For U.S. Leveraged Finance, How Much Credit Risk Remains?
While prices on speculative-grade bonds and leveraged loans suggest that the U.S. leveraged finance market has stabilized since the severe disruption of 2008-2009, Standard & Poor's Ratings Services believes risks remain, especially for borrowers at the lower end of the credit spectrum.
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Thursday, February 3, 2011
U.S. Corporate Defaults Set To Remain Low (S&P)
U.S. Corporate Defaults Set To Remain Low, With Solid Recoveries, Say Investor Panelists
Defaults among U.S. nonfinancial corporate borrowers will probably remain low as the economic recovery strengthens, though risks to the stabilization of credit quality remain, said panelists at Standard & Poor's Ratings Services' Leveraged Credit & Recovery Conference in New York.
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Defaults among U.S. nonfinancial corporate borrowers will probably remain low as the economic recovery strengthens, though risks to the stabilization of credit quality remain, said panelists at Standard & Poor's Ratings Services' Leveraged Credit & Recovery Conference in New York.
(more)
European Leveraged Loan Study 2009 (S&P)
European Leveraged Loan Study 2009: Global Economic Crisis Results In A Dramatic Shift In Default And Recovery Rates
Standard & Poor's has completed its annual "European Leveraged Loan Default And Recovery Study," bringing the data and analysis up to date through 2009. The portfolio of transactions now includes data reflecting a full down cycle (2008-2009). Compared to the previous report, which covered only the beginning of the downturn, the most recent results show a much steeper increase in European leveraged loan default rates and a continued decline in recoveries.
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Standard & Poor's has completed its annual "European Leveraged Loan Default And Recovery Study," bringing the data and analysis up to date through 2009. The portfolio of transactions now includes data reflecting a full down cycle (2008-2009). Compared to the previous report, which covered only the beginning of the downturn, the most recent results show a much steeper increase in European leveraged loan default rates and a continued decline in recoveries.
(more)
Tuesday, February 1, 2011
For U.S. And Canadian Forest Products Companies, A Stable Outlook In 2011 Takes Root (S&P)
For U.S. And Canadian Forest Products Companies, A Stable Outlook In 2011 Takes Root (00:06:25 min)
As companies in the U.S. and Canadian forest products sector shift cash from operations from debt reduction to capital investment, acquisitions, or shareholder payments, we expect positive credit actions to slow. Nevertheless, we believe most of the forest products companies that we rate will improve operating performance in the first half of 2011, reflecting an almost universal rise in average paper prices. In this podcast, Standard & Poor's Associate Director Tobias Crabtree discusses the sector outlook for the coming year.
Listen
As companies in the U.S. and Canadian forest products sector shift cash from operations from debt reduction to capital investment, acquisitions, or shareholder payments, we expect positive credit actions to slow. Nevertheless, we believe most of the forest products companies that we rate will improve operating performance in the first half of 2011, reflecting an almost universal rise in average paper prices. In this podcast, Standard & Poor's Associate Director Tobias Crabtree discusses the sector outlook for the coming year.
Listen
Sunday, January 30, 2011
Stocks: All eyes on Egypt, jobs
Stocks: All eyes on Egypt, jobs
By Hibah Yousuf, staff reporterJanuary 30, 2011: 8:24 AM ET
NEW YORK (CNNMoney) -- Stocks have been on a run since late August, and investment experts have been warning that the market is due for a short-term correction. With political unrest in the Arab world and the January jobs report taking center stage this week, the catalyst for a downward move may finally be here.
After rising to the highest levels since the summer of 2008 and crossing key psychological milestones -- the Dow topped 12,000 and the S&P hit 1,300 last week -- stocks took a hard hit Friday as investors watched anti-government demonstrations unfold in Egypt.
"We are worried about the developing geopolitical risk in the Middle East and North Africa," said David Kotok, chief investment officer at Cumberland Advisors. "We do not know where it will spread, nor do we know how it will run its course."
By Hibah Yousuf, staff reporterJanuary 30, 2011: 8:24 AM ET
NEW YORK (CNNMoney) -- Stocks have been on a run since late August, and investment experts have been warning that the market is due for a short-term correction. With political unrest in the Arab world and the January jobs report taking center stage this week, the catalyst for a downward move may finally be here.
After rising to the highest levels since the summer of 2008 and crossing key psychological milestones -- the Dow topped 12,000 and the S&P hit 1,300 last week -- stocks took a hard hit Friday as investors watched anti-government demonstrations unfold in Egypt.
