GERMANY: Credit constraints at historical low, says Ifo

German companies currently enjoy easier access to credit than ever before, according to the latest survey from Munich-based Ifo Institut.
Credit constraints for German trade and industry plunged to a new historic low of 14.8% in September from 15.0% the previous month. Financing conditions remain excellent and there are practically no credit constraints for German companies at present.
Credit constraints in manufacturing rose marginally to 12.8%. Developments differed according to company size. Medium-sized firms reported better access to bank credit. For large and small firms, by contrast, constraints rose minimally. Overall credit constraints remain very low across the board.
Credit constraints in construction dropped to 17.7%. In trade they fell to a new historic low of 15.6%.