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Industry Top Trends Mid-Year 2020 Update: North American Capital Goods

Significant declines in revenue and EBITDA in 2020 will diminish credit quality in the North American capital goods sector. We have taken over 50 rating actions since March—mostly negative—and expect rating actions to remain decidedly negative over the next 12 months. Most downgrades were limited to one notch. About 53% of ratings had negative outlooks as of June 1 compared to 19% on January 1.


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