Скачать презентацию European Sovereign Ratings Outlook Frank Gill Senior Director Скачать презентацию European Sovereign Ratings Outlook Frank Gill Senior Director

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European Sovereign Ratings Outlook Frank Gill, Senior Director, European Sovereign Ratings London, January 2012 European Sovereign Ratings Outlook Frank Gill, Senior Director, European Sovereign Ratings London, January 2012 Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. Copyright © 2011 Standard & Poor’s Financial Services LLC, a subsidiary of The Mc. Graw-Hill Companies, Inc. All rights reserved.

Global Sovereign FC Rating Upgrades, Downgrades, And Outlooks Source: Standard and Poor’s 2. Permission Global Sovereign FC Rating Upgrades, Downgrades, And Outlooks Source: Standard and Poor’s 2. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Selected European FC Rating And Outlook Actions Source: Standard & Poor’s 3. Permission to Selected European FC Rating And Outlook Actions Source: Standard & Poor’s 3. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

FC Rating Changes and Affirmations Taken on the 13 th of January 2012 Outlooks FC Rating Changes and Affirmations Taken on the 13 th of January 2012 Outlooks ST Ratings Prior Ratings Notches Difference Germany AAA Stable A-1+ AAA 0 Netherlands AAA Negative A-1+ AAA 0 Finland AAA Negative A-1+ AAA 0 Luxembourg AAA Negative A-1+ AAA 0 France AA+ Negative A-1+ AAA -1 Austria AA+ Negative A-1+ AAA -1 Belgium AA Negative A-1+ AA 0 Estonia AA- Negative A-1+ AA- 0 Slovenia A+ Negative A-1 AA- -1 Slovakia A Stable A-1 A+ -1 Spain A Negative A-1 AA- -2 Malta A- Negative A-2 A -1 Italy BBB+ Negative A-2 A -2 Ireland BBB+ Negative A-2 BBB+ 0 Cyprus BB+ Negative B BBB -2 Portugal 4. FC Ratings BB Negative B BBB- -2 Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

EMU-15 Sovereign Ratings Peaked Over 5 Years Ago Source: Standard & Poor’s 5. Permission EMU-15 Sovereign Ratings Peaked Over 5 Years Ago Source: Standard & Poor’s 5. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Selected European Sovereign Spreads Source: Bloomberg 6. Permission to reprint or distribute any content Selected European Sovereign Spreads Source: Bloomberg 6. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Eurozone Central Government Debt Average Weighted Yield Is Rising 7. Permission to reprint or Eurozone Central Government Debt Average Weighted Yield Is Rising 7. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Composition of Real GDP Growth by Country 8. Permission to reprint or distribute any Composition of Real GDP Growth by Country 8. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Composition of Real GDP Growth by Country 9. Permission to reprint or distribute any Composition of Real GDP Growth by Country 9. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Evolution Of Domestic Credit Growth (%, Yo. Y) 10. Permission to reprint or distribute Evolution Of Domestic Credit Growth (%, Yo. Y) 10. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Household Saving Rate Source: Eurostat 11. Permission to reprint or distribute any content from Household Saving Rate Source: Eurostat 11. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Prospects For Export-Led Growth Differ In Our View 12. Permission to reprint or distribute Prospects For Export-Led Growth Differ In Our View 12. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

We Believe Fiscal Deficits Will Come Down Only Gradually 13. Permission to reprint or We Believe Fiscal Deficits Will Come Down Only Gradually 13. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Net General Government Debt and Interest Burden 14. Permission to reprint or distribute any Net General Government Debt and Interest Burden 14. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Net International Investment Position (% of GDP) Source: Standard & Poor‘s. 15. Permission to Net International Investment Position (% of GDP) Source: Standard & Poor‘s. 15. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Current Account Balance (% GDP) 16. Permission to reprint or distribute any content from Current Account Balance (% GDP) 16. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Current Account Balances Across Selected EMU Sovereigns Surplus Deficit Source: National Sources & Standard Current Account Balances Across Selected EMU Sovereigns Surplus Deficit Source: National Sources & Standard & Poor’s 17. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

18. Permission to reprint or distribute any content from this presentation requires the prior 18. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

19. Permission to reprint or distribute any content from this presentation requires the prior 19. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Standard & Poor’s Rebalancing Progress Indicator 20. Permission to reprint or distribute any content Standard & Poor’s Rebalancing Progress Indicator 20. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

Rebalancing Progress Indicator (RPI for 2010 and 2011 f versus 2008) 21. Permission to Rebalancing Progress Indicator (RPI for 2010 and 2011 f versus 2008) 21. Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s.

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