New ratings reviews for European junk issuers strongly negative, Moody's says

New York, Oct. 6 - The number of high-yield issuers in Western Europe put on review for downgrade in the third quarter was far higher than the number of reviews for upgrade, Moody's Investors Service said Wednesday.

During the three months, Moody's began 11 reviews for downgrade but only one review for upgrade. There was also just a single upgrade review started in the second quarter.

Moody's attributed the trend to weaker-than-expected earnings, intensifying competition in the food and retail sector, aggressive merger and acquisition strategies and refunding issues.

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