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Global Credit Conditions Q4 2024: Policy Rates Easing, Conflicts Simmering

Despite geopolitical risks increasing and rates remaining high through most of this year, credit remains resilient. Refinancing activity has been strong across most ratings and sectors. Upgrades continue to outpace downgrades, and defaults have started to moderate in recent months. We expect the default rate to fall, but at a slower pace than it rose due to residual strain for the lowest-rated borrowers.

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