Risk-to-Price Commentary: Cegedim S.A. Mar 11
Standard & Poors, March 2011
Abstract
On March 15, the Center for European Economic Research in Mannheim (CEER) released the ZEW index of investor and analyst expectations for Germany. The index declined to 14.1 from 15.7 in February. Economists expected that the index would increase to 15.9 (see chart 1). The ZEW index aims to predict developments six months in advance. We consider this index to be a meaningful indicator of the investment sentiment for all of Europe, because Germany accounts for about a quarter of the GDP in Europe and is growing faster than most of the European Union. Moreover, CEER pointed out that after the earthquake and tsunami in Japan on March 11, the survey responses that came in were significantly more pessimistic than...
Companies mentioned in this report are:
- Bristol-Myers Squibb Co.
- Pfizer Inc.
- Millipore Corp.
- Bayer AG
- GlaxoSmithKline Capital PLC
- AstraZeneca PLC
- Sanofi
- Bayer Capital Corp. B.V.
- Merck Finanz AG
- Novartis Finance S.A.
- Roche Finance Europe B.V.
- Merck Financial Services GmbH
- Cegedim S.A.
- FMC Finance VII S.A.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Bristol-Myers Squibb Co.
- Pfizer Inc.
- Millipore Corp.
- Bayer AG
- GlaxoSmithKline Capital PLC
- AstraZeneca PLC
- Sanofi
- Bayer Capital Corp. B.V.
- Merck Finanz AG
- Novartis Finance S.A.
- Roche Finance Europe B.V.
- Merck Financial Services GmbH
- Cegedim S.A.
- FMC Finance VII S.A.
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