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Ratings Highlights
PepsiCo's rating outlook changed to negative; (Aa3) sr unsecured rating affirmed
Caa1 rating assigned to Reynolds' new notes; (B2) CFR affirmed
Caesars Entertainment on review for possible upgrade
Glencore and Xstrata's (Baa2) ratings on review for possible upgrade
Sabine Pass LNG's (B3) rating under review for possible upgrade
Most Viewed Issuers
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BNP Paribas
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Deutsche Bank AG
3.
Barclays Bank PLC
4.
France, Government of
5.
Societe Generale
UPCOMING EVENTS
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Spreads Lag Job Gains; Boomers Curb Inflation
Feb 09, 2012
Read Latest Report Now »
Previous Reports »
Weekly Credit Outlook
February 6, 2012
Start the week informed on all things related to the global credit markets.
Latest Report »
All Previous Reports »
Global Bank Ratings 2012
Read our in-depth reports on how interrelated trends are weakening bank credit profiles.
Access Reports »
CLO Interest
Feburary 2, 2012
Delivering CLO Market Insight Globally
Recent Report »
Previous Reports »
The Euro Area Crisis
Sovereigns and Other Affected Credits
Read More »
Market Outlook
Weekly Credit Outlook
Bank Ratings 2012
CLO Interest
Euro Sovereigns
06 Feb 2012
Moody’s Analytics’ Bank Risk Report: Banks’ Market Signals Slowly Improving, But Economies Will Have Final Say
Renewed confidence in the containment of contagion risks, hopes that the mortgage mess will be resolved, and good balance sheet measures have driven a recent tightening of credit spreads and an improvement in the market implied ratings for US banks. In Europe, another offer of three-year loans to banks is coming. The first program brought spreads in substantially. But lack of liquidity is only one of many challenges facing the banks. Continued overcapacity is another...
Full Report
06 Feb 2012
Downside risk scenarios for Asia Pacific banks include contagion from euro
sovereign crisis
Our report discusses five potentially high-impact events that could develop into material adverse shocks for particular systems, despite the benign credit environment for Asia Pacific banks in 2012. These include: (1) contagion risk from Europe’s sovereign crisis; (2) the possibility of a hard landing for the Chinese economy; (3) the bursting of real estate bubbles; (4) a downturn in commodity prices; and (5) a downturn in the Australian property market. In a separate report, we assess the exposure of Asia Pacific Banks to the risk of deterioration in the euro area, concluding that Australia, New Zealand, Korea, and Vietnam are most exposed to the first-round impact, which could weigh on banks’ standalone financial strengths, as well as their financial markets…
Downside Risk Scenarios
|
Press Release
|
Assessing Exposures to Euro Area Risks
|
Press Release
02 Feb 2012
Healthy start for speculative-grade liquidity in 2012
Our Liquidity-Stress Index (LSI) declined to 4.4% in January from 4.8% in December, but the decline reflects ratings withdrawals from the index after defaults rather than a meaningful change in corporate liquidity, according to our latest SGL Monitor Flash. Speculative-grade bond issuance so far in 2012 lags 2011’s blistering start, but even very low-rated issuers are completing deals…
Full Report
02 Feb 2012
Default and recovery study highlights resilience of project finance loans
The study reveals that marginal annual default rates for project finance bank loans are consistent with high non-investment-grade credit quality during the initial three-year period following financial close. However, default rates fall significantly after this period, trending towards marginal default rates that are consistent with single-A category ratings by year 10 from financial close. This is significantly different from the marginal annual default rates observed for corporate issuers, which are broadly stable...
Full Report
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Press Release
01 Feb 2012
Outlooks remain negative for US state and local governments in 2012
Even though revenues have improved since the worst of the downturn, both levels of government face a weak US economy and significant budgetary pressures. The negative US sovereign credit outlook and expected federal downsizing make it unlikely that additional federal stimulus aid to states and local governments will be forthcoming...
States Outlook
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Local Governments Outlook
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Press Release
06 Feb 2012
Weekly Credit Outlook - 6 February 2012
02 Feb 2012
Never Underestimate the Power of Liquidity (Capital Markets Research)
02 Feb 2012
Moody's CLO Interest (Newsletter) - January 2012
07 Feb 2012
U.S. Public Finance Weekly Credit Outlook - 7 February 2012
07 Feb 2012
Moody's places Baa2 ratings of Glencore and Xstrata on review for upgrade
06 Feb 2012
Unilateral Action Threatened by Greece Is Also Available to Other Sovereigns
06 Feb 2012
Asia Pacific Banks: Five Risk Scenarios for 2012
06 Feb 2012
Moody's changes Honda's rating outlook to negative
06 Feb 2012
Portuguese Market-Based Probabilities of Default Improve following Successful Bill Auction (Capital Markets Research)
06 Feb 2012
Glencore-Xstrata Merger Will Create Mining and Trading Powerhouse, a Credit Positive
Key Insights on U.S. Public Finance Pensions
Learn more about how Pensions impact
U.S. Public Finance Credit
Learn More »
More Topics >>
Euro Area Sovereign Crisis & Affected Credits
Euro area sovereigns continue to be subject to significant market pressure and face economic and policy challenges affecting their credit. Sovereign credit problems affect other issuers in the region. This page provides a centralized source for Moody’s rating actions and research related to sovereigns and other credits affected by the crisis.
Accounting & Financial Reporting Analysis
Since its creation in 2002, Moody's Accounting Specialist Group has worked alongside Moody's credit analysts to incorporate accounting, financial reporting and internal control practices more systematically into the credit rating process. The group publishes research comments on issues within its area of expertise which Moody’s believes impact rated issuers’ credit quality. The group also conducts training for Moody’s analysts on relevant financial reporting, accounting and internal control issues which impact ratings. The Accounting Specialist Group is part of broader initiative to bring specialized expertise to Moody’s credit rating process. Along with specialists in accounting, financial reporting and internal controls, Moody’s Enhanced Analytic Group also has specialists with expertise in corporate governance; risk management; and complex financial instruments.
Global Macro Scenarios & Risk Analysis
Moody's global macro-economic and financial risk analysis helps credit professionals to "put the pieces together" in order to develop a robust risk management/investment strategy by analyzing early trends, and by uncovering the linkages between the worlds of politics, economics and finance and their impact on credit.
Syndicated Loan Ratings
Moody’s syndicated loan ratings provide a consistent and independent assessment of credit risk. Loan ratings facilitate relative value comparisons between bank loans and bonds, and can be a tool for investors seeking to maximize returns for taking the least amount of risk. Syndicated loan ratings have become increasingly important as the line between what once were distinct markets continues to blur, and investors look across asset classes for the best return on a risk adjusted basis.
Covenants
Investors have become increasingly concerned about event risk and the absence of meaningful covenant protections, which leaves them exposed to potential credit losses. Moody's covenant snapshots provide an informed opinion of covenant quality for both bonds and loans, helping you make better decisions and saving you time.
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