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Credit Trends: Downgrade Potential Across Credit Grades And Sectors Apr 06

  • ID: 1710739
  • April 2006
  • Standard & Poors

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Abstract
This month, we note the following key takeaways: The number of entities at risk of potential downgrades jumped to a record high of 663 in mid-April, compared with 659 in mid-March. This count represents the highest since the commencement of this report last September. Entities based in the U.S. or Europe accounted for 85% of those at risk of downgrades. Telecommunications and automotive appeared the most vulnerable to deterioration in credit quality, in terms of the count of issuers listed with a negative bias relative to the total rated universe by sector. Many of the entities at risk of potential downgrades were in the consumer discretionary domain (telecommunications, automotive, media and entertainment and retail/restaurants), where pressures have been building (owing...

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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- Alberto-Culver Co.
- Albertson's Inc.
- IKON Office Solutions Inc.
- Alcoa Inc.
- American Express Co.
- Wyeth
- American International Group Inc.
- Ashland Inc.
- Avery Dennison Corp.
- Avnet Inc.
- Avon Products Inc.
- Bausch & Lomb Inc.
- OfficeMax Inc.
- Hexion Inc.
- Bristol-Myers Squibb Co.
- Caleres Inc.
- Campbell Soup Co.
- Dole Food Co. Inc.
- Centel Corp.
- CenturyLink Inc.
- Cincinnati Bell Inc.
- Frontier Communications Corp.
- Clorox Co.
- Computer Sciences Corp.
- ConAgra Foods Inc.
- United Airlines Inc.
- Cooper Tire & Rubber Co.
- Crane Co.
- Dow Jones & Co. Inc.
- Eastman Kodak Co.
- Electricite de France S.A.
- EQT Corp.
- Ferro Corp.
- Ford Motor Co.
- Sabine Oil & Gas Corp.
- GDF SUEZ S.A.
- General Mills Inc.
- Motors Liquidation Co. (fka General Motors Corp.)
- Vale Canada Ltd.
- International Paper Co.
- Kinder Morgan Inc.
- Kansas City Southern
- Kerr-McGee Corp.
- Knight Ridder Inc.
- Marsh & McLennan Cos.
- Merck & Co. Inc.
- Nash Finch Co.
- Tenet Healthcare Corp.
- Newpark Resources Inc.
- Nortel Networks Ltd.
- Bristow Group Inc.
- ONEOK Inc.
- Owens-Illinois Inc.
- Pier 1 Imports Inc.
- Pogo Producing Co.
- Procter & Gamble Co.
- Rite Aid Corp.
- Sherwin-Williams Co.
- South Jersey Gas Co.
- Southern States Cooperative Inc.
- Southern Union Co.
- SUPERVALU Inc.
- Torchmark Corp.
- Universal Corp.
- VICORP Restaurants Inc.
- Wendy's International Inc.
- Cargill Inc.
- Di Giorgio Corp.
- Government Development Bank for Puerto Rico
- Service Corp. International
- US Airways Group Inc.
- Universal Health Services Inc.
- Canadian Imperial Bank of Commerce
- Swiss Reinsurance Co. Ltd.
- Southwestern Energy Co.
- Italy (Republic of)
- Alaska Air Group Inc.
- Emmis Communications Corp.
- Cardinal Health Inc.
- Viskase Cos. Inc.
- Navistar International Corp.
- Health Management Associates Inc.
- Pohjola Bank PLC
- Electronic Data Systems Corp.
- Constellation Brands Inc.
- Carrols Corp.
- Unisys Corp.
- CA Technologies
- Telephone and Data Systems Inc.
- Metaldyne LLC
- NextEra Energy Inc.
- Windstream Holding of the Midwest Inc.
- AT&T Inc.
- Pope & Talbot Inc.
- The BOC Group PLC
- Prudential PLC
- Carmike Cinemas Inc.
- The Gap Inc.
- UniCredit SpA
- Newell Rubbermaid Inc.
- WEC Energy Group Inc.
- Domtar Inc.
- Longview Fibre Co.
- Valhi Inc.
- Scholastic Corp.
- Advanstar Communications Inc.
- Jack in the Box Inc.
- Murphy Oil Corp.
- BCE Inc.
- Glencore Canada Corporation
- Compagnie de Saint-Gobain
- Lear Corp.
- Telstra Corp. Ltd.
- Toshiba Corp.
- Sealed Air Corp.
- Symbion Health Ltd.
- Duquesne Light Holdings Inc.
- Aztar Corp.
- TransCanada PipeLines Ltd.
- Beckman Coulter Inc.
