In the first episode of the Morningstar DBRS "Clarity in Credit" podcast, Arnaud Journois, Senior Vice President of European Financial Institution Ratings, and Jason Graffam, Senior Vice President of Global Sovereign & Financial Institution Ratings, are joined by Chloe Blais, Vice President of European Corporate Ratings, to discuss the European defense sector.
In the first episode of the Morningstar DBRS “Clarity in Credit” podcast, Arnaud Journois, Senior Vice President of European Financial Institution Ratings, and Jason Graffam, Senior Vice President of Global Sovereign & Financial Institution Ratings, are joined by Chloe Blais, Vice President of European Corporate Ratings, to discuss the European defense sector.
European Union defense spending is expected to increase further from all-time high levels seen in 2024 as the conflict in Ukraine has continued. While governments and financial institutions are expected to facilitate this expansion by expediting approval processes and providing financing, the corporate sector will play a critical role in the build-out of the European defense capacity. Morningstar DBRS’ analysts discuss where new military procurements will come from as well as capacity constraints and expected timelines. Journois, Graffam, and Blais also examine how governments will fund the capital required for further investments in defense, highlighting the challenges this expansion will bring and the potential effects on credit.
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