Global Credit Conditions Alexandra Dimitrijevic

Terence Chan

Triple Trouble: Jose Perez-Gorozpe

David Tesher

Virus, Oil, Volatility Paul Watters

Gareth Williams

Apr. 1, 2020
Triple Trouble | Contents
Slide
A. Triple Trouble: Virus, Oil, Volatility 3-6
B. Global Top Risks 7
C. Credit Conditions Global 8-10
Regions: Asia-Pacific; Europe, Middle-East & Africa; Latin America; North
11-17
America
D. Economic Conditions Global 18-19
Regions 20-25
E. Financial Conditions Global 26-31
Regions 32-37
F. Sector Trends Corporates 39-40
Infrastructure 41
Financial Institutions 42
Insurance 43
Sovereign 44
Structured Finance 45
U.S. Public Finance 46
COVID-19 Latest Research 48
COVID-19 Special Report Links 49

S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some
government authorities estimate the pandemic will peak about midyear, and we are using this assumption in assessing the economic and credit
implications. We believe the measures adopted to contain COVID-19 have pushed the global economy into recession (see our macroeconomic
and credit updates here: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions and estimates accordingly.

2
Triple Trouble | Virus, Oil, and Volatility
Alexandra Dimitrijevic, London, +44 20-7176-3128; alexandra.dimitrijevic@spglobal.com
Gareth Williams, London, +44 20-7176-7226; gareth.williams@spglobal.com

– Containment measures to stem the COVID-19 pandemic have pushed the world’s largest economies
into near-hibernation. While China shows early signs of re-emerging from this, Europe and the U.S.
aren’t yet past the viral peak. We have also yet to see the full impact on vulnerable emerging markets.
– Combined with historical collapse in oil prices, and record volatility in the markets, this put
significant pressure on creditworthiness around the world.
– Industries most exposed to the dramatic drop in global demand and much tighter financing conditions
have experienced the most downgrades so far.
– We expect companies rated 'B-' and below will likely suffer most from rapid rating transitions, while
the investment-grade segment is showing some resilience.
– We estimate a surge in the corporate speculative-grade default rate to above 10% in the U.S. and
into the high single digits in Europe.
– The massive policy response from central banks and governments around the world is likely to soften
the blow, particularly with regard to financial market liquidity.
– Credit pressure is building up on emerging markets from U.S. dollar strength, massive capital
outflows, commodity price falls, and the economic and health impact of COVID-19.
– A severe but relatively short economic contraction (our base case) will mostly affect weaker credits
or those in the most directly exposed sectors. But a prolonged recession, beyond our base case, would
have broader implications.

3
COVID-19’s Global Spread | 874k Cases, 180
Countries and U.S. now the epicenter
Source: Center for Systems Science and
Engineering (CSSE) at Johns
Hopkins University, S&P Global
Ratings. Data as of Mar. 31, 2020.

Confirmed cases - March 31, 2020

United States 188172
Italy 105792
Spain 95923
China 82279
Germany 71808
France 52827
Iran 44605
United Kingdom 25481
Switzerland 16605
Turkey 13531
Belgium 12775
Netherlands 12667
Austria 10180
Korea, South 9786
Canada 8527
Portugal 7443
Brazil 5717
Israel 5358
0 50000 100000 150000 200000

4
Oil & Gas | S&P Cuts WTI And Brent Crude Oil Price
Assumptions Amid Continued Near-Term Pressure
S&P Global Ratings' Oil And Natural Gas Price Assumptions
New prices Old prices – The oil price plummeted in early
Henry AECO Henry AECO
Brent WTI Hub Hub Brent WTI Hub Hub March following failed OPEC+
$/bbl $/bbl $/mmBtu $/mmBtu $/bbl $/bbl $/mmBtu $/mmBtu negotiations and Saudi Arabia’ s
2020 30 25 2.00 1.25 40 35 2.00 1.25 production increase.
2021 50 45 2.25 1.5 50 45 2.25 1.5
2022 and beyond 55 50 2.50 1.5 55 50 2.50 1.5 – Oil markets are heading into a
Prices are rounded to the nearest $5/bbl and $0.25/mmBtu. period of severe supply-demand
bbl--Barrel. WTI--West Texas Intermediate. mmBtu--Million British thermal units. Source: S&P Global Ratings.
imbalance in Q2 2020. Demand
for oil and oil products is already
weak and will decline materially in
Q2 2020. The acute oversupply
threatens to test the limits of
crude and product storage as
soon as May.
– Producers are under great
pressure by investors to limit
spending and maintain positive
cash flow. Given negative investor
sentiment, capital market access,
and COVID-19 concerns, it is likely
Source: S&P Global Ratings Cuts WTI And Brent Crude Oil Price Assumptions Amid Continued Near- ratings actions in the IG space
Term Pressure, Mar. 19, 2020
could be more severe.

5
 Volatility | Rampant Uncertainty
Equity Volatility Surges In Excess Of GFC U.S. Treasury Yield Volatility Spikes

CBOE Volatility Index, VIX ICE MOVE Bond Volatility Index (1 Month)
80 250
70
200
60
50 150
40
30 100

20
50
10
0 0
08 09 10 11 12 13 14 15 16 17 18 19 20 08 09 10 11 12 13 14 15 16 17 18 19 20

ICE U.S. High Yield Energy Yield at Record High U.S. Economic Policy Uncertainty Highest On Record
US HY Corp Energy - ML Bond Index (Yield, %) Recession

Economic Policy Uncertainty Index for United States, Index, Weekly, Not Seasonally
24 Adjusted
600
22
20 500
18
16 400
14 300
12
10 200
8
100
6
4 0
97 99 01 03 05 07 09 11 13 15 17 19 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20
Data as of Mar. 30, 2020. Source: Refinitiv, CBOE, ICE, Federal Reserve Bank of St. Louis (FRED), S&P Global Ratings.

6
Global Top Risks | Triggers For a Deeper Crisis
COVID-19 containment measures fail

– Confirmed cases (already in excess of 846,000—with more than 41,654 deaths) continue to grow at a rapid rate.
– This surge threatens capacity of countries’ healthcare systems, particularly in emerging markets, as the number of
confirmed cases keep increasing in regions such as Latin America and Africa.
– China could emerge from lockdown with a more gradual lifting of social distancing and shallower recovery than
expected, on the back of worries about a potential second wave.
– Risks remain firmly on the downside including on the length it will take to contain the pandemic across multiple
geographies and risks of secondary waves before a vaccination developed.

