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Rating Action

Fitch Downgrades the UK to 'AA-'; Negative Outlook

The downgrade reflects a significant weakening of the UK's public finances caused by the impact of the COVID-19 outbreak and a fiscal loosening stance that was instigated before the scale of the crisis became apparent. The downgrade also reflects the deep near-term damage to the UK economy caused by the coronavirus outbreak and the lingering uncertainty regarding the post-Brexit UK-EU trade relationship.

Outlook 2020

Fitch Ratings Updates 2020 Sector Outlooks To Reflect Coronavirus Impact

Fitch Ratings has reviewed and updated our sector outlooks globally in response to the rapidly deteriorating macroeconomic and operational environment linked to the effects of the coronavirus pandemic: 83% of sector and structured finance asset performance outlooks are negative, up from 21% at the beginning of 2020. There are no positive sector outlooks. 

Rating Action

Fitch Affirms United States at 'AAA'; Outlook Stable

The U.S. sovereign rating is supported by structural strengths that include the size of the economy, high per capita income and a dynamic business environment. The U.S. benefits from issuing the U.S. dollar, the world's pre-eminent reserve currency, and from the associated extraordinary financing flexibility.

Global Economic Outlook

Coronavirus Crisis Is Crushing Global GDP Growth

The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly "Global Economic Outlook" (GEO). We have nearly halved the Fitch baseline global growth forecast for 2020 - to just 1.3% from 2.5% in the December 2019 GEO. The revision leaves 2020 global GDP USD850 billion lower than in the previous forecast.  Related Report: Global Economic Outlook

WebinarGlobal Economic Outlook
March 27, 2020 at 9:30am (EDT) | 1:30pm (GMT)
Join Brian Coulton, Fitch Ratings Chief Economist in conversation with James McCormack, Global Head of Sovereigns, to discuss our Global Economic Outlook. Listen Now

More on Coronavirus

Coronavirus, Commodity Shocks Amplify Pressure on LatAm Sovereigns

The global spread of the coronavirus and sharp fall in oil prices exacerbate existing challenges facing major Latin American sovereigns.

China GDP Tracker Pointing to 4% yoy Decline in 1Q20

High-frequency data released through February suggest that GDP in China may have fallen by around 4% y/y in 1Q20, Fitch Ratings' Economics team says in its latest chart of the month.

39% of APAC Corporates More Exposed to Coronavirus

Almost 40% of APAC corporates operate in sectors that have ‘Moderate’ to ‘High’ exposure to the effects of the coronavirus outbreak, and have ‘Low’ or ‘Moderate rating headroom at their current ratings.



39% of APAC Corporates More Exposed to Coronavirus

Fixed Interests Podcast


With the coronavirus crisis taking an extraordinarily heavy toll on the world economy, Tony Stringer, Chief Operating Officer, Sovereigns and Brian Coulton, Chief Economist, discuss the latest Global Economic Outlook forecasts and downside scenarios.



Coronavirus Crisis Is Crushing Global GDP Growth

APAC Banking Outlooks Negative as Coronavirus Heightens Risk

Fitch Ratings has revised the outlook for a further 10 APAC banking systems to negative, meaning that all 17 banking systems in the region are now assessed as having a negative sector outlook. This highlights our expectation that the global coronavirus pandemic will have wide-ranging effects on the region that will adversely affect bank performance in 2020 and into 2021.


More on Coronavirus

Rating Outlook for U.S. Health Insurance Industry Revised to Negative

Fitch Ratings has revised the Rating Outlook for the U.S. health insurance industry to Negative from Stable due to expectations for an adverse effect on industry fundamentals related to COVID-19. Fitch expects a weakening of profitability and debt service metrics driven primarily by heightened claims costs associated with COVID-19 testing and treatments, including hospitalizations.

Oil Shock Compounds Sovereign Credit Risks from Coronavirus

The dual impact of COVID-19 and the significant oil price shock will put pressure on some sovereign credit fundamentals and potentially ratings. In developed markets, the key drivers will be the effect on growth, if it persists, and the fiscal and monetary responses. Emerging markets face additional risks related to commodity export receipts, capital flows and exchange-rate pressures.

