1、 10TH EDITION Industry Credit Outlook 2025 February 4,2025 This report does not constitute a rating action.Industry Credit Outlook 2025 February 4,2025 2 Foreword Dear reader,We recently published our Industry Credit Outlook 2025 reports for corporate and infrastructure industries,the 10th annual ed

2、ition of this series.We designed these reports to communicate our credit views on rated companies and the industries in which they operate.They draw on the assessments of more than 5,500 corporate and infrastructure entities that we rate globally.This publication brings the 25 individual reports tog

3、ether into a single volume,along with our assessment of the common themes that emerge.The global corporate sector is in a relatively healthy position.Despite the difficulties posed by interest rates moving structurally higher,a minor earnings recession,resurgent inflation,supply chain disruptions,an

4、d a significant debt hangover resulting from the pandemic period,we enter the year with many positives.The global economy appears to have achieved a remarkable and historically rare soft landing.Inflationary pressures have eased,and rates are consequently falling.Buoyant global financial markets hav

5、e lowered financial risk premia and eased the significant burden of refinancing debt.Our analysts expect positive revenue and EBITDA growth for all industries,margins are still expanding,leverage declining,and interest coverage recovering.Even so,this is an outlook fraught with anxiety.The new U.S.a

6、dministration is expected to be forceful in relation to tariff and trade policy,with the potential for damaging trade wars.The health of the corporate sector brings risks that companies begin to lose financial discipline and increase leverage to undertake M&A or boost shareholder returns.Prospects f