The decline in companies’ creditworthiness in Europe and Asia is slowing, according to a report from Fitch Ratings that will add to hopes that at least the bottom of the economic cycle is in sight.

The pace of ratings downgrades leapt this year as the scale of the economic slowdown became clearer. Downgrades, which average one for every eight stable ratings in a regular year, outnumbered stable ratings for the first four months of 2009. In more than 20 years of Fitch’s corporate portfolio, this was the first time this had happened.