Coronavirus Effects
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.
  • SUMMARY
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  • Moody's response to the pandemic
  • Series: Credit After Covid
  • Series: Credit After Covid
    SECTOR IN-DEPTH
    11 Aug 2020|Moody's Investors Service
    The coronavirus pandemic will likely lead to a reconfiguration of global trade relationships, particularly in Asia. Ensuring supply security will become the overarching objective of governments and companies, with the largest shifts in pharmaceuticals and other sectors with the greatest strategic significance.
    SECTOR IN-DEPTH
    18 Jun 2020|Moody's Investors Service
    The crisis will likely result in fundamental shifts for economies, societies and companies in the coming years. Potential outcomes include weaker long-term economic growth, a prolonged period of extraordinarily low interest rates, and an acceleration of the digital transformation already under way. Listen to the podcast >>
    The pandemic will compound and accelerate key global trends.

    SECTOR IN-DEPTH
    10 Aug 2020|Moody's Investors Service
    Fiscal effects of the coronavirus will linger for years across municipal market sectors, requiring issuers to tamp down spending as they repair balance sheets in the recovery period.
    SECTOR IN-DEPTH
    29 Jul 2020|Moody's Investors Service
    The recovery of financing volumes in EM APAC may be faster because of likely better growth prospects, generally stronger sovereign and issuer credit quality and a more diverse funding mix.

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    PODCAST
    12 Aug 2020|Moody's Investors Service
    Alessandro Roccati from the banking team explains how coronavirus-driven demand for contactless digital financial services, along with remote work, are raising the cyber threat to banks (begins at 8:21). Plus, Steve Tu of the asset management team looks at how the latest US government intervention in money markets could signal an eventual phaseout of institutional prime funds (begins at 1:45).​​

    07 Aug 2020
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    Moody's Investors Service

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    PODCAST
    05 Aug 2020|Moody's Investors Service
    Corporates analyst Lahlou Meksaoui discusses the credit outlook for UAE property developers. Plus, Sean Hwang, also from the Corporates team, talks about prospects for a revival of Macao's gaming sector.​​​
    Global Ratings Review Summaries
    SECTOR PROFILE
    06 Aug 2020|Moody's Investors Service
    This report contains a summary of non-financial corporate rating actions in the month of July.
    SECTOR PROFILE
    06 Aug 2020|Moody's Investors Service
    This report contains a summary of rating actions in our Infrastructure and Project Finance Group for the month of July.
    SECTOR PROFILE
    10 Aug 2020|Moody's Investors Service
    This report highlights our research insights and rating activities in the week ended 07 August.
    Coronavirus Policy ResponseView more
    SECTOR COMMENT
    11 Aug 2020|Moody's Investors Service
    The risk of private-sector creditors being asked to incur losses in all or most cases of the G-20’s debt service suspension initiative for highly indebted countries has diminished over the last few months, but some risks remain in individual cases.
    SECTOR COMMENT
    29 Jul 2020|Moody's Investors Service
    On 28 July, the European Central Bank (ECB) published the results of a vulnerability analysis to assess the effect of two coronavirus-related scenarios (central and severe) on 86 large banks over a three-year period that ends in 2022.
    Macroeconomic commentaries and scenarios
    SECTOR IN-DEPTH
    31 Jul 2020|Moody's Investors Service
    As coronavirus infections rise and countries impose localized restrictions, July indicators suggest that economic activity and labor market recoveries are leveling off in the US, the euro area and China.
    SECTOR IN-DEPTH
    21 Jul 2020|Moody's Investors Service
    Recovery momentum in the five largest European economies appears to be weakening, as fear and uncertainty remain high. Pent-up consumer demand after the easing of lockdowns is petering out.

    SECTOR IN-DEPTH
    10 Jul 2020|Moody's Investors Service
    Key high-frequency indicators point to improvements in US consumer confidence and employment, but renewed localized lockdowns threaten to blunt the positive momentum. Spending across all income groups declined at the end of June.
    OUTLOOK
    22 Jun 2020|Moody's Investors Service
    We continue to expect a gradual recovery beginning in the second half of the year. Our forecast assumes the likelihood of new coronavirus outbreaks without a return of widespread lockdown measures.
    Coronavirus impact on sectorsView more
    DATA REPORT
    10 Aug 2020|Moody's Investors Service
    The trailing 12-month global speculative-grade corporate default rate rose to 6.1% at the end of July, up from 5.5% in June and 2.4% in July 2019. The default rate is at its highest level in a decade, as the coronavirus-induced economic slowdown weighs heavily on companies' earnings and on credit conditions.
    SECTOR IN-DEPTH
    04 Aug 2020|Moody's Investors Service
    European non-life insurers are under political, social and legal pressure to surrender one-off profits generated during the coronavirus crisis or pay additional coronavirus-related claims.

    SECTOR IN-DEPTH
    04 Aug 2020|Moody's Investors Service
    As the initial financial hit from the coronavirus pandemic has emerged, the decline in corporate credit quality has been reflected in further negative rating actions.
    SECTOR IN-DEPTH
    03 Aug 2020|Moody's Analytics
    Distress in CMBS continued through July, particularly for hotel and retail. Loan modifications differ, depending on property type. We discuss causes, and speculate on what’s next.

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    PODCAST
    03 Aug 2020|Moody's Investors Service
    Jun Yang and Rebaca Tan of the Financial Institutions team discuss how low interest rates and demographic changes, combined with the fallout from coronavirus outbreak, will weaken the profit outlook for at Asia-Pacific banks.
    SECTOR IN-DEPTH
    30 Jul 2020|Moody's Investors Service
    The sovereign credit implications of the pandemic will depend on the country's exposure to the shock's various transmission channels and on its policy response to the shock.