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S&P Credit Research3503 word report
published May 28, 2009
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S&P Credit Research
| Abstract: | Highly rated European sovereigns have been hard hit by the ongoing international economic crisis. Standard&Poor's Ratings Services expects economic activity to fall in each of these sovereigns in 2009, with the contraction ranging between 1.4% in Greece to 7.7% in Ireland. In line with the deteriorating economic environment and financial sector pressures, we observe that public finances have also started to weaken in all highly rated European sovereigns. In our view, rising fiscal deficits and debt levels reflect cyclical reductions in revenues and increases in expenditure, structural shifts in the underlying economies (as, for example, the role of the financial and construction sectors diminishes), fiscal stimuli delivered to cushion the impact of the contraction, and comprehensive support measures
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| Brief Excerpt: | RESEARCH Ratings Definitions Public Finances In Highly Rated European Sovereigns: The Deterioration Sets In Publication date: 28-May-2009 Primary Credit Analyst: Kai Stukenbrock, Frankfurt (49) 69-33-999-247; kai_stukenbrock@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Global Issuers, 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.
