Ranjini Venkatesan and Jacintha Poh of the Corporates team and Andrew Blease of the Infrastructure Finance team discuss remote work, office space, business travel and commuting in Europe, Asia-Pacific and the Americas in light of the pandemic.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Hospitality – Global 2022 Outlook
• Passenger Airlines – Global 2022 Outlook
• Airports – Europe 2022 Outlook revised to positive in wake of traffic recovery
• Airports — US 2022 outlook remains positive as domestic travel recovery continues
• REITs and REOCs – Global 2022 Outlook

In this episode of Moody’s Talks – Outlook Connections, Anushka Shah from the Sovereign team and Daniel Harlid and Christina Boni from the Corporates team join host Natasha Brereton-Fukui to discuss how the supply chain weaknesses exposed by the pandemic will influence the credit outlook for governments and businesses in 2022 and beyond.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Trade – Global Congestion at US West Coast ports exacerbates global supply chain woes
• Shipping – Global 2022 Outlook
• Public Ports – US 2022 outlook remains positive on elevated cargo volume and revenue
• Retail and Apparel – US 2022 Outlook 
• Sovereigns – Asia Pacific 2022 outlook stable as growth recovers and debt flattens; rebuilding of buffers will determine pace of credit recovery 

Warren Kornfeld from the Banking team, Rachael McDonald from Public Finance, Kelly Chen and Natalia Gluschuk from Corporates and  Barbara Rismondo from Structured Finance discuss the outlook for sectors exposed to the US, European and Chinese housing markets in the year ahead.

Related content on Moodys.com (some content only available to registered users or subscribers): 

• Property – China: Outlook turns negative on tightened funding access
• State Housing Finance Agencies – US: 2022 outlook remains stable as portfolios recover and strong issuance continues
• Housing Associations – United Kingdom: 2022 Outlook stable given higher turnover and robust liquidity (Slides)
• Non-bank mortgage companies – US: Outlook revised to negative from stable as declining originations constrain profitability
• RMBS and ABS – EMEA: 2022 Outlook – Underwriting will normalize while improving economies aid performance
• RMBS - US: 2022 Outlook - Eroded affordability will weaken new RMBS; outstanding deal losses will rise but remain low
• Homebuilding – US, Building Materials – US & Europe: 2022 outlook largely positive (Slides)

In this episode of Moody’s Talks – Outlook Connections, Christina Padgett of our Corporates  team and Ramon Torres of our Structured Finance team join host Aaron Johnson to discuss recent leveraged loan and collateralized loan obligation (CLO) trends and what we expect for 2022.

To read more on this topic, visit Moody's Outlooks Hub  (some content only available to registered users or subscribers of Moodys.com).

Colin Ellis of the Credit Strategy & Research team and Anne Van Praagh of the Sovereign team discuss the outlook for the global economy and sovereign credit in 2022 as the effects of the coronavirus pandemic ebb. They also outline the growing importance of social risks, particularly income inequality, for countries across the globe.

To read more on this topic, visit Moody's Outlooks Hub  (some content only available to registered users or subscribers of Moodys.com).

Elena Duggar, Moody’s Investors Service’s chief credit officer for the Americas, and Gersan Zurita, credit officer for Latin America, explain why we expect global credit conditions to settle in 2022, and discuss the six key themes – from pandemic disruption to inequality and social risk – that we think will influence credit markets next year. 

To read more on this topic, visit Moody's Outlooks Hub  (some content only available to registered users or subscribers of Moodys.com).

Inside this episode:

Barbara Rismondo of the Structured Finance team, Warren Kornfeld of the Banking team, Florence Zeman of the Public Finance team and Natalia Gluschuk of the Corporates team discuss the 2021 outlook for sectors exposed to the US and European housing markets. US nonbank mortgage lenders and homebuilders will report good profitability owing to government stimulus, while US housing finance agencies and European and US residential mortgage-backed securitizations will experience moderately higher delinquencies amid higher unemployment.

Related content:

• State housing finance agencies – US: 2021 outlook stable as loan sales offset forbearance and lower investment income -The outlook for state housing finance agencies (HFAs) remains stable as increased loan sales on the secondary market will preserve fiscal year 2021 margins.
• Homebuilding and Building Materials – US 2021 Outlook- Strong home demand and a low supply boost US homebuilders. Building materials companies also benefit, but would do better should Congress pass infrastructure spending legislation.
• Non-bank mortgage companies – US: Outlook revised to positive from negative as strong profitability replenishes capital - Non-bank mortgage companies had very strong Q2 - Q3 profitability, after a difficult first quarter, which has helped improve their capitalization and led to the change in outlook to positive.
• RMBS – US: 2021 Outlook – COVID-19 fallout will drive originators to uphold high standards, but weaken existing deals' performance - Industry responses to COVID-19 will support strong credit quality for new RMBS in 2021, while performance weakens for existing transactions.
• RMBS and ABS – EMEA: 2021 Outlook — Tight underwriting will aid new deal asset quality as coronavirus fallout spurs performance risks - Pandemic fallout will remain evident in 2021 throughout Europe's structured finance sector, driving most underwriters to maintain strict standards.
• Housing – Europe: COVID-19 accelerates housing market trends, exacerbating wealth inequalities - Even though house prices will decline, housing affordability will worsen for many prospective home buyers in the aftermath of COVID-19, because of lower incomes and reduced access to finance.
• Housing – US: Urban markets will recover after pandemic as Americans' housing decisions evolve - Impacts on housing from the pandemic will range from increased remote working and municipal budget squeezes to low borrowing costs and potential health concerns.
   

Inside this episode:

With a vaccine unlikely to be widely available for several months, Moody’s public finance analyst Valentina Gomez, airports analyst Earl Heffintrayer, mass transit analyst Baye Larsen, airlines analyst Jonathan Root and lodgings industry analyst Peter Trombetta discuss the outlook for travel and tourism in 2021 and consider what it will take to get travellers back on the road and in the air.  

Related content:

• Passenger Airlines – Global: 2021 Outlook for global airlines negative as operating losses continue into 2022 - Although travel demand has increased since its trough, our negative outlook reflects coronavirus’s ongoing risk to passenger demand and likely large operating losses into 2022.
• Airports – US: 2021 outlook negative with high degree of traffic uncertainty, airline financial health - Worsening virus spread in much of the US poses risk to the nascent travel recovery in the first half of the year before any potential widespread vaccinations in the second half of the year.
• Mass Transit – US: 2021 outlook negative as coronavirus reduces ridership and squeezes tax revenue - Mass transit systems will continue to face financial stress caused by historically low ridership, weak tax revenue and restrained government funding amid the coronavirus crisis.
• Gaming, Lodging, Cruise and Restaurants - US: 2021 Outlook is mixed as consumers return to casinos and restaurants but cruise prospects remain negative -Our stable gaming and restaurant outlooks reflect our view that both industries have weathered the worst of the pandemic, while Lodging & Cruise remain negative.
• Local Government – US: 2021 outlook negative as weak economic conditions persist  - Weak economic conditions will keep total revenue growth muted in early 2021 before improving in the second quarter. Rising fixed costs and public service demands will strain some budgets.