Moody's 2018 Cross Sector Outlook said......>

RATINGS: Moody's 2018 Cross Sector Outlook said that "strong, broad-based global

economic growth will benefit most rated sectors in 2018."

- "The improving outlook underscores the strength of the global economy

overall," says Moody's Associate Managing Director Elena Duggar. "Global credit

conditions in 2018 will be defined by healthy economic growth and a supportive

funding environment, which will help to balance against a build-up of

longer-term risks." "Nevertheless, secular shifts such as the demographic

transition, rapid technological change and climate change will present new

credit challenges," adds Duggar.

- Moody's "expects above trend global GDP growth of 3.2% in 2018 and 3.1% in

2019, similar to 2017 and up from the 2.5% growth achieved in 2016. Unlike in

previous years, Moody's expects growth to be more broad-based and sustained in

the year ahead. Growth in G20 advanced economies is expected to be stable, with

growth of approximately 2.0% in 2017, 2018 and 2019, compared with 1.5% in 2016,

while emerging markets will grow at a rate of 5.4% in 2018 and 5.3% in 2019,

accelerating from the 5.0% 2017 growth and the 4.4% 2016 growth."