There have been 65 multi-notch sovereign rating downgrades since 1995 involving 33 different sovereigns, representing 22 per cent of all sovereign downgrades. Two-thirds of multi-notch downgrades have been two-notch adjustments, with most of the remainder being three notches. For those sovereigns that have had more than one multi-notch downgrade, these have tended to come in close proximity, which means ratings are shifting downward by a rating category or more, consistent with crisis conditions, stated the report.