Report title: European Sovereigns Face Differentiated Refinancing Risk
from Moody's Global Credit Research
13 page (4951 word) report published Apr 05, 2009

Price $550.00 available for immediate download
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...Due to the current stressed economic environment, many countries around the world have incurred significant amounts of debt. For European sovereigns, debt at all levels of the rating scale is rapidly increasing, leading to concerns regarding refinancing risk. In this Special Comment, Moody's introduces its Government Refinancing Risk Indicators (GRRI/GRRI+), which examine the interplay of refinancing volumes and market access. What are the results? The analysis indicates that the only countries exhibiting refinancing risk are those whose refinancing needs are concurrently constrained in their ability to tap the market. Hence, the majority of European countries rated by Moody's have limited refinancing risk. This holds particularly true for EMU countries and the Aaa-rated euro "outs" of Sweden, Denmark and the UK. However, some countries, particularly those in Central and Eastern Europe (CEE), are more vulnerable than others. When we combine government and external refinancing pressures,...

Report Type: Special Comment
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