FRANKFURT, Dec 1 (Reuters) - Fitch Ratings expects the bulk of its negative rating actions for European companies to take place next year, managing director John Hatton told Reuters.
"Including the last wave of the financial crisis in summer 2008, around a third of our European corporate ratings have been adversely affected by downgrades and negative outlooks," Hatton, the agency's group credit officer corporates, said on Monday.
"And we see the bulk to take place next year," he added after a presentation on Fitch's 2009 outlook.
Fitch's negative rating activities do not necessarily mean debt rating downgrades. They can also refer to adding a specific company to Fitch's negative watchlist.
This usually occurs when an event takes place that may have a negative effect on a company's credit situation, such as earnings or takeover activities.
Including downgrades to "stable outlook", 35 percent of Fitch's ratings have been negatively affected so far in 2008.
However, Hatton said that the corporate ratings also reflect "idiosyncratic risks", or risks unique to a specific company.
He added that some existing ratings have significant headroom built in before any next rating action, citing the tobacco sector and European commercial property companies.
Fitch Ratings anticipates a deteriorating rating and asset environment for the retail and the media and entertainment sector, but also for chemicals as well as construction companies in the European, Middle East and Africa area.
"We are very much aware of the consumer-exposed industries," he said during the agency's credit outlook conference.
Fitch expects the telecommunications, oil and gas, and the food sectors to be among the least challenged sectors in Europe.
Fitch forecasts the world economy will grow 0.9 percent next year, with the euro zone and the United States seen contracting by 0.6 percent and 1.2 percent, respectively. (Reporting by Christoph Steitz; editing by Stephen Nisbet)