- Deluxe Corp.
- Norsk Hydro ASA
- Bombardier Inc.
- BASF SE
- Bayer AG
- Security Mutual Life Insurance Co. of NY
- Britannia Building Society
- Repsol S.A.
- Pioneer Corp.
- Volkswagen AG
- Endesa S.A.
- Alliance One International Inc.
- Sinclair Broadcast Group Inc.
- Deutsche Lufthansa AG
- Encana Corp.
- Alcatel-Lucent
- Hungary
- Aeroports de Paris
- General Nutrition Centers Inc.
- RentPath Inc.
- Visa International Service Assn.
- Doral Financial Corp.
- Cinemark USA Inc.
- Iberdrola S.A.
- FUJIFILM Holdings Corp.
- Allbritton Communications Co.
- RPM International Inc.
- First Data Corp.
- Norbord Inc.
- Hayes Lemmerz International Inc.
- Per-Se Technologies Inc.
- Tyson Foods Inc.
- Atlantic Mutual Insurance Co.
- TriMas Corp.
- Allstate Corp.
- SEACOR Holdings Inc.
- Accor S.A.
- Jemena Ltd.
- CIMIC Group Ltd.
- Eye Care Centers of America Inc.
- West Fraser Timber Co. Ltd.
- Isle of Capri Casinos Inc.
- Pathmark Stores Inc.
- Methanex Corp.
- Windstream Georgia Communications Corp.
- Rexam PLC
- Stater Bros. Holdings Inc.
- Stewart Enterprises Inc.
- Cytec Industries Inc.
- Spanish Broadcasting System Inc.
- Big Heart Pet Brands
- Valassis Communications Inc.
- Friendly Ice Cream Corp.
- The New York Times Co.
- E.ON SE
- Nabi Biopharmaceuticals
- Protection One Alarm Monitoring Inc.
- Transpower New Zealand Ltd.
- SoftBank Group Corp.
- Danka Business Systems PLC
- Vector Ltd.
- DFS Deutsche Flugsicherung GmbH
- Mashantucket (Western) Pequot Tribe
- Talisman Energy Inc.
- CITIC Ltd.
- Cott Corp.
- American Safety Razor Co.
- Destination Maternity Corp.
- Xerox Business Services LLC
- Rock-Tenn Co.
- NOVA Chemicals Corp.
- Portola Packaging Inc.
- Hines Horticulture Inc.
- ProAssurance Corp.
- Sanmina Corp.
- Stena AB
- Integrys Energy Group Inc.
- Dairy Farmers of America Inc.
- Pride International Inc.
- AMF Bowling Worldwide Inc.
- AGL Resources Inc.
- World Color Press Inc.
- Koninklijke KPN N.V.
- Cofiroute
- Banco Popular Espanol S.A.
- IXIS Corporate & Investment Bank
- HDI Haftpflichtverband der Deutschen Industrie VaG
- The Sports Authority Inc.
- Gray Television Inc.
- Majestic Star Casino LLC (The)
- Euramax International Inc.
- Intrawest Corp.
- Spectrum Brands Inc.
- Kinetek Holdings Corp.
- Fairfax Media Ltd.
- Vermont Elec Coop Inc
- The Reynolds & Reynolds Co.
- Reader's Digest Assn. Inc.
- Concentra Inc.
- FAGE International S.A
- Tandus Flooring Inc.
- Nippon Sheet Glass Co. Ltd.
- Affinity Group Holding Inc.
- TravelCenters of America Inc.
- MMI Products Inc.
- Vitro S.A.B. de C.V.
- Leiner Health Products Inc.
- Ameristar Casinos Inc.
- GCI Inc.
- Hollywood Theaters Inc.
- Pinnacle Entertainment Inc.
- B&G Foods Inc.
- Antenna Group S.A.
- Cascades Inc.
- Eneco Holding N.V.
- NBTY Inc.
- iHeartCommunications Inc.
- Big Lots Inc.
- Cenveo Inc.
- Leidos, Inc.
- Corporacion Nacional del Cobre de Chile
- Sanyo Electric Co. Ltd.
- Buckeye Partners L.P.
- Actavis, Inc.
- Suzuki Motor Corp.
- The McClatchy Co.
- Woolworths Ltd.
- Ameren Corp.
- Tyco International PLC
- Eagle Family Foods Inc.
- Live Nation Entertainment Inc.
- Brand Services Inc.
- Australian Gas Networks Ltd.
- Ultrapetrol (Bahamas) Ltd.
- Tommy Hilfiger U.S.A. Inc.
