Debt Issuance DeclineNet, total corporate issuance declined -11% Y/Y with softness in IG markets.
Inflation And Economic RisksRatings volumes downside in 2025 could come from higher-than-expected inflation, uncertainty around geopolitics, lower-than-expected M&A activity, or rate cuts that don’t materialize as expected.
Market ConditionsGlobal issuance slowed in January against difficult comps, marking only the second Y/Y decline over the last 18 months.