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Australia and New Zealand Ratings Round-Up First Quarter 2008 ? Finding The Way Out Of An Abyss Apr 08
Standard & Poors, April 2008
Abstract
Despite our argument in the fourth quarter 2007 Ratings Round-Up as to why credit fundamentals did not support a plunge in markets, our capital markets proceeded to give a fairly lifelike impersonation of lemmings anyway. To be fair though, while Australia and New Zealand are a long way from the problems of the U.S. financial system and to a lesser extent the European financial system (both geographically and in terms of asset quality), we are all inextricably bound within the global financial system, and the rapid evaporation of liquidity, the massive write downs taken on investment portfolios, and the steps taken by global central banks to avoid a systemic collapse were sufficient to cause all market participants great concern. To...
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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