Bulgaria's Baa3 government bond ratings and stable outlooks are supported by its government's firm fiscal position and low debt burden, but constrained by prospects of a difficult recession and the institutional weaknesses its government is struggling to address, according to Moody's Investors Service. "The country's economic strength is suffering a setback in 2009, as the

The outlook for the European steel industry is negative, reflecting weak demand that is not likely to improve until well into 2010, as well as depressed steel prices that are not likely to recover to levels required for appropriate long-term returns in the near term. Furthermore, issuer ratings are being pressured by companies' worsening financial

The outlook for Spanish regions is negative due to increasing budget pressures stemming from decreasing tax revenues, Moody's Investors Service said in a new report. Combined with the regions' difficulties in reducing operating spending, this will translate into growing budget deficits and an accelerated recourse to debt in 2009 and 2010. "Whilst the Spanish regions

World stocks backed away from nine-month highs on Wednesday as worse-than-expected euro zone industrial figures and a warning about rising unemployment from U.S. Federal Reserve Chairman Ben Bernanke broke a seven-day winning streak. The dollar was a touch softer against major currencies while oil remained under pressure after weekly stock data showed an unexpected rise

Morgan Stanley (MS.N) reported its third consecutive quarterly loss on Wednesday as earnings were saddled with a charge related to repaying a government bailout. The New York-based firm swung to a loss applicable to common shareholders of $1.26 billion, or $1.10 per share, in the second quarter, compared with a profit of $1.1 billion, or

Pfizer Inc (PFE.N) said on Wednesday its second-quarter earnings fell 19 percent, as the strong dollar crimped revenue across its product line. The world's largest drugmaker earned $2.26 billion, or 34 cents per share, compared with $2.78 billion, or 41 cents per share, in the year-earlier period. Excluding special items, the New York-based drugmaker earned

Boeing Co (BA.N) said on Wednesday its quarterly profit increased more than expected, driven by growth in defense programs. The world's No. 2 planemaker said second-quarter net profit rose to $998 million, or $1.41 per share, from $852 million, or $1.16, a year earlier. Analysts expected profit of $1.21 per share, according to Reuters Estimates.

U.S. stock index futures pointed to a lower open on Wednesday after disappointing quarterly banking results dented recent optimism about the financial sector's recovery. A third-consecutive quarterly loss at Morgan Stanley (MS.N) and rising credit losses at Wells Fargo & Co pushed those shares lower in premarket trading by 5 percent. "There's fear of more