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In This List

COVID-19 Heat Map: Post-Crisis Credit Recovery Could Take To 2022 And Beyond For Some Sectors


COVID-19 Battered Global Consumer Discretionary Sectors But Lifted Staples; Recovery Varies By Subsector


History Of U.S. State Ratings


U.S. State Ratings And Outlooks: Current List


COVID-19 Impact: Key Takeaways From Our Articles

Watch: COVID-19 Heat Map: Post-Crisis Credit Recovery Could Take To 2022 And Beyond For Some Sectors

The credit downturn caused by COVID-19 has been abrupt and severe, with a tremendous variance of impact across different corporate sectors.

Even though the health effects of the pandemic may dissipate sometime in 2021, S&P Global Ratings expects credit measures for some sectors will take longer to fully recover. Part of the reason is a massive increase in new debt issuance, with the year-to-date total of $1.6 trillion, rising 60% over the same period in 2019. Incremental debt used to finance operations could delay the recovery of credit metrics for some sectors beyond simply a recovery in revenue and earnings into 2022, 2023, and beyond.

In addition, some segments, such as airlines, non-essential retail, and hotels, also face potential longer-term disruption effects, which could impede a recovery. Other sectors, such as pharmaceuticals, telecom, and essential retail, are much less affected.

The pandemic occurred against a backdrop of already-weak credit measures for most sectors. Ratings remain under pressure, especially in the transportation, media & entertainment, and automotive sectors, which now have 17%, 19% and 30% of ratings, respectively, on CreditWatch with negative implications.

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