In this week's summary of ratings views: Falling policy rates should improve global credit conditions, but political risks are high. Our credit cycle indicator points to a credit recovery in 2025. Generative AI will transform pharmaceutical R&D. Also: We see diverging prospects across economies and sectors in Asia-Pacific, and the U.S. CMBS overall delinquency rate rose 34 bps month over month to 5.2% in September.