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Operating conditions in Australia's corporate sector appear to be stabilizing, with signs that fiscal year 2010 could see the sector emergence from a slow and long recovery, Moody's Investors Service said Thursday.
"Right now, the sector is dominated by issuers with stable ratings outlooks, and unless the environment deteriorates markedly, the slowdown in the pace of negative rating actions seen since Q1 2009 should hold throughout the rest of this year and into 2010, " Terry Fanous, a Moody's Senior Vice President and author of the report said.
However, Fanous said the current operating environment holds a number of downside risks that could derail the recovery process. Industry-wise, the airline sector was still facing tough economic conditions, and Moody's does not expect an improvement this financial year.
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