Our global nonfinancial corporate medians history and outlook report suggests a positive outlook for corporate credit fundamentals in 2025, although vulnerabilities are still apparent in the weaker part of the credit spectrum. Following a relatively weak 2024, we anticipate revenue and EBITDA growth will accelerate in the year ahead. This improvement is expected across the board, with almost all regions, ratings categories, and industries expected to see faster growth. Profit margins will likely expand further, and stronger growth and improving profitability will see leverage continue to fall. With rate pressure easing, interest coverage is starting to recover. Macro and geopolitical risks – notably trade and conflict - appear the greatest risks to relatively benign prospects for the nonfinancial corporate sector.