According to Moody’s there was little chance that the outlook for European companies would soon return to the healthy picture seen last year.  “West European credit quality is unlikely to recover back into positive territory any time soon,” according to Guillaume Menuet and Andrea Zazzarel, both economists at Moody’s.  Thirty-nine issuers were downgraded between March and June of this year while only 25 were upgraded.  The worst performing sector was telecoms.  Source:  FT July 14, 2006

BIIA Newsletter September – 2006 Issue