Moody’s Corporation today announced results for the third quarter of 2022 and updated its outlook for full year 2022. It happened as it had to: While the low interest rate policy resulted in a firework display of bond issues up to the end of 2021, the reluctance of issuers is now becoming noticeable. Inflation with the consequence of interest rate hikes, the strained supply chains and various lockdowns in China and, last but not least, the uncertainties surrounding the war in Ukraine could not remain without consequences for the appetite of issuers. The rating agencies’ stock prices have been reflecting these factors for many months.
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