The Chinese economy is embarking on a path of rebalancing, defined by a reorientation away from the export and investment-led development model towards a model where consumption gradually becomes a more important engine of growth. This process will be characterized by economic restructuring, policy reform, market liberalization, and credit deceleration, posing both opportunities and challenges for China's credit universe. This page provides a centralized source for Moody's research related to key credit issues in China as the country's rebalancing story unfolds.
On 16 March 2015, we updated our Bank rating Methodology, following which we placed around 40% of our bank deposit and senior unsecured debt ratings on review, as described in our 17 March 2015 press release. This page contains all of our rating action announcements and research related to the new Banks rating methodology or the removal of support in European bank ratings. For tutorials, videos and other background material on the methodology, please access the educational site.
With the recent and prospective entry of several African sovereigns, financial institutions and large corporations into international debt capital markets, increasing demand from investors for timely information regarding sovereign creditworthiness, banking system strength and the corporate operating environment has prompted this centralized source for Moody’s research related to key credit developments on the continent.
Global infrastructure financing needs are vast, estimated to be trillions of dollars annually for the foreseeable future. As governments around the world look to secure resources necessary to renew and expand their energy, transportation and other infrastructure assets, they will increasingly look to capital markets and private sector finance to ensure sufficient investment in these vital projects. This page provides a centralized source for Moody’s research related to key credit issues concerning these matters.
The US Federal Reserve has started to raise interest rates, a sign that the recovery in the US economy is solid. Meanwhile, most other major central banks are easing monetary policy or maintaining an accommodative stance. These changes in monetary policy and, in some cases, continuation of unconventional measures, have significant implications across countries and sectors. Moreover, the divergence in the direction of monetary policy in the US and other large economies is unusual and fuels shifts in currency values and capital flows which are also relevant for credit. This page provides a centralized source for Moody's research related to key credit issues concerning these matters.
Mid-cap companies and small and medium-sized enterprises (SMEs) are increasingly tapping alternative funding sources to complement bank loans as they look to finance new investments, restructure existing obligations and fund start-up ventures. This trend fits within the broader disintermediation of corporate funding, spurred in large part by tighter capital regulations that have led to deleveraging at large banks in many countries. As a result, firms in this market segment have sought out a wide variety of alternative sources of funding, ranging from P2P lending to securitizations and other types of structured finance products. This shift brings with it new opportunities and challenges, as mid-caps and SMEs benefit from increased funding flexibility, but also must adapt to new demands associated with the development of alternative market infrastructures. This page provides a centralized source for Moody's research related to key SME and mid-cap credit trends.
The outlook for global credit conditions in 2016 remains stable overall as economic growth continues and defaults are unlikely to veer sharply upwards. However, credit risks are greater than a year ago, including persistent uncertainty about future US interest rates, even lower oil and commodity prices for a longer period, a sharper slowdown in China than we currently expect and lagging growth in Europe and parts of Latin America. Other risks are emerging or intensifying, notably those arising from geopolitical crises, regulatory developments, environmental issues and asset deterioration. This page provides the outlooks for 2016 by region, country and sector. Additional outlooks will publish over the coming weeks
Commodity prices have fallen to deep multi-year lows. The declines reflect a number of factors, including changes in supply, demand and exchange rates. This page provides a centralized source for Moody’s research on the credit impact of the sharp drop in commodity prices.
Irrespective of the euro area's emergence from the acute phase of the region's debt crisis in the second half of 2012, economic growth - despite its recent acceleration - has been subdued, reflecting continued large stocks of public debt, restrictive financing conditions and pre-existing long-term structural constraints (including poor demographic prospects). Given these obstacles, as well as the still incomplete nature of the euro area's economic union, the growth model of the European Union and its core, the euro area, continues to face challenges. This page provides a centralized source for Moody's research related to key credit issues concerning these matters.
Concern over environmental change is leading to significant government policy initiatives globally and rising corporate innovation and investment. This heightened attention will lead to disruptive industry change, shifting investor capital allocation strategies and rising input costs related to increased pricing on carbon emissions and water usage. At the same time, severe environmental events, whether natural (earthquakes, hurricanes, droughts and floods) or man-made (oil spills and nuclear accidents), are of growing concern to many market participants who are concerned natural events are increasing in frequency and severity. This page highlights Moody's research on the credit implications of these developing environmental trends.
Governments and healthcare related industries worldwide are reinventing how they deliver, fund and regulate healthcare services amid the aging population in developed countries and expanding populations and economies of Asia and emerging markets. Increasing the efficiency of healthcare delivery is an important goal in addressing growing demand for affordable high quality services. Lowering healthcare costs has sparked innovation, structural reform and strategic maneuvering by governments and industries alike. This page provides a centralized source for Moody's research related to key credit issues concerning these matters.
Islamic finance is one of the most dynamic sectors of global finance. For this reason, Moody's remains strongly committed to supporting its growing importance. We provide market participants with a complete range of credit expertise and experience to meet the emerging needs in this field including ratings, research and training services.
Issuers in the fixed-income markets disclose material information about themselves and the securities they issue at the time of the initial offering and on a regular basis. Yet the rules pertaining to financial disclosure and ongoing reporting are complex and vary considerably by sector and geography, and at times this complexity can make financial analysis very difficult for investors. This page explores this topic in detail.
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.
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.
This site contains Moody’s Investors Service research on banking regulation and risk management across all geographical franchises. We endeavour to provide our subscribers with up to the date commentaries on the latest developments in banking regulation and what they mean for banks ratings. We also provide commentaries on evolving risk management and risk governance practices and their credit implications.
This page provides a centralized source for Moody’s publications related to the stress testing of financial institutions (banks and insurance companies) globally.
Moody’s offers Insurers a unique blend of capital management, credit expertise, data, market standard analytics and extensive industry practice. Building on our broadly based pool of credit risk specialists and industry practitioners, Moody’s can facilitate a richer understanding of the new regulations, advise insurers on how best to approach the challenges ahead and then support them along the process.