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Credit Market Pulse – February 2015

March 3, 2015   //   By , Thomas Yagel and Silvina Aldeco Martinez

Welcome to the seventh issue of Credit Market Pulse, a publication for the credit risk industry that provides a holistic overview of the credit health of global capital markets.

In this issue, we look at global corporate credit risk conditions, with a particular focus on the automotive sector.

Report Highlights:

  • With publicly listed auto manufacturers from Europe displaying record-low medial probability of default (PD) of 0.06%, they reveal greater credit strength than their US counterparts who have a higher average short-term credit risk of 0.19% PD
  • We see a strong correlation between FX rates and relative credit risk: Auto manufacturers and suppliers from Europe and Japan  exhibit lower credit risk than other industries within these regions. This coincides with a weak Yen and a sharply falling Euro versus the US dollar, boosting global demand for cars and motorcycles from these regions
  • Energy companies still appear heavily in the highest PD list, representing a third of all entries in the regional lists. However, given a relative stability of the period measured, only one company appeared on the deterioration list

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