Related: Oil Shock Compounds Sovereign Credit Risks from Coronavirus

Sector and Rating Outlook for US Banks Revised to Negative

Fitch Ratings has revised the sector and Rating Outlook for its portfolio of US banks to negative from stable. Today's revision is being driven by concerns over the financial impact from the coronavirus, which continues to spread globally and will negatively affect economic growth.

Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters

The economic impact of the coronavirus combined with the associated policy responses is likely to result in a higher-than-average number of sovereign rating actions in 2020, and a more pronounced downward bias in sovereign rating changes than in any year since the aftermath of the global financial crisis in 2009.

More on Coronavirus

Fed Actions, US Banks Discount Window Use Prudent Amid Turmoil

The decisive and coordinated Federal Reserve actions in response to recent extreme market volatility should allow U.S. banks and markets more time and increased flexibility to adjust to the unfolding coronavirus pandemic. The scope and scale of these actions reflect the determination of the Fed and other central banks to counteract the impact of the coronavirus pandemic on financial markets.

Rating Outlook for U.S. Life Insurance Industry Revised to Negative

Fitch Ratings has revised the rating outlook for the U.S. life insurance industry to negative from stable. The outlook revision is due to increased concerns over the Coronavirus and related impacts on the credit quality of life insurers. Today's rating outlook revision to negative reflects significantly increased uncertainties facing life insurers associated with the material disruption in the financial markets, which may last for an extended period of time.

Fitch Ratings Reviewing Infrastructure Issuers for Coronavirus Vulnerability

The coronavirus pandemic represents a significant challenge to the global economy, and therefore, to the performance of transactions in the infrastructure and project finance space. The wide range of transactions, from enterprise to project structures, single-assets to multi-asset, demand-based to contracted, and single jurisdiction to multi-jurisdiction provide for a wide variety of potential impacts.

UK Budget Loosens Fiscal Stance as Coronavirus Adds to Uncertainty

The UK budget represents significant fiscal loosening and will lead us to increase our deficit projections as part of our regular sovereign rating review process, Fitch Ratings says. The forecasts will also reflect our initial assessment of the possible economic impact of COVID-19, the disease caused by the coronavirus.

U.S. Health Insurer Medical Loss Ratios Will Be Elevated in 2020

Although there is currently a high level of uncertainty around many aspects of coronavirus disease 2019 (COVID-19), Fitch Ratings expects the U.S. health insurance sector to report moderately elevated medical loss ratios in 2020 as a result of associated medical claims, according to a new dashboard report.

RelatedU.S. Health Insurance Dashboard: 2019 (Strong 2019 Performance; COVID-19 a 2020 Headwind)

China Express-Delivery Blue Book

China’s express-delivery sector will transit from a labour-intensive industry to a capital-and-technology intensive one, as key participants cut unit costs and improve efficiency through scale expansion and technological advancement. Industry concentration will continue rising as bigger players dominate with sharper competitive edge, and also through merger and acquisitions, strategic alliances and the exit of smaller players.


Related Webinar:

China Express-Delivery Sector – Listen Now

U.S. Financials See Rising Risk from Cash Products Amid Libor Sunset

The transition from USD Libor to its likely replacement, the Secured Overnight Financing Rate (SOFR), presents heightened risks for U.S. financial institutions.

RelatedUS Financials See Rising Risk from Cash Products Amid Libor Sunset


Insurance Insights

Keep up to date with all the latest commentary, analysis and research from across the Insurance sector with our monthly global newsletter. This month’s edition discusses how storms Ciara and Dennis add to pressure on UK Insurers, the current disruption in the U.S. capital markets caused by the coronavirus and much more.

Fiscal Space Limited for Many Sovereigns

Fiscal easing will be part of the optimal policy response to economic shocks or downturns, particularly for sovereigns with strong public finances, Fitch Ratings says. However, fiscal loosening rarely pays for itself, and persistent deterioration in public finances will increase the risk of sovereign rating downgrades.

Highlight Report
Global Sovereigns Face Limits to Fiscal Space

2020 Credit Outlook Highlights

Our 2020 Credit Outlook series toured 20 regions across the globe producing a vast range of thought leadership content including webinars, research, commentary and analysis. We have selected highlights to share from the series.


Download Highlights



Credit Outlooks 2020

Sector Outlooks for 2020 Are Gloomier on Economy, Trade

Ireland: Elections and Rating Assessment

In the latest edition of  Fixed Interests, Michele Napolitano, Head of Western Europe Sovereigns and Alex Muscatelli, Director, Western Europe Sovereigns, discuss the outcome of Fitch's rating review for the region, and the implications of Ireland’s recent election which resulted in a fragmented parliament and a potentially long government formation process. 



