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Monitoring the effects of the pandemic

Explore how the coronavirus crisis intersects with the 2020 credit themes 

Moody's response to the coronavirus crisis

27 May 2020|Moody's Investors Service

The credit impact of the pandemic has manifested via three broad channels: lower growth, the fall in oil prices, and reduced access to financing. Of the 54 mostly negative sovereign rating actions that we have announced so far this year, 23 were the direct result of the coronavirus pandemic.

26 May 2020|Moody's Corporation

The coronavirus outbreak is disrupting economies and credit markets worldwide. The impact on issuers’ credit profiles and the economy will depend on the severity and duration of the crisis.

25 May 2020|Moody's Investors Service

About 22% of rated APAC companies have high exposure to coronavirus disruptions, up from 20% on 31 March. About 39% have moderate exposure, up from 36%. The effects of disruptions on credit quality are becoming more apparent.

20 May 2020|Moody's Investors Service

Strong liquidity at many global investment banks offsets their large wholesale funding exposure, protecting creditors and shielding the banks against stressed conditions.

21 May 2020|Moody's Investors Service

Alternative data indicators show a nascent recovery in global trade, and certain economies’ employment. Daily financial data in May show tightening spreads, increased lending and lower equity market volatility in the US and euro area.

21 May 2020|Moody's Investors Service

Liquidity for the weakest speculative-grade US corporates worsened in April as the coronavirus crisis continued to cut more deeply across most industries. Lower-rated companies that rely on the leveraged loan market, where liquidity has evaporated, are getting hit the hardest. But many stronger speculative-grade companies are able to tap the US high-yield market, which has recovered following the US Federal Reserve’s support for corporate bonds.

20 May 2020|Moody's Investors Service

Our review of past recoveries shows that US companies that default because of the coronavirus pandemic will likely return less to investors than those that defaulted because of the 2008-09 recession, with prospects particularly poor for first-lien debt. We expect that more companies will complete distressed exchanges, and that many of those firms will later file for bankruptcy. Recoveries will be even worse in a prolonged downturn.

Moody's Credit Outlook

Take-up of state-guaranteed corporate loans is positive for Italian banks

World Bank's emergency funding for East Africa points to risks from intensifying locust swarms

Negative April credit card ABS performance confirms coronavirus-related risks for deals

Source: Moody's Investors Service
Weekly Market Outlook

Default Outlook: Markets Appear Less Worried than Credit Analysts

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