Selon Standard & Poor's, l'entrée en vigueur des standards de régulations internationales « Bâle 3 » et « Solvabilité 2 » pourrait avoir des répercussions plus importantes sur les entreprises européennes que sur les entreprises américaines, principalement en raison de la prépondérance du financement bancaire en Europe par rapport au financement obligataire. Dans cet épisode de CreditMatters TV, Blaise Ganguin, Chief Credit Officer pour l'Europe chez Standard & Poor's présente les tenants et aboutissants de ces nouvelles réglementations ainsi que l'impact qu'elles pourraient avoir sur l'accès au financement des entreprises européennes.
Views: 7146 S&P Global Ratings
May 16, 2011 - Covered bonds are a growing asset class. These instruments are used extensively across Europe and are quickly growing in other global markets. In this CreditMatters TV segment, Standard & Poor's Managing Director Peter Eastham, Structured Finance, provides insight into how covered bonds work within these markets.
Views: 4813 S&P Global Ratings
As interest rates rise, mortgage banking revenues and earnings decline. However, mortgage servicing right values improve, helping to offset weakened mortgage activity. In this CredittMatters TV segment, Senior Director Jonathan Nus and Associate Stephen Lynch explain how rates affect mortgage servicing rights, earnings, and bank and nonbank balance sheets.
Views: 1061 S&P Global Ratings
The U.S. Department of Housing and Urban Development's Rental Assistance Demonstration (RAD) program provides funding for modernizing and rehabilitating low-rent public housing units. The plan aims to enable housing authorities to better address unmet capital needs in their existing housing. In this CreditMatters TV segment, Standard & Poor's Director Larry Witte explains how RAD could benefit public housing.
Views: 998 S&P Global Ratings
O recente resfriamento da expansão econômica do Brasil não paralisou o desempenho do mercado de locação de veículos. O rápido crescimento da economia brasileira entre 2004 e 2011 -- período em que o PIB cresceu 22,4%, de R$ 3,14 trilhões para R$ 4,14 trilhões -- permitiu que o mercado de locação de veículos mais que dobrasse, de R$ 2,68 bilhões para R$ 5,67 bilhões (aumento de 111,6%). Isto estimulou as locadoras de veículos a realizar investimentos significativos: a frota consolidada do setor no Brasil cresceu para 445.470 veículos em 2011, ante os 203.650, em 2004
Views: 2391 S&P Global Ratings
For most insurers and reinsurers exposed to a substantial level of natural catastrophe risks, catastrophe models developed by professional modeling firms play a central role in how they manage catastrophe risk. In this CreditMatters TV segment, Standard & Poor's Director Miroslav Petkov discusses how the use and understanding of catastrophe models can affect several categories of Standard & Poor's analysis, including management and corporate strategy, capitalization, and enterprise risk management (ERM).
Views: 2598 S&P Global Ratings
Asset-based loans (ABLs) are low-interest corporate loans secured by borrowers' working capital assets. The assets constitute a borrowing base, which governs the amount of money a lender provides a borrower. ABLs influence recovery, and U.S. speculative-grade rated companies are increasingly incorporating asset-based credit facilities into their capital structures. In this CreditMatters TV segment, Director Greg Maddock provides an in-depth look at how ABLs function and how they affect borrowers and lenders.
Views: 1618 S&P Global Ratings
Nonproportional reinsurance, also known as excess of loss reinsurance, kicks in when losses exceed the agreed-upon amount set forth in a treaty. However, nonproportional rates are more flexible than proportional reinsurance pricing. In this CreditMatters TV segment, Standard & Poor's Associate Director Jason Porter explains how pricing pressures have a greater impact on nonproportional reinsurers.
Views: 1017 S&P Global Ratings
The Financial Stability Board published in November 2014 a consultation on total loss-absorbing capacity (TLAC) requirements for global systemically important banks. In this CMTV segment, Director Alexandre Birry discusses some of the main features and implications of the proposal.