Demand drop-off persists and supply disruption escalate

– S&P Global Ratings believes the effects of the coronavirus pandemic have already sunk the world economy into
recession; we now forecast global GDP growth of just 0.4% this year.
– While assumptions around the timing of the outbreak’s peak about mid-year remain been broadly valid, the slow lifting
of restrictions may further delay economic rebound.
– The economic disruption will be exacerbated by the severe dislocation in global supply-chains, the impact of the drop in
demand on SMEs, on employment, and the time needed to re-establish consumer confidence and habits.
– China’s PMIs above 50 for March are not a surprise and do not suggest a V-shaped recovery. Most firms are still
reporting lower employment levels compared to February suggesting a slower lift-off for the services sector.

Financial and commodity markets volatility worsen

– Slumping cash flows, tighter financing conditions, combined with the simultaneous oil price shock, could lead to a
surge in defaults, particularly distressed exchanges—with the U.S. non-financial corporate default rate potentially
rising above 10%, and Europe into the high single digits – over the next 12 months.
– Aggressive fiscal and monetary support are likely to soften the negative shock on the economy and limit some liquidity
risks, but it is unlikely to prevent some deterioration in credit fundamentals.
– We expect the magnitude of defaults will vary significantly by industry and asset class in a severe but short recession
(our base case) but a prolonged slump would have broader sector level implications.

7
Credit Conditions
Credit Outlook | Global Recession Will Amplify
Defaults
Nick Kraemer, New York +1 212-438-1698; nick.kraemer@spglobal.com

U.S. Default Rate Forecast Through Dec. 2020

– Market Turmoil. COVID-19

pandemic is pressuring the
funding environment at a time
when earnings for some sectors
are expected to plummet under
the strain of supply side
disruptions and tanking
demand.
– Distressed Credits. Rapid
deterioration of credit risk
pricing and oil pushes
distressed credits to record
highs at record speed; oil and
gas hits distressed ratio of 94%.
– Low-Rated Issuers. A third of
speculative-grade issuers are
rated ‘B-’, highlighting default
Note: Shaded areas are periods of recession as defined by the National Bureau of Economic Research.
vulnerability.
Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

9
Global Credit Markets | Rising Downgrades
Sudeep Kesh, New York +1 212-438-7982; sudeep.kesh@spglobal.com

COVID19 and Oil Price War Resulted In About 400 Negative Rating Actions
– COVID19 and Oil-Related
(Downgrades, Outlook changes, CreditWatch Negative)
Downgrades. Over 170+
Percentage of total issuers with rating actions taken downgrades since Feb. 3, 2020.
– Corporate downgrades and
Aerospace & Defense defaults. Over 80% of
Automotive
Bank
downgrades were seen among
Building Materials speculative-grade companies;
Business and Consumer Services
Capital Goods global recession likely to push
Chemicals U.S. default rate to 10%. Global
Commercial & Professional Services
Consumer Products default tally now at 28 issuers
Containers & Packaging
Electric
for 2020.
Energy
Financial Institutions
– Fallen angels. 69 Potential
Gas Fallen Angels (as of Mar. 25)
Health Care
Hotels & Gaming account for ~2% of investment-
Information Technology grade issuers; Recent fallen
Insurance
Media & Entertainment angels include Ford, Delta
Metals & Mining
Property & Real Estate
Airlines, and Occidental
Retailing Petroleum; potential fallen
Sovereign
Technology angels include British Airways
0% 20% 40% 60% 80% 100% and Hilton.
Data as of Mar. 25, 2020. Source: S&P Global Ratings.

To change, turn on or off footer: Inset > Header & Footer > Enter / change text > Click Apply All. 10
North America | COVID-19 Related Rating Actions
Sudeep Kesh, New York +1 212-438-7982; sudeep.kesh@spglobal.com

Total Negative Rating Actions Negative Rating Actions by Sector

Media and entertainment 58
100 Hotels and gaming 37
100 Retailing 36
Financial institutions 17
Consumer products 15
Transportation 14
80 Automotive 12
Capital goods 10
66
Chemicals 9
Health care 8
60 54 Technology 7
Bank 7
45 Commercial and professional services 6
Business and consumer services 5
40 Building materials 5
Aerospace and defense 5
Metals and mining 3
Energy 3
20 Property and real estate 2
Containers and packaging 2
Telecom 1
Information technology 1
0 Gas 1
Downgrade + Downgrade Outlook On CreditWatch Electric 1
CreditWatch Revision Negative
0 10 20 30 40 50 60
Note: Total of 265 Corporate ratings actions as of Mar. 25, 2020 Note: Negative rating actions include Downgrade+ CreditWatch, Downgrades,
Source: S&P Global Ratings. COVID-19: Coronavirus-Related Public Rating Outlook Revision, on CreditWatch negative.
Actions On Corporations And Sovereigns To Date, Mar. 25, 2020.

11
EMEA| COVID-19 Related Rating Actions
Sudeep Kesh, New York +1 212-438-7982; sudeep.kesh@spglobal.com

Total Negative Rating Actions Negative Rating Actions by Sector

35
33 Transportation
31 Media & Entertainment
Automotive
30 Bank
Capital Goods
Retailing
25 Hotels & Gaming
Transportation Infra
Sovereign
20 19 Property & Real Estate
Consumer Products
16 Chemicals
15 Business & Consumer Services
Information Technology
Homebuilders & Developers
10 Health Care
Utilities
Telecom
Technology
5
Metals & Mining
Insurance
Financial Institutions
0 Aerospace & Defense
Downgrade + CW Downgrade Outlook Change CreditWatch
Change Negative 0 2 4 6 8 10 12 14

Note: Total of 99 Corporate ratings actions as of Mar. 26, 2020. Source: S&P Note: Negative rating actions include Downgrade+ CreditWatch, Downgrades,
Global Ratings Outlook Revision, on CreditWatch negative

