2009 Midyear Outlook: A Tough Road To Recovery For Global Markets Jul 09

Standard & Poors, July 2009

Abstract
Against the backdrop of the first positive, though still tentative, signs of a bottoming of the protracted international recession, Standard & Poor's chief economist and some of Standard & Poor's Ratings Services top analysts gathered in mid June for a roundtable discussion to consider the prospects facing the global economy and credit markets for the remainder of 2009 and into 2010. The group gave their views on the impact of government stimulus in the U.S. and globally, the implications of the resulting shift in spending from individuals and companies to governments, the continuing ramifications of the recession and other shocks to the financial system, prospects for the various sectors that Standard & Poor's rates, and lessons learned from the housing...

Companies mentioned in this report are:
- California
- Jefferson Cnty
- Lehman Brothers Inc.
- Fannie Mae
- Spain (Kingdom of)
- Ireland (Republic of)
- United States of America (Unsolicited Ratings)
- Portugal (Republic of)
- Brazil (Federative Republic of)
- Greece (Hellenic Republic)
- JPMorgan Chase & Co.
- China (People's Republic of )
- Freddie Mac
- Argentina (Republic of) (Unsolicited Ratings)
- Capital One N.A.
- Peru (Republic of)
- Ecuador (Republic of)
- Sri Lanka (Democratic Socialist Republic of)

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.

- California
- Jefferson Cnty
- Lehman Brothers Inc.
- Fannie Mae
- Spain (Kingdom of)
- Ireland (Republic of)
- United States of America (Unsolicited Ratings)
- Portugal (Republic of)
- Brazil (Federative Republic of)
- Greece (Hellenic Republic)
- JPMorgan Chase & Co.
- China (People's Republic of )
- Freddie Mac
- Argentina (Republic of) (Unsolicited Ratings)
- Capital One N.A.
- Peru (Republic of)
- Ecuador (Republic of)
- Sri Lanka (Democratic Socialist Republic of)

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