Fitch Ratings' 2023 sector outlook for APAC emerging-market finance and leasing companies (fincos) is neutral.

The overall sector outlook for APAC corporates in 2023 is deteriorating, reflecting pressures stemming from China’s sub-par economic performance, the global economic slowdown, high inflation and increased interest rates, says Fitch Ratings.

惠誉预测，中国城投企业的行业信用前景将恶化，而由于地方政府面临财政压力，城投企业融资渠道畅通度和政府支持力度两极分化的情况也将进一步加剧。

Fitch expects a deteriorating outlook for China’s local-government financing vehicles (LGFVs) and increasing polarisation in financing access and support, stemming from fiscal pressures faced by local and regional governments (LRGs).

惠誉评级认为，尽管面临诸多不利因素，例如，全球主要出口市场需求疲弱、通胀高企、多数亚太经济体加息的滞后效应等，亚太多数地区银行业2023年展望为中性。

The outlook for global money market funds (MMFs) is deteriorating, reflecting the expected deterioration in some key banking sector outlooks, continued market volatility and potential considerable flow and asset under management (AUM) dynamics.

Weaker growth, higher input costs and rising interest expense burdens will challenge the rating profiles of European high-yield (HY) bond and leveraged loan (LL) issuers and lead to higher default rates in 2023 and 2024.

Fitch Ratings’ neutral sector outlook on APAC transportation infrastructure reflects a slowing economic growth outlook in 2023, with high inflation and rising interest rates somewhat offsetting strong sector fundamentals.

The 2023 sector outlook for North American finance and leasing companies (FLCs) has been revised to ‘deteriorating’, reflecting troubling macroeconomic prospects and the end of benign conditions that were present for many subsectors in 2022.

U.S. states and local governments are generally well-positioned to withstand a mild recession, but close ties to a weakening macro environment mean a ‘deteriorating’ sector outlook in 2023 for both sectors.