• 1-800-526-8630U.S. (TOLL FREE)
  • 1-917-300-0470EAST COAST U.S.
  • +353-1-416-8900REST OF WORLD
Credit Trends: Downgrade Potential Across Credit Grades And Sectors Apr 06 Product Image

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

  • ID: 1710739
  • April 2006
  • Standard & Poors

FEATURED COMPANIES

  • AAT Communications Corp.
  • CA Technologies
  • EMI Group PLC
  • JetBlue Airways Corp.
  • ONEOK Partners L.P.
  • Stanadyne Holdings Inc.
  • MORE

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.

Note: Product cover images may vary from those shown

- Alberto-Culver Co.
- Albertson's Inc.
- IKON Office Solutions Inc.
- Alcoa Inc.
- American Express Co.
- American International Group Inc.
- Ashland Inc.
- Avery Dennison Corp.
- Avnet Inc.
- Avon Products Inc.
- Bausch & Lomb Inc.
- OfficeMax Inc.
- Alliance Boots Ltd.
- Bristol-Myers Squibb Co.
- Brown Shoe Co. Inc.
- CNA Financial Corp.
- Campbell Soup Co.
- Dole Food Co. Inc.
- Cincinnati Bell Inc.
- Cincinnati Financial Corp.
- 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.
- Ferro Corp.
- Ford Motor Co.
- Sabine Oil & Gas Corp.
- General Mills Inc.
- Motors Liquidation Co. (fka General Motors Corp.)
- Hawaiian Electric Industries Inc.
- Vale Canada Ltd.
- International Lease Finance Corp.
- International Paper Co.
- Kinder Morgan Inc.
- Knight Ridder Inc.
- Merck & Co. Inc.
- Tenet Healthcare Corp.
- Newpark Resources Inc.
- Nicor Inc.
- Owens-Illinois 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.
- Chiquita Brands International Inc.
- Universal Corp.
- VICORP Restaurants Inc.
- Wendy's International Inc.
- Cargill Inc.
- Government Development Bank for Puerto Rico
- Mark IV Industries Inc.
- Service Corp. International
- US Airways Group Inc.
- Universal Health Services Inc.
- Canadian Imperial Bank of Commerce
- Svenska Cellulosa Aktiebolaget SCA
- Victor Co. of Japan Ltd. (JVC Corp.)
- Loews Corp.
- Southwestern Energy Co.
- Italy (Republic of)
- Alaska Air Group Inc.
- Emmis Communications Corp.
- Cardinal Health Inc.
- Altria Group Inc.
- Viskase Cos. Inc.
- 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.
- AT&T Inc.
- Pope & Talbot Inc.
- Prudential PLC
- Carmike Cinemas Inc.
- The Gap Inc.
- UniCredit SpA
- Newell Rubbermaid Inc.
- Wisconsin Energy Corp.
- Domtar Inc.
- Longview Fibre Co.
- Edison Funding Co.
- Valhi Inc.
- Scholastic Corp.
- Advanstar Communications Inc.
- Jack in the Box Inc.
- BCE Inc.
- Glencore Canada Corporation
- Wyeth
- Hexion Inc.
- Carolina Telephone & Telegraph Co.
- Centel Corp.
- CenturyLink Inc.
- Empire District Electric Co.
- EQT Corp.
- GDF SUEZ S.A.
- Kansas City Southern
- Kerr-McGee Corp.
- Marsh & McLennan Cos.
- Nash Finch Co.
- Nortel Networks Ltd.
- Bristow Group Inc.
- ONEOK Inc.
- Pier 1 Imports Inc.
- Portland General Electric Co.
- Torchmark Corp.
- Di Giorgio Corp.
- BellSouth Corp.
- Peoples Energy LLC
- Swiss Reinsurance Co. Ltd.
- Navistar International Corp.
- Entergy Corp.
- Windstream Holding of the Midwest Inc.
- The BOC Group PLC
- Millipore Corp.
- Murphy Oil Corp.
- Compagnie de Saint-Gobain
- Lear Corp.
- Telstra Corp. Ltd.
- Toshiba Corp.
- Sealed Air Corp.
- Orica Ltd.
- Symbion Health Ltd.
- American Media Operations Inc.
- Duquesne Light Holdings Inc.
- Aztar Corp.
- TransCanada PipeLines Ltd.
- Beckman Coulter Inc.
- Deluxe Corp.