Views: 1021 S&P Global Ratings
Standard & Poor's rating on the Dominican Republic reflects the country's potential for growth but takes various economic weaknesses into account. In this CreditMatters TV segment, Standard & Poor's Director Richard Francis discusses the factors influencing the rating.
Views: 404 S&P Global Ratings
The U.S. triparty repo market provides secured lending funds to banks and nonbanks. The market consists of three parties: collateral providers, cash lenders, and clearing banks. In this CreditMatters TV segment, Standard & Poor's Senior Director Devi Aurora explains how the market functions and why reforms are under way.
Views: 609 S&P Global Ratings
Neste segmento de CMTV, o analista de crédito Marcelo Graupen comenta os principais riscos presentes nos FIDCs abertos: a definição de promessa avaliada, o risco de liquidez e o risco de concentração.
Views: 616 S&P Global Ratings
El Banco Central de Perú ha implementado medidas para reducir los niveles de dolarización. En este segmento de CreditMatters TV, Cynthia Cohen Freue, Associate Director, y Amalia Bulacios, Associate, analizan el impacto de estas medidas sobre los bancos del país.
Views: 531 S&P Global Ratings
The U.K.’s "contracts for difference" scheme will continue to encourage investment in low-carbon generation as a key component of the government’s market reform program. As CfDs shield generators from volatility in wholesale prices, its key credit impact in our ratings would be reduced market risk.
Views: 158 S&P Global Ratings
Interest-only mortgage loans have fallen out of favour in the past few years. In this CreditMatters TV segment, Mark Boyce discusses how tighter lending standards could mean that prepayment rates on these loans will remain low. There is also a rising risk of loan defaults at maturity.
Views: 1351 S&P Global Ratings
In this CreditMatters TV segment, Standard & Poor's Ratings Specialist Amalia Bulacios and Senior Director Sergio Garibian summarize the conclusions we have reached regarding the importance of Bancassurance in Brazil and the reasons for the success of this distribution channel in the country.
Views: 505 S&P Global Ratings
S&P Global Ratings Analyst Noemie de la Gorce presents the results of our two-year look-back review of social factors and how these have affected corporate and infrastructure ratings between July 2015 and August 2017.
Views: 231 S&P Global Ratings
Banks have long provided the overwhelming majority of project finance funding. However, that will change. And soon. Standard & Poor's believes that Basel III's stricter standards concerning bank liquidity and capital adequacy will profoundly alter the global project finance funding landscape. In this CreditMatters TV segment, Director Trevor D'Olier-Lees explains the new rules and what the dimensions of the new playing field might be. Topics include Basel III's affect on credit quality, maturing loans, banks, all project finance sectors including the power industry, and equity funds.
Views: 1154 S&P Global Ratings
Standard & Poor's believes that the eventual publication of the list of systemically important Russian banks might impact sector's regulatory and competitive environment, although without immediate impact on the banks' ratings. In this CreditMatters TV, ratings specialist Yulia Kozlova discusses potential consequences of the publication of this list.
Views: 619 S&P Global Ratings
In this CreditMatters TV segment, Standard & Poor’s credit analyst Peter Bourdon discusses the reasons behind our recent rating action on Deluxe Entertainment Services Group.
Views: 2867 S&P Global Ratings
Feb. 16, 2011 - In this CreditMatters TV segment, Standard & Poor's Directors Emile Courtney and Carmi Margalit discuss Marriott 's recently announced plan to spin off its timeshare business. Courtney looks at the effects of the announcement on Marriott's corporate credit rating and the overall timeshare industry, and Margalit addresses the effects the spin-off could have on Marriot's existing securitization ratings.
Views: 515 S&P Global Ratings
In this CreditMatters TV segment, Standard & Poor's Country Representative for Turkey, Zeynep Holmes, and Head of Corporate and Government Ratings, Yann Le Pallec, provide an in-depth overview of ratings, Standard & Poor's core business. Additionally, they discuss the purpose of a credit rating, their independence, performance, and the role of ratings in global financial markets.