12
Asia-Pacific Credit | Three Waves Of COVID-19
Terence Chan, Melbourne, +61-3-9631-2174, terry.chan@spglobal.com

Asia-Pacific: COVID-19 spread, GDP and Sector Impact

COVID-19 Reduction in real GDP Relative risk (based on

confirmed cases growth 2020 forecast (vs our analytical teams’ – Overall. The Asia-Pacific faces a
growth trend forecast in Dec. 2019) qualitative opinions) challenging environment as bad
as 1997. China is returning to
Accelerating Down by more than 2.5 ppt High normalcy but slowly. But the
Most of the rest • Asia-Pacific (2.6) Aviation; Auto; Consumer
Asia-Pacific • China (2.8) products; Gaming, leisure and sharp rise in COVID-19 cases in
• India (3.0) lodging; Building materials; Asia will collapse demand.
• Singapore (4.0) Metals and mining; Oil and
• South Korea (2.7) gas; Retail; Transportation – Risks. Top risks include COVID-
• Thailand (5.3) Cyclical; Transportation
Infrastructure
19 containment failing, risk-
aversion affecting financing,
Steadying Down by 1.5 to 2.5 ppt Medium commodity price volatility, and
Korea, Japan • Australia (1.8) Financial Institutions; Capital
• Hong Kong (1.9) goods; Chemicals; U.S.-China dispute reigniting.
• Malaysia (2.1) Healthcare; Insurance;
• Philippines (2.0) Telecoms; Public finance; – Credit: Highly-impacted sectors
• Taiwan (1.6) Real estate; REITs; Structured include aviation; auto; consumer
• Vietnam (1.7) finance; Technology; Utilities.
products; Gaming; retail;
building materials; mining; oil;
Somewhat flat Down by less than 1.5 ppt Low
China • Indonesia (1.3) Sovereign. and transport. For others,
• Japan (1.3) secondary effects.
• New Zealand (1.4)
ppt – percentage point. Source: S&P Global Ratings.

13
Europe Credit | Lockdown – For How Long?
Paul Watters, London, +44-20-7176-3542, paul.watters@spglobal.com

Cumulative confirmed COVID-19 cases in chosen countries

China France Germany Italy Spain UK

– Overall. While we assume
containment measures hitting
100,000 the economy will ease in the
90,000
second quarter, the depth and
severity of the recession
80,000
remains highly uncertain.
70,000
– Risks. Top risks include COVID-
60,000 19 emergency extending into
50,000
summer; further tightening in
financing conditions; re-
40,000
emergence of trade tensions
30,000 with the U.S.
20,000 – Credit. Demand shock will
10,000
pressure credit quality
particularly for corporates in
0
31-Dec 14-Jan 28-Jan 11-Feb 25-Feb 10-Mar 24-Mar
consumer discretionary facing
sectors and those with already
Source: ECDC. Data as of March 29, 2020 stretched balance sheets.

14
 North America Credit | Uncertainty Slams Credit
David Tesher, New York, +1-212-438-2618, david.tesher@spglobal.com

If This Recession Worsens, The Economic Damage Would Far

Exceed That Of The Great Recession – Overall. The U.S. and Canadian
economies have plunged into
Unemployment rate severe recessions. With COVID-19
increase (percentage continuing to spread, predicting an
points) end to this period of unprecedented
uncertainty is fraught with
variables.
Stock
market – Risks. As coronavirus-containment
decline (%) measures hammering the U.S. labor
market, the concomitant demand
shock threatens to prolong the
GDP decline
(%) economic slump and stifle an
expected second-half recovery.
– Credit. Historically low interest
-42 -36 -30 -24 -18 -12 -6 0 6 12
rates and massive government
Current - deep recession scenario (Mar-20~Sep-20) Current - baseline scenario (Mar-20~May-20) stimulus help to bolster financial
Dec-07~Jun-09 Mar-01~Nov-01 markets, but slumping cash flows
Jul-90~Mar-91 Jul-81~Nov-82 and tight financing conditions are
Jan-80~Jul-80 Dec-69~Nov-70
pressuring the credit quality of
Nov-73~Mar-75 Apr-60~Feb-61
issuers across our rating practices.
Source: It's Game Over For The Record U.S. Run; The Timing Of A Restart Remains Uncertain,
March 27, 2020. S&P Global Ratings.

15
Emerging Markets | Three Simultaneous Shocks
Jose Perez-Gorozpe, Mexico City, +52-55-5081-4442, jose.perez-gorozpe@spglobal.com

COVID-19 / Commodities / Financial Conditions

Supply Chains, Commodity Capital Outflows – Outlook. Emerging Market
Trade & People Prices economies are undergoing
Flows significant stress. We expect a
Travelling, manufacturing Shock in demand has Emerging Markets severe shock in economic
and trade, pushed prices down spread have rapidly growth compounded by
GDP growth are down widened
stringent financing conditions.
– Risks. Measures to contain the
epidemic will further stress
growth. Sustained capital
Social Oil Supply Depreciating outflows and tightening
Distancing Dispute Currencies financing conditions, will bring
Containment measures Lack of agreement in Risk aversion is additional stress to issuers
will further undermine OPEC+ further pressuring pressuring EM currencies. across emerging markets.
growth oil prices
Refinancing risks could arise.
– Credit. Current conditions will
pressure high yield ratings and
defaults could be expected in
the most vulnerable issuers.

16
Emerging Markets | Economic Impact To Worsen
Jose Perez-Gorozpe, Mexico City, +52-55-5081-4442, jose.perez-gorozpe@spglobal.com

COVID-19 Cases Advance, Containment Measures will Further

Pressure EM Economies – Outlook. Emerging Markets are
already showing slower growth
March 19, 2020 March 20, 2020 March 21, 2020 resulting from indirect effects of
March 22, 2020 March 23, 2020 COVID-19 in developed
economies and China. Direct
2000
1800
impact of the virus is just
1600
starting to show up in most
1400 Emerging Market Economies.
1200 – Risks. Failure to adopt timely
1000 viral spread containment
800
policies will steepen the
600
infection curve, strain already
400
weak public health systems, and
200
amplify the impact of the crisis
0
on future economic activity.
– Credit. Containment measures
along with the negative effects
of identified transmission
channels will pressure ratings.
Source: Johns Hopkins Center for Systems Science and Engineering

17
Economic Conditions
Global Economics | Global Recession Here and Now
Paul F Gruenwald, New York, +1-212-438-1710; paul.gruenwald@spglobal.com

GDP Growth Forecasts – Recession. We now forecast a global

(%) 2019 2020 2021 recession this year, with 2020 GDP rising
just 0.4%. The risks remain firmly on the
U.S. 2.3 -1.3 3.2
downside.
Eurozone 1.2 -2.0 3.0
– Precedent. Initial China data suggests
China 6.1 2.9 8.4 its economy was hit far harder than
India* 5.0 3.5 7.3 projected, though tentative stabilization
Japan 0.8 -1.2 1.8 has begun. Europe and the U.S. are
following a similar path.
Russia 1.3 -0.8 3.8
– Policy response. Central banks have
Brazil 1.1 -0.7 2.9
sharply reduced policy rates and
World¶ 2.9 0.4 4.9 resumed assets purchase and liquidity
injections. Fiscal responses are lagging
but gathering pace.
*Fiscal year ending in March. ¶Weighted by purchasing power parity.
Sources: S&P Global Economics, Oxford Economics.

