Italy’s corporate bond market is set to undergo rapid development, according to Moody’s, the ratings agency. Despite the fact that Italy remains the largest contributor in western Europe to the total of unrated outstanding corporate debt securities, every Italian issuer of public debt in 2003 has so far been a rated company. But obstacles, such as a lack of development, still remain.
“The recent default of a prominent Italian corporate, Cirio, has refocused the bond market on credit and its relative importance to investors in the overall context of the risk-reward balance,” notes Stefano Zeni, a senior analyst at Moody’s.
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