With a surge in issuance in the year to date, borrowers have made material progress in refinancing their upcoming debt maturities. Speculative-grade debt due within the next 12 months has decreased by a further 20% since the second quarter of 2024, to $80.9 billion from $101.7 billion. Rating actions are quite balanced. However, autos, chemicals, and technology are the sectors to watch given their high negative outlook bias.