19
APAC Economics | Hit In-Line With Past Crises
Shaun Roache, Singapore, +65-6597-6137, shaun.roache@spglobal.com
Vishrut Rana, Singapore, +65-6216-1008, vishrut_rana@spglobal.com

– Our baseline forecasts a shock comparable to the AFC (1997-98) and GFC (2008-09).
Output about 4% below potential. Permanent income losses well over US$0.5 trillion.
– Our U-shaped recovery similar to AFC but downside risks. Aside from virus, will depend
on whether the policy response can limit balance sheet and labor market scars.
Asia-Pacific's COVID-19 Recession Comparable To AFC And GFC
Real actual and trend quarterly GDP growth (PPP-GDP weighted)

Source: National authorities and S&P Global Ratings. Forecast period shaded.

20
 EMEA Economics | Swift Policy Response But
Downside Risks Remain
Sylvain Broyer, Frankfurt, +49 69-33-999-156; sylvain.broyer@spglobal.com
– Growth. We now expect GDP to
fall around 2% this year in the
Downside risks to growth persist: 4 months lockdown would
EMU and the UK due to economic
shave 10% of GDP this year
fallout from the pandemic, which
3,200
represents a €420 billion loss in
Eurozone GDP - New baseline 2020, compared with our previous
3,000
Potential GDP baseline. We expect a gradual
Eurozone GDP - 4 months of lockdowns rebound of 3% in 2021.
– Policy. A flurry of large fiscal and
(Real GDP, EUR bn, Quarterly)

2,800
monetary policy packages have
been deployed to help workers
2,600 and companies bridge the gap to
recovery. Swift and bold policy
responses taken now are key to
2,400
avoiding permanent losses to GDP
later.
2,200 – Risks. Further spread of the virus
is the chief risk. For example, we
estimate a lockdown of four
2,000
months could lower eurozone GDP
by up to 10% this year.
Source: S&P Global Ratings

21
LatAm Economics | Symptoms Of A Recession
Elijah Oliveros-Rosen, New York, +1-212-438-2228, elijah.oliveros@spglobal.com

– Virus no longer just an indirect

LatAm, Real GDP Growth (%) impact. The sharp increase in
confirmed cases across the
8.0 region is prompting travel bans,
social distancing measures, and
6.0
factory closures.
– Bad timing. Several economies
in the region were already
4.0
experiencing some of their
weakest growth rates since the
2.0 GFC, and this health crisis will
push most LatAm countries into
a recession this year.
0.0
– Risks to speedy recovery. We
expect economic activity will
-2.0 start to recover towards the end
of 2020 and into 2021. However,
policy mistakes and failure to
-4.0
mitigate the spread of the virus
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020f

2021f
could slow or delay the expected
recovery.
Source: S&P Global Ratings.

22
 U.S. Economics | Recession Takes Hold
Beth Ann Bovino, +1 212-438-1652, bethann.bovino@spglobal.com

Alternative Paths Of Real GDP Contraction And Recovery – End of the cycle. The COVID-19
pandemic has brought the longest
21000
economic expansion in U.S. history to
20500 an abrupt end. In our baseline, we
forecast GDP will drop by 1.3% in
20000
2020, down from our pre-virus
19500 December forecast of a 1.9% gain.
– Short and sharp. Our baseline
19000
(Bil. $)

recession will likely be on par with the

18500 economic losses seen during the
Great Recession, but over a much
18000
shorter time frame. In our deep
17500 recession scenario, the possible
economic damage would far exceed
17000 that of the Great Recession.
16500 – Policy response. The government's
tentative economic relief package and
the Fed's own stimulus measures will
Pessimistic Optimistic Baseline Q4 2019 peak likely help conditions, but not enough
to fully offset the drag on second-
Source: BEA and S&P Global Economics forecasts. It's Game Over For The Record U.S. Run; The quarter economic activity.
Timing Of A Restart Remains Uncertain, March 27, 2020.

23
APAC EM Economics | Severe Economic Impact
Shaun Roache, Singapore, +65-6597-6137, shaun.roache@spglobal.com
Vishrut Rana, Singapore, +65-6216-1008, vishrut_rana@spglobal.com
– Growth. Discretionary
APAC EMs Heading For Lowest Growth Since The Asian Financial consumption will be battered
Crisis due to virus prevention efforts.
Lockdowns across the world
Real PPP GDP Growth Rate For EM APAC
mean that tourism and related
14% spending will collapse. We
forecast growth of 3.5% for EM
12%
APAC in 2020, the lowest since
10% 1998.
Year on year

– Policy. There has been targeted

8%
fiscal stimulus that will cushion
6% the blow to growth. We expect
further monetary easing;
4% however, tighter external
financial conditions constrain
2%
room for policy measures.
0% – Risks. Further spread of the
virus is the chief risk that could
lead to sharp welfare and
Stress Period PPP GDP Growth Rate Forecast economic losses. Healthcare
infrastructure in parts of the
Source: S&P Global Ratings
region remains patchy.

24
EMEA EM Economics | Severe External Shock,
Domestic Demand At Risk
Tatiana Lysenko, Paris, +33-14-420-6748, tatiana.lysenko@spglobal.com

Most Economies In EM EMEA Will Suffer (Real GDP Growth %) – Growth: While external exposure
varies across EMEA EMs, from
Russia South Africa Turkey commodity exports to tourism,
most economies will be hit hard.
Domestically, containment
15%
measures are ratcheting up,
which will depress activity.
10%
– Policy. Room for further
monetary easing might be
5% constrained in the risk-off
environment. Limited clarity on
0% fiscal support measures at this
point.
-5% – Risks. Prolonged outbreak will
result in higher costs. Policy
-10%
mistakes may impede the
recovery.
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Source: S&P Global Ratings

.

