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80,000 companies downgraded in the March quarter 2010


Close to 80,000 Australian firms had their risk profile downgraded in the first three months of 2010 and are now more likely to experience financial distress over the coming year, despite the strength of the economic recovery.
 
The latest risk research from Dun & Bradstreet reveals the number of firms downgraded has risen by close to 15,000 compared to the same time last year, a period when the local and global economy was continuing to face significant pressures from the global credit crisis.
 
The research also reveals that downgrades have resulted in more than 36,000 Australian firms being classified as a high risk of experiencing financial distress in the coming 12 months.
 
According to Dun & Bradstreet’s director of corporate affairs, Damian Karmelich, the latest figures are concerning, particularly when they are considered against the downgrades that occurred during the height of the global crisis.
 
“Close to 65,000 firms were downgraded over a three month period at the height of the most significant global crisis in decades,” said Mr Karmelich.
 
“Now, as the economic recovery in Australia continues to gather steam, close to 80,000 firms have been downgraded. It’s an important sign that risk remains prevalent and firms must be constantly vigilant.”
 
Sector
 
Examining the industries that have had the most significant number of downgrades
reveals the forestry and electric, gas and sanitary services sectors lead the way. Both groups had more than ten percent of firms re-rated in the March quarter. However, despite the significant number of downgrades, these two groups have smaller percentages of firms in the high risk category than their counterparts in the communications, transport, agriculture, fishing, mining and construction sectors.
 
The electric, gas and sanitary services sector also had the most significant percentage of firms experience a downgrade to its payment rating, with more than 10 percent of firms in this industry earmarked as a high risk of paying their trade accounts severely delinquently in the coming year. This finding correlates with the latest trade payments data which shows this group was the slowest to pay in the March quarter 2010, a position it has held for more than 12 m...
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