Moody's Credit Outlook

News & Analysis

Corporates

»  Block Financial’s Planned Share Buybacks Are Credit Negative

»  American Renal’s Planned IPO Is Credit Positive

»  B&G Foods’ Plan to Acquire General Mills’ Green Giant and Le Sueur Brands Is Credit Negative

»  Volkswagen’s Termination of Suzuki Agreement Is Credit Positive for German Automaker

»  UK’s Approval of Culzean Gas Field Is Credit Positive for Maersk Oil

»  Rupiah’s Slide to a 17-Year Low Is Credit Negative for Indonesian Developers

Infrastructure

»  SCANA Will Benefit from Approval of Nuclear Cost Overruns

»  Closing of British Coal Plants Is Credit Positive for Generators but Credit Negative for Ports

»  EDF Expects More Cost Overruns and Construction Delays at Flamanville Nuclear Reactor

Banks

»  European Central Bank Recognizes a New Asset as Eligible Collateral, a Credit Positive

»  Bankinter’s Acquisition of Barclays Wealth and Retail Business in Portugal Is Credit Positive

»  India’s Designation of Just Two Banks as Systemically Important Is Credit Negative for All Banks

»  India’s Draft Rules for Lending Rates Are Credit Negative for Lenders

»  CIMB Thai Bank’s Rights Issue Is Credit Positive

Sovereigns

»  Canada’s Recession Suggests More Low Growth, Making Fiscal Surplus More Difficult to Achieve

»  Major Natural Gas Discovery Is Credit Positive for Egypt and Eni

»  Lebanese Protests Reflect Growing Instability, Hamper Fiscal Reforms and Growth

»  Macao Will Cut Spending to Meet Fiscal Targets, a Credit Positive

»  Japan’s Slowing Economic Momentum Threatens Fiscal Consolidation

Structured Credit

»  Taberna’s Recent Settlement Is Credit Positive for 11 REIT TruPS CDOs

Rating Changes

Last week we downgraded Golden Agri-Resources, Scripps Networks Interactive, Banco Indusval, Budapest Bank and The Export-Import Bank of Korea, and upgraded ISS Global and 42 tranches from 19 US subprime RMBS transactions, among other rating actions.

Research Highlights

Last week we published on global pharmaceuticals, US Speculative grade liquidity, Latin American corporates, European container shipping, Latin American credit conditions, North American chemical companies, Indian property developers, US toll roads, Mexican banks, Canadian banks, US Federal Home Loan Banks, global asset managers, Cote d'Ivoire, the Bahamas, local currency sovereign debt in emerging markets, South Africa, British housing associations, the Faroe Islands, California, Michigan schools, Chinese securitizations, European covered bonds, US RMBS and Portuguese covered bonds, among other reports.