25
Financial Conditions
Global Financing | Risk Aversion
Sudeep Kesh, New York, +1 212 438 7982 sudeep.kesh@spglobal.com

Secondary Market Credit Spreads, Global – Elevated Risk Aversion. Bond

GFC Median GFC High 2019 High (8/16/2019) Beginning of 2020 Most Recent spreads quickly widened past
median Global Financing Crisis
(b
2500 2326 levels, at the fastest pace
observed, owing to a flight to
2046
2000
quality as COVID-19 wreaks
1754 havoc on capital markets.

1500 1386 – Risks. Weak investor confidence

1170 felt globally, though Asia sees
964 984 979 the least comparative risk
1000 822
807 765 globally, owing to early action on
578 601 616 611 fiscal and monetary measures,
551 504 496 503
449 402 409
500 318 308 303
387 341 309
structural dynamics (particular
268 258 243
225 236
170
141 the integration of China’s
0
interbank system), and other
public health management
measures.

ICE Benchmark Administration Limited (IBA), 'ICE BofAML High Grade Emerging Markets Corporate Plus Sub-Index Option-Adjusted
Spread', 'ICE BofAML Emerging Markets Corporate Plus Index Option-Adjusted Spread', 'ICE BofAML Asia Emerging Markets Corporate Plus
Sub-Index Option-Adjusted Spread', 'ICE BofAML Latin America Emerging Markets Corporate Plus Sub-Index Option-Adjusted Spread', 'ICE
BofAML Europe, the Middle East, and Africa (EMEA) Emerging Markets Corporate Plus Sub-Index Option-Adjusted Spread', retrieved from
FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/BAMLEMRECRPIEMEAOAS, U.S. Investment-Grade and
Speculative-Grade Spreads from S&P Global Ratings. March 27, 2020. 27
Global Financing | Across The Spectrum
Sudeep Kesh, New York, +1 212 438 7982 sudeep.kesh@spglobal.com

S&P Global U.S. Composite Spreads By Rating, Secondary Market – Across the spectrum.
Speculative-grade
GFC Median GFC High 2019 High Beg. of 2020 Most Recent ratings hold
disproportionate risk
2500 but risk aversion felt
2326
across the credit
spectrum.
2046
2000 – Distressed credit.
1754
Both ‘B’ and ‘CCC’
1709 benchmarks at
distressed levels of
1500 1386 1000 bps over
1314
treasuries
1170
1077
979 1014 967
1000
777 816

578 593
532
462
500 394
321 361
242 258 278
222 184 201
172 156 135 171
9470 9574 116

0
AAA AA A BBB BB B CCC

Data as of Mar. 27, 2020. Source: S&P Global Ratings.

28
Global Financing | Sharp Rise In Spreads
Sudeep Kesh, New York, +1 212 438 7982 sudeep.kesh@spglobal.com

Secondary Market Spreads – Sharp rise. Spreads

widened considerably
U.S. Investment-Grade U.S. High-Yield Europe High-Yield Asia Latin America since the end of
(bps)
February at
1200
unprecedented speed
and relentless levels
1000
amidst dislocations in
public health,
economic prospects,
800 and supply chains.
– U.S. speculative-
grade market
600
effectively shut down.
Spreads for
400 speculative-grade
issuers expanded (and
continue to expand)
200 above distressed
credit thresholds.

0
01-Jan-20 15-Jan-20 29-Jan-20 12-Feb-20 26-Feb-20 11-Mar-20 25-Mar-20

ICE Benchmark Administration Limited (IBA), 'ICE BofAML Euro High Yield Index Option-Adjusted Spread' 'ICE BofAML Asia Emerging
Markets Corporate Plus Sub-Index Option-Adjusted Spread', 'ICE BofAML Latin America Emerging Markets Corporate Plus Sub-Index
Option-Adjusted Spread', retrieved from FRED, Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/BAMLEMRECRPIEMEAOAS, U.S. Investment-Grade and Speculative-Grade Spreads from S&P Global
Ratings. March 27, 2020. 29
Global Financing | Spreads By Rating Notch
Sudeep Kesh, New York, +1 212 438 7982 sudeep.kesh@spglobal.com

U.S. Spreads By Rating Notch

Current Historical Context Recent Context

27/03/2020 Beginning of the Year GFC Median GFC High 10-Day Average 10-Day High 10-Day Low
AAA 156 70 172 668 178 208 156
AA+ 160 67 293 508 177 216 152
AA 193 79 188 357 210 241 186
AA- 187 74 237 497 199 231 168
A+ 227 99 229 489 237 266 206
A 257 114 231 490 260 285 228
A- 277 126 266 567 284 311 248
BBB+ 334 143 288 608 324 357 274
BBB 386 170 321 678 393 442 331
BBB- 529 222 373 887 521 584 432
BB+ 813 248 508 1078 698 813 570
BB 696 282 512 1248 713 794 624
BB- 822 298 575 1361 864 971 758
B+ 940 371 695 1636 970 1071 871
B 958 466 830 1881 1008 1101 926
B- 1189 604 936 2200 1219 1321 1096
CCC+ 1543 659 1198 3005 1457 1620 1180
CCC 1573 1065 1418 3956 1577 1748 1405
CCC- 3439 2177 1885 5588 3414 3634 3076
Data as of Mar. 27, 2020. Source: S&P Global Ratings.

30
Global Financing | Spreads By Industry
Sudeep Kesh, New York, +1 212 438 7982 sudeep.kesh@spglobal.com

U.S. Spreads By Industry

Current Historical Context Recent Context
Beginning of 10-Day 10-Day 10-Day
27/03/2020 the Year GFC Median GFC High Average High Low
Aerospace and Defense 339 121 451 754 349 406 275
Automotive 667 267 399 839 620 687 500
Banks 355 129 373 745 366 427 284
Capital Goods 335 142 n/a n/a 328 370 274
Chemicals / Packaging 396 174 272 614 394 439 335
Consumer Products 333 153 891 2,773 343 385 290
Financial Institutions 379 140 371 926 364 418 288
Forest Products / Building Materials 470 192 431 866 427 492 342
Health Care 286 140 326 682 291 322 252
High Technology 279 125 268 522 304 354 255
Homebuilders / Real Estate 397 139 737 1,561 357 404 276
Insurance 299 143 512 4,073 290 326 253
Media and Entertainment 560 195 594 1,362 567 643 466
Metals and Mining 652 273 347 717 664 739 572
Oil and Gas 1130 298 414 1,079 1093 1166 920
Retail and Restaurants 417 195 520 1,204 418 465 349
Telecommunications 354 221 741 1,777 390 446 338
Transportation 344 141 235 565 355 406 291
Utility 364 152 456 1,159 364 393 322
Data as of Mar. 27, 2020. Source: S&P Global Ratings.

