Global banks are well-placed to withstand the weakening in credit markets but could face a squeeze on revenues if the situation worsens, according to a report Monday by Standard & Poor’s, the ratings agency.

S&P warns there is “no room for complacency” and says ratings will come under pressure if there is a harder landing in the leveraged finance market. The “golden age of leveraged finance volumes and returns” is now at an end, it adds.