Industry Credit Outlook: Despite A Nascent Recovery, Prospects For U.S. Finance Companies In 2010 Are Mixed

5567 word report published Feb 02, 2010

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Abstract:

The past two years have been among the most difficult Standard&Poor's Ratings Services' rated U.S. finance companies have faced. The deep recession and credit market dislocation caused substantial deterioration in the financial profiles of most of the companies we rate, resulting in many negative ratings outlooks, downgrades, and defaults during 2009. We expect 2010 to be a transition year for U.S. finance companies, as most firms return to a "new normal." We believe more-conservative underwriting, lower leverage, and more-diversified funding platforms will characterize this new normal. Here are our core observations for U.S. finance companies in 2010: Our ratings outlook for traditional finance companies (those that extend credit) remains negative in 2010, consistent with our expectation that the

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RESEARCH Ratings Definitions Industry Credit Outlook: Despite A Nascent Recovery, Prospects For U.S. Finance Companies In 2010 Are Mixed Publication date: 02-Feb-2010 Primary Credit Analyst: Rian M Pressman, CFA, New York (1) 212-438-2574;...

Report Type:

Commentary

Sector:

Global Issuers, Public Finance, Structured Finance

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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