Industry Report Card: Why European Business Services Companies Should Hold Up Through Economic Uncertainty Jan 12

Standard & Poors, January 2012

Abstract
Standard & Poor's Ratings Services is cautious about the likely performance of European business services providers this year. The ongoing sovereign debt crisis in Europe, coupled with a weak economic outlook for the U.S., means growth in two important markets for European business services companies will likely be lackluster in 2012. Indeed, our latest macroeconomic forecast is for a mild recession in Europe during the first half of the year. Outside of Europe and the U.S., economic conditions in the Middle East and in Asia Pacific remain variable and many of our larger business services issuers are turning their attention to higher growth emerging markets such as Brazil, India, China, and Australia. In 2012, we expect these companies to accelerate...

Companies mentioned in this report are: Sodexo,Adecco S.A.,Experian Finance PLC,Securitas AB,Compass Group PLC,Rentokil Initial PLC,ISS A/S,G4S PLC,Exova Group Ltd.,Edenred S.A.,Alba Group PLC & Co. KG,RAC Finance (Holdings) Ltd.

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.

Sodexo,Adecco S.A.,Experian Finance PLC,Securitas AB,Compass Group PLC,Rentokil Initial PLC,ISS A/S,G4S PLC,Exova Group Ltd.,Edenred S.A.,Alba Group PLC & Co. KG,RAC Finance (Holdings) Ltd.

Customers who bought this item also bought

• Defense Spending - BRIC (Brazil, Russia, India, China) Industry Guide
• Defense Spending - Top 5 Emerging Markets Industry Guide
• UK Manned Security Services Market Development Report
• Aerospace and Defense Industry - Global Outlook
• Global Military Shipbuilding and Submarines Market 2011-2015
• The Global Military Satellites Market 2012-2022
• Aerospace and Defense Industry - Global Strategic Business Report
• Distance Learning - Global Outlook
• International Military and Civilian Unmanned Aerial Vehicle Survey
• Analyzing the Global Aerospace and Defense Industry