Private Markets Monthly (EMEA Edition), April 2025: Unique Characteristics Of European Private Credit May Better Insulate Market From Shocks
Apr 10, 2025 -… In the region's main countries (meaning Germany, France, and Spain), we generally see NBFIs holding less than 10% of total financial assets. …
European Bancassurers Are On The Offensive
Apr 8, 2025 -… France bbb+ Adequate (no impact) Adequate (no impact) Adequate (no impact) Adequate/Adequate (no impact) 0 bbb+ 2 A Stable Credit Mutuel Group France bbb+ Strong (+1 notch) Strong (+1 notch) Adequate (no impact) Adequate/Adequate (no impact) 0 a 1 A+ Stable BPCE S.A. ...Finland A+/Stable N/A OP Financial Group AA-/Stable BNP Paribas Cardif France A/Stable A-/Stable BNP Paribas S.A. A+/Stable CNP Assurances France A/Stable N/A La Banque Postale S.A. A/Stable Credit Agricole Assurances France A+/Stable A/Stable Credit Agricole S.A. A+/Stable Sogecap S.A. …
EMEA Consumer Goods And Retail: U.S. Tariffs Will Hit Alcohol And Luxury Goods Hardest
Apr 7, 2025 -… Within the spirits sector, exposure varies by category, with Diageo heavily exposed to the U.S. through its leading positions in tequila (about 11% of total sales), Scotch whisky, and vodka. For France-based Pernod Ricard S.A., exposure to the U.S. ...Pricing Is The Main Mitigant For The Luxury Goods Multinationals Luxury goods companies traditionally manufacture their products in Italy, France, and Switzerland, relying on longstanding artistic traditions and craftmanship. ...-based Unilever PLC (22% of total sales to North America) makes most of the products that it sells in key markets like the U.S., Europe, and India in the markets themselves. France-based Danone (24% of total sales to North America) is shielded from tariffs as it sources 80%-90% of the products that it sells in the U.S. locally, procuring the ingredients from domestic farmers. …
House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets
Apr 4, 2025 -… Table 1 The six assessment levels for house prices Under- or overvaluation (calculated range) Non U.K. countries Modeled values (%) U.K. regions Modeled values (%) Undervalued (-10% to Finland, Italy (10) N/A (10) Neutral (0%) Denmark, France, Hungary 0 Northern Ireland 0 Slightly overvalued (>0%-10%) Belgium, Germany, Spain, Ireland, Greece 5 North, Scotland, Southwest England 5 Moderately overvalued (10%-20%) Norway, Sweden, Netherlands 15 Northwest England, Yorkshire and the Humber, East Midlands, West Midlands, East Anglia, Wales 15 Significantly overvalued (20%-30%) Austria, Israel, Portugal 25 N/A 25 Severely overvalued (>30%) N/A 35 London, Southeast England 35 Source: S&P Global Ratings. …
U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of March 28)
Apr 2, 2025 -… Capital markets B/Stable B+/Negative 1,251 to 1,500 2/28/2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 2/28/2025 Foley Products Co. …
Banking Industry Country Risk Assessment Update Published For March 2025
Mar 28, 2025 -… Since we last published the BICRA update on Feb. 27, 2025, we have: Andorra: Assigned a BICRA in group 5. France: Revised some scores on economic risk-related factors. …
SF Credit Brief: CLO Insights 2025 U.S. BSL Index: U.S. CLO 2.0 Tranche Defaults And Recoveries; ‘CCC’ Buckets Edge Upward While Average Loan Price Declines
Mar 28, 2025 -… IT Services CCC+/Watch Neg B-/Negative Top 250 Feb. 18, 2025 Ascend Performance Materials Operations LLC Chemicals CCC+/Negative B/Negative 251 to 500 Feb. 28, 2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 March 3, 2025 Cast & Crew LLC Software B-/Stable B/Negative Top 250 March 5, 2025 Ivanti Software Inc. …
Credit Trends: This Month In Credit: 2025 Data Companion
