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Ratings Weekly Digest: May 19, 2021

Our weekly ratings digest, including key themes, publications, ratings changes, asset class trends, financing conditions, and debt issuance. This week: Inflation concerns continue to trouble markets, but we think the pressures are transitory. COVID’s financial burdens weigh heavily on national and government finances; corporate tax rises may be a consequence. Global M&A surged in the first quarter; AT&T’s spin-off and merger of Warner Media with Discovery Inc. is the latest mega-deal, and we look at the ratings implications. Measurement issues explain some of the U.K. economy’s dramatic COVID-19 contraction, but also sets the scene for a rapid recovery.