Dec 12, 2019

 
 
Please see below the most recent articles, rating updates and events from your S&P Global Ratings Corporate analysts. To access the full reports please click the article titles. We hope you find this summary of our latest thought-leadership valuable.

book_latest_research.pngLatest Publications From Our Corporate Analysts  

  • North America Corporate Credit Oulook Mid-Year 2019: Pockets Of Risk Emerge
    Uncertainty lingers as trade-related headwinds persist, giving way to likely slower GDP growth for the rest of the year. Corporate capex spending growth has slumped in response. We expect the speculative grade default rate to increase to 2.7% by March 2020, which would remain below its level from March 2018.
  • European Corporate Credit Outlook Mid-Year 2019: A Switch In Time?
    Amid growing signs of an economic slowdown, central banks have once again signaled a return to the tried and tested analgesic of monetary stimulus. Our base case remains that stimulus will avert recession, but systemic fragilities and ebbing corporate credit quality give cause for concern.
    • In addition to these two key articles, 38 single-page industry updates for North America and EMEA are available separately. These cover a wide range of industries, including real estate and infrastructure. To access the full series, please visit our dedicated page at, www.spglobal.com/ratings/corporate-ratings-industry-top-trends
The mini capex boom is fading fast. Global corporate capex grew a mere 2% last year and we expect a similarly feeble 3% expansion in 2019. This is thin gruel after years of stimulus and means that capex will not offer much help in sustaining the current economic cycle.

Trade tensions—in particular the tariff dispute between the U.S. and China—are casting a shadow on the global economy and financing conditions in all regions. On the bright side, central banks in the world’s biggest economies stand ready to goose growth with interest-rate cuts, and borrowers around the globe are still enjoying a historic run of benign credit conditions.

Read our regionally-focused Credit Conditions reports by clicking the below links:
Listen to a replay of our associated webcast here: Live Webcast: Global Credit Conditions - July 2019 

China Credit Outlook: Liquidity Crunch Just The Latest Headache For Corporate Issuers
The implosion, in May, of Baoshang Bank Co. Ltd.--a mid-sized regional lender previously little known outside of China--shook confidence in China's interbank market, depressing funding conditions. This was just the latest domino to topple for Chinese companies grappling with an economic slowdown and trade fight. S&P Global Ratings expects Chinese corporate defaults to rise in the second half, and lowly rated issuers to issue fewer bonds in a climate of rising credit spreads.

Masmovil is Spain's fourth-largest telecom operator, providing fixed and mobile voice and internet services to business and retail customers. The group generated revenue of €1.451 billion and served 7.8 million subscribers through its brands Yoigo, Masmovil, Pepephone, Llamaya, and Lebara, as of Dec. 31, 2018. Over the last 10 years, the group has managed to significantly expand its network coverage, size, and service offering, mainly through acquisitions, maintaining a sustained expansion strategy. Growth accelerated in recent years with its listing on the Madrid Stock Exchange in 2017, and the acquisitions of Pepephone and Yoigo in 2016, Llamaya in 2017, and Lebara in 2018.

Visit our hot topics pages Global Corporate Research for more on our recent published articles, including:
Commodities & Credit – 10 Minutes On Global Oil And Shale Producers, Large And Small
Crude oil’s had a volatile year. In this podcast, S&P Global Rating Analysts, Thomas Watters and Simon Redmond discuss the Straits of Hormuz, OPEC+ cuts, trade wars, Exxon & Chevron’s shale investments and what we’re seeing for lower rated U.S. producers.

CLOs Uncovered Podcast Episode 4
In today’s episode, Hina Shoeb and Sandeep Chana have a guest speaker- Paul Watters who gives a flavour on the top risks that S&P and the U.S. Federal Reserve are monitoring--trade, Fed policy, China, and Brexit. They also discuss Picard’s Corporate Credit Ratings.

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For more information on our upcoming events and replays, please visit Webcasts and Events.

For access to more of our research and insights, please visit our dedicated Global Corporate Research webpage. If you have any questions regarding the reports included in this email, or would like to get in touch with one of our analysts, please contact us

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Kind regards,
Gregg Lemos-Stein
Head of Analytics & Research
Corporate Ratings
S&P Global Ratings

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