Market Darling Spain Has Chance of Moody's Rating Upgrade [BNN Bloomberg (Canada)]
ZURICH INS GROUP S/ADR (ZURVY)
NASDAQ:AMEX Investor Relations:
zurich.com/en/investor-relations
Company Research
Source: BNN Bloomberg
The market is split on whether the firm will make such a move just six months after putting it on a so-called positive watch. While strategists at Societe Generale SA and Natixis say it's too soon, Danske Bank and Zurich Insurance Co. see a chance of an upgrade to A3 — its fourth-lowest investment grade — from Baa1. “The fact that gross domestic product growth data continues to come in considerably above market expectations may be a catalyst for an upgrade,” said Zurich's chief market strategist Guy Miller. Moody's has said that evidence of more persistent growth could warrant an improved rating. Record tourist numbers, strong exports and a rapidly expanding population mean Spain has one of the highest growth rates in Europe despite the country's fragmented government. The nation's appeal contrasts sharply with French debt, which has underperformed this year after a snap election destabilized the political landscape and stoked fears about how a new government will manage the na
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