Fitch Affirms Ireland at 'A+'; Outlook Stable


Industry Faces Climate Transition Challenge

Industry faces climate transition challenges in the form of rising costs and likely accelerated regulation in 2020s, with industrial decarbonization being the next focus for regulators. Watch video in Spanish or in Chinese



Industry Faces Climate Transition Challenge


ESG Monthly

Our new ESG monthly newsletter includes our global ESG perspectives across all rated sectors and countries, with commentary covering our views on ESG credit risk and the broader macro trends in ESG and the debt capital markets. 

Subscribe Now

Credit Outlook 2020 - High Yield and Leveraged Credit: Fundamentals and Distortions

Speaking at our Credit Outlook 2020 conference, Jane Gray, European Head of Research, Covenant Review, says there is a weakening of reporting requirements in bonds and loans.

Sector Outlooks for 2020 Are Gloomier on Economy, Trade
Credit Outlooks 2020

Aging Populations Strain State Budgets, Pension Funding Varies

The aging US population poses a range of challenges to state finances, including providing pensions for the swelling ranks of retired public workers. However, a state's demographic profile does not necessarily determine its pension funding. 

Demographic Trends and Pension Pressures (Aging Populations and Underfunded Pensions May Present Fiscal Challenges for States)

Fixed Interests Podcast

Unrest in Chile and Colombia: The Economic Impact & Risks Ahead

What are the economic and political implications of the recent social protests in Chile and Colombia, and what does the future hold? In the latest edition of Fixed Interests, Shelly Shetty, Co-Head of Sovereigns-Americas and Richard Francis, Director of Sovereign Ratings and Primary Analyst for Colombia and Chile, discuss the aftershocks of the recent social unrest.

Chile’s Policy Response to Unrest Will Erode Buffers
Colombia’s 2020 Fiscal Target Will Prove Challenging To Meet

Pre-Crisis Structured Finance Vintages Have Higher ESG Risk

The materiality of environmental, social and governance (ESG) factors on the ratings of global structured finance transactions, reflected by ESG relevance scores (ESG.RS) of '4' or '5', is greater for older vintage structured finance credits. Pre-financial crisis vintages, originated before 2009, are most influenced by negative ESG factors.

Highlight Report:
Where ESG Matters for Global SF and CVB Ratings - A Case Study 

special report

China Perspectives: An Economic Roadmap for COVID-19

The inaugural issue of our monthly commentary series discusses the economic roadmap for COVID-19. The severity of the economic shock from the outbreak of the COVID-19 novel coronavirus, even if eventually short-lived, will almost certainly command some kind of economic policy response.

Relaxed Volcker Covered Fund Rule Portends More Deregulation

Fitch Ratings views the recent Notice of Proposed Rulemaking (NPR) issued by regulators to amend the Volcker Rule and relax limits on certain private equity (PE) and hedge fund investments, known as "covered funds" as indicative of loosening regulation and recalibration of post-crisis regulatory rules. 

HSBC Restructuring Should Address Earnings Challenges

HSBC's restructuring plan identifies the main challenges to the bank's business model and, if implemented effectively, should help HSBC retain the key competitive advantages of its global franchise. The bank plans to further increase efficiency and link its US and European operations more closely to its international activities.

US Financials See Rising Risk from Cash Products Amid Libor Sunset

The transition from U.S. dollar (USD) London Interbank Offered Rate (Libor) to its likely replacement, the Secured Overnight Funding Rate (SOFR), presents heightened risks for U.S. financial institutions (FIs), Fitch Ratings says. Banks may face greater legal, operational and reputational challenges from cash products, which have lagged derivatives in moving away from Libor.

Fixed Interests Podcast

CIS and Black Sea Region Rating Cycle Slowing

Improved economic policy frameworks have helped Commonwealth of Independent States (CIS) and Black Sea sovereigns recover from the 2014 commodity price slump and Ukraine crisis.



CIS and Black Sea Sovereign Rating Momentum Likely to Slow

German 2030 Climate Package May Become Green Law Blueprint

Germany’s sweeping package of climate policy reforms may become the blueprint for an intermediate climate action step for many nations aiming to achieve carbon neutrality by 2050.