"We are worried about the developing geopolitical risk in the Middle East and North Africa," said David Kotok, chief investment officer at Cumberland Advisors. "We do not know where it will spread, nor do we know how it will run its course."
Saturday, January 29, 2011
Credit Issues In 2011: What To Expect (S&P)
Credit Issues In 2011: What To Expect (00:20:49 min)
In this podcast, Standard & Poor's analysts from our San Francisco office weigh in on what they believe are the biggest issues facing the telecommunications, cable, electric utilities, municipal finance, higher education, and transportation industries in 2011.
Listen
In this podcast, Standard & Poor's analysts from our San Francisco office weigh in on what they believe are the biggest issues facing the telecommunications, cable, electric utilities, municipal finance, higher education, and transportation industries in 2011.
Listen
A Home For The Holidays (S&P)
Economic Update: A Home For The Holidays (00:03:48 min)
Standard & Poor's Senior Economist Beth Ann Bovino notes that households in search of a home found one this December, with surprisingly robust sales figures reported for both existing and new homes. The data add further evidence that the recovery is still in place. But the healthy pace was not enough to change the Fed's decision to stay the course at Wednesday’s policy meeting.
Watch
Standard & Poor's Senior Economist Beth Ann Bovino notes that households in search of a home found one this December, with surprisingly robust sales figures reported for both existing and new homes. The data add further evidence that the recovery is still in place. But the healthy pace was not enough to change the Fed's decision to stay the course at Wednesday’s policy meeting.
Watch
The Start Of A Housing Recovery ... (S&P)
The Start Of A Housing Recovery Could Frame A Stable Year For U.S. Homebuilding And Building Products (00:06:50 min)
In this CreditMatters TV segment, Standard & Poor's Senior Director James Fielding and Director Thomas Nadramia discuss the 2011 industry outlooks for the Homebuilding and Building Products sectors, respectively. Although our economists believe that housing starts will increase continued foreclosures, low employment, and still-falling home prices could extend the housing recovery. Home prices themselves may also decrease due to the elevated amount of existing homes for sale, but adequate to strong liquidity may help companies fund growth.
Watch
In this CreditMatters TV segment, Standard & Poor's Senior Director James Fielding and Director Thomas Nadramia discuss the 2011 industry outlooks for the Homebuilding and Building Products sectors, respectively. Although our economists believe that housing starts will increase continued foreclosures, low employment, and still-falling home prices could extend the housing recovery. Home prices themselves may also decrease due to the elevated amount of existing homes for sale, but adequate to strong liquidity may help companies fund growth.
Watch
Friday, January 28, 2011
Daily Beast: America's Greatest Challenge
The Daily Beast
America's Greatest Challenge
Jan 28, 2011 6:58 AM EST
Legendary geopolitical forecaster George Friedman says that in the next decade America must face the realities of its position as a global empire without losing its republican soul.
America's Greatest Challenge
Jan 28, 2011 6:58 AM EST
Legendary geopolitical forecaster George Friedman says that in the next decade America must face the realities of its position as a global empire without losing its republican soul.
Thursday, January 27, 2011
Brazil talks tough on inflation, urges gov't to help (Reuters)
Brazil talks tough on inflation, urges gov't to help
Thu Jan 27, 2011 4:47pm EST
Brazil's budget deficit, including debt repayments, stood at 14.4 billion reais ($8.6 billion) in November, nearly five times larger than a year earlier.
JOBS, INFLATION SURGING
Neil Shearing, senior emerging markets economist at Capital Economics Ltd in London, said the central bank's minutes "are unequivocally hawkish."
"If there were any lingering doubts as to whether or not (the central bank) would shift priorities under the new governor, Alexandre Tombini, I think they've been well and truly banished now," Shearing said.
(more)
Thu Jan 27, 2011 4:47pm EST
Brazil's budget deficit, including debt repayments, stood at 14.4 billion reais ($8.6 billion) in November, nearly five times larger than a year earlier.
JOBS, INFLATION SURGING
Neil Shearing, senior emerging markets economist at Capital Economics Ltd in London, said the central bank's minutes "are unequivocally hawkish."
"If there were any lingering doubts as to whether or not (the central bank) would shift priorities under the new governor, Alexandre Tombini, I think they've been well and truly banished now," Shearing said.
(more)
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