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Industry Economic And Ratings Outlook: The Credit Trend For North American Natural Resources Is Mostly Stable Jul 11
Standard & Poors, July 2011
Abstract
The credit outlook for North American natural resources companies varies across sectors, according to Standard & Poor's Ratings Services' base-case projection for 2011. We think building materials and products will be relatively stable, while prospects for forest products and metals and mining are slightly positive. Lower cost structures compared with previous years will enable building materials and products companies to produce modest positive cash flow and continue to navigate through an extended period of low demand, in our opinion. In forest products, we expect paper and paperboard producers to benefit from higher prices and relatively steady demand--but wood products manufacturers are likely to continue to feel the effects of low construction activity, higher raw material costs, and lower prices. Our...
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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