Views: 1275 S&P Global Ratings
April 5, 2011 - In this CreditMatters TV segment, Standard & Poor's Director and Accounting Specialist Sam Holland provides our perspective on the proposed changes to the International Accounting Standards Board's (IASB) Exposure Draft on hedge accounting. Overall, we support the proposed changes, which should make hedge accounting more accessible for companies using derivatives for risk management purposes. We feel such changes would also provide more transparency about hedging activities and will better reflect companies' risk management activities. The proposal itself would have little effect on our credit analysis process.
Views: 597 S&P Global Ratings
In the first S&P Global Ratings Spotlight Series video, senior regional sales leaders share their thoughts on the remarkable growth of green finance. As investors are increasingly ramping up capital allocations in low-carbon assets, we ask which regions are issuing most, and in what industries?
Views: 3551 S&P Global Ratings
Derivative product companies (DPCs) originate, intermediate, or guarantee derivative product transactions and are capitalized as separate operating entities from the sponsoring financial institutions. In this CreditMatters TV segment, Standard & Poor's Senior Director Jake Cho explains how DPCs work. Topics include termination and continuation structures, intermediation, and the basic analytical framework.
Views: 515 S&P Global Ratings
Turkey and Indonesia are heading in opposite directions in terms of creditworthiness, because of policy trends and varying exposure to external risks. In this CMTV segment, Associate Aarti Sakhuja discusses the issues driving the different outlooks on the ratings of Turkey and Indonesia.
Views: 1691 S&P Global Ratings
Durante más de 10 años, las bursatilizaciones de cuentas por cobrar han sido una alternativa de inversión exitosa en América Latina. En este segmento de CreditMatters TV, Facundo Chiarello, Analista Asociado de Standard & Poor’s habla sobre la manera en que estas bursatilizaciones han beneficiado a empresas e inversionistas.
Views: 487 S&P Global Ratings
Neste segmento de TV CreditMatters, Amalia Bulacios, Ratings Specialist, e Sergio Garibian, Senior Director, da Standard & Poor's, sintetizam as conclusões que chegaram com relação à importância do bancassurance no Brasil e as razões para o sucesso desse canal de distribuição no país.
Views: 420 S&P Global Ratings
Life in retail is now very tough as the clients have become accustomed to choose when, how, and even at what price point they want to make their purchases. We expect Brexit to impact consumer behavior in the UK and we expect a very weak 1st quarter of 2019 for European Retail.
Views: 267 S&P Global Ratings
Collateralized loan obligation issuance totaled about $56 billion in 2012, and the pipeline for this year looks strong. In this CreditMatters TV segment, Standard & Poor's Senior Directors Rob Radziul and Ramki Muthukrishnan discuss CLO issuance, collateral attributes, transaction's structural features, and the factors driving CLO performance.
Views: 1084 S&P Global Ratings
Walgreens Boots Alliance announced that it is acquiring Rite Aid Corp. in a $17.2 billion transaction funded largely with debt and existing cash. In this CreditMatters TV segment, Director Andy Sookram discusses the reasons behind our outlook revision on Walgreens Boots Alliance.
Views: 582 S&P Global Ratings
The ring-fencing proposals have gained renewed momentum following the Parliamentary Commission report and while details are still vague, it is possible to consider the potential impact on ratings. In this CreditMatters TV Standard & Poor's Directors Osman Sattar and Nigel Greenwood discuss the impact on government and group support and also look at the wider outlook for UK bank ratings.
Views: 1767 S&P Global Ratings
In this CreditMatters TV segment, Ian Greer, Standard & Poor's Managing Director and Analytical Manager Corporate Ratings, discusses Asia's funding needs for project finance and highlights how the development of a project bond market in Asia can play a influential role.
Views: 368 S&P Global Ratings
Singapore's real estate investment trusts (S-REITs) face a test of their financial management. The leasing market is deteriorating and the funding environment is likely to become more volatile over the next two years. In this CreditMatters TV segment, Standard & Poor's Director Wee Khim Loy provides our outlook for the S-REITs markets and the credit risks facing investors.