31
Asia-Pacific Financing | Risk Aversion
Sudeep Kesh, New York, +1 212 438 7982, sudeep.kesh@spglobal.com
Xu Han, Singapore, +65 6532 6340, xu.han@spglobal.com

Secondary Market Credit Spreads, U.S. and Emerging Markets

– Extreme Acceleration. Spreads
(bps) GFC Median GFC High 2019 High (8/16/2019) Beginning of 2020 Most Recent widened at nearly 10x the speed of
2500 of Dec. 2018’s trade-related freeze
2326
in the speculative-grade market
2046
– Rapidly Rising Risk Aversion. The
2000
1754
combination of COVID-19’s
ferocious impact on global public
1500
health, supply chains, economic
1386
prospects, and capital markets
1170
caused a flight to quality all
984 979
1000 902 markets
807
755 725
616
– Global Financial Crisis. Spreads
578 551
449
504 493 503 501 are now wider than the median
500 402 387 384 409
268 298 308 303
258
341 309 during the Global Financial Crisis
243225 236
170141 across most markets; Asia so far
carries the lowest risk premium, in
0
part due to the efficacy of capital
and liquidity injections as well as
slightly higher investor confidence
that the COVID19 is showing signs
of slowing in China, despite
wreaking havoc on the rest of the
ICE Benchmark Administration Limited (IBA), 'ICE BofAML High Grade Emerging Markets Corporate Plus Sub-Index Option-
world at this point.
Adjusted Spread', 'ICE BofAML Emerging Markets Corporate Plus Index Option-Adjusted Spread', 'ICE BofAML Asia
Emerging Markets Corporate Plus Sub-Index Option-Adjusted Spread', 'ICE BofAML Latin America Emerging Markets
Corporate Plus Sub-Index Option-Adjusted Spread', 'ICE BofAML Europe, the Middle East, and Africa (EMEA) Emerging
Markets Corporate Plus Sub-Index Option-Adjusted Spread', retrieved from FRED, Federal Reserve Bank of St. Louis;
https://fred.stlouisfed.org/series/BAMLEMRECRPIEMEAOAS, U.S. Investment-Grade and Speculative-Grade Spreads from 32
S&P Global Ratings. March 18, 2020.
Asia-Pacific Financing | Lower Rates, Tighter
Conditions
Sudeep Kesh, New York, +1 212 438 7982, sudeep.kesh@spglobal.com
Xu Han, Singapore, +65 6532 6340, xu.han@spglobal.com

– Financing Conditions Tightening.

Asia-Pacific Cumulative New Corporate (Financial and Asia-Pacific financing conditions
NonFinancial) Bond Issuance continue to be tightening as
disrupted business operations
extend globally.
– Risks. With coronavirus (COVID-19)
continues to heavily impact Asia-
Pacific economies as well as other
regions, how long it persists will be
one of the top risks for financing
conditions. While lower official
interest rates and liquidity support
provide some relief, financial
markets have panicked and risk
aversion will persist.
– Issuance. Asia-Pacific cumulative
corporate bond issuance (as of
March 16, 2020) was US$358
billion, slightly under last year's
Asia-Pacific volume. At present,
we expect the Asia-Pacific
corporate refinancing maturity
wall arrives by the end of this year.

33
Eurozone Financing | Low Demand and Uncertainty
Sarah Limbach, Paris, +33144206708 sarah.limbach@spglobal.com

Eurozone Cumulative New Corporate (Financial and – Financing Conditions Tightening.

NonFinancial) Bond Issuance Weak demand due to COVID-19
outbreak and various business
and government closures reflect
2015 2016 2017 2018 2019 2020
worsening financing conditions
900 despite a favorable structural
environment set by the ECB’s
800
accommodative monetary policy.
700 – Risks. Risks remain on the
downside as uncertainties persist
600 about when the public health
situation, macro economy, and
500
markets will stabilize. Sub-
(Bil. €)

400
investment grade issuers should
suffer most from investors’
300 growing risk aversion.
– Issuance. Cumulative corporate
200
bond issuance in the eurozone
was of €164 billion as of mid-
100
March, owing to a strong January.
0 Since the COVID-19 outbreak
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec reached Europe, issuance nearly
muted due to weak capital
Data as of March. 16, 2020. Source: S&P Global Ratings Research; Thomson Reuters. demand.

34
European Leverage Finance | Speed of Market Sell-
Off Unprecedented
David Gillmor, London, +44-207-176-3673, david.gillmor@spglobal.com

European Leveraged Loans Performed as Poorly as High Yield

S&P European Leveraged Loan

European Bond Flow Names - Ave Bid Index
S&P European All Loans Index - Ave Bid – Average bid. 79.9 March 26
110 from 97 on March 5.
105 – In 2008 it took 14 months to fall
this far.
100
– Distressed. ~30% of the index
95 trading below 80 v only 1.3% at
90 the end of February
– Dec 2008. For comparison, at
85
worst in Dec 2008 84.2% of the
80 index was trading below 80

75
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

Sources: LCD, an offering of S&P Global Market Intelligence; Markit

35
EM Financing | Risk Aversion
Vince Conti, Singapore, +65-6216-1188, vincent.conti@spglobal.com
Sudeep Kesh, New York, +1-212-438-7982, sudeep.kesh@spglobal.com

Sharpest Increase In Spreads Over 26 Days (in bps) – Elevated risk aversion. EMs’
1400 bond spreads quickly escalated
1200
to the highest levels and at the
1000
fastest pace in a decade, owing
800
to a flight to quality as COVID-19
600
wreaks havoc on capital
400
markets.
200 – Risks. Weak investor confidence
0 will likely constrain debt
EM Corp EM Corp Asia EM Corp LatAm EM Corp EMEA issuances, despite
1800 accommodative monetary policy
1600 across most emerging
1400
economies due to reduced
1200
1000 capital needs and weakening
800 demand for goods and services
600 across most economies.
400
200 – Issuances. Cumulative corporate
0 bond issuances across EMs total
US IG US HY EM Corp IG EM Corp HY
$247 billion through March 10,
GFC Worst Mid‐2010 Flash Crash
2020, after new debt capital
Q42011 Euro Debt Crisis Contagion Mid‐2013 Taper Tantrum
stalls due to COVID-19 choke on
Q42014 Oil Crisis Current
demand.

