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Featured Commentary & Video

Unintended Consequences Of QE For European Defined Benefit Pension Schemes
  • Mar 02, 2015

Recent economic developments in Europe are undermining the funding condition of corporate defined-benefit pension plans. In this CreditMatters TV segment, Standard & Poor's head of Corporate Research Paul Watters discusses the impact of changing actuarial assumptions for 2014 reporting. Watch

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  • Feb 04, 2015
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The ECB’s quantitative easing program has heartened the European capital markets, even for lower-rated issuers. However, on this edition of Inside Credit, S&P analysts Simon Redmond and Taron Wade discuss the risks for oil & gas companies in these ratings categories. Watch

  • Feb 26, 2015
  • Requires a subscription to RatingsDirect®

We discuss how we anticipate the possible impact on credit of defined-benefit (DB) plan deficits over the next two years, in light of recent economic developments in Europe. More

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  • Feb 04, 2015
  • Requires a subscription to RatingsDirect®

January started off with a bang for the financial markets in Europe. Market participants have had a lot of news to digest, including the European Central Bank's quantitative easing program, Greece's political changes, and the impact of the oil price slide. But the issuance markets haven't been fazed: In fact, January saw €32.2 billion in corporate debt issuance, similar to the strong issuance of… More

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Corporate Credit Outlook

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

  • Jan 21, 2015

Here, we discuss how the corporate sector has fared through 2014, and our expectations for 2015.

  • 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

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  • Dec 11, 2014
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Click here to watch a replay of the Webcast where Standard & Poor's Ratings Services analysts discuss key themes from the outlook Watch

  • 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.

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

  • Jan 26, 2015

The alternative lending markets in Europe have progressed by leaps and bounds in the past year. The (French) Euro PP market, for instance, has seen the emergence of unlisted deals, which has ushered in new and more international borrowers. And a number of initiatives from various industry bodies are building out a pan-European private placement market. In addition, the European direct lending… More

  • Nov 10, 2014

Equity and debt market volatility caused riskier capital markets activity in Europe to grind to a halt in September, with the high-yield bond market essentially shut and many initial public offerings (IPOs) canceled. However, demand for investment-grade corporate debt has stayed incredibly strong throughout October and looks likely to remain buoyant, particularly if rumors about the European… More

  • Oct 09, 2014

Corporate spin-off transactions have become increasingly popular in the U.S. this year amid lofty equity valuations and a growing desire among companies and activist shareholders to unlock shareholder value. More

  • Jan 15, 2015

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

  • Jan 22, 2015

In a report published on Jan. 22, 2015, we consider the effect on corporate credit quality of the Swiss National Bank's (SNB) decision to abandon its minimum exchange rate policy with respect to the euro. More

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  • Nov 10, 2014
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Market volatility has markedly slowed riskier capital markets activity. In this edition of Inside Credit, Standard & Poor’s analysts Taron Wade, Patrice Cochelin and Andrew Stillman discuss how demand for investment-grade bonds could support debt-funded M&A over the coming months. Watch

  • Oct 07, 2014

The Obama Administration's recent announcement of its intent to revise inversion regulations are aimed at slowing the pace of companies re-domiciling overseas. The new rules would restrict companies’ ability to use offshore cash to fund inversions. More

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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

  • Nov 27, 2014

Standard & Poor's Ratings Services compiles the ten most frequently-asked questions from investors in the corporate credit markets.

  • 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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  • Dec 15, 2014
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In this edition of Leverage Matters TV, David Gillmor Head of Analytics for European Leveraged Finance & Recovery looks back at some of the trends in 2014 and discusses the outlook for the leveraged finance and high yield bond markets in Europe in 2015. Watch

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  • Oct 30, 2014
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The European leveraged finance market has suffered a correction, but it may be short lived. In this edition of Leverage Matters TV, Gemma Johnson, Standard & Poor’s recovery analyst, explains how the market sharply changed over the past few months. 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
  • Requires a subscription to RatingsDirect®

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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