In this week's summary of ratings views: We published our global credit outlook for 2025. President-elect Trump’s re-election will likely intensify auto industry headwinds. We expect the U.S. leveraged loan default rate to fall to 1% by September 2025. Also: South Korea's brush with martial law may have lingering effects, and our global nonfinancial corporate medians history and outlook report suggests a positive outlook for corporate credit fundamentals in 2025.