A “new normal” will undoubtedly evolve as global economies ease lockdowns. Many U.S. corporates will likely grapple with weaker revenue, earnings, and credit metrics for several years compared to pre-pandemic levels. Corporate borrowers will likely suffer from a debt hangover, having built up leverage in order to cope with COVID-19’s disruption to customer demand and economic activity. Government monetary and fiscal policy actions have enabled record debt issuance. However, the stimulus will inevitably be pulled back, potentially triggering a credit crunch.