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We are also publishing a Ratings Weekly Digest, which spotlights key developments, economic and credit market updates, and asset class trends on a weekly basis. To register for the upcoming webinars, please click here. S&P Global Ratings regularly hosts webinars to provide current data, perspectives, and analysis on the sectors, events, and trends that shape the global market. Nevertheless, we believe this shows that, once again, more coordinated, and decisive efforts are needed to vaccinate the world's population to prevent the emergence of new, more dangerous variants.

Meanwhile, we expect the markets to take a precautionary stance and governments to put into place short-term containment measures. Over coming weeks, we expect additional evidence and testing will show the extent of the danger it poses to enable us to make a more informed assessment of the risks to credit. Early evidence points toward faster transmissibility, which has led many countries to close their borders with Southern Africa or reimpose international travel restrictions. Although already declared a variant of concern by the World Health Organization, uncertainty still surrounds its transmissibility, severity, and the effectiveness of existing vaccines against it. S&P Global Ratings believes the new omicron variant is a stark reminder that the COVID-19 pandemic is far from over.

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We also periodically update this article, which contains an edited compilation of key takeaways from our most up-to-date series organized by sector, region/country, and publication date (see table 1). To date, S&P Global Ratings has published more than 1,480 articles that analyze the effects of COVID-19 on economic conditions and credit. Beyond COVID-19, credit markets face significant longer-term uncertainties around energy transition, cyber risk, and evolving financial systems in an increasingly digital economy.

New variants could weaken the global economic recovery, as could China's policy and economic developments. This could generate market volatility, likely amplified by elevated global debt levels. Persistent inflation, tied to supply disruptions and soaring energy prices, could trigger wage inflation and push major central banks, the Fed in particular, to hike rates sooner and faster. The aftershocks of the COVID-19 pandemic pose significant risks.Leverage continues to build up in the riskiest parts of the credit markets, leaving them exposed to shifts in market sentiment, as illustrated by the recent developments affecting the Chinese real estate developers. Inflationary pressures are clouding the outlook for EMs still grappling with the pandemic. Yet persistent supply chain disruptions and high input costs could weigh on growth and ratchet up the pressure on so-far resilient corporate margins. Robust economic growth and largely favorable funding conditions point to a steady overall ratings performance in 2022 with fewer downgrades (6% global net negative bias) and low default rates (around 2.5%).The weakest areas of credit markets-often still highly sensitive to the ongoing impact of the pandemic-are most exposed, particularly highly leveraged corporates and some emerging markets. New COVID-19 variants could also undermine confidence and recovery prospects. This could be derailed if persistently high inflation pushes central banks to aggressively tighten monetary policy, triggering significant market volatility and repricing risks. We enter 2022 with largely positive credit momentum, reflecting favorable financing conditions and a powerful economic recovery.