Industry Top Trends 2019

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To communicate our credit views on rated companies and industries, we have recently published 23 Industry Top Trends reports for corporate and infrastructure industries globally. This publication brings those reports together in a single volume and is the fourth annual collection in this format. The year ahead is likely to bring significant headwinds for the non-financial corporate sector as it navigates slowing global growth, higher U.S. interest rates and the associated pressure on emerging markets, the ending of quantitative easing in the eurozone, and a host of political uncertainties around factors such as trade tensions between the U.S. and other countries, anti-globalization sentiment, and the U.K.’s likely departure from the EU. These reports outline S&P Global Ratings’ key industry assumptions for 2019, as well as our views on key risks and opportunities that may affect sector trends. They draw on the assessments of over 5,000 corporate and infrastructure entities we rate globally. While not our base case, this report also contains qualitative assessments of how industries are positioned for an unexpected downturn in 2019. By presenting our assumptions, risks, and ratings trends in a consistent format, we hope to aid understanding of our analytical assessment of industry trends.