Global Credit Insights from Morningstar DBRS - March 2025

This publication highlights some of the most pertinent research issued by Morningstar DBRS for the global market as follows:

-- Prolonged U.S. Tariffs May Amplify Divergence in Middle Market Credit Quality

-- Record European Capital Markets Revenues in 2024; Heightened Volatility to Drive 2025

-- European Banks in Russia: Exit Likely to Remain Priority Even if the War Ends

-- China: 2025 NPC Takeaways - External Challenges Prompt Marginally Higher Fiscal Stimulus

-- Large Maritime Shippers Can Weather Industry Changes and Macroeconomic Headwinds

-- China: Facing a New Wave of U.S. Tariffs and Trade Restrictions

-- U.S. RMBS Frontline Perspectives: Mortgage Rates Lower, Housing Activity Slower, but Home Prices Resilient

-- North American Industrials: Credit Quality Is Key to Withstanding Tariff Threats

-- Investment Fund Ratings Stability Expected as Private Debt Fundraising Outperforms

-- Morningstar DBRS Ratings Activity