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Baa ratings are increasing rapidly among defensive sectors
April 25th 2019 (5.27mins)
Richard Morawetz, Marina Albo
In this edition of Moody's Talks, Richard Morawetz, VP Senior Credit Officer, and Marina Albo, MD EMEA, both in our Corporate Finance Group, discuss how the total outstanding debt of Baa companies in EMEA rose to almost $2 trillion in 2018 from $1.3 trillion in 2009, as outlined in our 2018 liquidity study, while the number of Baa-rated companies nearly doubled to 303 from 160. The large majority of companies rated Baa3 in our 2009 report, and that continue to be rated today, have either retained, or regained, their investment grade status in the interim, which highlights the strength of their underlying creditworthiness. ​​
Baa ratings have proliferated, although debt remains concentrated in defensive sectors
​​EMEA Baa-rated companies' debt has surged over the past decade to almost $2 trillion in 2018, but as a share of the total debt outstanding of EMEA rated companies it has only risen slightly. ​