Re-ratings jumped by about a third to 42,217, yet the directional signal was narrow: the clearest skew was toward credit, where Northern Ireland took 1.5x its share of this period's re-ratings (139 companies) and Accommodation 1.4x (114), which suggests borrowing appetite rather than any solvency story. Insurance showed the highest lift at 1.9x, but on only 28 companies we would treat it as a watch item. On the buyout side, leads fell from 5,107 to 4,084 with no regional pattern, and a mild tilt toward information services, publishing and telecoms rests on small counts.
Anonymised by design: cohorts and counts only, never a named company.
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