- Radiologix Inc.
- Millar Western Forest Products Ltd.
- FairPoint Communications Inc.
- USEC Inc.
- Telesat Canada
- GulfMark Offshore Inc.
- AWB Ltd.
- KeySpan Corp.
- InSight Health Services Corp.
- PostNL N.V.
- National Oilwell Inc.
- Progressive Gaming International Corp.
- TW Telecom Inc.
- ArcelorMittal
- Portugal Telecom SGPS S.A.
- Rent-A-Center Inc.
- True Temper Sports Inc.
- UniCredit Bank AG
- Linens 'n Things Inc.
- Jones Group Inc.
- Hellenic Telecommunications Organization S.A.
- Motiva Enterprises LLC
- PSEG Energy Holdings LLC
- Metsa Board Corp.
- Convergys Corp.
- Alliander N.V.
- Kinder Morgan Energy Partners L.P.
- Stoneridge Inc.
- Gas Natural SDG S.A.
- IDACORP Inc.
- HYPO NOE Gruppe Bank AG
- Energie AG Oberoesterreich
- Bellisio Foods Inc.
- Acea SpA
- Blockbuster Inc.
- Central Parking Corp.
- American Axle & Manufacturing Holdings Inc.
- Team Health Inc.
- Perry Ellis International Inc.
- Dura Automotive Systems Inc.
- Susquehanna Media Co.
- Cracker Barrel Old Country Store Inc.
- LifePoint Hospitals Inc.
- Matria Healthcare Inc.
- Jo-Ann Stores Inc.
- Amkor Technology Inc.
- Telecomunicaciones de Puerto Rico Inc.
- Hanger Inc.
- Nexstar Broadcasting Group Inc.
- Blyth Inc.
- Petro Stopping Centers Holdings L.P.
- Head N.V.
- Experian Finance PLC
- Liberty Interactive Corp.
- The Nielsen Co. B.V.
- Linde AG
- Standard Motor Products Inc.
- USI Holdings Corp.
- Manila Electric Co.
- Cleco Corp.
- Radian Group Inc.
- Conexant Systems Inc.
- Technicolor S.A.
- Bell Aliant Inc.
- IASIS Healthcare Corp.
- Rent-Way Inc.
- Haights Cross Communications Inc.
- DoubleClick Inc.
- Interpublic Group of Cos. Inc.
- Alinta 2000 Ltd.
- Barbados
- BPB PLC
- Oberoesterreichische Landesbank AG
- Nobina AB
- Leap Wireless International Inc.
- RWE AG
- Enel SpA
- Telvent DTN Inc.
- MetLife Inc.
- Furniture Brands International Inc.
- Dayton Superior Corp.
- FastenTech Inc.
- ONEOK Partners L.P.
- Visteon Corp.
- Dobson Communications Corp.
- Oriental Trading Co. Inc.
- Solo Cup Co.
- Union Fenosa S.A.
- Stillwater Mining Co.
- Meritor Inc.
- Verizon Communications Inc.
- Vought Aircraft Industries Inc.
- Banca Popolare di Vicenza ScpA
- Waddell & Reed Financial Inc.
- BRISA Auto-Estradas de Portugal S.A.
- RWE Npower PLC
- Telecom Italia SpA
- Duratek Inc.
- Massey Energy Co.
- Exelon Corp.
- Canwest Media Inc.
- EnerSys
- L-3 Communications Holdings Inc.
- Elisa Corp.
- WGL Holdings Inc.
- George Weston Ltd.
- Metro Inc.
- Time Warner Inc.
- Laurentian Bank of Canada
- Canadian Natural Resources Ltd.
- Sears Canada Inc.
- Emera Inc.
- Manitoba Telecom Services Inc.
- Atlantia SpA
- Intelsat S.A.
- Hudson's Bay Co.
- Norske Skogindustrier ASA
- Dresser Inc.
- RRI Energy Inc.
- TNS Inc.
- Royal Group Technologies Ltd.
- Essent N.V.
- Select Medical Corp.
- DRS Technologies Inc.
- Superior Plus LP
- ThyssenKrupp AG
- Television Francaise 1 S.A.
- Canadian Oil Sands Ltd.
- Vitamin Shoppe Industries Inc.
- Dave & Buster's Inc.
- FHC Health Systems Inc.
- Keystone Automotive Operations Inc.
- MetoKote Corp.
- Nexans S.A.
- Pilkington PLC
- Global Automotive Logistics S.A.S.
- Monitronics International Inc.
- GTECH S.p.A.
- Black Hills Corp.
- GTECH Holdings Corp.