Data as of March 16, 2020. Source: S&P Global Ratings Research, Thomson Reuters, ICE Data Indices, Federal Reserve Bank of St. Louis.
36
 EM Sovereign CDS | Widening Spreads
Sudeep Kesh, New York, +1-212-438-7982, sudeep.kesh@spglobal.com

30-Day EM CDS, 5Y/USD

– Widening spreads. EMs’ credit
(bps) default swaps (CDS) have rapidly
450 expanded, signaling sizable
investor concern about sovereign
400
financial health.
350
– Flashing signals. Spreads
300 widened an average of 130 bps
250 across EMs in the past 30 days.

200
– Increasing leverage. Stimulus
measures by various
150 governments used to provide
100 liquidity, calm market sentiment,
and fund public health efforts
50
against COVID-19 are invariably
0 adding additional leverage to an
already highly levered market.

Data as of March 18, 2020. Source: S&P Global Ratings, Bloomberg.

37
Sector Trends
Corporates | COVID-19 Sector Sensitivity
Gregg Lemos-Stein, +1 212-438-1809, gregg.lemos-stein@spglobal.com

Aviation H
Auto H
• Social distancing
Consumer products M
• Maintain staple purchases
Consumer • Reduce discretionary Gaming, leisure & lodging H
behavior purchases
Concern • Reduced income Retail & restaurants H
about
getting
Restricts travel
infected Healthcare & pharma L
and people
movement Potential offset:
government • Reduce labor Infrastructure M
subsidies contribution
• Reduce Media & telecoms L
Coronavirus purchases
Government
health
threat Concern behavior Potential offset: Real estate M
about government
epidemic expenditure Transport - cyclical H
Restricts
transport and
customer/ Business services M
Concern employee
about gathering • Reduce business activity Capital goods M
impact on • Reduce input/imports
labor, supply
and sales • Reduce output/exports Chemicals M
Business
behavior Materials, bldg. & constr. M
Supply chain Metals & mining M
disruption

Sector revenue-EBITDA relative sensitivity

Oil & gas M
Low Medium High Packaging L
Note: This measures sensitivity to both revenues and EBITDA. These relative risk classifications Technology M
are based on our analytical teams’ qualitative opinions and do not indicate any potential rating
Utilities L
trend or actions.
Source: S&P Global Ratings. Copyright © 2020 by Standard & Poor’s Financial Services LLC. All
rights reserved.

39
Corporates | Oil Price Collapse Fuels Higher
Default Risk
Gregg Lemos-Stein, +1 212-438-1809, gregg.lemos-stein@spglobal.com
U.S. Corporate Distressed Ratios
Dec. 31, 2019
0 50
Oil & Gas
Midstream and Refining
Metals, Mining & Steel
Transportation
Aerospace & Defense
Capital Goods
Automotive
Media & Entertainment
Chemicals, Packaging & Env'l Svcs
Retail/Restaurants
Health Care
Consumer Products
Homebuilders/Real Estate Co.
Forest Products & Building Materials
High Technology
Telecommunications
Data as of Mar. 18, 2020. Source: S&P Global Ratings.
Mar. 18, 2020 – Oil and gas. Oil price collapse after
100 failed OPEC+ negotiations and
Saudi Aramco’s output hike spikes
distressed ratio for oil and gas and
related sectors.
– Retail / restaurants, travel, and
consumer-related sectors stall.
COVID-19 containment efforts
drastically reduce revenue
opportunities for retailers,
restaurants, and consumer-
related companies.
– Risk aversion. Secondary market
pricing skyrockets with ‘B’ and
‘CCC’ rating categories moving to
distressed levels; risk aversion
spans entire spectrum of
corporate ratings.
40
Infrastructure | COVID-19 Sector Sensitivity
Karl Nietvelt, Paris, + 33 14-420 6751, karl.nietvelt@spglobal.com

– Airport traffic could plunge 20-

Infrastructure Sensitivity To COVID-19 40% in 2020, depending on
location (with peak quarterly
declines of 50-90%). Structurally
Low Medium High
higher profitability and essential
Regulated Utilities Power Generation Airports infra status reduce the extent of
rating downside for airports (vs
O&G Midstream airlines).
Volume toll-roads
(Refining; Gas pipelines) – Volume based toll-roads equally
will equally experience severe
PF: Availability based PF: University housing PF: Convention center declines from lock-down
roads / projects hotels; Stadiums,
Arenas, Parking facilities
measures. We do however expect
a faster recovery than air traffic.
PF = project finance; see also Infrastructure Projects Dependent On Discretionary Spending Could – Power generators could face
Face Negative Cash Flows Amid COVID-19 Outbreak, March 9 , 2020. S&P Global Ratings. indirectly pressure on prices
resulting from reduced demand.
– Regulated Utilities bear little
direct exposure, but credit quality
could suffer if sovereign ratings
were pressured.

41
Financial Institutions | Buffers Will Be Tested
Alexandre Birry, London, + 44 20-7176 7108, alexandre.birry@spglobal.com

Banking Industry Country Risk Assessments (BICRA)

– Outlook. Deterioration is
accelerating although banks’
balance sheet strength
generally provides some buffer.
– Risks. Asset quality
deterioration is main risk for
banks. Liquidity is also a risk
factor, particularly for non-bank
financial institutions along with
exposure to market volatility.
– Support. Banks in certain
markets to receive wide-ranging
support measures (eg. central
bank funding, guarantees) so
they can help households and
corporates.

A BICRA is scored on a scale from 1 to 10, ranging from the lowest-risk banking systems (group 1) to the highest-risk (group 10). Data as of Mar. 18, 2020.