German 2030 Climate Package May Become Green Law Blueprint

UK's EU Exit Does Not End Uncertainty

The effect of post-Brexit developments in the UK-EU relationship on the UK's economy and public finances will remain an important factor in our UK sovereign rating assessment after the UK leaves the EU on 31 January.

Sukuk Issuance Rose in 2019 as Diversification Continues

Global sukuk issuance rose 6% in 2019 as the range of issuers and investors broadened, although supply is still concentrated geographically. Long-standing structural impediments to growth remain although, as more corporates tap the sukuk market, potentially including those with weaker credit profiles, legal precedents could eventually be set clarifying creditor treatment in a default.

Medicaid Changes Will Affect States, NFP Healthcare Providers

Recent regulatory actions from the US federal Centers for Medicare and Medicaid Services (CMS) could have fiscal and credit repercussions for state governments and those reliant on state funding, particularly not-for-profit (NFP) healthcare providers.

Driverless Cars Largely a Plus for Toll Roads; Managed Lanes Vulnerable

Though likely over a decade away from widespread usage, automated vehicles (AVs) will have a transformative effect on travel and traffic patterns for toll roads, according to Fitch Ratings.

Read Full ReportThe Effect of Automated Vehicles on Toll Roads


Fitch Ratings Named Best ESG, Investment Grade, Public Finance and Sovereigns Agency

Fitch Ratings has been recognised by The Asset as the Credit Rating Agency of the Year (2019) in four categories. This includes a first-time win in the publication's Triple A Award for ESG, a back-to-back award for Investment Grade, the third award in a row for Sovereigns and the fifth consecutive win for Public Finance.

Deutsche Bank Appears on Track with Restructuring Targets

Deutsche Bank appears to be on track with its restructuring targets, but the task of transforming the bank's business model remains formidable. The bank's 4Q19 results show that planned cost reductions in 2019 were achieved, and reported capital ratios exceeded prior guidance.

Outlooks 2020

Global Auto Sector Challenges Will Raise Risk, Upend Trajectories

Weakening demand, technological change, stricter fuel emission standards and trade uncertainty may upend trends in the global auto sector and pressure profitability and cash flow.



Preview of the Exclusive Interview with Finance Minister of Malaysia Lim Guan Eng

Stephen Schwartz, Head of APAC Sovereigns and Lim Guan Eng, Finance Minister of Malaysia discuss Malaysia’s economic outlook and challenges, budget policies, outlook of the political developments, governance and Malaysia’s role on the international stage.


Watch the full interview here



Malaysia Confronts Challenge of Shoring up Investor Confidence

Gulf Between Haves and Have-Nots Drove Retail Bankruptcies in 2019

The gulf between market share gainers and donors is widening, as weaker retailers lack the means to improve positioning, often leading to bankruptcy.


Fitch Ratings Wins Latin America Credit Services Award

Capital Finance International (, a publication focused on emerging markets, has awarded its Best Credit Services Latin America 2020 award to Fitch Ratings.

Fixed Interests Podcast

Asian Frontier Markets

Asia’s Frontier Markets have great potential, but are also prone to external financing pressures. In the latest edition of Fixed Interests, Stephen Schwartz, Head of Asia-Pacific Sovereign Ratings, moderates a discussion with Sagarika Chandra and Jeremy Zook, Associate Directors on the Sovereigns team, to discuss the ratings outlook for Sri Lanka, Pakistan and Vietnam.


outlooks 2020

Global Bank Rating Outlooks Are Still Skewed to the Negative

Bank rating Outlooks are still skewed to the negative, although less so than six months' ago. The global share of Negative Outlooks was 13% at end-2019 and the share of Positive Outlooks 5%, compared with 17% and 6%, respectively, at end-1H19.

Outlooks 2020

2020 Outlook Broadly Stable for U.S. and Canadian CMBS, but Some Sectors Present Risks

CMBS ratings will remain mostly Stable in 2020, with areas of softening asset performance driven by idiosyncratic risks and property sector-specific concerns.

