Fitch: Difficult Operating and Market Conditions in Latin America

Jun 12, 2015 19:19 pm UTC| Research & Analysis

Fitch Ratings expects operating cash flows in Latin America will not recover in 2015 and that issuers credit quality will remain under stress. External conditions remain difficult for most of the regions commodities, and...

Fitch: Brazilian Tax Incentives Imperil State Budget Planning

Jun 12, 2015 15:15 pm UTC| Research & Analysis

Tax incentives are making Brazilian state budgets difficult to manage. They are not transparent and could be as high as 30% of some states annual revenues. The incentives have also led to lawsuits with sizable settlements....

Fitch: EMEA Financials' Issuance Falls as Support Revision-Related Downgrades Hit

Jun 12, 2015 12:19 pm UTC| Research & Analysis

Fitch Ratings says EMEA financial-sector issuance continued its downward trend, falling 7% yoy in 5M15, although junior bond sales remain strong, if broadly unchanged from last years level. Spreads remain close to the lows...

Moody's: China has adequate fiscal headroom to absorb local government contingent liabilities

Jun 12, 2015 03:43 am UTC| Research & Analysis

Moodys Investors Service says that while higher levels of local government off-budget investment financing pose a challenge to the Government of Chinas (Aa3 stable) fiscal position, such debt levels are relatively moderate...

Moody's: China banks' operating, financial and support parameters affected by recent policy developments

Jun 12, 2015 03:23 am UTC| Research & Analysis

Moodys Investors Service says that its stable outlook on Chinas banking system reflects the recent policy developments in the country. "On balance, the developments in monetary policy, financial supervision and market...

Moody's: China has made substantial progress on reform and rebalancing

Jun 12, 2015 01:42 am UTC| Research & Analysis

Moodys Investors Service says that China has made substantial progress on reforming and rebalancing its economy, since the government committed to deep reforms during the third plenary session of the 18th Central Committee...

Moody's: Global spec-grade corporate default rate rises to 2.4% in May

Jun 11, 2015 12:56 pm UTC| Research & Analysis

Moodys trailing 12-month global speculative-grade default rate closed at 2.4% in May 2015, up from Aprils rate of 2.2%. The latest reading matched exactly the rating agencys year-ago prediction. Moodys default rate...