标普全球（S&amppP Global）：2021年美国企业信用展望：经济和政治转型（英文版）（24页）.pdf

1、 U.S. Corporate Credit Outlook 2021 Economic And Political Transition U.S. Corporate Credit Outlook 2021: Economic And Political Transition S&P Global Ratings Jan. 21, 2021 2 U.S. Corporate Credit Outlook 2021 Economic And Political Transition Jan. 21, 2021 Key Takeaways President Joe Bidens first g

2、oal will almost certainly be to gain control of the pandemic and bolster the economic recovery, and he has proposed an additional $1.9 trillion in stimulus; for U.S. companies we rate, planning for post-pandemic conditions is taking on greater urgency. The recovery looks much as weve been expecting;

3、 recent (and planned) stimulus will help prop up consumer spending, which has begun to improve. Still, reticence to resume travel and leisure activities has kept related sectors under pressure. For many companies, the transition means tackling changes that have been accelerated (rather than caused)

4、by the crisis. Borrowing conditions remain, arguably, at their best. Corporate yields have hit historic lowseven for the riskiest borrowerswhile maturities have lengthened. Meanwhile, excess liquidity could become problematic, as soaring debt could lead to more defaults and lower recovery rates, and

5、 ultimately a drawn-out default cycle. As the U.S. transitions to a new administration, in which President Joe Biden enjoys a Democratic majority in both houses of Congress, investors are betting on which of the White Houses major proposed initiatives are most likely to come to fruitionand which wil

6、l have the biggest ramifications for corporate America. The presidents first priority will likely be to help the country gain control of the coronavirus pandemic and bolster the nascent economic recovery by accelerating the vaccine rollout and passing further federal fiscal stimulusafter which the a