穆迪：全球信贷市场展望 1302

独孤行者

NEWS & ANALYSIS
China’s Income Redistribution Plan 2
» China’s Income Redistribution Plan Supports Sovereign Creditworthiness
» China’s Plan to Increase State-Owned Enterprise Dividends Is Credit Negative
» China’s Plan to Raise Dividends from State-Owned Banks Is Credit Negative
» China’s Regional and Local Governments Would Benefit from Income Redistribution Plan
Corporates 9
» Prolonged 787 Dreamliner Investigation Is Credit Negative for Boeing
» Dreamliner Grounding Will Not Affect Continental Airlines’ EETCs
» Biogen Takes Control of Multiple Sclerosis Drug from Elan, a Credit Negative for Both
» Bresnan Acquisition Is Credit Positive for Cablevision, Credit Negative for Charter
» Latest Spanish Electricity Sector Reforms Are Credit Negative for Abengoa
Banks 16
» Large US Banks' Weakening Loan Covenants Are Credit Negative
» Banks Begin Transition to Improved Pension Accounting Standard, a Positive for Investors
» New UBS Pay Plan Is Credit Positive
» Chrysler-Santander Auto Financing Agreement Is Credit Negative for Ally Financial
» Santander Holdings USA’s Agreement with Chrysler Is Credit Negative
» Ontario’s Proposal to Revoke Cash Store Financial Services’ Payday-Lending License Is Credit Negative
» Proposed Financial Services Bill Is Credit Negative for UK Bank Bondholders
» RBS’ LIBOR Settlement Is Credit Negative, but Increases Pressure on the Bank to Reduce Riskier Activities
» Kazakhstan Government’s Sale of Majority Stakes in Three Banks Is Credit Negative for the Banks
» Philippine Banks Will Benefit from Continuing Profitability and Improving Asset Quality
Insurers 33
» CIGNA’s Agreement to Reinsure Its Variable Annuity Business Is Credit Positive
» Hartford Financial’s Plan to Rightsize Its Capital Structure Is Credit Positive
» Assured Guaranty’s Victory in Mortgage Putback Case Is Credit Positive for Financial Guarantors
Asset Managers 36
» Defined Contribution Managers to Benefit from Delayed Retirements
Sovereigns 38
» Despite Higher Fiscal Deficits, Costa Rica Delays Reform, a Credit Negative
» Colombia’s Record Oil Production Supports Higher Fiscal and External Revenues, a Credit Positive
US Public Finance 41
» Pell Surplus Is Credit Positive for US Colleges and Universities
» Ruling on Texas School Financing System Is Credit Negative for the State
RATINGS & RESEARCH
Rating Changes 45
Last week we downgraded Novartis, Dell, Edcon Holdings (Proprietary), Ohio County, Kentucky's Big Rivers Electric Corporation Project, SNS REAAL, SNS Bank, Nationstar Mortgage, Kyongnam Bank, Kwangju Bank, Jeju Bank and Zagrebacki Holding D.O.O., and upgraded Kern River Funding and the City and County of San Francisco, California, among other rating actions.
Research Highlights 54
Last week we published on European paper and forest products, US defense, agricultural commodities, North American broadcasting and media, US corporate refunding, US retailers, US leverage finance, North America broadcast, US natural gas prices, unregulated US utility and power companies, US toll roads, Australian mortgage insurers, Chilean banks, US banks, bond funds, Pakistan, Eurofirma, US hospitals, and US military housing, among other reports.
RECENTLY IN CREDIT OUTLOOK
» Articles in Last Thursday’s Credit Outlook 59