- Cable & Wireless Ltd.
- Bombardier Inc.
- BASF SE
- Bayer AG
- Security Mutual Life Insurance Co. of NY
- Britannia Building Society
- Investor AB
- Pioneer Corp.
- Volkswagen AG
- Endesa S.A.
- Alliance One International Inc.
- Sinclair Broadcast Group Inc.
- Skandia Insurance Co. Ltd.
- Deutsche Lufthansa AG
- Encana Corp.
- American United Life Insurance Co.
- Alcatel-Lucent
- Hill-Rom Holdings Inc.
- Hungary
- Aeroports de Paris
- RentPath Inc.
- Visa International Service Assn.
- Doral Financial Corp.
- Cinemark USA Inc.
- Iberdrola S.A.
- Allbritton Communications Co.
- RPM International Inc.
- First Data Corp.
- Norbord Inc.
- Hayes Lemmerz International Inc.
- Per-Se Technologies Inc.
- Tyson Foods Inc.
- TriMas Corp.
- Allstate Corp.
- SEACOR Holdings Inc.
- Accor S.A.
- Jemena Ltd.
- Leighton Holdings Ltd.
- West Fraser Timber Co. Ltd.
- Isle of Capri Casinos Inc.
- Pathmark Stores Inc.
- Methanex Corp.
- Rexam PLC
- Stater Bros. Holdings 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.
- Softbank Corp.
- Danka Business Systems PLC
- Vector Ltd.
- DFS Deutsche Flugsicherung GmbH
- Mashantucket (Western) Pequot Tribe
- Talisman Energy Inc.
- Cott Corp.
- American Safety Razor Co.
- Destination Maternity Corp.
- 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
- Bally Technologies Inc.
- Banco Popular Espanol S.A.
- IXIS Corporate & Investment Bank
- The Sports Authority Inc.
- Gray Television Inc.
- Euramax International Inc.
- Intrawest Corp.
- Spectrum Brands Inc.
- Kinetek Holdings Corp.
- Fairfax Media Ltd.
- Vermont Elec Coop Inc
- Reader's Digest Assn. Inc.
- Concentra Inc.
- FAGE International S.A
- Tandus Flooring Inc.
- Nippon Sheet Glass Co. Ltd.
- TravelCenters of America Inc.
- Vitro S.A.B. de C.V.
- Christchurch International Airport Ltd.
- Leiner Health Products Inc.
- Ameristar Casinos Inc.
- GCI Inc.
- Hollywood Theaters Inc.
- B&G Foods Inc.
- Antenna Group S.A.
- Cascades Inc.
- EMI Group PLC
- BASF Speciality Chemicals Holding GmbH
- NBTY Inc.
- iHeartCommunications Inc.
- Landsvirkjun
- Big Lots Inc.
- Leidos, Inc.
- Corporacion Nacional del Cobre de Chile
- Amscan Holdings Inc.
- The McClatchy Co.
- Nationwide Mutual Insurance Co.
- Victor Technologies Group Inc.
- BAA Ltd.
- Norsk Hydro ASA
- Repsol S.A.
- General Nutrition Centers Inc.
- FUJIFILM Holdings Corp.
- Atlantic Mutual Insurance Co.
- Buckeye Technologies Inc.
- Intelsat Corp.
- Eye Care Centers of America Inc.
- Alderwoods Group Inc.
- Windstream Georgia Communications Corp.
- Stewart Enterprises Inc.
- Transpower New Zealand Ltd.
- CITIC Ltd.
- Xerox Business Services LLC
- KCS Energy Inc.
- HDI Haftpflichtverband der Deutschen Industrie VaG
- Majestic Star Casino LLC (The)
- Unifrax Corp.
- The Reynolds & Reynolds Co.
- Affinity Group Holding Inc.
- MMI Products Inc.
- The CitiPower Trust
- Pinnacle Entertainment Inc.
- COREALCREDIT BANK AG
- Eneco Holding N.V.
- Cenveo Inc.
- Sanyo Electric Co. Ltd.
- Buckeye Partners L.P.
- Actavis, Inc.
- Suzuki Motor Corp.
- Woolworths Ltd.
- Ameren Corp.
- Tyco International PLC
- Eagle Family Foods Inc.
- Live Nation Entertainment Inc.
- Australian Gas Networks Ltd.
- Ultrapetrol (Bahamas) Ltd.
- Mediacom Communications Corp.
- IPC Systems Inc.
- Radiologix Inc.
- Millar Western Forest Products Ltd.
- FairPoint Communications Inc.
- USEC Inc.
