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S&P Credit Research16729 word report
published Jan 13, 2009
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S&P Credit Research
| Abstract: | A rapidly deteriorating U.S. economy, slowing growth worldwide, and credit market dislocations are stepping up the pressure on North American transportation companies. Standard&Poor's economists forecast that real U.S. GDP will contract by close to 6% in the fourth quarter of 2008 and will not hit bottom until mid-2009. The sharp decline in oil prices (we project average prices of $44 per barrel in 2009, compared with $100 in 2008) provides a significant offset for airlines but only modest relief for other sectors that already had means to pass through higher fuel costs. We see trucking and car rental companies under the greatest pressure and recently downgraded several large participants in those sectors: YRC Worldwide Inc. (CCC/Watch Dev/--), Avis
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| Brief Excerpt: | RESEARCH Ratings Definitions Industry Report Card: Recession Is Creating A Dim 2009 Outlook For The North American Transportation Sector Publication date: 13-Jan-2009 Primary Credit Analysts: Philip Baggaley, CFA, New York (1) 212-438-7683;...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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| Free Sample: |
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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.