Related Video:

Positive Rating Momentum to Continue for U.S. RMBS in 2020

Political and Policy Risks Weigh on EM Sovereign Creditworthiness in 2020

Heightened tensions in the Middle East following the killing of Iranian general Qassem Soleimani as well as a wave of protests reflecting public discontent centred on economic issues has underlined the vulnerability of emerging markets (EM) to political risk. 

outlooks 2020

Credit Journal: 2020 Credit Outlooks

Our Credit Journals are a curated compilation of Fitch Ratings’ in-depth research and commentary. This special edition covers our global sovereigns and macroeconomic credit outlooks for 2020.

Download the 2020 Credit Outlooks edition.

US-China Deal Helps World Growth Stabilise; Uncertainties Persist

The signing of the US-China "Phase One" trade deal will boost business confidence and supports our view that global economic growth will stabilise in 2020.


More on Trade Protectionism

Outlooks 2020

Global Banks: Macro Headwinds, Normalizing Credit and Weaker Profitability May Increase Vulnerability

Sector outlooks for Global Banks have turned Negative in 2020 for several key nations, including Japan and Germany, while remaining Negative for the UK, China, and India. However, rating outlooks generally remain stable due to solid capitalization levels and asset quality stability. 

Related Report:
2020 Banks Compendium Highlights Slowing Economic Growth

View all Outlooks: 

Credit Outlooks 2020

Ignoring LIBOR Cessation May Raise US Leveraged Loan Credit Risk

Potential credit risk may emerge for US leveraged loans if the base rate on loans converts to a higher Prime Rate when the London Inter-Bank Offered Rate (LIBOR) is discontinued post 2021.

Rise in US-Iran Tensions Already Captured in Sovereign Ratings

The potential for a broader escalation of conflict in the Middle East has increased with the death of senior Iranian general Qassem Soleimani, but remains contained as the US and Iran do not seem to have an interest in a full-scale confrontation, Fitch Ratings says.

Global Wildfire Risk Illustrates ESG Factor Relevance for Credit

Recent catastrophic wildfires in Australia and California underscore the importance of environmental considerations when evaluating the credit quality of utilities.

Related Report:
Global Wildfire Risk Illustrates ESG Factor Relevance for Credit

Fiscal Pressures Raise LatAm Vulnerability in Next Downturn

Growth in public debt burdens and fiscal deficits in many Latin American countries over the past decade will undermine the ability of governments to respond to shocks and a sharper than expected global slowdown in 2020,. 

US Municipal 2020 Outlook Series Webinars

Listen now to the webinars in the 2020 Outlook series by clicking the title below.

Related Report
U.S. Public Finance 2020 Outlook Compendium

ESG Has Growing Influence on Bank Lending to Corporates

Global banks are increasingly taking account of environmental, social and governance (ESG) factors in their underwriting processes. About half of the lending assets covered by the 182 banks that took part in Fitch's ESG survey in 3Q19 had been screened by the banks for ESG risks. 

Outlooks 2020: The Coming Storm

High Indebtedness, Low Growth Shapes 2020 Global Credit Outlook

A combination of slowing economic growth, sustained low interest rates and unprecedented levels of indebtedness will broadly influence the global credit outlook in 2020, says Fitch Ratings. The aggregate rise in global indebtedness in 2019, which occurred as monetary authorities reversed course on rate hikes, will increase vulnerabilities for key sectors in the event of a more rapid than expected economic downturn.

Read the Report: Fitch Ratings 2020: The Coming Storm

Outlooks 2020

Global Housing & Mortgage Outlook

Fitch Ratings forecasts subdued home price growth in 2020-2021 due to stretched affordability, more challenging economic growth prospects and macro-prudential measures restricting mortgage eligibility. This is despite falling or very low mortgage rates, insufficient supply in major cities and stable or improved employment levels in most countries.


Related Webinars:

  • Risks to Global Housing Markets – What to Watch in 2020 (Europe) – Listen here
  • Risks to Global Housing Markets – What to Watch in 2020 (Asia) – Listen here
outlooks 2020

Global Leveraged Finance & CLO Outlooks 2020

In 2020 leveraged debt issuers will continue to benefit from low rates and favorable demand, particularly from CLOs. Default rates in each region are forecast to increase but stay relatively low. Read our credit outlooks for essential insights for leveraged and distressed debt markets.

