穆迪-全球-利率市场-抵押贷款利率

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1、January2018Taxreform–US:Corporatetaxcutiscreditpositive,while2effectsofotherprovisionsvarybysectorTheUStaxpackagewillboostcorporatecashflow,butsomechangestothetaxcodearecreditKEYLINKSnegativeforsomesectors.»CLOGlobalMethodology»SME&Mid-CapFocusRefundingIndicator:Spec-gradeissuersstillfacerefundin

2、grisk7in2018,despitegoodprogressin2017AboutusRefundingriskcontinuestoimprove,withDecembermarkingthelatestyear-over-yeargainintheThree-YearRefundingIndicator.Moody’sCLO/StructuredCreditGroupistheleadingsourceforcreditratingsCLOs–Global:October2017MarketPulse:Defaultsdrive10andresearchoncollaterali

3、zedloanmetricsforUSCLO2.0sobligations(CLOs)andtheentirestructuredcreditmarket.TheCLO/CLOs-Global:December2017SurveillanceUpdate:Few16StructuredCreditGroupleveragesratingschangesintheUSwhileupgradescontinueinEuropeMoody’sdecadesofexperienceinbankloansandhighyieldaswellasourmarket-leadingdefaultstu

4、diestoproducethemostaccurateratingmethodologiesforthisassetclass.MOODYS.COMTaxreform–US:Corporatetaxcutiscreditpositive,whileeffectsofotherprovisionsvarybysectorOriginallypublishedon21December2017SummaryAsharplyreducedstatutorycorporatetaxrateisthecenterpieceofthewide-rangingtaxlegislationthatthe

5、USCongresspassedonDecember20.Thecutto21%from35%willboostcorporatecashflow,abroadcreditpositive.Butthesweepingtaxlegislationmakesmanychangestothetaxcode,someofwhichwillbecreditnegativeforcertainsectors.»USsovereign.Thelegislationiscreditnegativeowingtoa$1.5trilliondeficitimpactover10yearsthatwillm

6、akefederaldebtreductionevenmorechallenging.Thetaxcutswillcontributeonlymodestlytoaggregateeconomicgrowth,intherangeofone-tenthstotwo-tenthsofapercentofGDP,duemostlytohigherhouseholdconsumptionratherthananincreaseinbusinessinvestment.»Non-financialcompanies.Thecorporatetaxratecutandfullupfrontdedu

7、ctibilityofcapitalspendingwilloutweighthecostofalimitationoninterestdeductibilityforallbutahandfulofinvestment-gradeUScompanies.Limitsoninterestdeductibilitywillleavemanyhighlyleveragedcompaniesworseoff.»Utilities.Thel