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S&P Global Ratings continues to assess the economic and credit effects of the coronavirus pandemic around the world. Click below for our research and insights across regions and industries.

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Coronavirus Impact

Key Takeaways From Our Articles

Published April 3, 2020

S&P Global Ratings is launching a series of weekly webcasts. Every Friday, we will provide the market with regular updates on our view of how the current unprecedented circumstances are affecting credit risk and ratings across asset classes. We will define the agenda and speakers each week based on the events, most notable rating actions, and the questions we receive from market participants. To register for the upcoming webinars, please click the link: "Upcoming Webinars"

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Global Credit Conditions

Triple Trouble: Virus, Oil, Volatility

Published April 1, 2020

Containment measures to stem the COVID-19 pandemic have pushed the world’s largest economies into near-hibernation. While China shows early signs of re-emerging from this, Europe and the U.S. aren’t yet past the viral peak. We have also yet to see the full impact on vulnerable emerging markets. Combined with historical collapse in oil prices, and record volatility in the markets, this put significant pressure on creditworthiness around the world. Industries most exposed to the dramatic drop in global demand and much tighter financing conditions have experienced the most downgrades so far.

Global Credit Conditions

S&P Global Ratings' Credit Conditions Committees meet quarterly to review macroeconomic conditions in each of four regions (Asia-Pacific, Latin America, North America, and Europe, the Middle East and Africa).

Read the Latest Global Credit Conditions Reports

At S&P Global Ratings we are continuously assessing the economic and credit impact of the COVID-19 pandemic around the world. Subscribe to our Coronavirus Bulletin today and we will ensure you have all our latest research and forecasts as they are published.

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Economic Research

The Escalating Coronavirus Shock Is Pushing 2020 Global Growth Toward Zero

Published March 30, 2020

As the spread of COVID-19 goes global, the economic effects of social-distancing measures to contain the virus, along with plummeting consumer and business confidence, have delivered a sharp blow to near-term growth prospects and roiled financial markets. In addition to the fast-rising human toll of the virus (i),we are entering a period of unprecedented rates of decline in economic activity and financial-asset prices, and equally fast and unprecedented policy responses to both combat and offset these declines.

COVID-19 Cases In 2020

Source: European CDC.
Copyright © 2020 by Standard & Poor's Financial Services LLC. All rights reserved.

Key Takeaways:

  • In response to the ongoing extraordinary impact of the coronavirus pandemic on economic activity and financial markets, we have marked down global growth to just 0.4% this year, with a rebound to 4.9% in 2021. The decline in activity will be very steep.

  • The policy challenges are enormous. Central banks and governments have moved quickly, pulling out all of the stops to keep the financial system functioning as orderly as possible, protect the most vulnerable and highly affected groups, and bridge to an eventual recovery.

  • The risks to our baseline forecast remain firmly on the downside since the translation from health outcomes to economic variables remains highly uncertain.

Watch the Related Webinar Replay

U.S. Public Finance

All USPF Sector Outlooks Are Now Negative

Published April 1, 2020

Following mobility restrictions and closure of large segments of the economy due to COVID-19 and the swift onset of recession, all of S&P Global Ratings' sector outlooks in U.S. public finance are now negative. At the start of 2020 all sector outlooks were stable with the exception of higher education, ports, and mass transit. The shift in our outlooks to end the first quarter reflects the expectation of sharp decline in the economy through at least the second quarter and uncertainty about the rate of spread and peak of COVID-19 as well as the timing of economic recovery.

Live Webinar And Q&A: All U.S. Public Finance Sector Outlooks Are Now Negative

Please join our U.S. Public Finance Sector Leads for a live interactive webinar on Thursday, April 2nd, 2020 at 1:00 p.m. Eastern Daylight Time where they will discuss our recent revision of all sector outlooks in U.S. Public Finance to negative from stable.

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Making connections is what we do best. Whether it’s developing critical industry relationships, or engaging with fresh ideas: you get immersive intelligence and real-world applications.

View all Upcoming Webinars

European Banks' First-Quarter Results

Many COVID-19 Questions, Few Conclusive Answers

Published April 1, 2020

In just a few short weeks, the COVID-19 pandemic has changed the European economic landscape completely. In addition to the human cost, large parts of economic activity in Europe have ground to a halt. With isolation strategies still expanding across Europe and none having been relaxed, our economists expect first-quarter economic indicators to be a precursor of a truly dire second quarter. Authorities have delivered unprecedented policy responses in the form of monetary, fiscal, and regulatory support to their economies. On the bright side, unlike during the global financial crisis, banking sectors in Europe have not been a direct source of stress or amplification of travails for the real economy. Indeed, elements of monetary and fiscal policy responses, such as keeping low cost credit flowing to households and businesses, or applying forbearance measures on their loan repayments, rely on operationally effective and robust banking systems for their delivery. The better-capitalized, better-funded, more-liquid banks that have gradually emerged since the global financial crisis have, so far, been part of a solution rather than part of the problem.

Live Webcast And Q&A: EMEA Financial Services & Sovereign Market Update Webinar Series

Every other Tuesday, we will provide you with regular updates on our view of how the current unprecedented circumstances are affecting credit risk and ratings across sovereign, banks and insurance sectors. We will define the agenda and speakers each week based on the events, most notable rating actions, and the questions we receive from market participants.

Register Now

Further Listening

More of our coronavirus coverage

–COVID-19 Now Threatens More Damage To Asia-Pacific: Listen to the Replay

–New Virus, Unprecedented Risks For China’s Developers: Listen to the Replay