– 2021 will likely see a sharp rebound in aggregate revenues and cash flows, but this isn’t quite the panacea for credit quality it appears. – Beneath the surface, there’s a wide divergence in prospects across and within sectors, right down to individual product mixes. COVID-19 casts a long shadow in itself, but it has also accelerated disruption and amplified many of the changes being wrought by ESG concerns and the energy transition. – Rated nonfinancial corporates added an estimated $1.2 billion of cash to balance sheets in the first three quarters of 2020. Our industry reports suggest M&A and shareholder returns are more likely destinations than capex or deleveraging.