Following the previous trend, Crédito y Caución again sees a decrease in the Expected Default Frequency of all the economies surveyed.
Crédito y Caución does not anticipate a significant shift in the value or number of insolvencies in the construction sector in United States.
The Crédito y Caucións outlook is for tepid growth as the USA moves forward. Structural issues arising from the collapse of the residential housing market still persist.
Corporate insolvencies decreased 9.6% year-on-year in the first nine months of 2010, suggesting an overall decrease in business failures for the year of more than 10%.
With the exception of tobacco, Crédito y Caución has noticed a slight worsening in payment behaviour in the food industry in Belium over the last couple of months.
Payment behaviour is excellent, with 80% or more payments made by due date. The insolvency rate in this sector is quite low compared to other industries.
Crédito y Caución expects corporate insolvencies to rise 5%, to around 9,900, in Belgium this year and to decrease 5% next year. Payment duration has reduced.
Crédito y Caución expects a further increase of corporate insolvencies in the coming months, with construction, food, consumer durables, IT, and retail sales the main victims.
After a massive 54% year-on-year increase in 2009, and 54.5% in 2008, the number of corporate insolvencies in Denmark still remains high in 2010.
The September median Expected Default Frequency for France, Germany, the United Kingdom and the United States are the lowest since the September 2008.
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