...Volatility: Commodity prices, issues in China, stock market corrections, flows of capital to and from emerging markets and Fed rate uncertainty are all likely to continue propelling a dynamic repricing of risk. As a result, market price swings will likely be driven by factors other than fundamental changes in credit quality. However, with a light maturity schedule in 2016, U.S. corporate entities are not reliant on market access for a material amount of refinancing. Fundamental Stability: The stable rating outlook for U.S. corporate ratings is supported by Fitch Ratings' expectation for growth in aggregate profitability and cash flow generation for issuers. Capital spending is expected to be lower for U.S. corporates in 2016, led by reductions in the energy sector, which historically has the largest influence on this aggregate measure. The rating outlook also reflects an expectation of a stable macroeconomic environment, which would include stronger consumer spending relative to business...
