JUULI 2010
Rating agency: Coface filed for accreditation with the CESR
Coface intends to become the first global European rating agency and to contribute towards restoring confidence in corporate ratings
Lae alla kogu uudis (avaneb PDF-vormingus)...
JUUNI 2010
1. Fact and events concerning the Rating agencies Topic
• June 2: Rating agencies, already strongly criticized regarding their sovereign ratings in Europe, are all the more blamed when some Moody’s ex employees underline the pressure they received to give good ratings even if the products were not worth it.
• June 2: Christian Noyer, French central bank governor, told the Handelsblatt (one of the main German financial newspaper), that he thought credit insurers could become rating agencies (see articles below)
• June 7: Start of the “window” for accreditation applications for existing rating agencies according to the European regulation. Window will close on September 7.
Lae alla kogu uudis (avaneb PDF-vormingus)...
APRILL 2010
Three industrialised countries return to their pre-crisis rating, but Coface warns of a lag in recovery in the Euro Zone
Coface has raised its world growth forecast for 2010 to 3%. Three industrialised countries (Canada, Australia and New Zealand) once again have the highest ranking, A1, the risk level they had before the crisis. The United States’ A2 rating has been placed under positive watch. The Euro Zone, on the other hand, is still behind the United States, with a growth forecast reviewed downward to 0.8%. The recovery in the Zone shows three different country profiles which all have a weak growth forecast for 2010 in common.
Lae alla kogu uudis (avaneb PDF-vormingus)...
MÄRTS 2010
Coface announces good turnover resistance, a turnaround in its profits and a new credit insurance approach
The years 2008 and 2009 will remain those of the fifth global credit crisis, the most serious since the Second World War. World growth went from 4.2% in 2007 to 2.1% in 2008 and then to -1.9% in 2009, for an unprecedented growth drop of 6 points.
Lae alla kogu uudis (avaneb PDF-vormingus)...
VEEBRUAR 2010
Maine kadu on ohu märk
Krediidiraport annab informatsiooni äripartneri usaldusväärsuse kohta. Kuid kui seni põhinesid meie raportid suuresti vaid kvantitatiivsel materjalil, kuivadel arvudel, siis alates sügisest arvestame krediidiraportite juures ka kvalitatiivseid näitajaid ehk pehmeid fakte.
Lae alla kogu uudis (avaneb PDF-vormingus)...
JAANUAR 2010
Coface sees the end of the global credit crisis by easing the outlooks for its country ratings, but continues to pay attention to the threat of bubbles
During its 14th Country Risk Conference, Coface announces some 20 upgrades in country ratings. The credit crisis, which will have lasted two years as announced at the conference held in January 2008, has been of an unprecedented magnitude for the past 60 years. Since the second half of 2009, Coface has recorded a net reduction in payment defaults. Payment defaults, still up 19% in the 1st half of 2009, declined 40% in the 2nd half. Nevertheless, for 2010 Coface foresees a very soft recovery in developed countries, which is fragile due to the threat of various bubbles.
Lae alla kogu uudis (avaneb PDF-vormingus)...
OKTOOBER 2009
Maksehäireid endiselt palju
Emotsionaalselt usume, et meil hakkab majanduses kohe-kohe hästi minema. Oktoobri alguses kiirgas konjunktuuriinstituut positiivseid uudiseid, et poole aasta pärast on majanduse olukord parem kui praegu ja ilmselt nii see saabki olema. Häid uudiseid on vaja -need omakorda mõjutavad majandust positiivses suunas. Äririskide haldamisega tegelev Coface seevastu 2010. aastaks Baltimaades olulist kasvu ei näe, meie analüütikud prognoosivad jätkuvat langust. Määrav osa ses on firmade kehval tervisel.
Lae alla kogu uudis (avaneb PDF-vormingus)...
JUUNI 2009
Coface revises upwards its estimate of the contraction in world growth in spite of a few signs of stabilisation
Coface’s new growth forecasts published today take into account a growth contraction of 6.6 points between 2007 and 2009. Coface projects the 2009 recession at -2.5% and sees growth recovering in 2010, settling at 1.7%.
After having downgraded 22 countries in January and then 47 in April, Coface is now downgrading 13 country ratings, primarily for small or medium-size economies highly dependent on international trade.
Perceptible signs of the end of the recession, and the scenario of a weak and slow “L-shaped” recovery remains the most likely.
Lae alla kogu uudis (avaneb PDF-vormingus)...
APRILL 2009
The financial strength of companies continues to decline in most countries. Coface is nevertheless maintaining its ratings for China, India, Brazil, the Middle East and North Africa.
The credit crisis, which entered its 2nd phase in the 4th quarter of 2008, is worsening in all areas. After observing a decline in companies’ average financial strength in 22 countries in January, Coface performs new downgrades and negative watches concerning 47 countries.
Most countries have their ratings reduced by one notch (on a scale of 13), or by two in the case of the worst-affected countries (namely Spain, the UK and Ireland).
Only a few areas – India, Brazil, China, the Middle East and North Africa – are maintaining themselves at their previous risk level.
Lae alla kogu uudis (avaneb PDF-vormingus)...
MÄRTS 2009
In an exacerbated context of crisis, Coface maintains solid growth and limits the downslide in results.
Since the last quarter of 2008, the global credit crisis has entered a second phase. Coface*, backed by its solid fundamentals, is confronting the crisis with:
• an increase in turnover up by 7.1% in 2008 (6.5% at constant structure),
• a credit insurance loss ratio that has risen by 24 points up to 73%,
• and a net profit that has fallen to €94m (compared to €204m in 2007), the decrease being
limited by the improvement of the services and factoring contributions.
Lae alla kogu uudis (avaneb PDF-vormingus)...
Coface's analysis about crisis development
The first half of 2009 has confirmed the trend observed at the end of 2008: the United States, the euro zone and Japan have seen its production shrink. Therefore, the recession is of an unprecedented scope since the Second World War in the industrialised countries. Furthermore, it is synchronised, which is leading to record contraction in world trade (-11% for all of 2009 according to the latest IMF forecasts).
It is more pronounced in countries that are major exporters of capital goods (Germany and Japan).
Lae alla kogu uudis (avaneb PDF-vormingus)...
