratings today published its 2024 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2024. In 2024, MARC Ratings’ corporate portfolio recorded no defaults. The rating agency has continued to demonstrate proficiency in predicting defaults and consistently exhibited effectiveness in ranking

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2024 Annual Corporate Default and Ratings Transition Study

Annual Corporate Default Studies /

Summary In 2024, MARC Ratings’ corporate portfolio recorded increased rating migration with six downgrades, four upgrades and no default. This exceeds last year’s migration of four downgrades and three upgrades, raising the downgrade-to-upgrade ratio to 1.5x (2023: 1.3x). Consequently, the rating drift declined to -2.0% (2023: -1.1%), though it remains better than the pre-pandemic average

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2023 Annual Corporate Default and Ratings Transition Study

Annual Corporate Default Studies /

Summary In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, an increase compared to the preceding year, where two downgrades and two upgrades were recorded. Meanwhile, there was no rating default in 2023, in contrast to the two rating defaults in 2022. This led to an improved rating drift at -1.1%

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MARC Ratings publishes 2023 annual corporate default and ratings transition study

Annual Corporate Default Studies /

MARC Ratings today published its 2023 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2023. In 2023, MARC Ratings’ corporate portfolio recorded four rating downgrades and three upgrades, compared to two downgrades and two upgrades in the preceding year. Hence, the

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MARC Ratings publishes 2022 annual corporate default and ratings transition study

Annual Corporate Default Studies /

MARC Ratings today published its 2022 Annual Corporate Default and Ratings Transition Study which tracks corporate ratings assigned by the rating agency since its inception in 1996 through 2022. This is MARC Ratings’ 18th Annual Corporate Default and Ratings Transition Study. In 2022, MARC Ratings’ corporate portfolio recorded two rating downgrades and two upgrades. When

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