The pandemic-led weakening in auto demand will have major knock-on effects for many industries and regions across Japan. Auto-related businesses are also major employers in the country.
The spread of the coronavirus has placed significant stress on the global economy but corporate downgrades reveal a thorough and measured approach to credit during turbulent times
Trends that permeated the retail landscape prior to COVID-19 have intensified, including a pronounced rise in online shopping and increased bifurcation between stronger and weaker sectors
A school district’s issuer rating, which reflects its fundamental credit quality, is the starting point for the assignment of the instrument rating on the district’s debt. The instrument rating incorporates the specific debt structure and pledged revenues.
Seatbelts fastened for turbulent multi-year recovery
Despite fewer negative rating actions on financial institutions, outlooks have turned increasingly grim as signs of stress appear and challenge otherwise strong credit profiles
Fundamental auto trends, including stricter emissions regulation, autonomous driving and connectivity, lead to increasing number of touchpoints with other industries
Historical data shows that Moody's ratings move with the cycle, but do not amplify it
The scorecard is a relatively simple reference tool that can approximate credit profiles in this sector and explain, in summary form, many of the important credit factors
We have observed that school district credit stress is most often driven by weaknesses in general operations rather than of a particular security pledge. As a result, our new methodology outlines four key goals
