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With central banks around the world taking a sudden, more-dovish stance toward monetary-policy normalization, benchmark borrowing costs are lower, credit spreads are tighter since the beginning of the year, and credit conditions have improved somewhat. Still, the more measured approach by policymakers—particularly those at the U.S. Federal Reserve—may suggest that underlying ec...
READWill the next financial crisis be as bad as 2008-2009? Global debt is certainly higher and in many cases riskier than a decade ago. Nonetheless, the likelihood of a widespread investor exodus is contained, in S&P Global Ratings’ view. The increased debt is largely driven by advanced-economy sovereign borrowing and domestic-funded Chinese companies, thus mitigating contagion ris...
READS&P Global Ratings has embarked on an expanding study of the impact that a potential credit cycle downturn involving deteriorating economic and credit fundamentals--with rising defaults and scarce liquidity--may have on ratings and market conditions. This article, which will be periodically updated, is an edited compilation of the key takeaways from our "When The Cycle Turns" s...
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