- Invesco Holding Co. Ltd.
- Rural Cellular Corp.
- Telesat Canada
- GulfMark Offshore Inc.
- PostNL N.V.
- TW Telecom Inc.
- ArcelorMittal
- Portugal Telecom SGPS S.A.
- Rent-A-Center Inc.
- True Temper Sports Inc.
- UniCredit Bank AG
- Jones Group Inc.
- Hellenic Telecommunications Organization S.A.
- Motiva Enterprises LLC
- Metsa Board Corp.
- Convergys Corp.
- Alliander N.V.
- Kinder Morgan Energy Partners L.P.
- Sensient Technologies Corp.
- King Pharmaceuticals Inc.
- Stoneridge Inc.
- Gas Natural SDG S.A.
- 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.
- HYPO TIROL BANK AG
- Hanger 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.
- Cleco Corp.
- Radian Group Inc.
- Conexant Systems Inc.
- Bell Aliant Inc.
- ASAT Holdings Ltd.
- IASIS Healthcare Corp.
- Cheung Kong (Holdings) Ltd.
- 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
- RWE AG
- Enel SpA
- Telvent DTN Inc.
- Agrokor d.d.
- MetLife Inc.
- Furniture Brands International Inc.
- Dayton Superior Corp.
- Cirsa Gaming Corp. S.A.
- FastenTech Inc.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- ONEOK Partners L.P.
- Visteon Corp.
- Dobson Communications Corp.
- Oriental Trading Co. Inc.
- 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.
- Sappi Ltd.
- BRISA Auto-Estradas de Portugal S.A.
- RWE Npower PLC
- Telecom Italia SpA
- Massey Energy Co.
- Exelon Corp.
- Canwest Media Inc.
- daa plc
- EnerSys
- L-3 Communications Holdings Inc.
- Elisa Corp.
- WGL Holdings Inc.
- George Weston Ltd.
- Metro Inc.
- Time Warner Inc.
- Canadian Natural Resources Ltd.
- Sears Canada Inc.
- Manitoba Telecom Services Inc.
- Atlantia SpA
- Hudson's Bay Co.
- Norske Skogindustrier ASA
- Dresser Inc.
- RRI Energy Inc.
- TNS Inc.
- Brand Services Inc.
- Tommy Hilfiger U.S.A. Inc.
- AWB Ltd.
- KeySpan Corp.
- InSight Health Services Corp.
- National Oilwell Inc.
- Journal Register Co.
- Linens 'n Things Inc.
- PSEG Energy Holdings LLC
- Empresa Nacional de Telecomunicaciones S.A.
- IDACORP Inc.
- Comverse Technology Inc.
- Nexstar Broadcasting Group Inc.
- Sociedad General de Aguas de Barcelona S.A.
- Manila Electric Co.
- Technicolor S.A.
- Getronics N.V.
- Leap Wireless International Inc.
- Solo Cup Co.
- Duratek Inc.
- AT&T Mobility II LLC
- Laurentian Bank of Canada
- Caribbean Utilities Co. Ltd.
- Reno De Medici SpA
- Emera Inc.
- Intelsat S.A.
- Royal Group Technologies Ltd.
- Essent N.V.
- Select Medical Corp.
- DRS Technologies Inc.
- ThyssenKrupp AG
- Vitamin Shoppe Industries Inc.
- FHC Health Systems Inc.
- Keystone Automotive Operations Inc.
- Nexans S.A.
- Monitronics International Inc.
- 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
- CMC Magnetics Corp.
- 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
- Constar International Inc.
- MedQuest Inc.
- BT Group PLC
- GXS Worldwide Inc.
- CFR Marfa S.A.
- AmeriPath Inc.
- ATAC SpA
- Plastech Engineered Products Inc.
- Hunter Fan Co.
- Altegrity Inc.
- Aspen Insurance Holdings Ltd.
- Rede Ferroviaria Nacional REFER E.P.E.
- Montpelier Re Holdings Ltd.
- Oriental Land Co. Ltd.
- Fresenius SE & Co. KGaA
- Minebea Co. Ltd.
- Singapore Post Ltd.
- JetBlue Airways Corp.
- IT Holding SpA
- Nycomed S.C.A. SICAR
- Magellan Midstream Partners L.P.
- Psychiatric Solutions Inc.
- Hilcorp Energy I L.P.
- DUET Group
- National Beef Packing Co. LLC
