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After The Credit Boom, Banks And Brokers Face A Sobering Year In 2008 Jan 08
Standard & Poors, Jan 2008
Abstract
While warning signs of excessive expansion had been flashing, the downturn now roiling the financial sector is unsettling because it comes in the context of relatively strong global economic growth and historically low corporate default rates. The turning point was last summer, when issuance volumes in many segments of the debt markets dried up, credit spreads widened, and money market liquidity abruptly tightened. Standard & Poor's Ratings Services believes the slump in the sector will continue through 2008 and into 2009. The structured finance market has been significantly impacted and it may take years for the market to return. To date, the large financial groups have announced $90 billion in write-downs of collateralized debt obligations (CDOs), subprime securities, and leveraged...
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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