OREANDA-NEWS. On a global basis, Fitch Ratings' non-financial corporate downgrades exceeded upgrades by a ratio of 1.3 to 1.0 in 2014. North America was the only region where downgrades were less than upgrades at a ratio of 0.7 to 1.0.

Fitch maintains overall stable sector and rating outlooks for corporates for 2015 but expects differences among regions and sectors to drive the rating changes that do occur. For example, global pharmaceuticals' M&A activity has led to recent rating downgrades and Fitch's negative rating outlook for the sector. For U.S. airlines improved operating performance beyond near-term fuel-cost savings coupled with debt reduction is driving positive rating actions and the sector's positive outlook.

Fitch's inaugural annual special report, 'The Causes of Non-Financial Corporate Upgrades and Downgrades, Behind the 2014 Statistics and 2015 Outlooks', published today, discusses the 2014 rating change activity and 2015 corporate outlook. The 14 page report includes over 20 charts and tables, detailing rating change activity by regions, rating change category and by sector. In addition, Fitch discusses various Corporate sectors that meaningfully contributed to rating changes within Fitch's portfolio, including comments regarding 2015 outlooks.

In addition, Fitch has also published its 1Q 2015 Corporate Upgrade/Downgrade Dashboard.