Views: 671 S&P Global Ratings
El Congreso de Estados Unidos aprobó recientemente el tan postergado tratado de libre comercio con Panamá. ¿Cuáles son las implicaciones para el país? En este segmento de CreditMatters TV, Roberto Sifon Arévalo, Director de Standard & Poor's, analiza lo que el pacto podría significar para Panamá. Entre los temas que comenta se encuentra cómo ha logrado el país mantener su estatus de grado de inversión de 'BBB-', y lo que el reciente reacomodo del gabinete podría significar para las calificaciones.
Views: 1182 S&P Global Ratings
El riesgo cambiario es importante desde una perspectiva crediticia porque puede afectar o mejorar los flujos de efectivo y capacidad de repago de deuda de las empresas. En este segmento de CreditMatters TV, Diego Ocampo, Director, habla sobre los factores detrás de la debilidad de las monedas en América Latina y cómo podría impactar el desempeño de las empresas en la región.
Views: 539 S&P Global Ratings
S&P Global Ratings warns that the high leverage of global corporates could trigger the next default cycle; find out more in this video featuring the key findings of “Global Corporate Leverage Trends 2018: Debt High, Defaults Low – Something’s Gotta Give.”
Views: 448 S&P Global Ratings
We recently lowered ratings on the leading lottery operator GTECH and placed ratings on Credit Watch with negative implications because of the acquisition of IGT, the leading gaming equipment supplier . Join Associate Director Ariel Silverberg and Director Melissa Long as they outline factors that could trigger a further downgrade, and dynamics of the gaming industry.
Views: 433 S&P Global Ratings
During 2011, Standard & Ratings took four positive rating actions on three U.S. theme park operators: Cedar Fair (B+/Watch Pos), SeaWorld (BB-/Stable), and Six Flags (BB/Stable). Will positive ratings momentum continue for these speculative-grade rated companies this year? In this CreditMatters TV segment, Associate Director Ariel Silverberg discusses why business conditions should remain stable despite inherent risks. Topics include cyclicality, cost containment, business risk profiles, discretionary spending, and what could stimulate further positive rating actions.
Views: 329 S&P Global Ratings
Foreign exchange risk continues to affect multinational companies. In this CreditMatters TV segment, Standard & Poor’s Senior Director Shripad Joshi explains how the stronger dollar has created financial reporting challenges for companies and what lies ahead.
Views: 339 S&P Global Ratings
Temmuz 2012'de Turk bankalari Basel II uygulamasina gecerek Sermaye yeterlilik oranlarini ilk kez bu uygulamaya gore hesaplayip raporladilar. Standard & Poor's bu gelismeye olumlu bakmakta ve Basel II'nin Turkiye banka sistemi uzerindeki etkisinin olumlu olacagini beklemektedir. CreditMatters TVnin bu bolumunde, Turkiye bankalari bas analisti Goeksenin Karagoez ve Turkiye Bolge Muduru Zeynep Holmes, Basel II'nin Turk bankalari uzerindeki etkisini tartisiyor.
Views: 347 S&P Global Ratings
Although the covered bond asset class has drawn great interest from both investors and issuers in 2011, we caution against the popular belief that this type of bond is a rather generic and vanilla product. In this CreditMatters TV segment, Standard & Poor's Director Sabrina Miehs, of the Covered Bond Ratings Group, discusses the wide range of collateral types and diverse risks underlying different covered bond programs. She also explains our rating methodology and contrasts it with other possible approaches.
Views: 1044 S&P Global Ratings
Non-GAAP measures provide management and users of financial reports with additional analytical insight into a company's performance and financial condition. However, in many instances the measures lack consistency when it comes to calculation and disclosure. In this CreditMatters TV segment, Standard & Poor's Shripad Joshi discusses why these measures need adjusting.
Views: 477 S&P Global Ratings
Insurance-linked securities, specifically catastrophe bonds, are receiving more investor attention as an attractive alternative investment. In this CreditMatters TV segment, Standard & Poor's Director Gary Martucci explains what ILS are and how we look at CAT bonds, and gives an outlook on the market.
Views: 864 S&P Global Ratings