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Industry Top Trends Mid-Year 2020 Update: European Capital Goods

Credit quality is weakening across the sector portfolio. For the European capital goods sector, the impact of COVID-19 and global recession will result in significant declines in revenue and EBITDA in 2020, diminishing credit quality. The sector in Europe is predominantly speculative grade (61% of ratings) and has been hit hard by COVID-19 accounting for about 80% of our rating actions since March, while 39% is investment grade and significantly less affected so far.

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