Corporate sentiment has slumped and earnings estimates have fallen as tariff tensions weigh on sentiment. While reported revenues and EBITDA for rated nonfinancial corporates grew again in Q1, earnings call transcripts show a sharp deterioration in corporate sentiment across all regions and ratings categories. Europe has seen the biggest deterioration, followed by Asia-Pacific and then North America. The impact on sectors varies by region, but pessimism is greatest in industry cyclical sectors. Market consensus estimates for rated entity earnings have also fallen. The average change in market consensus estimates since April 1 for rated entities’ 2025 revenues and EBITDA is -0.7% and -2.0%, respectively. Consensus EBITDA forecasts have fallen for nearly all sectors in North America.