Turkey’s recent military incursion into Syria has resulted in US sanctions which, while limited, are likely to increase economic risks because of the knock-on effect they will have on investor and business sentiment. The US Senate is currently considering further and potentially more wide-ranging sanctions, underscoring the importance of geopolitical risk for Turkey’s overall credit profile.

The stable industry outlook reflects our expectation that rated construction companies’ revenue growth will average 4% during the coming 12-18 months. Revenue growth is slowing with global GDP growth but is supported primarily by infrastructure spending. The outlook also reflects companies' average book-to-bill ratio, which indicates new orders signed versus revenue and signals healthy construction demand for the next 12-18 months.

New or expanded federal healthcare programs in the US, if enacted, would have positive societal benefits. But they would also have negative credit implications for health insurers, hospitals and pharmaceutical companies.

The rising prevalence of digital currencies will shape the development of digital platforms by companies in many different sectors over time. Credit implications for debt issuers will depend on whether they can streamline processes, reduce costs, capture value from customers and adapt to competitive pressure from new entrants.