A month has gone by since the last earnings report for Equifax (EFX) . Shares have lost about 10.6% in that time frame, underperforming the S&P 500.But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Equifax due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Equifax, Inc. before we dive into how investors and analysts have reacted as of late ...

Core Viewpoint - Moody's is set to review Italy's credit rating, with the possibility of an upgrade for the first time in nearly 25 years, reflecting increasing market confidence in the country's public finances [1] Group 1: Credit Rating Review - Moody's will conduct a credit rating review for Italy on Friday, potentially leading to an upgrade [1] - The last upgrade occurred in May 2002 when Moody's adjusted Italy's rating from Aa3 to Aa2, and since then, there has been no increase [1] - Italy's current rating remains at "Baa3," the lowest tier of investment grade, which has not changed since the downgrade in October 2018 [1] Group 2: Economic Indicators - In May, Moody's raised Italy's rating outlook from "stable" to "positive," while maintaining the "Baa3" rating, citing stronger-than-expected fiscal performance and a stabilizing political environment [1] - The Meloni government has revised the 2025 budget deficit target down to 3% of GDP, ahead of the EU's deadline [1] Group 3: Market Sentiment - Unicredit Bank noted that a potential rating upgrade would further confirm the positive trend in Italy's overall credit assessment [1] - Among major rating agencies, Moody's remains the most cautious regarding Italy's credit outlook [1]

Core Viewpoint - The company, Jinchengxin, has maintained its long-term credit rating at AA for both its main entity and the convertible bond "Jin 25 Convertible Bond," with a stable outlook as of November 14, 2025 [1] Rating Summary - The long-term credit rating for the company remains at AA, consistent with the previous rating [1] - The credit rating for the "Jin 25 Convertible Bond" is also maintained at AA, showing no change from the prior assessment [1] - The previous rating was conducted by United Credit Rating on November 18, 2024, with the same ratings confirmed [1]

来源：中金固定收益研究 本期报告覆盖了近一周发行的短融/超短融和中期票据，其中距离上次跟踪超过九个月的发行人有详细点评。 本周短融中票公告发行额合计1484.43亿元，比上周增加155.29亿元，其中短融76亿元、超短融679.34亿元、中期票据729.09亿元。从行业分布看，本周短 融中票共发行119支，其中城投18支，占比15.25%；发行额位居前五位的行业包括综合投资201亿元、电力153亿元、高速公路140亿元、食品饮料140亿元 和石油140亿元。从外部评级看，评级AAA的发行人发行额1354.79亿元，AA+发行额101.58亿元，AA发行额23.06亿元。本周短融/超短融、中票发行集中 在高等级、综合投资品种。 本周涉及2项中金评分调整：中国医药由4+下调至4，环球天津由4-下调至5+。 新券信息 | 债券名称 | 发行额 | 期限 | 发行 利率 发行日 | 上市日 担保人 行业 | 外部评级 | 主承销商 | 中金评分 | 发行人全称 | 最近评论 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (亿元) ...

证券日报网讯 11月11日晚间，航天宏图发布公告称，评级机构中诚信国际在对公司经营、财务状况进 行综合分析与评估的基础上，于2025年11月10日出具了《中诚信国际关于调降航天宏图信息技术股份有 限公司主体及相关债项信用等级的公告》，本次公司主体信用评级结果为："BBB"；"宏图转债"评级结 果为："BBB"。 （文章来源：证券日报） ...

Core Viewpoint - Jiangshan Oupai announced that on November 5, 2025, it received a notification from the credit rating agency Zhongzheng Pengyuan regarding the company's full subsidiary's capacity transfer and suspension of production, leading to the inclusion of the company and "Jiangshan Convertible Bonds" under observation [1] Group 1 - Zhongzheng Pengyuan will focus on the impact of downstream demand on the company's orders, gross margin, and operating net cash flow [1] - The agency will also monitor the collection of accounts receivable and its effects on the company's credit rating and outlook [1] - Continuous tracking of the aforementioned matters will be conducted to assess their impact on the company's main credit rating and the credit rating of "Jiangshan Convertible Bonds" [1]

Core Viewpoint - The long-term credit rating of Shenzhen Mingyang Circuit Technology Co., Ltd. has been upgraded from AA- to AA by Zhongzheng Pengyuan [1] Company Summary - Shenzhen Mingyang Circuit Technology Co., Ltd. has received an upgrade in its long-term credit rating, indicating improved financial stability and creditworthiness [1]

