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Ratings Highlights

	Province of Ontario s Rating downgraded to Aa2; outlook stable
	Nestle S.A. Rating downgraded to Aa2; stable outlook
	Occidental Petroleum upgraded to A1; outlook stable
	EOG s outlook changed to stable from negative
	Telstra s Ratings confirmed; outlook stable

	Most Viewed Issuers

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		BNP Paribas

		2.
		Barclays Bank PLC

		3.
		Deutsche Bank AG

		4.
		Bank of America Corporation

		5.
		Morgan Stanley

UPCOMING EVENTS

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Editor s Choice
	Most Read
	Topics
	Weekly Credit Outlook
April 30, 2012
	Start the week informed on all things related to the global Credit Markets.
	Latest Report » All Previous Reports »

The Fed as Atlas
Apr 26, 2012
	Read Latest Report Now » Previous Reports »
	European Credits
Under Pressure
	Read our latest reSearch on sovereign and other affected Credits.
	Read More »
	Global Bank Ratings 2012
	Read our in-depth Reports on how interrelated trends are weakening bank Credit profiles.
	Access Reports »
	Moody s Bond and Loan Covenant Service
	Let our experts do the work.
	Learn More »

	Weekly Credit Outlook

		Market Outlook

		Euro Sovereigns

		Bank Ratings 2012

		Covenants

		02 May 2012

US Liquidity-Stress Index falls to record-low 3.9%, as Credit Markets improve

	Our Liquidity-Stress Index (LSI) fell to 3.9% - a low last seen in June to August 2011 - in April from 4.2% in March. The decline in the LSI reflects receptive Credit Markets that are allowing issuers to refinance maturities and amend covenants, as well as gradual economic growth… Full Report

		01 May 2012

Olympics will give only short-term boost to corporates

	Overall, we think the Olympics are unlikely to provide a substantial macroeconomic boost to the UK in 2012. The impact of infrastructure developments on UK GDP has probably already been felt. We expect the net impact of the Games on UK tourism will be positive overall, but less than gross visitor numbers would suggest…Press Release l Full Report

		30 Apr 2012

Turbulent Markets have default rate on the rise

	Corporate defaults in the US have risen in recent months, thanks to shaky financial Markets and the consistently disappointing economic recovery. The boom in high yield issuance would normally help reduce the default rate by providing better access to financing. But for many companies, it has been insufficient to offset the damage caused by inadequate profit growth. Moreover, warnings of the default pick-up were seen in the volatile performance for shares of high yield debt issuers. And on a Markets level, the elevated concentrations of highly leveraged issuers leave the high yield Market vulnerable to negative economic shocks — which have come with marked frequency in recent years... Full Report

		24 Apr 2012

Argentina’s Nationalization of YPF Is Credit Negative for a Host of Issuers

	Last week the government of Argentina announced plans to take a controlling 51% stake in oil company YPF S.A. by expropriating shares owned by Repsol YPF S.A. Here, we address the Credit negative effects on YPF, Repsol, Argentina, Argentinean banks and Spanish corporates with a presence in Argentina. Here, we answer frequently asked questions about the nationalization.

		23 Apr 2012

U.S. Chartbook: An uneven recovery path

	Moody’s Analytics believes U.S. real GDP grew at an annualized 2.7% rate during the first three months of 2012 but signs suggest a slowdown late in the first quarter. Recent data show higher jobless claims, weaker housing starts, and softer manufacturing surveys. We are not convinced the weakness heralds a midyear slump similar to 2011’s...Full Report

	30 Apr 2012

Weekly Credit Outlook - 30 April 2012

		13 Apr 2012

Moody\ s Updates Timetable for Bank Rating Reviews

		30 Apr 2012

Moody\ s reviews three Indian banks for downgrade

		30 Apr 2012

Spain\ s New Fiscal Measures Are Credit Positive for Sovereign and Sub-Sovereigns

		30 Apr 2012

Banks and Sovereigns: risk Correlations Constrain Standalone Bank Credit Assessments

		26 Apr 2012

The Fed as Atlas (Capital Markets ReSearch)

		15 Feb 2012

Moody\ s Reviews Ratings for European Banks

		30 Apr 2012

IMF Support for Bail-Ins Is Credit Negative for Bondholders of Systemically Important Financial Institutions

		30 Apr 2012

Sovereign Market Sentiment Improves Despite Political Headlines (Capital Markets ReSearch)

		30 Apr 2012

Challenges Remain Despite the Netherlands\ s Credit Positive Fiscal Consolidation Agreement

	Key Insights on U.S. Public Finance Pensions
	Learn more about how Pensions impact
U.S. Public Finance Credit
	Learn More »
	More Topics

Euro Area Sovereign Crisis & Affected Credits

	Euro area sovereigns continue to be subject to significant Market pressure and face economic and policy challenges affecting their Credit. Sovereign Credit problems affect other issuers in the region. This page provides a centralized source for Moody’s Rating actions and reSearch related to sovereigns and other Credits affected by the crisis.

Accounting & Financial Reporting Analysis

	Since its creation in 2002, Moody s Accounting Specialist Group has worked alongside Moody s Credit analysts to incorporate accounting, financial Reporting and internal control practices more systematically into the Credit Rating process. The group publishes reSearch comments on issues within its area of expertise which Moody’s believes impact rated issuers’ Credit quality. The group also conducts training for Moody’s analysts on relevant financial Reporting, accounting and internal control issues which impact Ratings. The Accounting Specialist Group is part of broader initiative to bring specialized expertise to Moody’s Credit Rating process. Along with specialists in accounting, financial Reporting and internal controls, Moody’s Enhanced Analytic Group also has specialists with expertise in corporate governance; risk management; and complex financial instruments.

Global Macro Scenarios & risk Analysis

	Moody s global macro-economic and financial risk analysis helps Credit professionals to put the pieces together in order to develop a robust risk management/investment strategy by analyzing early trends, and by uncovering the linkages between the worlds of politics, economics and finance and their impact on Credit.

Syndicated Loan Ratings

	Moody’s syndicated loan Ratings provide a consistent and independent assessment of Credit risk. Loan Ratings facilitate relative value comparisons between bank loans and bonds, and can be a tool for investors seeking to maximize returns for taking the least amount of risk. Syndicated loan Ratings have become increasingly important as the line between what once were distinct Markets continues to blur, and investors look across asset classes for the best return on a risk adjusted basis.

Covenants

	Investors have become increasingly concerned about event risk and the absence of meaningful...