S&P: Second downgrade wave coming, major nations at risk

Some of the world’s top economies could see their credit ratings cut or put on downgrade warnings in the coming months in a second global wave of coronavirus-related revisions, S&P Global’s top sovereign analyst has warned.

S&P’S sovereign group managing director Roberto Sifon-Arevalo told Reuters that the immense costs of supporting health systems, firms and workers through the pandemic was fundamentally altering some countries’ finances for the worse.

The rating agency has already downgraded or cut the outlooks on nearly 60 countries this year, but only relatively few have been higher-rated richer nations.