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29 Nov 2015
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  • 25 Nov 2015
    Argentina's President-elect Mauricio Macri has pledged to implement a more sustainable policy mix that will help restore investor confidence, which is credit positive for the sovereign and will likely lead to a strengthening of the country's institutional framework. However, any improvement in economic conditions will likely take time to materialize as key policy adjustments are implemented, and many Argentine debt issuers will continue to face credit constraints in the medium term...
  • 23 Nov 2015
    The acquisition will improve Pfizer’s scale, diversity and research pipeline, creating a global pharmaceutical powerhouse. It will also result in significant tax benefits for the company, providing Pfizer with efficient access to cash flows. However, this access will likely benefit shareholders via share repurchases, lowering the company’s available cash for unexpected operating setbacks or debt repayment...
  • 23 Nov 2015
    The US Pension Benefits Guarantee Corporation reported that its multiemployer pension insurance fund deficit had increased by $10 billion to $52 billion as of 30 September 2015. This increase is credit negative for multiemployer plan sponsors because it shows the worsening of multiemployer pension performance. More immediately, guaranty premiums now reduce sponsors’ annual free cash flow by more than $270 million...
  • 20 Nov 2015
    Moody's Investors Service
    We have upgraded Ukraine’s government bond rating to Caa3 further to the government’s restructuring of $15 billion worth of Eurobonds, thereby easing the country's debt-service requirements and external liquidity. In addition, progress with political and economic reforms under the IMF-led programme supports a rebalancing of the economy and a meaningful reduction in public and external financial deficits…
  • 19 Nov 2015
    Greece’s four largest banks announced the results of their exchange offers to bondholders and indicated that ther cumulative capital needs have declined by around €3 billion from the €14.4 billion that the European Central Bank estimated. The distressed exchange is a step in recapitalising Greek banks and accelerating the easing of capital controls. Recapitalisation by year-end would also exclude depositors from bail-in...
Global Credit Conditions Hold a Steady Course Through Increasing Headwinds
Moody's 2016 Outlooks
  • 2016 Outlooks

    The outlook for global credit conditions in 2016 remains stable overall as economic growth continues and defaults are unlikely to veer sharply upwards. However, credit risks are greater than a year ago, including persistent uncertainty about future US interest rates, even lower oil and commodity prices for a longer period, a sharper slowdown in China than we currently expect and lagging growth in Europe and parts of Latin America. Other risks are emerging or intensifying, notably those arising from geopolitical crises, regulatory developments, environmental issues and asset deterioration. This page provides the outlooks for 2016 by region, country and sector. Additional outlooks will publish over the coming weeks
  • China: Reform and Rebalancing

    The Chinese economy is embarking on a path of rebalancing, defined by a reorientation away from the export and investment-led development model towards a model where consumption gradually becomes a more important engine of growth. This process will be characterized by economic restructuring, policy reform, market liberalization, and credit deceleration, posing both opportunities and challenges for China's credit universe. This page provides a centralized source for Moody's research related to key credit issues in China as the country's rebalancing story unfolds.
  • Euro Area – The Road to Sustainable Growth

    Irrespective of the euro area's emergence from the acute phase of the region's debt crisis in the second half of 2012, economic growth - despite its recent acceleration - has been subdued, reflecting continued large stocks of public debt, restrictive financing conditions and pre-existing long-term structural constraints (including poor demographic prospects). Given these obstacles, as well as the still incomplete nature of the euro area's economic union, the growth model of the European Union and its core, the euro area, continues to face challenges. This page provides a centralized source for Moody's research related to key credit issues concerning these matters.
  • Environmental Risks and Developments

    Concern over environmental change is leading to significant government policy initiatives globally and rising corporate innovation and investment. This heightened attention will lead to disruptive industry change, shifting investor capital allocation strategies and rising input costs related to increased pricing on carbon emissions and water usage. At the same time, severe environmental events, whether natural (earthquakes, hurricanes, droughts and floods) or man-made (oil spills and nuclear accidents), are of growing concern to many market participants who are concerned natural events are increasing in frequency and severity. This page highlights Moody's research on the credit implications of these developing environmental trends.
© 2015 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
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