(Worthy News) – Moody’s Investors Service has cut its outlook on corporate debt to negative, saying that an economy about to tip into recession because of the coronavirus will result in rising default rates.
The ratings agency warned that sectors “most sensitive to consumer demand and sentiment” will be especially hard-hit due to social distancing measures that slashed economic activity. They include global passenger airlines, the lodging and cruise industries, and autos.
In addition, plummeting energy prices will leave the oil and gas sector exposed, while banks also will face a challenging environment amid falling interest rates that eat into profitability and a deteriorating economy that will undermine credit quality. [ Source: CNBC (Read More…) ]
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