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02Corporates Credit Outlooks

Credit at a Glance

This newsletter summarizes last month's thought leadership and insight across the corporate finance ratings universe.

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03Corporates Navigator

Navigator Interactive

Ratings Navigator is a visual overview of the key quantitative and qualitative factors Fitch analyzes to arrive at an entity’s credit rating. Power your rating simulations for Corporates with the new Navigator Interactive—a graphical web-based tool, using the same observations underlying Fitch’s own Navigator snapshots. Fitch Ratings Corporates Credit Research subscribers can access it here.

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Fitch Adjusted Financials

This video offers a quick walk-through of Fitch Adjusted Financials, a tool that provides key Adjustments our analysts have made to reported values presented in financial statements for each company.

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Fitch Solutions

Go Beyond

Make better-informed credit decisions with access to an expanded suite of Corporates research produced by expert Fitch Ratings analysts.

04Ratings Process


Ratings Process

This video examines and explains credit ratings and the Fitch approach. It covers our ratings scale and the process from initiation to outcome and ongoing maintenance.

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Rating Assessment Service (RAS)

This video examines Fitch’s Rating Assessment Service (RAS) and our approach. It explains basic informational requirements, and RAS process including proposed scenarios, timeline, feedback and use.

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Our Approach


Criteria explain our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis.


Corporate Issuer Rating Criteria Synopsis

Fitch Ratings provides a summary of how the agency assigns issuer ratings to corporates across sectors and regions.

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ESG Credit Risks

We are the only Credit Ratings Agency to currently offer this level of granularity or transparency about the impact of ESG on fundamental credit.


China's Financial Risks Crystallize

Learn more in the latest edition of Risk HQ.


Fitch in Five

Fitch in Five is a regular audio series looking at topical issues impacting non-financial corporate credit across the world

The series is hosted by Jeremy Carter, Global Head of Corporates at Fitch Ratings. Jeremy is joined by senior rating analysts from around the global to share a five-minute round-up of the hottest topics across the corporate finance ratings universe.

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Volatility Focus

Greater Stability Amid Market Uncertainty with a Fitch Rating

In stable market conditions and during moments of higher market volatility, three rated bonds continuously trade tighter than two rated bonds.


Nearshoring is a Multi-Year Tailwind for Mexican Corporate Credits

Nearshoring is a Multi-Year Tailwind for Mexican Corporate Credits

Deleveraging to Reduce Risk for Japan's Top 100 Corporates

2023 Global Mining Sector Outlook Changed to Neutral from Deteriorating

2023 Virtual Investor Series - North America Structured Credit

China’s Recovery Reduces Risks to APAC Sector Mid-Year Outlooks

Evolving Role of China’s Central SOEs May Influence Credit Profiles

Lower Inflation, Steady Home Loans to Improve Pre-Sales at Indonesian Homebuilders

APAC Semiconductor Makers Can Ride Out Current Cyclical Downturn

China’s Manufacturing Investment Growth Slows; Infrastructure Stays Strong

APAC Cross-Border Bond Market Size to Contract Further in 2023

China’s Evolving Financial Holding Companies Regulation Curtails Risks

High Hydrocarbon Prices to Test European Majors’ Transition Pledges

China’s Theme Park Industry to Resume Strong Growth

Growth in Cross-Border E-Tailing to Diversify Revenue for Some Chinese Corporates

Commercial Real Estate (CRE) Pressures Manageable for APAC Issuers

New Ad Opportunities Provide Revenue Boost for Sport Franchises

Signs of Stabilising in China’s Property Market, but Not All Will Benefit

Higher Rates May Erode Coverage for APAC's Lower-Rated Corporates

Banking Access Key for China's Private Developers Amid Sector’s High Bond Maturities

2023 LATAM Spotlight - Corporates’ Refinancing and Liquidity Risks

Credit Outlook 2023 - Weakening Macro Environment Puts EMEA Corporates’ Credit Profiles at Risk

