Europe, Middle East & Africa

Highlights

• 15 Apr 2013
  • Credit Insight: April edition highlights risk to Russian RMBS of FAS decision
    The April edition of Credit Insight discusses the credit negative implications for Russian RMBS of the regulator’s (the FAS) recent requirement that Russia’s largest refinancing organisation, the Agency for Housing Mortgage Lending, accept property valuation reports from non-accredited appraisers. We also discuss the credit negative implications for Spanish SME and RMBS of anticipated continued declines in Spanish house prices and the credit neutral implications for Spanish RMBS of a recent ruling by the Court of Justice of the European Union on the country’s mortgage foreclosure process... Full Report
• 21 Jan 2013
  • Credit Insight: January edition highlights French Over-indebtedness
    The January edition of Credit Insight discusses the credit negative impact on French ABS and RMBS of elevated over-indebtedness levels among French consumers, which are mainly the result of financial debts, in particular revolving credit. We also discuss (1) the performance of the Greek RMBS market, in which losses remain at relatively low levels considering the deterioration in the country's macroeconomic indicators; and (2) how UK non-conforming RMBS performance will remain stable in 2013 buoyed by housing supply shortages, which, combined with the current low interest rate environment, will continue to support UK house price stability… Press Release l Full Report
• 26 Sep 2012
  • Stable growth in Africa likely despite transmission risks from European sovereign debt crisis
    Despite risks emanating from the European sovereign debt crisis, the trend of improving economic strength in Africa is likely to continue over the next five years. Three key transmission channels -- trade links, capital flows and bank flows -- continue to expose Africa to the European sovereign debt crisis. According to our study, the growth outlook for Africa could however weaken if the European debt crisis were to intensify and cause a more pronounced recession in the euro area than currently expected under our central scenario... Press Release l Full Report