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Industries Most and Least Impacted by COVID-19 A Market-Implied Probability of Default Perspective

This article is written and published by S&P Global Market Intelligence, a division independent from S&P Global Ratings. Lowercase nomenclature is used to differentiate S&P Global Market Intelligence credit scores from the credit ratings issued by S&P Global Ratings.

View our latest blog in this series from January 2022
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Using Credit Analytics’ Probability of Default (PD) Model Market Signals , which leverages market capitalization and asset volatility as drivers to help you calculate the credit risk of public companies, has allowed us to look at industries that have experienced the greatest credit risk disruption in the last 18 months as well as those that have seen the largest recovery.

Highlights include:

  • Synchronized global shock
  • ‘New Normal’ and what that means
  • Uneven recovery leads to new trends within certain industries
  • Emerging risks impact recovery
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