Fixed Interests

Fitch's Olu Sonola joins Rachel Willis Gutierrez to unpack the US Consumer Health Pulse. Despite slowing spending, energy-driven inflation, and flat real income, consumers remain resilient buoyed by strong balance sheets and a solid labor market.

The US and Japan intervened to support the yen for the first time in nearly 30 years, but did it fix anything? Jessica Hinds joins Fitch's Fixed Interests to explain why the yen's weakness is now a story about fiscal credibility, real yields and BOJ

Fitch experts unpack Q2's shift as global upgrades outpaced downgrades for the first time since 2024. Explore what's driving credit resilience, regional trends, and the 2026 outlook for corporates across sectors.

What does AI disruption means for service businesses. Rob Galtman and Jonathan Reid join Deborah Murnin on where risk is most immediate, why exposure is so uneven, and which structural protections matter most across 200 corporates.

Let's unpack Fitch's July US and European distressed and default monitors. Brendan Hoelmer and Leonie Dackham join Terry Gallagher on why falling default rates mask rising forward-looking stress and a building default pipeline.

How will USMCA's annual review cycles impact Mexico and Canada. Todd Martinez and Josh Grundleger join Shelly Shetty to explore key pressure points, sticking points on autos, and what a good deal looks like. Part two of two.

What the USMCA's move to annual review cycles means for North America. Todd Martinez and Josh Grundleger join Shelly Shetty to unpack what changed on July 1st, Fitch's baseline scenario, and the risks ahead. Part one of two.

Fitch analysts examine how a developing El Niño could impact corporate credit risk across Asia Pacific. We explore Vietnam's hydropower vulnerability, resilience in India and China, and why palm oil producers may face a mixed credit outlook.

Why did post-pandemic inflation last so long? Fitch's Chief Economist Brian Coulton reveals how corporate margins, not wages, fueled persistence, and assesses the risk of a repeat after the 2026 oil shock, with key implications for the Fed and ECB.

Yields under pressure. Leverage on the rise. Fitch dives into the growing use of off-balance-sheet financing among Business Development Companies (BDCs) and what it signals for credit risk ahead.

How could El Niño affect Latin America's power sector? Fitch Ratings analysts Saverio Minervini, Marcela Araujo and Juan David Medellin discuss rising power prices, hydropower pressures and credit risks across Brazil, Colombia and Panama.  

Aymeric Poizot and Monsur Hussain discuss how innovation is reshaping credit markets. Considering fund finance, securitisation and corporate back leverage, they explore these new structures and the implications for credit risk assessment.

Rachel Willis Gutierrez and Duncan Innes-Ker discuss how El Niño acts as a risk amplifier for weaker sovereigns, intensifying pressures on growth, inflation, public finances, and trade. Listen now to this episode.

Sabin Saveluc and Redmond Ramsdale explore the resilience of GCC banks amid the US-Iran conflict and ceasefire, discussing sector outlook, rating actions, asset quality, funding, liquidity, and sovereign support packages shaping the Middle East banking sector.

Fitch's Cynthia Chan & Christian Scarafia reveal why bank forecasts refuse to crack, from higher-for-longer rates to leaner operations. And the surprise standouts? Italy and Switzerland are pulling ahead. Listen now.

In the second part of their conversation, host Aymeric Poizot and Fitch Chief Economist Brian Coulton turn to the market fallout from the latest FOMC meeting and what the Fed's reset means over the longer term. They unpack the bear-flattening of the Treasury curve, the role of falling oil prices and stretched equity valuations, and how a smaller Fed balance sheet, rising supply, and a higher term...

Aymeric Poizot, Global Head of Investor Development at Fitch Ratings, is joined by Chief Economist Brian Coulton to examine what Kevin Warsh's arrival as Fed Chair means for monetary policy and markets. They explore Warsh's more hawkish tone, his focus on Fed communications and balance sheet reduction, and his push to restore credibility on inflation. The conversation also breaks down the latest r...

Ed Parker and Charles Seville outline Fitch’s updated Global Economic Outlook, covering how the impact of the US‑Iran war and resulting oil shock are driving growth and inflation forecast revisions, along with the impact of ongoing AI investment.

The ongoing US-Iran conflict has created a complex and mixed picture for Canada, a major oil exporter navigating both the benefits and costs of elevated energy prices. In this episode of Fixed Interests, Joshua Grundleger and Mark Sadeghian discuss Fitch's updated oil price forecasts and what the shock means for Canada's sovereign credit profile, energy sector, and provincial finances. The convers...

Hungary’s April elections delivered a decisive victory for the opposition Tisza party, reshaping the country’s political landscape and outlook for policy reform. In this episode of Fixed Interests, Erich Arispe Morales, Head of Eastern Europe Sovereigns, speaks with Malgorzata Krzywicka, Hungary’s primary analyst, about the election outcome and its implications for the country’s sovereign credit p...

AI‑driven investment in data centers, compute capacity, and supporting infrastructure continues apace, raising important questions about future monetization and credit sustainability. In this episode of Fixed Interests , Justin Patrie, Head of Credit Commentary and Research, is joined by Alen Lin, Senior Director in Corporate Ratings, and Alex Bumazhny, Group Credit Officer, to examine recent deve...

Richard Hunter and Duncan Innes-Ker discuss how the Middle East crisis is affecting sovereign ratings and the macro-outlook. Impacts are contained so far, and much geopolitical risk is already built into ratings and headroom. Related Resources: Fitch Insights: Credit Implications of the Iran War World Growth to Continue at Steady Pace if Oil Price Shock Short-Lived Egyptian Banks Are Well Position...

From unsupported EV software to AI‑driven changes in office use and logistics, tech is reshaping collateral performance. Justin Patrie, Head of Fitch Ratings Credit Commentary and Research, and Suzanne Albers, Senior Director in Structured Finance, look at pressure points such as outdated EV systems, shifts in office demand linked to AI adoption, and the widening gap between legacy and modern logi...

Thomas Rookmaaker and Harry Hu evaluate recent youth‑led protests in several Asian countries, driven by concerns over governance, living costs and unemployment, and their implications for sovereign credit profiles and political transitions. Risk of Political Flare-Ups to Linger in 2026 for Some APAC Sovereigns Asia ‘BBB’ Sovereigns Show Strong Growth; Fiscal Risks Diverge Durable Coalition Key to...

Justin Patrie and Sarah Repucci unpack Fitch’s Global Credit Outlook, highlighting resilient credit conditions, pressures in China and Canada, and key risks, including strain on lower‑income U.S. consumers, tariff volatility and geopolitical shocks. Global Credit Resilience to Face Major Tests in 2026 Global Private Credit’s Burgeoning Scale, Complexity to Continue in 2026 Geopolitical Tensions Ra...