European credit quality on course for improving trend by end of year, Moody's says

New York, April 27 - European corporate credit quality is set to switch to an improving trend by the end of the year, Moody's Investors Service said Tuesday.

The number of upgrades nearly matched the number of downgrades in the first quarter at 21 versus 22, the rating agency noted.

With upgrades accounting for 49% of rating actions, the three months continued the upward path seen in 2003 when the share rose to 42% in the second half from 16% in the first half.

By the end of 2004, Moody's expects that upgrades will outnumber downgrades.

"The total of 22 downgrades in Q1 2004 follows a total of 24 in both Q3 and Q4 2003 - a significant improvement on the quarterly average of 58 recorded in the first half of last year. Downgrades barely outnumbered upgrades in Q1 2004," says Alice Keegan, London-based economist at Moody's, in a news release.

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