Credit spreads calm overall but stress builds at bottom

Investment-grade and high-yield credit spreads remain tight by historical standards, yet the riskiest CCC-rated tier has widened sharply. As of October 28, 2026, BBB spreads stood at 107 basis points and BB at 184, both in the 8th and 9th percentiles of their 20-year ranges. CCC spreads reached 1,307 basis points, near the top of their historical range.