标普全球：2026年全球信用展望报告：市场向好 风险趋升（英文版）（59页）.pdf

1、 Global Credit Outlook 2026 Music Playing,Noise Rising Dec.3,2025 This report does not constitute a rating action.Foreword Dear reader,As we step into 2026,the chorus of voices warning of an impending credit downturn is getting louder.And yet,we see a number of factors that point to a more balanced-

2、dare we say,resilient-picture ahead.This includes resilient economies,extended maturities for issuers,and improved interest rates.This dissonance is understandable given how accelerating structural trends-whether geopolitical,demographic,environmental,or technological-are increasingly obfuscating th

3、e messages from more traditional cyclical factors.The rise of AI itself is sending out mixed messages.In the short-term,the substantial investments into data centers and the related infrastructure are boosting growth,notably in the U.S.but also across other regions.While productivity gains could yie

4、ld durable economic benefits over time and alleviate some of the effects of global aging,the risks of labor displacement and need for reskilling are real.At the same time,the rapid scale of AI fundraising,and valuations attained by players,have sparked concerns of possible hubris or the emergence of

5、 new risks,with the ultimate transformational nature of AIs outcomes still anyones guess.Against this backdrop,broader policy uncertainty represents a key risk to the outlook and a potential trigger for market volatility.Trade tensions may have peaked and markets have absorbed them,at least for now.

6、But they are symptomatic of a long-term shift toward a more transactional and multipolar world order which will have longer term credit implications.S&P Global Ratings Global Credit Outlook 2026 brings together our perspective on where credit is headed across regions and sectors,looks into rating tr