EthiFinance publishes its annual study on the evolution of credit quality for companies rated by EthiFinance Ratings, as well as the outlook for 2026.
In a 2025 macroeconomic context marked by the return of protectionism and geopolitical tensions, the credit quality of issuers monitored by EthiFinance has remained generally resilient despite the delayed impact of the rise in interest rate experienced between 2022 and 2024.
At the start of 2026, while geopolitical tensions persist and the trade war remains ongoing, the decrease in interest rates observed since mid-2024 should finally have a positive effect on interest coverage ratios. EthiFinance anticipates a slight improvement in the credit ratios of the issuers it covers.