Trade tensions and market volatility in the second quarter of 2025 are likely to test resilient ratings performance. Issuance volumes had a strong start in the first quarter of 2025, with some issuers of lower-rated debt extending their near-term maturities. Nevertheless, annual speculative-grade maturities increase rapidly and peak at more than $1 trillion in 2028. This debt is more vulnerable to uncertainties and weaknesses in the financial markets.