The result of this quarter’s analysis is clearly negative, since eight sectors have been downgraded and only one upgraded. They occured in North America, Western Europe, Central Europe and Middle East. This is set to continue in 2017 with the weak global growth. Political uncertainties in the US and Europe could also aggravate the situation. The only positive news come from the fact that no downgrades were noted in Latin America or Asia for the first time since November 2014.
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