Indonesia’s Annual EV Sales to More than Double to 5% in 2023

Australia Credit Trends 2023 – Corporates

Credit Outlook 2023 - Deteriorating Outlook for EMEA Retail in 2023

Credit Outlook 2023 - Encircling Macro Headwinds Drive Deteriorating LatAm Corporate Outlook

Credit Outlook 2023 - North America Energy (Oil & Gas) Outlook in 2023

Credit Outlook 2023 - Global Mining Sector Outlook Weakens on Reduced Profits, Cashflow

Credit Outlook 2023 - Prices to Aid APAC Oil & Gas’s Stable Credit Metrics; Downstream Recovery

Credit Outlook 2023 - Outlook Improving for EMEA Utilities in 2023

Credit Outlook 2023 - US Leveraged Finance 2023 Outlook Deteriorating; Defaults Rise on Uncertainty

Credit Outlook 2023 - Deteriorating Outlooks on Half of APAC Corporate Sectors Amid Weaker Macro Backdrop

Credit Outlook 2023 - APAC Tech Deteriorating Amidst Global Economy Risks in 2023

Credit Outlook 2023 - Global Oil & Gas Sector’s Profits are High Despite Windfall Taxes

Developments & Outlook of ESG in the GCC

Credit Outlook 2023 - Neutral 2023 Global Autos Outlook Pent Up Demand Offsets Macro Risk

Credit Outlook 2023 - Resilient Demand Balancing Macro Risk for Global Transports in 2023

Credit Outlook 2023 - EMEA Real Estate 2023 Outlook Deteriorates on Higher Interest Rate Environment

Credit Outlook 2023 - A&D Outlook Improving on Stronger Aircraft Demand and Defense Spend

Credit Outlook 2023 - Government Support Key to Restoring Market Confidence in China Property Sector

Credit Outlook 2023 - APAC Telcos’ 2023 Leverage to Remain Stable, Despite High 5G Capex

Indonesia’s JETP May Accelerate Energy Transition

Vietnam’s Policy Tightening Heightens Property Sector Refinancing Risk

China’s Local Governments Will Resort to Incremental Debt Funding

China’s Support Measures for Property Sector Have Mixed Implications

Higher Corporate Renewable Power Purchases in India to Benefit Key Stakeholders

APAC Corporates Step up Bond Buybacks Amid Rising Rates

Australian Corporate Issuer Expectations Dampened by Cost and Labour Challenges

2022 Virtual Investor Series - EMEA CLOs

2022 Virtual Investor Series - U.S. Structured Credit

Rapid Unwind of Supply Chain Disruption Cuts Goods Inflation

China’s Latest Easing Policies May Not Revive New Home Sales

Rising Costs Erode Rating Headroom in UK Pub Sector

OPEC+ Actual Oil Output Fall to be Lower than Production Quota Cuts

Indonesian Homebuilders’ Leverage to Rise on Slowing Presales and Weaker Currency

A Shift to Clean Energy Will Tighten Metals Markets

US Biomanufacturing Plan Poses Minor Risks to Chinese Pharma CDMOs

Home Mortgage Boycotts in China: A Systemic Risk Explained

Indian Airports Ready for Take-off, Fuelled by Domestic Passengers

Financial Leverage to Improve for Japan’s Top-100 Corporates

China Provincial Government & SOEs Snapshot Series - Hebei Province and Local SOEs

Credit Profiles of Leading Vehicle-Battery Suppliers Can Withstand Rapid Expansion

China Provincial Government and SOEs Snapshot Series - Zhejiang Province and Local SOEs

Rise in Mortgage Defaults in China Raises Risks for Banks and Developers

Global Food Price Inflation Likely to Fall Sharply in 2023

EU Companies Still Face Gas Halt Risk Despite Nord Stream Restart

Chinese Corporate Credit Polarisation Persists Onshore Despite Liquidity Easing

China Provincial Government & SOEs Snapshot Series - Shanxi Province and Local SOEs

