Moody's said the 2018 outlook for.....>

US CORPORATES: Moody's said the 2018 outlook for North American non-financial

corporates "is positive" and "North American economic growth is currently modest

but sustainable given the steady pace of global growth, with all major global

economies expanding."

- "While North American GDP will expand by a relatively muted 2.3% in 2018, the

global profile increases confidence that North American growth can continue over

the next year," says Bill Wolfe, Moody's sr vp. "Stable growth in advanced

economies and a broadening recovery in emerging markets underpin global growth

momentum heading into 2018."

- "Ample systemic liquidity, generally accessible financial markets and low

refinancing risk all point to a declining US speculative-grade default rate in

the coming year," adds Wolfe. "Investor appetite for corporate debt remains

robust in a still-low interest rate environment, supporting a strong supply of

credit. Median EBITDA growth for North American and global industry sectors is

forecast at a solid 4.5%."