Northern Ireland is the standout this week, showing up over-represented on both sides of the split at once — 1.3x its share of exit-leaning re-ratings and 1.5x of credit-leaning ones — a genuine regional skew rather than a sector story. On the exit side, professional services (professional/technical, information services, legal & accounting, all around 1.3-1.4x) are pulling ahead, while civil engineering leads the credit-leaning cohort at 1.4x, hinting at project finance and working-capital borrowing in that trade. Overall re-rating volume roughly halved on the week (25,887 vs 41,268), so treat these lifts as directionally sound but don't expect this scale to repeat until volumes recover.
Anonymised by design: cohorts and counts only, never a named company.
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