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May 28, 2014

Climate Change Is A Global Mega-Trend For Sovereign Risk

The impact of climate change on sovereign creditworthiness will probably be felt through various channels, including economic growth, external performance, and public finances. We believe that poorer and lower rated sovereigns will typically be hit hardest by climate change, which could contribute to rising global rating inequality.

The Greening Of The Corporate Bond Market

We estimate that the market in corporate green bonds, which raise funding for environmentally beneficial investments, will expand to about $20 billion in 2014, double the size of last year's total. We attribute this to investors' growing interest in implementing environmental, social, and governance goals.

What's Holding Back European Securitization Issuance?

We believe that wider macroeconomic and banking system conditions have held back issuance volumes in recent years rather than any industry-specific issues. However, we believe that current regulatory proposals—-such as revisions to the Basel securitization framework—-pose a major threat to the future growth of securitization volumes.

Multimedia

CMTV EpisodeThe New Gas Deal Between Russia And China: Credit Implications

The contract to export Russian gas to China has no immediate impact on credit quality. In this CreditMatters TV segment, Standard & Poor’s senior director Elena Anankina discusses the contract’s implications for Gazprom, for the Russian economy and for the European gas market.

CMTV EpisodeInside Credit: Numericable/SFR Debt Breaks Records

Numericable's financing for its takeover of telecom operator SFR could pave the way for more debt-funded M&A in Europe. In this episode of Inside Credit, analysts Osnat Jaeger, Gemma Johnson, Franck Rizzoli and Taron Wade discuss the credit characteristics of the company and the deal.

CMTV EpisodeTrends In GCC Corporate And Infrastructure Markets

The video will cover prospects for capital market issuance for Gulf corporate and infrastructure entities and the role of Islamic finance. In this CreditMatters TV segment, Standard & Poor's Karim Nassif and Michael Wilkins discuss further.

Top Stories

Sovereigns

Ratings On Spain Raised To 'BBB/A-2' On Improved Economic Prospects; Outlook Stable

We have revised our average 2014-2016 real GDP growth projections for Spain upward to 1.6% from 1.2%, reflecting the effects of labor and other structural reforms. We have therefore raised our long- and short-term sovereign credit ratings on Spain to 'BBB/A-2' from 'BBB-/A-3'.

Global

Banking Risk Indicators

We present historical data and forecasts on 22 selected indicators that we consider particularly relevant in our assessment of the relative strengths and weaknesses of banking systems across the globe.

Financial Institutions

UAE Banks And Real Estate Lending: Is It Different This Time?

We foresee an acceleration of real estate lending in the UAE as developers launch new projects and more customers seek to enter the mortgage market. Tighter lending caps are likely to protect the banks' asset quality in a downturn. But if banks aggressively expand their exposure to the real estate sector, risks will continue to build.

Utilities

Assessing The Credit-Supportiveness Of Europe's Renewable Energy Frameworks

We address investors' questions regarding how policy frameworks for renewable energy sources have developed across the EU and rank them according to our view of their sustainability and economics.

Global

Bond Upgrade Potential In Emerging And Developed Markets, Including The U.S. And Europe: The Count Reaches A Five-Month High

The number of entities we rate that are poised for upgrades has increased for the fifth consecutive month, jumping to 278 from 264.

Top10



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