More on Leveraged Finance

View all Leveraged Finance Credit Outlooks 2020
View all Credit Outlooks 2020 and Events


ESG Trends in Credit 2020

Sustainability issues could have an impact on credit profiles if ESG commitments translate into action. Fitch has identified six key environmental, social and governance (ESG) trends for 2020 that are relevant to credit ratings, supported by Fitch's proprietary ESG Relevance Scores as well as research and insights from over 1,400 credit analysts in 30 countries


Read the Report:

ESG Credit Trends 2020

Fitch Ratings Publishes ESG Sector Template Compendium

outlooks 2020

China Credit Outlook

Stephen Schwartz, Head of APAC Sovereigns, discusses the outlook for China sovereign, banking sector and LGFVs with Andrew Fennell, Lead China Sovereign Analyst, Grace Wu, Head of Greater China Banks, and Terry Gao, Head of APAC Public Finance.


View all Outlooks: Credit Outlooks 2020

outlooks 2020

Gloomy Economy, Low Rates Put Pressure on Western European Banks

The overall sector outlook for western European banks in 2020 is negative as revenue generation is likely to be pressured by the weak outlook for GDP growth and continued low interest rates, Fitch Ratings says.


Related Report:
2020 Outlook: Western European Banks

View all Outlooks:
Credit Outlooks 2020

Boeing 737 MAX Suspension Highlights Global Aerospace Risks

Boeing's decision to suspend production of its 737 MAX airplane programme underscores risks of the aerospace sector, both for airliner producers and their suppliers, Fitch Ratings says. Our ratings in the industry incorporate periodic stresses. The exact credit impact will largely depend on the length of suspension and the timing of the 737 MAX's return to service, and on potential regulatory changes.

outlooks 2020

Service Sector Resilience to Help Global Growth Stabilise in 2020

The resilience of the service sector and consumer spending growth in the advanced economies should help global growth stabilise next year, after a sharp decline in 2019, says Fitch Ratings in its new Global Economic Outlook (GEO).

View all Outlooks: 

Credit Outlooks 2020
Global Economic Outlook

Large Service Sector Insulating French GDP Growth

The outsized service sector in France has cushioned its economy and contributed to a shallower slowdown than seen in its euro zone peers over the last 18 months, according to Fitch Ratings' latest Chart of the Month. With a service sector accounting for close to 80% of total output, France has been less exposed to the global manufacturing slump that has taken a particularly heavy toll on Germany and Italy.

Rating Action

Fitch Affirms the UK at 'AA'; Off Rating Watch Negative; Outlook Negative

The outcome of the UK general election on 12 December means it is highly likely that the UK will leave the EU with a Withdrawal Agreement on 31 January 2020. This removes the short-term risk of a disruptive 'no-deal' Brexit, where the UK would leave the EU without a Withdrawal Agreement in place and is reflected in the removal of the RWN and affirmation of the UK's 'AA' rating.

US-China Trade Tensions Eased But Not Resolved

The "Phase One" trade deal reported to have been reached between US and Chinese negotiators offsets much of the damage done to global trade and activity prospects from earlier US plans to raise tariffs in October and December, according to Fitch Ratings. Nevertheless, trade tensions remain high and renewed escalation remains a significant risk.

Fitch Ratings Wins 2 Structured Finance Awards; Named Best in Financial Institutions & Public Finance

Fitch Ratings has been recognized as the best rating agency for structured finance at FinanceAsia's annual 2019 achievement awards and was also voted Australian structured finance rating agency of the year by KangaNews. FinanceAsia also named Fitch as the best credit ratings agency for financial institutions and public finance.

Regulatory Risk Increasing amid Global Emissions Gap

The global emissions gap between government pledges and actions increases the risk of a rapid increase in the scope of climate regulation. Most countries lag substantially behind their existing Nationally Determined Contribution pledges, let alone the emissions trajectories required to limit warming to 1.5C.

Governance Weaknesses Correlate with APAC Corporate Ratings

Potential corporate governance weaknesses largely correlate with an issuer's rating level, Fitch Ratings says in report that details the findings of a recent study of a large sample of APAC corporate ratings.

China Corporate Bond Market Blue Book: Defaults More Common; Documentation and Legal Framework Still Evolving

The China Corporate bond market has been evolving rapidly in recent years. The latest issue of China Corporate Bond Market Blue Book is an update to our last edition published in May 2015 which presents our observations on key market developments, including corporate bond defaults, post-default workouts, new bond categories, and emerging credit derivatives products.


Listen to Webinar:
China’s Corporate Bond Market: Rising Defaults Amid Further Opening-up

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