- Morris Publishing Group LLC
- MedCath Holdings Corp.
- Graphic Packaging International Inc.
- AMN Healthcare Inc.
- HM Publishing Corp.
- Inn of the Mountain Gods Resort and Casino
- New Century Financial Corp.
- Progressive Gaming International Corp.
- Extendicare Inc
- Terasen Inc.
- MGOC Inc.
- Superior Plus LP
- Aeroporti di Roma SpA
- Television Francaise 1 S.A.
- Canadian Oil Sands Ltd.
- Dave & Buster's Inc.
- MetoKote Corp.
- Pilkington PLC
- Global Automotive Logistics S.A.S.
- Valentia Telecommunications upc
- GTECH S.p.A.
- Plains Exploration & Production Co.
- Swift & Co.
- Japan Airlines Corp.
- Hilite International Inc.
- Knowledge Universe Education LLC
- National Mentor Holdings Inc.
- Universal American Corp.
- Banca Mediocredito del Friuli-Venezia Giulia SpA
- Boardwalk Pipeline Partners L.P.
- PNM Resources Inc.
- Asia Aluminum Holdings Ltd.
- Cinram International Inc.
- Aleris International Inc.
- SIRVA Inc.
- Pinnacle Foods Group LLC
- Meiji Yasuda Life Insurance Co.
- Atlantic Broadband Finance LLC
- Reddy Ice Holdings Inc.
- Schefenacker AG
- Ply Gem Industries Inc.
- Smurfit Kappa Group Ltd.
- Human Touch LLC
- ITV PLC
- US LEC Corp.
- 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.
- K2 Inc.
- Wornick Co. (The)
- Alion Science and Technology Corp.
- SSA Global Technologies Inc.
- 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.
- Apptis (DE) 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.
- Cognis Holding GmbH
- Del Laboratories Inc.
- Consolidated Communications Holdings Inc.
- PQ Corp.
- Mauser Beteiligungs GmbH
- Bare Escentuals Beauty Inc.
- Sears Holdings Corp.
- Xerium Technologies Inc.
- Masonite International Inc.
- Ardagh Packaging Group Ltd.
- Gerresheimer AG
- Navarre Corp.
- Diagnostic Imaging Group LLC
- 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.
- HIT Entertainment Ltd.
- Lenox Group Inc.
- Susser Holdings LLC
- COMSYS IT Partners Inc.
- Hellas Telecommunications (Luxembourg) II
- Ethan Allen Interiors Inc.
- 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.
- Solera Holdings Inc.
- North American Energy Partners Inc.
- El Pollo Loco Inc.
- Blue Ridge Paper Products Inc.
- Newark Group Inc. (The)
- Caribbean Restaurants LLC
- Pure Fishing Inc.
- TI Automotive Ltd.
- Harry & David Operations Corp.
- AAT Communications Corp.
- Heckler & Koch GmbH
- Standard Aero Ltd.
- SAZKA a.s.
- Berkline/BenchCraft Holdings LLC
- International Mill Service Inc.
- MAAX Holdings Inc.
- WRG Finance PLC
- Hera SpA
- Uno Restaurant Holdings Corp.
- CPI International Inc.
- Focus DIY (Finance) PLC
- Fraser Papers Inc.
- American Tire Distributors Inc.
- AmWINS Group, LLC.
- MAPCO Express Inc.
- Mandra Forestry Finance Ltd.
- Cardtronics Inc.
- LifeCare Holdings Inc.
- The NASDAQ OMX Group Inc.
- IPC Holdings Ltd.
- Montecito Broadcast Group LLC
- Century Theatres Inc.
- Dunkin' Brands Inc.
- Angiotech Pharmaceuticals Inc.
- ASM Brescia SpA
- OFG Bancorp
- Billing Services Group Ltd.
- Reynolds American Inc.
- NPC International Inc.
- Jean Coutu Group (PJC) Inc.
- Securus Technologies Inc.
- Autoroutes Paris-Rhin-Rhone S.A.
- Pregis Corp.
- Brookstone Inc.

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

RELATED PRODUCTS

Our Clients

Fluidigm Corporation Apple, Inc. CEVA Santé Animale Abbott Laboratories Ltd. Merck Group Allergan Inc. Pfizer, Inc.