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French credit rating agency puts China, Russia under negative watch
Paris (AFP) Jan 19, 2009 The French credit rating agency Coface on Monday placed China and Russia on a negative watch list, citing the vulnerability of their companies in the face of a worldwide economic downturn. "The credit crisis is now affecting two leading emerging market countries, Russia and China, which in years past had enjoyed comfortable macroeconomic and financial situations," said Coface head Francois David in a statement. "But companies in these two countries are now experiencing strong vulnerabilities, already identified by Coface, that have been brutally accentuated by the current slowdown." China's Coface rating is currently A3, with the agency foreseeing Chinese growth of 7.0 percent in 2009. Russia, with a B rating from Coface, is predicted to have growth of 2.5 percent this year. "The credit crisis ... appears to have taken on a new dimension in the fourth quarter as companies in countries that had previously put up resistance, such as Germany, are now affected," the Coface statement said. The agency is projecting worldwide economic growth of 0.9 percent this year, with no let-up in the credit squeeze before 2010. Related Links The Economy
China's US bond appetite to slow: economists
Shanghai (AFP) Jan 16, 2009China is expected to ease its spending on US debt as growth in its foreign exchange reserves slows and Beijing seeks to fund its own economic stimulus plan, analysts say. |
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