Jun 13, 2025 -… Market reaction was positive, but policy uncertainty remains high. We caution that more progress is needed to return to a semblance of trade policy normalization. ...Refinancing risk among 'B-' and below rated issuers is most pronounced in the media and entertainment, telecommunications, and high tech sectors, which together face over $60 billion in debt maturing through 2026. ...Amid high ongoing investments, rated companies will allocate a significant portion of their cash flows to debt payments, keeping credit metrics pressure…

Jun 12, 2025 -… Post-LMT Impact On Recovery We estimate very high recovery (rounded estimate: 95%) for the new first-lien, first-out revolver and term loans largely due to reduced claims sizes (now about half) and stronger collateral. …

Jun 12, 2025 -… View Analyst Contact Information Table of Contents Related Research ( Editor's Note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. ...When looking at 'CCC/C' rated issuers globally, their representation is mixed in terms of sensitivities to direct tariff impacts (see chart 2). While certainly the high proportion of issuers from consumer products could pose a risk for higher defaults as a result of higher tariffs, the equally high proportion of issuers from media and entertainment may be far less directly exposed. …

Jun 12, 2025 -… While we don't make specific predictions over how high those could go, they had reached 145% with responding tariffs by China at 125%. That said, Chinese issuers represent less than 10% of the speculative-grade rated issuers in APAC, with most of those in the 'BB' category. Issuers from the high-tech and metals sectors are expected to continue facing elevated tariff rates of 25%, and the high-tech sector currently leads among the cohort rated 'B-' and lower. ...Consumer products and high tech sectors could prove more vulnerable than other sectors given their high export reliance, while within homebuilders/real estate, there remain some issuers at 'B-' and lower from China. …

Jun 12, 2025 -… As an indicator of pricing, the Shanghai Containerized Freight Index averaged 2,506 in 2024—more than doubling from 1,006 in 2023, well below the record high pandemic-induced averages of 3,410 in 2022 and 3,772 in 2021, and far above its pre-pandemic position of 810 in 2019—according to the shipping data and intelligence provider Clarksons Research. ...The robust credit quality of container shipping companies follows record-high freight rates over 2021-2022 that translated into extraordinary free cash flows, reduced debt, and credit rating upgrades. …

Jun 12, 2025 -… But events in recent years, including the closure of the large copper mine Minera Panama in 2023, have raised doubt about whether Panama can sustain its historically high GDP growth, which has well exceeded that of other sovereigns at the same level of economic development. …

Jun 12, 2025 -… To be sure, the Southeast Asian demographics are favorable compared with high-income economies and even to other emerging markets globally. …

Jun 11, 2025 -… Despite external and fiscal vulnerabilities tied to high debt-service repayments and financing constraints, Kenya maintained strong access to external concessional financing sources at the time of the operation. ...This was evidenced by the downward reduction in net general government debt by 17 percentage points between 2015 and 2019. In addition, given high foreign exchange reserves and cash buffers, we believed the government would have fulfilled its financial commitments absent this transaction. ...At the time, the country's interest burden and local currency debt stock were extremely high, contributing to a default on its foreign currency obligations months earlier. …

Jun 11, 2025 -… Over the past few years, EU industry has struggled to remain competitive. It grappled with high energy costs, rising competition from China, and stricter environmental rules, compared with other regions. ...This could result in a temporary decline in investments of 30% for high-emitting firms, according to elasticity estimates by Berestycki, C. et al. (2022). ...Yet less than half of climate finance outside of high-income countries is private (see chart 10). …

Jun 11, 2025 -… For example, Spain saw record-high rainfall in March 2025, allowing it to replenish its water reserves. ...Table 1 Chart 1 Areas like Madrid, which face relatively high water stress, mostly due to high population density, benefit from an economy that is less reliant on water. Madrid, for example, has a high concentration on services and competitive water costs. …