Mar 27, 2025 -… CCC+ Negative Canada Canada Health care Colisee Group SAS B- Negative France Europe Health care Physician Partners LLC CCC+ Negative U.S. ...High technology Poseidon BidCo S.A.S. B- Negative France Europe High technology Tegra118 Wealth Solutions Inc. ...Telecommunications Altice France Holding S.A. CC Negative Luxembourg Europe Telecommunications Altice USA Inc., CCC+ Negative U.S. …
Default, Transition, and Recovery: 2024 Annual Global Corporate Default And Rating Transition Study
Mar 27, 2025 -… Telecommunications 1,889.5 03/29/24 CCC+ B- B- 01/17/20 La Financiere Atalian SAS Distressed Exchange France Consumer/service sector 903.5 03/29/24 B- B B+ 01/08/13 Wom S.A. ...Consumer/service sector 370.0 07/24/24 CCC B B 07/07/21 Atos SE Missed Interest France High tech/computers/office equipment 1,749.9 07/26/24 BB BBB+ BBB+ 10/22/18 Quincy Health LLC Distressed Exchange U.S. ...Aerospace/automotive/capital goods/metal 260.0 10/02/24 CCC+ CCC+ B- 05/06/20 iQera Group SAS Missed Principal France Financial institutions 663.3 10/02/24 B B+ BB- 11/28/18 LifeScan Global Corp. …
Global Economic Outlook Q2 2025: Spike In U.S. Policy Uncertainty Dampens Growth Prospects
Mar 27, 2025 -… Table 1 GDP growth forecasts Annual percentage change Forecasts Change from November baseline 2024 2025 2026 2027 2028 2024 2025 2026 2027 U.S. 2.8 1.9 1.9 2.2 1.8 0.1 0.0 -0.1 0.5 Europe Eurozone 0.8 0.9 1.4 1.5 1.5 0.0 -0.3 0.1 0.3 Germany -0.2 0.3 1.4 1.7 1.6 -0.1 -0.6 0.2 0.6 France 1.1 0.7 1.1 1.2 1.1 -0.1 -0.2 0.0 0.0 Italy 0.5 0.6 1.0 1.0 0.9 0.0 -0.3 -0.1 0.1 Spain 3.2 2.6 2.0 1.9 1.8 0.2 0.0 0.1 -0.1 U.K. 0.9 0.8 1.6 1.6 1.4 0.0 -0.7 -0.1 0.1 Asia-Pacific China 5.0 4.1 3.8 4.4 4.5 0.2 0.0 0.0 0.1 Japan 0.1 1.2 0.8 0.8 0.8 0.4 -0.1 -0.2 -0.2 India* 6.5 6.5 6.8 7.0 6.8 -0.3 -0.2 0.0 0.0 Emerging economies Mexico 1.2 0.2 1.7 2.2 2.3 -0.2 -1.0 -0.2 0.1 Brazil 2.9 1.9 2.0 2.1 2.2 -0.1 0.0 -0.1 -0.1 South Africa 0.6 1.6 1.5 1.4 1.4 -0.4 -0.1 0.1 0.0 World 3.3 3.0 3.0 3.4 3.3 0.1 0.0 -0.1 0.2 *Fiscal year, beginning April 1 in the reference calendar year. …
Private Markets Monthly (EMEA Edition), April 2025: Unique Characteristics Of European Private Credit May Better Insulate Market From Shocks
Apr 10, 2025 -… In the region's main countries (meaning Germany, France, and Spain), we generally see NBFIs holding less than 10% of total financial assets. …
European Bancassurers Are On The Offensive
Apr 8, 2025 -… France bbb+ Adequate (no impact) Adequate (no impact) Adequate (no impact) Adequate/Adequate (no impact) 0 bbb+ 2 A Stable Credit Mutuel Group France bbb+ Strong (+1 notch) Strong (+1 notch) Adequate (no impact) Adequate/Adequate (no impact) 0 a 1 A+ Stable BPCE S.A. ...Finland A+/Stable N/A OP Financial Group AA-/Stable BNP Paribas Cardif France A/Stable A-/Stable BNP Paribas S.A. A+/Stable CNP Assurances France A/Stable N/A La Banque Postale S.A. A/Stable Credit Agricole Assurances France A+/Stable A/Stable Credit Agricole S.A. A+/Stable Sogecap S.A. …
EMEA Consumer Goods And Retail: U.S. Tariffs Will Hit Alcohol And Luxury Goods Hardest
Apr 7, 2025 -… Within the spirits sector, exposure varies by category, with Diageo heavily exposed to the U.S. through its leading positions in tequila (about 11% of total sales), Scotch whisky, and vodka. For France-based Pernod Ricard S.A., exposure to the U.S. ...Pricing Is The Main Mitigant For The Luxury Goods Multinationals Luxury goods companies traditionally manufacture their products in Italy, France, and Switzerland, relying on longstanding artistic traditions and craftmanship. ...-based Unilever PLC (22% of total sales to North America) makes most of the products that it sells in key markets like the U.S., Europe, and India in the markets themselves. France-based Danone (24% of total sales to North America) is shielded from tariffs as it sources 80%-90% of the products that it sells in the U.S. locally, procuring the ingredients from domestic farmers. …
House Price Overvaluation Moderates For Europe's RMBS And Covered Bond Markets
