Industry Report Card: EMEA Metals And Mining Maintains A Stable Credit Outlook, But Risks Loom Sep 11
Standard & Poors, September 2011
Abstract
Standard & Poor's Ratings Services' industry credit outlook remains stable for both steel and mining in Europe, the Middle East, and Africa, despite reduced growth forecasts for the U.S. and eurozone. Our industry outlook also takes into account base metals prices that remain healthy and comfortably above our normalized pricing assumptions used for credit analysis, despite recent volatility. Our economists forecast that slow recovery should continue globally and we still anticipate healthy growth in China, which is the biggest global consumer of metals. At this point, our base-case scenario for the sector doesn't incorporate a second global recession. That said, according to our economists the prospects for growth are worsening, and we highlight the vulnerability of the sector, and especially...
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.
- Rio Tinto PLC
- Norsk Hydro ASA
- SSAB AB
- Glencore International AG
- SGL Carbon SE
- Alrosa OJSC
- ArcelorMittal
- ThyssenKrupp AG
- Anglo American PLC
- Eco-Bat Technologies Ltd.
- Xstrata PLC
- OAO Severstal
- MMC Norilsk Nickel OJSC
- OAO TMK
- Eregli Demir ve Celik Fabrikalari T.A.S.
- Kloeckner & Co. S.E.
- NLMK OJSC
- Evraz Group S.A.
- The New Reclamation Group Pty Ltd.
- Zlomrex S.A.
- New World Resources N.V.
- Gold Fields Ltd.
- Eurasian Natural Resources Corp. PLC
- Severstal Columbus LLC
- AngloGold Ashanti Ltd.
- OAO Koks
- Ferrexpo PLC
- Consolidated Minerals Ltd. (Jersey)
- Aperam S.A.
- Befesa Zinc S.A.U.
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