In this week's summary of ratings views: We expect global bond issuance to rise 4.3% this year. A soft landing will draw a line under the earnings recession. We expect global EBITDA to rise 8% this year after falling 5% last year. While U.S. corporate earnings will likely improve modestly, we expect further credit deterioration, particularly at the lower end of the ratings scale. 2024 will likely mark the end of a period of extraordinary liquidity.