By Marc Jones LONDON (Reuters) -Higher interest rates and a near stalling of Europe's economy will put pressure on the credit ratings of the region's ...
By Marc Jones LONDON -Higher interest rates and a near stalling of Europe's economy will put pressure on the credit ratings of the region's companies, property firms and banks and drive upSaltWire's Atlantic regional weather forecast for September 26, 2023 | SaltWireLONDON -Higher interest rates and a near stalling of Europe's economy will put pressure on the credit ratings of the region's companies, property firms and banks and drive up default rates, S&P Global said on...
"Real estate remains one of the most exposed sectors. For European banks, while asset quality deterioration will emerge, credit losses are expected to only normalize," the report added. It could be as high as 5.5% if the region suffers a painful recession, its head of European corporate research, Paul Watters, told reporters.
S&P estimates that junk-rated European companies have to refinance $68 billion worth of debt in 2024, $152.7 billion in 2025 and $232 billion in 2026, while investment grade-rated firms have $316 billion, $313.5 billion and $284 billion to refinance in those years respectively.
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