Rating agency Moody’s Investors Service has detailed the effects it expects to see on European corporate credit ratings from the introduction of International Accounting Standards in January next year.
Although overall Moody’s expects IAS not to have a major effect on most companies’ ratings, in specific cases the impact will be dramatic. One example the agency gives is Swiss agrochemicals company Syngenta, which Moody’s said will see IAS39 increase the reported liability of one of its bonds by nearly 50%, from $677 million to more than $1 billion.
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