Moody's expects fewer fallen angels as sovereigns, markets recover
Moody’s expects fewer companies to become ‘fallen angels’ in 2013 and 2014 than last year, as financial markets improved in the first nine months of 2013 and global economic prospects have begun to pick up.
The euro area economy managed to grow its GDP in the second quarter, thanks to growth in France and Germany and more modest declines in Italian and Spanish GDP. Spain has since pulled itself out of recession, while Italy is expected to do so in the fourth quarter.
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