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EU Corporate Credit Watch December: PIIGS Improve

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We have just taken a look at Eurozone corporate loan trends for December using our proprietary EU Credit Benchmark Model®.

Main Findings December:

– Eurozone corporate loan growth further improved in December  to -1.3% yoy vs. Nov. (-1.7% yoy)
– The relatively strong growth improvement trend seems intact or has even accelerated
– Loan growth improvement is driven by PIIGS (Portugal, Italy, Ireland, Greece, Spain) countries (see Chart below)
 Loan growth in Core countries (Germany, France, Finland, Austria, Luxembourg) slowed in December, largely driven by a weak Germany

=> Signs of hope for PIIGS‘ lending

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