The credit outlook reflects a complex landscape of opportunities and challenges, shaped by economic, geopolitical and technological forces. Despite uncertainties, credit markets have shown resilience, with private credit offering an important channel for capital deployment and risk diversification. Global fixed income strategies require a careful approach, with high-quality credits and select emerging market investments offering opportunities amid evolving conditions. Sector-specific risks, including geopolitical tensions and regulatory changes, require ongoing vigilance. Meanwhile, technological advances are reshaping credit assessment and risk management, creating new opportunities in areas such as data center infrastructure financing. As the credit landscape evolves, adaptability is key for market participants seeking to thrive in this dynamic environment. How might a sudden shift in global economic conditions or a major geopolitical event affect the stability of credit markets, particularly in emerging economies? What are the potential long-term consequences of the continued expansion of private credit markets?