In view of its sector-based forecasts for 2007, Coface has downgraded the world and regional ratings for the following sectors:

  • Construction: from A- to B+, with a downgraded rating in North America and Western Europe
  • Pharmaceuticals: from A to A-, with a downgraded rating in North America
  • IT: from B to B-, with a downgraded rating in every region throughout the world
  • Telecoms manufacturers (manufacturers of mobile telephones): from A- to B+, with a downgraded rating in Western Europe and the emerging Asian economies

 Regional ratings for three sectors have also been adjusted:

  • Mass distribution: downgraded from A to A- in North America, and upgraded from B+ to A- in Western Europe and Japan
  • Automotive: downgraded from B to B- in Western Europe;
  • Electronics: downgraded from A+ to A in emerging Asia.  The world rating for the air transport sector has been upgraded from C+ to B-, with an upgrade from C to C+ in North America.

 Source: FEBIS News and Coface Press Release Nov.30, 2006:  Coface’s sector-based forecasts for 2007; www.coface.com

BIIA Newsletter January – 2007 Issue