Apr 4, 2025 -… Table 1 The six assessment levels for house prices Under- or overvaluation (calculated range) Non U.K. countries Modeled values (%) U.K. regions Modeled values (%) Undervalued (-10% to Finland, Italy (10) N/A (10) Neutral (0%) Denmark, France, Hungary 0 Northern Ireland 0 Slightly overvalued (>0%-10%) Belgium, Germany, Spain, Ireland, Greece 5 North, Scotland, Southwest England 5 Moderately overvalued (10%-20%) Norway, Sweden, Netherlands 15 Northwest England, Yorkshire and the Humber, East Midlands, West Midlands, East Anglia, Wales 15 Significantly overvalued (20%-30%) Austria, Israel, Portugal 25 N/A 25 Severely overvalued (>30%) N/A 35 London, Southeast England 35 Source: S&P Global Ratings. …
U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of March 28)
Apr 2, 2025 -… Capital markets B/Stable B+/Negative 1,251 to 1,500 2/28/2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 2/28/2025 Foley Products Co. …
Banking Industry Country Risk Assessment Update Published For March 2025
Mar 28, 2025 -… Since we last published the BICRA update on Feb. 27, 2025, we have: Andorra: Assigned a BICRA in group 5. France: Revised some scores on economic risk-related factors. …
SF Credit Brief: CLO Insights 2025 U.S. BSL Index: U.S. CLO 2.0 Tranche Defaults And Recoveries; ‘CCC’ Buckets Edge Upward While Average Loan Price Declines
Mar 28, 2025 -… IT Services CCC+/Watch Neg B-/Negative Top 250 Feb. 18, 2025 Ascend Performance Materials Operations LLC Chemicals CCC+/Negative B/Negative 251 to 500 Feb. 28, 2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 March 3, 2025 Cast & Crew LLC Software B-/Stable B/Negative Top 250 March 5, 2025 Ivanti Software Inc. …
Credit Trends: This Month In Credit: 2025 Data Companion
Mar 27, 2025 -… CCC+ Negative Canada Canada Health care Colisee Group SAS B- Negative France Europe Health care Physician Partners LLC CCC+ Negative U.S. ...High technology Poseidon BidCo S.A.S. B- Negative France Europe High technology Tegra118 Wealth Solutions Inc. ...Telecommunications Altice France Holding S.A. CC Negative Luxembourg Europe Telecommunications Altice USA Inc., CCC+ Negative U.S. …
Default, Transition, and Recovery: 2024 Annual Global Corporate Default And Rating Transition Study
Mar 27, 2025 -… Telecommunications 1,889.5 03/29/24 CCC+ B- B- 01/17/20 La Financiere Atalian SAS Distressed Exchange France Consumer/service sector 903.5 03/29/24 B- B B+ 01/08/13 Wom S.A. ...Consumer/service sector 370.0 07/24/24 CCC B B 07/07/21 Atos SE Missed Interest France High tech/computers/office equipment 1,749.9 07/26/24 BB BBB+ BBB+ 10/22/18 Quincy Health LLC Distressed Exchange U.S. ...Aerospace/automotive/capital goods/metal 260.0 10/02/24 CCC+ CCC+ B- 05/06/20 iQera Group SAS Missed Principal France Financial institutions 663.3 10/02/24 B B+ BB- 11/28/18 LifeScan Global Corp. …
Global Economic Outlook Q2 2025: Spike In U.S. Policy Uncertainty Dampens Growth Prospects
Mar 27, 2025 -… Table 1 GDP growth forecasts Annual percentage change Forecasts Change from November baseline 2024 2025 2026 2027 2028 2024 2025 2026 2027 U.S. 2.8 1.9 1.9 2.2 1.8 0.1 0.0 -0.1 0.5 Europe Eurozone 0.8 0.9 1.4 1.5 1.5 0.0 -0.3 0.1 0.3 Germany -0.2 0.3 1.4 1.7 1.6 -0.1 -0.6 0.2 0.6 France 1.1 0.7 1.1 1.2 1.1 -0.1 -0.2 0.0 0.0 Italy 0.5 0.6 1.0 1.0 0.9 0.0 -0.3 -0.1 0.1 Spain 3.2 2.6 2.0 1.9 1.8 0.2 0.0 0.1 -0.1 U.K. 0.9 0.8 1.6 1.6 1.4 0.0 -0.7 -0.1 0.1 Asia-Pacific China 5.0 4.1 3.8 4.4 4.5 0.2 0.0 0.0 0.1 Japan 0.1 1.2 0.8 0.8 0.8 0.4 -0.1 -0.2 -0.2 India* 6.5 6.5 6.8 7.0 6.8 -0.3 -0.2 0.0 0.0 Emerging economies Mexico 1.2 0.2 1.7 2.2 2.3 -0.2 -1.0 -0.2 0.1 Brazil 2.9 1.9 2.0 2.1 2.2 -0.1 0.0 -0.1 -0.1 South Africa 0.6 1.6 1.5 1.4 1.4 -0.4 -0.1 0.1 0.0 World 3.3 3.0 3.0 3.4 3.3 0.1 0.0 -0.1 0.2 *Fiscal year, beginning April 1 in the reference calendar year. …