...Rating Outlook Stable: The rating outlook for large European capital goods companies in 2016 is stable. Deteriorating conditions in some emerging markets and North America, notably in the oil and gas sector, are offset by EMEA companies' moderate exposure to these markets and by the steady conditions in Europe. Key credit metrics and liquidity positions are commensurate with current rating levels for most EMEA capital goods issuers. Steady European Conditions: The relatively expansionary monetary policy and steady GDP growth in Europe, along with euro weakness, are likely to support further industrial demand in 2016. Fitch Ratings expects GDP growth to come close to 2% in 2016 after 1.5% in 2015 and 0.9% in 2014. EMEA capital goods groups remain materially exposed to Europe. Currency Effect: Our revenue growth forecast for Fitch-rated EMEA capital goods companies in 2016 is down to 3% from 4.4% at the beginning of 2015. We believe that the majority of the revenue growth will be driven by...
