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Credit Trends: Australia, Canada, Japan, And New Zealand Have Nearly $1.1 Trillion In Debt Maturing Through 2015 Jul 11
Standard & Poors, July 2011
Abstract
Demand for corporate debt, particularly highly rated debt, in the other developed region--Australia, Canada, Japan, and New Zealand--appears sufficient to cover refinancing needs in 2011. This has helped keep borrowing costs relatively low since the beginning of the year, allowing companies to improve their finances and explore opportunities for growth. Through the first five months of the year, new issuance in Australia, Canada, and Japan is at or near record highs, while new issuance in the much smaller market of New Zealand is lagging a bit. Barring any unexpected shocks to the market or the economy, Standard & Poor's expects that entities with debt maturing in 2011 generally will not have difficulty paying down the debt or refinancing it.(Also watch...
Companies mentioned in this report are: Bell Canada,BHP Billiton Ltd.,National Australia Bank Ltd.,Nippon Telegraph & Telephone Corp.,Royal Bank of Canada,Sony Corp.,Bank of Montreal,Westpac Banking Corp.,Commonwealth Bank of Australia,Honda Motor Co. Ltd.,Toyota Motor Corp.,Tokyo Electric Power Co. Inc.,Sharp Corp.,Chubu Electric Power Co. Inc.,Rogers Communications Inc.,Shaw Communications Inc.,Telesat Canada,Bank of Nova Scotia Houston
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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