Half the investment grade-rated European companies at risk of suffering a credit rating downgrade this year are in the financial services industry, according to Standard & Poor's, the international rating agency.

The figure in a new report, Europe investment grade market: not much of a lull after the storm, by Diane Vazza, S&P managing director, highlights the plight of financial services companies, which have suffered from a slump in investment banking business, corporate bankruptcies and accounting scandals.