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Industry Credit Outlook 2025

Overview

S&P Global Ratings' Industry Credit Outlook Update 2025 series provides a comprehensive overview of our industry experts' assumptions and credit outlook for global industries. Drawing on assessments of over 5,500 corporate and infrastructure entities worldwide, these reports outline our industry credit views, including ratings trends, key assumptions for the year ahead, and an analysis of critical risks and opportunities relative to our base case scenario. Our analysts expect positive revenue and cash flow growth for most sectors, a continued focus on investment in AI and energy transition, and an upturn in M&A in some sectors. Risks include the impact of tariff and trade policies, sustained cost pressures, and uncertainty around the trajectory of interest rates.


Industrial Cyclicals



Consumer Cyclicals


Energy


Real Estate and Construction


Other Corporates


Infrastructure and Utilities