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2025 U.S. And Canada Structured Finance Outlook

Overall rating trends going into 2025 remain relatively benign (stable), absent expected movement in CMBS continuing into 2025. CLO issuance continues to expand, including into ETFs. Public infrastructure’s growing capital needs, including data center, fiber, and cell tower financing, should bring more opportunities for securitization. The biggest risk to the base case is a re-emergence of inflation.

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