Moody's has published its 2026 global credit outlook, identifying four main factors expected to influence credit conditions for debt issuers worldwide. These forces—politics, a shifting financial landscape, artificial intelligence, and climate-related losses—are described as being outside of the typical business cycle. The report suggests that the interplay of these elements will be crucial in shaping the credit environment. It points to the challenges emerging markets face with adaptation finance as a potential stumbling block in building resilience against climate change, which could pose economic and credit risks. No specific market reaction to the release of this outlook was available.