In this week's summary of ratings views: We expect the U.S. 12-month speculative-grade corporate default rate to reach 4.75% by year end, with the European equivalent hitting 3.5%. The ailing office sector is dampening the ratings outlook for U.S. real estate. Revised commodities prices assumptions include a meaningful decline in gas prices. Also: the Latam corporate outlook, ASEAN consumer activity to weaken, APAC sustainable bond issuance, prospects for the digital euro, and music securitization trends.