Heaviest impact of the credit crisis yet to come

News Story
- 17 Jul 2008 ( #369 ) - Australia
1 min read
A survey of the credit crisis across 14 countries including Australia by global financial services supplier Atradius is anticipating a much more significant impact than was felt in 2007.

Approximately 65% of respondents are expecting some bank failures as a result of the credit crisis. Direct exposure to sub-prime lending is higher in Europe (14% of respondents) than in the US (9%).

About 31% of respondents say they have indirect exposure to sub-prime lending with exposure highest in Mexico (51%) and the United States (46%).

Larger companies are more frequently impacted by the credit crisis than smaller companies.

Outside of the US and Mexico, companies in Italy (58%), the UK (46%), Spain (44%) and Australia/New Zealand (43%) have expressed the highest rates of impact from the credit crisis.

Swedish respondents expressed a very low rate of impact (7%), while 69% of companies in Mexico have already experienced tightening credit. Italy and Spain are also experiencing a high rate of tightening. Sweden (less than 20%), the Netherlands and Denmark (less than 30%) have experienced the lowest rates of tightening.

Businesses in the energy sector have been impacted by the credit crisis more than any other industry.

The building supply and construction; industrial and manufacturing; and consumer goods industries are expected to suffer the most over the next 12 months.

Only about 38% of companies surveyed have adjusted their credit extension policies in response to the changing business climate.
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