As the coronavirus crisis took hold earlier this year, we reassessed the credit profiles of rated debt issuers across sectors and regions. As described in our March publication, we identified sectors most exposed to the global recession and adjusted the ratings and ratings outlooks of issuers whose credit metrics will likely remain impaired.
Themes
Each year Moody's Investors Service identifies the key global themes that will drive credit for the year ahead

Outlooks Connections Podcast Episode 1
Uneven recovery, rising debt and digital transformation will shape credit in 2021
Anne Van Praagh and Michael Taylor of the Credit Strategy & Research team discuss six key trends that will affect the credit landscape as the world deals with the coronavirus crisis. These include an uneven economic recovery, higher corporate and sovereign debt loads, and the accelerated digital transformation of major business sectors.
Uneven recovery
Recovery from the unprecedented economic shock of the coronavirus will be tenuous and inconsistent across countries, regions and sectors.
Related Outlooks
Asset Management – Global
Automotive manufacturers and parts suppliers – Global
Banks – Global 2021 Outlook
CMBS and CRE CLOs – US
Credit Conditions – Global
Emerging Markets – Global
Finance Companies – Global
Financial Institutions - China
Gaming, Lodging, Cruise and Restaurants - US
Global Macro Outlook 2021-22
Global Sovereign Outlook
Healthcare – Global
Higher Education - US
Mass Transit - US
Nonbank financial institutions - APAC
Nonfinancial Companies – EMEA
Nonfinancial Companies – Latin America
Nonfinancial Companies – North America
Oil and Gas - Global
Passenger Airlines - Global
Regional & Local Governments – China
REITs and REOCs – US
Retail – Europe
Retail & Apparel - US
Securities Firms & Market Infrastructure Providers – US
Structured Finance - China
Structured finance – Global
Transportation infrastructure and project finance - Global
Utilities and Power - Global
Related Articles
Policy challenges
Prospects of an unwinding of extraordinary fiscal support measures will create credit risks; geopolitical and trade tensions, especially between the US and China, will be a top policy focus.
Related Outlooks
Automotive manufacturers and parts suppliers – Global
Banks – Global 2021 Outlook
Credit Conditions – Global
Finance Companies – Global
Financial Institutions - China
Global Macro Outlook 2021-22
Global Sovereign Outlook
Health Insurance – US
Healthcare – Global
Higher Education - US
Mass Transit - US
Nonbank financial institutions - APAC
Nonfinancial Companies – EMEA
Nonfinancial Companies – Latin America
Nonfinancial Companies – North America
Oil and Gas - Global
Structured Finance - China
Structured finance – Global
Related Articles
Even before the pandemic, which has strained healthcare systems and caused tragic loss of life, many US policymakers were focused on expanding healthcare access and affordability. With many states reporting increasing cases of COVID-19, healthcare is even more central to the policy conversation, and increasingly a topic of discussion ahead of the US presidential election.
The coronavirus pandemic will likely accelerate fundamental shifts in trade relationships globally and particularly in Asia. Ensuring supply security by enhancing the strength of supply chains will become an overarching objective of governments and companies, overtaking cost and efficiency considerations.
Rising debt burdens
Weak earnings and more solvency concerns will weigh on hard-hit companies and governments; higher debt levels and more relaxed underwriting will erode the positive effects of low interest rates on debt servicing capacity.
Related Outlooks
Automotive manufacturers and parts suppliers – Global
Banks – Global 2021 Outlook
CLOs – Europe
CLOs – US
CMBS and CRE CLOs – US
Credit Conditions – Global
Emerging Markets – Global
Finance Companies – Global
Gaming, Lodging, Cruise and Restaurants - US
Global Sovereign Outlook
Higher Education - US
Mass Transit - US
Nonbank financial institutions - APAC
Nonfinancial companies - China
Nonfinancial Companies – EMEA
Nonfinancial Companies – Latin America
Nonfinancial Companies – North America
Oil and Gas - Global
Passenger Airlines - Global
Regional & Local Governments – China
REITs and REOCs – US
Retail & Apparel - US
Structured Finance - China
Structured finance – Global
Transportation infrastructure and project finance - Global
Related Articles
The coronavirus pandemic-induced deterioration in growth and fiscal dynamics will leave most large emerging market sovereigns (EM191) with higher debt burdens over the next few years. Beyond the initial shock, exposure to commodities and tourism may have a longlasting impact on some EM19 economies and government finances.
Digital transformation
Growth of digital service delivery, e-commerce and remote work will accelerate changes in sectors such as retail, healthcare, education, banking and commercial real estate.
Related Outlooks
Asset Management – Global
Banks – Global 2021 Outlook
Credit Conditions – Global
Finance Companies – Global
Gaming, Lodging, Cruise and Restaurants - US
Global Investment Banks
Health Insurance – US
Healthcare – Global
Higher Education - US
Mass Transit - US
Nonbank financial institutions - APAC
Nonfinancial Companies – EMEA
Nonfinancial Companies – North America
P&C Insurance – Global
REITs and REOCs – US
Retail – Europe
Retail & Apparel - US
Structured finance – Global
Related Articles
Environmental impact
The consequences of climate change will require increased adaptation and mitigation efforts, with wide-ranging effects on governments and companies.
Automotive manufacturers and parts suppliers – Global
Banks – Global 2021 Outlook
CLOs – Europe
CLOs – US
CMBS and CRE CLOs – US
Credit Conditions – Global
Emerging Markets – Global
Nonfinancial Companies – EMEA
Oil and Gas - Global
P&C Insurance – Global
Passenger Airlines - Global
REITs and REOCs – US
Structured finance – Global
Utilities and Power - Global
Related Articles
Social trends
Public health and safety issues stemming from the coronavirus, growing inequality, demographic trends and other social challenges will have substantial credit implications.
Asset Management – Global
Credit Conditions – Global
Emerging Markets – Global
Finance Companies – Global
Health Insurance – US
Healthcare – Global
Higher Education - US
Nonfinancial Companies – EMEA
Structured finance – Global
Related Articles
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