We recently published our Industry Credit Outlook 2025 reports for corporate and infrastructure industries, the 10th annual edition of this series. This publication brings the 25 individual reports together into a single volume, along with our assessment of the common themes that emerge. The corporate outlook appears fundamentally healthy with broad-based growth, margins expanding, leverage falling, and interest coverage recovering. Anxiety around the potential for trade and tariff conflict is widespread, given the potential risks for demand, inflation, financial market volatility, and supply chains. AI, climate risks, and energy transition are the broader themes with most tangible credit risk and opportunity, given uncertain outcomes and substantial financial requirements.