Credit Cycles | S&P Global Ratings

Global Leverage

Over the past decade, global debt leverage has been trending upward; most recently exacerbated by the COVID crisis. This series examines the “what-ifs” — involving economic, credit quality, and funding trends — of potential downturn scenarios.

SLIDES: Middle-Market CLO And Private Credit Quarterly: Strong CLO Growth, But Weakening Underlying Credit (Q4 2023)What If Chinese Corporate Earnings Further Decline?September European Summary Report: Leveraged FinanceCorporate China Hits A Turning Point On LeverageGlobal Debt Leverage: Japan Corporates Can Tolerate Higher Rates And InflationGlobal Debt Leverage: Is A Great Reset Coming?Global Debt Leverage: Cash Flow Negative Corporates Could Double In 2023Global Debt Leverage: How Heavy Is The World's Debt Burden?Credit Trends: Global Financing Conditions: Bond Issuance Set To Remain Weak Through Year-End, Expand Modestly In 2023Global Debt Leverage: China’s SOEs Are Stuck In A Debt TrapGlobal Debt Leverage: If Stagflation Strikes, China Corporates Are Most VulnerableGlobal Debt Leverage: If Stagflation Strikes, Still-Recovering Corporate Sectors Hit HardestGlobal Debt Leverage: If Stagflation Strikes, Loss-Making Corporates Will Double GloballyHarsher Headwinds Raise Risk Of Credit StressHow A 300bp Rise In Inflation And Interest Rates Could Hit BorrowersHow A 300bp Rise In Inflation And Interest Rates Could Hit BorrowersCredit Trends: Can China Escape Its Corporate Debt Trap?Global Debt Leverage: Spreads, Costs Shocks May Double Rate Of Loss-MakingGlobal Debt Leverage: Near-Term Crisis Unlikely, Even As More Defaults LoomCLO Spotlight: To 'B-' Or Not To 'B-'? A CLO Scenario Analysis In Three Acts (UPDATE)When The Cycle Turns: How S&P Global Ratings Reflects Increased Risk In The European Leverage Finance MarketsWhen The Credit Cycle Turns: Spotlight On Recovery Prospects For The U.S. Consumer Products' SectorWhen The Cycle Turns: An Acid Test For EMEA's Speculative-Grade Chemical CompaniesWhen The Cycle Turns: Contract Research Organizations Are Well Positioned To Weather A StormS&P Healthcare Credit Beat - When The Cycle Turns: Contract Research Organizations Are Well Positioned To Weather The StormWhen The Cycle Turns: Key Takeaways From Our ArticlesCLO Spotlight: To 'B-' Or Not To 'B-'? A CLO Scenario Analysis In Three ActsNext Debt Crisis: Earnings Recession ThreatRecovery: When The Credit Cycle Turns: Recovery Prospects In The U.S. Media SectorCredit Trends: The Expansion Of The 'B-' Segment Is Feeding Growing VulnerabilitiesWhen The Cycle Turns: The Continued Attack Of The EBITDA Add-BackWhen The Cycle Turns: How Would Global Structured Finance Fare In A Downturn?Structured Finance Insights: When The Cycle Turns, September 2019When The Cycle Turns: How Would Global Structured Finance Fare In A Downturn?Global Trade At A Crossroads: As Tensions Escalate, U.S. Companies Try To Diversify Supply Chains Away From ChinaWhen The Cycle Turns: Government Framework Is A Significant Factor In States’ Ability To Navigate DownturnsWhen The Cycle Turns: How Low Will Recovery Rates Go? European Leveraged Finance Update Q1 2019When The Cycle Turns: Health Care Subsectors Ranked By Vulnerability To Economic DownturnCredit FAQ: When The Cycle Turns: 'BBB' Downgrade Risks In EMEA Nonfinancial Corporates Appear ManageableWhen The Cycle Turns: Rising Leverage And Disruption Weaken Speculative-Grade Health Care CompaniesCredit FAQ: When The Cycle Turns: Assessing How Weak Loan Terms Threaten RecoveriesWhen The Cycle Turns: Spanish Consumer Goods Companies See Tougher Times AheadCredit FAQ: When The Cycle Turns: 'BBB' Downgrade Risks May Be OverstatedWhen The Cycle Turns: How Would Major Media Companies Fare In A Downturn?When The Cycle Turns: U.S. Coal Companies Seek Pay Dirt In ExportsWhen The Cycle Turns: Are California's Historically High Budget Reserves Also A Bare Minimum?When The Cycle Turns: Leverage Continues To Climb--Has It Finally Peaked?When The Credit Cycle Turns: The EBITDA Add-Back FallacyWhen The Credit Cycle Turns: U.S. REITs Look Ready To Handle Rising RatesWhen The Credit Cycle Turns: How Would The Credit Quality Of European REITs Withstand Rising Interest Rates?When The U.S. Credit Cycle Turns, Some Sectors May Hit A (Maturity) WallWhen The Cycle Turns: How Have M&A Transactions In Consumer Products Performed?When The Cycle Turns: Will Consumer Companies' M&A-Related Debt Result In An Exodus From Investment Grade?Credit Trends: When The Cycle Turns: As U.S. 'BBB' Debt Growth Sparks Investor Concern, Near-Term Risks Remain LowLeveraged Finance--Will The Worst Deals Be Done In The Best Of Times, Again?