Apparel, Durable Goods Most Vulnerable to Climate Risk Within Retail

Macro Risk May Overtake Regulatory Risk for Chinese Tech Firms

2022 Mid-Year Outlook - APAC Corporate Sector Outlooks Shift Amid Global Shocks

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

2022 Mid-Year Outlook - Global Corporates are Adequately Equipped to Weather Risks in 2022

Chinese Digital Economy’s Industrial Penetration Set to Rise

APAC ‘BBB-’ and ‘BBB’ Corporates: Stagflation Downgrade Risk

China’s Property Developers Use JV as a Funding Channel, Including Complex Structures

Fitch Ratings – Corporate Finance in Australia and New Zealand

Indonesian Homebuilders’ Cash Flows to Moderate on Rising Costs, Slower Pre-Sales

China Property Developers’ Grey Funding Channels - Reverse Factoring

China's Consumer-Focused Firms Face Varying Risks as Demand Weakens

EU’s Russian Oil Ban to Redirect Trade Flows, Prop up Prices

Chinese State Sector to Require More Debt to Fund Investment Goals

Russia-Ukraine Crisis Disrupts European Aerospace Supply Chains

Supply-Chain ABS - A Unique Funding Source for China‘s Property Developers

Impact of Adverse Economic Scenario on EMEA Corporates

Indian Renewable Power Generators Face Modest Gains from Spiking Power Demand

What Investors Want to Know - Chinese Corporates’ Post-Default Recovery

Ukraine War Intensifies Low-Carbon Supply-Chain Disruptions

China Developers’ Audit Problems Raise Financing Pressures

China Provincial Government & SOEs Snapshot Series - Henan Province and Local SOEs

Growing Crypto Mining Could Affect Energy Markets

Global Pharma and Biotech Pivots Towards R&D Productivity

Chinese Developers’ Funding

Latin American Corporates Top 10 What Investors Want to Know 2022

FitchCast Middle East - Sector Spotlight: Airlines

2022 Credit Outlook - Innovation Drives Growth in Global Big Pharma & Biotech

2022 Credit Outlook - Base Metals Demand Growth Supports Global Mining Sector Outlook

2022 Credit Outlook - Financial Discipline Supports Global Oil Gas Sector Outlook

2022 Credit Outlook - Pricing Power Must Offset Cost Pressures in European Lev Fin

2022 Credit Outlook - Global Airline Outlook Improving but Material Risks Remain

China Property Stress Scenario Points to Contagion Risk

2022 Credit Outlook - APAC Corps Neutral Outlook Overall, China Property Worsening

2022 Credit Outlook - Return of Confidence Key to Stability for Chinese Property Developers

2022 Credit Outlook - Global Home Price Growth to Slow in 2022

2022 Credit Outlook - EMEA Utilities Stable on High Prices, Increasing Capex Plans

2022 Credit Outlook - Global Auto Conditions to Improve in 2022, Supply Chain Risk Exists

2022 Credit Outlook - U.S. Retail – Revenue Deceleration Expected

2022 Credit Outlook - Neutral 2022 Outlook for U.S. Technology

2022 Credit Outlook – North America & Europe FinTech

2022 Credit Outlook - Moderate Recovery, Challenges Remain for APAC Tech in 2022

2022 Credit Outlook - U.S. Diversified Industrials and Capital Goods Outlook Neutral for 2022

2022 Credit Outlook - Latin American Corporates Well Positioned for Challenges Ahead

2022 Credit Outlook - Climate Risks and Evolving Financing Structures for U.S. Energy Infrastructure in 2022

2022 Credit Outlook - Low Headroom for APAC Telco’s Ratings, Improvements Modest

China Provincial Government & SOEs Snapshot Series - Yunnan Province and Local SOEs

Rating Criteria Synopsis - Corporate Rating Criteria

Chinese Coal, Steel and Cement Firms to See Further Consolidation

Effects of Historic Drought Vary Across Brazilian Corporates

China Provincial Government & SOEs Snapshot Series - Jiangsu Province and Local SOEs

