Zurich - Sector risk stabilising in North America and Europe but becoming a source of concern in emerging Asia.
Western Europe - Against a backdrop of early signs of stabilisation, several sectors continue to show high risk
While the recession appears to be coming to an end in Western Europe, it has not yet produced a significant improvement in sector risk. In the first quarter of 2014, the level of credit risk remains particularly high inthe metal, automotive and constructionsectors. The metal industry, in which turnover and profitability are in steady decline, is dependent on the construction and automotive sectors, its main outlets. We remain vigilant with regards to the European automotive sector despite a positive trend, illustrated by six consecutive months of rising sales. Therefore these two sectors remain in Coface's "very high risk" category.
Construction, currently considered "high risk", has seen a fall in its order ...
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