S&P Global – Global Banks Country-By-Country Outlook 2026: Resilience Amid Uncertainty, Nov 2026

The main theme of the report concerns the resilience of global banks amid uncertainty.

Key findings include the expectation of stability in bank ratings in 2026, with 85% of banks on a stable outlook as of October 31, 2025. It is also noted that 89% of BICRA (Banking Industry Country Risk Assessments) show stable trends for economic and industry risks of banking systems. However, despite this stability, banks operate in a volatile environment where significant political decisions and regional conflicts can disrupt financial markets and rapidly change the economic landscape. Four key risks are highlighted: the escalation of geopolitical risks, including the Russia-Ukraine war and conflicts in the Middle East, among others.