Young Buyers, Online Sales Drive Growth of China’s Local Brands

South-East Asia Fintechs’ Path to Profitability Key as Adoption Gains Pace

Return-to-Office Delays Are Not an Imminent Risk to US Office REITs

China Water Sector Blue Book

US Healthcare System to Expand, Adapt to Long-Term COVID-19 Fallout

China’s SOEs to See Greater Differentiation of State Support

FitchCast Middle - Focus on Middle Eastern oil & gas credit markets

Rating Assessment Service (RAS)

Growing Hybrid Work Poses Medium-Term Risks to London Office Market

Regulatory Risk a Key Factor Influencing Chinese Internet Issuers’ Credit Profiles

India’s Second Wave Manageable for Most Companies; Swift Rebound Expected in Auto Demand

A Higher US Corporate Tax Rate Is Not a Key Credit Risk Driver

Central Bank Digital Currencies May Disrupt Financial Systems

Water, Air Quality, Energy, Biodiversity & Extreme Climate Issues to Affect Credits

US Infrastructure Bill Mixed for Telecom, Beneficial for Building Materials Longer Term

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

China’s Fintech Evolves on Fast Track, Diversified Applications

Reprofiling Bank Debt May Pose Rating Challenges for China SOEs

FitchCast Middle East - Regional debt capital market trends and outlook

FitchCast SSA - Government Related Entities

Travel Rebound to Boost US, Canadian Airport and Airline Recovery

US Climate Policy May Alter Some US Corporate Business Models

China’s High-Tech Foreign Direct Investment

Fitch Long Term ESG Vulnerability Scores

Pandemic Fallout to Delay US Drug Price Reform, Biosimilars Uptake

FitchCast Middle East - Fitch's Insights & Ratings Approach on Regional Infrastructure Credit

Keystone Executive Order Sets Precedent for NA Midstream Energy

Semiconductor Shortage Delays Global Automotive Sector Recovery

The Rise of Consumer Finance in China to Bolster Consumption

LATAM Spotlight Series: New Cross-Border Issuers Span Multiple Sectors and Countries

ESG Impact on Strategy, Financing, Policies Will Grow in 2021

China Bank Property Lending Caps to Curb Concentration Risks

U.S. Healthcare and Pharma Outlook Stable for 2021

Fitch Ratings 2021 Outlook - China Homebuilding

Corporate Issuer Rating Criteria Synopsis

APAC Corps to Recover in 2021, but Cash Flow Weaker than 2019

China E-tailing Sector

Rebound in Global Travel Will Be Gradual Despite Probable Vaccines

APAC Corporate Earnings Improving; Still Face Pandemic Strain

Reacting to Global Changes - Effective Cash Management

US Pharma COVID-19 Vaccine to Benefit Revenue More than Margins

Urban Flight, Income Demographics Threaten Some US Apartment REITs

China’s Gas Reform Credit Neutral for NOCs; Positive for Large Distributors

Ratings Process

Fitch Ratings Introduces Peer Group of 50 Asian High-Yield Corporates

US Exports Curbs on Chinese Forms to Shift Tech Supply Chains

Cutting-edge Chinese E-tailing Operators Compete Intensely in Fast-Evolving Market

Singapore REITs – Challenges to Persist in 2021

Telcos Worldwide to Ramp Up 5G Capex, Raising Pressure on Credit Profiles

Chinese Vehicle Battery Suppliers

Coronavirus Not the Only Challenge for Corporate Ratings

Coronavirus Spurs Material Increase in LATAM Corporate Fallen Angels

Chinese E-tailing Rising as Consumers Eye Discretionary Items Online

Chinese Home Appliances Bluebook

Blue Book: Chinese Home Appliances to Ride on Urbanisation, M&As for Growth

Fitch Cast Middle East - Fitch’s GRE Methodology and Application in the GCC Corporate Sector

The Recovery Curves for Major Healthcare Sectors - Providers, Pharmaceuticals, Medical Products

