S&P Ratings

Das Niedrigzinsumfeld bleibt der wesentliche Einflussfaktor für unsere Ratings deutscher Versicherer. In dieser Ausgabe von CreditMatters TV, beleuchtet Standard & Poor's Associate Director Christian Badorff warum dies so ist, welche anderen Faktoren entscheidend sind für die Finanzstärke deutscher Versicherer und warum einige Versicherer besser für das schwierige Marktumfeld aufgestellt sind als andere.

Remember when interest rates spiked after Fed Chairman Bernanke’s remarks about tapering? Last week, minutes to the Federal Open Market Committee meeting focused on communications risk management so that comments by the Fed do not inadvertently create market turmoil. In this segment, our U.S. Economist Satyam Panday reviews the key takeaways from the minutes.

In this CreditMatters segment, Standard & Poor's Howard Esaki, Global Head of Structured Finance Research, discusses the continuing rise of home prices in the U.S., albeit at a slower pace month over month.

Our base-case scenario for U.S. retail sales over the holiday period calls for low single-digit growth, reflecting consumer caution. However, we do not expect to take many negative rating actions on retailers despite only modest year-over-year growth. In this CreditMatters TV segment, Associate Kristina Koltunicki reviews the most recent consumer buying trends and the likely outcome for the holiday season.

On June 6, 2013, Standard & Poor's Ratings Services revised its outlook on the Federative Republic of Brazil to negative from stable, and as stated at that time, the negative outlook reflected S&P´s view that there is at least a one-in-three likelihood that Brazil's rising government debt burden and eroding macroeconomic stability could lead to a downgrade over the next two years. We also stated that continued slow economic growth, weaker fiscal and external fundamentals, and some loss in the credibility of economic policy given ambiguous policy signals could diminish Brazil's ability to manage an external shock. Now, in this edition of creditMatters TV, Sebastián Briozzo, S&P Sovereign Ratings Director, discusses our current view on Brazil's sovereign ratings and their outlook.

The number of global weakest links declined by four issuers to 138 from 142 in September. Weakest links are issuers rated 'B-' or lower with either negative rating outlooks or ratings on CreditWatch with negative implications. In this CreditMatters TV segment, Standard & Poor's Associate Director Gregg Moskowitz explains the key trends and data points.

Em 6 de junho de 2013, a Standard & Poor’s alterou a perspectiva do rating de crédito soberano atribuído ao Brasil de estável para negativa, e como dito àquela época, tal ação refletia pelo menos a probabilidade, de uma em três, de que a crescente carga de dívida do governo e a erosão da estabilidade macroeconômica poderiam levar a um rebaixamento do Brasil nos próximos dois anos. Afirmamos também que a contínua desaceleração do crescimento econômico, os fundamentos fiscais e externos mais fracos e alguma perda de credibilidade da política econômica, dados os ambíguos sinais de políticas, poderiam diminuir a capacidade do país de administrar choques externos. Agora, nesta edição de CreditMatters TV, Sebastián Briozzo, diretor de ratings soberanos, apresenta a visão atual da Standard & Poor’s sobre os ratings soberanos do Brasil e suas perspectivas.

According to the U.S. Labor Department, the consumer price index fell 0.1% in October compared to a 0.2% increase in September. Concurrently, the consumer products composite spread tightened slightly. In this CreditMatters TV segment, Standard & Poor’s Associate Director Gregg Moskowitz explains the key trends and data points.

Japan-based industrial companies are expanding overseas as structural challenges constrain prospects for economic growth at home. Hiroki Shibata, Director of Corporate and Government Ratings at Standard & Poor’s Ratings Japan, discusses whether this outward momentum will continue, and how it will affect their credit quality.

In this Asia-Pacific Economic Update, Paul Gruenwald, Standard & Poor’s Asia-Pacific Chief Economist, discusses his views on how China’s consumption-to-GDP ratio will respond to different GDP growth scenarios.

标准普尔发布了工业企业与公用事业修订版信用评级准则。此新版评级准则的实施将可提高评级的透明度、增进全球评级的可比性，并同时维持我们专业的分析性判断。在本集信用视频中，标准普尔董事总经理李国宜将讨论这次评级准则修订的原因，新版准则对评级的影响，以及评级调整将如何进行。

Most engineering and construction companies have maintained, among other things a healthy backlog of orders and conservative capital structures, helping them weather challenges across the regions. In this CreditMatters TV segment, Standard & Poor’s Director Robyn Shapiro explains why credit quality will likely remain stable for most companies.

Standard & Poor’s ha pubblicato l’ Italian ABS Leasing Index Report relativo al primo semestre 2013. Giovanni Inglisa, Associate Structured Finance Ratings, parlerà dei principali trend analizzati in Italia sull’andamento delle cartolarizzazioni di operazioni di leasing e delle previsioni sull’andamento dei default nei prossimi mesi.

Standard & Poor's has published its Italian ABS Leasing Index Report for the first half of 2013. In this CreditMatters TV segment, Standard & Poor’s Associate Giovanni Inglisa discusses the main trends in the Italian ABS leasing market, as well as the outlook for the coming months.

This week on Extra Credit, Standard & Poor’s Director Liz Sweeney explains our new group ratings methodology and Associate Avani Parikh discusses two recently published articles covering small and speculative-grade hospitals.