Featured Commentary & Video

  • May 21, 2015

Recovery levels for European senior secured debt remain strong according to Standard & Poor's Ratings Services' fourth study of recoveries in the European leveraged loan market. The study, published today in a report titled "2014 Empirical And Recovery Rating Performance Update Shows Continued Strong First-Lien Recoveries," points out that mean first-lien recoveries on European nonfinancial… More

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  • Apr 20, 2015
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The low price of oil and natural gas is unlikely to have a widespread impact on the credit quality of global project debt over the next year. However, if prices remain in the US$50 per barrel range, the outlook may prove problematic for some projects. Watch

  • Apr 09, 2015

The Federal Reserve's cycle of interest rate increases that could commence as early as this summer will likely hurt U.S. speculative-grade corporate issuers (those rated 'BB+' and lower). More

  • Apr 22, 2015

The report finds that better economic news, resulting from the combined effects of weaker European currencies, cheaper oil prices, and the launch of Quantitative Easing (QE) by the European Central Bank, has not benefitted all of the rated corporate universe. Credit quality has instead seen some modest impairment, reflecting continuing pressure on commodity producers, rising pension liabilities… More

  • Apr 13, 2015

The dramatic drop in oil and gas prices has sparked concern about its impact on global project financing. However, Standard & Poor's credit analyst Karim Nassif said today that the current low price of crude oil and natural gas "is unlikely to have a widespread impact on the credit quality of global project finance debt over the next year to 18 months. More

Corporate Credit Outlook

  • Apr 22, 2015

Europe's economic recovery is gathering pace, but the benefits to corporate issuers are proving uneven, said Standard & Poor's Ratings Services in a report published today, titled "Better Conditions, Uneven Benefits". The report finds that better economic news, resulting from the combined effects of weaker European currencies, cheaper oil prices, and the launch of Quantitative Easing (QE) by the… More

  • Dec 16, 2014

Our credit outlook for U.S. corporate ratings in 2015 is generally stable. Standard & Poor's Ratings Services expects continued U.S. economic improvement to counteract slower growth overseas. We also see U.S. corporate revenue continuing to grow in the mid-single digits in 2015, in line with aggregate nominal economic growth prospects. Although the sharp decline in oil prices will weigh on energy … More

  • Jan 07, 2015

Standard & Poor's Ratings Services expects continued U.S. economic improvement to counteract slower growth overseas. We also see U.S. corporate revenue continuing to grow in the mid-single digits in 2015, in line with aggregate nominal economic growth prospects.

Standard & Poor’s 2015 Corporate Credit Outlook: Generally Stable, But Risks Continue To Rise
  • Dec 16, 2014

In this CreditMatters TV segment, Standard & Poor’s Managing Director David Tesher provides an overview of our outlook for corporate credit quality in the coming year. Watch

  • Dec 07, 2014

Asia-Pacific's credit tide is turning. China's growth continues to slow as the authorities try to rein in previous lending excesses and the property market continues to correct. On top of this, the U.S. recovery has not yet generated a pick-up in global trade flows, which means that the likely boost to Asia-Pacific external demand from higher U.S. growth has yet to materialize. Anecdotal evidence … More

  • Mar 10, 2015
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In December 2014, the Italian Parliament approved €500 million of additional gaming taxes on businesses involved in operating slot machines--an action that resulted in negative rating and outlook actions on two Italian gaming companies. And Standard & Poor's Ratings Services sees the potential for more regulations on the horizon, which could have a further rating impact. Rumors of these reforms… More

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  • Mar 02, 2015
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This is the fourth of a quarterly series on Chinese property developers. More

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  • Jan 30, 2015

The overall business performance of Japan-based industrial corporations in 2015 is likely to stay on the path to improvement it has tracked for the past year, and the overall trend of ratings in 2015 is likely to be stable with the exception of some sectors. More

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  • Jan 14, 2015
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French corporates will remain coy about investing in 2015. However in this CMTV, S&P Analytical Manager Patrice Cochelin discusses their successful record of refinancing and positive impact of a stronger dollar and lower oil prices leading to satisfactory liquidity and balance sheet positions. Watch

  • Dec 10, 2014

This publication takes a look at credit trends in the South African corporate sector as companies continue to face a challenging economic backdrop.

  • Feb 27, 2015

In this report, Standard & Poor’s analyses how corporate capex and infrastructure investments can accelerate regional and enterprise development, and shares its perspective on corporate and industry trends - with our economists and sovereign team weighing in with their thoughts on macroeconomic and sovereign trends in Poland and the rest of the CEE.

  • Sep 18, 2014
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News of a ceasefire between Ukraine and pro-Russian separatist rebels spurred a brief rebound in international markets, indicating the broadening impact of a conflict that has threatened to boil over in recent months. Whether the ceasefire will lead to a permanent suspension in hostilities is not yet clear, but it has not deterred the West from extending the breadth of the sanctions regime that… More

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  • Mar 10, 2015
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The Italian parliament approved additional gaming taxes on businesses, which has resulted in two rating actions on Italian gaming companies. In this edition of Inside Credit, S&P analysts Patrizia D’Amico and Taron Wade discuss why rising taxation is a key credit risk for Europe’s gaming industry. Watch

  • Jan 28, 2015
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Kaisa Group Holdings Ltd. announced a default on a Hong Kong dollar (HK$) 400 million offshore bank loan on Jan. 1, 2015. The resignation of the company's chairman, Mr. Kwok Ying Shing, triggered repayment. More

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  • Jan 14, 2015

Here, we discuss how French companies have fared in recent years, and how we expect them to perform in 2015.

