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Are European Corporates Ready For A U.S.-Led Slowdown? Feb 08
Standard & Poors, Feb 2008
Abstract
Despite signs of the U.S. economy sliding toward recession, European corporate forecasts appear relatively upbeat. What's more, several companies' statements indicate that they expect to outperform the economy, even though they've struggled to do so during more benign economic conditions. This suggests they may not be fully prepared if the current downturn deepens. According to Standard & Poor's chief economist for Europe, Jean-Michel Six, the most recent economic data from the Eurozone and the U.K. indicate that the downturn in the U.S. and the ongoing credit squeeze are now starting to weaken European economies (see article titled 'Can Europe Withstand A U.S. Recession?,' published Feb. 26, 2008, on RatingsDirect). This does not bode well for European manufacturers, particularly in the...
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.
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