Credit quality among financial and non-financial businesses remains under pressure in Europe, constr...
Credit quality among financial and non-financial businesses remains under pressure in Europe, constrained by a poor earnings environment and tepid economic performance. Moreover, the leverage overhang from a previous frenzy of mergers and acquisitions remains considerable since issuers are unable to lower debt levels either by raising equity or making asset sales. The continued erosion in credit quality and poor economic fundamentals prevented the occurrence of any rising stars, issuers that are upgraded to investment grade from speculative grade, in the first quarter. European credi...
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