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Risk-to-Price Commentary: UPM-Kymmene Corp. Sep 10 Product Image

Risk-to-Price Commentary: UPM-Kymmene Corp. Sep 10

  • ID: 1711802
  • September 2010
  • Standard & Poors


  • Akzo Nobel N.V.
  • CRH Finance (U.K.) PLC
  • Linde Finance B.V.
  • OI European Group B.V.
  • Solvay S.A.
  • The BOC Group PLC
  • MORE

Although the overall mood in Europe remains cautious, we believe some of the eurozone's key economic indicators point to continued recovery. For instance, although the Markit final eurozone manufacturing purchasing manager's index, released Sept. 1, signaled a loss of some growth momentum--it fell to a six-month low of 55.1 in August from 56.7 in July--this slower rate of expansion still indicates solid growth. The index has now shown improving conditions in the region's manufacturing sector in each of the past 11 months (see chart 1). Also on Sept. 1, the Ifo Institute released its business climate index for August, which jumped unexpectedly to a three-year high (see chart 2). This measure of German business confidence indicates the strength of 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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Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown


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