We recently published our latest Industry Top Trends reports for corporate and infrastructure industries globally to communicate our credit views on rated companies and industries. this publication brings the individual reports together in a single volume along with our assessment of the common themes that emerge. A relatively shallow recession will likely see revenues and cash flow growth grind to a halt but not slump. Capex is likely to be resilient with energy transition an impetus. Margins are likely to remain elevated but are under pressure from material and labor costs. Supply chain and inventory pressures are easing but still a concern. Refinancing risks loom over weaker speculative-grade issuers. A harsher-than-expected recession is the greatest risk and would likely have a severe credit impact.