Speculative-grade corporate issuers remain under pressure. S&P Global Ratings' expectation for companies' performance in 2024 is cautious, but not pessimistic. Many companies focus on protecting their operating margins, while revenue growth will likely remain modest. Most distorting factors from recent years, such as supply chain disruptions and spikes in energy costs, have dissipated, but labor costs are still an inflation factor in most European countries.
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