A quiet optimism pervades our industry credit outlook updates, with positive earnings growth expected, financial markets buoyant, and credit and interest rate pressures easing. For weaker credits the picture is bleaker however, with refinancing risks acute. High labor costs continue to cause anxiety, and supply-chain fragility is still apparent and vulnerable to escalating geopolitical risks and trade tensions. The AI super-cycle continues to power on, absorbing capital investment. And climate-related risks, regulations, and adaptations are increasingly material for credit