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Australia and New Zealand Corporate Credit Quality Affected by Dynamic Environment May 99
Standard & Poors, May 1999
Abstract
Standard & Poor's annual survey of corporate credit trends in Australia and New Zealand has highlighted three key credit trends: Price-based competition intensified in the past year, the result of industry consolidation and, in some sectors, globalization, combined with benign inflationary and interest rate conditions and excess capacity. Companies are seeking to manage available capital more efficiently, responding to the equity market's desire for leveraging shareholder returns. Credit measures in many sectors have deteriorated despite strong economic fundamentals in Australia, and, overall, there has been a marginal weakening of creditworthiness. Economic growth in Australia during 1998 was considerably stronger than anticipated by financial markets. Economic growth is likely to moderate in 1999-2000, but will remain solid, supported by robust consumer...
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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