42
Insurance | COVID-19 To Test Insurers’ Resilience
Simon Ashworth, London +44 207-176-7243, simon.ashworth@spglobal.com

Insurance Median Ratings High & Stable Compared With Other Sectors

Median rating range by industry for the past 20 years – Capital strength will help stave off
AA-
19
A+
18 widespread downgrades across the
Indicates Current global industry
17A
Median Rating
A-
16
– Existing weaknesses exacerbated
15
BBB+
14
BBB and we have taken and expect to take
13
BBB- some targeted downgrades or
12
BB+ outlook changes
11
BB
10
BB- – Life insurers are more at risk,
9
B+ particularly those with relatively thin
8B capital buffers and significant
High tech/Computers/Office
Energy and natural resources

Leisure time/Media

Telecommunications
Consumer/Service sector

products/Homebuilders

Insurance
Financial institutions

Health care/Chemicals

Real estate

Transportation

Utility
Aerospace/Automotive/Capital

exposure to financial market volatility

Forest and building

through their asset portfolios or

product offerings
equipment
goods/Metal

– Regulatory solvency ratio volatility

could increase deferral risk for
hybrids. Issuers‘ capital management
and mitigation actions, as well as
possible supervisory interventions,
will continue to be key to our rating
analysis of hybrids.
Data as of March 18, 2020. Ranges computed from 1998-2019Q3.
Source: S&P Global Ratings Research; S&P CreditPro.

43
Sovereign | Assessing The Strain
Roberto Sifon-Arevalo, New York, +1 646-467-4578, roberto.sifon-arevalo@spglobal.com

– Lots of uncertainty regarding the possible damage to the global economy propelled widespread
volatility in equities, credit conditions and commodity prices.
– What started as a supply chain disruption is quickly evolving into a demand shock resulting in large
amounts of monetary and --more recently-- fiscal stimulus being called into action.
– We assume COVID-19 to be a temporary hit. As such we expect a most likely U shape recovery,
coming in 2021.
– We are focusing on three aspects as we are assessing if a sovereign can absorb the shock while
maintaining its current ratings.
– The duration and severity of the epidemic
– The timeliness and adequacy of the policy response
– The underlying economic and political resilience – Pre COVID-19 Financial & Economic
Health
– Governments with ratings on the lower end of the scale are more exposed to current liquidity stress
and more at risk; also those heavy reliant on one Industry (commodities/tourism) as major
contributor to revenues & GDP are also more at risk as a result of this first wave of shocks.
– The extent of the damage to public finance combined with the expected capacity of their
economies to recover will inform future trajectory of Sovereign Ratings.

44
Structured Finance | Impact of COVID-19
Winston Chang, New York + 1 212-438-8123, winston.chang@spglobal.com

2020 Collateral 2020 Ratings

Performance Trends Performance Trends – Liquidity Risk. Risk of payment
Region & Sector holidays for consumer, mortgage,
US RMBS Somewhat weaker Stable-to-Negative and small to medium enterprise
US ABS Somewhat weaker Stable-to-Negative debt could interrupt cash flow, but
structural mechanisms should
US CMBS Somewhat weaker Stable to Negative
insulate investors from shortfalls
US CLO Weaker Negative
unless the interruptions endure.
US ABCP Somewhat weaker Stable
– Areas of focus. CLO, CMBS with
Canadian ABS Somewhat weaker Stable
high exposure to retail or hotels,
European RMBS Somewhat weaker Stable-to-Negative US subprime auto, US non-QM
European ABS Somewhat weaker Stable-to-Negative RMBS, aircraft ABS, small
European CMBS Somewhat weaker Stable business or SME related ABS,
European CLO Weaker Stable-to-Negative dealer floorplan, corporate
European Covered Bonds Stable Stable securitizations and certain other
esoteric asset classes.
Asia Region Structured Finance Stable Stable
Pacific Region Structured Finance Somewhat weaker Stable-to-Negative – Downside Risk. Negative
revisions to current global
Latin America Region Structured economic forecast for 2020.
Finance Somewhat weaker Stable-to-Negative
Material sovereign and
counterparty downgrades in 2020.

45
U.S. Public Finance | Virus Impacts Vary By Sector
Robin Prunty, New York, +1-212-438-2081, robin.prunty@spglobal.com

– Transportation infrastructure:
Nearly all long-term debt ratings in
the sector have been revised to
negative. The economic contractions
and reduced travel and mobility lead
to an unprecedented demand shock.
– State and local governments: Costs
of containment and mitigation and
the economic/revenue fallout of
mobility restrictions will create fiscal
pressure. Federal stimulus will offset
some of this but timing is key.
– Health care: Duration, location, and
severity of the outbreak matter.
Sustained investment market
deterioration could also pressure
credit quality.
– Higher education: Many institutions
Source: S&P Global Ratings.
have transitioned to remote learning,
which has revenue implications. Fall
2020 enrollment at U.S. colleges and
universities will likely be weaker than
expected.

46
Related Research
COVID-19| Latest Research
– Credit Conditions EMEA: Europe Goes Into Lockdown, April 1, 2020
– Credit Conditions North America: Unprecedented Uncertainty Slams Credit, March 31, 2020
– Credit Conditions Emerging Markets: Covid-19 Magnifies Risks, March 31, 2020
– Coronavirus Impact: Key Takeaways From Our Articles, March 31
– Recession Likely Will Spur The European Speculative-Grade Default Rate To Rise Toward 8%, March 31
– COVID-19: Coronavirus-Related Public Rating Actions On Corporations And Sovereigns To Date, March 31
– The Escalating Coronavirus Shock Is Pushing 2020 Global Growth Toward Zero, March 30
– European ABS And RMBS: Assessing The Credit Effects Of COVID-19, March 30, 2020
– Credit Conditions Asia-Pacific: As Bad As 1997, March 29
– COVID-19: The Steepening Cost To The Eurozone And U.K. Economies, March 26
– Despite The COVID-19 Pandemic, The Outlook For The U.S. Health Insurance Sector Remains Stable, March 26
– European Corporate Securitizations: Assessing The Credit Effects Of COVID-19, March 26
– COVID-19 Increases Pressure On Global Media & Entertainment Ratings, March 26
– Aircraft Lessors, Hit By Coronavirus Fallout, Should Fare Better Than Their Airline Customers, March 25
– European CLOs: Assessing The Credit Effects Of COVID-19, March 25
– Global Macroeconomic Update, March 24: A Massive Hit To World Economic Growth, March 24
– Credit FAQ: Assessing The Coronavirus-Related Damage To The Global Economy And Credit Quality, March 24
– U.S. CLO Exposure To Negative Corporate Rating Actions, March 24
– COVID-19 Will Batter Global Auto Sales And Credit Quality, March 23
– U.S. Lodging-Backed CMBS Bracing For The Impact Of COVID-19, March 23

48
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Coronavirus Special
Report for our latest
articles, webcasts, topical
wibbitz, ...

https://www.spglobal.com
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