  • Nov 25, 2014

Low thermal coal prices and a high cash cost structure have created formidable financial challenges for Polish coal producers, which are seeking new liquidity sources to make up for their ongoing cash flow deficits. More

  • Nov 11, 2014

Mit der vorliegenden Publikation „Einblicke in den deutschen Mittelstand“ aktualisieren wir unsere Analysen zum Geschäfts- und Risikofinanzprofil von 25 ausgewählten Mittelstandsunternehmen.

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  • Sep 23, 2014
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For the first time, Standard & Poor’s has published a corporate credit outlook for the Central and Eastern European (CEE) region. In this CreditMatters TV segment, Standard & Poor’s analysts Beata Sperling-Tyler and Paulina Grabowiec discuss its main themes. Watch

  • Dec 09, 2014

Five years on from the start of the financial crisis, we believe that credit conditions for Italian companies remain difficult, when at the same time we are starting to see an upturn fo r Northern European corporates. There is a sense that a storm has been weathered, but at the expense of a widespread st rain on companies' operating and financial conditions. The country’s economy has…

  • Apr 01, 2015

In a report published on April 1, 2015, we state that consolidation in the rail manufacturing industry will likely continue over the next few years. More

  • Mar 23, 2015

In an article published on March 23, 2015, we set out our expectations for corporate green bond issuance in 2015, following the first issuance of the year by Danish wind turbine manufacturer Vestas. More

  • Mar 19, 2015

U.S. corporate borrowers are facing headwinds from the U.S. dollar's recent steep climb, with some sectors feeling more pressure than others and almost none gaining from the currency appreciation. Large multinationals and heavy exporters in sectors such as capital goods, chemicals, consumer products, pharmaceuticals, and technology stand to suffer the most. More

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  • Mar 23, 2015
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Green bonds, which raise funding for environmentally beneficial investments, have grown dramatically and S&P Ratings Services estimates that corporate green bond issuance could reach up to $30 billion by the end of this year, a near 50% increase on the current size of the market ($19.1 billion). Watch

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  • Mar 24, 2015
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In this CreditMatters TV segment, Standard & Poor’s Director Jennelyn Tanchua explains how the rise of the U.S. dollar could hurt the credit metrics of some issuers, particularly multinationals and large exporters. Watch

  • Mar 18, 2015

The European IPO pipeline for 2015 looks promising--and more pan-European, with new deals coming from several countries after the U.K.'s dominance of issuance for the past few years, as noted by Standard & Poor's Ratings Services in a report published today on RatingsDirect titled Inside Credit: IPO Momentum Picks Up In Europe As Private Equity Owners Look For Exits. More

  • Jan 15, 2015

A topical monthly view on European capital markets from S&P Ratings analysts.

  • Apr 01, 2015
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In this report, we discuss how the European leveraged finance market is still exercising caution despite increasingly favorable corporate financing conditions. More

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  • Jan 23, 2015

The European corporate speculate-grade default rate fell sharply to 4% at the end of the second quarter of 2014 from 5.1% at the end of March, and we anticipate that the default outlook will continue to improve further through September 2015.

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  • Jan 26, 2015
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Altice International and Altice SA have launched debt to finance the acquisition of Portugal Telecom. In this LeverageMatters TV segment, Standard & Poor’s Associate Director, Osnat Jaeger discusses the impact on the company’s business and financial risk. Watch

  • Feb 13, 2015

S&P Ratings' global Leveraged finance research.

  • Jan 29, 2015

Our most recent Global Corporate Capex Survey pointed to a gloomy prognosis for non-financial corporate capex. A full update of the analysis suggests that this caution remains warranted.

  • Sep 23, 2014
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Automotive manufacturers in Europe, the Middle East, and Africa (EMEA) are investing heavily in capital expenditure (capex) and research and development (R&D) to achieve their growth ambitions. Standard & Poor's Ratings Services expects this trend to continue, based on the need for automakers to continuously develop and launch new models, respond to and anticipate changing consumer demand,… More

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  • Jun 30, 2014

This is the second edition of our annual corporate capital expenditure survey, designed to track, assess and help form views on global capital expenditure (capex) trends. The survey makes use of S&P Capital IQ data to inform our analysis, tracking a rolling universe of 2,000 global non-financial companies (rated and unrated, public and private) that spend the most on capex. More

  • Jul 10, 2013
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Capital expenditure (capex) has never seemed so important, nor controversial. Along with research and development, it is, ordinarily, the long-term lifeblood of many companies and a key determinant of the ability to generate cash flows to service debts. Capex is also hard to get right: excess or lack both bring their own risks in terms of cash flow, competitive position, and pricing power. What…

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