Borrowing appetite dominates the week: insurance, broadcasting and scientific R&D all clustered on the credit-leaning side, with insurance the sharpest tilt (1.7x its share of re-ratings), though the sector base there is small so treat it as an early read rather than a trend. Real estate is the volume story on the same side — over a thousand companies re-rated with credit-likelihood rising alone — while Northern Ireland stands out geographically at 1.6x. Exit-leaning activity was calmer and thinner (publishing and information services modestly over-represented, no regional concentration), with a third bucket re-rated up on both fronts at once — churn worth flagging, not a market call.
Anonymised by design: cohorts and counts only, never a named company.
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