Industry Report Card: It's All A Game Of Snakes And Ladders For The Top 50 European Corporate Entities Nov 06
Standard & Poors, November 2006
Abstract
In an effort to increase knowledge and understanding of the credit cycle in Europe, Standard & Poor's Ratings Services has initiated a study of the region's top 50 corporate entities, measured by rated debt amount. This group comprises 30 industrials (eight in telecommunications, eight in utilities, and 14 in other subsectors), 10 banks, and 10 insurance companies. And in order to track performance of this group as an indicator of credit quality in Europe over time, our retrospective goes back to 2001--the inflection point of the last credit cycle. For those who remember this game from childhood, the outlook for credit quality resembles a board of snakes and ladders, with industrials credit quality going down the snakes, and financial entities...
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.
- BP PLC
- Credit Agricole S.A.
- Electricite de France S.A.
- HSBC Bank PLC
- National Westminster Bank PLC
- The Royal Bank of Scotland N.V.
- Bank of Scotland PLC
- BNP Paribas
- Credit Lyonnais
- The Royal Bank of Scotland PLC
- Zurich Insurance Co. Ltd.
- British American Tobacco PLC
- Barclays Bank PLC
- Credit Agricole Corporate and Investment Bank
- Swiss Reinsurance Co. Ltd.
- Halifax PLC
- Daimler AG
- Unilever PLC
- Prudential PLC
- UniCredit SpA
- Telefonica S.A.
- AEGON N.V.
- Compagnie de Saint-Gobain
- BAA Ltd.
- Banco Santander S.A.
- The Royal Bank of Scotland Group PLC
- Lafarge S.A.
- Bayer AG
- Allianz SE
- Volkswagen AG
- Endesa S.A.
- AEGON Schadeverzekering N.V.
- Munich Reinsurance Co.
- ING Groep N.V.
- France Telecom S.A.
- Assicurazioni Generali SpA
- AXA
- HSBC Holdings PLC
- Suez S.A.
- E.ON SE
- Koninklijke KPN N.V.
- Deutsche Telekom AG
- Prudential Assurance Co. Ltd. (The)
- TDC A/S
- ArcelorMittal
- UBS AG
- Aviva PLC
- Prudential Annuities Ltd.
- Veolia Environnement S.A.
- Vodafone Group PLC
- Total S.A.
- RWE AG
- Metro AG
- Enel SpA
- Telecom Italia SpA
- Atlantia SpA
- HBOS PLC
- Sanofi
- National Grid PLC
- BT Group PLC
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