The Expected Default Frequency indicator in Sweden fell to its lowest level since September 2008. Crédito y Caución forecast a 5% decline in Swedish insolvencies throughout 2010.
On average, payment duration in France remained above 60 days in 2009, but did decrease, partly due to the Modernisation of Law of Economy, which aims to bring down payment terms.
The positive development of Australia has yet to be fully reflected in the insolvency statistics, which are still at record levels. Crédito y Caución expects them to remain high in 2010.
The Expected Default Frequency indicator in Italy is still well above its long-term level, indicating elevated default risk.
Over the past 6 months there has not been any obvious increases in late payment. The problem sectors in China remain export-oriented ones, such as textiles, toys or steel.
In 2010 the Expected Default Frequency continued the improving trend that Crédito y Caución had seen for several months. United Kingdom recorded the best improvement.
In 2010 Crédito y Caución expects a modest recovery, based on domestic consumption and a rebound of exports. A persistent recovery is not expected until 2011 at the earliest.
Polish companies face tough negotiations with their banks to extend lines of credit, and many suffer from increased financial burdens.
In 2010, the capacity of Crédito y Caución as a global operator will be especially relevant, given the reactivation of the destination markets of Spanish exports.
Atradius Group, a global leader in trade credit insurance debt collection and bonding, which includes Crédito y Caución, today reported a loss after tax of EUR 113.3 million.
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