...EMEA Share Buybacks Trail US: Fitch Ratings expects EMEA corporates to continue to trail the US in share buybacks for cultural, fiscal, and structural reasons. Shareholder-friendly practices will be largely determined by sector and company-specific factors, and while some increases are possible in aerospace, chemicals, media and pharmaceutical, we expect aggregate buybacks by European companies to remain muted in 2016. EUR84bn Capacity for Outflows: Our estimate that EUR84bn is theoretically available for buybacks in 2016 is based on the assumption that issuers will keep their leverage ratios stable versus 2015 by increasing cash outflows to shareholders in proportion to our forecast increase in FFO. Our rating headroom report, planned for the end of the year, will refine this estimate according to individual issuers' leverage guidance. M&A the Name of the Game: We believe European companies will continue to seek growth opportunities, primarily through acquisitions, and that activity will...