- Rotech Healthcare Inc.
- Telenor ASA
- Altadis S.A.
- US Oncology Inc.
- Aurelia Energy N.V.
- National Grid PLC
- Evonik Degussa GmbH
- Synagro Technologies Inc.
- Jarden Corp.
- Deutsche Post AG
- New York Community Bancorp Inc.
- Roundy's Supermarkets Inc.
- D&E Communications Inc.
- PEPCO Holdings Inc.
- Workflow Management Inc.
- Regal Entertainment Group
- Plains Exploration & Production Co.
- Swift & Co.
- Constar International Inc.
- MedQuest Inc.
- BT Group PLC
- GXS Worldwide Inc.
- Japan Airlines Corp.
- AmeriPath Inc.
- ATAC SpA
- Plastech Engineered Products Inc.
- Hunter Fan Co.
- Altegrity Inc.
- Aspen Insurance Holdings Ltd.
- Fresenius SE & Co. KGaA
- Singapore Post Ltd.
- JetBlue Airways Corp.
- Knowledge Universe Education LLC
- National Mentor Holdings Inc.
- Nycomed S.C.A. SICAR
- Universal American Corp.
- Banca Mediocredito del Friuli-Venezia Giulia SpA
- Boardwalk Pipeline Partners L.P.
- Magellan Midstream Partners L.P.
- Psychiatric Solutions Inc.
- PNM Resources Inc.
- Hilcorp Energy I L.P.
- National Beef Packing Co. LLC
- Asia Aluminum Holdings Ltd.
- MedCath Holdings Corp.
- Graphic Packaging International Inc.
- AMN Healthcare Inc.
- Aleris International Inc.
- HM Publishing Corp.
- Inn of the Mountain Gods Resort and Casino
- New Century Financial Corp.
- SIRVA Inc.
- North American Energy Partners Inc.
- Pinnacle Foods Group LLC
- El Pollo Loco Inc.
- Blue Ridge Paper Products Inc.
- Meiji Yasuda Life Insurance Co.
- ASM Brescia SpA
- OFG Bancorp
- Atlantic Broadband Finance LLC
- Reddy Ice Holdings Inc.
- Schefenacker AG
- Ply Gem Industries Inc.
- Smurfit Kappa Group Ltd.
- Newark Group Inc. (The)
- Human Touch LLC
- ITV PLC
- US LEC Corp.
- Caribbean Restaurants LLC
- Pure Fishing Inc.
- TI Automotive Ltd.
- EuroFresh Inc.
- Wise Metals Group LLC
- LBC Holdings LLC
- Cornell Cos. Inc.
- Kabel Deutschland Vertrieb und Service GmbH
- AdvancePierre Foods Inc.
- Language Line Holdings Inc.
- VeriFone Inc.
- KazMunayGas International N.V.
- Harry & David Operations Corp.
- K2 Inc.
- Wornick Co. (The)
- AAT Communications Corp.
- Alion Science and Technology Corp.
- Heckler & Koch GmbH
- SSA Global Technologies Inc.
- Securus Technologies Inc.
- Autoroutes Paris-Rhin-Rhone S.A.
- Marquee Holdings Inc.
- FGX International Inc.
- Abertis Infraestructuras S.A.
- Triumph HealthCare Holdings Inc.
- Kerasotes Showplace Theatres Holdings LLC
- Polypore International Inc.
- Banco Mercantil Do Brasil S.A.
- MarkWest Energy Partners L.P.
- Integrated Alarm Services Group Inc.
- Novelis Inc.
- Landry's Inc.
- Iowa Telecommunications Services Inc.
- Affinia Group Inc.
- Windsor Quality Food Co. Ltd.
- InterDent Inc.
- WRG Finance PLC
- Alliance Boots Ltd.
- CNA Financial Corp.
- Carolina Telephone & Telegraph Co.
- Cincinnati Financial Corp.
- Empire District Electric Co.
- Hawaiian Electric Industries Inc.
- International Lease Finance Corp.
- Nicor Inc.
- Portland General Electric Co.
- Chiquita Brands International Inc.
- Mark IV Industries Inc.
- BellSouth Corp.
- Peoples Energy LLC
- Svenska Cellulosa Aktiebolaget SCA
- Victor Co. of Japan Ltd. (JVC Corp.)
- Loews Corp.
- Altria Group Inc.
- Entergy Corp.
- Millipore Corp.
- Edison Funding Co.
- Nationwide Mutual Insurance Co.
- Victor Technologies Group Inc.
- BAA Ltd.
- Orica Ltd.
- American Media Operations Inc.