Core Viewpoint - The recent downgrade of the U.S. sovereign credit rating by Scope Ratings to AA- reflects growing concerns over the country's debt levels and governance issues, coinciding with ongoing U.S.-China trade negotiations in Kuala Lumpur [1][3][4]. Group 1: Credit Rating Downgrade - Scope Ratings downgraded the U.S. sovereign credit rating from its previous level to AA-, which is three levels below the highest rating [1][3]. - The U.S. national debt has surpassed $38 trillion, approaching the $40 trillion mark, leading to increased interest payment burdens due to the federal funds rate of 4%-4.25% [3]. - The downgrade is seen as a necessary response to the unsustainable debt levels and interest obligations faced by the U.S. government [3]. Group 2: Governance Crisis - The ongoing government shutdown, which has lasted over three weeks, has exacerbated the situation, with significant political divisions between the Republican and Democratic parties [4][5]. - A government that frequently shuts down struggles to maintain market trust, raising concerns among investors about potential defaults [4]. Group 3: Implications for U.S.-China Trade Negotiations - The downgrade of U.S. credit strength presents a strategic opportunity for China in the ongoing trade negotiations, as the U.S. may be more eager to reach an agreement to stabilize its situation [7]. - The shift in power dynamics, with the U.S. losing its traditional economic dominance, allows China to negotiate from a position of strength, potentially securing more favorable terms [7][9]. - Historical patterns indicate that credit rating adjustments can lead to market reactions, affecting U.S. debt yields and global confidence in dollar assets, which may influence the broader context of U.S.-China negotiations [9]. Group 4: Future Negotiation Dynamics - The balance of power at the negotiation table has shifted, with the U.S. no longer holding the same level of authority it once did, while China benefits from its stable economic governance and credit accumulation [11]. - The credit rating event may lead to significant changes in the negotiation process, requiring both parties to adapt their strategies to leverage the new dynamics effectively [11].

Core Points - Scope Ratings downgraded the U.S. credit rating by one level to AA- due to ongoing government shutdown and deteriorating public finances [1][2] - The downgrade reflects weakened governance standards, which reduce policy predictability and increase the risk of policy missteps [2] - The U.S. debt level surpassed $38 trillion as of October 21, marking a significant increase from $37 trillion in mid-August [2][3] Group 1 - Scope Ratings' assessment is two levels lower than its larger competitors, Fitch, Moody's, and S&P Global Ratings [3] - The agency maintains a "stable" outlook for the U.S. rating, with balanced risks for potential upgrades or downgrades in the next 12 to 18 months [2] - The International Monetary Fund predicts that U.S. general government debt will reach 140% of GDP in the next four years, an increase of 15 percentage points from 2025 [3] Group 2 - The downgrade adds to the blemishes on the U.S. credit record, especially following Moody's downgrade in May [3] - Scope's analysts have warned that the government shutdown is a "negative credit event," although the likelihood of default remains low [3] - The potential decline in the U.S. dollar's status as a global reserve currency could reduce demand for U.S. Treasury securities [2]

Core Viewpoint - Scope Ratings has downgraded the United States' credit rating by one level to AA- due to ongoing deterioration in public finances and weakened governance standards, which have increased the risk of policy missteps and reduced the ability of Congress to address structural fiscal challenges [1][2]. Group 1: Credit Rating Downgrade - The downgrade reflects a three-level drop from the highest rating, indicating significant concerns about the U.S. fiscal outlook [1][3]. - Scope Ratings' assessment is two levels lower than its larger competitors, Fitch, Moody's, and S&P Global Ratings, highlighting a divergence in credit evaluations among rating agencies [3]. Group 2: Fiscal Challenges - As of October 21, the total U.S. federal government debt has surpassed $38 trillion, marking a significant increase from $37 trillion just two months prior [2][3]. - The International Monetary Fund (IMF) predicts that the U.S. general government debt will reach 140% of GDP over the next four years, an increase of 15 percentage points compared to 2025, surpassing the debt levels of any European country [3]. Group 3: Future Outlook - Scope Ratings has maintained a "stable" outlook for the U.S. rating, indicating a balanced risk of upgrades and downgrades over the next 12 to 18 months [2]. - The agency has expressed concerns about the potential decline in the dollar's status as the global reserve currency, which could reduce global demand for U.S. Treasury securities [2].