Coronavirus Impact on Asia-Pacific Telecoms and Technology

US Corporate Supply Chain-Driven Credit Risk is Mostly Low to Moderate

Reopening of Australia’s Economy Has Varying Impact Across Corporate Sectors

China’s Shift to E-tailing Picks Up After Coronavirus Outbreak

Investors and Corporates Perceive Future ESG Risks Differently

Latin American Corporates Hit Hard by Pandemic Lockdown

Corporates Face USD5 Trillion 2020 Revenue Loss from Crisis

COVID-19 Investor Poll: A Gradual U-shaped Recovery

China Trade Clash Risks Vary for Australian Corporates

LATAM Telecoms May Cut Capex Due to Coronavirus-Related Cash Burn

Extended Production Cuts to Raise LATAM Metal & Mining Rating Risk

Coronavirus Proves US Broadband Infrastructure Is Essential

Coronavirus Pandemic Unsettles Australian Fixed-Interest Investors – Key Findings from Australian Fixed-Income Investor Survey 2020

US Healthcare is Resilient but Not Immune to Effects of Coronavirus

ESG Credit Quarterly Q1 2020

OPEC+ Deal Reduces Downside Risks, Surplus Not Eliminated

40% of EMEA High Yield Corps Have Low Headroom for Coronavirus

39% of APAC Corporates More Exposed to Coronavirus

Latin American Corporates - Spotlight Series 2020

Fitch Ratings is the Leader in Latin America

COVID-19 Refinancing Risk Elevated for 6% of Rated China Corporates

LATAM Sovereign, Corporate Commodity Focus Ups Coronavirus-Linked Risk

German 2030 Climate Package May Become Green Law Blueprint

Political Concern and Refinancing Risks – Key Findings from the Fitch Ratings-FinanceAsia 2020 Asia Credit Market Outlook survey

Credit Outlook 2020: Fitch's Approach to ESG

China Corporate Bond Market Blue Book: Defaults More Common; Documentation and Legal Framework Still Evolving

China Corporates May Post Slowest Earnings Growth in Four Years

Global Telcos' 5G Capex Risk Contained; Leverage Stretched

China’s Rising Onshore Defaults

China's Food Security is Ensured, but a Long-Term Challenge

Saudi Aramco Posts Strong Cash Flows

New Rules to Limit Chinese Corporates and LGFVs' Offshore Issuance

Is Libra a Challenge to Bank Payment Mechanisms?

Fitch Ratings lead in APAC

2019 Late Cycle Roundtable – What Peak Cycle Conditions and Economic Deceleration Means for U.S. Leveraged Finance

2019 Global Banking Conference NY – Corporate/Commercial Credit Risks

Fitch Ratings is the Leader in Latin America - Brazil

Unpacking Chinese Engineering and Construction Firms’ PPP Investments

2019 Latin American Corporates Spotlight: Credit Benchmark Series

Credit Outlook Conference 2019 - Trend of deleveraging in China

Credit Outlook Conference 2019 - The role of SOEs in China economy going forward

Credit Outlook Conference 2019 - Overview on Asia Pacific corporates outlook


10Sector Analysts

Jeremy Carter
Corporate Ratings
Global Group Head
+44 20 3530 1391 |

Buddhika Piyasena
Corporate Ratings - APAC
Managing Director
+65 6796 7223 |

Alex Griffiths
Corporate Ratings - EMEA
Managing Director
+44 20 3530 1709 |

Joseph Bormann
Corporate Ratings - LATAM
Managing Director
+1 312 368 3349 |

Megan Neuburger
Corporate Ratings - North America
Managing Director
+1 212 908 0501 |

Maude Tremblay
Enhanced Analytics - Corporates
Managing Director
+1 312 368 3203 |

11Business Contacts

Jill Zelter
Global Head of Corporates and Structured Credit
Managing Director
+1 212 908 0774 |

Matthew De Mendonca
BRM Corporates - North America
Managing Director
+1 646 582 4707 |

Sing Chan Ng
Co-Head of APAC, BRM
Managing Director
+65 6796 7210 |

Kathleen Holtzman
Head of LATAM Sovereigns & Corporates, BRM
Managing Director
+1 212 908 9103 |

Aymeric Poizot
Global Head of
Investor Development
+33 1 44 29 92 76 |