Research And Markets Research And Markets

Credit Trends: Global Potential Fallen Angel Report Jan 06

  • ID: 1710660
  • January 2006
  • Region: Global
  • Standard & Poors
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  • Albertson's Inc.
  • CNA Financial Corp.
  • Enron Corp.
  • Intelsat S.A.
  • Nexans S.A.
  • Southwestern Energy Co.
  • MORE

The count of fallen angels in 2005 outpaced the 2004 level, but the number of entities at risk of declining into fallen-angel territory decreased in the same period. In 2005, fallen angels lagged rising stars, with the gap between them at 19the highest margin since 1997. Through Dec. 31, 2005, 41 fallen angelsissuers that were downgraded to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher)were recorded on rated debt worth US$520.6 (€430.3) billion compared with 25 recorded for the same period of 2004 on debt worth US$55.2 (€45.6) billion. No issuers had crossed over in the first few days of 2006. As of Jan. 5, 2006, there were 40 entities globally at risk of becoming fallen angels,...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Albertson's Inc.
- AT&T Corp.
- Ashland Inc.
- Avnet Inc.
- CNA Financial Corp.
- Carolina Telephone & Telegraph Co.
- Centel Corp.
- Central Vermont Public Service Corp.
- Chrysler Corp.
- Eastman Kodak Co.
- Ford Motor Co.
- Motors Liquidation Co. (fka General Motors Corp.)
- Hertz Corp.
- Hilton Hotels Corp.
- Vale Canada Ltd.
- Kerr-McGee Corp.
- Sears, Roebuck and Co.
- The Williams Cos. Inc.
- Kellwood Co.
- Victor Co. of Japan Ltd. (JVC Corp.)
- Southwestern Energy Co.
- J Sainsbury PLC
- Korea Development Bank
- Enron Corp.
- Electronic Data Systems Corp.
- System Energy Resources Inc.
- CA Inc.
- Domtar Inc.
- Scholastic Corp.
- Edison International
- Glencore Canada Corp.
- Lear Corp.
- Symbion Health Ltd.
- The Rank Group PLC
- Vivendi S.A.
- SunGard Data Systems Inc.
- Pioneer Corp.
- Doral Financial Corp.
- Glatfelter (P.H.) Co.
- SEACOR Holdings Inc.
- Cap Gemini S.A.
- Harleysville Group Inc.
- Methanex Corp.
- Cytec Industries Inc.
- SPX Corp.
- The Neiman Marcus Group Inc.
- Mashantucket (Western) Pequot Tribe
- Rock-Tenn Co.
- ProAssurance Corp.
- El Paso Holdco LLC
- Anixter International Inc.
- Vermont Elec Coop Inc
- Qwest Communications International Inc.
- iHeartCommunications Inc.
- Big Lots Inc.
- American Axle & Manufacturing Holdings Inc.
- Liberty Interactive Corp.
- Sappi Ltd.
- Banca Popolare di Intra SCPA
- L-3 Communications Holdings Inc.
- CP Ships Ltd.
- Sears Canada Inc.
- Intelsat S.A.
- Royal Group Technologies Ltd.
- ThyssenKrupp AG
- LyondellBasell Industries AF S.C.A.
- Nexans S.A.
- Black Hills Corp.
- ISS World Services A/S
- New York Community Bancorp Inc.
- DUET Group
- Skylark Co. Ltd.
- Fuji Heavy Industries Ltd.
- Sensient Technologies Corp.
- Maytag Corp.
- EMI Group PLC

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Note: Product cover images may vary from those shown