- Cable & Wireless Ltd.
- Investor AB
- Skandia Insurance Co. Ltd.
- American United Life Insurance Co.
- Hill-Rom Holdings Inc.
- Buckeye Technologies Inc.
- Intelsat Corp.
- Alderwoods Group Inc.
- Morris Publishing Group LLC
- KCS Energy Inc.
- Bally Technologies Inc.
- Unifrax Corp.
- Christchurch International Airport Ltd.
- The CitiPower Trust
- EMI Group PLC
- COREALCREDIT BANK AG
- BASF Speciality Chemicals Holding GmbH
- Landsvirkjun
- Amscan Holdings Inc.
- Mediacom Communications Corp.
- IPC Systems Inc.
- Invesco Holding Co. Ltd.
- Rural Cellular Corp.
- Journal Register Co.
- Empresa Nacional de Telecomunicaciones S.A.
- Sensient Technologies Corp.
- King Pharmaceuticals Inc.
- Comverse Technology Inc.
- HYPO TIROL BANK AG
- Sociedad General de Aguas de Barcelona S.A.
- ASAT Holdings Ltd.
- Cheung Kong (Holdings) Ltd.
- Getronics N.V.
- Agrokor d.d.
- Cirsa Gaming Corp. S.A.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- Sappi Ltd.
- daa plc
- AT&T Mobility II LLC
- Caribbean Utilities Co. Ltd.
- Reno De Medici SpA
- Extendicare Inc
- Terasen Inc.
- MGOC Inc.
- Aeroporti di Roma SpA
- Valentia Telecommunications upc
- CMC Magnetics Corp.
- CFR Marfa S.A.
- Hilite International Inc.
- Rede Ferroviaria Nacional REFER E.P.E.
- Montpelier Re Holdings Ltd.
- Oriental Land Co. Ltd.
- Minebea Co. Ltd.
- IT Holding SpA
- DUET Group
- Cinram International Inc.
- Jean Coutu Group (PJC) Inc.
- Standard Aero Ltd.
- SAZKA a.s.
- Berkline/BenchCraft Holdings LLC
- International Mill Service Inc.
- Apptis (DE) Inc.
- MAAX Holdings Inc.
- Black Gaming LLC
- Dollarama Group LP
- Simmons Co.
- Spheris Inc.
- Stanadyne Holdings Inc.
- Safety Products Holdings Inc.
- CIMB Group Holdings Bhd.
- Wyle Services Corp.
- Del Laboratories Inc.
- Uno Restaurant Holdings Corp.
- Consolidated Communications Holdings Inc.
- PQ Corp.
- Mauser Beteiligungs GmbH
- CPI International Inc.
- Bare Escentuals Beauty Inc.
- Sears Holdings Corp.
- Xerium Technologies Inc.
- Ardagh Packaging Group Ltd.
- Gerresheimer AG
- Navarre Corp.
- American Tire Distributors Inc.
- AmWINS Group, LLC.
- Diagnostic Imaging Group LLC
- MAPCO Express Inc.
- Mandra Forestry Finance Ltd.
- Damovo Group S.A.
- Hawaiian Telcom Communications Inc.
- Foodcorp (Proprietary) Ltd.
- IAP Worldwide Services Inc.
- Riverdeep Holdings PLC
- MSC - Medical Services Co.
- Virgin Mobile USA LLC
- Eddie Bauer Holdings Inc.
- ORBIMAGE Inc.
- CCM Merger Inc.
- ACCO Brands Corp.
- Cardtronics Inc.
- LifeCare Holdings Inc.
- HIT Entertainment Ltd.
- Lenox Group Inc.
- The NASDAQ OMX Group Inc.
- Pregis Corp.
- Brookstone Inc.
- Susser Holdings LLC
- COMSYS IT Partners Inc.
- Hellas Telecommunications (Luxembourg) II
- CCS Medical Inc.
- RGIS LLC
- SS&C Technologies Inc.
- Weatherford International Ltd.
- Greektown Holdings LLC
- CapRock Holdings Inc.
- Wm. Bolthouse Farms Inc.
- SGS International Inc.
- Montecito Broadcast Group LLC
- Angiotech Pharmaceuticals Inc.
- Solera Holdings Inc.
- NPC International Inc.
- Billing Services Group Ltd.
- Reynolds American Inc.
- Century Theatres Inc.
- Hera SpA
- Cognis Holding GmbH
- Masonite International Inc.
- Focus DIY (Finance) PLC
- Fraser Papers Inc.
- Ethan Allen Interiors Inc.
- IPC Holdings Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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